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
Microsoft holds 27% of OpenAI in revamped partnership
San Francisco, United States - Microsoft and OpenAI announced Tuesday a sweeping overhaul of their landmark artificial intelligence (AI) partnership,...
Business
Business
Emirates Health Services to adopt AI technology to boost hospital care services
Dubai, UAE-- Emirates Health Services will employ AI technology in the application of patient room monitoring system to further enhance...
- The partnership will leverage generative AI and implement the care.ai system across EHS healthcare facilities
- It will monitor the mental well-being of the patients, as well as help prevent and control infections and assess hygiene conditions
Business
Russian and Asian millionaires drive Dubai realty boom
Cryptocurrency magnates, Asian bankers, wealthy Russians, and government reforms are playing a crucial role in solidifying Dubai's global real estate...
- Cryptocurrency magnates, Asian bankers, wealthy Russians, and government reforms, are solidifying Dubai global real estate prominence, says a report
- Dubai promises investors a 7.34% return on apartments, benefiting from a US dollar-UAE dirham peg and no rental tax, outpacing London's 4.18% return
Videos
Realty sector’s success hinges on GDP growth
The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed...
- Saudi Arabia has unveiled the MENA region's inaugural real estate stock exchange, marking a transformative moment for property trade in the Kingdom.
- The Kingdom's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.
Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."Â
Economy
Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
- The two countries apart from boosting economic ties are keen to develop mutual cooperation in the fields of science and technology
- Cuba is planning to hold an exhibition in 2024 and has invited Iranian knowledge-based companies to showcase their latest achievements
Business
AI ‘no substitute’ for fashion designers’ creativity
Fashion innovator Calvin Wong, who has developed the world's first designer-led AI system, says 'we must treasure the designer's original...
- The Interactive Design Assistant for Fashion (AiDA) uses image-recognition technology to speed up the time it takes for a design to go from a first sketch to the catwalk.
- Wong said AiDA's particular strength was its ability to present "all the possible combinations" for a designer to consider, something he said was impossible currently.
Business
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
- A senior official said that Iran’s steel output capacity had increased by more than six times in 20 years to reach a current figure of 45 million mt per year.
- Iran is seeking greater access to export target markets as the domestic demand for steel is expected to stay at a present level of 20 million mt per year in the coming years.
Business
Gulf banks show resilient growth despite US Fed hikes
Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported...
- Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report
- In H1 2023, Saudi Arabia exhibited outstanding credit facility performance as Al Rajhi Bank reported a net income of US$2.2m, while Riyad Bank achieved US$1bn after zakat
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
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
Company News
Rolls-Royce back into profit
Business
Nestle net profits up 20.9%
Business
Qantas half-year profits slide
Business
Latest News
Doha Insurance net profit up
Business
Nvidia profit soars to US$12.3bn
Business
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Expo Centre Sharjah gives peek into its plan to attract new exhibitors
Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector...
Business
Most Read
Business
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
- Japan bought nearly 71 million barrels of oil for February and 96.7% of that came from five Arab countries
- The rest of Japan’s oil imports came from Asia (0.4%), Central and South America (1.7%), and the US (1.1%)
Business
Rotana announces the soft opening of Dar Rayhaan in Saudi Arabia
Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in...
- This is in line with Rotana’s ambitious goal of launching eight properties in Saudi Arabia.
- Dar Rayhaan by Rotana offers 133 keys, including 113 rooms and 20 suites,
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent