RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Business
Morocco and EU sign ‘green partnership’ deal
Aiming to bolster cooperation on renewable energy, Morocco and the European Union have signed a "green partnership" deal in order...
- Bourita said that the "harsh international reality has shown, both in Europe and in North Africa, that when it comes to energy, it is reliability and only reliability that counts"
- The memorandum of understanding signed on Tuesday is set to boost cooperation on energy and the fight against climate change, with private sector involvement
Business
Goldman Sachs Q3 profit at $3bn
The bank's revenues declined 12 percent to $12 billion.
- Profits were $3.0 billion, down 44 percent from the 2021 period, while revenues declined 12 percent to $12.0 billion.
- The bank's chief executive, David Solomon, said that businesses should be "cautious" in light of increased volatility.
Business
Poll: Most MENA users consider metaverse a fad
Nearly 32 percent of respondents to a TRENDS poll saw metaverse as a good investment for GCC businesses, as two...
- Saudi Arabia will spend US$6.4 billion on advanced technologies, including US$1 billion investment in the NEOM Tech & Digital Company.
- In the UAE, Damac bets big on digital property. The Group plans to invest up to $100 million in the project, including building its own virtual cities.
Market Report
Markets climb on bright US earnings, UK policy U-turns
Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to...
- US industrial production also picked up more than anticipated in September, according to official data.
- On Wall Street, the Dow Jones jumped two percent at the open after a day of strong trading in Asia and Europe, before paring back gains later in the morning.
Geostrategy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
- Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
- The Emirate and Bangladesh have organized the Economic Cooperation Forum to enhance mutual investment opportunities.
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Business
Morocco supervisory authority approves Takaful Insurance Company
Rabat, Morocco---A Takaful insurance company will be established in Morocco by Qatar Islamic Bank, Atlanta Insurance and Moroccan Tourism and...
- The Atlanta Insurance Company will hold 60% of the shares, Moroccan Tourism and Real Estate Loan Bank 20% and Qatar Islamic Insurance Company and QIIB 10% each.
- Takaful is Sharia-compliant Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
Business
Foxconn of Taiwan unveils more electric vehicle prototypes
The Taiwanese tech giant Foxconn has moved to diversify beyond electronics assembly and embraced the competitive but rapidly expanding EV...
- The world's largest contract electronics maker, Foxconn already plays a lynchpin role in assembling gadgets for a host of top international brands including Apple's iPhones
- Foxconn has also started building electric vehicles for Lordstown Motors after completing its purchase of a former General Motors plant in Lordstown, Ohio in May
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Company News
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Infographics
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
Business
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
Business
Big tech firms have been fined billions, but not paid them
PARIS, FRANCE - Rarely a month goes by without big tech companies getting fined for price fixing, squashing competitors or misusing...
Business
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Opinion
AI, NLP transform business operations in Gulf region
AI and NLP are revolutionizing workplace efficiency by enabling employees to swiftly access essential information, thereby augmenting customer and personal...
- AI is creating a 'frictionless' work environment, streamlining daily operations.
- Invisible apps provide seamless integration, enhancing employee efficiency.
Economy
Abu Dhabi to host third edition of Investopia summit in February
Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year,...
- The event is expected to be graced by thousands of particpants from around the globe and locally, including investors, government officials, decision-makers, and entrepreneurs
- The minister said that the summit is one of the important projects of the UAE in transitioning towards the new economic model and stimulating investment in future economic sectors
Business
In shock move, OpenAI sacks ChatGPT star CEO Sam Altman
His dismissal caught the tech world by surprise, with rumors rife on social media as to the cause of the...
- Altman became a tech world sensation with the release nearly a year ago of ChatGPT, an artificial intelligence (AI) chatbot with unprecedented capabilities
- Analysts scrambled to interpret the shakeup, and the sacking of 38-year-old Altman, a Stanford University dropout, entrepreneur and computer coder