Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
Business
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
Business
Business
Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
- Notably, Qatar National Bank (QNB), the titan among GCC banks in terms of assets, received an uplift in its long-term credit rating from A to A+.
- The region has also seen a notable increase in profitability, with a significant double-digit rise of 23.1 percent, driven largely by growth in loan books.
Business
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
- Jordan’s pharmaceutical and medical supplies sector has succeeded in transforming into a global industry.
- The pharmaceutical and medical supplies sector employ approximately 10,000 workers.
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
- Sheikh Hamdan toured key facilities and operations, learning about the company's efforts to leverage AI.
- Sheikh Hamdan emphasized on the importance of Emirati women's participation across various sectors.
Business
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
- As per a media report, Microsoft would be responsible for financing the project, which would be 100 times more costly than some of the biggest current data centers
- OpenAI's next major AI upgrade is expected to land by early next year, the report said, adding that Microsoft executives are looking to launch Stargate as soon as 2028
Business
OpenAI unveils voice-cloning tool
It can essentially duplicate someone's speech.
- OpenAI model called "Voice Engine" can essentially duplicate someone's speech based on a 15-second audio sample, according to the San Francisco-based company
- We have implemented a set of safety measures, including watermarking to trace the origin of any audio generated by Voice Engine, OpenAI said
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
- The cooperation between the two countries could also include developing data centre projects with a total capacity of up to 1,000 megawatts
- The African country is also becoming a preferred investment destination for data centre providers, with the growing demand for cloud services
Business
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
- The airlines's chief executive, Bilal Eksi, attended a ceremony at Mitiga International Airport on Thursday to mark its first flight to Libya since 2015.
- A company spokesman told AFP on Friday that Turkish Airlines will operate flights to Tripoli three times a week on Tuesdays, Thursdays and Sundays.
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
- Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
- GASTAT said the results are based on a household survey conducted by the authority.
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.
Business
Company News
Al Ansari approves $85m dividend
Business
Perplexity eyes TikTok buy
Business
Latest News
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
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
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
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Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
- The 10-carat Mediterranean Blue, which will go on sale in Geneva next month, is the showpiece of a collection estimated at $100 million, organizers said.
- "Included in the group are the largest flawless diamond in the world... the second largest red diamond known to exist and several diamonds over 100 carats," Sotheby's said.
Interview
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
- In a market like the UAE, or the GCC in general, where things evolve daily, adaptation is essential, said Jabri.
- Our industry is increasingly focused on sustainability, and technology plays a pivotal role in enabling environmentally friendly practices, he added.
Business
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
- Wall Street was wracked by volatile trading, bouncing into positive territory on hopes of a 90-day pause in tariffs, only to sink lower when those were dashed by the White House.
- Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Bitcoin tumbled, while the dollar rebounded after sharp losses last week.