Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
Morgan Stanley sees upswing in MENA M&A deal volumes and values
After a challenging year where M&A activity in the Middle East and North Africa took a tumble, Morgan Stanley forecasts...
Business
Supply chain challenges hit Ramadan retail rush
Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek...
- Logistical adaptations, strategic planning, and forecasting essential for addressing the unique demands of increased consumption during Ramadan, says Aramex's Tarek Abi Yaghi.
- A shift towards late-night deliveries reflects changing consumer preferences, highlighting the crucial role of transparency and integrity in maintaining strong client relations.
Business
Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
- Ford, which denies wrongdoing, is accused of using the scheme from 2009 to 2013 to avoid paying higher duties on Transit Connect utility vehicles
- The Justice Department alleged that Ford installed "sham rear seats and other temporary features to make the vans appear to be passenger vehicles
Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
- The multi-billionaire unveiled Grok late last year as he attempts to catch up with OpenAI which he helped create in 2015 along with its CEO Sam Altman
- He left OpenAI a few years later and last week filed a shock lawsuit against the company for breaking its original non-profit mission to make AI research available to all
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
- Mubadala and G42 will serve as foundational partners in the creation of the new company.
- MGX will invest to accelerate the development and adoption of AI and advanced technologies.
Business
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...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
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...
- The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts bitcoin's price
- The rally was helped by news that Britain's Financial Conduct Authority had said it would allow the creation of crypto-related securities
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
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.
Dubai airport clocks record 92.3 million passengers
A record 92.3 million passengers travelled through Dubai's international airport last year, its operator said on Thursday, extending a post-pandemic...
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2024 Crypto Crime Update Part 2: China-based cybercrime networks on the rise
In part 1 of our mid-year crime update, we discussed trends related to ransomware and stolen funds. While aggregate illicit...
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...
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...
Business
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Qatar strikes new 15-year 3 mtpa LNG supply deal with KuwaitÂ
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
- Kuwait has been boosting its reliance on imported gas to meet power demand
- Qatar this year announced a further expansion of its North Field project
Business
ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
- In a new report, ExxonMobil said it "sees a plateau in oil demand beyond 2030, remaining above 100 million barrels per day through 2050."
- This would be roughly in line with oil demand last year of 102.2 million barrels per day, according to the International Energy Agency
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday