IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Apple under pressure to shine after AI stumble
Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC)...
Business
Business
ADNOC makes logistics push
Contract worth $2.6bn with ADNOC Offshore part of the launch.
- ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
- The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Business
Alistithmar Capital, Safa Investment set up real estate funds worth US$293m
Riyadh, Saudi Arabia--Alistithmar Capital has joined hands with Safa Investment Co. to set up several real estate funds worth around...
- Capital Market Authority, in March, approved Alistithmar Capital's application to set up Alistithmar Capital Quarterly Dividend Fund
- Owing to rise in residential property value, real estate prices in Sauid Arabia shot up by 1.6 percent in the fourth quarter of 2022
Business
US senators reprimand regulators for failure to stop SVB collapse
Washington, United States--US lawmakers accused regulators Tuesday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier...
- The senior officals from Federal Reserve, Treasury and FDIC were reprimanded by the Senate Banking Committee for failing to prevent the fall of SVB
- Fed and FDIC officals in response said they are investigating failings they may have made in their oversight of SVB before its fall, and would publish findings by May 1
Economy
New national carrier part of Saudi bid to become a business, tourism magnet
This month Crown Prince Mohammed bin Salman, unveiled Riyadh Air, the new airline which is intended to transform the capital...
- Apart from Riyadh Air, Saudi Arabia is also launching NEOM Airlines, to be based in the planned $500 billion futuristic megacity of the same name
- The trade group Airports Council International predicts the region's airports will see 1.1 billion passengers by 2040, up from 405 million in 2019
Business
Global Carbon Council, EGX sign MoU to launch voluntary carbon market
Doha, Qatar--The Doha-based Global Carbon Council (GCC) and Egyptian Exchange (EGX) have signed a memorandum of understanding (MoU) to launch...
- EGX will list carbon credits issued by GCC, widening offerings to investors looking for a diversified portfolio of CCs
- They will also collaborate on development initiatives aimed at improving the efficacy of carbon offsetting mechanisms
Business
Nakilat obtains approval for full non-Qatari ownership
Doha, Qatar - Qatar Gas Transport Company Ltd. (Nakilat), the largest LNG shipping fleet owner in the world, announced that...
- The net profits of Nakilat increased by 6.3 percent in 2022, to reach $0,38 billion
- Last week, Nakilat chose South Korea's HSD Engine to supply spare parts
Business
UAE to spend $20bn on digital tech in three years
The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the...
- The UAE aims to double the contribution of the digital economy to the GDP from 9.7% to 19.4% within the next 10 years, and seeks to establish itself as an innovation hub
- Govts must prioritize investments in digital infrastructure and R&D into frontier technologies such as AI and robotics, to enhance the digital economy's total factor productivity
Business
UAE, Costa Rica start talks to form economic partnership agreement
UAE minister said that the emirates will continue its efforts to build partnerships with strategic global markets under the country’s...
- The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached $58.7 million in 2022
- The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Business
Alibaba to split into six groups
Each will be managed by its own CEO and board of directors.
- The restructuring is likely to enable each separate business to pursue its own fundraising and public listing plans.
- Hangzhou-based Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Geostrategy
Germany ponders monitoring Microsoft over anti-competitive practices
Berlin, Germany - Germany's anti-cartel watchdog said Tuesday it was examining if it needed to place US giant Microsoft under close...
- The Federal Cartel Office said it was taking a first step to see if Microsoft is of "paramount significance across markets".
- Big tech companies have been facing increasing scrutiny around the globe over their dominant positions as well as their tax practices.
IBM claims ‘real world’ edge in quantum computing race
San Francisco, United States -- Technology veteran IBM on Tuesday laid out a plan to have a "practical" quantum computer...
Science
Company News
Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
Latest News
ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
Business
Qatar real estate trading volume reaches US$91m between January 7-11
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
Business
Most Read
Business
15 million tons of Lithium deposits found in Thailand
Bangkok, Thailand - Thailand has discovered nearly 15 million tons of lithium deposits, a government spokesman said Friday, a boost for...
- The 14.8 million tons of lithium are distributed between two separate sites in the southern province of Phang Nga, a government spokesperson said.
- The find means Thailand has the third largest lithium resources, behind Bolivia and Argentina, but it is not yet clear how much can be exploited commercially.
World Economic Forum
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
- Over the course of the week, more than 3,000 policy makers, business executives, academics and innovators discussed some of the world's most pressing issues at the annual meet.
- The Forum announced it will hold a special meeting, hosted by Saudi Arabia, on “Global Cooperation, Growth and Energy for Development” on 28-29 Apr 2024 in Riyadh.
Business
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
- The merger was first agreed in 2021, with Zee chief executive Punit Goenka saying that the new outfit would be worth close to $10 billion with annual revenues approaching $2bn.
- But closing the deal has been beset by problems, most recently because Sony reportedly does not want Goenka to run the combined entity.