OpenAI announces Broadcom deal as spending spree continues
OpenAI, the company behind ChatGPT, announced Monday it is teaming up with chip giant Broadcom to design and build its...
Business
Business
Q Properties awards $470bn contract for Reem Hills Phase 1 Villas construction
Abu Dhabi, UAE – Q Properties, a real estate developer and subsidiary of Q Holding, announced on Tuesday the award...
- Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from 4 to 7BR and developing 3 million sqft of built-up area
- Situated at the heart of the capital, Reem Hills stands as the sole gated community on Abu Dhabi's prestigious Al Reem Island
Business
Iranian company SAIPA to export cars to Russia
TEHRAN, IRAN – The CEO of SAIPA Auto Making Company, Iran’s second-largest car manufacturing company, said a contract has been...
- SAIPA is planning to supply 90,000 units of the QUIK sedan model to Russian customers in the next three years.
- Exports can start within a month and after the required permits are issued by Russian authorities.
Business
Iran’s non-oil exports reach US$19.3bn in March to July 2023
TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five...
- Also 14.4 million tons of non-oil goods, valued at US$24.2 billion were imported into the country from March 21, 2023 to July 22, 2023.
- In this period, China, Iraq, the United Arab Emirates (UAE), Turkey and India were Iran’s main export markets respectively.
Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.
Business
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of...
- The total number of hotel guests grew by 25.8 percent to 1.09 million by the end of July 2023.
- Hotel occupancy posted a growth of 10.3 percent. The number of Omani guests reached 411,551.
Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
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GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
- The GCC countries are generally stable and have a good track record of protecting foreign investments.
- The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Business
ChatGPT turns to business as popularity takes a tumble
ChatGPT Enterprise will be powered by GPT-4, OpenAI's highest performing model, much like ChatGPT Plus, the company's subscription version for...
- ChatGPT Enterprise will offer business customers a premium version of bot
- The ChatGPT business version resembles Bing Chat Enterprise, an offering by Microsoft
Economy
Toyota factories across Japan hit by massive glitch
The news of system glitch sent Toyota's stocks into the red, trading 0.64 percent lower at 2,421.0 yen. But the...
- Twelve vehicle factories, affecting 25 lines, are not able to process orders for parts due to a system glitch, a Toyota spokesman said
- The Toyota factory in the southern Kyushu region and subsidiary Daihatsu's factory in Kyoto remained operational, the spokeswoman said
Interview
Kross Studio redefines high-end horology by crossing tradition and innovation to tick luxury revolution
Launched amidst the pandemic, Marco Tedeschi's venture seamlessly blended traditional watchmaking with modern technology, collaborating with major brands to achieve...
- Launched amidst the pandemic, Marco Tedeschi's venture seamlessly blended traditional watchmaking with modern technology, collaborating with major brands to achieve success.
- Kross Studio partnered with franchises like Star Wars and Game of Thrones, offering timepieces priced between $90,000 and $150,000, with the Middle East as a prime market.
OpenAI announces Broadcom deal as spending spree continues
OpenAI, the company behind ChatGPT, announced Monday it is teaming up with chip giant Broadcom to design and build its...
Business
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Barwa Real Estate net profit up
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Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Eurozone business activity stabilizes in March
Brussels, Belgium - Business activity in the eurozone stabilized in March thanks largely to a "modest recovery" in the service sector,...
Economy
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Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Business
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
- The respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
- The proposed would create one of the most valuable publicly listed space companies in the world with potential for significant global growth.