Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Business
Paramount picks new group CEO
Steve Griessel, the new CEO of the Paramount Group will be providing strategic, financial and operational leadership to the company...
- South Africa born Griessel has served several companies as CEO in South Africa and the US
- Griessel has business leadership and senior management experience of more than 30 years
Business
Microsoft posts strong earnings
The tech giant bought Activision Blizzard last week.
- The US tech colossus said profit jumped to $18.8 billion in the final three months of last year
- Microsoft investments include pouring money into the booming video game market and by extension the metaverse
Business
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
- QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021
- This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent
Business
Boeing makes $450m air-taxi bet
The investment is in Wisk, which looks to make autonomous air taxis.
- Boeing has added $450 million to a venture that aims to commercialize autonomous electric air taxis
- Wisk envisions some 14 million annual flights serving more than 40 million people in five years
Business
Meta touts supercomputer
The device is up to 20 times faster than Facebook’s current systems.
- Meta said the machine, known as AI Research SuperCluster, was already in the top five fastest supercomputers
- It would apparently become the fastest AI machine in the world when fully built in the next few months
Business
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade...
- The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record.
- The agency said that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation.
Business
Arada secures $41m in finance
The money will fund Aljada mixed-use project in Sharjah.
- While AED37m will finance a villa complex within the Aljada community, AED115m will fund the construction of the final phase of the SABIS International School.
- Founded in 2017, Arada has since launched three communities in Sharjah. Its first project, Nasma Residences, became Sharjah’s fastest-selling community.
Business
Aldar and EWEC sign clean energy deal
EWEC will supply clean energy to all Aldar owned and managed assets.
- Aldar has increased its ESG ratings within two major global benchmarks, the Dow Jones Sustainability Index and Sustainalytics.
- EWEC is one of the key parties enabling the implementation of Abu Dhabi’s Clean Energy Certificate scheme.
Business
AD Ports, Eni Abu Dhabi sign pact
The two firms will establish a marine logistics base at Mugharraq Port.
- Mugharraq Port was recently recognized as an international port facility.
- Its new status enables it to receive and service a host of international and local vessels.
Business
Investcorp inks $4bn deals in US
It acquired properties worth $2.5 billion, and made sales of $1.5 billion.
- Invescorp expanded its US platform with focus on industrial and residential sectors
- The team has acquired over 200 properties in 2021 worth $2.5 billion and has sold for $1.5 billion
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Company News
Verition opens office in DIFC
Business
AllianceBernstein office in DIFC
Business
Latest News
Subscription opens to Alinma EMF
Business
Saudi Catering, RSG ink pacts
Business
Tesco picks new chairman
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
Business
Lego first half profit dips 17%
But the toy giant's market share grew as sales rose slightly.
Business
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Business
ICIEC, SAPICO ink pact
Pact to enhance commercial activities between the two.
- The ICIEC is a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer.
- This partnership aligns with both parties' shared vision of fostering international trade and economic development.
Geostrategy
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
Business
AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
- The combined platform will own and manage 167 of the latest technology, fuel efficient aircraft, consisting of 145 owned valued at around $6 billion.
- AviLease arranged $2.1 billion of competitive bridge financing commitments from four banks: BNP Paribas, Citibank N.A., HSBC Bank Middle East and MUFG Bank.