Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
Business
Riyadh’s “Global Sports Tower” designs approved
Led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the initiative's purpose is to elevate the...
Economy
COP28 UAE
World Bank allots 45% of its financing to climate projects
The bank, according to a statement, "is putting to work more than $40 billion", around $9 billion more than previously...
- The bank said that it is helping people to hold off the devastation of climate change
- It has earmarked the financing for the fiscal year that runs from July 1, 2024, to June 30, 2025
Business
Defying global trend, UAE leads Middle East IPO surge
The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from...
- The region's IPO momentum is driven by strong performances from entities like Dubai Taxi Company and a significant announcement from Abu Dhabi’s healthcare sector.
- Despite a 54 percent annual decrease, Middle East IPOs raise $8.4 billion in 2023, as the MSCI Gulf States Index climbs 8 percent, defying global economic downturns.
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
ACWA Power launches Phase I of green hydrogen project in Uzbekistan
Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...
- The first phase, a 3,000 ton- green ammonia pilot project, is already underway following the signing of the hydrogen purchase and power purchase agreements in May 2023.
- Once the second phase is complete, 2.4 GW of wind energy will power the production of 500,000 tons per year of green ammonia.
Business
TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.
- Falcon LLMs will equip TAMM to deliver high-quality interaction by providing its users with accurate, relevant and contextually appropriate responses to their queries.
- Falcon’s capabilities extend to being a data-driven insight generator, helping TAMM refine its services based on user interactions and feedback.
Business
Astra Tech to launch financial services powered by AI in 2024, says CEO
ABU DHABI, UAE - CEO and Co-Founder of Astra Tech Abdallah Abu-Sheikh said that the company will launch its first...
- The CEO said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia, including India.
- He said that the company is looking to expand into Saudi Arabia to enhance its services in this vital market.
Business
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...
- Saudi consumers increasingly rely on smartphones and connected devices to compare prices both online and in-store.
- Brand websites are a trusted source, influencing 65% of survey participants, emphasizing the significance of the online shopping experience.
Business
Tech titan Microsoft wins observer seat at OpenAI
SAN FRANCISCO, US - Microsoft, the tech titan that has invested billions of dollars in ChatGPT creator OpenAI, has been given...
- The nomination was shared in a memo to OpenAI staff that was later posted to the company's blog.
- Microsoft will join former US Treasury Secretary and political power broker Larry Summers, who was added last week.
Business
58% of firms in Saudi Arabia plan to outsource cybersecurity
RIYADH, SAUDI ARABIA - Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned...
- A survey gathered information about people who influence cybersecurity, looking at both internal staff, and external actors.
- The survey also analyzed levels and types of online safety company bosses believed warranted investment.
Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...
Business
Company News
NatWest profit soars 32%
Business
Latest News
QEWC 2023 net profit US$426m
Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Energy-related global CO2 emissions hit record levels in 2023, says IEA
PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years...
Science
Most Read
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
- The initiative is poised to enhance accessibility and efficiency for global investors seeking to engage in property investment within the UAE
- Traditionally, the investing in UAE real estate from overseas has been encumbered by complexities associated with cross-border transactions
Business
Emaar unveils new projects
The new projects are estimated to value US$26.14 billion.
- The first development valued at $15 billion is poised to set a new standard in premium high-end living
- The second valued at $11.16bn is designed to house wellness facilities, a new standard in luxury hospitality
Business
ADNOC buys 25% stake in OMV
The OMV is headquartered and listed in Vienna, Austria.
- The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor
- Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, now owns 31.5 percent, with the remaining share capital in free float