Google inks multi-year AI infrastructure pact with SpaceX
Dubai, UAE -- SpaceX has signed a multi-year cloud services agreement with Alphabet's Google, securing a major customer for its...
Business
G42 and Santander sign strategic AI partnership
Abu Dhabi, UAE -- Abu Dhabi-based technology group G42 and Spanish banking giant Santander have signed a memorandum of understanding...
Business
Business
Qatar’s customs and tax departments link up e-services to ‘facilitate’ business
Doha, Qatar--The General Authority of Customs and the General Tax Authority have announced the launch of the interconnection between their...
- The launch of interconnection is expected to achieve automation and integration of procedures, with the aim of providing the best services to taxpayers
- The chairman of customs said that the e-connection between customs and tax services is part of Qatar's vision to leverage technology and provide advanced and effective services
Economy
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister...
- The Qatari finance minister said the high inflation in Qatar during 2023 was linked to high food prices, and it was a temporary phenomenon
- The minister said the total expenditure in the 2024 budget will be US$55.1 billion, a one percent compared to the current year's budget
Business
UAE, Mauritius conclude CEPA talks, set to boost trade
The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...
- Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years
- The deal is also expected to drive FDI into fintech, healthcare and tourism sectors
Business
‘Diverse economic needs boost global sukuk market’
"Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global...
- The Sukuk market is projected to reach $823.4 billion by Q3-2023, reflecting a significant 9.8% annual growth, indicating its continued expansion.
- Sukuk adoption is driven by factors such as filling budget gaps, diversifying funding sources, and establishing flexible financial tools for economic stability.
Economy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
- The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
- The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity
Business
China’s BYD to manufacture cars in Hungary
BYD already has operations in Hungary, including an electric bus factory.
- "BYD is set to build its first passenger car factory in Szeged, Hungary, marking a significant step toward green mobility in Europe," BYD Europe said on X.
- Originally specializing in battery production, BYD moved into the automotive sector in 2003 and has since become a heavyweight in electric vehicle (EV) production.
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Ottawa approves RBC takeover of HSBC’s Canadian operations
Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...
- HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022
- The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024
China unveils new gaming curbs, sending tech stocks tumbling
Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...
- New draft restrictions published online by the regulator are aimed at limiting in-game purchases and compulsive playing behavior
- Following the news, Tencent tanked more than 15 percent in Hong Kong while rival Netease was down more than 30 percent
Google inks multi-year AI infrastructure pact with SpaceX
Dubai, UAE -- SpaceX has signed a multi-year cloud services agreement with Alphabet's Google, securing a major customer for its...
Business
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Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
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Trump Organization inks deal to build a golf course and villas in Doha
Doha, Qatar -- The Trump Organization signed on Wednesday its first development deal in Qatar to build a golf course...
Business
Loyalty Lost: How brands need to adapt to the modern traveler
Dubai, UAE: As 2025 unfolds, travel brands are facing a significant challenge: customer loyalty. Traditional rewards programmes, often based on points systems,...
Business
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Business
Meta releases standalone AI app, competing with ChatGPT
San Francisco, United States -- Social media behemoth Meta unveiled its first standalone AI assistant app on Tuesday as it...
- Zuckerberg said the app "is designed to be your personal AI" and would be primarily accessed through voice conversations with the interactions personalized to the individual user.
- The release comes as OpenAI stands as a leader of straight-to-user AI through its ChatGPT assistant that is regularly updated with new capabilities.
Business
Amazon launches first Starlink-rival internet satellites
Project Kuiper, a subsidiary of the online retail giant founded by Jeff Bezos, is playing catch-up with Starlink - SpaceX's...
- The $10 billion initiative plans to deploy 3,200 satellites into low Earth orbit - the region of space up to 1,200 miles - with hopes of going live later this year
- SpaceX launched the first batch of Starlink satellites in 2019 and now boasts more than 6,750 operational units, serving over five million customers worldwide
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
- Sinopec and its unit shall contribute $990 million and $1.98 billion in cash, respectively.
- AAS will allocate the remaining amount, representing 25 percent of the JV’s registered capital.