Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
- The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
- Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Business
Microsoft and US labor group join hands on AI
The alliance comes as workers and governments are fretting over the potential repercussions of AI on work, with fears that...
- Microsoft will train labor leaders and workers on how artificial intelligence works
- The labor group and the tech giant will also collaborate on how to shape public policy
Economy
Jordan’s mission to save its ancient olive trees
Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...
- Jordan has 11 million olive trees in groves that make up 20 percent of all cultivated land in the country
- They produce 50,000 tons of olives and 25,000 tons of olive oil annually, contributing $169 million to the economy
Business
ADX and Abu Dhabi Housing Authority sign agreement to boost data exchange
Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to...
- The agreement between the two entities is designed to enhance service and improve overall customer experience for Emiratis
- It will simplify the method used for accessing investor data on ADX, benefiting from Abu Dhabi Housing programs with increased efficiency
Business
Riyadh Season draws 9 million visitors to its entertainment zones
Riyadh, Saudi Arabia - The number of visitors to Riyadh Season has surged to over 9 million, indicating a significant...
- Riyadh Season, marked by the slogan "Big Time," completed the spectrum of entertainment choices with top-tier events and festivals across various zones
- Boulevard City zone emerged as a site filled with entertainment options, along with Boulevard World which features a variety of international cultures
Business
Silal and MBZUAI sign MoU
The agreement will bring AI innovation to food production.
- The two sides will create a framework for the transfer and commercialisation of research, including support for startups and business spinouts
- The agreement corresponds with the National Strategy for Food Security 2051 to develop a national system based on enabling sustainable food production
SEWA seeks to enhance cooperation with Siemens Energy
Sharjah, UAE -- Sharjah Electricity, Water and Gas Authority (SEWA), has decided to enhance cooperation with Siemens Energy.in developing energy...
- Heads of both the companies on Sunday discussed the latest developments in the energy sector
- SEWA commited to cooperate with all local and international bodies to apply the latest technologies and digital transformation
Business
PM issues law forming Dubai Investment Fund to oversee government investments
DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
- The law endows the Fund with the financial and administrative independence to pursue its objectives along with the legal mandate to do so.
- Dubai Investment Fund will be responsible for investing Dubai Government funds, surpluses and the general reserve locally and internationally.
Business
PIF sets up agri and ecotourism firm Dan Company
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced on Monday the establishment of Dan Company, specializing in agritourism...
- The company plans to develop unique tourism projects around cities across Saudi Arabia with attractive natural and farmed landscapes.
- Dan aims to involve local communities in imparting experience that enables visitors to fully interact with Saudi regional culture and traditions.
Geostrategy
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
- OAPEC Secretary General Eng. Jamal Issa Al Loughani emphasized the conference's focus on international energy market developments and their local and global implications.
- He called for a careful balance between emission reduction, energy availability and affordability, while underscoring challenges in building sustainable energy systems.
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
Company News
e& 2023 net profit is US$2.8bn
Business
Latest News
ADIB unveils new payment hub
Business
Trailblazing women transform finance in Arab world
Extraordinary Arab women are breaking barriers and setting new precedents in the traditionally male-dominated sectors of banking, finance, and investments.
Business
Toyota to invest US$2.2bn in Brazil
The automaker will beef up production of hybrid vehicles.
Business
OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
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Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Business
Asian markets mostly down as China sets 5 percent growth goal
Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
- Tokyo finished flat, a day after Japan's benchmark Nikkei index hit a record high, closing above 40,000 points for the first time.
- Sydney, Seoul, Mumbai, Jakarta, Bangkok, Singapore, Manila and Kuala Lumpur were down, while Taipei and Wellington were up.
Geostrategy
Tesla stops production at German plant after suspected arson attack
Michael Stuebgen, interior minister for Brandenburg state, said that "if initial findings are confirmed, this is a perfidious attack on...
- Emergency services were called to reports of a burning electricity pylon southeast of Berlin in the early hours, in the area the factory is located
- But it knocked out power to the Tesla factory, as well as surrounding villages, and police have launched an investigation into suspected arson