Aldar records $408 million sales from Yas Point residential launch
Dubai, UAE -- Aldar said it generated AED1.5 billion ($408 million) in sales from the launch of The Canopies, the...
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Business
Apple explores making personal robots
It is working on a robot that may be helpful to people.
- Apple is reported to have transferred employees from the shuttered car division to generative artificial intelligence projects
- The robot project is being overseen by Apple’s hardware engineering division and its AI and machine learning group
Business
OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum...
- The Joint Ministerial Monitoring Committee of OPEC+ agreed to keep current oil production levels unchanged
- It lauded Russia for announcing that its adjustments in the next few months will be based on production instead of exports
Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
- The airline posted revenues of $20.9 billion last year, up 13.6 percent on 2022's figure
- The airline is controlled by the country's wealth fund, which owns 49.1 percent of shares
Rising threat: DDoS attacks demand proactive defense
"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in...
- DDoS attacks have evolved from simple nuisances to highly sophisticated and coordinated assaults, posing a significant threat to online businesses
- Today's attackers use various techniques, including amplification attacks, which exploit internet protocol vulnerabilities to multiply attack traffic, making mitigation challenging
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
- United Trans has been at the forefront of transforming the regional transport spectrum.
- The company collaborates with major global organizations across all modes of transport.
Business
flynas receives 50th jetliner out of 120 Airbus A320neo ordered
RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the...
- The deal with Airbus was a strategic step for flynas, consolidating its position as a leading low-cost airline in the Middle East.
- The company is moving forward in its plan to double the fleet size after getting approval to purchase 250 aircraft.
Business
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
- According to a report, Turkey’s exports to Iran in January and February reached $580 million, recording a 23 percent increase
- Turkey’s imports from Iran however registered a 22 percent decline and fell from $450m in January-February 2023 to $350m
Business
Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
- As per reports, subscriptions worth $128.67 million were received for the $69.14 million issue, which carries maturity of 182 days
- The expected return on the issue, which begins on April 4 and matures on October 3, is 5.90%, equivalent to the previous issue
Business
Tesla reports drop in auto sales
The decline was in part due to a weak sales market in China.
- In explaining the drop, Tesla pointed to a hit from the production ramp-up of an updated Model 3 at its California factory and plant shutdowns due to shipping diversions
- Financial services firm Morningstar said the decline also "points to a slowdown in demand for Tesla's vehicles, as the company's competitors may have cut price more than Tesla
Aldar records $408 million sales from Yas Point residential launch
Dubai, UAE -- Aldar said it generated AED1.5 billion ($408 million) in sales from the launch of The Canopies, the...
Business
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ADCB to raise $1.66bn
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Amazon tests ‘ultra-fast’ deliveries in two US cities
San Francisco, United States - Amazon on Monday began testing "ultra-fast" deliveries in two US cities, giving some shoppers the...
Business
Bid by Netflix for Warner Bros Discovery signals streaming giant’s ambition to dominate global content production
Streaming giant Netflix has made a mostly cash offer to buy TV and film group Warner Bros Discovery as the...
Business
UAE’s AI Office announces Google Gemini as top model in ‘AI in the Ring’ Index
Dubai, UAE - The UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office announced that Google Gemini has ranked...
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Samsung plans $310 bn investment to power AI expansion
Seoul, South Korea -- South Korean conglomerate Samsung unveiled on Sunday a plan to invest $310 billion over the next...
- The business group's flagship Samsung Electronics is already one of the world's top memory-chip makers, providing crucial components for the AI industry.
- South Korea is also home to SK hynix, another key player in the global semiconductor market.
Business
EU approves ADNOC’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Friday greenlit the takeover of German chemical firm Covestro by UAE state oil...
- Plastics maker Covestro accepted a bid from the Abu Dhabi National Oil Company in October, valuing the company at 12 billion euros ($14 billion).
- ADNOC has promised to inject around 1.2 billion euros into the chemicals firm through the issuance of new shares under the terms of the takeover.
Business
Google to invest $6.4bn
The investment is its biggest-ever in Germany.
- Google's plans include a new data center and expansion of an existing center in the western state of Hesse, providing computing power for artificial intelligence.
- It also plans to expand its offices in Berlin, Frankfurt and Munich, and outlined various projects aimed at reducing its greenhouse gas emissions.