Meta buys China-founded AI agent Manus
Singapore, Singapore -- Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded...
Business
Tech stocks lead Wall Street higher, gold hits fresh record
Tech firms also led the rally in Asia, with South Korea's Samsung Electronics, Taiwan's TSMC and Japan's Renesas among the...
Business
Economy
Dubai’s economy grows 3.2 percent in H1 2023
DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance...
- Trade activities achieved an added value of US$14.5 billion in H1 2023, growing by 1.7 percent compared to the same period in 2022.
- Trade activities are vital for Dubai’s economy and for the wider region, as they effectively contribute to sustainability and economic prosperity.
Business
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
- Marakeb is a technology provider for aerial, ground, and marine applications that has developed and manufactured solutions in the UAE for the past 15 years.
- Marakeb will be able to test new technologies at the cluster’s sea testing zone in Mussafah Port, which houses a port and the Abu Dhabi Maritime Academy.
Business
Phoenix set for IPO on ADX
It is the first crypto entity to be listed on a Middle East bourse.
- The firm specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products
- The IPO on Abu Dhabi Securities Exchange would be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market
Business
Qatar banker Sheikh Jassim withdraws bid to buy Man Utd
Sheikh Jassim was among the front-runners to buy Manchester United after several rounds of bidding earlier this year, but the...
- British billionaire Jim Ratcliffe is now set to secure a 25 percent stake in the club for around $1.7 billion
- Al Thani's bid was for full control of Manchester United and promised to clear the club's borrowings
Geostrategy
IMF agrees on rise in funding, extra Africa board seat
The IMF announced member nations agreed to increase their contributions to the global lender and give sub-Saharan Africa a third...
- The quotas, which are based on the size of a country's economy, determine how much funding a nation should provide to the IMF.
- IMF chief Kristalina Georgieva and World Bank President Ajay Banga used this week's meetings to urge members to step up funding.
Geostrategy
UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
- This MoU includes an agreement to increase the number of national carrier flights between the two countries to 21 flights per week.
- The signing of this MoU followed discussions held in Seoul on October 12 and 13, 2023, with representatives from both countries' aviation sectors.
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
- The agreement was signed on the sidelines of the 2023 World Bank and International Monetary Fund Annual Meetings in Morocco.
- The US$20 million loan agreement aims to finance development projects in CAR, including the establishment of a 250-bed hospital.
Business
Lufthansa to suspend Beirut flights amid Middle East tensions
The spokesman, who blamed the decision on the "current situation in the Middle East", confirmed information from two passengers who...
- Evacuation flights for 950 German nationals in Israel were organized on Thursday and Friday by the German government
- These flights were chartered by Lufthansa at the request of the foreign ministry, and flew from Tel Aviv to Frankfurt and Munich
Economy
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...
- Investors closely monitored the intensifying conflict in the Middle East, which has been unsettling markets
- Meanwhile, spot silver saw a 4% rise to $22.72 per ounce, marking its first weekly gain in three weeks
Business
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
- SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
- The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI
Meta buys China-founded AI agent Manus
Singapore, Singapore -- Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded...
Business
Company News
Ooredoo partners with Dropbox
Business
Latest News
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
Durov: Father of 100 children is a mysterious and controversial Telegram founder
Paris, France - Russian-born tech entrepreneur Pavel Durov has founded wildly popular social networks, cryptocurrencies, amassed a multi-billion-dollar fortune and locked...
Business
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
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Business
ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
- In a new report, ExxonMobil said it "sees a plateau in oil demand beyond 2030, remaining above 100 million barrels per day through 2050."
- This would be roughly in line with oil demand last year of 102.2 million barrels per day, according to the International Energy Agency
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday
Business
Telegram chief Pavel Durov arrested at French airport: officials
Paris, France - French police arrested Telegram chief executive Pavel Durov on Saturday at an airport near Paris for alleged offences...
- The Franco-Russian billionaire, 39, was detained at Le Bourget airport north of the French capital on Saturday evening, one of the officials told AFP
- "Enough of Telegram's impunity," said one of the investigators, adding they were surprised Durov came to Paris knowing he was a wanted man