AI giants turn to massive debt to finance tech race
New York, United States -- Meta raised $30 billion in debt on Thursday, as tech giants flush with cash turn...
Business
Business
Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
- Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
- According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
- The contract can be extended for an additional two years in the event of satisfactory service.
- The firm will deploy a team of over 2,000 experienced and qualified guards across Abu Dhabi.
Business
UAE stocks generate strong cash flows as DFM hits 8-month high
Abu Dhabi, UAE--UAE stock markets Thursday continued to capitalize on improved investor sentiments, defying US Fed's decision to keep interest...
- Energy, banking and real-estate stocks lead the gainers in the capital's bourse as Emaar drove DFM to an 8-year high of 4,179.680 points
- In Abu Dhabi, Index FADGI closed 0.239% higher at 9,845.990 points, buoyed by robust trading over real estate giant Aldar Properties which ended 7.9% up
Business
Microsoft to offer OpenAI’s Dall-E 3 in Bing
Microsoft has bet big on AI, notably with a $10-billion envelope dedicated to its partnership with OpenAI, and is now...
- Two versions of Dall-E were developed by OpenAI and presaged the massive explosion of interest in generative AI that came when it released ChatGPT late last year
- Dall-E uses machine learning technology to generate digital images from natural language descriptions and the third version, due to be released in October
Geostrategy
Agriculture deals worth $471m inked at China-Arab States Expo
Beijing, China -- A total of 34 deals worth approximately AED1.73 billion ($471 million) were signed at the conference on...
- Last year, trade value of agricultural products between China and Arab countries reached US$5 billion (AED18.36 billion).
- China has held nearly 500 training sessions for nearly 10,000 agricultural officials and technical staff from 22 Arab League member countries.
Business
YouTube announces new AI products for content creation with focus on MENA
New York, United States - YouTube has unveiled a suite of innovative AI-powered tools aimed at revolutionizing the world of...
- The AI-driven capabilities promise to unleash new avenues of creative expression, simplify the content creation, and extend the reach of YouTube creators
- YouTube is also rolling out "Aloud," an AI-powered dubbing tool aimed at enabling creators to reach audiences beyond their primary language
Business
Yahsat bags $5.1 bn satellite capacity contract from UAE govt
Dubai, UAE - Yahsat Government Solutions (YGS), the government services arm of Yahsat has been awarded $5.1 billion satellite capacity...
- The development reinforces Yahsat's long-standing partnership with the UAE Government, extending back nearly two decades since the company's inception
- The contract boosts the Group's contracted future revenues to AED 25.7 billion (USD 7.0 billion), providing financial stability and visibility well into the future
In war-scarred Iraqi city, food business gives women independence
Only slightly more than 10 percent of Iraq's 13 million women of working age are in the job market, according...
- Abir Jassem is now one of some 30 employees of "Taste of Mosul", which celebrates local delicacies and was founded in 2017 after northern Iraqi metropolis was liberated from IS
- Launched with just two cooks, the initiative has since grown and most of the workers -- cooks as well as two deliverywomen -- are widowed or divorced
Business
Cybersecurity vital for UAE’s banking, customer trust
"The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance...
- Cybersecurity is paramount to the banking sector, a crucial driver of the global economy, says UAE Banks Federation Director-General Jamal Saleh
- The digital age has transformed financial transactions and asset management, making the protection of our financial systems essential, he adds
Business
Cash transactions dominate Dubai’s property market
This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors...
- This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors place in its property market
- Dubai's elite neighborhoods see a 49% annual growth in prime values, with current cash purchase rates at historic highs, surpassing even pre-2008-09 levels
Company News
Ford halts shipment of F-150 EVs
Business
Latest News
Chip giant TSMC shifts to Japan
Business
Apple explores making personal robots
It is working on a robot that may be helpful to people.
Business
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
Business
Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
Most Read
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
- United Trans has been at the forefront of transforming the regional transport spectrum.
- The company collaborates with major global organizations across all modes of transport.
Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
- The deal with Airbus was a strategic step for flynas, consolidating its position as a leading low-cost airline in the Middle East.
- The company is moving forward in its plan to double the fleet size after getting approval to purchase 250 aircraft.