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
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Business
G7 criticizes India for its decision to ban wheat export
India, the world's second-largest wheat producer, said that factors including lower wheat production and sharply higher global prices because of...
- India on Saturday banned wheat exports without prior government approval after recent scorching temperatures hit production
- However, exports could also take place if New Delhi approved a request by other governments "to meet their food security needs"
Business
Dubai’s hi-tech vision dazzles investors
Dubai is developing an environment that encourages firms from all industries to innovate. Already, the UAE is home to one-third...
- Dubai is developing an environment that encourages firms from all industries to innovate
- Dubai has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs
Business
Dubai: Monaco of the region with a difference
The final quarter of 2021 provided a major boost to Dubai hotel results, with properties surpassing even 2019 figures across...
- Overall, UAE hotels raised $408 million in revenue between December 15 and the end of January 2022, with Expo and the second World's Coolest Winter campaign as key catalysts.
- Dubai has beaten popular holiday destinations such as London, Bali, and Rome to become the most popular destination for 2022.
Business
Ukraine’s key IT sector booming despite Russian invasion
Ukraine's IT sector is booming despite the Russian invasion. Workers with stickers on their laptops recline on beach chairs outside...
- companies transferred servers to secure locations and established back-up systems outside the country before Russia invaded on February 24
- When Russian bombing started, IT companies shut offices in the capital Kyiv and eastern city of Kharkiv
Business
DP World owns 28% of the market in India’s ports sector
In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports.
- In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports
- DP World is a leading company in managing container ports in India and has invested nearly US$500 million in a joint venture with the NIIF
Business
Musk sends mixed messages on Twitter deal, pressuring shares
Elon Musk sent mixed messages Friday about his proposed Twitter acquisition, pressuring shares of the microblogging platform amid skepticism on...
- Chief Executive Parag Agrawal took to the platform to explain moves earlier this week to shake up company leadership and freeze most hiring
- "While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter," Agrawal said
Analysis
Metaverse: Opportunities vs challenges
New business models must be developed to take advantage of the metaverse's technology, says Fadi Kassatly, Partner, Enterprise Systems and...
- By 2026, about 25 percent of internet users would spend at least an hour a day in the metaverse and 30 percent of organizations would use it to distribute their products.
- Because of the metaverse, companies can now imagine new stakeholder engagements that include interactions and create value faster, realistically and with more significant impact.
Business
Bonfire of bitcoin: Why crypto assets are tumbling
The lightning uptake of crypto assets like bitcoin had swelled a volatile sector to a valuation of roughly two trillion...
- Fears about rampant inflation and the abrupt ending of the era of cheap money have sent cryptocurrencies careering down a cliff edge, says an expert.
- Bitcoin's price at one stage plummeted to $25,500 -- less than half of its record price in November last year and the lowest valuation since it exploded at the end of 2020.
Business
DEWA posts AED691m profit
It posted 15% jump in revenue for Q1 to AED5.068 billion.
- Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth
- DEWA currently provides its services to 3.5 million Dubai residents and the Emirate's active daytime population of over 4.7 million
Business
Lebanese activists launch ‘lollar’ currency
Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to...
- The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system
- The dollars stuck in accounts that citizens can only withdraw in Lebanese pounds at a fraction of their original value are known locally as "lollars"
Most Read
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
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
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Strong growth key to GCC’s FDI appeal
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ANB profit up 51 percent in H1
Business
Dubai Chamber of Digital Economy to host global tech firms at Expand North Star
Dubai, UAE--Dubai Chamber of Digital Economy is all set to welcome the global business community to Expand North Star, the...
Business
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
Business
Global economic concerns hit GCC equity performance
Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...
Market Report
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Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
- Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
- FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.