Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
OpenAI enlists iPhone designer to create ideal device for using AI
New York, United States -- ChatGPT-maker OpenAI has enlisted the legendary designer behind the iPhone to create an irresistible gadget...
Business
Economy
Global debt growing due to US, China, says IMFÂ
Global government debt is on track to reach levels not seen since the height of the COVID-19 pandemic, the International...
- In the US, government debt as a percentage of economic output is expected to surpass its pandemic-era peak by 2027.
- China's debt burden is forecast to be almost double its pre-pandemic levels by 2028, the IMF said.
Business
RAKEZ wins award for Best RPA Excellence during Future Data Summit 2023
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) received the 'Best RPA Excellence Award' during the Future...
- RAKEZ has embarked on its automation journey by utilizing virtual bots to handle visa-related services.
- These virtual bots have successfully reduced the time needed for some of the processes by 1.5 days, completing them within 12 hours.
Masdar expands US footprint with 50% stake in renewables project
The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage...
- The Big Beau project, located in California, comprises a 128-megawatt solar plant and a 40 MW/160 MWh battery energy storage system
- It is one of eight projects that Masdar and EDF Renewables have agreed to jointly partner in, with a combined capacity of 1.6 gigawatts (GW)
Economy
Dubai sees heavy influx of medical tourists in 2022, spending US$270m
DUBAI, UAEI--Dubai saw remarkable growth in medical tourism in 2022 with 674,000 medical tourists spending $270 million in the year....
- Some 39 percent patients came from Asian countries, 22 percent from Europe and the Commonwealth of Independent States, and 21 percent from Arab and the GCC
- The head of Dubai Health Authority attributed the arrival of medical tourists to the city's ability to provide quality acre, making it the top healthcare destination
Volvo shares up after Q1 profit
The firm's net Q1 sales rose by 24.8 percent.
- In a preliminary report on its first-quarter earnings, released late Tuesday, Volvo announced an operating profit of $17 billion, an increase of 44.9 percent year on year
- In January, the truck-maker reported a slightly lower profit for 2022, despite a rise in sales, and warned that the "global supply chain for components is still unstable"
Business
Twitter working on AI despite Musk call for global pause: report
Musk has bought thousands of powerful, costly computing processors and hired AI engineering talent, Insider reported, while another tech-focused outlet,...
- The Insider report came less than two weeks after Twitter boss Elon Musk joined experts in signing a letter calling for a hiatus in the development of AI
- Generative AI could also be put to work as a search or advertising tool, but it remained unclear what Musk intended its purpose to be at Twitter, the report said
e&’s board declares dividend
The dividend for H2 of 2022 will be at AED 0.4 per share.
- The chairman said the group's core businesses have posted solid performance even as mergers and acquisitons have contributed to the company's success
- The consolidated revenue at $14.26 billion and a record net profit of $2.72 billion strengthened the company's financial performance during the year
Economy
IMF chief economist warns inflation could remain high until 2025
Washington, United States--The underlying drivers of historically-high global inflation could persist until 2025, the International Monetary Fund's chief economist told AFP...
- Following the fast reopening of the global economy after the Covid pandemic, prices around the world have risen exponentially
- Inflation in many countries in the world has remained well above the two percent target, despite central banks raising interest rates
Business
Boeing delivers 130 aircraft in Q1
It edged out its rival Airbus by just three aircraft.
- In order to reach its target of 720 units for the year, Airbus needs to picke up the pace in order to go past the 661 number in 2022
- In mid-March Boeing restarted deliveries of its long-haul 787, which were temporarily halted at the end of February by the Federal Aviation Administration
Move over Pegasus, new Israeli spyware comes along to target journalists, politicians
Spyware like Pegasus has been widely used by governments and other actors to spy on opponents, media and activists. The...
- The spyware and related exploit or hacking software was created by the little-known firm QuaDream Ltd
- Citizen Lab, which studies the abuse of digital technologies, said it identified five people targeted by QuaDream
Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
Company News
ENEC signs MoU with Egypt
COP28 UAE
Latest News
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
Business
European Union probes Lufthansa’s proposed ITA Airways stake
The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...
Business
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Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
- The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.
- On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).