Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
Business
Business
dnata to invest $100m in green ops
dnata, global air and travel services provider, announced that it would invest $100 million in green operations in the next...
- The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives.
- The company said it aims to reduce its carbon footprint by 20 percent by 2024, and by 50 percent by 2030.
Business
AFZ e-commerce grows 45 percent
The Free Zone announces this at Seamless Middle East 2022.
- AFZ said the growth can be attributed to the authority's diverse set of offerings, primarily warehouse solutions and the evolving e-commerce sector in the UAE.
- The dedicated logistics cluster also benefits e-commerce businesses by providing access to end-to-end warehousing capabilities, AFZ said.
Economy
Qatar launches Advanced Manufacturing Hub in partnership with WEF
The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network.
- The cooperation seeks to transform Qatar into an advanced economic and industrial hub by enhancing its international connections network
- Qatar's AMHUB is one of 13 platforms that were launched by WEF all over the world whose aim is to enhance the future of the industrial sector internationally
Business
Demand for garments, footwear stagnant in Jordan
Asaad Qawasmi, the Jordan Chamber of Commerce's representative for the apparel, fabrics, footwear, and jewelry sector, said that demand has...
- Asaad Qawasmi, the Jordan Chamber of Commerce's representative for the apparel, fabrics, footwear, and jewelry sector, said that demand has plateaued since the Eid Al-Fitr
- He expressed optimism that the market was expected to improve in about three weeks from now with the return of expats and visitors for the summer break
Economy
Russians prepare for hardships as sanctions begin to hit
With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet...
- Russians citizens are reporting a litany of problems, including shortages of everything from paper to medicine due to the European sanction imposed on Moscow
- Direct air links with Europe have been severed and Russian citizens are unable to use their bank cards abroad
Business
EDB to provide financial support to SMEs, startups in free zones
The Emirates Development Bank (EDB) has teamed up with the Hamriyah Free Zone in Sharjah and the Sharjah Airport International...
- EDB will offer its range of financial solutions to SMEs and start-ups in Hamriyah Free Zone and SAIF, including capex financing for expansion or facility upgrades
- Al Mazrouei noted that the Emirates Development Bank is an important national institution, providing financing and banking solutions for a critical segment of the national economy
Business
Middle East construction set to build on oil prices
Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction...
- Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction and development investment, says Gary Tracey of JLL
- Construction output is forecast to grow at an annual average growth rate of 2.3 percent over 2022–2030, with prices likely to be impacted by the geopolitical situation
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
Business
Saudi Arabia, Jordan discuss ways to enhance maritime transport relations
A joint panel of the two countries discuss the mechanism to develop and modernize previous agreements related to maritime transport.
- The two countries review the latest developments in the maritime transport sector and ports
- The Saudi-Jordanian Technical Committee for Maritime Transport is holding its third session in Aqaba
Business
Iraq to France: Ready to supply European markets oil
Iraq's State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq's supplying the...
- About 60 percent of Russia's exports of crude oil go to the European continent, but in the shadow of Ukraine war, it will need new suppliers.
- Italian Prime Minister Mario Draghi recently visited gas powerhouse Algeria as Rome steps up efforts to reduce its heavy reliance on Russian energy imports.
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Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
Company News
Latest News
Waha Capital H1 2023 profit up 221%
Business
Qatar, Iran discuss cooperation in free zones, investment
DOHA, QATAR - Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
Geostrategy
ADNOC awards two contracts for Hail and Ghasha Offshore Development project
ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
Business
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Business
ADNOC signs pacts with 30 firms
This will create manufacturing opportunities worth $2.7bn.
- The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain, ADNOC said.
- Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies, are among the products to be produced locally.
Business
Arab Development Establishment looks for JV partnerships in oil, gas sector
Abu Dhabi, UAE-- The Arab Development Establishment (ARDECO) has revealed that it is in talks with several international companies in...
- The CEO of ARDECO said the partnerships with global companies will strengthen the government's approach to making the emirate a global hub for the oil and gas sector
- He went on to add that his company represents more than 200 global firms in gas, oilfield services, and it intends to transform its relationship with these companies
Google’s new phone to run AI on-device
At a launch event in New York, Rick Osterloh, SVP of devices and services at Google, said that the company's...
- The announcement by Google caps the autumn release season for big tech hardware that saw Apple unveil the iPhone 15 series and Meta officially launch its latest VR headset
- Running on a powerful chip, Google's Pixel 8 Pro would carry out AI functions on device itself instead of relying on transfers from cloud data centers that require heavy bandwidth