OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
Business
Business
Dubai Multi Commodities Centre launches DMCC Gaming Centre
Dubai, UAE---Dubai Multi Commodities Centre (DMCC), which is currently home to more than 50 gaming companies, has launched the DMCC...
- Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments.
- Members will have the opportunity to join gaming specific acceleration and market entry programmes through DMCC ecosystem partner, AstroLabs.
Business
GPSSA clarifies conditions of insured individuals
ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) said that the registration of insured individuals in...
- Emirati nationals should not be less than 18 years old nor over 60.
- Entities operating in the field of tourism and hotels, including in the free zones, who employ Emiratis are all subject to the provisions of the law.
Business
HUB71 startup community raises $1bn in venture capital
The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies.
- The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies
- Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms to family offices
Business
Masar signs $1.86 bn pact for construction of seven hotels in Makkah
Makkah, Saudi Arabia---Umm Al-Qura for Development and Construction Company, owner and developer of Masar Destination, an integrated urban destination in...
- Baytur Construction Company appointed main contractor and Al Dar to supervise the implementation.
- The agreement boasts the famous hospitality brand Kempinski and the international Taj chain for the first time in Makkah.
Economy
ECB mulls rate hike slowdown on ‘peak inflation’ hopes
As part of its monetary policy tightening, the ECB will on Thursday outline the next steps in its efforts to...
- Following two consecutive interest rate hikes of 75 basis points, markets are on tenterhooks to see whether the ECB will keep up the aggressive pace or downshift to 50 basis points
- This week's meeting of the ECB's 25-member governing council in Frankfurt will be the final one of 2022, a year that will be remembered for unprecedented consumer price shocks
Economy
Elon Musk targets US Covid response lead Fauci in viral tweet
Musk also posted a meme showing Fauci telling US President Joe Biden, "Just one more lockdown, my king..." -- in...
- Musk posted a meme showing Fauci telling US President, "Just one more lockdown, my king..." -- in apparent criticism of the Covid mitigation measure
- Vaccine scientist Peter Hotez called on Musk to delete the tweet, saying, "200,000 Americans needlessly lost their lives from covid due to such misinformation
Business
Algeria’s Sonatrach starts production in new gas field
The company announced the completion of production of the Tinrhert gas field at the end of November 2022.
- The company announced the completion of production of the Tinrhert gas field at the end of November 2022
- Algeria has signed many energy agreements with European countries during the current year
Business
ACWA Power signs deal with China
The $1.5bn deal will herald a new energy transition phase.
- The strategic partners from China include Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co, and China Southern Power Grid
- The deals will lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and BRI countries
Business
Saudi Arabia and Kuwait to jointly develop Al-Durra gas field
Riyadh, Saudi Arabia—Saudi Arabia has signed a memorandum of understanding (MoU) with Kuwait on Sunday to develop Al-Durra gas field...
- In March the two countries had agreed to develop the Al-Durra submerged gas field
- The development of the field comes in implementation of the MoU signed by Saudi Arabia and Kuwait in 2019, which included the joint work to develop and utilize Al-Durra field
Business
Turkey’s auto sector grows 6% from Jan-Nov 2022
The sector witnessed the manufacturing of 1,210,331 cars in the period.
- The sector witnessed the manufacturing of 1,210,331 cars in the period
- The automotive exports grew by 5 percent over the past eleven months
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
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UDC posts net profit of US$63m
Business
QFZ, Samsung C&T ink MoU
Business
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
44 large direct deals on IHC worth $1.205 bn at ADX Thursday
Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...
Business
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
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Business
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
- The Central Bank's cash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
- During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
Business
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
- The Kingdom kept the 17th place among the largest holders of US Treasuries for the month, Argaam reported.
- Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $102.3 billion.
Sony PlayStation 5 sales cross 50 million units
Since releasing the first PlayStation in 1994, Sony has grown into a titan of console gaming, a market whose revenues...
- The PlayStation 5 was launched in November 2020 and its sales initially suffered because of widespread supply chain problems and a global chip shortage
- PS5 reached the 50-million-unit milestone in almost the same period as its predecessor, the PS4, with Sony saying its flagship console enjoyed "strong momentum" in 2023