Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
Business
Ajman Chamber and Turkiye look to expand business networks
Ajman, UAE - The Ajman Chamber of Commerce and Industry (ACCI) has discussed expanding the trade and joint investment with...
- The two parties focused on exchanging experiences, expanding business networks and developing partnerships.
- The non-oil trade exchange between the UAE and Türkiye reached $18.95 billion by the end of the year 2022.
Business
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...
- This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
- The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
Arts & Culture
Abu Dhabi event transforms global falconry
The exhibition has become a popular platform for falconers to purchase elite captive-bred falcons from local and international farms.
- Last year's exhibition saw the sale of the most expensive falcon in its history, the American-bred "Pure Gyre - Ultra White" for $275,000.
- The breeding of falcons in captivity represented a real revolution in falconry and sustainability and the revival of this heritage.
Business
Sharjah group to discuss trade boost with India in five-day trip
SHARJAH, UAE- The Sharjah Chamber of Commerce and Industry (SCCI) will embark on a trade mission to India on Monday...
- The delegation will visit Mumbai and New Delhi, setting up business forums and arranging meetings with Indian business communities.
- The delegation will highlight the benefits and opportunities of investing in Sharjah, detailing the incentives and facilities available.
Geostrategy
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the...
- The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan.
- The huge infrastructure project will link southern Iraq to the border with Turkey from where it will connect to rail and road networks in Europe.
Economy
US leaders finalize deal on debt ceiling week before default
President Joe Biden and Republican leader Kevin McCarthy announced a deal to raise the debt ceiling, dragging the United States...
- Republican speaker McCarthy said there was still "a lot of work to do, but I believe this is an agreement in principle that's worthy of the American people."
- US President Joe Biden said the deal was "good news for the American people, because it prevents what could have been a catastrophic default.
Business
EDB, Paraguay’s Development Finance Agency ink MoU to boost collaboration
ABU DHABI, UAE - Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of...
- EDB and AFD will leverage their outstanding capabilities and professional expertise in agritech financing.
- The two firms will share their experiences in financing SMEs and providing smooth and flexible access to capital.
Business
Bupa Arabia Q1 net profit $50.28m
Compared to the last quarter of 2022, net profit fell by 1.4 percent
- Net investment income rose by 24.2 percent year on year and net other revenue doubled YoY.
- Other operating expenses rose 20.4 percent YoY and gross written premiums increased 28.1 percent YoY.
Business
China’s first homegrown passenger jet C919 completes maiden flight
Beijing hopes the C919 commercial jetliner will challenge foreign models like the Boeing 737 MAX and the Airbus A320, though...
- China has invested heavily in production of the homegrown jet as it seeks to become self-sufficient in key technologies.
- The aircraft is manufactured by state-owned Commercial Aircraft Corporation of China (COMAC), but many of its parts -- including its engines -- are sourced from overseas.
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
Company News
Abu Dhabi Islamic Bank adopts AI
Business
Telefonica to cut 3,421 jobs
Business
Latest News
Kuwait leads GCC market gains amid regional tensions
Despite challenges from regional tensions and fluctuating oil prices, sectors like F&B and pharma see notable increases, showcasing the diverse...
Market Report
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
Czech farmer cull 140,000 birds to halt spread of bird flu outbreak
Prague, Czech Republic - Czech farmers have killed about 140,000 birds since the start of the year in a bid to...
Business
Most Read
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Gaza solidarity boycott hits global food chains
As customers in the Middle East shun international restaurants, local businesses report they have benefited from the boycott.
- Starbucks sales grew at their slowest pace in a year, and profits fell short of Wall Street estimates as a spending slowdown took its toll.
- McDonald's shares declined for the second day after the company failed to achieve targeted sales for the first time since 2020 due to the war in the Middle East.
Business
Equinor reports 59% fall in net profit
Its earnings were US$36.2bn, half of what is was in 2022.
- The company's net profit slumped 59 percent last year to $11.9bn, dragged down by a decline in energy prices
- Anders Opedal, the company CEO, said that in 2023 the group "continued to contribute to energy security in Europe"