OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...
Business
Inditex posts record profit
The firm attributed the figures to strong sales which reached $8.15bn.
- The Spanish group said its net profit jumped 54 percent to 1.17 billion euros ($1.25 billion) in the three-month period ending on April 30.
- Excluding a 216 million provision a year ago to deal with the consequences of Russia's invasion of Ukraine, the firm's profits were up 24 percent.
Business
Swedish group to supply ‘green steel’ to Mercedes
Stockholm, Sweden -- Sweden's H2 Green Steel company said Wednesday it would supply German car maker Mercedes-Benz with 50,000 tons of...
- H2 Green Steel, whose first plant is under construction in northern Sweden, plans to use hydrogen made from renewable energy to produce steel instead of highly coal.
- With around 900 kilos of steel needed per car, the contract would enable Mercedes-Benz to produce around 55,000 cars with a lower CO2 footprint.
Economy
Wealthy Qataris to spend more on real-estate deals this year: survey
Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office...
- Knight Frank, in partnership with YouGov, looked into the investment pattern of rich individuals in Qatar, with a net worth in the region of US$155 million
- The respondents in the survey showed a preference for investment in the residential sector at 37 percent, followed by the office sector at 33 percent
Business
NEOM signs $5.5bn contracts to build housing for growing workforce
Dubai, UAE -- NEOM has finalized contracts worth SAR 21 billion ($5.59 billion) with investors for the expansion of the...
- The bidders for the first phase of the residential communities include leading Saudi Arabian companies such as Alfanar Global Development.
- The temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units.
Economy
Abu Dhabi curbs use of plastic bags by 95% since ban last year
Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the...
- Nearly three years back, EAD brought in the single-use plastic policy with the aim of lowering the dependence on plastic items and promoting sustainability and recycling
- According to EAD, the carbon footprint of the amount of plastic eliminated is equivalent to 272, 000 tonnes of CO2, which means saving emission from 629,000 barrels
Geostrategy
Iran hints at cooperation with Saudi Arabia on ‘peaceful nuclear technologies’
Tehran, Iran-- With the restoration of diplomatic ties between Iran and Saudi Arabia, the talk in government circles in Tehran...
- A media outlet thought to be close to the Iranian security establishment tweeted that Iran could expand its relations with Saudi Arabia to the nuclear realm
- The tweet said that Iran could transfer its "experiences and achievements" to Saudi Arabia in compliance with international laws and under the IAEA supervision
Business
PGA Tour-LIV Golf deal: A profit-driven game changer
US-based PGA Tour and Europe's DP World Tour have partnered with LIV's Saudi sponsors to form a new jointly-owned, profit-oriented...
- The US-based PGA Tour and Europe's DP World Tour said they had signed an agreement with LIV's Saudi backers that will lead to the formation of a new collectively owned, for-profit
- LIV Golf was launched in October 2021 and lured top PGA Tour talent with record $25 million purses and money guarantees, bankrolled by Saudi Arabia's Public Investment Fund
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to...
- The SCA's decision corresponds with the UAE's agenda to achieve the objectives of sustainable development in relation to economic growth
- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry, said the world as a whole needs to do more to advance sustainability in the financial space
Economy
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a...
- The wind farm will enable Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030
- The project will help Egypt bring down annual carbon emissions by 9 percent, displacing 23.8 million tonnes of carbon dioxide annually
Business
Gulf banks witness continued growth in lending activities
The first quarter of 2023 experienced a surge in credit demand, except for a slight dip in Qatar. The latest...
- GCC banks witness a 3.2% increase in aggregate gross loans, reaching a record of $1.87 trillion, while NPL ratios improve, with the average ratio decreasing to 2.3%
- Due to the expansion of the banking business and government support, the UAE has the highest NPL ratio, while Saudi Arabian banks exhibit the highest q-o-q growth
OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...
Company News
Dubai Taxi IPO raises US$315m
Business
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Honda to make electric mopeds
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...
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...
Business
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Business
Telefonica to cut 3,421 jobs
The layoffs will reduce costs for the Spanish company.
- The layoffs will happen during the first quarter of 2024 and will mainly involve employees who are 56 years or older
- The Spanish company employs about 16,500 people in its home country, while its global workforce is over 100,000
Business
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
- The total number of flights reached 250,000, a 25% jump compared to 2022, which recorded 200,000 flights
- Its Terminal 1 ranked first with 179.9 thousand flights, a 16% increase compared to 2022, which recorded 154.6 thousand flights
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
- The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
- Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment