OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
Opinion
Cyber insurance shapes the future of cybersecurity
Cyber insurance, particularly around ransomware, is moving towards a world where insured businesses have strong cyber resilience, well-defined disaster recovery...
- Rising cyber-attack and ransomware effectiveness boosts demand for cyber insurance, leading to increased premiums and stricter coverage rules amid impact on businesses.
- Business risks have evolved from physical to digital, propelling cyber insurance toward a predicted $84.62 billion industry by 2030, highlighting the sector's rapid growth.
Business
UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023.J.K....
- Transactions via cards and digital payment solutions in the Middle East and North Africa surged by 20% in value and over 50% in volume
- A study found that Middle Eastern consumers are increasingly prioritising sustainability, with 9 out of 10 adults willing to take action
Business
Parkin to give more shares to retail investors in its IPO
Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail...
- The UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares
- Parkin is expected to commence trading on the DFM on March 21, 2024, under the symbol “PARKIN”
Business
Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
- The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
- Sales made directly to consumers through Lego's physical and online stores rose by four percent.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
- The US$30 billion valuation was made by global technology funds in particular, Durov said.
- The Telegram will consider the sale of a portion of shares to its standing users, the businessman added.
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
Microsoft to train Philippine women in AI
It will partner with local schools to provide the training.
- In a statement, Philippine Trade Undersecretary Rafaelita Aldaba said the training could "help to bolster cybersecurity and trust in tech adoption"
- Microsoft said it would roll out an AI-powered reading progress tool for around 27 million Philippine students, in partnership with Philippine education department
Business
Xiaomi announces release date for EV
It will be its first foray into the electric vehicle sector.
- The Beijing-based firm announced in 2021 its planned foray into the electric vehicle sector
- The announcement was accompanied by a photo of the new vehicle, first unveiled in December
Economy
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
- According to a report, the growth is attributed to the increase in investments in transport and renewable energy infrastructure
- The report added that residential construction captured the highest share of the UAE's construction market last year
Company News
Latest News
UAE’s Etihad finds ‘no issues’ with engines of A350 fleet: statement
Rolls-Royce said on Thursday it was launching "a one-time precautionary engine inspection programme" which may apply "to a portion of...
Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...
Business
Apple in talks to invest in OpenAI, creator of ChatGPT: report
Washington, United States - iPhone juggernaut Apple is in talks to invest in OpenAI, the creator of ChatGPT and the biggest...
Business
Most Read
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
- Nvidia loses $200 billion in market value
- Investors' high expectations led to disappointment despite Nvidia's strong earnings
Business
Durov: Father of 100 children is a mysterious and controversial Telegram founder
Paris, France - Russian-born tech entrepreneur Pavel Durov has founded wildly popular social networks, cryptocurrencies, amassed a multi-billion-dollar fortune and locked...
- Durov, 39, who preaches the virtues of ice baths for health and has fathered 100 children through sperm donations, is a controversial as well as enigmatic figure
- A self-avowed libertarian, Durov has championed confidentiality on the internet and freedom of speech, defiantly refusing to allow the moderation of messages on Telegram
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...
- Orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after formal launch
- Chinese automaker BYD and U.S. giant Tesla cemented their dominance in H1 2024.