UAE firms accelerate AI transformation, new report finds
The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...Business
TikTok makes AI driven ad tool available globally
San Francisco, United States - TikTok on Thursday began letting all marketers on its platform use an artificial intelligence-powered tool for...Technology Business
Vietnam Airlines, Boeing ink $7.8bn pact
The deal is likely to support more than 30,000 jobs in the US.Vietnam Airlines will purchase 50 of the 737 aircraft, Biden said during a roundtable with senior executives from top American and Vietnamese firms.
The communist country's aviation sector has boomed in recent years thanks to a rapidly expanding middle class with growing appetites.
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
RTX engine issue to hit profit by $3.5bn
RTX said 600-700 engines will be removed for inspection.Company officials previously described the problem as one of quality control, stressing that there was no immediate danger to flight safety.
The impact on pre-tax operating profit, however, is expected to be between $3 billion and $3.5 billion in the coming years, RTX said on Monday.
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Aldar Estates buys FAB Properties
Aldar Estates will benefit from a stable growth pipeline.The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties.
The platform will now comprise 157,000 residential units under management, prime retail, and commercial spaces.
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.
BMW to make ‘multi-million’ pound investment in UK plants: govt
The first generation of the iconic British vehicle's electric model was launched at the Oxford plant in 2019, but last...The money will be used to "transform" BMW's plant in Oxford, southern England, "securing 4,000 high-quality jobs", UK government said
BMW's investment is another shining example of how the UK is the best place to build cars of the future," said Prime Minister Rishi Sunak
Saudi Arabia’s ROSHN Group announces $2.4bn in commercial partnerships
Riyadh, Saudi Arabia - Saudi Arabia's leading real estate developer, ROSHN Group, announced on Sunday a series of commercial partnerships...The most significant deal, valued at SR7.69 billion, was signed with China Harbor Engineering to develop 6,700 residential units in Riyadh's Sedra and Warfa communities
ROSHN also inked an SR840 million agreement with BC Marine Services to execute canal and bridge works for the recently announced MARAFY project in Jeddah
Alibaba announces surprise departure of ex-CEO
CEO Daniel Zhang was due to take charge of the firm's new cloud computing branch, now a separate entity, on...Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment
After years of turbulence in the Chinese tech sector, Alibaba in March announced the biggest restructuring in its history, dividing itself into six entities
