Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...Business
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....Business
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.Demand for electric vehicles in the UAE market has steadily increased over the past few years.
The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...24,143 commercial sector licences were issued in 2023, comprising 94.1 percent of the total.
Active licences in Abu Dhabi rose to 143,617, a growth of 10.9 percent compared to the year 2022.
Robots save UAE’s finance ministry 39,000 working hours
Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that...The Ministry has just completed phase two of embedding robotic process automation (RPA) into many of its internal processes.
By 2022, it had more than 50 bots working unattended, delivering great results, and it expects to save an additional 12,000 working hours in 2023.
KEZAD to build new warehouses
It will invest US$169m to develop new capacity.The building of new warehousing was spurred by strong demand for such capacity in both free zone and domestic industrial areas
The group since the third quarter of 2022 has thrown open more than 270,000 sq metres of additional warehousing space in Abu Dhabi
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...Riyadh announced the planned production capacity increase in October 2021, the same month it pledged to achieve net zero carbon emissions by 2060
That applies to emissions that are produced directly by Aramco's industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Hong Kong court orders liquidation of China’s Evergrande
Evergrande's demise has been closely watched as it was once a pillar of China's economy, with the construction and property...The order kickstarts a long process that should see Evergrande's offshore assets liquidated and its management replaced
The company's executive director vowed the Hong Kong court's decision would not impact its operations domestically
Bahrain and Hungary aim to boost trade, investment ties
Budapest, Hungary--Bahrain and Hungary have held discussions to boost economic and trade ties between the two countries.In this regard, Khalid...Chairman of Bahrain Chamber of Commerce and Industry said the Bahraini-Hungarian Business Forum aimed to boost trade, investment ties between the two countries
According to Gabor Jenei, the CEO of Hungarian Export Promotion Agency (HEPA), Hungary's exports to Bahrain reached $15m and Bahrain's exports to Hungary at $8m
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Toyota to suspend shipments of 10 models due to testing irregularities
Tokyo, Japan - Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at...The affiliate, Toyota Industries, did not conduct proper horsepower output testing for the certification of three diesel engine models, the parent group said
Toyota Industries said in a separate statement that its workers adjusted the fuel injection amounts to make the data "better-looking"
