MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...Business
OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.This is made possible through the utilization of more than 750,000 solar panels, as well as through the implementation of purpose-designed towers for this network.
RSG is the multi-project developer behind the ambitious regenerative tourism destinations, The Red Sea and Amaala.
Oil prices slide 1% on strong dollar, China economy worries
Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar...U.S. West Texas Intermediate crude was at $82.12 a barrel, down 1.3%, while Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel
Prices retreated as the U.S. dollar index extended gains after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).
GIS profit climbs in H1
Its net profit jumped to US$77.19m as against US$37.63m.Its earnings per share(EPS) amounted to QR 0.151 as of 30th June , 2023 as against EPS QR 0.074 for the same period in 2022
In February this year, GIS reported a net profit of $79.67 million for the year ended December 31, 2022, with an earnings per share of QR0.156
Saudi Arabia’s NDMC issues local sukuk worth US$9.57 billion
Riyadh, Saudi Arabia--The Saudi National Debt Management Center (NDMC) has issued new sukuk worth $9.57 billion under the Local Saudi...NDMC said in a statement that such a step is part of its initiative to activate its role in managing its public debt commitments
The sukuk issuance will be done in four tranches of $2 billion, $3.86 billion, $2.88 billion and $853 million, said NDMC
Ithmaar Bank H1 profit up
Its net profit rose to US$4.14m as against US$3.96m last year.Its total assets were $5.85 billion at the end of June 2023, 4.6 percent lower than $6.14 billion as on 31 December 2022
The bank said total owners' equity rose to $100.21m at the end of June 2023, a 4.3 percent increase from $96.06m as on December 31, 2022
UAE commends UN for successful oil transfer from decaying Yemen tanker
Abu Dhabi, UAE--The UAE has applauded the UN for the successful unloading of oil from the deteriorating tanker, FSO Safer,...The UAE's Ministry of Foreign Affairs praised the efforts of the UN, its secretary general and the donor nations for preventing the disaster
It cost some $143 million to transfer the oil from the stricken tanker to a new vessel, much lower than $20 billion in cleanup cost in the event of a spill
Use of technology, innovation crucial in daily life
"Multi-carrier aggregation is a proven method to enhance both the peak and average throughputs of wireless networks. This deployment underscores...du introduces multi-carrier aggregation, promising three times faster data speeds
Home wireless services, introduced by du in 2021, set to benefit from this innovation
UAE ranks first globally in employing Indians, Saudi second: Minister
New Delhi, India -- The UAE ranks first among the countries in the world in the employment of Indians, currently...Taken together, five Gulf countries -- UAE, Saudi Arabia, Kuwait, Qatar and Oman, in that order -- are among the top destinations providing employment for Indians.
The number of Indians in the UAE last year was 3.419 million and more than 134,000 were added in one year, India's Minister of External Affairs told parliament.
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%
