Qantas posts bumper profit

AI startups set to rake in $10bn investments by 2026

• Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report
• By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner

Iran’s steel production sees 4.1% growth in first 7 months of 2023

• In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year
• China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia

Suez Canal ship traffic normal after tanker collision

• According to ship tracking company MarineTraffic, the two tankers briefly collided in the canal citing eyewitnesses
• A media outlet quoting a Suez Canal official said that a ship that broke down in the canal was starting to be towed

Saudi Arabia and Germany discuss cooperation in industrial, mining sectors

• Both parties explored opportunities to collaborate with the University of Munich for Applied Sciences
• The focus was on reviewing the university's educational curricula and academic programs in various fields related to industries and mining

UAE, KSA optimistic as BRICS leaders weigh expansion

• South Africa revealed potential BRICS expansion plans at the Johannesburg summit, with keen interest shown by Middle Eastern nations, notably UAE and Saudi Arabia
• Analysts suggest that BRICS' potential expansion could strain relations with major powers, highlight the bloc's diverse appeal, but also raise concerns about diluted influence

Stocks advance but traders wary of US rates outlook, China concerns

• The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
• Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.

RAKEZ witnesses 35 percent growth in holding company registrations

• Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
• This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.

CBUAE foreign assets inch up to US$161.22bn in June

• According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
• The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023

Saudi Arabia’s output cut stabilizes global oil market

• The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
• Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert