Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.Company News Business Energy Global
Almarai to offer trust certificates
The issuance will be made under a $200m program.The company has mandated Citigroup, Dubai Islamic Bank, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers.
The issuance value will be determined later based on market conditions at that time, Almarai said.
Standard Chartered sells Africa business
It sold the sub-Saharan Africa business to Access Bank.Last year, the bank decided to divest from a number of markets, in Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan
The two entities will work together to ensure a seamless transition, with the transaction expected to be completed over the next 12 months
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023.The bank said its earnings per share amounted to QR 0.83 on June 30, 2023 as against QR 0.77 in the same period of last year
The total assets the bank now stand at $50.27bn., financing assets reached $33bn and customer deposits now stand at $32.14bn
GCC, Japan resume Free Trade Agreement negotiations
Jeddah, Saudi Arabia--Looking to consolidate trade and investment ties, the Gulf Cooperation Council (GCC) and Japan announced their resumption of...GCC Secretary-General Jassem Mohamed Albudaiwi met with Prime Minister of Japan Fumio Kishida for talks and later their representatives signed a joint statement
GCC secretary general said Japan's exports from the GCC countries touched $76.7 billion and its imports to the GCC was valued at $22 billion
Jordan, World Bank sign US$250m agreement to boost water efficiency
Amman, Jordan--Jordan and the World Bank have signed a $250 million financing agreement for a water sector efficiency project in...Nearly $200 million of the amount will be a soft loan from the International Bank for Reconstruction and Development, and $50 million will be in the form of a grant
The Jordanian minister praised the World Bank for its partnership with the kingdom's government and support for reform and development needs in the country
Middle East tackles AI hurdles, embraces opportunities
The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and...The region, rich in history and culture, is expected to accumulate substantial global AI benefits, reshaping its traditional sectors and driving innovation, reports suggest
Tradition and technology harmoniously coexist in Middle East as it stays committed to AI integration despite some industries grappling with implementation challenges
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Lebanon’s poverty means more work for craftsmen
As inflation averages 171% in 2022, one of the highest rates worldwide, people prefer to fix old items such as...Despite the crash, Lebanese officials have failed to enact reforms demanded by international donors that would unlock bail-out funds.
The Lebanese pound has lost around 98 percent of its value against the US dollar, and most of the population has been plunged into poverty.
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs. Â
The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
