ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...Business
QatarEnergy inks second 27-year gas supply deal with China’s Sinopec
DOHA, QATAR - Qatar has agreed to supply Sinopec with natural gas for 27 years, the Gulf emirate's state-owned energy company said...Doha will supply three million tonnes of gas a year to Sinopec under the deal.
Asian countries led by China, Japan and South Korea are the main market for Qatar's gas.
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.
PureHealth partners with Dell to use AI in disease detection, data analysis
Abu Dhabi, UAE--PureHealth has joined hands with Dell Technologies to utilise generative artificial intelligence (AI) across healthcare services including in...The cooperation will take advantage of the collective resources and technologies of both companies to improve health outcomes by ensuring access to medical solutions
The global AI healthcare market was valued at $11 billion in 2021 and is projected to expand to have a market size of $187 billion market size by 2030
Conflict points to economic shift in Arab-Israel ties
Bahrain's expulsion of Israel's ambassador and halted trade may foreshadow a broader economic realignment in the Middle East, threatening key...Bahrain's expulsion of Israel's ambassador and halted trade may foreshadow a broader economic realignment in the Middle East, threatening key regional trade pacts.
Israel's strategic gas deals and burgeoning trade with Arab nations, including a potential UAE free trade deal, will be affected if the Gaza conflict escalates further.
Saudi Arabian ministry issues 174 industrial licenses
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September,...The total value of the 174 new industrial licenses in September is US$1.4 billion (SAR 5.3 billion).
A total of 82 factories started production in September, with investments worth US$506 million.
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
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.
