Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
Business
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.
- The retail offering was 12.63 times covered after allocating one million shares to individual investors
- The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
Business
UAE to buy 12 Chinese fighter jets to bolster defense
The United Arab Emirates said Wednesday it plans to buy a dozen Chinese L15 aircraft, as it seeks to bolster...
- In December, the UAE threatened to scrap its mega-purchase of US F-35 fighter jets, protesting stringent conditions amid Washington's concerns over China
- The value of the deal was not disclosed
Business
Israel Diamond Exchange in Dubai
The exchange is based in Dubai Multi Commodities Centre.
- Dubai Multi Commodities Centre said the office is set to increase the ease of doing business for Israeli diamond companies.
- The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub.
Business
Heathrow airport blames big loss in 2021 on UK Covid curbs
London's Heathrow airport announced Wednesday it narrowed annual losses only slightly in 2021 despite the reopening of global air travel,...
- The airport, one of the world's busiest hubs, had already suffered a £2 billion loss in 2020 as the pandemic grounded flights worldwide.
- The UK aviation sector had strongly criticized the British government over its long-lasting travel curbs that especially hit the tourism industry.
Business
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.
- Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
- The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Business
Iraq to team up with Halliburton and Aramco to explore oil
Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western...
- The Iraqi ministry is finalizing the commercial terms of work
- The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas
Business
Al-Dawaa raises $27bn in IPO
Al-Dawaa, Saudi pharmacy chain, has raised $27 billion in equity from institutional investors after its first sale of shares to...
- With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing
- Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares
Economy
Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.
- Exports to Israel increased in December by 12 percent compared to November
- Exports to other countries decreased by 19 percent during the same period
Economy
QAIA saw passenger traffic grow 161% in January
Passenger and aircraft movement and air cargo traffic at QAIA remained far lower than pre-pandemic levels.
- Aircraft movements grew to 4,630 in January, 127.2 percent up from the same period last year
- Air freight traffic also reached 4,048 tons in January, 13.6 percent up from the same period in 2021
Arts & Culture
US restricts import of Afghan cultural items to prevent ‘pillage’
The decree implemented on an "emergency" basis took effect on Friday based on a 'request' of a former government of...
- US has imposed restriction on importing ceramics, paintings, glass, ivory, ancient textiles, tiles and wood pieces from Afghanistan
- This regulation on import could be troublesome for collectors or curators who already have items on their way to the US
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
Company News
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DFM adds new investor accounts
Business
Spire Technologies secures banking license from Central Bank of Bahrain
Manama, Bahrain--Spire Technologies has obtained licenses from the Central Bank of Bahrain (CBB), authorizing it to operate as a fully...
Business
UAE and Serbia hold discussions on signing of CEPA
In order to boost trade and investment flows and private-sector collaboration, the UAE and Serbia have begun talks on Comprehensive...
Economy
Abu Dhabi council review budget, sports development
Abu Dhabi, UAE - Abu Dhabi Sports Council discussed business developments and plans for developing the sports sector here, local...
Business
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Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
- These compensations were given primarily to deal with issues such as delays, loss of luggage, flight cancellations.
- GACA aims to ensure that passengers are well-informed about their rights and can easily obtain refunds as per the regulations.
Business
Erdogan invites Musk to establish his next Tesla factory in Turkey
"President Erdogan called on Tesla to establish its seventh factory in Turkey," the Turkish leader's office said.
- Erdogan and Musk have held a series of meetings, developing a seeming friendship that they extended on Sunday in New York.
- Local reports said said Musk told Erdogan that his country was "among the most important candidates" for the new factory
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.