Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...Business Geostrategy Tech & Media
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...Business Economy Energy
The Game Company raises $5m at $40m valuation
 Dubai, UAE - AI-driven cloud-based gaming platform, The Game Company, raised $5 million during their pre-seed round in December. The...The company is poised for even more growth during its upcoming funding round, with expectations of a substantial increase in valuation
The company aims to create a truly immersive gaming experience that is accessible for anyone, anywhere, anytime, and on any device
Iran to receive fighter jets from Russia in sign of growing military ties
Tehran, Iran--Iran will begin to receive the first batch of Russian SU-35 fighter jets next week, according to Mehr News...Being under Western sanctions, both Iran and Russia have signed deals in recent months to boost military, economic, trade, and energy ties
Apart from the 24 jets, Iran will also receive from Russia air defense systems, missile systems and helicopters from Russia in the near future
RAK Ceramics’ profit soars in Q1
The profit rose to US$22mn on the back of higher revenue.The company's revenue soared to $240 million, a jump of 12.7 percent, and EBITDA went up to $43 million, an increase of 21 percent
It is looking to make additions to its capacity for tiles, sanitaryware and tableware division in the United Arab Emirates
DP World’s JAFZA looks to boost UAE-India trade to US$100bn
Speaking at a CII event in New Delhi, Abdulla Bin Damithan, CEO & Managing Director, DP World UAE & Jafza...Trade between the UAE and India has shot up to $84 billion in 2022, from $68 billion the year before, recording a 23 percent jump
Indian companies are the second largest partners in the free zone in terms of trade volume and fourth in terms of trade value
Dubai Investments profit up 55%
The Group's income also saw an increase of 34 percent.The company's net profit for the period stood at $85.51 million, up from $55.20 million during the same period last year
he Group's total income also saw an increase of 34 percent, reaching $278.11 million, compared to $204.65 million in Q1 2022.
ADNOC Distribution’s profit up
Its profit vaulted to US$150 million in Q1 of 2023The company said the profit resulted from strong performance and improvement in efficiency measures across all operations
It acquired a 50 percent stake in TotalEnergies Marketing in Egypt, and plans to open the first service station in Cairo in Q2
France-UAE ties get robust as non-oil trade soars
Baroux also commends the UAE as the most promising market for French exports in the region, with over 600 French...Non-oil trade between France and the UAE rose to €7.318 billion in 2022, representing a 21% increase from the previous year
The surge in trade signifies a significant 16.8 percent growth in bilateral economic relations between the two countries
Advertising executive Linda Yaccarino is new CEO of Twitter
Elon Musk has chosen top ad executive Linda Yaccarino to take the day-to-day reins of Twitter as he fights to...Elon Musk said he would remain in charge of design and technology at Twitter while Yaccarino would focus primarily on business operations
Linda Yaccarino will face an uphill battle trying to attract major companies to come back to the platform.
Dubai Chambers briefs EU Missions about UAE Corporate Tax Law
DUBAI, UAE - Dubai Chambers has hosted a workshop for commercial attachés of EU Diplomatic Missions to provide them with...A workshop on Corporate Tax Law saw the participation of 13 officials from EU embassies and attaché offices in the UAE.
Dubai Chambers said the workshop will bolster the strong trade and business relations with the European markets.
Salik Q1 net profit $74.89m
Salik recorded the highest level of quarterly revenue-generating trips.The company achieved net profit of AED275 million during the quarter, with a net profit margin of 52.9 percent, the company said.
Toll usage revenue, which contributed 87 percent to total revenue, increased 7.9 percent year-on-year.
