Meta spending big on AI talent but will it pay off?
New York, United States - Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up...
Business
Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
Business
GCC beats the heat with innovations, technologies
Gulf nations make significant strides in battling scorching summer by implementing groundbreaking technologies to create cooler and more comfortable urban...
- Gulf nations make significant strides in battling scorching summer by implementing groundbreaking technologies to create cooler and more comfortable urban environments
- From Saudi Arabia's "road cooling" experiment to Qatar's air-conditioned pedestrian paths and blue-painted streets, these nations are at the forefront of innovative solutions
Business
UAE delegation visits Belgium to strengthen economic ties
Abu Dhabi, UAE - A UAE delegation led by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade,...
- Non-oil bilateral trade between the UAE and EU amounted to US$56 billion in 2022, achieving growth of 9.3 percent.
- Non-oil trade value grew by 28.6 percent and 14.7 percent over the same period in 2020 and 2019, respectively.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
Ajman real estate transactions reach $930 million in first quarter
Ajman, UAE - Total real estate transactions in Ajman in the first quarter (Q1) of 2023 totaled AED3.4 billion ($930...
- The quarterly report on real estate transactions in the emirate registered 555 mortgage applications worth $207.23 million.
- Meanwhile, Local real estate transactions totaled AED1.4 billion ($380m), a rise of 34 percent compared to January.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business
Boeing Q1 loss $425m
Boeing's loss in the first quarter of 2022 was $1.2 billion.
- Boeing affirmed its full-year outlook for operating cash flow, a key metric, and for 737 plane deliveries in 2023.
- Boeing's revenues came in at $17.9 billion, up 28 percent from Q1 2022 and topping analyst expectations.
Business
One in five cars sold this year will be an electric vehicle: IEA
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as...
- In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 percent this year to reach 14 million.
- The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe and the United States.
Business
Britain blocks $69-billion Activision takeover bid by Microsoft
The UK's Competition and Markets Authority prevented the deal "over concerns... (it) would alter the future of the fast-growing cloud...
- Microsoft said it would appeal the verdict over its vast takeover, which has yet to win regulatory approvals in Europe or the US.
- The Xbox-owner launched in 2022 its bid to create the world's third biggest gaming company by revenue with the takeover of Activision.
Business
Xlinks secures $37m funding
The funds will be used in laying subsea cables between UK and Morocco.
- It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
- It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business
GSK Q1 profit dips
Revenue dropped more than three percent to $8.74 billion.
- Profit after tax fell to £1.5 billion ($1.9 billion) compared with the first three months of 2022.
- GSK is seeking to concentrate on development of new drugs after overseeing the split of Haleon.
Meta spending big on AI talent but will it pay off?
New York, United States - Mark Zuckerberg and Meta are spending billions of dollars for top talent to make up...
Business
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KIPCO sells its stake in GIG
Business
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment...
Business
WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
Videos
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
Business
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Business
GCC’s F&B packaging industry transforms post-COVID
The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of...
- The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of SIG tells TRENDS.
- The sector is also focusing on resilient supply chains and innovative packaging solutions to meet evolving consumer demands and environmental responsibilities, he adds.
Interview
WEF24: Managing risks crucial amid AI advancements
AI can revolutionize work and productivity, but balanced regulation is crucial to prevent misuse, Stephen Pagliuca of Bain Capital tells...
- AI can revolutionize work and productivity, but balanced regulation is crucial to prevent misuse, Stephen Pagliuca of Bain Capital tells TRENDS at Davos 2024.
- Pagliuca highlights the US, South America, and Africa as markets with unique potential and delves into the growing sports industry as an investment prospect.
Business
Airbus and Tata to build helicopter assembly line in India
Paris, France - Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday....
- Airbus said the facility -- which will take two years to set up -- would be the first such operation to be run by a private group in India.
- Airbus CEO Guillaume Faury said making the helicopter in India would "unlock the true potential of the helicopter market in the country".