Neo Space Group launches Saudi Arabia’s first earth observation marketplace
Riyadh, Saudi Arabia -- Neo Space Group (NSG), a Public Investment Fund (PIF) company, has announced the launch of the...
Business
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
- The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
- Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
After missing out on Messi, Saudis give Benzema gala welcome
Fireworks and flame-throwers greeted Benzema, wearing their black and yellow kit with the number nine, at Al-Ittihad's 60,000-seater stadium in...
- Karim Benzema joins Portugal idol Cristiano Ronaldo as the latest superstar to join the Saudi Pro League, which has a hit-list of high-profile targets
- Banners welcoming Benzema adorned the city, and according to press reports, 60,000 tickets at the symbolic price of nine riyals ($2.50) sold out within five hours
Ruby gemstone sells for record $34.8 million
The 55.22-carat gemstone named Estrela de Fura was already the largest ruby ever to go under the hammer. It was...
- Offered at a starting price of $21 million, it sold for $30 million plus fees and commissions to an anonymous telephone buyer
- The previous record belonged to a 25.59-carat Burmese ruby, which sold for a total price of $30.33 million by Sotheby's in Geneva in 2015
Business
Al-Futtaim leads $15m start-up funding
The firm led the funding in River, which manufactures electric two-wheelers.
- River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
- The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations.
Not my vision of the future: Meta’s Zuckerberg on Apple Vision Pro
A new-generation Quest 3 with improved performance and slimmed design will be available later this year at a starting price...
- Zuckerberg's comments came during the first all-hands gathering at its Silicon Valley campus since the pandemic, and just days after Apple unveiled Vision Pro mixed reality headset
- Meta makes Quest virtual reality headsets and has invested heavily in Zuckerberg's belief that internet life will one day play out in virtual worlds referred to as the metaverse
Economy
UAE Fund Transfer System processes $1.06 trn in Q1 2023
Abu Dhabi, UAE - The gross value of interbank fund transfers through UAE Fund Transfer System (UAEFTS) rose to more...
- Statistics showed that bank transfers and customer transfers conducted in the period under review stood at $674.32 billion and $329.90 billion respectively
- Statistics also noted that March was the busiest month with dirham-denominated transfers standing at $397.82 billion
Business
UAE, fintech lead as venture funding surges in MENA
At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7...
- At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report
- Securing $422 million in 14 deals, the UAE led regional funding, while Saudi Arabia, boosted by Flat6labs Riyadh's seven new startups, led with 15 deals.
Business
Swiss Parliament to examine UBS’ Credit Suisse takeover
Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission...
- The commission will examine "the legality, opportunity and effectiveness of the activities" of the Swiss authorities in the takeover.
- The commission will be composed of 14 lawmakers - seven from each house of parliament - with all major parties represented.
Business
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...
- The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
- The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
Business
UAE, Peru sign air services agreement to promote bilateral trade
Lima, Peru - The UAE and Peru signed an air services agreement for cooperation between the two countries and promote...
- UAE investments in Peru over the last five years exceeded US$700 million, while intra-trade reached US$4.4 billion in the same period.
- UAE official said the deal will contribute to the growth of trade exchange in a manner that supports development in both the countries.
Neo Space Group launches Saudi Arabia’s first earth observation marketplace
Riyadh, Saudi Arabia -- Neo Space Group (NSG), a Public Investment Fund (PIF) company, has announced the launch of the...
Business
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GSK to buy Aiolos Bio
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EVA Air orders 33 Airbus planes
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
Business
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Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Business
WEF24: AI-generated drugs promise cost reduction
AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says...
- AI is playing a critical role across the biomedical spectrum, from accelerating drug discovery to improving care delivery systems, says Dr Alex Zhavoronkov of Insilico Medicine.
- The latest technology enables end-to-end systems, and today, what we see is the true pinnacle of AI-powered drug discovery: the integration of AI and robotics, he adds
Business
Toyota’s Daihatsu resumes domestic production
It will make the Probox van and Mazda-branded Familia van.
- The Toyota-owned firm's factory in Kyoto resumed manufacturing of the Probox van and Mazda-branded Familia van, a Daihatsu spokesman told AFP
- Daihatsu will resume production of 10 other models on February 26, after the transport ministry confirmed they met safety regulations, it said last week