UAE places sixth among world’s most popular Muslim-friendly destinations
Dubai, UAE -- Mastercard and CrescentRating released the 11th edition of the Global Muslim Travel Index (GMTI), revealing how AI,...
Business
Business
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
- Featuring a unique design language inspired by Polestar Precept and Scandinavian minimalism, Polestar 3 is a fully electric 5-seat luxury SUV
- Polestar 3 is available at launch with a dual-motor configuration with a power bias towards the rear, and an optional Performance Pack for increased power and torque
Business
61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
- The event, featuring 773 exhibitors and hosting 441 official delegations from 116 countries, attracted 106,000 visitors
- Throughout the show, a total of 73 agreements were finalized, including 17 industrial partnership agreements
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
- With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical risks.
- The sector's commitment to sustainability and strategic risk management promises a future of stability and growth, highlights the latest insights from S&P Global.
Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
- Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street.
- While China is in holiday mode, investors are keeping tabs on Beijing, hoping for fresh measures to boost market confidence.
Business
Rumors swirl over bitcoin inventor Nakamoto’s identity
London, United Kingdom - An Australian man went on trial in London this week over his claims of inventing bitcoin --...
- Computer scientist Craig Wright, 53, says he is "Satoshi Nakamoto", the pseudonym of bitcoin's creator and author of a white paper that introduced the cryptocurrency to the world
- He is being sued by cryptocurrency activists who say he's lied and forged documents in his attempts to pretend he is bitcoin's founder.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.
Arts & Culture
AI game gains popularity during Chinese New Year festivities
SHANGHAI, CHINA - Young Chinese flocking home for Lunar New Year this weekend have turned to an AI chatbot game to...
- The new game uses an AI chatbot to simulate the barrage of squirm-inducing questions young people can expect to face.
- The annual inquisition as extended families gather for China's biggest festival is a cultural touchstone across the country.
Business
Barclays bank to stop financing new oil, gas projects
London, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas...
- The bank added it would scale back lending for existing fossil fuel projects as the sector faces intense pressure from activist investors to help tackle climate change.
- The British lender's move to curb financing of oil and gas projects follows similar announcements from European bank heavyweights BNP Paribas, Credit Agricole, HSBC and ING.
Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.
Company News
Equinor signs $27 bn gas deal
Business
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Perplexity AI offers Google $34.5 bn for Chrome browser
San Francisco, United States -- Perplexity AI offered Google on Tuesday $34.5 billion for its popular Chrome web browser, which...
Business
Gulf tourists say Polish mountain town is a cool place
Zakopane, Poland -- Saudi photographer Fahad Alayyash gazed over the Alpine-like panorama of the Tatras, Poland's highest mountain range --...
Business
China Evergrande Group says to delist from Hong Kong
Hong Kong, China -- Embattled property giant China Evergrande Group said Tuesday it will delist from Hong Kong Stock Exchange...
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Business
Abu Dhabi’s AI sector expands 61% in one year: Abu Dhabi Chamber
Abu Dhabi, UAE -- Abu Dhabi’s artificial intelligence (AI) sector witnesses a 61 percent increase between June 2023 and June...
- Globally, there are approximately 90,904 AI companies as of 2024, which places Abu Dhabi’s AI company count as a notable concentration within the global landscape.
- Abu Dhabi Chamber has revealed that over 58 percent of all AI firms in the emirate are dedicated to innovation, research, and consultancy.
Business
Nvidia, AMD to pay US 15% of AI chip sales to China: reports
Washington, United States -- US semiconductor giants Nvidia and Advanced Micro Devices have agreed to pay the United States government...
- Investors are betting that AI will transform the global economy, and last month Nvidia became the first company ever to hit $4 trillion in market value.
- The US has been restricting which chips Nvidia can export to China on national security grounds.
Business
Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
- The eighth annual conference will showcase the industry's brightest minds and future leaders.
- Attendees can fast-track professional development with pre-conference certification courses and networking.