Business
WhatsApp debuts one-to-many broadcasting ‘Channels’
The debut comes as an array of agencies and organizations grow disenchanted with Elon Musk-owned Twitter in the face of...
- Meta said WhatsApp's priority will continue to be private messaging, but that users have been asking for a feature like Channels for years
- Meta said it is exploring the option of making encrypted channels available for groups such as nonprofits or health organizations
Business
Nasdaq slides as investors trade tech for industrial shares
The countervailing movements, according to analysts, were evidence of a rotation away from the tech-dominated winners from the earliest part...
- After a stretch in which markets were dominated by worries of a potential debt default followed by relief at a fiscal agreement, this week's news flow has been much slower
- Among individual companies, shares of Warner Bros. Discovery gained 8.4 percent as it announced that embattled CNN news chief Chris Licht had stepped down
Business
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.
- The company, a fully integrated energy logistics services provider, sees the contract a big milestone in its strategy to pursue new growth opportunities
- The company CEO said that the construction of artificial island "G" illustrates ADNOC L&S strategy to tap into new growth areas, exemplifying its range of services
Business
DEWA receives the lowest bid of $1.62 cents per kWh for the 1,800MW solar park
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) on Thursday received two bids from ACWA Power and Masdar with the...
- The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world, DEWA CEO Al Tayer said
- When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually, he noted
Economy
Sharjah and Uzbekistan explore investments in tourism, education sectors
Sharjah, UAE-- Sharjah and Uzbekistan are looking to ramp up cooperation in trade and pour investments in sectors such as...
- The meeting between the two sides explored prospects for cooperation in trade and investment in key sectors like education, research and tourism
- Sheikh Majid Al Qassimi, director of DGR, said that ties between Sharjah and Uzbekistan open the window for both parties to broaden the scope of our partnerships
Economy
UAE tourism boom fuels leisure, entertainment industry in MENA
Dubai, UAE: The UAE’s target of attracting 40 million tourist visits by 2030, and its subsequent economic contribution of AED...
- The L&E sector in the Middle East and North Africa (MENA) currently generates approximately AED 30 billion ($8.2 billion) in revenue
- KSA is the world’s fastest-growing tourism destination MENA’s L&E sector generates approximately AED 30 billion in revenue
Economy
Saudi Arabia and Oman launch ‘joint tourist visa’ to boost industry
Riyadh, Saudi Arabia--Saudi Arabia and Oman have launched a joint tourist visa to boost trade and investment cooperation in tourism-related...
- The initiative to launch joint tourist visa and enhance cooperation in the sector was reached in a meeting between Saudi Arabia's tourism minister and his Omani counterpart
- Both will train and develop human capital in the tourism sector corresponding with the Gulf Tourism Strategy, which was formulated last November by leaders of the GCC countries
Economy
Dubai Customs and New Zealand discuss boosting trade ties
Dubai, UAE-- Aiming to boost trade and economic cooperation with New Zealand, Dubai Customs held a meeting with diplomats and...
- The meeting highlighted Dubai Customs' eagerness to boosting cooperation with trade partners and exploring the future of the business sector amid Dubai's economic resurgence
- New Zealand ambassador to the UAE noted the efforts of Dubai Customs in bolstering international trade and boosting trade relations between Dubai and New Zealand
Business
CBUAE balance sheet hit all-time-high of $161 bn by March end
Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion)...
- The apex bank said that its balance sheet grew by 5.3 percent on a monthly basis to $161.23 billion at the end of March 2023
- The bank's balance sheet increased YoY by the equivalent of $21.3 billion, from about $139.82 billion in March 2022
Business
Preventive care focus as GCC healthcare eyes $135bn
The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence...
- The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence of non-communicable diseases
- Peripheral neuropathy, particularly among those with diabetes, remains a significant concern, with a lack of awareness contributing to underdiagnosis and irreversible damage
Company News
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Dubai Taxi IPO raises US$315m
Business
Yanbu industrial port receives first RORO vessel, carrying nearly 2,000 cars
Yanbu, Saudi Arabia - The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the...
Business
GCC business landscape evolves with rising AI tide
Companies in the region are leveraging artificial intelligence to enhance customer experiences, streamline operations, and stay competitive in the dynamic...
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Business
Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
- December 2023 finished for Dubai Duty Free with record monthly sales of US$221 million, an 8.37 percent increase compared to 2022.
- It's 40th anniversary celebrations offered a 25 percent discount on December 20 which led to a shopping spree of $14.8 million in 24 hours.
Business
Weyay recognized as ‘Fastest Growing Digital Bank’ in Kuwait by Mastercard
Kuwait City - Weyay was recognized as 'Fastest Growing Digital Bank' in Kuwait by Mastercard on the sidelines of the...
- Since its inception as Kuwait’s first digital bank in 2021, Weyay has combined technology with a dynamic design for a seamless and comprehensive banking experience
- Weyay has played a major role in providing banking services to the youth and early career professionals, aligning seamlessly with their tech-centric lifestyles
Business
Abu Dhabi Islamic Bank adopts AI
The bank expects to enhance operations with AI tools.
- The bank seeks to leverage technology in order to increase productivity and efficiency in code generation and error identification
- The bank says GitHub Copilot will help empower IT teams to streamline their workflows by harnessing the artificial intelligence