Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Business
Mining, quarrying push Saudi Arabia’s IPI up 6.8% in Jan 2023
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index increased by 6.8 percent in Jan 2023, compared to Jan 2022,...
- The kingdom's General Authority for Statistics said the mining and quarrying activity increased by 3 percent year on year.
- The manufacturing activity increased by 19.2 percent, while the electricity and gas supply activity decreased by 3.4 percent.
Geostrategy
Grain deal not being implemented properly, says Russia
MOSCOW, RUSSIA - Russian Foreign Minister Sergei Lavrov said Thursday that extending a deal that allowed grain exports from Ukraine to...
- Russia's military intervention saw Ukraine's Black Sea ports blocked by warships until a deal was reached for the export of grains.
- The UN and Turkey-brokered deal will automatically renew on March 18 unless Russia or Ukraine object.
Business
Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time
The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%,...
- GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
- Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).
Business
Al Ansari to sell 7.5m shares in Dubai’s first IPO for 2023
Dubai, UAE -- Al Ansari Financial Services, a remittance and foreign exchange services provider in the UAE, will be offering...
- The offering represents 10 percent of its total existing share capital. The size of the IPO could be amended any time before the pricing.
- The company expects to list and start trading on the Dubai Financial Market in April.
Fearing ban, TikTok seeks to calm Europe’s worries over data privacy
TikTok executives said the company was working with a third-party European security company to oversee and check how it handles...
- The initiative came as the Czech cyber watchdog issued its own warning, describing the Chinese-owned video-sharing app as a security threat
- The European Union and the United States, have taken a tough approach to the app, which is owned by Chinese company ByteDance
Business
Spotify adds 30 sec video in revamp to attract more creators
Spotify on Wednesday introduced new tools for artists and songwriters, with a particular focus on video formats that are seen...
- Spotify unveiled a significant revamp to offer a more interactive interface, including the option to hear song previews and provide more personalized recommendations using AI
- The Swedish-owned company, which said in January that it was cutting almost six percent of its workforce to reduce costs, posted a net loss of 430 million euros for 2022
Business
TAQA Morocco to invest US$1.6bn in renewable energy solutions
Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up...
- The company, owned by Abu Dhabi National Energy Co., is looking to diversify its activities in clean energy and water desalination as part of its new strategy.
- The firm aiming to increase its production capacity of electricity from renewable sources by 1,000 megawatts will cut the carbon footprint by 25 percent
Business
Serco unveils Saudi space unit
Saudi Arabia aims to gain a leadership role in space.
- Serco will look to hire in Saudi Arabia, offering training and career development programs, besides building capacity
- Amar Vora, according to the company press release, has been appointed to lead the space team in the kingdom
Business
GCC sees rise in tech jobs despite drop in PC sales
Technology remained GCC's most active industry sector in terms of hiring, with 77 percent of organizations increasing their headcount last...
- Technology remained GCC's most active industry sector in terms of hirings, with 77 percent of organizations increasing their headcount last year, latest reports point out
- Nearly 88% of employers in the technology sector in GCC are planning to hire permanent employees this year, predicts the GCC Salary Guide 2023 by Hays Middle East
Business
ChatGPT could increase phishing and cybercrime risk, warns British firm
London, United Kingdom - British cyber security firm Darktrace on Wednesday warned that artificial intelligence bot ChatGPT may have increased the...
- Microsoft-backed start-up OpenAI in November launched Content creation bot ChatGPT.
- ChatGPT had "ignited a conversation about the implications of generative AI for cyber security," the firm said.
Most Read
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
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
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ADNOC Gas net income $3.37bn
Business
BYD overtakes Tesla in EV sales
Tesla's stock slipped after the news was announced.
Qatari exports to clients surge in 2023 to US$412m: Tasdeer
Doha, Qatar--The Qatar Development Bank's Export Development and Promotion Agency (Tasdeer), a subsidiary of the Qatar Development Bank, announced an...
Business
‘AD Ports redefines future of maritime and logistics’
"Our achievements demonstrate that traditional approaches no longer suffice in the rapidly evolving global market. We have embraced change, not...
Business
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Business
GCC realty builds on diversification, sustainability
The Gulf real estate sector demonstrates remarkable resilience, buoyed by strategic economic diversification and a focus on sustainable and innovative...
- The Gulf real estate sector demonstrates remarkable resilience, buoyed by strategic economic diversification and a focus on sustainable and innovative urban development.
- Dubai's real estate market experienced a significant surge, with substantial growth in transactions and a continued appeal for foreign investors, despite global uncertainties.
Business
Invest Qatar launches azure open AI GPT-powered chatbot ‘Ai.SHA’
DOHA, QATAR - The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop Ai.SHA, an innovative AI-powered...
- This initiative positions Invest Qatar as one of the first investment promotion agencies (IPA) in the world to adopt advanced technology.
- This will pave the way for transformative changes in professional interactions between investors and businesses in Qatar.
Business
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
- 2PointZero is more than a holding company - it embodies a vision of progress across a variety of industry verticals.
- Spanning multiple sectors, business combinations of entities under common control, have been combined to form 2PointZero.