UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...Business
UAE earns first spot in Global Entrepreneurship Monitor 2024 report
Abu Dhabi, UAE-- The United Arab Emirates has been ranked first globally for the third consecutive year in the Global...Business
BMW Q3 profit drops 7.7%
The company's Q3 net profit stood at $3.1 billion.Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".
Elon Musk’s xAI to release first AI model to ‘select group’
WASHINGTON, US - Elon Musk said his new artificial intelligence company would release a new AI model on Saturday to a...The release would be the first from Musk's new startup, xAI, that he launched in July after hiring several researchers.
Musk compared AI to "a magic genie" that gives you any wishes you want, warning that such fairy tales rarely end well.
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Apple sales lose ground
The tech giant said it made a profit of $23 billion.The tech giant said it made a profit of $23 billion on revenue of $89.5 billion, which was down slightly from the same period last year
Apple chief executive Tim Cook said iPhone sales set a new record for its September quarter while money taken in from services hit an all-time high
Gulf markets tumble amid rising geopolitical concerns
As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures...As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures year-to-date gains, says a report.
Qatar Stock Exchange plans to shorten settlement cycles to reduce risk as Kuwaiti benchmarks and Abu Dhabi's FTSE ADX index falter, while Dubai market's positive run halts.
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
