Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Business
Tech savvy UAE becomes Arab world’s digital hot spot
The UAE has earned a unique distinction of becoming the only Arab country to be propelled into the premier club...
- UAE is considered one of the world's most attractive countries for digital talent, while Dubai and Abu Dhabi are both listed in the top 10 cities for digital talent
- The UAE has been named the second most attractive place to relocate to work in the digital sector in a latest survey by Boston Consulting Group
Business
Audi, Porsche eye entry into F1
The firms aim to burnish their green technologies and ambitions.
- Audi will only join the championship on "condition" that the regulations from 2026 "provide for extensive changes for a more sustainable sport".
- The firms have said a final decision in this regard is yet to be made.
Business
Weekly real estate transactions worth $1.44 bn recorded in Dubai
A total 2,012 real estate transactions worth 5.3 billion ($1.44 billion) were conducted in Dubai during the week ending April...
- A total of 236 plots were sold for AED 1.07 billion, while 1,415 apartments and villas were sold for AED 2.96 billion.
- A total of 53 properties were granted between first-degree relatives worth AED 269 million.
Business
Saudi Arabia to penalize owners for not fencing their ‘vacant land’
The Ministry of Municipal, Rural Affairs and Housing of Saudi Arabia has asked owners of vacant plots of land to...
- The ministry intends to beautify the urban landscape, protect property from encroachments, reduce visual distortions, encourage citizens to become environmentally friendly
- The ministry said that Riyadh, Dammam, Makkah, Al-Madinah and Jeddah are the target cities in the first phase where the decision will take effect
Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...
- The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
- Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
Business
SAMA directs banks to stop opening online accounts
SAMA, the Saudi Central Bank, has directed banks in the kingdom to put a stop to the opening of online...
- As per the new measures that will take effect starting April 10, accounts are to be opened through branches only
- Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours
Business
Tesla recalls 128,000 cars
The company said the fault could increase the risk of vehicle collision.
- It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns.
- Tesla sold a record 70,847 cars in China in December, facing stiff competition from homegrown brands such as Nio and XPeng.
Business
Saudi Re endorses capital hike
The hike to SR1.336bn will be used to fund expansion plans.
- The hike from SR891 million ($237.5 million) to SR1.336 billion through a rights issue would support its future expansion activities
- Pending approval of the Saudi Central Bank, the Capital Market Authority, and other regulatory authorities, this move will strengthen Saudi Re’s capital base
Business
Ma’aden extends MoU with Emirates Global Aluminium
The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies.
- The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies
- Ma’aden’s operates the largest vertically integrated aluminium complex in the world in Ras Al Khair on Saudi Arabia’s east coast
Business
Shanghai lockdown snarls world’s busiest port and China supply chains
Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and...
- Shanghai has been sealed off almost entirely for a week following a Covid-19 outbreak fueled by the Omicron variant
- The financial hub of China, Shanghai is home to multinational firms and as well as the country’s busiest port
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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
Dubai’s real estate soars with notable market growth
The emirate's residential market witnesses an 18% sales surge and a 26% rental increase due to investor confidence and a...
Business
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In war-scarred Iraqi city, food business gives women independence
Only slightly more than 10 percent of Iraq's 13 million women of working age are in the job market, according...
Cybersecurity vital for UAE’s banking, customer trust
"The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance...
Business
Cash transactions dominate Dubai’s property market
This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors...
Business
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Arts & Culture
First Saudi horror movie ‘Cello’ screened at cinemas across the Kingdom
RIYADH, SAUDI ARABIA - Saudi cinemas began the screening of the horror and thriller movie Cello, with global participation of...
- Al Al-Sheikh, the writer of the movie, announced that the film achieved the largest opening in the history of Saudi cinema with total of 53,103 tickets sold.
- He said that the movie's stars are Saudis, Gulf, Arabs and international actors, stressing that 60 percent of the cast are from the Kingdom.
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.
Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.