UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...Technology Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.Company News Business
China edges out Japan as world’s top vehicle exporter
In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where...Japan's vehicle production in 2022 excluding motorcycles totalled 7.84 million units
China's BYD this month snatched Tesla's crown for most sales of all-electric vehicles
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Samsung profit dips 34.57 percent
Its operating profit for Q4 was US$2.1bn.The company posted a 73.4 percent drop in net profit to $4.8 billion
It blamed interest rate policies and geopolitical issues for the drop
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.
The surge in the GCC project awards, especially in gas and construction sectors, reflects a robust economic recovery and strategic investments driving growth.
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.Three-quarters of the reductions are set to come in the first half, UPS CEO said.
The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Over 70 percent of musicians fear AI, says French-German study
PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according...The report found that 35 percent were already using AI in a "large number of areas related to music creation".
The report added that estimated incomes would fall 27 percent by 2028, equivalent to some US$2.9 billion.
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Oman and Etihad Rail Co, Al Jazeera Steel sign MoU for raw materials
Sohar, Oman -- Oman and Etihad Rail Company (OER), the developer and operator of the UAE-Oman Rail Network, and Al...Under the terms of the agreement, OER will leverage the UAE-Oman Rail Network to support Al Jazeera Steel in optimizing inbound and outbound logistics from its factories in Oman.
Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries.
