DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....
Davos25: Qatar, Saudi, UAE to lead GCC transformation, says Cytomate COO
DAVOS, Switzerland -- Bilel Al Souaied is an entrepreneur and venture capitalist. He is the COO of Cytomate, a leading...
Interview
Business
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
- Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
- Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Business
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
- Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
- Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
- Ahmed Moussa, spokesman for the ministry, said that the electrical connection with neighboring countries will not achieve self-sufficiency for the national system
- He said the final operation was signed with Turkey to pass 300 megawatts, but the rise in electricity prices and the rise in demand for gas hampered the implementation
Business
Saudi PIF launches new company to digitize real estate sector
The Public Investment Fund has launched a new company aiming to digitize and develop the local real estate sector through...
- Saudi Arabia has set an ambitious target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani program
- According to the Ministry of Housing, the home ownership rate rose to 60 per cent in 2020 from 47 per cent in 2016
Analysis
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick...
- It's a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS
- 'The existing greenscape and bluescape infrastructure are less suitable for handling excessive rain. Therefore, we are witnessing floods,' Chandra Dake adds
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Business
Gulf Navigation repays loan
The $2.7m loan was financed by "Rasmala" for a vessel.
- In a bid to reduce financing costs, the company said last August that it had refinanced five petrochemical tankers under new and preferential terms with a major Chinese lender.
- The debt has also fallen to 294 million dirhams today, compared to 433 million dirhams at the end of 2020.
Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
Geostrategy
Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West...
- Skyrocketing energy prices since the start of the war in Ukraine have wreaked economic pain on countries.
- Someone in Europe has made a bad calculation. It is essential to rethink the strategy to save jobs and businesses, said Matteo Salvini, a far right leader in Italy.
Business
Pure Health to invest US$500m
It will buy stake in a US healthcare firm Ardent.
- Ardent Health Services is the fourth largest private hospital operator in the United States with operations across six states.
- Pure Health would receive board observer rights but would not have a seat on Ardent’s board of directors.
DeepSeek sparks AI stock selloff
Global investors dumped tech stocks following the emergence of a low-cost Chinese AI assistant startup DeepSeek that would threaten Nvidia....
Company News
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Chimera launches Lunate
Business
IBM pulls ads from Elon Musk’s X over pro-Nazi posts
In the year since taking over Twitter, now rebranded as X, Musk has gutted content moderation, restored accounts of previously...
Google launches new AI features for organizing photos
Washington, United States - Google said on Thursday that Google Photos now groups together similar photos and organizes screenshots and...
Business
UAE awards EDGE $65m contract to supply unmanned aerial systems
Abu Dhabi, UAE – ADASI, the EDGE Group entity, a regional leader in autonomous systems and services, said on Thursday...
Business
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Business
Focus shifts to societal impact and ethical use of AI
AI and data stakeholders will gather at Global Data Dialogue 2023 -- to be hosted in Dubai next week by...
- AI and data stakeholders will gather at Global Data Dialogue 2023 - to be hosted in Dubai next week by DataLEADS - to discuss AI's sector-wide transformative potential.
- Through engaging panel discussions, illuminating show-and-tell sessions, the summit endeavors to spark dialogues that will shape the trajectory of AI and and data science globally
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
- ADASI, an EDGE entity which designs and develops autonomous systems, will oversee the production and deliver the contract to the UAE Armed Forces.
- The REACH-S will provide the UAE Armed Forces with a cost-effective, 24-hour intelligence, surveillance and reconnaissance (ISR) capability.
Business
Emirates sign deal with Airbus to buy 15 A350-900s
Dubai, UAE - Dubai-based Emirates on Thursday announced an order for 15 long-haul Airbus A350-900s, bringing to 110 the number of...
- "The A350-900s will add to our fleet mix and we are pleased to announce additional orders for this aircraft type, said Emirates official
- "We plan to deploy our A350s to serve a range of new markets including long-haul missions of up to 15 hours flying time from Dubai," he added