Abu Dhabi’s AI sector expands 61% in one year: Abu Dhabi Chamber
Abu Dhabi, UAE -- Abu Dhabi’s artificial intelligence (AI) sector witnesses a 61 percent increase between June 2023 and June...
Business
Walking sharks, bombing crocodiles: Italian Brainrot memes only kids know
Shouty, crude and often nonsensical Italian voiceovers feature in many of the clips made by people in various countries that...
Arts & Culture
Business
Michael Jackson’s moonwalk fedora up for auction
The King of Pop whipped off the hat, with an estimated value of $65,000-$110,000, while breaking into his hit "Billie...
- Other items include a guitar owned by the legendary bluesman T-Bone Walker that could fetch up to 150,000 euros and a suit worn by Depeche Mode's Martin Gore.
- The hat will be the star attraction at an auction of rock-and-roll items by Drouot on September 26.
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Geostrategy
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to...
- The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
- Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Geostrategy
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region...
- The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
- Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
Hyundai targets two million EV sales by 2030
SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030,...
- If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030.
- The South Korean carmaker - one of the world's largest - is under pressure in the United States and Europe to boost local production of clean vehicles.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Business
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
- The Group will provide the facility with digital services and technology solutions to enhance its efficiency
- It will invest more than $500 million in the development and functioning of the “New East Mole Port”
Abu Dhabi’s AI sector expands 61% in one year: Abu Dhabi Chamber
Abu Dhabi, UAE -- Abu Dhabi’s artificial intelligence (AI) sector witnesses a 61 percent increase between June 2023 and June...
Business
Company News
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Five killed in clashes near Lebanon border
Geostrategy
PureHealth buys Circle Health
Business
Qatar real-estate trading volume in January stands at US$521m
Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry...
Business
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Economy
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
- The Kingdom maintained 16th place among the largest holders of US treasury securities for December.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term and short-term bonds.
Business
HMG 2023 net profit $544m
The rise was due to the hospitals and pharmacy segments.
- The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
- Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).
Business
OpenAI valued at $80bn in new deal
With this deal, the value of the firm has tripled in 10 months.
- The deal would have the San Francisco-based firm selling existing shares to investors led by Thrive Capital
- The tech firm led a revolution in artificial intelligence when it placed its ChatGPT program online in late 2022