AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...Technology Business
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...Business
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...With 40 percent of UAE workers already exploring generative AI, the nation stands as a beacon of tech adoption, far surpassing the global average, say a report.
AI and machine learning are viewed by UAE tech leaders as pivotal for reaching short-term objectives, outpacing the perceived utility of the metaverse, it adds.
EU excuses Apple and Microsoft products from tougher tech curbs
Brussels, Belgium - Apple's iMessage and Microsoft's Bing search engine got a reprieve from tougher EU rules curbing how tech titans..."We thank the Commission for agreeing with us that iMessage should not be designated under the DMA (Digital Markets Act)," an Apple spokesperson said
The EU has built a powerful legal arsenal to take on the internet giants, including the DMA and its sister milestone law, the Digital Services Act (DSA)
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,
EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...The EU acknowledged that a combination of geopolitics and extreme weather meant farmers were struggling to meet the fallow land rule
The fallow land rule was imposed as part of the bloc's common agricultural policy to promote biodiversity
Bitcoin crosses $50,000 for first time since 2021
The cryptocurrency has enjoyed a strong run-in recent month, fueled by expectations US lawmakers would allow the creation of exchange-traded...After dropping in reaction to last month's green light by Washington, bitcoin has rallied about 25%
That advance saw it hit as much as $50,328, according to Bloomberg data, its highest level since late 2021
Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.Sales by volume dropped by 4.7 percent but Michelin said this reflected its strategy of prioritizing markets and business segments
Sales of premium and big tyres, in particular for SUVs, helped improve the company's performance, as did a drop in costs for raw materials
ADNOC Drilling profit soars 29%
The company's revenue for the year 2023 was US$3.05bn.The company's EBITDA for 2023 shot up 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent
It added 14 new drilling units in 2023, including four lease-to-own land rigs, making it one of the world’s largest fleets of 129 rigs
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.Its CEO said the issue is a step in their journey to generate consistent and sustainable value for investors
The fund has an existing portfolio valued at $158 million, primarily invested in educational assets in the UAE
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
