Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Business
Saudi to host second Global Artificial Intelligence Summit in Sept
Riyadh, Saudi Arabia: Riyadh will host the second edition of the Global Artificial Intelligence Summit from 13 to 15 September,...
- AI is expected to boost global gross domestic product (GDP) by 14 percent by 2030, or nearly $15 trillion.
- The summit includes more than 100 sessions in which more than 200 speakers will participate, working with more than 3,000 participants.
Business
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
- The Central Bank of the UAE has launched the corporate website with various interactive digital services for meeting the aspirations of the consumers.
- The CBUAE plans to be among the top central banks globally in promoting financial stability.
Business
Honda, LG to invest $4.4 bn
Firms say construction of US plant to begin next year.
- Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture to invest $4.4 billion in a US electric car battery plant
- The move comes after California last week ruled that all new cars sold in America's most populous state must be zero-emission from 2035
Business
Tibbiyah suffers H1 loss of $6m
The Saudi health provider's revenue slumped to $58.54m.
- Tibbiyah said the poor financial performance was due to disruptions in the global supply chain, resulting in sales delays
- The company believes its full-year performance will be better, supported by a typically stronger second half and the investments it has made in 'internal capabilities'
Business
Germany stocks up large gas reserves despite Russian cuts
Owing to its energy saving measures in recent weeks coupled with huge purchases of gas from suppliers other than Russia,...
- Germany’s energy regulator the Federal Network Agency said last week the country was unlikely to meet its goals
- Gas flows from the main pipeline, Nord Stream, fell to 20 percent, with the EU accusing Moscow of using energy as a weapon in its stand-off with the West over Ukraine
Business
Women take lead in UAE, invest $9.42bn in 8 months at ADX
Some $9.42 billion have been invested in the financial markets by Emirati women during the last eight months of the...
- It represents a 74.7 percent growth over the corresponding period last year, when their trading value was around $5.39 billion
- Owning $1.06 billion of shares at ADX, there are 219,000 Emirati women investing at ADX until mid-August 2022
Business
Ancient Iranian rug tradition gets makeover as sales sink
Changing tastes and increased competition from Asia have forced some in the trade to redesign and resize a tradition dating...
- Rugs traditionally woven in the Islamic republic are known for dense, curving floral designs in rich colours
- Their beauty and quality have long been recognised worldwide, yet sales have collapsed over the past 30 years
Geostrategy
Tokyo to push for African seat on UN Security Council, says Japan PM
Japan will use its place on the United Nations Security Council to push for an African seat on the top...
- Japan was among five countries elected in June to hold a non-permanent seat on the UN Security Council for 2023 and 2024
- Japanese PM also promised aid to train police officers and support "fair and transparent" elections across the continent
Business
NBK Bahrain H1 net profit $145m
The profit in the same period last year was $159m
- As of end of June 2022, NBK-Bahrain’s total assets stood at BHD 7.05 billion compared with BHD 7.13 billion for the same period in 2021.
- customer deposits increased by 68 percent y-o-y to BHD 3.080 billion compared with BHD 1.829 billion for the same period of previous year.
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Top tourist destinations in Dubai
Dubai tourism recovered fast after the easing of Covid-19 restrictions, registering a 203 percent increase in the number of visitors...
- The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period, the highest globally in Q1.
- Dubai was rated the third safest city to travel for solo female travelers.
Social media’s evolving role in GCC spotlighted at Doha conference
Doha, Qatar – The Qatar Investment and Innovation Conference, held on Wednesday, at Barahat Msheireb in Msheireb Downtown Doha, brought...
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Saudi inflation in Oct slightly down amid economic challenges
Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
Economy
US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
Business
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Business
Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
- The Iranian minister said feasibility studies for connecting power grids have been conducted through three routes including Georgia, Azerbaijan, and Turkmenistan
- He said the use of electricity in Iran’s industrial sector has exceeded that of the household sector for the first time in the history of the country’s power industry
Snapchat to add in-app Amazon shopping
In-app shopping will be available for select products advertised on Snapchat and sold at Amazon, the spokesperson added. People will...
- Snapchat-parent Snap shares shot up more than 7 percent on the news, ending the formal trading day at $12.15 per share
- Snap and Amazon last year unveiled a collaboration that let Snapchat users "try on" eyeglasses using AR then buy those they liked at Amazon
Business
AD Ports net profit up
It posted a 189% jump in revenue in Q3 to US$1.15bn.
- Its EBITDA rose by 28% YoY to $207 million during the third quarter, largely supported by the acquisition of Noatum and Karachi Gateway Terminal
- The company said that the negative net operating cash flows of $158 million were impacted by a temporary deterioration in working capital