Nvidia unveils ‘superchips’
The company also announced other AI developments.
Business
Online privacy and profit clash with fortunes at stake
At the heart of the issue is how much internet companies should know about people's online lives, which is key...
- Facebook and Google have faced steadily stricter rules since the EU passed a data privacy law in 2018
- This law requires firms to seek direct consent of users before installing cookies on their computers
Business
Meta settles privacy suit
Facebook-parent has agreed to pay $90 million.
- The agreement was filed Monday in a California court and if approved by a judge would put to rest one of the series of suits alleging the social media giant invaded users' privacy
- The suit alleged the social media giant violated privacy guidelines by tracking its users' visits to outside web pages that contained Facebook "like" buttons
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Business
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.
- The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
- This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business
Saudi Arabia turns to PIF to transform its economy
The Saudi decision to transfer 4% of Saudi Aramco shares worth $80 billion to the kingdom’s Public Investment Fund is...
- The transfer of Aramco's shares to PIF is part of the kingdom's long-term goal to promote the restructuring of the national economy, says Saudi Crown Prince
- The move is likely to enhance Aramco's position and help it garner good credit rating in the medium term
Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.
- PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
- Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Business
Virgin Galactic re-opens ticket sales for $450,000
Previously, only people who had paid a deposit to be on a waiting list could buy new tickets -- but...
- The company is looking to build on the success of a test mission last July, which saw its founder Richard Branson beat Blue Origin founder Jeff Bezos in their space race.
- In October it announced it was entering an "enhancement period" to make safety upgrades to its fleet, and pushed back a planned test flight with the Italian Air Force to this year.
Business
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.
- As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
- Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Business
Trade between Brazil and Arab countries grew by 44 percent in 2021
Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...
- Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
- January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
Nvidia unveils ‘superchips’
The company also announced other AI developments.
Company News
Japan fund to buy out JSR
Business
Latest News
Turkey-China nuclear power plant deal possible soon: Minister
Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
Business
Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
Business
Transfer of Iran’s unfrozen foreign assets to Qatari banks soon
TEHRAN, IRAN – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to...
Geostrategy
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Apple to update iPhone 12 in France over radiation
Both the firm and France's digital minister Jean-Noel Barrot insisted on Friday there was no danger to public health from...
- France had ordered a halt to sales of the device on Tuesday after finding that the model emitted more electromagnetic waves than permitted
- "Apple has assured me that it will implement an update for the iPhone 12 in the next few days," said digital minister Jean-Noel Barrot in a statement
Business
Saudi Arabia leads as MENA region sees gaming boom
The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's...
- The MENA region's gaming revenue is set to hit $7.2bn in 2023, representing 17% of global gamers, while Saudi Arabia's market may hit $1bn mark this year and triple by 2030
- Spearheaded by Saudi Arabia, the region's gaming renaissance reshapes the global landscape, with Gamers8 festival showcasing the region's growing influence in the sector
Business
AstraTech to expand across India, Pakistan, and Egypt: founder
Sharjah, UAE -- The UAE-based technology firm AstraTech is seeking to expand across India, Pakistan, and Egypt in the near...
- Last month, we acquired a banking company in the Philippines as part of our global expansion, Abdallah Abu Sheikh told Wam
- He confirmed that in the first quarter of the next year, there will be acquisitions in the fields of financial technology and social communication