China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
Business
Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
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
China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
Business
Company News
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ADCB, EIH sign agreement
Business
UAB concludes $200m term loan
Business
Boeing faces heat over quality control after Alaska Airlines fiasco
The Alaska Airlines episode represents the most serious operational problem for Boeing since two crashes on 737 MAX 8 planes...
Business
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
Economy
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
Business
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Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business
Dubai records weeklong real estate deals worth $3.86 billion
Dubai, UAE -- The real estate and properties transactions valued at AED 14.2 billion ($3.86 billion) in total during the...
- A total of 312 plots were sold for AED 2.95 billion, 2,696 apartments and villas were sold for AED 5.84 billion.
- A total of 195 properties were granted between first-degree relatives worth AED 850 million.
Business
UAE leads in cybersecurity for unmanned systems
"The digital transformation, which relies on artificial intelligence technologies, has touched all sectors and contributes to improving the quality of...
- Dr. Mohamed Hamad Al Kuwaiti stresses the importance of cybersecurity in unmanned and autonomous systems.
- The UMEX and SimTEX exhibitions showcased the UAE's esteemed position as a global hub for unmanned systems.