Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
The future of luxury residential development needs to be green and smart
The GCC luxury market segment has experienced significant growth, driven by an increase in the number of high-net-worth individuals. Accommodating...
Interview
Geostrategy
Lula visit: Brazil, UAE seal climate, biofuels deals
They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in northeastern Brazil to invest up...
- The countries said in a joint statement the leaders had discussed a range of subjects including trade, technology, defense, aviation and food security
- The strategically located Gulf monarchy is Brazil's second-largest trading partner in the Middle East, according to the official WAM news agency
Geostrategy
Brazil president reaches UAE to enhance bilateral ties
ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to...
- The UAE is Brazil's second-largest trading partner in the Middle East, according to reports.
- Trade between the two trade excluding petrol totaled over US$4 million in 2022 - a 32 percent rise from 2021.
Science
UAE launches its second nanosatellite DEWA SAT-2
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) successfully launched its second nanosatellite, DEWA SAT-2, aboard SpaceX’s Falcon 9...
- The launch of DEWA SAT-2 underlines the firm's commitment in using space technologies to improve the operations and maintenance of electricity and water networks.
- The nanosatellite was designed and developed by Emiratis at DEWA’s Research and Development Center, in collaboration with NanoAvionics in Lithuania.
Geostrategy
Nuclear power reactors to shut down in Germany
BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...
- The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
- The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.
Business
Presight signs MoU with Senegal for digital transformation in African nation
Abu Dhabi, UAE--Presight AI and the Ministry of Communication, Telecommunications and Digital Economy of the Republic of Senegal (MCTEN), have...
- In order to transform government services, Presight will work with Senegal to support and deliver turnkey solutions using big data analytics and AI technology
- The agreement is expected to boost governemnt efficiency, create a better business environment, and promote socio-economic development in the country.
Business
Elon Musk establishes X.AI artificial intelligence company in Nevada
San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to...
- According to an insider report, Musk has purchased costly computing processors and hired engineering talent as part of an AI project at Twitter
- Google, Meta and Microsoft have spent years working on AI systems to help with translations, search and targeted advertising
Business
Why do firms falter in Middle East’s booming sectors?
In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity....
- In order to stave off total ruin and collapse of a business, industry experts recommend for the board to take charge of strategy, in cahoots with the management.
- Many experts blame disagreements within a board, or a lack of team spirit as the reason for tipping a company toward a slow demise
Business
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the...
- Recent banking industry turmoil following the collapse of Silicon Valley Bank raised worries about a flight of deposits.
- Shares of JPMorgan rose 7 percent to $138.06, Citi gained 3.1 percent to $48.7, Wells Fargo dipped 0.1 percent to $39.63.
Economy
Ajman Bank, EIH ink deal
The bank will act as a strategic partner during listing of EIH.
- Ali El Gebely, Managing Director and CEO of EIH, said the partnership aims to build real value for the future of investment through strategic partnerships.
- Established in 2007, Ajman Bank is an Islamic commercial bank that listed on the Dubai Financial Market in 2008.
Business
Hermes Q1 revenue at US$3.7bn
The performance was driven by strong sales, especially in Asia.
- "The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
- China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
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Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Company News
Latest News
Record-breaking home sales in Dubai’s upscale market in 2023
Dubai, UAE – Sales of properties worth more than $1.35 million and $2.70 million in Dubai hit record levels in 2023,...
Business
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
Most Read
Business
Lunate Capital launches Shariah-compliant ETF tracking Indian equities
ABU DHABI, UAE - Lunate Capital announced the launch of the Chimera SP India Shariah ETF, a physical, in-kind, liquid,...
- The fund will track the performance of Shariah-compliant Indian equities listed on the Bombay Stock Exchange.
- The Index tracks the performance of the 30 most liquid Shariah-compliant Indian stocks listed on the BSE.
Geostrategy
CBUAE cancels license of First Insurance Brokers Company
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company...
- The sanction comes as a result of the CBUAE’s decision following the company’s non-compliance with the regulations.
- The CBUAE works to ensure that all insurance companies and related professionals comply with laws and regulations.
Business
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.
- The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
- The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).