Business
Ford to pay US$365m in US tariff fraud case
It will settle a civil suit linked to the disguising of imported vans.
- Ford, which denies wrongdoing, is accused of using the scheme from 2009 to 2013 to avoid paying higher duties on Transit Connect utility vehicles
- The Justice Department alleged that Ford installed "sham rear seats and other temporary features to make the vans appear to be passenger vehicles
Musk says will ‘open source’ Grok chatbot, a rival to ChatGPT
Tech investors are increasingly in split camps on the development of AI and how the technology should advance. Companies such...
- The multi-billionaire unveiled Grok late last year as he attempts to catch up with OpenAI which he helped create in 2015 along with its CEO Sam Altman
- He left OpenAI a few years later and last week filed a shock lawsuit against the company for breaking its original non-profit mission to make AI research available to all
Business
Abu Dhabi launches technology investment company MGX
ABU DHABI, UAE – The Artificial Intelligence and Advanced Technology Council (AIATC) announced on Monday the creation of MGX, a...
- Mubadala and G42 will serve as foundational partners in the creation of the new company.
- MGX will invest to accelerate the development and adoption of AI and advanced technologies.
Business
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
Bitcoin hits fresh record above $72,000
Bitcoin hit a fresh record above $72,000 on Monday as demand for the cryptocurrency picks up amid optimism that the...
- The virtual unit struck $72,234 as dealers also eyed an upcoming industry event that traditionally boosts bitcoin's price
- The rally was helped by news that Britain's Financial Conduct Authority had said it would allow the creation of crypto-related securities
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
Business
United Arab Bank elects new chairman
Sheikh Mohammed bin Faisal will now lead the bank.
- The appointment of new chairman reflects the bank's and its shareholders' pledge to be at the forefront of innovation and growth
- He has wide experience of more than 30 years in many industries, including the financial, banking, real estate, and tourism sectors
Business
Shifting dietary trends boost MEA’s protein market
Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to...
- Rise of flexitarian and vegan diets in the region is driving demand for alternative proteins, with the market expected to cross $2.71 billion by 2029, says a report.
- Disruptive tech leads alternative protein firms' growth, positioning the UAE as a future hub for sustainable food production, adds Data Bridge Market Research.
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative
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Borouge Q2 net profit $193m
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Arts & Culture
Ajman records $808 million in real estate transactions in September
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.97 billion in September, achieving a remarkable growth of 53...
Business
Tech leaders unite to propel future-critical sectors at GITEX GLOBAL 2025
Dubai, UAE: With capabilities of AI advancing every year, its potential to address challenges once thought unsolvable is rapidly expanding,...
Business
OpenAI signs multi-billion dollar chip deal with AMD
New York, United States -- OpenAI signed a multi-year partnership Monday with chipmaker Advanced Micro Devices as the ChatGPT-maker continues...
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Business
Bitcoin hits record high above $125,000
Tokyo, Japan -- Bitcoin reached a new record high on Sunday, rising above the $125,000 mark. The cryptocurrency reached $125,689,...
- The cryptocurrency reached $125,689, shooting above its previous August record of around $124,500.
- Bitcoin has enjoyed a strong upward momentum with investors cautious about the US government shutdown.
Business
OpenAI valuation soars to $500 bn in private share sale: reports
If confirmed, OpenAI workers' sale of a reported $6.6 billion in shares to investors would make the company the world's...
- In the first six months of 2025, OpenAI pulled in around $4.3 billion in revenue, specialist outlet The Information reported this week.
- But like other generative AI developers, OpenAI has spending plans running into the hundreds of billions over the coming years to build the computing infrastructure.
Business
Elon Musk halfway to becoming world’s first trillionaire: report
Billionaire Elon Musk, the world's richest person, is nearly halfway to becoming the planet's first trillionaire, Forbes magazine reported Wednesday.
- The Tesla and SpaceX CEO became the first person to achieve a net worth of $500 billion, briefly, as the shares in his electric vehicle company rebound from his stint in politics
- The 54-year-old's net worth hit $500.1 billion Wednesday before dipping back to $499.1 billion, the publication's "Real-Time Billionaires" tracker reported