Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
Business
Nvidia’s forecast dampens AI enthusiasm in other tech stocks
Shares of Nvidia and other technology heavyweights fell late on Wednesday, a discouraging sign for investors betting that a strong...
Business
Tabreed ups foreign ownership limit
The limit will increase from 49% to 100%.
- Tabreed shareholders, in September, gave a go-ahead to remove the limit of shares that foreigners can invest in.
- It reported a net profit of US$65.4 million for the first half of the year, an increase of 3 percent compared to a year ago
Business
Nike shares soar as profits top estimates
Profits for the Q1 came in at $1.3 billion.
- Profits for the quarter ending at November 30 came in at $1.3 billion, the same as in the year-ago period while revenues jumped 17 percent to $13.3 billion
- In the most recent quarter, Nike's gross margin declined compared with the prior quarter due to higher markdowns, especially in North America, Nike said.
Business
Musk doubtful about reliability of Twitter CEO poll
In the poll results which were posted on Monday, 57 percent of voters, or 10 million votes, favored Musk stepping...
- In the poll results which were posted on Monday by the Twitter's new CEO, 57 percent of voters or 10 million votes favored Musk stepping down
- Polling company HarrisX on Tuesday tweeted out their own poll of Twitter users, in which 61 percent of respondents voted to keep Musk as CEO
Business
Sonatrach signs deal with VNG AG to boost ties in hydrogen sector
Algiers, Algeria-- Sonatrach of Algeria and VNG AG of Germany have signed a memorandum of understanding for the construction of...
- According to the Algerian authorities, the proposed plant will have a production capacity of 50 MW
- Sonatrach said the agreement will explore opportunities for cooperation in the field of hydrogen and of green ammonia to be exported to Germany
Business
AstraZeneca partners with G42
The two will manufacture 'innovative' drugs in Abu Dhabi.
- The agreement focuses on collaboration in four key areas including localizing innovative industries, research and development, innovation and sustainability at a global scale
- It cements the emirate’s position as a hub for research and innovation in life sciences and is the latest in a series of longstanding partnerships with key players in the industry
Interview
‘OPEC+ predictions more accurate as it focuses on market fundamentals and stays away from politics’
In all economic spheres from financial to commodities, credibility is a key ingredient to building the trust and confidence that...
- Playing politics with statistics and forecasting and not maintaining objectivity tend to backfire and result in loss of credibility, says Saudi Energy Minister Prince Abdulaziz
- OPEC+ has maintained its demand figures for 2021 while some others have grossly and consistently underestimated historical and current demand resulting in discrepancies
YEARBOOK 2023
GCC cautious as more cyber attacks feared in 2023
Businesses in the region are working closely with their governments to get cloud security solutions implemented to reduce the success...
- Increased use of cloud-based apps and software has been observed in the GCC due to the businesses undergoing digital transformation
- Businesses in the region are working closely with their governments to get cloud security solutions implemented to reduce the success rates of phishing attempts
Business
European Union to end two Amazon inquiries after agreement
Amazon, and its software, will be forbidden from analyzing non-public third-party seller data, and will treat all sellers equally when deciding...
- EU vice-president Margrethe Vestager announced Amazon's commitments and hailed them as a victory for smaller retailers selling products on Amazon's online marketplace.
- An Amazon spokesperson said the firm, which operates the world's biggest online store, was pleased to have responded to the European Commission's concerns.
Business
Nearly 2,000 business executives attend World Corporate Summit in Dubai
DUBAI, UAE - Nearly 2,000 global business executives and investors attended the World Corporate Summit in Dubai to share in...
- The business leaders were also building partnerships with over 100 roundtables, 20 networking sessions.
- The summit took a 360-degree view at ways to improve the world economy.
Business
Antibiotics shortages hit nations as surging illnesses spur demand
Hospitals in many countries have come under pressure from a rising number of illnesses including what has been dubbed a...
- But ramping up production of antibiotics has proved difficult for drug makers, particularly for cheap generic medicines that offer a slender profit margin.
- Pharmaceutical companies who had cut back production because of the previously falling demand are now scrambling to meet skyrocketing orders, causing delays.
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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
Apple unveils new iPhone built for AI, looks to boost sales
Cupertino, United States - Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales...
Business
Company News
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EU okays takeover of Seagen
Business
Regenerative business models keep UAE ahead globally
With 57% of C-suite executives in the UAE prioritizing regenerative models, the country is leading the global shift towards sustainable...
OPEC implores members to oppose any COP28 deal targeting fossil fuels
Dubai, UAE--The head of OPEC has urged members of the oil cartel to reject any deal at UN climate talks...
COP28 UAE
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Business
UAE’s GCAA signs MoUs with Brazil, Switzerland in air-transportation sector
Riyadh, Saudi Arabia--The General Civil Aviation Authority (GCAA) of the UAE signed two memorandums of understanding (MoUs) with Brazil and...
- The MoUs were signed on the sidelines of the UAE delegation's participation in the fifteenth ICAO Air Services Negotiation (ICAN2023),
- The GCAA chief said the UAE is eager to strengthen cooperation in the field of air transportation with various countries around the world
Geostrategy
Battles continue across Gaza as UN holds vote on ceasefire
Israeli forces maintained a relentless bombardment and ground invasion across Gaza two months after Hamas's deadly attack sparked a war...
- Israel has vowed to destroy Hamas over its unprecedented attack on October 7.
- Fighters broke through Gaza's militarized border to kill around 1,200 people and seize hostages,
Business
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
- The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
- Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.