Saudi Arabia Railways orders 10 more Stadler intercity trains
Saudi Arabia Railways (SAR) has ordered 10 more intercity trains from Swiss manufacturer Stadler, doubling its fleet of custom-built trains...
Business
Google restricts free access to Gemini AI models
Google will restrict free access to some of its Gemini artificial intelligence models under changes taking effect this month. Starting...
Business
Analysis
Can the Middle East become a bigger driver of Accenture’s growth?
“The question for investors is," says Nagham Hassan, Market Analyst at etoro MENA, "whether AI will expand Accenture’s business or...
- The Middle East remains a relatively small part of Accenture’s global business, but recent disruption has highlighted its exposure to regional uncertainty.
- In its third-quarter earnings call, the company reported an approximately $100 million revenue impact relative to expectations from the regional conflict.
Business
AI market could need $6 trillion annual revenue by 2031, report says
Much of the value is expected to come from new innovation beyond employee productivity, Bain & Company said in its...
- Hardware and semiconductor market capitalization grew 24% from 2020 to 2026, compared with 6% for software.
- Bain says AI has compressed cyberattacks to 18 hours, requiring changes across code, agent discovery, detection and governance.
Business
Aldar, Arada sign $4bn Abu Dhabi development partnership
Dubai, UAE -- Aldar and Arada have agreed a strategic partnership covering development opportunities on Yas Island and at Seih...
- Aldar and Arada will jointly develop a 1.5 million square metre mixed-use community at Seih Sdeirah on Abu Dhabi’s border.
- Arada acquired three Yas Island plots exceeding 27,500 square metres, marking its first development projects in Abu Dhabi.
Business
OpenAI halts GPT-6.1 Astra release over safety concerns
The decision comes before OpenAI’s annual developer conference, where the company is expected to face scrutiny over AI safety.
- Researchers linked to OpenAI previously investigated agents communicating independently before hundreds subsequently attacked software startup Hugging Face.
- The decision comes amid wider calls within the AI industry for greater caution in developing frontier models.
Business
Masar signs $82m land deal
Agreements signed with Abdulmohsin Al Rossais & Sons Group.
- The two boulevard-facing plots are located in Zone 2 of Masar Destination and cover a combined 4,947 square metres.
- Al-Inma Second Development Co. Ltd. is the SPV for Al-Inma Makkah Development Fund II, wholly owned by Masar.
DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
- DEWA says refinancing was completed ahead of target, generating savings while strengthening Noor Energy 1’s financial structure over its lifecycle.
- The 950-megawatt project combines concentrated solar power, parabolic trough and photovoltaic technologies with 15 hours of thermal storage capacity.
Business
Sharjah Islamic Bank raises $500 million through five-year Sukuk
Sharjah Islamic Bank (SIB) has issued $500 million of five-year Sukuk, attracting orders worth $1.3 billion, or 2.6 times the...
- The five-year Sukuk attracted orders worth $1.3 billion, equivalent to 2.6 times the issue size, amid strong investor demand.
- SIB priced the issuance at 5.85% final yield, representing a 105-basis-point spread over five-year U.S. Treasuries.
Business
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
- The prohibition covers trade finance and fund transfers involving all Bank Melli Iran branches operating in the UAE.
- The CBUAE said it would continue to strengthen its supervisory framework and take measures to safeguard the soundness and integrity of the UAE financial system.
Business
SoftBank raises $11.1 billion through bonds for OpenAI
SoftBank Group has issued dollar- and euro-denominated bonds worth a combined $11.1 billion as it seeks funding to support its...
- An offering document showed on Thursday that SoftBank issued $1 billion of 3.5-year senior dollar notes, $4.5 billion of 5.5-year notes and $4.5 billion of 7.5-year notes.
- SoftBank also issued two €500 million tranches with maturities of four and six years, yielding 7.125% and 8%, respectively.
Business
Emerson to build new automation solutions service center in Qatar
Emerson, a global automation solutions company, said on Wednesday it plans to build a new solutions service center in Qatar's...
- The facility will include region's first certified in-country flow calibration lab, along with other automation technologies.
- The 3,500-square-meter facility adds to Emerson's existing manufacturing, service and distribution locations in Saudi Arabia and the United Arab Emirates.
Saudi Arabia Railways orders 10 more Stadler intercity trains
Saudi Arabia Railways (SAR) has ordered 10 more intercity trains from Swiss manufacturer Stadler, doubling its fleet of custom-built trains...
Business
Company News
Latest News
Musk kicks Kanye West off Twitter for ‘incitement to violence’Â
West has made a series of anti-Semitic comments recently, as the one-time titan of fashion and music appears to have...
Oman sees hospitality industry revenue fall 3.5%
The National Centre for Statistics and Information says domestic guest have supported the Oman's hotels.
Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
Expo 2020 visitors will need a coronavirus vaccination or a negative PCR test to enter, organisers in Dubai has said....
Cyberattack hits hundreds of US businesses
A US IT company urges customers to shut down their servers after the attack UN Security Council members recently warned...
Saudi Arabia to generate $150 billion in investments from its new transport policy
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private...
Aldar, Arada sign $4bn Abu Dhabi development partnership
Dubai, UAE -- Aldar and Arada have agreed a strategic partnership covering development opportunities on Yas Island and at Seih...
Business
OpenAI halts GPT-6.1 Astra release over safety concerns
The decision comes before OpenAI’s annual developer conference, where the company is expected to face scrutiny over AI safety.
Business
Most Read
Business
Sharjah Islamic Bank raises $500 million through five-year Sukuk
Sharjah Islamic Bank (SIB) has issued $500 million of five-year Sukuk, attracting orders worth $1.3 billion, or 2.6 times the...
- The five-year Sukuk attracted orders worth $1.3 billion, equivalent to 2.6 times the issue size, amid strong investor demand.
- SIB priced the issuance at 5.85% final yield, representing a 105-basis-point spread over five-year U.S. Treasuries.
Business
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
- The prohibition covers trade finance and fund transfers involving all Bank Melli Iran branches operating in the UAE.
- The CBUAE said it would continue to strengthen its supervisory framework and take measures to safeguard the soundness and integrity of the UAE financial system.
Business
SoftBank raises $11.1 billion through bonds for OpenAI
SoftBank Group has issued dollar- and euro-denominated bonds worth a combined $11.1 billion as it seeks funding to support its...
- An offering document showed on Thursday that SoftBank issued $1 billion of 3.5-year senior dollar notes, $4.5 billion of 5.5-year notes and $4.5 billion of 7.5-year notes.
- SoftBank also issued two €500 million tranches with maturities of four and six years, yielding 7.125% and 8%, respectively.