Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
Business
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
- The Kingdom's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision 2030.
- With the Aramco IPO on the horizon and a series of reforms attracting global attention, Saudi Arabia is setting the stage for a financial revolution.
Geostrategy
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
- Unable to repay interest on its loans, China’s real estate firm Evergrande formally defaulted in 2021, sending shockwaves through the industry.
- The company has struggled to repay creditors for years, defaulting in 2021 and becoming subject to a winding-up order by a Hong Kong court earlier this year.
Geostrategy
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
- The Council reviewed updates of the demand side management strategy for 2030 and 2050.
- This is part of the efforts to make Dubai a leading example in efficient energy and water demand management.
Business
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
- Japan's benchmark Nikkei 225 index surpassed the 40,000 mark for the first time, with analysts predicting it could advance even further
- Taiwanese chip giant TSMC rose to a record high Monday, gaining 5.2 percent on the global rally in semiconductor stocks
Business
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
- This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector.
- This initiative represents a significant step in bolstering the role of King Abdulaziz Port in Dammam in enhancing the maritime transport sector.
Business
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
- The MoU will strengthen educational ties, foster mutual understanding, and enhance bilateral relations in the realms of academia, culture, and knowledge exchange
- The curriculum for the EKLYA students will encompass a variety of subjects, including cross-cultural studies, project management, event management, and geopolitics
Business
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
- Last year Iranian oil minister promised the country's oil production would reach 3.6m bpd
- Iran's oil sector suffered a blow in 2018 when Western sanctions were reimposed
Geostrategy
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
- Iranian Oil Minister Javad Owji had said that oil production would reach 3.6 million barrels per day by the end of the Persian year on March 19.
- Iran's oil sector suffered a blow in 2018 when Western sanctions were reimposed, forcing foreign companies to leave the country,
Science
Gemini’s inaccurate AI racial images warn of tech titans’ power
AUSTIN, US – For people at the trend-setting tech festival here, the scandal that erupted after Google's Gemini chatbot cranked out...
- Gaffes such as the images of ethnically diverse Nazi troops forced Google to temporarily stop users from creating pictures of people.
- Social media users mocked and criticized Google for historically inaccurate images, like those showing a female black US senator from the 1800s.
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
Business
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Saudi Aramco says foreigners grab ‘majority’ of share offering
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said Sunday that international investors had snatched up the bulk of shares sold...
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
JPMorgan to launch ‘Pay With Your Face’ Shopping
JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American...
Business
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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...
- The strategic partnership aims to attract private sector buyers from various industries, offering Dubai SME-listed members and suppliers a broader range of tender opportunities
- By including private sector buyers, the program opens new avenues for growth and business expansion, enhancing the market reach for Emirati-owned SMEs
Business
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
- Total revenues expected to reach $996 billion in 2024, countered by total expenses estimated at $936 billion
- Airlines may not replace pilots with AI but the new tech is already revolutionizing the business
Business
Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
- In a statement posted to the Saudi stock exchange, Aramco announced a secondary public offering of 1.545 billion shares
- The sale on the local bourse, which represents approximately 0.64 percent of the company's issued shares, will commence on Sunday