AI chips revenue to reach $53bn in 2023: study

• Industries spanning the spectrum and IT organizations are expected to incorporate AI chips into their systems
• Gartner analysts foresee a substantial rise in the value of AI-enabled application processors within consumer electronics

Classic cars back on the road – in Gaza City

• Around 2.3 million Palestinians live in the territory, which has been under a crippling Israeli blockade since the Islamist group Hamas seized power there in 2007
• There is a ban on importing a range of goods, including car parts, as Israel claims these may be used in producing explosives to be used against it

Egypt reports drop in unemployment rate in Q2 of 2023

• According to data, some two million Egyptians were without work, including 1.2 million men and 941,000 women
• The country's annual inflation rate jumped to 38.2% in July, up from 14.6% in the same month a year earlier

Chip giant Nvidia rides AI wave as profits soar

• Nvidia said sales doubled year-on-year to $13.5 billion in the latest completed quarter
• The company said revenue in the current quarter would ramp up further to $16 billion

Jadwa buys stake in Gissah

• The Saudi investment bank bought the stake through its private equity arm Jadwa Retail Opportunities Fund
• It will help Kuwaiti perfume company to prepare for a public listing on the Tadawul, Saudi Arabia's stock market

DIEZ reports 5% rise in revenue

• The organization also achieved a 10% growth in revenue from leasing operations, a 36% growth in revenue from government services
• DIEZ’s three economic zones, the Dubai Airport Free Zone DAFZ, Dubai Silicon Oasis and Dubai CommerCity achieved a combined 17% growth

Qantas posts bumper profit

Vietnam shoemaker to cut 1200 jobs

• It announced in May almost 6,000 workers with permanent contracts would be laid off, after letting go almost 3,000 permanent staff in February.
• That came after PouYuen put 20,000 of its workers on paid leave in rotation last year.

Markets surge as traders await Powell speech, Nvidia results

• All eyes are on a planned speech Friday by Fed chief Jerome Powell, with dealers hoping for some clarity on its plans to keep inflation on a downward path.
• Investors are also awaiting earnings from Nvidia, which is tipped to post forecast-busting revenue in the second quarter thanks to the surge in demand for its processors.

Iran-China trade down 11 percent to $8.5 bn in seven months

• China’s top exports to Iran are mainly auto-industry related such as motor vehicles, parts and accessories, vehicle bodies (including cabs) and spark ignition engines.
• China top imports from Iran are ethylene polymers, refined copper, raw aluminum, Iron ore and acyclic alcohols.