EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.
Business
Aramco to invest in LNG
The deal will be Aramco's first international investment in LNG.
- Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.
- Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.
Business
New update allows ChatGPT to use internet for fetching data
New York, US - The generative AI platform ChatGPT can now fetch data directly from the internet and gather up-to-date information...
- "ChatGPT can now browse the internet to provide you with current and authoritative information, complete with direct links to sources," OpenAI said.
- Until now, ChatGPT's responses to user queries were based on a vast database, which did not contain information from after August 2021.
Geostrategy
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
- Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.
- Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Business
Red Sea Global teams up with Bear Grylls Survival Academy
Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...
- The collaboration between the two promises to offer outdoor enthusiasts the opportunity to learn key team building, wilderness education and survival skills
- Red Sea Global looks to recurit and train local outdoor enthusiasts in the art of survival and expedition leadership, creating hundreds of jobs for Saudis
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
- The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
- The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said
Business
Oil prices climb up to highest level in a year
The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...
- The increase in crude prices was seen by analysts as a drag on US equities, which opened higher, but finished mixed
- The dollar added to gains seen as higher US bond yields make the greenback more attractive as a haven
Meta putting AI in smart glasses, assistants and more
Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...
- The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica will have a starting price of $299 when they hit the market on October 17
- Meta also introduced 28 AI characters that people can message on WhatsApp, Messenger and Instagram with "personalities" based on celebrities including Snoop Dogg
Business
Iran exports goods worth US$9.1bn to BRICS nations from March to August
Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...
- Some 70.3 million tons of non-oil goods worth $43.5 billion were traded between Iran and the rest of the world during the same period
- The top five export destinations for Iran's non-oil goods were China ($5.6bn), the UAE ($2.3bn), India ($845m), Russia (361m) and S. Africa ($51.5m)
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
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‘Bond market acts as a mirror to economic realities’
"(US Federal Reserve Chair Jerome) Powell's focus on verifying inflation's trajectory is in line with the central bank's dual mandate...
Business
Innovation, expansion spur Gulf retail after pandemic
GCC retail sector evolves dynamically, blending innovation with tradition to woo investment, says Khalifa Bin Braik of Majid Al Futtaim...
Business
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Business
Iran agricultural, food exports hit US$4.8bn in 10 months
TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...
- Of this amount, 4,944,481 tons worth $2,930,585,728 were dedicated to the export of agricultural products.
- While 1,133,710 tons worth US$931,961,158 were dedicated to the export of food products.
Geostrategy
Saudi Arabia’s air defense commander examines Russia’s S-350, S-400 systems
RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected...
- The Royal Saudi Air Defense Force Commander saw various radars from the Almaz-Antey air defense concern.
- The commander visited the stands of Russian defense industry companies and paid special attention to the air defense systems.
Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.