AI-Driven technologies drive operational excellence, helping meet sustainability goals
Industrial AI and digital technologies are revolutionizing energy infrastructure, helping companies across asset-intensive sectors achieve operational excellence
Business
Netflix adds millions of subscribers but growth slows
San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...
Business
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
- Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
- The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
Business
FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
- The allocation sees 76 percent directed towards dedicated Islamic investors and 38 percent towards international counterparts.
- The 1.9x oversubscribed order book represented high-quality investors, including international fund managers, supranational and banks.
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
- IMF figures show 35 percent less cargo was transported through the Suez Canal in the first week of 2024 compared with the same period last year
- Analysts say the financial impact will become painful if Houthi attacks keep throttling traffic through the main maritime artery connecting Europe and Asia
Amazon cuts hundreds of jobs
The cull will reach 27,000 positions across the company.
- Amazon said it was slashing hundreds of staff in its entertainment division, targeting both movie streaming service Prime Video and Amazon MGM Studio
- The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company
Business
UAE, Saudi Arabia lift up Arab stock markets, post US$493bn in gains in 2023
Abu Dhabi, UAE-- Stock markets across the Middle East posted record highs in 2023, with combined gains of $493 billion,...
- ADX's market capitalization surged to US$803.4 billion and DFM's value jumped to $187.2 billion
- Saudi Arabia's stock exchange posted $368.2bn in gains, sendings it market capitalization up to $3trn
Business
Uber, Kia sign EV partnership
It is aimed at "enhancing electric vehicle offerings".
- Uber and Kia said they are committed to "collaborate on Kia's planned development and deployment" of its new series of electric vehicles
- The partnership of the two companies is aimed at "enhancing electric vehicle offerings available on Uber's mobility platform," they said
Business
DP World signs MoUs in India
The agreements worth US$3bn were signed with Gujarat.
- The agreements would result in the development of new ports, terminals, and economic zones in the western Indian state
- DP World CEO said that during the last 20 years, the company has invested almost $2.5bn and "we are going to invest more"
Business
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
- Bitcoin marked a 134 percent increase in the year 2023, signifying a resurgent crypto market.
- The UAE thawed the crypto winter, with institutional investments driving cryptocurrency deals.
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
- In November 2023, the total traffic rose 29.7 percent compared to November 2022
- Middle Eastern airlines saw an 18.6 percent traffic rise in November
Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
- AirDrop allows users to send content to Apple devices in close proximity without an internet connection, encoded so they cannot be viewed by other people
- Chinese officials said experts "cracked the tough technological problem of the transmission of inappropriate information with anonymous traceability via AirDrop"
AI-Driven technologies drive operational excellence, helping meet sustainability goals
Industrial AI and digital technologies are revolutionizing energy infrastructure, helping companies across asset-intensive sectors achieve operational excellence
Business
Company News
Lufthansa profit spikes in 2023
Business
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Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...
Science
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
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Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
- One significant achievement was a credit facility agreement valued at $503.9 million with Trafigura Company, a major international export house
- The agreement aims to facilitate Saudi non-oil exports to over 150 countries, contributing to the objectives of the Kingdom's Vision 2030
Business
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...
- The GCC region is leveraging competitive energy rates, crypto-friendly regulations, and essential infrastructure to become a global crypto powerhouse, says an expert.
- Oman's substantial $1.1bn investment in crypto mining aims to boost its Bitcoin sector, with predictions of Bitcoin reaching $100,000, adds, Ritu Singh of Stone X Group.
Business
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...
- Fossil fuels accounted for 82% of global consumption last year, according to KPMG report
- The International Energy Agency has said oil demand could hit a record this year