Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...
Geostrategy
Business
UAE and Turkey export credit agencies to enhance trade ties
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Understanding (MoU) with Turkey’s export...
- The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance and project financing, ECI said in a statement.
- Turkey is the UAE’s seventh-largest trading partner, with the non-oil trade between the two reaching AED 49.4 billion.
Business
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
- The investment comprises a capital contribution of AED2.6 billion and an undrawn capital commitment of AED6.6 billion.
- The fund's investment emphasis aligns with Alpha Dhabi's growth strategy, which focuses on investment in disruptive technologies.
Business
Etihad Rail signs expertise-exchange MoUs with Spanish, UK firms
Etihad Rail has signed three Memoranda of Understanding (MoUs) with Renfe, Spain’s national railway operator; High Speed 1, the first...
- The MoUs were signed during the second day of Middle East Rail 2022, which is hosted by Etihad Rail in partnership with the Ministry of Energy and Infrastructure.
- Middle East Rail is the largest transport event in the Middle East, North Africa and South Asia, will bring together leaders of the entire transportation community.
Business
UAE-Germany non-oil trade 10.5 percent to $9.5 billion in 2021
The non-oil trade between Germany and the UAE amounted to $9.5 billion during 2021, a 10.5 percent increase compared to...
- "Our economies are both very much geared for the possibilities of the future," Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade
- Al Zeyoudi said that Germany has become UAE's most important trading partner in the Middle East.
Business
Experts at GALF call for consolidating data to formulate policies
A panel deliberated on the advances in integrated, automated, electric mobility in the airport environment.
- A panel deliberated on the advances in integrated, automated, electric mobility in the airport environment
- The world’s largest airport industry B2B platform has a sharp focus on sustainability to help the aviation industry reduce carbon footprint year on year
TOP CEO 2022 Winners List: And the award goes to…
The most transparent and credible business awards in the Arabian Gulf celebrate leaders of the stock market-listed companies in the...
- The 6th edition of TOP CEO Conference and Awards ended on Wednesday evening with a promise to return in 2023
- The first day of the conference is branded as Arab Women Forum while the second day was more about hardcore business
Business
Delivery platforms run on woeful condition of riders
Riders of an online food ordering firm, who recently protested against unfair pay, allege that not only do they get...
- The riders complain that rising fuel prices and wider delivery areas have made their economic position unsustainable.
- Since they get paid by the number of deliveries, their lives are at risk as they are always on their toes to make more deliveries by the end of the day.
Economy
Record wheat prices a global worry, put poor countries at risk of poverty
Low rainfall or droughts in major producing countries were already causing worries before Russia's invasion of Ukraine in February sent...
- Ukraine struggles to sell and sow its wheat crops, putting consumers in poor countries at risk of poverty and famine.
- There are around 270 million tons of wheat in stock for a planet that consumes around 800 million a year. Around half are in China which has one year's consumption in reserve.
Economy
UK inflation highest in 40 years on rocketing energy costs
Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of...
- Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices.
- The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.
Business
Robot hives in Israel kibbutz hope to keep bees buzzing
They function as normal hives, but apiaries built at a kibbutz in Israel's Galilee are decked out with high-tech artificial...
- The hives operate on solar energy, have adjustable temperatures, eliminate pests and can even extract honey automatically using an integrated centrifuge.
- Startup Beewise came up with the idea in an effort to reduce mortality rates in a species that has in the past years seen sharp rates of decline due to environmental threats.
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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
Company News
QIIB profit climbs 7.7 percent
Business
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General Motors Q2 profits up
Business
Aldar to redevelop two malls
Business
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
Geostrategy
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
Business
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Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
European telecom firms urge EU to make tech, streaming giants pay
Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...
- "Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms
- The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.
Economy
Bahrain’s Treasury Bills oversubscribed by 270 percent
MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.
- The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.