Ads pressured to evolve as AI changes Google search
San Francisco, United States -- As Google races to lead in artificial intelligence, it faces the challenge of making sure...
Business
$735 million new deals signed on fourth day of IDEX in UAE
Abu Dhabi, UAE—A total of 10 deals worth AED2.7 billion ($735 million) were signed on the fourth day of the...
- Today’s deals bring the cumulative value of the deals signed by Tawazun Council at the exhibition so far to AED 21.14 billion for 44 deals.
- The biggest local contract, worth AED902 million, was awarded to Norinco, through International Golden Group, to procure AR3 multiple launcher rocket system.
Geostrategy
European Commission bars TikTok use by staff over data protection
The ban also means European Commission staff cannot use the Chinese-owned video-sharing app on personal devices including phones that have...
- TikTok, whose parent company ByteDance is Chinese, has faced increasing Western scrutiny in recent months.
- Last month, the Dutch government reportedly advised public officials to steer clear of the app over similar concerns.
Business
Masdar-built solar plant in Azerbaijan to begin operations in 2023
In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean...
- The plant will help generate 0.5 billion kilowatts per hour (KW/hour) of electricity annually, sufficient to meet the needs of over 110,000 homes.
- In June 2022, Masdar announced the signing of several agreements with Azerbaijan to develop clean and renewable energy projects with 4,000MW capacity.
Business
Dubai Chamber of Commerce launches six F&B business groups
Dubai, UAE - Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched six business...
- Fresh food sales are anticipated to grow at a CAGR of 4.9 per cent between 2022 and 2027.
- Retail sales of supermarkets in the UAE are set to rise at a current value CAGR of 4 percent.
Economy
Turkey slashes borrowing rate to press quake recovery
Turkey was already battling runaway inflation and relying on wealthy allies to keep its economy afloat when the massive earthquake...
- A prominent business group has estimated there was some $84 bn in quake damage, but estimates from other experts are more conservative, putting the total closer to $10 bn.
- When the quake hit, Turkey's official annual inflation rate had slowed to 58 percent from a two-decade high of 85 percent last year.
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Business
Rolls-Royce sinks into net loss
Turnover however soared by more than a fifth to £13.5 bn.
- Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
- Rolls added that it would announce the outcome of a strategic review in the second half.
Business
UAE-Azerbaijan non-oil trade up 270% in five years: Thani Al Zeyoudi
Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said...
- He added that the trade between the two countries in 2022 was distributed between AED32.6 million in imports, AED351.9 million in exports, and AED3.5 billion in re-exports.
- The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.
Business
Americana net income up 27.1%
This was company's first financial result since dual listing.
- Americana Restaurants Board announced H2 2022 dividends at $103.5 million or the equivalent of $0.0123 per share.
- The company achieved a revenue of $2.38 billion, a 15.9 percent year-on-year increase.
Paris protest against TotalEnergies East Africa oil pipeline
The pipeline project has run into strong opposition from rights and environmental campaigners who say the oil fields being developed...
- About 30 young campaigners demonstrated in front of the French offices of Japan's Sumitomo Mitsui Banking Corporation and Britain's Standard Chartered
- They demanded the banks pull back from the East Africa Crude Oil Pipeline being jointly developed by TotalEnergies and the China National Offshore Oil Corporation
Ads pressured to evolve as AI changes Google search
San Francisco, United States -- As Google races to lead in artificial intelligence, it faces the challenge of making sure...
Business
Company News
MBC Group IPO plea okayed
Business
Yalla 9M revenue at $237.9m
Business
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DTC sets IPO offer price range
Business
ACWA Power-led consortium signs deal for wind energy project
Cairo, Egypt -- The Egyptian government signed an agreement yesterday with a consortium led by the Saudi company ACWA Power...
Business
EU court’s adviser says $2.6bn fine on Google be upheld
Google suffered a legal blow at the European Court of Justice when the body's adviser recommended that a US$2.6 billion...
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
Most Read
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
- Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
- The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn