UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Business
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
- Jordan Chamber of Commerce spoke of closer ties with trade and commercial bodies in the European Union member states.
- Topics like environment and water, industry, modern construction projects, food, nutrition, healthcare, banking, medicine, funds, climate were discussed.
Business
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.
- In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
- It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
Business
TAQA to pay dividend
The company also announced new dividend policy for 2023-25
- Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis.
- The company expanded the size of its Board of Directors from nine to eleven and elected members for a three-year term.
Business
US tells TikTok to snap ties with ByteDance to avert ban
The ultimatum to TikTok came from the US interagency board charged with assessing risks foreign investments represent to national security....
- Wall Street Journal and other US news outlets reported that the White House set an ultimatum: if TikTok remains a part of ByteDance, it will be banned in US
- TikTok claims it has more than a billion users worldwide including over 100 million in the United States, where it has become a cultural force
Business
TRENDS poll reveals women in GCC not paid less salaries than men
While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying...
- Nearly 38 percent of the Twitter poll respondents were female, while some 62 percent were male
- Around 21 percent felt they needed support in taking on leadership roles at their current workplace
Business
Credit Suisse to borrow up to $53.7bn to shore up group after stocks dip
In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage...
- Credit Suisse, hit by a series of scandals in recent years, saw its share price plummet Wednesday after the Saudi National Bank declined to inject more money into the group
- In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value
Business
GCC banks face minimal impact of US banking crisis
The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment...
- The impact of SVB failure on regional banks and corporates may remain limited due to the diversity of Gulf investment portfolios, Junaid Ansari of Kamco Invest tells TRENDS
- The decline in regional indices reflects shaken investor sentiment in global markets, the volatility of interbank rates and uncertainty related to bankruptcy crisis, he adds
Business
Saudi airline Riyadh Air plans new orders ahead of 2025 take-off: CEO
Riyadh, Saudi Arabia -- Saudi Arabia's new national airline plans more aircraft orders as it prepares to operate its first flights...
- The carrier, Riyadh Air, was officially unveiled on Sunday, and on Tuesday announced an agreement to purchase 39 Boeing Dreamliners, with options for 33 more jets.
- The White House said the value of the deal could reach $37 billion. It is the fifth largest deal by value in Boeing's history.
Economy
Stock markets sink on banking crisis fears, oil prices fall
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US...
- Oil prices also dropped, with the main US contract WTI down more than 5% as it fell under $70 per barrel for the first time since Dec 2021.
- Shares of Credit Suisse, Switzerland's second biggest bank, crashed by more than 30 percent to hit a record low.
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
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UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
Business
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Google Chrome begins restricting cookies in first step towards elimination
Paris, France - Google has begun limiting third-party cookies for some users of its Chrome web browser, a first step towards...
Business
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
Business
Dubai records $1.57 billion in weeklong real estate transactions
Dubai, UAE -- A total of 1,721 real estate and properties transactions valued at AED 5.8 billion ($1.57 billion) were...
Business
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Business
AD Ports to build passenger terminals at Egyptian Red Sea ports
Cairo, Egypt--AD Ports Group (AD Ports) has signed a contract with Egypt to build, develop, operate and maintain terminals for...
- According to the Egyptian ministry of transport, the contract entails AD Ports Group to develop yacht and cruise-ship tourism in Egypt
- The cruise lines will be operated between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, and Europe
Business
Yanbu industrial port receives first RORO vessel, carrying nearly 2,000 cars
Yanbu, Saudi Arabia - The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the...
- The port's strategic location along the Red Sea coast, coupled with its infrastructure, has attracted global shipping lines
- It boasts high operational capabilities with wide approach channels accommodating larger vessels with berth depths up to 18 meters
Business
Alba sets new production record
It produced 1,620,665 metric tonnes of aluminium in 2023.
- The CEO of Alba said that the company was not just celebrating numbers but the human capital behind "such achievement"
- He expressed his gratitude to the chairman of the board and also members of the board for their support during 2023