Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
Business
Business
IDB’s insurance arm, Masdar sign renewable energy pact
Jeddah, Saudi Arabia---The Islamic Corporation for the Insurance of Investment and Export Credit, the Islamic Development Insurance arm of the...
- The two parties agreed to develop renewable projects through insurance support to the Islamic Corporation for the insurance of investment and export credit in the member states.
- It includes support for the transition to clean energy through electricity generation from renewable sources that do not emit emissions and the transition to green economy.
Geostrategy
Iraq finalizes fresh air deals with Gulf countries
BAGHDAD, IRAQ - The Civil Aviation Authority announced the work to conclude new air agreements with the Gulf states. A spokesman...
- A spokesman for the Civil Aviation Authority said We have agreements with all Gulf countries and all Gulf national carriers that land in Iraqi airports
- He added that in the future, there may be air agreements with Kuwait as well.
Geostrategy
Qatar Chamber discusses investment with Cuban delegation
DOHA, QATAR - Qatar Chamber First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari met with President of the Republic...
- The meeting touched on economic and commercial relations between Qatar and Cuba.
- The Qaraei delegation also discussed the business opportunities offered by the Cuban side in the sector of water resources.
Business
DEWA implements SAP’s Audit Management System
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first...
- DEWA's Internal Audit Department is an independent assurance function that adopts the best-in-class standards and practices.
- The Internal Audit department at DEWA operates under an approved charter.
Business
Masdar to build 5-gigawatt renewable energy projects in Africa
Abu Dhabi, UAE--Masdar has signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined...
- The agreements were signed under the umbrella of the Etihad 7 initiative to invest in the development of Africa’s renewable energy sector
- Etihad 7 was launched at ADSW 2022 by Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, with the aim of achieving 20 GW capacity to supply 100 million people
Business
Tesla CEO Elon Musk takes stand in California fraud trial
San Francisco, United States--Tesla CEO Elon Musk took the stand in a California fraud trial on Friday, accused of lying in...
- Elon Musk was called to testify by lawyers for angry investors who accuse him of costing them millions of dollars in 2018 with untrue tweets
- Testimonies in the trial opened Wednesday with a lawyer for the upset investors telling jurors Musk lied about having funding in place
YEARBOOK 2023
Saudi Arabia may surpass UAE in FDI inflow this year
Overall, the two Gulf countries will continue to be major beneficiaries of the inflow of funds this year, says Nazar...
- Overall, the two Gulf countries will continue to be major beneficiaries of the inflow of funds this year, says Nazar Musa, CEO of PRO Partner Group.
- The FDI into Saudi Arabia and the UAE, according to a report, hit record highs with $40 billion in 2022, showing a rise of 58 percent over the previous year.
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
Business
Google announces 12,000 job cuts globally, cites changing economic reality
Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech...
- Google's parent company Alphabet employed nearly 187,000 workers worldwide at the end of September 2022.
- Alphabet CEO Sundar Pichai said American employees have already been notified about the cuts.
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
Samsung reshuffles leadership amid challenge in AI chips
Seoul, South Korea - Samsung Electronics reshuffled its leadership on Wednesday as it looks to gain an edge in the production...
Geostrategy
Company News
Borouge Q3 net profit up 22%
Business
HSBC Q3 profit up
Business
Latest News
Arab Bank posts net profit
Business
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
Geostrategy
Most Read
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
- The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
- CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Geostrategy
Taiwan shipping giant Evergreen suspends Israel cargo services
Due to "escalation of war situation in recent days, Evergreen will temporary suspend Israel import and export service due to rising...
- Several of the world's largest shipping companies, including Maersk and Hapag-Lloyd, and energy giant BP have already suspended passage through the Red Sea.
- Yemeni rebels have said they were targeting vessels near the strait to pressure Israel over its devastating onslaught on Gaza.
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.