Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
Business
AI, cloud tech revolutionizing Middle East retail sector
Real-time shopping platforms accessible via multiple channels and featuring high-definition live streaming as well as personalized services are boosting client...
- Real-time shopping platforms accessible via multiple channels and featuring high-definition live streaming as well as personalized services are boosting client engagements
- In the next three years, AI adoption in retail and consumer products will increase from 40 percent to more than 80 percent, according to the IBM Global Technology
Business
Yemen’s ancient honey production a victim of war, climate change
Experts consider Yemeni honey some of the best in the world, including the prized Royal Sidr known for its therapeutic...
- Experts consider Yemeni honey some of the best in the world, including the prized Royal Sidr known for its therapeutic properties
- The United Nations says honey plays a "vital role" in Yemen's economy, with 100,000 households dependent on it for their livelihoods
Business
QEWC finalizes buying 40 percent shares of Nebras
Qatar Electricity and Water Company (QEWC) said Raslaffan Operating Company WLL, a wholly-owned subsidiary of QEWC completed the purchase of...
- QEWC said that the completion of the purchase process came as a continuation of the statement issued by the company on January 4
- On January 4, QEWC said Raslaffan Operating Company WLL has completed purchase of 40 percent of the share capital of Nebras Power
Business
Misses and uncertainty: US tech giants stumble after pandemic boom
As people are freed from pandemic lifestyles that had them relying on the internet for shopping, playing, working and learning,...
- A crowded period of quarterly financial releases from the world's biggest tech firms has been marred by misses and uncertainty.
- Recession fears, strong dollar, shrinking advertising budgets and inflation, headwinds coming from every direction at the moment.
Business
Eni reports Q2 net profit of US$3.9bn
Italian energy giant Eni said Friday that its profits sky-rocketed in the second quarter as energy prices soared in the...
- Eni said in a statement that bottom-line Q2 net profit increased 15-fold to $3.9 billion
- For the whole of 2022, Eni confirmed it was aiming for operating profit of 'at least' $1.22 billion
Economy
Dubai’s real estate market sales transactions reach US$6.2bn
Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion approx (AED22.75 billion), the highest volume of sales transactions...
- Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion
- The transactions were the highest volume of sales transactions for June in the past nine years
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
ExxonMobil Q2 profits rises to US$17.9bn
ExxonMobil's second quarter profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil...
- ExxonMobil's Q2 profits nearly quadrupled to $17.9 billion that underscored the oil and natural gas prices
- The US oil giant's revenues in the second quarter rose 68.7 percent to $111.3 billion
Business
Alpha Dhabi reports net profit of US$2.2bn in H1 2022
Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
- Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
- The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Business
Sony trims annual profit forecast
Expenses incurred on acquisition of Bungie partly responsible.
- Sony Group now predicts net profit for 2022-23 will total 800 billion yen ($6 billion), down from its previous estimate of 830 billion yen.
- Sony said lower sales of games by non-house developers will likely dent its overall sales figures this financial year.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
Company News
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Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
Business
Saudis need $100s of billions for power investment by 2030: ACWA Power CEO
Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity,...
Business
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Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.
Microsoft announces $3.2 billion investment in Australia
Details of the deal were outlined by bosses at the US tech giant and by Australia's prime minister, Anthony Albanese,...
- The tech giant will expand its "hyperscale" cloud computing and AI infrastructure in Australia over the next two years
- Details of the deal were outlined by bosses at the US tech giant and by Australia's prime minister, Anthony Albanese
Business
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
- The company's net profits increased 115 percent to $411 million in the first nine months of 2023
- It attributed growth in revenues and net profits to progress of the major projects underway