Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...Business Tech & Media
Saudi Arabia’s logistics sector set to reach $15.3 bn by 2030
Riyadh, Saudi Arabia - The logistics sector in Saudi Arabia is poised for remarkable expansion, with its market size projected...The surge is an outcome of the efforts made by the Ministry of Transport & Logistics Services (MOTLS) to make the kingdom a global logistics hub and a leading industrial powerhouse
Leveraging its unique geographical location, which connects Europe, Asia, and Africa, Saudi Arabia is primed to become a vital gateway for facilitating seamless trade
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Qatar Investment Authority to invest $12.4bn in UK economy: CEO
Doha, Qatar - Qatar Investment Authority (QIA) will invest up to GBP 10 billion ($12.4 billion) in the UK economy over...The pledge was made during a meeting with the UK Secretary of State for Business and Trade, Kemi Badenoch, on the first anniversary of the Qatar-UK Strategic Investment partnership
Badenoch emphasized the shared commitment of the UK and Qatar to drive growth in key industries of the future, such as green technology, and cyber security
AD Ports, Vale to build low-carbon mega hubs for steel industry
Abu Dhabi, UAE -- AD Ports Group and Brazil's Vale, the world's largest producer of iron ore and nickel, sign...The agreement will see an allocation of land and related services from KEZAD for the Mega Hub, in addition to the development of a handling facility at Khalifa Port.
The agreement also includes a maritime collaboration to explore opportunities related to the management and operation of very large ore carriers.
China scammer uses AI to pose as man’s friend, steal millions
The victim, surnamed Guo, received a video call last month from a person who looked and sounded like a close...Guo was persuaded to transfer $609,000 after the fraudster claimed another friend needed the money to come from a company bank account to pay the guarantee on a public tender
Realising his mistake after messaging the friend whose identity was stolen, Guo alerted police who notified a bank to stop trasaction and he managed to recover his 3.4 million yuan
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.Â
The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Netflix widens password-sharing crackdown worldwide
As growth at Netflix cooled last year, the Silicon Valley-based streaming giant set out to nudge people watching for free...The company told financial analysts recently that it had delayed a broad crackdown on password sharing "to improve the experience for members"
Getting people viewing for free to sign up for the Netflix ad tier would improve its appeal to advertisers, Insider Intelligence senior analyst Ross Benes said
SEDD designates specific areas to run auto spare parts business
Sharjah, UAE--In order to create a competitive and diversified economy, the Sharjah Economic Development Department (SEDD) has reorganized many economic...The department said that trading in used auto spare parts in the emirate will be "reorganized" by amending the geographical areas permitted to practice the business
The reorganization is part of the strategey to promote economic growth and consolidating the emirate's posiiton as the key global trade and economic center
Honda to supply Aston Martin engines from 2026
The tie up, announced on Wednesday, comes in the run-up to this weekend's Monaco Grand Prix with Aston Martin a...The tie up, announced on Wednesday, represents a return to F1 for Honda, who left in 2021 but retain links with Red Bull and AlphaTauri
Aston will continue to be powered by Mercedes power units until 2026 when there is a sizeable shift in F1's technical landscape
