Leaders warn race for minerals could turn seabed into ‘wild west’
Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening...
Geostrategy
Economy
AI partnership to boost Abu Dhabi sustainability efforts
Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
- The Technology Innovation Institute's AI and Digital Science Research Center will partner with Mohamed bin Zayed University of Artificial Intelligence.
- Over a period of three years, the researchers will work on developing advanced AI models for cybersecurity and smart city applications.
Geostrategy
Criminals set to use ChatGPT for fraud, other cybercrimes: Europol
Created by US startup OpenAI, ChatGPT appeared in November and was quickly seized upon by users amazed at its ability...
- Europol said the criminals may use phishing, disinformation and malware to do more online frauds.
- ChatGPT can also be used to write computer code, especially for non-technically minded criminals. the agency said.
Business
Savola to pay $93m in dividends
The date of distribution will be announced later.
- The General Assembly date will be set after securing the formal approvals from the relevant authorities.
- The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business
Aramco to acquire 10% stake in China’s Rongsheng Petrochemical
The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with...
- Rongsheng deal comes day after Aramco announced it would partner with two other Chinese companies to build a refinery and petrochemical plant in the Chinese city of Panjin.
- Aramco CEO Amin Nasser said at the China Development Forum on Sunday the firm, a leading source of income for the kingdom, was "doubling down on China's energy supply".
Business
Al Rajhi to issue sukuk
The sukuk terms will be determined as per market conditions.
- The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
- The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.
- The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
- Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Economy
Saudi National Bank chair resigns after Credit Suisse buyout
Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed...
- Saudi bank's board of directors accepted the resignation of Ammar AlKhudairy due to personal reasons, said the statement published on Saudi stock exchange
- Credit Suisse's shares plummeted on March 15 after AlKhudairy said the Saudi bank would not raise its stake from 9.8 percent due to regulatory constraints
Business
Presight begins trading on ADX
Its IPO had been oversubscribed by 136 times.
- The company's IPO, witnessing huge demand from retail and professional investors, raised nearly US$496 million
- Its chairman said the company has created a reputation for combining big data, analytics, and AI expertise to support insight-driven decision-making
Business
Al Ansari Financial Services completes IPO, raising $195 million
Dubai, UAE - Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO...
- The Global Offering attracted considerable demand from both the Qualified Investor Offering and the UAE Retail Offer
- The Qualified Investor Offering saw strong demand from both international and regional investors
Business
First Citizens agrees to buy failed Silicon Valley Bank
It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about...
- US regulators, in the wake of SVB fall, created Silicon Valley Bridge Bank, which will be taken over by First CItizens from Monday
- On Sunday, the Federal Deposit Insurance Corporation said the transaction cover US$119 billion in deposits and US$72 billion in assets
Leaders warn race for minerals could turn seabed into ‘wild west’
Growing anxiety over Trump's unilateral push to fast-track deep-sea mining in international waters shot to the surface at the opening...
Geostrategy
Company News
Latest News
Sony to decide on Zee merger
The tie-up is aimed at helping both firms compete with streaming rivals.
Business
Middle East only region to overcome pre-Covid tourism levels: UNWTO
"International tourism is expected to fully recover pre-pandemic levels in 2024, with initial estimates pointing to 2.0 percent growth above...
Business
Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
Business
Most Read
World Economic Forum
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
- The World Economic Forum meeting in Saudi Arabia will address economic issues, international cooperation and global challenges
- The kingdom's finance minister said the region requires a strong Saudi Arabia to contribute and that future outlook looks positive
Business
UAE firms face AI-driven data management hurdles
In a rapidly evolving digital landscape, 91% UAE business leaders are facing critical challenges in aligning data strategies with their...
- In a rapidly evolving digital landscape, 91% UAE business leaders are facing critical challenges in aligning data strategies with their business goals, says a latest report.
- Only 44% of UAE businesses are confident in their data's accuracy, leading to increased investment in data training and governance to address these concerns, it adds.
Business
Sharjah Islamic Bank profit surges
It posted a 31% jump in net profit to US$229.13m in 2023.
- The bank's operating profits also recorded a 23 percent rise, reaching $554 million for 2023, up from $435 million in 2022
- Its board of directors has proposed a 10 percent cash dividend, subject to approval at the upcoming general assembly meeting