Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...Business Health
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Industrial metaverse eyes $1trn with output boost
The latest technology is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030,...Industrial metaverse is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030, potentially exceeding $1 trillion, says a report
The new technology integrates digital and physical processes to improve productivity, enabling real-time cooperation and connectivity in industrial environments, it adds
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.Tencent also announced an 11 percent increase in revenue during the second quarter, reaching 149.21 billion yuan ($20.46 billion).
The Shenzhen-based firm is the world's largest video game company in terms of revenue, dominating the Asian market in particular.
Chinese firms look to expand business in Ras Al Khaimah
Ras Al Khaimah, UAE - Chinese companies are seeking business opportunities in the Ras Al Khaimah Economic Zone (RAKEZ) as...RAKEZ currently houses more than 400 Chinese companies ranging from small to medium-sized enterprises (SMEs) as well as large industrial companies.
This year, RAKEZ has already seen some key investments from Chinese companies, including Maxtron Show Lighting, manufacturer of computer-controlled, programmable LED light systems.
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
