Emirates Islamic Q1 profit $394m
The bank's profit crossed AED 1bn mark for the first time.Company News Business
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...Business Economy
Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...Aramco ended trading on Sunday at 28.60 Saudi riyals ($7.63) per share, after opening at 27.95 riyals, giving it a market capitalisation of around $1.85 trillion
Aramco, the mostly state-owned jewel of the Saudi economy, announced on May 30 that it would sell 1.545 billion shares, or approximately 0.64 percent of its issued shares
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...Nio, which recently received funding from Middle East-based investors, saw record-high deliveries of 20,544 vehicles in May
Rival BYD has also made the UAE its entry point to the Middle East
JPMorgan to launch ‘Pay With Your Face’ Shopping
JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American...28% of consumers have used facial recognition for an online purchase in the last 30 days
3 billion people will pay using biometrics by 2026, with global transactions hitting $5.765 trillion per year
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...Pakistan and Bangladesh collectively owe $731 million in blocked airline funds
Boeing, Airbus, face scrutiny over safety and manufacturing standards
Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...The strategic partnership aims to attract private sector buyers from various industries, offering Dubai SME-listed members and suppliers a broader range of tender opportunities
By including private sector buyers, the program opens new avenues for growth and business expansion, enhancing the market reach for Emirati-owned SMEs
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...Total revenues expected to reach $996 billion in 2024, countered by total expenses estimated at $936 billion
Airlines may not replace pilots with AI but the new tech is already revolutionizing the business
Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...In a statement posted to the Saudi stock exchange, Aramco announced a secondary public offering of 1.545 billion shares
The sale on the local bourse, which represents approximately 0.64 percent of the company's issued shares, will commence on Sunday
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...The collaboration spans data analysis, machine learning, artificial intelligence, security and privacy solutions, and software and service development solutions
The MoU aims to enhance the media sector in Saudi Arabia, enabling it to contribute to the local economy and benefit from the advancements of artificial intelligence
Musk plans largest-ever supercomputer for xAI startup: report
Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...Musk wants the supercomputer - which will string together 100,000 Nvidia chips - operational by fall 2025, and "will hold himself personally responsible for delivering it on time,"
The planned supercomputer would be "at least four times the size of the biggest GPU clusters that exist today," such as those used by Meta to train its AI models
Algeria signs gas field deal with oil giant ExxonMobil
Algiers, Algeria - Algeria's state oil company announced Thursday it signed a memorandum with ExxonMobil to develop two gas fields, a...The two companies plan to "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin" in southern Algeria
The agreement was signed in Algiers by Sonatrach's chief executive Rachid Hachichi and the head of exploration at ExxonMobil, John Ardill
