Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...
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Saudi Re bags A3 rating
The firm got top rating with a stable outlook from Moody's.
- Saudi Re said that the ratings confirm its strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer
- Saudi Re has initiated the process of increasing its capital by up to SAR 445.5 million ($119 million) to strengthen its capital base
Business
GCC and UK aim to boost trade beyond current figure of $34bn
The Gulf Cooperation Council (GCC) and the UK began negotiations in Riyadh to boost trade, which stands at $34 billion.
- GCC Secretary-General Nayef Falah M. Al-Hajjraf met UK Trade Secretary Anne-Marie Trevelyan to launch the trade talks
- The UK is the third-largest export market for the GCC, and the new trade negotiations are expected to benefit exporters from both jurisdictions
Business
Dubal Holding signs deal with MOIAT
The deal will foster industrial cooperation between the two.
- Both the parties have agreed to cooperate in developing a framework for advancing the industrial and technology sectors in line with the directives of the UAE’s leadership
- Some of the projects currently being explored include Non-Recyclable Plastics to Liquid and Secondary Lead Smelter & Refinery through Recycling of Used Lead Acid Batteries
Business
Oil prices and equities decline on recession fears
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell...
- The S&P 500 finished just 0.1 percent lower, meaning it maintained most of the gains from Tuesday's heady session
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than six percent at one point
Business
Google first paying customer for Wikipedia’s commercial venture
Wikipedia, one of the world's most visited websites, is free to use, updated by volunteers and relies on donations to...
- Google said it had already made deals with hundreds of news outlets across Europe, Agence France-Presse among them.
- Google has previously given money to Wikipedia through donations and grants.
Business
Oil, stocks fall again as economic recession looms large
Surging energy costs are fueling global inflation, with official data Wednesday showing the British annual rate hitting a fresh 40-year...
- Oil prices were feeling the heat from recessionary fears, with both main contracts tanking more than five percent at one point.
- Crude and gas prices have soared in recent months after major economies lifted pandemic lockdowns and invasion of Ukraine.
Business
Saudi-Jordan trade value reaches $.4.4 billion riyals in 2021
The trade exchange volume between Saudi Arabia and Jordan reached 16.6 billion riyals ($4.42 billion) in 2021, compared to 11.6...
- Saudi Arabia invested $14 billion through 900 projects in Jordan, according to Saudi media reports.
- The volume of Saudi exports to Jordan amounted to 11.6 billion riyals.
Business
World Cup officials target ‘price-gouging’ as 1.2m tickets sold
Costs soar for the Qatari capital's limited accommodation. FIFA president Gianni Infantino said there were five million requests for tickets...
- Doha, with a population of about 2.4 million, is bracing itself for the huge influx of visitors. The 32-team tournament will be held at eight stadiums in and around the capital.
- Qatar says there will be 130,000 rooms in hotels, apartments, cruise ships and desert camps, where there will be 1,000 tents besides shared rooms for as little as $85 a night.
Business
A ‘small revolution’ in Iran’s pistachio trade
Abbas Emami, 88, Iran's oldest pistachio wholesaler, readies to hand his business to daughter Marjan in male-dominated trade.
- The pistachios are generally grown in the provinces of Kerman and Semnan.
- The exports brought in the equivalent of $900 million, making the industry a sizeable contributor to Iran's economy.
Business
UAE technology ministry, EDB and EDGE sign manufacturing pact
The UAE Ministry of Industry and Advanced Technology (MoIAT), Emirates Development Bank (EDB), and EDGE Group, one of the world’s...
- Under the agreement, MoIAT will support EDGE to expand global exports of cutting-edge domestically manufactured products and solutions to over 40 countries.
- The agreement is in line with the UAE’s Fourth Industrial Revolution program, Industry 4.0, and aims to support growth in the defense sector.
Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
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Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
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UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
Alphabet and Microsoft see earnings rise on AI-infused cloud
Tech giant Microsoft said Tuesday its profits rose in the latest quarter, boosted by its strength in the closely watched...
- Microsoft saw its shares rise more than 3 percent to $341.11 on earnings that underscored the momentum of its cloud business
- Alphabet reported a quarterly profit of $19.7 billion, powered by money taken in from ads, YouTube, and cloud services