General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...Business Economy
OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...Business
Japan to restart funding to UN Palestinian refugee agency
Tokyo, Japan--Japan is preparing to resume funding to the UN's crisis-hit Palestinian refugee agency (UNRWA), which coordinates nearly all aid...Japan like many other countries paused funding after Israel claimed that 12 of UNRWA's 13,000 Gaza employees were involved in the deadly October 7 Hamas attack
The UN has launched both an internal and an independent investigation but has said Israel has not provided it with any evidence to support the claim against the workers
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...The annual financing of the bank is witnessing a steady increase, rising from US$2 billion in 2022 to US$2.23 billion in 2023
Nearly 30 percent of the bank's financing in the last 10 years was allocated to sustainable development projects in Africa
UHNWIs drive Dubai’s luxury real estate growth
"The ultra-high-net-worth individuals (UHNWIs) have transformative impact on the real estate market. These individuals, with their discerning tastes and substantial...UHNWIs significantly contribute to the growth of Dubai's luxury property sector, driving demand and innovation.
Sales of homes priced at $10 million or more in Dubai reached $7.6 billion in 2023, outperforming global cities.
Embracer sells Borderlands
The sale is expected to be completed by June-end .The sale would reduce the company's net debt by around $300-327 million, the group said in a statement
Gearbox will join a Take-Two line-up that includes the likes of "Grand Theft Auto" maker Rockstar Games and 2K
US stocks open mixed ahead post fresh economic data
New York, US- Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of...The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated 0.2 percent to 16,363.03
The Commerce Department made a surprise upward revision to fourth quarter GDP growth, to an annual rate of 3.4 percent
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...This initiative aims to support and represent the interests of startups and SMEs in the region.
The goal is to make Abu Dhabi the top choice for business in the Middle East and North Africa by 2025.
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar.Exchange companies...There are positive indicators suggesting a stabilization in Jordan’s economy.
Presently the currency exchange sector comprises 250 firms across Jordan.
UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.UBS had reported a $29 billion annual profit in February due to the difference between the value of the assets obtained in the Credit Suisse dea
In its annual results published on Thursday, UBS said the fair-value estimate has been adjusted by $1.2 billion, decreasing the "negative goodwill" to $27.7 billion
China’s Xiaomi to enter EV market
China's EV sector has grown rapidly in recent years.Xiaomi CEO Lei Jun has promised that the SU7 EV will be "the best-looking, best-driving and smartest car" costing under $69,200
Xiaomi is the world's third-biggest smartphone maker, and its experience in that sector has helped shape its EV strategy
