OpenAI valued at $80bn in new deal
With this deal, the value of the firm has tripled in 10 months.
Business
Tech giants sign pact against AI-made political deepfakes
Under the agreement, AI-generated content could be given a watermark or tagged in the metadata at source, although the signatories...
Business
Dubai Chamber approves four-pronged strategy for next three years
Improving business environment in Dubai, attracting foreign investments and international companies to the emirate, supporting member companies with global expansion...
- Improving business environment in Dubai and attracting foreign investments and international companies to the emirate two of the four pillars of the strategy.
- Supporting member companies with global expansion and growing Dubai’s digital economy are the other elements of the strategy.
Business
DGCX total value traded worth $150bn in 2021
The Dubai Gold and Commodities Exchange (DGCX) has reported that the exchange recorded a yearly AOI a sum of 1,985,584...
- The DGCX’s best performing product in 2021 was its Indian Rupee Options (DINRO) Futures Contract, which traded up 1,233 percent
- the DGCX also signed a strategic MoU with Victoria Falls Stock Exchange (VFEX) aimed at supporting with the development of a clearing commodities exchange in Zimbabwe
Economy
UAE works on Friday for first time
Some grumbled at the change and businesses were split, with many moving to the Western-style weekend but other private firms...
- The weekly day of prayer has always been a free day in the UAE, which had previously observed a Thursday-Friday weekend until 2006.
- Government bodies and schools will operate four-and-a-half-days per week, closing at 12 pm on Fridays for a fixed prayer time of 1:15 pm.
Business
Atlantic Council to host Global Energy Forum in Dubai
The Atlantic Council has announced that the 2022 Global Energy Forum will now be held alongside Expo 2020 in Dubai...
- The forum, which is part of Abu Dhabi Sustainability Week, will also be hosted in conjunction with the 2022 World Government Summit
- These program will include a high-level discussion on the outcomes from COP26 and the agendas for COP27 and COP28
Geostrategy
High gas prices boost Shell
The company slumped into a huge loss in 2020.
- Shell expects "significantly higher" gas revenues in the three months to December thanks to the "high liquid natural gas spot price environment"
- Shell, like its rivals, slumped into a huge loss in 2020 as the long-running coronavirus pandemic slashed energy demand and crude prices
Business
Trippier becomes first signing under Newcastle’s new Saudi owners
England defender Kieran Trippier became Newcastle's first signing under their new Saudi owners on Friday after completing his move from...
- The full-back has moved back to the Premier League for an undisclosed fee, understood to be in the region of £12 million ($16 million) plus add-ons.
- Newcastle, who have not won a major trophy since 1969, face a struggle just to stay in the Premier League.
Business
UAE’s Central Bank says M1 rose by 2.1 percent at the end of Nov 2021
The Central Bank said on Friday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 671.6 billion...
- The rise in M1 was due to AED 0.6 billion increase in Currency in Circulation Outside Banks and AED 13.8 billion increase in Monetary Deposits.
- The Money Supply aggregate M2 increased by 1.3 percent, from AED 1,498.3 billion at the end of October 2021 to AED 1,517.1 billion at the end of November 2021.
Business
REEF, Americana Group to open cloud kitchens across MENA region
Cloud kitchens are kitchens built only for delivery orders, pioneered in the biggest US cities before they spread across the...
- The two companies said they have entered into a joint venture for the purpose
- The cloud kitchens will belong to not just REEF and Americana but third parties as well
Business
Samsung sees 52% jump in profits
The firm was boosted by record sales in 4th quarter.
- The world's biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last
- The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the company’s statement.
Interview
Major GCC countries see push for Arabic e-gaming
People are hungry to consume content that they can understand and more importantly relate to, says Eyad Basheer, chief operating...
- Around 70 percent of Arab smartphone users have their phones set to Arabic, indicating a preference for content in their mother tongue
- According to management consultancy firm Strategy&, mobile gaming will be a $2.3-billion industry in the region by 2022
Most Read
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 valued at $80bn in new deal
With this deal, the value of the firm has tripled in 10 months.
Business
Company News
Latest News
Huge investments help Saudi cinema soft power grow
Arts & Culture
PwC opens regional headquarters
Business
DEWA files patent for energy liquid
The liquid enhances efficiency of energy storage systems.
Business
Bahrain Central Bank’s $185 million treasury bills oversubscribed
Manama, Bahrain – This week’s BD 70 million ($185 million) issue of Bahrain Government Treasury Bills has been oversubscribed by...
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
Business
Most Read
Business
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
- The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
- The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
Business
ACWA Power announces financial close on $2.4bn Saudi solar projects
Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
- The projects will generate an aggregate capacity of over 2.6GW of clean electricity for Saudi Arabia.
- The new projects will be jointly owned by PIF subsidiary Badeel (34.99 percent) and ACWA Power (35.01 percent) and SAPCO (30%).
Business
SAB sees $26m negotiated deal
The deal does not directly impact the last deal price.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
- Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.