OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...
Business
UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
Business
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
- The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
- Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.
Business
India’s L&T secures EPC contract for Saudi Arabia’s Amaala project
New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala...
- The contract, awarded by the consortium of Masdar and EDF, involves the establishment of renewable energy generation, power utilities, and water systems
- L&T, as the turnkey contractor, inked the EPC agreement with Amaala's developers, Masdar, and EDF, reports in Indian media said
Business
Abu Dhabi Maritime unveils new hub
Maritime Hub Abu Dhabi will boost the marine sector.
- The hub will benefit from interaction with influential bodies, policymakers and a vibrant community of players covering offshore, maritime suppliers
- It is expected to play a crucial role in facilitating the maritime industry’s sustainability, offering awareness, guidance in relation to decarbonisation
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
- The ban on Apple's latest smartwatch models came into effect Tuesday, with the Apple Watch Series 9 and Apple Watch Ultra 2 no longer available in stores or online
- The ban is the latest legal tussle involving big tech companies over valuable patents that has also seen Google battle in court against Sonos in a fight over speaker tech
Opinion
Bahrain emerges as a thriving hub for tech startups
Entrepreneurs equipped with the right skills, a robust business strategy, and the ability to forge meaningful collaborations are well-positioned to...
- Bahrain is witnessing an increasing demand for digital transformation across various industries.
- Entrepreneurs in the Gulf country need innovation, adaptability, and strong networks for success.
Business
UAE insurance sector witnessed expansion in 2022: CBUAE
Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to...
- The growth in the insurance sector is expected to shore up the market's liquidity and make it more resistant to any future downturns
- According to the CBUAE report, the number of direct premiums written expanded by 11.2 percent year-on-year to 9.8 million in 2022
YEARENDER
IPOs, investments help GCC markets prosper in 2023
Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in...
- Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in Q3 2023, led by Saudi Arabia and Qatar.
- The change is part of a broader strategy, including Dubai Taxi Company's IPO and Saudi Arabia's Vision 2030 initiatives, signaling a new era in the GCC's economic narrative.
Economy
Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...
- The growth revolves around a rapidly evolving landscape, propelled by strategic investments and diversification endeavors.
- Omani Maritime freight was at the forefront, commanding a significant 54.8% share of all inbound goods in 2022.
Business
US bans import of Apple Watch due to patent clash
A US import ban on certain Apple smartwatch models came into effect, after the Biden administration opted not to veto...
- Apple last week paused its US sales of Apple Watch Series 9 and Apple Watch Ultra 2.
- The move came into effect on the online Apple Store on December 21, with retail locations ceasing sales December 24.
Business
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
- The cost of merging service years is paid prior to ending the employment period in one lump sum and within 30 days from the date of approving the merge request.
- GPSSA added that if a pensioner returns to work, he/she may merge the entitled service period by which he/she was entitled to a pension to the new service years.
OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...
Business
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Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
Opinion
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
Business
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Business
Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
- The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
- Sales made directly to consumers through Lego's physical and online stores rose by four percent.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.