Top music body says AI firms guilty of ‘willful’ copyright theft
Paris, France -- AI companies have sucked up the world's entire music catalogue and are guilty of "willful, commercial-scale copyright...
Business
Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
Business
Qatar Central Bank foreign reserves surge by 14.3% in July
Doha, Qatar - The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach...
- Gold reserves rose to $6.07 billion in the month, reflecting an increase of about $1.34 billion compared to same period last year
- Balances held in foreign banks experienced a decline of $699 million, reaching $4.95 billion by the end of July
Business
Dlala posts net loss in H1
The company suffered a net loss of US$0.79 million.
- The company said its loss per share amounted to QR 0.015 as of June 30, 2023 compared to earnings per share(EPS) QR 0.018 for 2022
- In October last year, the Qatar Stock Exchange (QSE) announced the resumption of trading of the shares of Dlala Holding Company
Economy
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of...
- The plan aims to achieve a string of goals underscored by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future
- The latest initiative by Dubai Taxi Corporation looks to protect its database and monitor systems to prevent disruptions caused by server downtime
Business
GCC eyes global recycling dominance amidst EV boom
While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's...
- While rising EV demand may cause a global shortage of metals like cobalt and lithium by 2030, the Gulf region's vast resources position it as a potential recycling leader
- Battery recycling in resource-rich Gulf countries could ease global mineral supply pressures. However, the long lifespan of batteries currently limits available recycling material
Business
Dubai Chamber of Commerce reports 43% increase in member firms
Dubai, UAE - The Dubai Chamber of Commerce reported a 43 percent increase in new member companies, reaching a total...
- The total value of exports and re-exports from member companies also saw a 7% increase, reaching AED 137.6 billion ($37.46bn).
- The chamber also reported a significant increase in the value of goods and commodities, with a growth of more than 108 percent.
Business
Siemens Energy posts Q3 loss
The group expects full-year net loss of around $4.94bn.
- The latest result was dragged lower by extra charges of 600 million euros in its offshore wind business.
- Siemens Energy said it was "additionally burdened" by a 700-million-euro write-down of deferred tax assets during the quarter.
Business
Baguettes fall victim to Tunisia’s economic woes
Around 200 Tunisian bakers stage a sit-in after a government decision to stop selling them subsidized flour, a move threatening...
- Last week the ministry of commerce banned some 1,500 privately-owned bakeries that produced European-style breads and pastries from purchasing subsidized flour.
- Economists say that this "bread crisis" stems from an inadequate reserve of subsidized flour held by the Tunisian government.
Business
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
- Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
- PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.
Business
Saudi Arabia, Argentina sign geological cooperation and investment deal
Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...
- The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
- The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.
Opinion
FMCG sector drives global economic growth, innovation
"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is...
- The FMCG sector is a primary source of employment, providing opportunities across the supply chain
- The industry has strong linkages with ancillary sectors like packaging, advertising, logistics, and transportation
Top music body says AI firms guilty of ‘willful’ copyright theft
Paris, France -- AI companies have sucked up the world's entire music catalogue and are guilty of "willful, commercial-scale copyright...
Business
Company News
Apple logs US$119.6bn in sales
Business
Latest News
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
Business
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
Most Read
Business
United Arab Bank elects new chairman
Sheikh Mohammed bin Faisal will now lead the bank.
- The appointment of new chairman reflects the bank's and its shareholders' pledge to be at the forefront of innovation and growth
- He has wide experience of more than 30 years in many industries, including the financial, banking, real estate, and tourism sectors
Business
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
- Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to cross $2.71 billion by 2029, says a report.
- Disruptive tech leads alternative protein firms' growth, positioning the UAE as a future hub for sustainable food production, adds Data Bridge Market Research.
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative