Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...Business
‘Global growth to fall below 3 percent in 2023’
A continued slowdown in almost all the world's advanced economies is expected to drag global growth below three percent this...Global growth almost halved last year to 3.4 percent as the impact of Russia's invasion of Ukraine rippled through the world economy.
Asia's emerging markets are expected to see substantial increases in economic output with India and China to account for half of all growth.
DEWA, Siemens Energy discuss enhancing cooperation
DUBAI, UAE -Â MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation...DEWA is implementing clean and renewable energy and water desalination projects.
The firm attaches great importance to research in sustainable and renewable energy.
CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions
Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...The new banknote will be available at banks and exchange houses from 10 April 2023.
It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Airbus to open second plane assembly line in China, double output
"It makes a lot of sense for us, as the Chinese market keeps growing, to be serving local for the...The framework accord for the new site was later signed by Faury at a ceremony attended by Macron and Chinese President Xi Jinping, an AFP journalist saw.
The new assembly line in Tianjin for Airbus’s hugely popular A320 medium-haul jets will begin operations in late 2025.
UAE decision on Small Business Relief aims to support startups
Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
Credit Suisse merger the right choice despite risks: UBS
Shareholders of both banks had no say in the mega-merger, which was engineered by the Swiss government, the central bank...UBS chairman told the bank's annual general meeting in Basel that although the $3.25-billion takeover was sprung upon them, it would offer overall stability
Colm Kelleher said the deal was expected to close within a few months and would preserve the critical financial sector as a pillar of Swiss national prosperity
Masdar achieves financial close on three solar projects in Uzbekistan
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV)...The company will begin construction on the plants at once, which will have a combined capacity of around 900 megawatts
Under the ETAF initiative, a climate finance paltform, Masdar and AIIB have committed capital to the Uzbekistan projects
QatarEnergy to participate in Iraq’s mega natural gas project
Doha, Qatar - QatarEnergy has agreed to hold a 25 percent share in the Gas Growth Integrated Project (GGIP) -...The consortium will be composed of Basra Oil Company (30 percent), TotalEnergies (45 percent), and QatarEnergy (25 percent)
Signed in September 2021, the key strategic project involves investing nearly $10 billion to design and construct facilities
Talent Outsourcing in UAE to touch US$6.8bn by end of 2023
Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over...The total spending by UAE-based organizations on outsourcing was around $4.8bn in 2018 and is expected to reach $6.8bn in 2023, a report said
It highlighted the UAE's initiative to diversify its economy toward economic development, cutting-edge innovation, digital transformation, and security
Saving behavior in the UAE jumps as National Bonds hit 15% growth in 2022
Dubai, UAE - National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment...The strong growth in 2022 was attributed to several pioneering ideas and solutions, such as the Golden Pension Plan, Global Savings Club, and Sukuk Al Waqf
The Golden Pension Plan leverages the financial solutions provided by National Bonds to residents, to meet the demand from both employers and employees
