Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Microsoft beefs-up its AI assistant with voice, vision
San Francisco, United States - Microsoft on Tuesday doubled down on deploying artificial intelligence to consumers, releasing an updated version of...
Business
Market Report
Stocks mostly rise ahead of key US jobs data
Stock markets mostly advanced as traders awaited key US jobs data and after news of falling inflation in the eurozone....
- The Fed along with central banks worldwide last year kickstarted a string of aggressive rate hikes to battle decades-high inflation.
- Official data showed that annual inflation in the eurozone dropped for a second month in a row, to 9.2 percent in December.
Business
DEWA wins award at Global Excellence Assembly Awards 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded with the Global Excellence Assembly Awards 2022, based...
- DEWA is the only entity worldwide to win this category in the second round of the award this year.
- DEWA scored 94 percent in the evaluation conducted by the International Council of Excellence according to the Baldrige model.
Business
Dubai records over $762 million in realty transactions Thursday
Dubai, UAE---Dubai real estate market recorded deals worth AED2.8 billion ($762 million) on Thursday, Dubai Land Department said. These included...
- These included 516 sales transactions worth AED1.73 billion, in addition to 71 mortgage deals of AED596.74 million.
- The sales included 455 villas and apartments worth AED1.5 billion, and 61 land plots worth AED235.09 million.
Economy
Saudi Arabia, Clarity AI ink MoU to develop sustainability in private sector
Under the MoU terms, the Ministry of Economy and Planning and Clarity AI will work together to explore potential areas...
- Under the MoU terms, the Ministry of Economy and Planning and Clarity AI will work together to explore potential areas of cooperation, such as using big data
- They are discussing cooperation in training Saudi cadres to understand and analyze sustainability data, and participate in events and activities of common interest
More political storms for TikTok after US government ban
Owned by Chinese tech giant ByteDance, TikTok has become a political punching bag for US conservatives who allege that the...
- Democrats have joined the groundswell of criticism and Joe Biden last week signed a new law that bans the use of TikTok on government-issued devices
- The mood towards TikTok soured last month when ByteDance was forced to admit that employees improperly accessed TikTok data to track journalists
Business
Abu Dhabi Islamic Bank raises its ownership in ADIB Egypt to over 52%
ADIB stated that it had acquired 9.6 million shares from National Investment Bank, in a disclosure to the Abu Dhabi...
- ADIB stated that it had acquired 9.6 million shares from National Investment Bank, in a disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday
- In the third quarter of last year, ADIB reported its highest quarterly net profit of more than $0.27 billion as impairments dropped and operating income rose
Business
Samsung Electronics flags sharp Q4 profit drop on falling demand
to further tighten finances spurred by concerns over deteriorating consumer sentiment caused [by] continued high global interest rates and weak...
- The South Korean tech giant said operating profits for the October-December period likely slumped to $3.4 billion, a stinging year-on-year drop from 13.87 trillion
- In a statement, Samsung said fourth-quarter profits were "well below current market expectations", blaming the performance on macroeconomic issues
Opinion
Gold jumps out of the gate to kick off 2023
Traders' conviction at the beginning of a new trading year always tends to be low for fear of catching the...
- Gold, together with silver and platinum, is among a few commodities trading up as the new year gets under way, writes Ole S Hansen, the Head of Commodity Strategy at Saxo Bank
- Gold’s newfound resilience and momentum from December has been carried over to January as investors seek shelter from what has been forecast to be another overall challenging year
Economy
Lawyers protest in Tunisia against new taxes on legal services
Tunis, Tunisia - Dozens of Tunisian lawyers protested on Thursday against newly imposed taxes on legal services, part of a 2023...
- Led by Bar Association head Hatem Mziou, lawyers gathered outside the Palais de Justice in Tunis as well as other sites, after the association called for a "day of rage".
- The budget, unveiled last week, imposes new taxes to claw the North African country's deficit back to near five percent of GDP, as it awaits an international bailout.
Business
Alpha Dhabi and Mubadala form JV
They will co-invest in global credit opportunities.
- Mubadala will hold 80 percent ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20 percent to be held by Alpha Dhabi.
- The venture will leverage Mubadala’s long-term and strategic partnership with Apollo, one of the world’s largest alternative asset managers.
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Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
Business
Company News
NHC, NAVER Cloud ink pact
Business
General Motors Q3 profit surge
Business
Latest News
Stora Enso posts loss again
Business
DEWA okays H1 dividend of $843m
Business
Aramco, ENOWA ink pact
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
Business
OpenAI to pay Axel Springer to use journalism in ChatGPT
Berlin, Germany -- Axel Springer said Wednesday it was partnering up with the maker of ChatGPT, OpenAI, which will pay the...
Business
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Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
- This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
- According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
- The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
- The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region
Economy
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
- Over 60 MoUs and agreements worth over $25 billion were signed at the China-Saudi Investment Conference
- Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, etc