QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.Business
AI the new obsession for venture capital investing
Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled...Business
Gold jumps as US Fed signals rate-hike pause imminent
Dubai, UAE -- Gold prices climbed on Wednesday after the US Fed toned down its aggressive approach to reining in...Spot gold was up 1.7 percent at $1,973.52 per ounce by 3:56 p.m. EDT (1956 GMT), after advancing as much as 2 percent
The lingering credit concerns are expected to support gold prices in the near term, making it safe haven amid global woes
Gulf central banks mirror Fed to raise rates by 25 bps
The central banks of Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve raised...The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5 percent and 5 percent, respectively
The Central Bank of the United Arab Emirates (CBUAE) will raise its base interest rate by 25 basis points to 4.9%, effective Thursday
Tencent 2022 profit falls
Tencent is the owner of popular messaging app WeChat.Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
The drop in profit comes in the background of increased scrutiny on China's tech sector.
UAE, Pakistan discuss ways to enhance mutual trade, investment
The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan...UAE is Pakistan's leading investment partner in the Gulf and fifth at a global level, a report said at the end of 2021.
The non-oil trade between the two hit the figures of $7 bn in 2022, marking an increase of 30 percent compared to 2021.
Mubadala-Ares joint venture to invest $1bn in credit secondaries
The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
Villas, apartments constitute bulk of $626m Dubai realty deals
Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on...The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals amounting to AED123.6 million.
The sales included 395 villas and apartments worth AED944.57 million, and 37 land plots worth AED889.15 million.
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend.The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Google launches Bard, the ChatGPT rival in US and UK
Bard, ChatGPT and other similar artificial intelligence apps churn out essays, poems or computing code on command and have taken...Google CEO Sundar Pichai told staff that after testing Bard with 80,000 Google employees, the chatbot would be tested with the public in US and Britain
People wishing to play with Bard can sign up on a waiting list at bard.google.com website, distinctly separate from the tech giant's search engine
DFM approves cash dividend
The company posted an increase of 41.7% in profit.The new fixed dividend policy stipulates that the company annually pays a minimum of 50% of its distributable net profit
The company also approved the appointment of the Fatwa and Sharia’ Supervisory Board members for the year 2023
EU raids energy drink Red Bull over violation of antitrust rules
If the company raided is guilty of antitrust violations, it risks large fines but can be granted immunity if it...EU's executive arm said earlier its teams carried out unannounced inspections Monday at the premises of Red Bull.
EU authority is probing allegations the company violated antitrust rules that prohibit cartels and restrictive business practices.
