Nvidia unveils ‘superchips’
The company also announced other AI developments.
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
Business
Saudi Arabia’s Al-Ettifaq hires former Liverpool star Steven Gerrard as coach
Riyadh, Saudi Arabia--Former Liverpool captain Steven Gerrard is the latest star name to make the move to Saudi Arabia after...
- Gerrard who was sacked by Aston Villa in October had initially rejected an offer to move to the kingdom, but eventually was lured by the riches on offer
- The Saudi Pro League supported by the kingdom's sovereign wealth fund has lured big names from the major European leagues with the promise of huge salaries
Economy
UAE cabinet sets up ministry of investment, approves new strategies
The new ministry will bolster the UAE's business aims and investment policies, apart from promoting its infrastructure as a global...
- The cabinet approved the updated UAE National Energy Strategy, aiming to triple the contribution of the renewable energy over the next 7 years
- It also approved the National Hydrogen Strategy which aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen
Business
Tesco picks new chairman
Gerry Murphy is new chairperson of Britain's biggest retailer.
- Tesco had announced in May that John Allan would leave after media allegations over his conduct towards women
- Media reported that Allan faces "claims of inappropriate and unprofessional behavior" from four women
Business
China to restrict export of semiconductor making materials
BEIJING, CHINA - China said on Monday it would slap export controls on two rare metals essential for the manufacture of...
- Exports of gallium and germanium, of which China is a major producer, will require a license from August 1, said a Chinese guideline
- China accounted for 80 percent of global gallium production, according to a 2020 report by the European Commission
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Science
Google to add seven new features for Google Chat
WASHINGTON, US- Google revealed seven new features to be added to Google Chat, a communication and collaboration tool, to enhance...
- One of the standout features coming to Google Chat is "Smart Compose," a familiar function from Gmail.
- Smart Compose offers auto-complete suggestions while typing, allowing users to swiftly complete sentences by swiping or pressing the tab key.
Business
Dubai records $381 million in real estate transactions
Dubai, UAE -- Dubai's real estate market recorded deals worth AED1.4 billion on Monday, according to Dubai Land Department.The deals...
- The deals included 495 sales transactions worth AED1.15 billion on Friday, in addition to 79 mortgage deals totaling AED 297.58 million.
- The sales included 467 villas and apartments worth AED938.02 million, and 28 land plots worth AED208.93 million.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
- Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
- "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
Business
Saudi tourism magnets: Oasis, bustling cities
New tourism framework has been enacted, refining regulations and systems to lure investors, boost competitiveness, and elevate service quality in...
- Masmak Fortress in Riyadh, another major attraction, was once the home of the Saudi royal family. It is now a museum that tells the story of the founding of the Kingdom.
- The once-closed Kingdom has relaxed some of the country's social and religious laws, making it easier for tourists to visit.
Nvidia unveils ‘superchips’
The company also announced other AI developments.
Company News
Latest News
Pfizer set to acquire Seagen
Business
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
Geostrategy
Most Read
Business
Tesla suspends production in Germany
Houthi attacks in the Red Sea caused a shortage of parts.
- Tesla said the Red Sea attacks had led to delays that created a "gap in the supply chains", resulting in production being suspended
- Houthis have ramped up attacks on commercial and military vessels in the Red Sea in what they say is solidarity with Palestinians in Gaza.
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Business
UAE and Costa Rica conclude talks on signing CEPA
Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement.In this connection, Dr....
- The two countries will eliminate tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment
- Non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million