1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
Business
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
Geostrategy
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...
- The Iran-backed Houthis have launched more than 30 attacks on commercial shipping and naval vessels since November 19, the Pentagon said on Tuesday
- Houthi attacks have prompted some shipping companies to detour around southern Africa to avoid the Red Sea, a route that carries about 12 percent of global trade
Business
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
- In December, airlines in the region posted an 18.3 percent increase in demand for both global and international operations compared to 2022.
- Global full-year demand in 2023, measured in cargo ton-kilometers (CTKs), was down 1.9 percent compared to 2022 (-2.2 percent for international operations).
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
Qatar awards $6bn in contracts for Al-Shaheen oilfield expansion
The four engineering, installation and procurement contracts will increase production at the Al-Shaheen oilfield -- the country's largest -- by...
- Al-Shaheen currently produces 300,000 barrels per day and is operated through the North Oil Company, a joint venture between QatarEnergy and France's TotalEnergies.
- QatarEnergy said the third phase of expansion at Al-Shaheen, which began production in 1994, will be implemented over five years.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.
- The Spanish lender added five million customers last year, bringing the total to 165 million worldwide
- Lenders across Europe have reported bumper earnings after central banks worldwide hiked rates
Microsoft revenue surges
The company said sales leaped to $62 billion in Q3.
- The company said sales leaped to $62 billion for the October to December period, up 18 percent year-on-year and above the $61.1 billion projected by analysts
- Revenue for Microsoft's Azure cloud services jumped by 30 percent in the period, driven by the bigger computing needs that come with the adoption of AI
Google says AI helped boost profits
Alphabet reported a profit of $20.7 billion.
- Alphabet reported a profit of $20.7 billion on revenue of $86.3 billion, with strong contributions from video-sharing platform YouTube and its cloud computing unit
- Google ads brought in a total of $65.5 billion in the quarter, compared with $59 billion in the same period the prior year, according to the earnings report
Business
China edges out Japan as world’s top vehicle exporter
In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where...
- Japan's vehicle production in 2022 excluding motorcycles totalled 7.84 million units
- China's BYD this month snatched Tesla's crown for most sales of all-electric vehicles
Business
DFM net profit climbs 124 percent
Its board has proposed a cash dividend of US$76.24m.
- The upswing in profit was propelled by a significant uptick in trading activities, capital inflow and a notable influx of new investors
- The bourse consolidated its status as a premier market for IPOs, with the listing of Dubai Taxi Company and Al Ansari Financial Services
1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo
Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
Business
Company News
EGA to acquire Leichtmetall
Business
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Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
Business
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process Â
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
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Business
OpenAI unveils voice-cloning tool
It can essentially duplicate someone's speech.
- OpenAI model called "Voice Engine" can essentially duplicate someone's speech based on a 15-second audio sample, according to the San Francisco-based company
- We have implemented a set of safety measures, including watermarking to trace the origin of any audio generated by Voice Engine, OpenAI said
UAE and Kenya sign agreement to enhance digital, tech cooperation
Abu Dhabi, UAE--The UAE and Kenya have signed an investment memorandum establishing a framework for investment cooperation in digitalisation and...
- The cooperation between the two countries could also include developing data centre projects with a total capacity of up to 1,000 megawatts
- The African country is also becoming a preferred investment destination for data centre providers, with the growing demand for cloud services
Business
Turkish Airlines restarts Libya flights after almost a decade
Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended...
- The airlines's chief executive, Bilal Eksi, attended a ceremony at Mitiga International Airport on Thursday to mark its first flight to Libya since 2015.
- A company spokesman told AFP on Friday that Turkish Airlines will operate flights to Tripoli three times a week on Tuesdays, Thursdays and Sundays.