OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Business
Villas, apartments constitute bulk of $626m Dubai realty deals
Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on...
- The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals amounting to AED123.6 million.
- The sales included 395 villas and apartments worth AED944.57 million, and 37 land plots worth AED889.15 million.
Business
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend.
- The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
- ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Google launches Bard, the ChatGPT rival in US and UK
Bard, ChatGPT and other similar artificial intelligence apps churn out essays, poems or computing code on command and have taken...
- Google CEO Sundar Pichai told staff that after testing Bard with 80,000 Google employees, the chatbot would be tested with the public in US and Britain
- People wishing to play with Bard can sign up on a waiting list at bard.google.com website, distinctly separate from the tech giant's search engine
Business
DFM approves cash dividend
The company posted an increase of 41.7% in profit.
- The new fixed dividend policy stipulates that the company annually pays a minimum of 50% of its distributable net profit
- The company also approved the appointment of the Fatwa and Sharia’ Supervisory Board members for the year 2023
Business
EU raids energy drink Red Bull over violation of antitrust rules
If the company raided is guilty of antitrust violations, it risks large fines but can be granted immunity if it...
- EU's executive arm said earlier its teams carried out unannounced inspections Monday at the premises of Red Bull.
- EU authority is probing allegations the company violated antitrust rules that prohibit cartels and restrictive business practices.
Business
Dana Gas proposes dividend
The company had reported a net profit of $182 m for 2022.
- A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
- The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.
Business
Tabreed to pay record dividend
Dividend of 13.5 fils per share highest ever in company's history.
- The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
- Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.
Business
Bahrain central bank treasury bill issues’ value reaches $5.3 billion
Manama, Bahrain – The Central Bank of Bahrain (CBB) has issued treasury bills with a maturity period of 12 months....
- The issue date of the bills is 23 March 2023 and the maturity date is 21st March 2024.
- With this issue, the total outstanding value of government treasury bills reached BD2 billion ($5.3 billion).
Business
Women leadership key to sustainable future
Women in the region need to be patient, attentive, and teachable to succeed at building a business. The skills women...
- Women in leadership roles can motivate next generation to work towards a sustainable future, says Maryam Al-Mansoori of Rebound Plastic Exchange
- Women can get a head start on their career by picking the brains of successful businesspeople and getting their feet wet at a young age, she adds
Business
Women need more agency to achieve equality
Women's achievements at all levels during the past 50 years are widely regarded as an essential foundation for shaping the...
- Emirati women succeeded in proving themselves in society as mothers and in the financial world as hard workers and leaders, says an expert.
- Women's achievements at all levels during past 50 years form an essential foundation for shaping the UAE's future, adds Alia Al Serkal of du
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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
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
Business
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Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
Economy
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
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Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.
Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
- The book-building process for Avalon Pharma's IPO will commence on January 14th and conclude on January 18th.
- In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million shares.