China’s Baidu releases new, free AI model to compete with DeepSeek
Baidu announced in a WeChat post that its latest X1 reasoning model -- which the company claims performs similarly to...
Business
Business
Dubai Metro ferries 2 billion people since inauguration: RTA
Dubai, UAE - The passengers of Dubai Metro surpassed two billion since its inauguration on September 9, 2009, the Roads...
- The metro's Red Line transported 1.342 billion commuters while the Green Line served 673.531 million commuters.
- Also, the Dubai Metro maintained a punctuality rate of 99.7%, surpassing international safety standards.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Business
Russian tech company Sber launches GPTChat rival Gigachat
The state company said in a statement on its website that it was "launching its own version" of a chatbot,...
- Sber said GigaChat can "have a conversation, write messages, respond to factual questions" but also "write code" and "create images from descriptions".
- Russia has been strengthening its domestic technology sector, particularly since being hit by Western sanctions after the Kremlin launched its Ukraine offensive.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
German business confidence up in April but rise weaker than expected
"German business's worries are abating, but the economy is still lacking dynamism," said Ifo president Clemens Fuest.
- The Ifo institute's monthly confidence barometer, based on a survey of about 9,000 companies, rose to 93.6 points from 93.2 points in March.
- Manufacturers have been boosted in the short term by lower energy prices -- which had surged last year following Russia's invasion of Ukraine.
Traders in GCC gear up for volatile week as markets gradually reopen
Traders are expected to scramble to incorporate changes in sentiment following last week's data, while keeping an eye on the...
- Changes in sentiment following last week's data and global data are expected to impact trading
- Qatari stock market may reopen with new pressures on prices due to caution among investors
Opinion
Marketwatch: Recession fear hurts commodity market
"As the gold correction unfolded last week, platinum remained supported due to supply concerns from South Africa facing frequent power...
- Crude prices are heading for their biggest weekly loss since last month's banking turmoil-led sell-off, wiping out most of the gains that followed the OPEC+ cut announcement
- Mining companies' quarterly results highlight that global tightness in the copper market will continue, but the short-term outlook points to continued rangebound trading
Business
Iraq’s entry into SWIFT platform positive business message
Baghdad, Iraq -- The Federation of Iraqi Chambers of Commerce FICC has said that Iraq offers promising investment opportunities and...
- Iraq has thousands of promising investment opportunities in oil, agro-industries, commercial and tourism, said FICC head Abdul Razzaq Al-Zuhairi.
- He called on the government to "improve these processes and eliminate red tape, bureaucracy, nepotism and other things that keep the investor from investing his money in Iraq."
Business
Qatar expects Eid bonanza, hotel occupancy rates to go up 80%
Doha, Qatar-- Qatar expects a big boost in hotel occupancy rates by at least 80 percent during the Eid holidays...
- Qatar aims to have at least six million visitors annually and raise the contribution of the tourism sector to the country's GDP to 12 percent by 2030
- Visitors can now apply for a visa using a single platform, on which they can submit their visa applications and then receive the travel documents
Business
Stc to buy assets in Europe
It will acquire a portfolio of towers in Europe for US$1.3bn.
- According to a statement, Tawal infrastructure, an arm of Saudi Telecom will pay cash for a host of more than 4,800 towers in Bulgaria, Croatia, and Slovenia
- A few media reports said that it was close to a deal to buy the assets from United Group, which is backed by buyout firm BC Partners
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
China’s Baidu releases new, free AI model to compete with DeepSeek
Baidu announced in a WeChat post that its latest X1 reasoning model -- which the company claims performs similarly to...
Business
Company News
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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...
Business
Stock markets: Germany drags Europe down, Tokyo rises again
In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break...
Business
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World Economic Forum
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
- "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva told AFP.
- Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic.
Business
Ummahat Island unveils world’s first net-zero 5G network towers
Tabuk, Saudi Arabia -- Red Sea Global (RSG), Zain KSA, and the French Serge Ferrari Group have developed and installed...
- In addition to being 100% solar powered, these towers are designed in a way that allows air circulation to reduce cooling costs, and do not require high maintenance.
- They are also aimed at preserving biodiversity and enabling tower sharing among all licensed telecom operators in KSA.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.