Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...
Business
Iraq father begins legal action against BP over son’s cancer death
Rumaylah, Iraq - Hussein Julood is taking legal action against British energy giant BP after he lost his son to...
Business
Business
Half of finance firms in UK, US prefer internal data collection
Half of all financial services organizations in the US and UK prefer managing web scraping practices internally, compared to just...
- 50 percent of financial services organisations manage web scraping internally
- 38 percent, combine internal practices and outsourcing to third parties.
Business
Bear market triggered by panic-selling presents investment opportunities
Fortunes will be made in this current bear market as in-the-know investors use the 20 percent drop as a major...
- A bear market is the term used to describe the plummeting of financial markets by 20 percent or more from their most recent all-time high.
- “Your future self will thank you. The average bear market lasts less than a year and they typically rebound stronger than before," Nigel Green, CEO and founder of deVere Group,
Economy
UAE Industry Development Council reviews action plan
Industry Development Council meeting reviews recommendations made at the first meeting, progress in implementing them and discusses the development of...
- Industry Development Council recommends launching unified platform for industrial data
- The council reviews suggestions made at first meeting, reflects on progress in implementing them
Business
UAE-Germany non-oil trade surpasses $130 billion in 10 years
The UAE-Germany non-oil trade exchange exceeded AED 478 billion ($130 billion) from 2012- 2021, according to data from the Federal...
- The imports accounted for 89.5 percent of the total trade exchanges, while exports 3.5 percent and re-exports accounted for seven percent.
- The trade exchanges grew by 12 percent by the end of last year to AED35.3 billion against AED31.5 billion by the end of 2020.
Business
Nana ties up with Google Cloud
The alliance will ensure home delivery in 15 minutes.
- Powered by Google Cloud, Nana Direct uses the company’s unique artificial intelligence and data warehousing solution to be well informed about business decisions
- Google said that by virtue of the collaboration it will be able to bring innovative solutions to e-commerce in the kingdom
Business
Google AI splits opinion on its risks and ambitions
An internal fight over whether Google built technology with human-like consciousness has spilled into the open, exposing the ambitions and...
- The Silicon Valley giant suspended one of its engineers last week who argued the firm's AI system LaMDA seemed "sentient"
- AI remains a delicate topic in and outside the tech world, one that can prompt amazement but also a bit of discomfort
Business
High car sales adds to Iraq’s road misery
Five years ago, Iraqi taxi driver Osama Mohammed would make about six trips a day across Baghdad. Today, traffic is so...
- Experts point at many reasons for the growing chaos: a post-war mini boom has brought more people and more cars
- The research group Future of Iraq estimates that the fuel each vehicle wastes daily by idling in Baghdad traffic jams is equivalent to driving 20 kilometers
Business
UAE to raise 2022 federal budget spending by $334.9m
The UAE will raise its 2022 federal budget spending by an additional Dh1.23 billion ($334.9 million), according to the Federal...
- The FNC said on Twitter that the increased spending will come from the federal government's general reserves
- The UAE's revenue is expected to grow by about Dh374.9 million
Business
BP buys 40% stake in Australian renewable plant, largest on earth
Oil giant BP announced Wednesday it is taking a 40.5 percent stake in an Australian energy project being billed as...
- The project is expected to generate 26 gigawatts of renewable energy through wind and solar, supplying power across the Pilbara
- It will also produce 1.6 million tonnes of green hydrogen each year
Business
GCC eyes unified payment system to strengthen banks
Aiming to strengthen the financial sector and achieve economic unity by 2025, the regional governments are working on an agreement...
- The Unified Payment System Agreement is part of the GCC's commitment to boost the region's financial markets
- The participation of the GCC countries in the unified payment system is optional and also based on their readiness
Saudi Arabia partners with Microsoft Arabia for AI use in media
Riyadh, Saudi Arabia - The Ministry of Media and Microsoft Arabia signed a memorandum of understanding (MoU) in Riyadh on...
Business
Company News
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Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...
Investigation
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...
Investigation
Markets fall as traders wary due to Gaza war, Fed interest rates
Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle...
Market Report
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Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,