UAE leads global charge in generative AI adoption
With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far...Business
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.Business
UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.
Meta lays off 11,000 staff, Zuckerberg calls it the ‘most difficult change’
Zuckerberg said the cuts represented 13 percent of Meta's workforce and would affect its research lab focusing on the metaverse...The tech industry is currently in a serious slump and several major firms have announced mass layoffs -- Twitter's new owner Elon Musk fired half its staff last week.
Ad-supported platforms such as Facebook and Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.
Dana Gas net profit up 64%
The company reported net profit of $161m for 9M of 2022.In a bourse disclosure, the company said the gross revenue for the same period increase by 24 percent year on year to AED1.521 billion ($415 million).
The gains in profit were driven by higher realized prices, “prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI)”, the filing said.
Villas, apartments form major chunk of $598m Dubai realty deals Tuesday
Dubai, UAE---Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by...The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million.
Residential properties in the UAE remain a top priority for international real estate investors.
Al Arabia’s profit up 43%
Its profit rose to $52 million in first nine months.The Riyadh-based firm, partly owned by media giant MBC group, saw its revenue jump 64 percent to $216 million
It added that the results were bolstered by the company's efforts to enhance regional expansion and enter new projects and strategic partnerships
Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....The MoU between Saudi Arabia and Oman also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field
The Saudi-Egypt deal aims to enhance cooperation in the production and export of electricity from renewable energy, transport of clean hydrogen, and electrical interconnection
Elon Musk sells nearly $4bn in Tesla stock: SEC filing
Musk has been searching for ways for the social media platform to make money after the buyout, including an idea...Documents filed with the SEC indicated that he had disposed of more than 19 million shares, worth in excess of $3.9 billion
Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla
Crypto billionaire Sam Bankman-Fried falls prey to Binance
Described by his admirers as the white knight of a sector plunged into turmoil, SBF suddenly saw its star fade...Bankman-Fried has pledged to donate almost all of his fortune to his favored causes, like animal welfare and the fight against global warming
Just over 24 hours after denying rumors of trouble, Bankman-Fried announced on Twitter that he had reached a "strategic transaction" with Binance
Disney+ gains 12m subscribers as losses pile up
Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for...Disney+, fast on the heels of Netflix, is about to launch a cheaper but ad-supported subscription offering to attract even more viewers
Sales and profit for the entertainment group as a whole were below analyst expectations and shares in Disney fell as much as 7.9 percent in late trading
UAE, Jordan and Israel advance Project Prosperity
The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil...The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil Mangrove Alliance for Climate at COP27
Led by the UAE and Indonesia, the MAC initiative seeks to scale up and accelerate the conservation and restoration of mangrove ecosystems for the benefit of communities worldwide
