EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...
Business
Business
Dubai to see flying taxis launch in three years
Dubai, UAE-- Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai...
- Dubai has offered promises to launch flying taxis in the city already home to the world's tallest building and other architectural wonders
- The city plans four “vertiports” by Dubai International Airport, the world’s busiest for international travel, downtown Dubai, the Palm Jumeirah archipelago and Dubai Marina
Business
Boursa Kuwait posts profit
The stock exchange's net profit jumped 13% to $59m in 2022.
- The company also recorded operating revenue of $115 million over the same period, an increase of 12.8%
- Its earnings per share increased 13.3% from 79.15 fils in 2021 to 89.67 fils for the financial year ended December 31, 2022
Business
CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in...
- In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally.
- As part of the FIT Program, the CBUAE will strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions.
Videos
MENA startups raise $103 million in Jan
Startups in the Middle East and North Africa raised $3.94 billion in 2022, a 24 percent increase in investment value...
- In the first half of 2022, startups in the Middle East raised around $1.8 billion, according to a MAGNiTT report.
- The fintech sector remained the most capital attracting sector last year, raising nearly $1.7 billion.
Business
Major firms to attend ‘Invest in Saudi Arabia’ forum in Kuwait
Riyadh, Saudi Arabia--The Invest in Saudi Arabia forum, which will be held on Monday in Kuwait, will see the participation...
- Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih will be visiting Kuwait to attend the forum.
- The forum includes dialogue sessions on promising investment sectors between the two countries, review the most prominent developments in the business environment in the kingdom.
Geostrategy
Sexting chatbot ban brings AI rules in focus
Given that these bots still make factual blunders, often show bias and could even spout libelous statements, some are clamoring...
- Regulators in Italy last week barred the firm from gathering data after finding breaches of Europe's massive data protection law, the GDPR.
- OpenAI's latest model, GPT-4, is scheduled for release soon and is rumored to be so good that it will be impossible to distinguish from a human.
Business
Dubai Chamber of Digital Economy discusses sector’s future
Dubai, UAE--Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has organised a workshop designed...
- The workshop discussed four main topics – regulations, funding, talent and infrastructure – with a chance to discuss their ideas, challenges and opportunities
- It is part of a series of similar workshop events Dubai Chamber of Digital Economy conducts on a regular basis.
Business
DEWA’s R&D Center registers its 7th patent for 3D printing adhesive device
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has announced the registration of a new patent for an adhesive...
- The device distributes the adhesive material on the 3D printing plate, ensuring that the printed material sticks securely to the build plate.
- DEWA's R&D Center is responsible for supporting innovation in all production and operational areas.
Business
PIF raises US$5.5bn in bond issue
The capital will finance PIF's green investments.
- It was issued in 3 tranches, comprising: $1.75 billion 7 years, $2 billion 12 years, $1.75 billion 30 years
- The bond was sold to a wide range of institutional investors globally, including Asia
Business
First Abu Dhabi Bank not eyeing offer for Standard Chartered
The company, second time it has quashed reports of an imminent bid, refuted the speculations in the press in a...
- The company, second time it has quashed reports of an imminent bid, refuted the speculations in the press in a report to Abu Dhabi Securities Exchange
- Standard Chartered is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services
EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...
Business
Company News
Latest News
Air cargo demand up 8.3 percent in November 2023, says IATA
GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
Business
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
Economy
Most Read
Business
ByteDance to sell gaming arm
It is in talks with buyers including tech giant Tencent.
- The discussions would see the firm sell Nuverse, a video game publisher that is a subsidiary of ByteDance
- Nuverse was once viewed by the firm as a vital component in its bid to catch up with Tencent
Business
CES gadget fest a showcase for AI-infused lifestyle
The annual Consumer Electronics Show gathering boasts more than 3,500 exhibitors and is expecting some 130,000 visitors. Companies big and...
- CES exhibitor and attendee numbers have jumped each year since the Covid-19 pandemic caused it to be an online-only event in 2021
- While the show is increasingly a showcase for startups, big brands such as Amazon, Google, Intel, Netflix, Samsung, SonY will also be there
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm