EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Business
Saudi Arabia’s SME sector grows by 4.8% in Q1 2023
Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of...
- Riyadh, the capital city of Saudi Arabia, is playing a crucial role in fostering a business-friendly environment and is home to over 41% of the country's SMEs
- One of the significant contributors to the growth of SMEs in Saudi Arabia was the Biban 23 forum, a global entrepreneurship event held in Riyadh in March
Business
UAE Economy Ministry fines 137 companies for AML/CFT violations
Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...
- The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
- The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
Business
UAE’s ADNOC Logistics surges 50 percent in share float
Shares in UAE state oil company ADNOC's logistics unit soared 50 percent as they hit the market in a $769...
- ADNOC Logistics and Services was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares
- The shares rose to over 3 dirhams ($0.82) on the Abu Dhabi stock exchange, up from the launch price of 2.01 dirhams, which was towards the top of its range
Arts & Culture
Huge investments help Saudi cinema soft power grow
Saudi largesse for the arts has boomed under the kingdom's Crown Prince Mohammed bin Salman, with billions pouring into previously...
- Mohammed Al Turki, 36, heads Saudi Arabia's Red Sea Film Foundation, his name splashed all over posters and movie credits at Cannes Film Festival last week
- The foundation, formed two years ago, holds its own annual festival and has already financed 168 movies, including eight in the official selection at Cannes this year
Nintendo ends online sales of games in Russia
Following the shipment suspension and "as a result of the economic outlook, Nintendo of Europe has decided to wind down...
- The changes, which were announced and came into effect on Wednesday, follow Nintendo's suspension of product shipments to Russia in March 2022
- Russian customers can still re-download previously purchased content but no new payments can be made or new accounts created, a Nintendo statement said
Business
PwC opens regional headquarters
The Middle East headquarters has been set up in Riyadh.
- PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
- Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
Equities sink as hardliners Republicans threaten US debt deal
"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through...
- Expectations of higher borrowing costs boosted the dollar, seen also as a haven investment in times of economic turmoil.
- Oil prices sank for a second day running on weaker demand concerns in leading energy consumers China and the United States.
Business
ADNOC signs deals with 60 firms to produce key non-oil products in UAE
Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil...
- This brings ADNOC closer to its target to locally manufacture $19 billion worth of products in its procurement pipeline.
- In addition, the deals enabled AED2.84 billion ($774 million) to flow back into the UAE economy through industrial investments.
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EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...
Business
Company News
Al Saqr names chairman of board
Business
Latest News
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
Business
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Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.
Business
Aldrees Petroleum to hike capital by 33%
The company's capital now stands at US$266 milion.
- The company's board took the decision a few days back, expected to enhance its financial robustness and propelling it towards future expansions
- The hike in capitalization has been secured from the retained earnings, reflecting the company's strong financial standing and prudent management
Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
- The minister said that 100 tonnes of sugar have been produced from the cane crop so far, and that preparations are underway to receive the beet crop in mid-March
- The country purchases around five million tonnes of wheat annually from abroad, and subsidised bread is available to more than 70 million of its 104 million population