Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Geostrategy
UAE, Jordan ink pact to standardize specifications
The UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Memorandum of Understanding (MoU) with the Jordan Standards and...
- The agreement aims to facilitate industrial, trade and economic growth in both the UAE and Jordan.
- The pact encourages cooperation in conformity assessment procedures for non-food and non-pharmaceutical industrial products.
Business
Saudi Education Minister meets founder of edX platform in US
Saudi Arabia's Minister of Education Dr. Hamad bin Mohammed Al AlSheikh has met with the leaders of edX platform at...
- The minister met the platform's founder to discuss ways to promote cooperation in the online education and e-training industry,
- The two discussed ways to develop a partnership between the National Center for E-Learning FutureX and the edX platform.
Business
UN succeeds in raising US$75m to salvage oil tanker off Yemen
The decaying 45-year-old FSO Safer, long used as a floating storage platform and now abandoned off the rebel-held Yemeni port...
- UN officials last month warned that the ship was a ticking environmental time bomb requiring immediate action
- It warned a spill could destroy ecosystems, shut down the fishing industry and close the lifeline Hodeida port for six months
Business
Saudi Steel lands contract
It won a $40 million contract from Aramco to supply pipes.
- Saudi Steel Pipe Co. said, in a bourse filing, that it expects to see financial impact from its new order in the second and third quarters of 2023
- The pipe producer, in May, signed a 10-month contract worth $25.86 million with Saudi Aramco to supply the latter with oil and gas steel pipes
Business
Raydan to cut capital by 53%
The food company will reduce the capital to $42.13 million.
- According to a bourse filing, the company is cutting its capital from $90 million to $42.13 million
- The food company's accumulated losses reached $45 million in the first half of the year, representing 53 percent of its share capital
Business
Saudi Arabia emerges as one of the world’s top eSports hubs
The PUBG Mobile tournament was part of Gamers8, a summer festival spotlighting Saudi Arabia's emergence as a global eSports dynamo...
- Saudi Arabia's interest in gaming and eSports comes from the very top, with Crown Prince Mohammed bin Salman said to be an avid "Call of Duty" player
- Saudi gamers are revelling in their country's newfound status and the eye-watering prize pools it brings
Business
ENOC Group announces 50% Emiratisation during Careers UAE 2022
The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE.
- The various energy career opportunities were revealed during ENOC’s participation at the 21st edition of Careers UAE
- ENOC is recruiting young talented Emirati nationals in the energy sector in specialisations including chemical, mechanical, and electrical engineering
Business
Aviation leaders warn travelers of higher ticket prices
Warning travelers around the world of more price pain, the IATA head and Qatar Airways chief have said that the...
- IATA says airlines posted losses of $180 billion in 2020 and 2021 and expects another $9.7 billion in losses this year
- Akbar Al Baker said Hong Kong's aviation sector had been "devastated" by Covid restrictions, the city was no longer a global aviation hub
Business
Qatar World Cup opens new room for UAE hospitality
Hotels in Dubai are reporting an increase in room bookings ahead of the Qatar World Cup 2022, with many expecting...
- Hotels in Dubai are reporting an increase in room bookings ahead of the Qatar World Cup 2022, with many expecting to be fully booked during the international football event
- Spillover demand will undoubtedly be especially for hotel accommodations in cities such as Dubai, Abu Dhabi, Muscat, and Riyadh, says Faisal Durrani of Knight Frank
Business
TAQA secures $1.09 bn funding to finance Mirfa power plant’s debt
Abu Dhabi, UAE-- Abu Dhabi National Energy Company (TAQA) has secured $1.09 billion in funding to refinance debt for Mirfa...
- Mirfa International Power & Water Company (MIPCO), which owns and operates the plant, secured the dollar-denominated financing from nine international and regional lenders.
- The funding was utilized to refinance the company’s debt raised in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region.
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
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Social media plays key role in shaping online trading
"The rapid pace and fervor surrounding social media have introduced volatility into financial markets, leading to instances where stocks, particularly...
Opinion
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
Business
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...
Business
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Business
US markets up after Nvidia reports $9.2 billion in third-quarter profit
New York, United States - Wall Street stocks resumed their upward climb early Wednesday following strong results from artificial intelligence player...
- The broad-based S&P 500 gained 0.6 percent to 4,566.85, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 14,337.20
- Nvidia said it made a profit of $9.2 billion on revenue of a whopping $18.1 billion, compared with $5.9 billion in the same quarter a year earlier
Business
Crude prices slip 4% after OPEC+ reschedules Vienna meeting
The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to...
- The 13 OPEC members led by Saudi Arabia and their ten partners led by Russia were due to decide on their output policy amid slumping crude prices
- Traders worry that crude demand will slump, with concerns about the health of the global economy as China's post-Covid rebound stutters
Business
From Changpeng Zhao to Do Kwon: The fallen kings of crypto
Seoul, South Korea - Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period...
- Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations
- A celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the industry, and his net worth peaked at around $65 billion in 2022