Netflix adds millions of subscribers but growth slows
San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
Business
Business
Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
- Ford, which denies wrongdoing, is accused of using the scheme from 2009 to 2013 to avoid paying higher duties on Transit Connect utility vehicles
- The Justice Department alleged that Ford installed "sham rear seats and other temporary features to make the vans appear to be passenger vehicles
Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
- The multi-billionaire unveiled Grok late last year as he attempts to catch up with OpenAI which he helped create in 2015 along with its CEO Sam Altman
- He left OpenAI a few years later and last week filed a shock lawsuit against the company for breaking its original non-profit mission to make AI research available to all
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
- Mubadala and G42 will serve as foundational partners in the creation of the new company.
- MGX will invest to accelerate the development and adoption of AI and advanced technologies.
Business
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
- The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts bitcoin's price
- The rally was helped by news that Britain's Financial Conduct Authority had said it would allow the creation of crypto-related securities
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
Business
United Arab Bank elects new chairman
Sheikh Mohammed bin Faisal will now lead the bank.
- The appointment of new chairman reflects the bank's and its shareholders' pledge to be at the forefront of innovation and growth
- He has wide experience of more than 30 years in many industries, including the financial, banking, real estate, and tourism sectors
Business
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
- Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to cross $2.71 billion by 2029, says a report.
- Disruptive tech leads alternative protein firms' growth, positioning the UAE as a future hub for sustainable food production, adds Data Bridge Market Research.
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative
Netflix adds millions of subscribers but growth slows
San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...
Business
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CBI, zypl.ai ink partnership
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US says Boeing can be prosecuted for 737 MAX crashes
San Francisco, United States - The US Justice Department on Tuesday said Boeing can be prosecuted for two subsequent 737 Max...
Business
OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
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NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
- The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives.
- The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities.
Business
Gaza truce talks resume in Egypt, without Israel for now
Mediators from Qatar, Egypt and the United States have been waiting for Hamas to respond to a proposal that, according...
- The WHO says 1.2 million people, half of Gaza's population, have sought refuge in Rafah, which has been repeatedly threatened by Israel with an invasion.
- US has reiterated its objections to a Rafah offensive, saying Israel has not presented a plan to protect the civilians sheltering there.
Business
Audi’s sustainable Middle East luxury drive
The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says...
- There's also a discernible penchant for high-performance and sports models, reflecting the region's enthusiasm for dynamic driving experiences.
- In the Arab world, customers prioritizing eco-friendly options in luxury cars is rising, although it remains somewhat nascent.