OpenAI signs multi-billion dollar chip deal with AMD
New York, United States -- OpenAI signed a multi-year partnership Monday with chipmaker Advanced Micro Devices as the ChatGPT-maker continues...
Business
Business
Saudi industry ministry and German firms to develop human resources
Berlin, Germany -- A delegation of Saudi Ministry of Industry and Mineral Resources, which visited Germany, discussed enhancing cooperation to...
- The delegation met with officials of the German automobile manufacturer Porsche at the company’s headquarters.
- The delegation discussed cooperation opportunities as well as initiatives and programs for developing human capacities with the German companies Schüller, Festo and KSB.
Meta’s Twitter rival Threads launches web version
One measure of usership, by company Similarweb, showed that daily active users on the Android version of Threads dropped to...
- A web version of Threads is seen as key to attracting professionals and media types who are the most active users of social media
- The rival to Twitter (now called X) was rushed out in early July by Meta, which invited its more than a billion Instagram users to download the app
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters
Business
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion
Geostrategy
Iran’s BRICS membership to strengthen group, says XI
TEHRAN/ JOHANNESBURG, IRAN/ SOUTH AFRICA - The Iranian and Chinese presidents stressed the need to bolster bilateral cooperation and the...
- The BRICS heads of state held their 15th annual summit in Johannesburg.
- The heads of state called for the use of local currencies to facilitate trade.
Business
Saudi EXIM Bank, Evonik sign pact
The insurance policy will protect the risk of non-payment.
- The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
- Al-Khlab said the collaboration is an extension of the bank's commitment to bolster the export endeavors of national institutions.
Arts & Culture
Most expensive American falcon sold for $146,000 at Saudi auction
Riyadh, Saudi Arabia -- An American pure ultra-white falcon cherrug sold for SAR550,00 ($146,000) at the third edition of the...
- The most expensive falcon, known locally as a Hur, belongs to the American MGE farm. It measures 18 inches in length and 18.5 inches in width and weighs 1.4kg.
- The bidding for the falcon started at SAR200,000 before being sold for SAR550,000 ($146,000).
Business
HR ministry and Bayt.com sign MoU to boost talent retention in UAE
Abu Dhabi, UAE -- The Ministry of Human Resources and Emiratization (MoHRE) of the UAE and job search and recruitment...
- The MoU was signed by Khalil Al Khoori, Undersecretary of MoHRE for Human Resources Affairs, and Rabea Ataya, CEO of Bayt.com.
- The UAE was ranked second globally across five indices within the World Competitiveness Yearbook 2022 such as the percentage of expatriate workforce.
Business
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...
- The savings were achieved as part of the chambers’ participation in Dubai Can, a sustainability initiative launched by the Crown Prince of Dubai.
- Dubai Can is aimed at educating and mobilising all segments of society to reduce waste and protect the environment.
Business
Vietnam’s VNG files for US IPO
VNG operates music streaming, mobile payment and online games.
- Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.
- VNG plans to sell nearly 22 million shares in the IPO, according to a US Securities and Exchange Commission filing, with the proposed price range not yet set.
Company News
Etihad Atheeb 9M profit $47m
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Aramex Q4 net profit doubles
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Hermes profit soars 28 percent
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L’Oreal net profit jumps 8.4%
Business
Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...
Science
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
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Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
- One significant achievement was a credit facility agreement valued at $503.9 million with Trafigura Company, a major international export house
- The agreement aims to facilitate Saudi non-oil exports to over 150 countries, contributing to the objectives of the Kingdom's Vision 2030
Business
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...
- The GCC region is leveraging competitive energy rates, crypto-friendly regulations, and essential infrastructure to become a global crypto powerhouse, says an expert.
- Oman's substantial $1.1bn investment in crypto mining aims to boost its Bitcoin sector, with predictions of Bitcoin reaching $100,000, adds, Ritu Singh of Stone X Group.
Business
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
- Fossil fuels accounted for 82% of global consumption last year, according to KPMG report
- The International Energy Agency has said oil demand could hit a record this year