Gold heads for weekly loss as Wall Street gains on easing Iran tensions
Dubai, UAE -- Gold prices fell on Friday and were headed for a weekly loss, while major U.S. stock indexes...
Business
Alef Group launches $1.08 billion waterfront development in Sharjah
Dubai, UAE -- Alef Group has launched Linar, a AED4 billion ($1.08bn) waterfront residential development in Sharjah, marking the company's...
Business
Business
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
- Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property
- The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo - listed on its website as its president - had "been detained in accordance with the law on suspicion of illegal
Business
Honda to set up EV plant in Canada
The plant is estimated to cost Honda US$14 billion.
- the project would represent one of the multinational firm's biggest investments ever
- Honda said that it is "considering a number of initiatives as we move into the electrified era"
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
- Annalena Baerbock noted that Saudi Arabia and Israel had "not renounced their policy of normalisation" since war broke out
- "The fact that Saudi Arabia is now intercepting missiles fired by the Houthis at Israel underlines this, and we are grateful for that," she added
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.
Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
- The book-building process for Avalon Pharma's IPO will commence on January 14th and conclude on January 18th.
- In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million shares.
Business
Utilizing AI is only possible if skill gap is bridged, says expert
DUBAI, UAE - The Artificial Intelligence (AI) revolution is upon us, with AI becoming a pervasive force in our daily...
- As the rate of AI adoption increases, humans are essential to guiding the technology’s implementation and usage of these technologies.
- Executives estimate that up to 40 percent of their workforce may need to reskill as a result of implementing AI or automation over the next three years.
Business
Rules are fine but educate public about generative AI: Expert
Dubai, UAE -- Regulations alone will not safeguard the public against nefarious uses of Artificial Intelligence, people also need to...
- Investors, inventors and users of this technology need to take a lead in this task of educating the public, says Victor Riparbelli, CEO Synthesia.
- The companies providing AI technology must educate through exposure to positive use cases of AI as quickly as possible, he added.
Gold heads for weekly loss as Wall Street gains on easing Iran tensions
Dubai, UAE -- Gold prices fell on Friday and were headed for a weekly loss, while major U.S. stock indexes...
Business
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Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
Business
Airlines less optimistic for 2025, facing ‘headwinds’: IATA
New Delhi, India -- Airlines on Monday revised down their traffic and profit forecasts for 2025, citing "headwinds" for the...
Business
Indian airline IndiGo orders 30 Airbus A350 widebody planes
New Delhi, India -- Indian airline IndiGo said on Sunday it had signed an order for 30 more Airbus A350-900s,...
Business
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Business
The five biggest-selling gaming consoles
From the first video game consoles of the 1970s to the Nintendo Switch 2 due out on Thursday, hundreds of...
- Japanese tech and entertainment giant Sony sparked a global frenzy with the release of PlayStation 2 in 2000.
- The Nintendo Switch, released in 2017, had a tablet format allowing users to play on a large screen at home or on public transport, helping to turn it into a sensation.
Business
Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
- Leading the pack is OpenAI, which raised $40 billion in its latest funding round at a $300 billion valuation -- unprecedented largesse in Silicon Valley's history.
- Other AI giants are following suit. Anthropic now commands a $61.5 billion valuation, while Elon Musk's xAI is reportedly in talks to raise $20 billion at a $120 billion price tag.
Business
Saudi Pro League announces long-term partnership with Maaden
Riyadh, Saudi Arabia - The Saudi Pro League (SPL) and Saudi Arabian Mining Company (Maaden) have agreed a long-term strategic...
- The partnership will focus on strengthening Maaden’s position as an employer of choice in Saudi Arabia
- The collaboration will also explore joint initiatives across community engagement and national talent development