Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
Geostrategy
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
- CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
- CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
Interview
US supports China’s bid to advance Middle East peace
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...
- Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
- On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Business
India’s IndiGo places record order for 500 Airbus A320
Indian carrier IndiGo said it had ordered a 500 A320 airliners from European manufacturer Airbus at the Paris Air Show....
- Airbus boss Guillaume Faury said the signing was "an enormous milestone, to our knowledge and recollection no-one has ever ordered" so many planes at a stroke.
- With an order book now at over 1,300 aircraft, the contract also makes IndiGo Airbus' largest customer for the A320 family.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Company News
Latest News
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
Economy
Most Read
Business
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
- Gold rose after data suggested easing US price pressures.
- Traders awaited remarks from US Federal Reserve officials.
Economy
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
- The $13.89 billion joint investment with RWE is expected to provide a huge boost to the UK economy
- The investment builds on the $12.63bn UAE-UK Sovereign Investment Partnership to invest in energy transition
Economy
Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
- With its outstanding digital infrastructure and business-friendly policies, Qatar is on the fast track to becoming a leading hub for tech startups and major companies
- Hosting more than 15,000 participants from across the globe, Qatar demonstrates its capability to be at the forefront of the tech industry, fostering innovation.