Saudi tech show LEAP 2024 to close on ‘record-breaking’ note
Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing...
Business
Business
Nestle sells €8.9bn L’Oreal shares
Around 22.26 million shares were sold for €400 each.
- L'Oreal said in a statement it would cancel the shares, which represent 4 percent of its capital
- The French group's shareholders will see their shareholdings increase due to the buyback, L'Oreal said
Business
‘UAE-GCC business as usual after new workweek’
The UAE’s newly-announced working week will not have any negative impact on the UAE and Gulf countries’ business relations, say...
- The UAE has become the first country in the world to introduce a working week that is shorter than the global five-day week.
- The transition to the four-and-a-half-day working week is expected to help enhance work-life balance and social well-being.
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Hamilton, Verstappen neck and neck, ahead of weekend’s showdown in Abu Dhabi
The 36-year-old Briton and his Dutch rival, who is 12 years younger, have for the large part treated each other...
- The 36-year-old Briton and his Dutch rival, who is 12 years younger, have for the large part treated each other with respect
- But after 20 races, the equivalent of driving from New York to London, the pair head to Yas Marina with their relationship seemingly at its lowest point
Business
Saudi Arabia drops paper, adopts e-invoicing
The first phase of electronic invoicing in Saudi Arabia has begun, affecting all taxpayers liable to VAT in the Kingdom...
- The Kingdom's first phase of electronic invoicing has begun, affecting all VAT payers
- Purchasing with tax invoices and failing to notify the Authority of any fault will result in a fine of 10,000 Riyals
Business
50% of top 10 automotive OEMs will design their own chips by 2025
“Automotive semiconductor supply chains are complex,” said Gaurav Gupta, research vice president at Gartner. “In most cases, chip makers are...
- The on-going chip shortage is primarily with mature semiconductor technology node devices that are fabricated on smaller 8-inch wafers
- Semiconductor chip foundries, such as TSMC and Samsung, have provided access to cutting-edge manufacturing processes
Business
Moody’s forecasts stable outlook for GCC banks
Moody’s has forecast a stable outlook for GCC banks during the next 12 to 18 months, primarily due to economic...
- “Banks’ asset quality will remain high, even as non-performing loans rise slightly as repayment holidays expire”
- GCC governments have ample capacity to support banks in a crisis remains very high, thanks to large sovereign wealth funds
Business
KSA and Oman draw closer, sign deals worth $30bn
Saudi Arabia signed deals with Oman valued at $30 billion, state media said Tuesday, as Crown Prince Mohammed bin Salman...
- Saudi and Omani companies "signed 13 memoranda of understanding worth $30 billion", the official Saudi Press Agency reported
- According to SPA, he will also visit the United Arab Emirates, Bahrain, Kuwait, and Qatar
Business
Pandemic turns out to be a boon for billionaires
The share of global wealth of the world's richest people soared at a record pace during the Covid pandemic, a...
- Since 1995, the slice held by billionaires has risen from one percent to three percent, according to the World Inequality Report
- The club of the richest one percent has taken more than a third of all additional wealth accumulated since 1995, while the bottom 50 percent captured just two percent
Business
Rohingya sue FB for $150bn
The complaint says Facebook's algorithms target susceptible users.
- Facebook has been sued by Rohingyas over allegations that it promotes disinformation and extremist thought against Muslims in Myanmar
- According whistleblower Frances Haugen statement, Facebook is "fanning ethnic violence" in some countries.
Company News
ADIA, EQT to buy Dechra
Business
Latest News
AI revolution in video games has industry players treading warily
The ultra-connected industry is eyeing the innovation warily, with fears growing that jobs could be made redundant and artistic creations...
Business
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
Business
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDAN - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
Economy
Most Read
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
- DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
- With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs
Business
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade,...
- In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade, with the financial sector bearing the brunt, a report points out
- AI and automation notably shorten data breach lifecycles and costs, while phishing emerges as the predominant cause of breaches in the region, the IBM study adds
Science
AI risks repeating social media mistakes, says Microsoft president
NEW DELHI, INDIA - Breakneck development of artificial intelligence risked repeating mistakes made by the tech industry at the start of...
- AI tools have shown in recent months the ability to generate essays, create realistic images, mimic voices of famous singers and even pass medical exams
- But there are also worries that chatbots could flood the internet with disinformation, that biased algorithms will churn out racist material