OpenAI valuation soars to $500 bn in private share sale: reports
If confirmed, OpenAI workers' sale of a reported $6.6 billion in shares to investors would make the company the world's...
Business
Trump’s granddaughter launches clothing brand from White House
Washington, United States - US President Donald Trump's granddaughter has unveiled a clothing brand bearing her name, with promotional photos...
Business
Economy
Saudi economic support vital for progress in various sectors: Yemen PM
Aden, Yemen--Yemeni Prime Minister Maeen Abdulmalik affirmed that the economic support Saudi Arabia provides to Yemen represents a vital factor...
- The prime minister said during a cabinet meeting the kingdom's support strengthens the Yemeni government's effort to achieve economic stability
- The kingdom early this month endorsed a $1.2 billion grant to Yemen’s internationally recognized government to prop up the country’s flagging economy
Business
Meeza to list on QSE
Its shares will begin trading on the bourse later this month.
- The company recently obtained the approval from the Qatar Financial Markets Authority (QFMA) and the QSE's board for a listing on the exchange
- The company's price will be floated on the first day of the listing and from the second day it will be allowed to fluctuate by 10% up or down
Business
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
- The two countries focused on strengthening partnerships in urban infrastructure, housing, real estate development, and financing
- Saudi Ministry of Municipal, Rural Affairs, and Housing is currently working with several Chinese companies on housing projects worth $800 million
Business
DWTC’s hospitality branch growth up
The division recorded 32% growth in H1 of 2023.
- Apart from proving its culinary strength with a 32% growth, the division recently won a big haul of medals at Emirates Salon Culinaire 2023
- Its kitchen recently received grade A rating from Dubai Municipality and certifications from Hazard Analysis and Critical Control Points
Business
GSA discusses cooperation with IIHF, ISU to boost winter sports in UAE
Dubai, UAE-- The UAE's General Sports Authority (GSA) and the International Skating Union (ISU) and International Ice Hockey Federation (IIHF)...
- The discussion between officials touched on ways to develop the rules and regulations for ice sports leading to the promotion of winter sports in the UAE
- Sheikh Suhail bin Butti Executive Director of the Sports Development Sector at GSA said that the UAE intends to host international winter sports championships
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
- The technology shortens the duration of the tests from 4 days to 8 minutes, with a record daily increase in the ratio of samples examined to 650%
- This will accelerate the process of submitting laboratory results to the consulting sector, ensuring the timely completion of the project stages according to their deadlines
Business
Industrial metaverse eyes $1trn with output boost
The latest technology is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030,...
- Industrial metaverse is poised to transform the industrial sector, with a market expected to reach $400 billion by 2030, potentially exceeding $1 trillion, says a report
- The new technology integrates digital and physical processes to improve productivity, enabling real-time cooperation and connectivity in industrial environments, it adds
Economy
Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
- Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
- Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Business
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.
- Tencent also announced an 11 percent increase in revenue during the second quarter, reaching 149.21 billion yuan ($20.46 billion).
- The Shenzhen-based firm is the world's largest video game company in terms of revenue, dominating the Asian market in particular.
OpenAI valuation soars to $500 bn in private share sale: reports
If confirmed, OpenAI workers' sale of a reported $6.6 billion in shares to investors would make the company the world's...
Business
Company News
Novartis to buy MorphoSys
Business
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UBS to reward shareholders
Business
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Vodafone sells Italian unit to Swisscom
British telecoms giant sold the business for US$8.7 billion.
Business
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Business
Dubai receives 1.77m international tourists in January this year
Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in...
- Tourists from Western Europe ranked first with 327,000 visiting the emirate in January
- Some 311,000 travelers from the GCC countries visited Dubai in the same month
Business
Sweden’s gaming group Embracer divests Russian assets
Stockholm, Sweden - Swedish gaming group Embracer, which owns the Borderlands franchise and the Tomb Raider license, announced on Thursday that...
- Beacon Interactive, which is controlled by Saber Interactive co-founder Matthew Karch, will pay $247 million for the unit, according to Embracer.
- Embracer said the divested assets included "38 ongoing game development projects," amounting to a book value of 2.3 billion kronor ($225 million).
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
- The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.