Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...Business
Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...The MoU with the development authority entails exchange of expertise in industrial cities management and provision of logistic services and solutions.
Modon’s MoU with LCGPA aims to achieve integration of local content in industrial cities, exchange experience and practices in institutional innovation.
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...Fitch fears escalation could severely impact Israel's credit metrics due to increased military spending, infrastructure damage, and a shift in consumer and investment sentiment.
Fitch suggests that a major escalation could lead to a negative rating action for Israel. This could manifest as a prolonged conflict, resulting in sustained fiscal challenges.
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius are the other countries now eligible for e-visa.
A visitor e-visa is also provided to holders of valid Schengen, UK and US visas that have been used to enter those countries before arriving in Saudi Arabia.
Saudi Arabia launches bus transport project linking 200 cities
RIYADH, SAUDI ARABIA – The Kingdom’s Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser here launched a significant...The project will have a capacity to accommodate six million passengers annually.
It will operate through three international alliances in three concession areas.
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...ADIO plans to support Archer in establishing its first international headquarters and manufacturing facilities in the SAVI Cluster in Abu Dhabi.
Archer’s Center of Excellence will focus on developing and implementing next-generation aviation technologies.
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
MENA banking sector records 30% surge in net profits in H1 2023
Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in...Digital transformation is reshaping the sector, with a focus on AI, sustainable finance, and enhanced customer experiences
The UAE's banking sector saw a remarkable 31% increase in net profits and total assets, driven by substantial investments in technology initiatives
Gulf Navigation posts profit
Its net profit rose to US$9.53m in the first nine months of 2023.The Dubai-based company in a statement said that operating revenue for the nine-month reached $23 million
The company CEO said that the management was focusing on achieving sustainable returns for their shareholders
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.Chief executive Tufan Erginbilgic said the company was building a Rolls-Royce that is fit for the future
Last CEO Warren East had axed more than 9,000 jobs and launched a major divestment programme in 2020
