Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Business
Louvre Abu Dhabi, NYUAD sign collaboration agreement in key areas
Abu Dhabi, UAE -- Louvre Abu Dhabi and New York University Abu Dhabi (NYUAD) signed an MoU to collaborate in areas...
- The MoU involves exchanges among faculty, staff, and students through programmes, events, and research projects and mutual access to institutional facilities.
- The two institutions have collaborated on Reframing Museums, a live, virtual symposium on the challenges and responsibilities facing museums in the light of Covid pandemic.
Economy
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments...
- The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments.
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.38 points while Dubai General Index (DFMGI) slid 0.406 percent to 3,382.31 points.
Business
Riyad Bank to offer sukuk
The bank offering will be denominated in Saudi riyals.
- Investors, according to the bank, shall subscribe to a minimum of $66,533, with a return rate yet to be determined
- Riyad Capital will act as the sole lead manager and book runner for the potential Tier 1 capital sukuk offer
Economy
Energy majors exaggerating green performance: analysis
Campaigners say this "significant misalignment" between communication strategies and business plans could allow five of the biggest privately-owned energy firms...
- Public communications of five energy majors were found to contrast with their planned capital expenditure for 2022
- The analysis found that Shell had the largest disparity between its green talk and actual low-carbon investment
Business
UAE to deepen collaboration with India in education sector
The UAE has agreed to deepen collaboration with India in the field of education, and in this regard the two...
- An original MoU was signed in 2015 between India and the UAE in the field of education, but it expired in 2018
- It is expected to rejuvenate educational cooperation and increase academic mobility between India and UAE, besides facilitating exchange of information
Opinion
Investing in HR technology crucial for small companies
A cloud-based HR platform can help HR teams automate and streamline business processes to focus on attracting and nurturing talent....
- For any small and medium business, a modern human resources platform can be a powerful tool for transforming the acquisition, engagement and management of people
- A cloud-based HR platform can help HR teams automate and streamline business processes to focus on attracting and nurturing talent beside automating repetitive activities
Business
After Italy, US now returns antiquities to Egypt
A day after it returned dozens of antiquities to Italy, United States has now returned 16 antiquities worth $16 million...
- Nine of the pieces had been in the possession of Michael Steinhardt, described as one of the world's largest collectors of ancient art
- In 2021, Steinhardt was forced by US authorities to return 180 stolen ancient artworks worth a total of $70 million
Business
Saudi NDF to finance $89m program to boost games, esports
Riyadh, Saudi Arabia---Saudi Arabia's National Development Fund has announced a program to fund the games and electronic sports sector with...
- The program will be launched by the end of this year in cooperation with Saudi Federation for Electronic Sports and the Ignite.
- It aims to provide products and financing solutions through the development funds and banks affiliated with the Fund in partnership with private sector financial institutions.
Business
Khalifa Fund to launch e-commerce program for entrepreneurs
Abu Dhabi, UAE-- Khalifa Fund for Enterprise Development has officially announced the launch of the E-Commerce Acceleration Programme, a training...
- The programme aims to help deliver results that impact the entrepreneur's bottom line, generate profit, expand their brand's exposure and improve customer engagement.
- The five-day training will take place on the 21st, 22nd, 28th, 29th September, and 4th October.
Business
Mubadala to buy Fortress
The Abu Dhabi fund will buy it from SoftBank for $2bn.
- The PIF-backed SoftBank Group acquired Fortress in 2017 intending to use the New York-based company's expertise to aid in managing its Vision Fund
- The reports said the Abu Dhabi sovereign fund could announce an agreement in the coming weeks
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
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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...
Opinion
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,...
Economy
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...
Business
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Economy
GCC sovereigns eye fiscal rejuvenation
A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust...
- The report projects a nearly $11 billion deficit on average over 2023-2026 which is 0.5 percent of average GCC GDP over this period
- Prudent fiscal policy and the relatively higher oil price environment have resulted in some governments repaying part of their debt stock
Business
Meta, TikTok challenge incoming EU digital market law
Brussels, Belgium - Tech giants Meta and TikTok are contesting the scope of an EU law that from March will set...
- As with the Digital Services Act, which came into force in August, and the 2016 General Data Protection Regulation, the DMA comes with sharp teeth.
- Companies found infringing the DMA expose themselves to fines that could go as high as 20 percent of their global turnover, or even orders to be broken up.
Business
US chip curbs disturb Chinese firms AI projects
Shanghai, China - US restrictions on advanced computer chips are forcing China's tech giants to rethink their ambitious AI-powered projects, analysts...
- E-commerce titan Alibaba on Thursday became the latest Chinese firm to admit to feeling the bite of US sanctions
- The curbs now target cloud computing to prevent Chinese companies from accessing powerful AI chips hosted elsewhere