OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
Audi’s sustainable Middle East luxury drive
The Arab countries are experiencing a significant surge in the adoption of electric vehicles (EVs), particularly favoring premium models, says...
Business
Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...
- In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
- The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Economy
Stock markets slow as investors weigh recession prospects
The OECD on Wednesday warned that the world economy would pay a "hefty price" for Russia's invasion of Ukraine as...
- European stock markets were lower Wednesday approaching the half-way stage.
- All eyes are on the release of US inflation data for an idea about the future Fed rate hikes.
Business
Credit businesses need to increase access to finance: EDB CEO
Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB), has called on the local and regional banking...
- Ahmed Mohamed Al Naqbi was speaking at Bonds, Loans & Sukuk Middle East 2022, which was held in Dubai.
- Bonds, Loans & Sukuk Middle East Bonds hosted 70-plus speakers, 550-plus sovereign, corporate and financial institution borrowers and 200-plus investors and lenders.
Business
ADU Holding rebranded NEMA
NEMA Holding to establish academic arm, NEMA Education.
- NEMA Education's portfolio includes several higher education institutions and professional training companies, including Abu Dhabi University.
- NEMA Education has over 10,000 students across its educational institutions and thousands of others who receive professional training through its training institutions.
Business
Zara owner Inditex profits up
The company's net profit increased by 80 percent
- The world's biggest fashion retailer said its net profit increased by 80 percent in the first three months of its financial year to April 31
- The fashion group, which owns eight brands including upmarket Massimo Dutti warned earlier this year that 2022 sales would be impacted by Russia's invasion
Business
DP World to run Southampton terminal on vegetable oil
DP World's Southampton container terminal will now be run on vegetable oil instead of the usual diesel fuel to scale...
- Diesel previously accounted for 90 percent of the terminal’s emissions but Hydrotreated Vegetable Oil (HVO) eliminates more than 80 percent of net carbon dioxide emissions
- DP World first trialed HVO last year, using the fuel in its forklift trucks, reefer (refrigerated unit) generators and straddle carriers
Business
UAE looks to boost economic partnership with Egypt, Jordan
The UAE wants to boost cooperation with Egypt and Jordan in the financial sector in order to achieve sustainable growth...
- The governors noted that their industrial partnership reflects a new phase of enhancing financial relations and contributes to achieving sustainable economic growth
- At the end of the meeting, Balama and Dr. Al Sharkas signed a Memorandum of Understanding (MoU) to enhance financial and banking co-operation
Business
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...
- The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
- The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Business
Apple unhappy as EU agree on common charger for all its devices
The EU said the current situation remained wasteful and that European consumers spent approximately 2.4 billion euros ($2.8 billion) annually on...
- For most portable devices the requirement for charging via a USB Type-C port will come into effect from late 2024, negotiators said, while laptops will be given more time.
- The USB-C rule will also stretch to digital cameras, headphones, headsets, portable speakers and E-readers.
Business
EQT X, Mubadala to buy Envirotainer
Envirotainer is the global provider of transportation of biopharmaceuticals.
- EQT Private Equity and Mubadala said they will seek to support Envirotainer in its next growth phase by accelerating expansion in APAC.
- Envirotainer has a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries.
OpenAI reveals new GPT-4o model that is faster and free for all users
OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with an updated user interface, the...
Business
Company News
EIH gives $27.2m dividend
Business
QAMCO’s H1 net declines 60.7%
Business
Latest News
Navigating the complex landscape of cyber insurance
The cyber insurance industry will persistently evolve as the threat landscape expands. As the criteria for insurability rise, enterprises shouldn't...
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
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Business
Volkswagen revenue up
The automaker made sales to the tune of US$83.5bn in Q3.
- The automaker's operating profit for the quarter also increased, to around $5.19 billion, on an operating margin of 6.2 percent.
- The company's sales saw a 20-percent jump in Western Europe, delivering 2.34 million vehicles over the July-September period
Business
Palms Sports posts Q3 profit
Its revenues rose 77% to US$92m in the same period.
- The company's revenue from contracts climbed 77% in Q3, surging from $58.43 million to $92 million
- Its CEO and MD Fouad Darwish said they expect Q4 to "a healthy growth year for Palms Sports"
Business
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the...
- With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the Gulf region has been commendable, says a report
- Despite challenges such as intricate transactions and the demand for universal standards, the potential of financial technology and green financing is immense, it adds