Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Dubai SME, Danube Group partner to aid Emirati-owned SMEs
Dubai, UAE – Danube Group, a leading conglomerate in the Middle East and Dubai SME, a subsidiary of the Dubai...
Business
Geostrategy
Attack in area claimed by Sudan, S. Sudan, leaves 32 dead
A government representative for Abyei condemned the attacks that occurred early Sunday in two counties by armed militias and soldiers...
- Bulis Koch Aguar Ajith, information minister for Abyei said the latest "barbaric attacks on civilians" were a continuation of deadly violence that broke out last week in the region
- Security Council this month voted unanimously to extend the 12-year-old UN peacekeeping mission in Abyei which currently comprises some 4,000 military and police personnel
Business
First internationally recognized renewable ammonia shipment made
Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
- The renewable ammonia was generated at Fertiglobe's facilities in Egypt utilizing renewable hydrogen from its Egypt Green Hydrogen electrolyzer pilot.
- This eco-friendly ammonia will play a crucial role in producing near-zero emissions synthetic soda ash, a vital component in laundry powder, for consumer goods giant Unilever.
Business
OpenAI faces leadership crisis as staff threaten to follow Altman to MicrosoftÂ
This mass discontent follows the unexpected dismissal of OpenAI co-founder Sam Altman, whose leadership in AI advancements like ChatGPT has...
- This mass discontent follows the unexpected dismissal of OpenAI co-founder Sam Altman, whose leadership in AI advancements like ChatGPT has been crucial.
- Reports had also been circulating that Altman is planning to launch a new AI venture and announcement was expected as soon as this weekend
Business
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues...
- Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region.
- Environmental, social and governance bonds in UAE constitute over 19 percent of the global ESG bond market.
Economy
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
- The upswing aligns with the targets of Dubai’s economic agenda D33, which seeks to double foreign trade.
- By the end of the third quarter of 2023, Dubai Customs had processed approximately 18.8 million customs declarations.
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Business
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
- Automakers in recent weeks have pushed back EV sales targets and delayed capital projects as they seek to reduce inventories of unsold EVs at dealerships.
- The network of EV charging stations in the US remains dodgy, with many areas either lacking infrastructure or equipped with unreliable machines
Business
Big tech firms have been fined billions, but not paid them
PARIS, FRANCE - Rarely a month goes by without big tech companies getting fined for price fixing, squashing competitors or misusing...
- Ireland's data regulator confirmed that Meta has not paid any of the US$2.2 billion in fines issued since last September.
- Amazon is still appealing against a US$812 million fine from 2021, Luxembourg's data regulator said.
Economy
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...
- EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
- The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy
Opinion
AI, NLP transform business operations in Gulf region
AI and NLP are revolutionizing workplace efficiency by enabling employees to swiftly access essential information, thereby augmenting customer and personal...
- AI is creating a 'frictionless' work environment, streamlining daily operations.
- Invisible apps provide seamless integration, enhancing employee efficiency.
Intel suspends expansion of factory plan in Israel
New York, United States - Intel is halting the expansion of a major factory project in Israel, which was going to...
Business
Company News
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Aramex Q4 net profit doubles
Business
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...
Business
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
Geostrategy
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Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.
Business
Disney and India’s Reliance to merge
The merger will create a powerful entertainment giant.
- The report of the deal comes as billionaire tycoon Mukesh Ambani readies to host Disney chief Robert Iger on March 1 for his son's wedding
- The deal is expected to see the media unit of Reliance and its affiliates hold at least a 61% stake in the merged entity, with Disney holding the rest
Business
Alcoa to buy Alumina in all-stock deal
The US aluminum producer will buy Alumina for US$2.2bn.
- Alcoa will offer 0.02854 of its own stock for each Alumina share, a 13 percent premium to the Australian group's Friday closing price
- Alumina shareholders would own 31.25 percent and Alcoa shareholders would own 68.75 percent of the combined company