Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
Business
OpenAI releases ChatGPT-5 as AI race accelerates
San Francisco, United States -- OpenAI released a keenly awaited new generation of its hallmark ChatGPT on Thursday, touting "significant" advancements...
Business
Business
India’s IndiGo places record order for 500 Airbus A320
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....
- Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
- With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Business
Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
Economy
Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the...
- According to the deputy prime minister, Russia was in talks with "friendly" countries like Egypt, India, Indonesia, and the UAE as they are growing markets
- He said negotiations for an agreement like this were complex and that the negotiators have to take into account a lot of different interest of member states
Business
Saudi Arabia unveils AROYA Cruises to boost tourism industry
Riyadh, Saudi Arabia-- Saudi Arabia has unveiled its own cruise-line brand called AROYA Cruises to fuel growth in its tourism...
- Saudi Arabia is looking to become a global tourist destination by the end of the decade in line with its goals outlined in Vision 2030
- The Saudi tourism department is aiming to attract 1.3 million cruise visitors by 2035 and providing some 50,000 direct and indiret jobs
Asian, European markets drop as China stimulus hopes fade
Equities enjoyed a strong run-up last week, partly on the back of hopes that Beijing would unveil a raft of...
- Tokyo, Hong Kong, Shanghai, Seoul, Mumbai, Singapore, Taipei, Manila, Jakarta, Bangkok and Wellington were all down, though Sydney rose
- Pound will be in view this week as the Bank of England holds its latest policy meeting, with expectations for another hike to battle persistently high inflation
Economy
UAE’s GCAA signs agreement with ICAO to boost collaboration
Montreal, Canada--The UAE General Civil Aviation Authority (GCAA) and the International Civil Aviation Organisation (ICAO) has signed a joint cooperation agreement...
- The meeting between the two sides discussed training collaboration that aims to support a safe, secure, and sustainable development of the global air transport
- The GCAA and ICAO delegations also reviewed joint initiatives, the most notable of which is Fujairah Air Navigation's accession to ICAO's TRAINAIR PLUS Program
Economy
UAE’s foreign trade records 17% jump to US$607bn in 2022
The boost in foreign trade comes on the back of the signing of the comprehensive economic partnership agreements that the...
- The UAE until now has forged comprehensive economic partnership agreements with four nations: Turkey, Israel, Indonesia and India
- Dubai Customs provides a range of commercial and customs services to traders and investors from countries that have signed CEPA with the UAE
Hospitality leaders to gather in Dubai for Commercial Strategy Conference
Dubai, UAE -- The region's top hospitality professionals will converge at the Conrad Dubai Hotel on November 25-26, 2025, for...
Business
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ADQ, ADNEC to buy stake in TMG
Business
OpenAI valued at $80bn in new deal
With this deal, the value of the firm has tripled in 10 months.
Business
Saudi Arabia aims to build ties with Canada in scientific and research fields
Riyadh, Saudi Arabia-- Saudi Arabia is exploring investment opportunities in education and aiming to attract investments to the kingdom from...
Business
Zero trust remains an ongoing cybersecurity evolution
Achieving Zero Trust Data Resilience is not an overnight task but a journey requiring organizational alignment, continuous adaptation, and the...
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Business
35 Jordanian companies to participate in Gulfood 2024 in Dubai
AMMAN, JORDAN – A total of 35 Jordanian companies are taking part in Gulfood 2024, the world's largest annual food...
- The Jordan Exporters Association is coordinating the country's participation in the event.
- JEA is coordinating local participation in the exhibition for the 20th consecutive time.
Tech giants sign pact against AI-made political deepfakes
Under the agreement, AI-generated content could be given a watermark or tagged in the metadata at source, although the signatories...
- Among the 20 signatories of the deal, presented on the sidelines of the Munich Security Conference in Germany, were also X, as well as Snap, Adobe and Linkedin
- The tech companies also said they would also work together to develop ways to "detect and address" deceptive election material on their platforms
Business
Abu Dhabi Judicial Department’s Auction App generated $925m in property sales
Abu Dhabi, UAE - Since its launch in June 2022 through mid-February 2024, the Abu Dhabi Judicial Department's (ADJD) Auction...
- The statistics highlight the growing popularity and effectiveness of the ADJD Auction App as a platform for buying and selling various assets remotely.
- Counselor Yousef Saeed Alabri, Undersecretary of the Judicial Department, said that the smart Auction App revolutionized the bidding process for seized property in judicial cases