OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
Business
Arab Bank Group Q1 net income $166m
The net income increased by 29.4 percent compared to $128.3m for Q1 2021.
- The Group loan portfolio grew by 5 percent to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for Q1 2021.
- Customer deposits grew by 3 percent to reach $47.3 billion compared to $45.8 billion for the same period last year.
Analysis
Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says...
- Physical security has progressed from when it was viewed as merely a technique for responding to crime
- It now plays a more significant role as a critical component in the digital transformation of business processes
Economy
CBUAE puts into circulation new AED5 and AED10 banknotes
The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in...
- The CBUAE in collaboration with the UAE Banks Federation (UBF) has provided the new AED5, AED10 and AED50 notes
- The new denominations have been replenished to dedicated ATMs from participating banks across the country
Business
India seizes $725m from China’s Xiaomi over ‘illegal’ remittances
India seized $725 million from the local bank accounts of Xiaomi after a probe found the Chinese smartphone giant unlawfully...
- India's financial crime investigations agency began investigating the company in February and said it seized the money from the firm's local arm
- Relations between New Delhi and Beijing have been at a low ebb since a deadly Himalayan border clash between soldiers from both countries in 2020
Business
Swvl to buy Zeelo of UK
The buyout will give Swvl a foothold in developed markets.
- The buyout will provides Swvl, which has locations in Dubai and Cairo, with a launchpad to land and expand business operations in developed markets
- The transaction is expected to be completed in May 2022
Business
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...
- A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
- On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
Business
IDB lists US$ 1.6 billion Sukuk on Nasdaq Dubai
The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution.
- The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution
- The Bank successfully priced the 5-year Trust Certificates at par with a profit rate of 3.213%, payable on a semi-annual basis
Business
Abu Dhabi’s realty transactions exceed Dh11.3b in Q1 2022
The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate.
- The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate
- Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island with AED673 million
Business
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...
- A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
- According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Business
Deutsche Bank offices raided in money-laundering probe
Investigators searched the offices of Germany's biggest lender Deutsche Bank on Friday, prosecutors said, with the focus on the bank's...
- Deutsche Bank has in recent years been closely watched by financial authorities in relation to suspicious transactions
- Investigators searched Deutsche Bank's headquarters in 2019 for failing to report possibly illicit money flows
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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
OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
Company News
ADNOC Gas signs deal with IOCL
Business
Latest News
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
Geostrategy
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
Market Report
Red Sea Global teams up with Bear Grylls Survival Academy
Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...
Business
Most Read
Business
Oil prices climb up to highest level in a year
The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...
- The increase in crude prices was seen by analysts as a drag on US equities, which opened higher, but finished mixed
- The dollar added to gains seen as higher US bond yields make the greenback more attractive as a haven
Meta putting AI in smart glasses, assistants and more
Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...
- The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica will have a starting price of $299 when they hit the market on October 17
- Meta also introduced 28 AI characters that people can message on WhatsApp, Messenger and Instagram with "personalities" based on celebrities including Snoop Dogg
Business
Iran exports goods worth US$9.1bn to BRICS nations from March to August
Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...
- Some 70.3 million tons of non-oil goods worth $43.5 billion were traded between Iran and the rest of the world during the same period
- The top five export destinations for Iran's non-oil goods were China ($5.6bn), the UAE ($2.3bn), India ($845m), Russia (361m) and S. Africa ($51.5m)