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
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
Business
Business
ADQ appoints new ADX chairman
The company also appointed two new Board directors.
- Ghannam Butti Al Mazrouei is the Secretary-General of the Emirati Talent Competitiveness Council, where he oversees an AED24bn program.
- Al Mazrouei also serves on the boards of Abu Dhabi Retirement Pensions and Benefit Fund and AafaQ Islamic Finance.
Business
Vinfast to build EV factory in India
It is part of the company's planned US$2bn investment.
- According to a VinFast statement, the facility will be in the southern state of Tamil Nadu
- In August last year, the firm listed on the Nasdaq as its valuation skyrocketed and then crashed
Business
China’s Evergrande says head of EV arm detained
At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of...
- Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property
- The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo - listed on its website as its president - had "been detained in accordance with the law on suspicion of illegal
Business
Honda to set up EV plant in Canada
The plant is estimated to cost Honda US$14 billion.
- the project would represent one of the multinational firm's biggest investments ever
- Honda said that it is "considering a number of initiatives as we move into the electrified era"
Economy
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data...
- The survey reveals that financial services remained a key source of growth at the end of the year and price pressures were still subdued
- The PMI registered 49.8 in December, from 51.5 in November and the latest figure was close to the mark of 50.0, signaling stable business conditions
Germany ready to sell Eurofighter jets to Saudi Arabia: minister
"We do not see ourselves, as the German federal government, opposing British considerations on other Eurofighter (sales)," Baerbock told journalists...
- Annalena Baerbock noted that Saudi Arabia and Israel had "not renounced their policy of normalisation" since war broke out
- "The fact that Saudi Arabia is now intercepting missiles fired by the Houthis at Israel underlines this, and we are grateful for that," she added
Business
Alumicor to set up base in Bahrain
It will help the kingdom in the processing of aluminum.
- The collaboration will bring cutting-edge technologies to Bahrain, offering local manufacturers’ opportunities to enhance operational efficiency
- Alumicor's facility is expected to create new job opportunities for Bahraini professionals, including in senior executive and administrative roles
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Business
Resilient supply chains are essential to global trade: Expert
DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...
- The COVID-19 pandemic highlighted the critical role of resilient supply chains in sustaining economies worldwide to the forefront.
- Wars, armed conflicts, overall increasing geopolitical tensions, and protectionism create serious headwinds for global trade.
Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
- The book-building process for Avalon Pharma's IPO will commence on January 14th and conclude on January 18th.
- In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million shares.
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
Company News
EDGE Group, Indra form JV
Business
Salik revenue soars to US$574m
Business
Latest News
DIEZ profit jumps 64.6% in 2023
Business
Iran signs deals worth US$13bn to boost oil production
The oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields....
Business
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Gemini’s inaccurate AI racial images warn of tech titans’ power
AUSTIN, US – For people at the trend-setting tech festival here, the scandal that erupted after Google's Gemini chatbot cranked out...
Science
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Business
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
- The Saudi delegation held meetings with teams from Canada, the Czech Republic and Ecuador.
- These are part of the 85 meetings they will hold with officials of countries and global firms participating in the event.
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
- The oil and gas strike, the first of 2024, was in the Stabroek block, the company said Friday
- Drillers "encountered approximately 197 feet (60 meters) of hydrocarbon-bearing sandstone," Exxon said
Business
Gulf aviation industry sets sky-high standards
"The demand from certain sectors indicates a strong interest in First Class, prompting us to introduce a newly-designed First Class...
- Qatar Airways CEO, Engr. Badr Mohammed Al Meer, emphasizes innovation in elevating customer experience amidst growing competition.
- Digital innovation drives organizational efficiencies, supporting the expansion of Qatar Airways into growth markets like China and India.