‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
Business
OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
Business
Germany bans chipmaker’s sale to Chinese firm
Fears have been growing in Europe's economic powerhouse about an over-reliance on Beijing, and letting critical infrastructure fall into the...
- Chinese company Sai MicroElectronics had been seeking to buy the Dortmund factory of Elmos through its Swedish subsidiary Silex.
- The German government had rejected the planned takeover because "the purchase could endanger the order and security of Germany.
Business
UAB posts $32.39 million net profit
Third quarter operating income grows by 4 percent.
- In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
- The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.
Business
Meta lays off 11,000 staff, Zuckerberg calls it the ‘most difficult change’
Zuckerberg said the cuts represented 13 percent of Meta's workforce and would affect its research lab focusing on the metaverse...
- The tech industry is currently in a serious slump and several major firms have announced mass layoffs -- Twitter's new owner Elon Musk fired half its staff last week.
- Ad-supported platforms such as Facebook and Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.
Business
Dana Gas net profit up 64%
The company reported net profit of $161m for 9M of 2022.
- In a bourse disclosure, the company said the gross revenue for the same period increase by 24 percent year on year to AED1.521 billion ($415 million).
- The gains in profit were driven by higher realized prices, “prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI)”, the filing said.
Business
Villas, apartments form major chunk of $598m Dubai realty deals Tuesday
Dubai, UAE---Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by...
- The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million.
- Residential properties in the UAE remain a top priority for international real estate investors.
Business
Al Arabia’s profit up 43%
Its profit rose to $52 million in first nine months.
- The Riyadh-based firm, partly owned by media giant MBC group, saw its revenue jump 64 percent to $216 million
- It added that the results were bolstered by the company's efforts to enhance regional expansion and enter new projects and strategic partnerships
Business
Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....
- The MoU between Saudi Arabia and Oman also includes cooperation on hydrogen as well as enhancing digital transformation in the energy field
- The Saudi-Egypt deal aims to enhance cooperation in the production and export of electricity from renewable energy, transport of clean hydrogen, and electrical interconnection
Business
Elon Musk sells nearly $4bn in Tesla stock: SEC filing
Musk has been searching for ways for the social media platform to make money after the buyout, including an idea...
- Documents filed with the SEC indicated that he had disposed of more than 19 million shares, worth in excess of $3.9 billion
- Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla
Business
Crypto billionaire Sam Bankman-Fried falls prey to Binance
Described by his admirers as the white knight of a sector plunged into turmoil, SBF suddenly saw its star fade...
- Bankman-Fried has pledged to donate almost all of his fortune to his favored causes, like animal welfare and the fight against global warming
- Just over 24 hours after denying rumors of trouble, Bankman-Fried announced on Twitter that he had reached a "strategic transaction" with Binance
Business
Disney+ gains 12m subscribers as losses pile up
Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for...
- Disney+, fast on the heels of Netflix, is about to launch a cheaper but ad-supported subscription offering to attract even more viewers
- Sales and profit for the entertainment group as a whole were below analyst expectations and shares in Disney fell as much as 7.9 percent in late trading
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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
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
Business
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Najm inks pact with iot squared
Business
Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%
Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
Business
$37 billion private funding announced for new UK projects
Spanish energy company Iberdrola announced £7 billion of funding for offshore wind infrastructure while US tech giant Microsoft plans to...
Business
Stock markets on hold as investors await key US inflation data
Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that...
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EDB commits US$350m for renewable energy projects in developing countries
ABU DHABI, UAE - Emirates Development Bank (EDB) has committed US$350 million (AED 1.3 billion) to support the Energy Transition Accelerator...
- The ETAF platform is a global climate finance facility established by the International Renewable Energy Agency (IRENA).
- The announcement was made during the signing of a collaborative partnership agreement between EDB and IRENA.
Business
Chinese tourism bookings to Saudi surge 277% after mega promotional campaign
Shanghai, China -- In a bid to attract Chinese tourists, the Saudi Tourism Authority recently concluded its first, and the...
- Saudi Market Festival, a celebration of heritage, culture and nature, held at the iconic Bund Waterfront in Shanghai drew a crowd of over 80,000.
- The impact of the campaign has been substantial, with over 500 million Chinese reached, the Saudi Press Agency reported.
Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
- Under the contract, a total of 897 residential units will be built in the Jubail industrial city.
- The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.