Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
Davos, Switzerland – Mark Elsner, Head, Global Risks Initiative, World Economic Forum sat with TRENDS during WEF’s summit in Davos...
World Economic Forum
AD Ports net profit up
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Business
US private sector employment surges by 242,000 jobs in Feb
"We're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated," said Nela...
- The employment in private sector increased by 242,000 jobs in February, almost twice the 119,000 figure in January.
- This follows a series of recent indicators showing that hiring remained strong, consumer spending resilient.
Business
CVC to invest in WTA
The company likely to buy 20 percent stake.
- The WTA tour includes more than 70 events annually but it has suffered financially from suspending tournaments in China and Hong Kong.
- Liberty Media bought CVC's stake from Formula One in 2016 but the firm owns an Indian Premier League franchise.
Business
Ducab 2022 revenues up 19%
The company said the metal business alone grew by over 23 percent.
- The cable business increased by more than 9 percent during the same period, the company said.
- Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Business
Siemens bags long-term service contracts for Iraqi power plants
Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
- These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
- As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Business
Fraudsters prowl digital world, robbing unwary people in Middle East
Dubai, UAE-- Making payments digitally for every purchase may have become a universal thing, but it is not always the...
- According to the survey, the majority of users (92%) lost up to $1,000 as a result of these incidents, while (8%)of the respondents reported a loss of more than $1,000
- In the Middle East alone, the company blocked more than 1.8 million financial threats and out of them 256,708 in the United Arab Emirates
China’s students use ChatGPT for homework, learning English
Students are also using ChatGPT to bypass China's lucrative English language test prep industry, in which applicants learn thousands of...
- With its ability to produce A-grade essays, poems and programming code within seconds, ChatGPT has sparked a global gold rush in artificial intelligence tech
- Although in China, the service is unavailable without a VPN, over a dozen students told AFP they have used it to write essays, solve science and maths problems
Business
Jebel Ali Free Zone 2022 customer registrations highest in decade
Dubai, UAE -- DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade in 2022,...
- During the past 10 years, Jafza has seen a 13-fold increase in logistics customers, while the vehicle and transport segment saw a compound annual growth rate of 26 percent.
- The number of newly registered Chinese companies in Jafza saw a four-fold increase in 2022, indicating a post-pandemic, healthy demand from the Far East.
Economy
White House endorses bipartisan bill empowering US to ban TikTok
The Senate bill and the backing of the White House accelerated the political momentum against TikTok, which is also the...
- The bill was backed by Mark Warner, a senior US senator from the Democratic party, and John Thune, a South Dakota Republican
- TikTok reacted by again pointing to its months of negotiations with the Committee on Foreign Investment in the United States (CFIUS)
Business
Lego to gain market share
Excluding currency effects, the sales gain was 11 percent.
- For 2022, net profit at the Danish firm rose four percent to a record 13.8 billion kroner ($1.98 billion).
- The company has been buoyed both by sets based on franchises such as Star Wars and Harry Potter.
Economy
US interest rate likely to rise, says Federal Reserve head
US interest rates will likely peak at a higher level than previously anticipated due to economic data that came in...
- The US central bank has raised its benchmark lending rate eight times since early last year.
- US job gains had surged unexpectedly in January while unemployment slipped to its lowest rate in more than five decades.
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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
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...
Company News
ADNOC Gas net income $3.37bn
Business
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AD Ports net profit up
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...
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...
Business
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Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Arts & Culture
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
- Riyadh Season attracts large number of visitors with different kinds of activities and experiences.
- It is one of the major Saudi events that establishes new concepts in the world of entertainment.
Business
Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines
Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central...
- Bitcoin broke $45,000 for the first time since April 2022 on optimism that the United States would allow wider trading of the world's biggest cryptocurrency.
- Despite the upbeat outlook on rates, Asian markets started the year with little fanfare. Hong Kong and Shanghai each extended last year's losses