Microsoft unveils autonomous AI agents for business tasks
San Francisco, United States - Microsoft on Monday said it was enhancing its AI offerings with new autonomous agent capabilities as...Business
UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...Business
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.
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.
