GAS, SPPC ink two contracts
The duration of each contract is of 22 months.Company News Business Energy
EU queries Meta about ad-free subscriptions, shadow banning
BRUSSELS, BELGIUM - The EU on Friday used new regulatory powers to query Meta about ad-free subscriptions to Facebook and Instagram as...Business Geostrategy Global
Elon Musk establishes X.AI artificial intelligence company in Nevada
San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to...According to an insider report, Musk has purchased costly computing processors and hired engineering talent as part of an AI project at Twitter
Google, Meta and Microsoft have spent years working on AI systems to help with translations, search and targeted advertising
Why do firms falter in Middle East’s booming sectors?
In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity....In order to stave off total ruin and collapse of a business, industry experts recommend for the board to take charge of strategy, in cahoots with the management.
Many experts blame disagreements within a board, or a lack of team spirit as the reason for tipping a company toward a slow demise
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the...Recent banking industry turmoil following the collapse of Silicon Valley Bank raised worries about a flight of deposits.
Shares of JPMorgan rose 7 percent to $138.06, Citi gained 3.1 percent to $48.7, Wells Fargo dipped 0.1 percent to $39.63.
Ajman Bank, EIH ink deal
The bank will act as a strategic partner during listing of EIH.Ali El Gebely, Managing Director and CEO of EIH, said the partnership aims to build real value for the future of investment through strategic partnerships.
Established in 2007, Ajman Bank is an Islamic commercial bank that listed on the Dubai Financial Market in 2008.
Hermes Q1 revenue at US$3.7bn Â
The performance was driven by strong sales, especially in Asia."The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
Dubai records real estate deals worth $1.03bn in two days
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to...On Friday, deals worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department.
The sales on Thursday included 388 villas and apartments worth AED791.15 billion, and 55 land plots worth AED236.4 million.
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil...The rate-setting Federal Open Markets Committee voted last month to continue raising interest rates to tackle inflation.
The FOMC took this decision despite the turmoil when Californian high-tech lender Silicon Valley Bank dramatically collapsed.
Stocks jump, dollar falls as Federal Reserve seen curbing rate rises soon
Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong...In a sign of cooling inflation, Singapore's central bank kept rates steady, having previously hiked five times in a row.
Stocks advanced "on increasing signs that the global round of interest rate hikes could be drawing to a close".
Top Western luxury brands court Middle East with Ramadan collections
Paris, France - With flowing kaftans, fluid separates and glamorous maxi dresses, Western luxury fashion brands are increasingly targeting the monied...Louis Vuitton to Versace have rolled out handbags and shoes, sunglasses and clothing that varies between sober pastels, florals and embroidered prints
Gucci's 2023 Ramadan collection, "Nojum" (meaning stars), is inspired by the night sky, featuring deep purples and daywear options for men
300 UAE companies operating in Egypt, more investment likely
Abu Dhabi, UAE - Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, retail, oil and gas,...Al Jarwan said that the two countries also aim to increase the investment to $35 billion over the next decade.
Egypt has over 3,000 Emirati companies operating in telecommunications, construction, smart cities, and other areas
