Nvidia showcases AI chips as it shrugs off DeepSeek
San Francisco, United States - Nvidia chief Jensen Huang is expected to showcase cutting-edge chips for artificial intelligence (AI) and...
Business
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
Business
DEWA, Xanadu partner to develop ‘efficient, reliable’ energy systems
Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in...
- The meeting between DEWA’s CEO and Xanadu’s CEO discussed the latest developments in quantum computing technology and its impact on the energy sector
- Al Tayer noted the importance of the technology in addressing the world’s biggest challenges like climate change and energy sustainability
Business
Saudi Arabia partners with South Korean firm to boost its gaming industry
Riyadh, Saudi Arabia— Saudi Arabia has signed a memorandum of understanding (MoU) with Wemade, a South Korean firm, to boost...
- The agreement with Wemade, the South Korean firm, is expected to boost the kingdom’s chances to be among the top leaders in the industry
- Savvy Games, a firm owned by the Public Investment Fund, bought out Scopely, the US-based gaming company, for $4.9 billion in April
Google, Microsoft rake in large Q1 profits amid escalating AI rivalry
Google found itself under pressure due to a general slowdown in advertising spending, over-hiring during a Covid-era boom and a...
- Google's quarterly revenue came in at nearly $70 billion, better than expected by analysts, and in the same three-month period that the company said it would lay off 12,000 staff
- Microsft reported profit of $18.3 billion on revenue of $52.9 billion as Cloud and AI more than offset drops in revenue from licensing Windows software to computer makers
Economy
US consumer confidence falls ahead of Federal Reserve decision
US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55...
- The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement.
- New home sales in the United States defied expectations to hit a one-year high in March, the Commerce Department said.
Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
Economy
DEWA, RTA ink deal to sponsor Green Economy Summit
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority...
- RTA will be the Platinum Sponsor of the World Green Economy Summit for three sessions from 2023-2025.
- The World Green Economy Summit plays a fundamental role in supporting the UAE’s outstanding efforts in climate action, said DEWA chief.
Business
Saudi Arabia jumps to fifth place in global military expenditure: Report
The country increased its military spending by 16 percent to reach an estimated $75 billion, surpassing the United Kingdom, Germany,...
- The country increased its military spending by 16 percent to reach an estimated $75 billion
- The Middle East, with Saudi Arabia in the lead, had the highest military burden in 2022
Business
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
- DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
- DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business
Spotify users top 515m
The company posted a first quarter operating loss of $172 million.
- The Swedish company also saw the number of paying subscribers grow to 210 million.
- Spotify said it posted its strongest first quarter in 2023 since 2018 when it became public.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
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Nvidia showcases AI chips as it shrugs off DeepSeek
San Francisco, United States - Nvidia chief Jensen Huang is expected to showcase cutting-edge chips for artificial intelligence (AI) and...
Business
Company News
ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
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DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
Business
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
World Economic Forum
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Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
Business
Dubai set to navigate new realty landscape this year
In 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents...
- In the year 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents alike despite global uncertainties.
- The market's robust performance, driven by foreign investments and green drive, positions Dubai as a leading global hub for both residential and commercial real estate.