EU examines Microsoft large investment in OpenAI
Brussels, Belgium - The EU, racing to regulate the fast-moving world of artificial intelligence, said on Tuesday it has started a...Business Tech & Media
What are the most recent retail trends?
With the retail sector rebounding in the UAE, Cyrille Fabre, a partner and director with the Middle East arm of...Retailers are thriving in the areas of omnichannel and customer experience.
Unlike carbon-intensive industries, retail can easily achieve sustainability
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
Dubai’s Mashreqbank hit with $100m fine in US
The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to...The fine was one of several actions by US regulators requiring the bank to fix lapses in its processes to ensure its overseas branches comply with US sanctions
The breaches involved the bank's London office handling payments through the US financial system without making clear they were going to a Sudanese entity
Meta to tweak ad policy
Meta ads will not consider race, religion, sexuality, or political party.From January 19, apps in the Meta family will no longer offer advertisers the option to target people based on certain ‘sensitive’ topics
While this may tighten privacy, it may also affect non-profit groups seeking fundraising or small companies looking for customers
AD Ports Group to develop multipurpose terminal at Egypt’s Safaga Port
A multipurpose terminal in Safaga Port of Egypt will be developed and operated by AD Ports Group. Under an MoU...AD Ports signed an MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation.
Under the pact, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to the project.
Dubai non-oil economy surges to two-year high in October
Dubai's non-oil economy continued to grow in October, courtesy of a sharp rebound in new orders and increased tourism activity...A sharp rebound in orders and Expo boost raise Purchasing Manager's Index.
Despite the growth of businesses, job hiring remained marginal. Overall expectations of firms at their highest since March 2020.
Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the...The expected average raise in the salary for companies in high-tech, life science and consumers goods would be around 4 percent
The survey covered 599 companies across UAE with response indicating that salaries in 2021 incremented at an average of 3.6 percent
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
CBRE study depicts upbeat future for Saudi hotel industry
With the Covid infection tapering off in Saudi Arabia, there has been a reasonable increase in hotel occupancy rates in...The average daily rate (ADR) at hotels across the Middle Estate jumped 9.9 percent in the first nine months of the year
The growth has been fueled by higher levels of tourism activity in major destinations like Jeddah, Khobar and Riyadh
ADNOC Distribution’s Q3 profit is $144m
The profit is 21 percent lower than Q3 2020 due to a lower fuel margin.The company's net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
