Palantir, the AI giant that preaches US dominance
Palo Alto, United States - Palantir, an American data analysis and artificial intelligence company, has emerged as Silicon Valley's latest...
Business
Interview
Luxury car market rides on sustainability
A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't...
- A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't dented the appeal of luxury cars, says an expert
- Audi is working on new technologies, including digitization of production processes, AI, and robotics, to optimize output, adds Peter White, Sales Director at Audi Middle East
Business
Nvidia crosses $1trn in market value on Wall Street
Chip company Nvidia exceeded $1 trillion in market value as Wall Street stocks mostly rose, following an agreement between President...
- Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.
- Most large tech companies advanced early Tuesday, with shares of Facebook parent Meta and Apple both up more than one percent.
Business
DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
- The DIFC Treasury Leadership Forum will showcase the latest trends in treasury solutions designed to streamline financial operations.
- Organized by DIFC, the forum will bring together senior treasurers from leading banks, multinationals and services providers.
Business
PIF-owned SRC completes $933m sukuk
The issue is part of the SAR 20 billion local sukuk program.
- The PIF established the Saudi Real Estate Refinance Company in 2017 for the growth and sustainability of residential real estate financing in the kingdom.
- This was the sixth tranche within the program denominated in Saudi riyals and supported by government guarantees.
Economy
Meeting discusses growth of new economic sectors in UAE
ABU DHABI, UAE - The Economic Integration Committee held its second meeting this year and discussed a range of key...
- The Committee also discussed strengthening of the Anti-Money Laundering/ Combating the Financing of Terrorism ( AML/CFT) efforts.
- The meeting discussed cooperation between the federal and local authorities concerned with the implementation of various economy-related laws.
Market Report
Stock markets give out mixed signals as traders await US debt ceiling vote
Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a...
- Ultra-conservative Republicans feel House Speaker should have secured far deeper spending cuts in exchange for raising the debt ceiling.
- The left wing of the Democratic Party is equally unhappy that President Joe Biden agreed to any spending limits at all.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - Â UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Business
First Mills IPO price SAR60 per share
This implies a market capitalization of $888 million.
- The total offering size is SAR 999 million ($266 million). SNB Capital is the lead manager, financial advisor, book-runner and underwriter on the potential offering.
- A total of 1.67 million shares, representing 10 percent of the total offer shares, will be allocated to retail investors. The retail offering will run from June 6 to June 7.
Business
Dubai events generated $3.53 bn economic output in 2022
Dubai, UAE - The total economic output generated by 63 large-scale events hosted at Dubai World Trade Centre (DWTC) reached...
- A substantial $2.01 billion (AED 7.4 billion) was retained within the local economy, showcasing the venue's strong contribution to Dubai's GDP
- The events organized at DWTC attracted nearly 1.2 million attendees, with 40 percent of them coming from international locations
Business
Dubai records 27 million taxi rides taken in first quarter of 2023
Dubai, UAE-- Some 27 million taxi rides were undertaken in Dubai in the first three months of 2023, up one...
- According to RTA, the high amount of taxi journeys in the first quarter of the year is the highest since 2019, before the outbreak of the Covid-19 pandemic
- The authority said the review of figures suggest that the economy of Dubai is thriving, cementing its standing as a prominent global hub for investment and tourism
Palantir, the AI giant that preaches US dominance
Palo Alto, United States - Palantir, an American data analysis and artificial intelligence company, has emerged as Silicon Valley's latest...
Business
Company News
Latest News
Aldar Properties awards contracts worth US$2.8bn
ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a...
Business
Most Read
Disney profit beats forecasts
The company is looking to tap into the passion for video games.
- During the earnings announcement, Disney chief Robert Iger also revealed that the entertainment giant is acquiring a "small equity stake" in Fortnite-maker Epic Games
- Disney is looking to tap into the passion for video games in general and "Fortnite" in particular with a $1.5 billion stake in Epic, according to Iger
Unilever annual profit drops 15%
Group revenue dipped 0.8 percent to 59.6 billion euros.
- Chief executive Hein Schumacher said in the earnings statement that "competitiveness remains disappointing and overall performance needs to improve" at the group
- Schumacher, the former head of Dutch dairy and nutrition firm Royal FrieslandCampina, launched in October an action plan to grow Unilever
Gucci owner says profit fell 17%
Sales retreated 4 percent to 19.57 billion euros.
- Kerin reported a 17 percent drop in net profit to $3.2 billion
- Sales of the Gucci owner retreated four percent to 19.57 billion euros