Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
Tech firms aiming for smaller, leaner AI models
Smaller AI models save energy, reduce costs, and enhance data security but work alongside large models for advanced solutions.
Business
Business
APICO to list on Nomu
The Arabian Plastic will offer 1m shares at $7.19 per share.
- According to a bourse filing, the offering coverage was 15.43x of the total shares offered during the subscription period
- Yaqeen Capital, the financial adviser and lead manager, will finalize the required procedures with the Saudi Stock Exchange and will determine the date for listing of the shares
Economy
Saudi Arabia chairs coordination meeting of GCC labor ministers in Cairo
The meeting discussed the agenda of the 48th session in addition to a number of other issues pertaining to GCC...
- The meeting discussed the agenda of the 48th session of Arab Labor Conference kicking off on Sunday
- The conference extends until 25 September with the participation of the heads of delegations from 21 Arab countries.
Geostrategy
Israel attacks Damascus, kills five Syrian soldiers
Five Syrian soldiers were killed in an Israeli airstrike near Damascus airport, according to Syrian state media. The Syrian Observatory...
- The monitor said Israel targeted sites where Iran-backed groups are stationed near Damascus airport and in the Damascus countryside
- Israel has carried out hundreds of strikes against its northern neighbour, targeting government troops as well as allied Iran-backed forces and Hezbollah fighters
Geostrategy
UAE foreign minister meets Israeli PM, discuss ties, regional issues
The two leaders reviewed issues of common interest, regional and international developments, and ways to enhance efforts to achieve peace...
- The two leaders reviewed issues of common interest, regional and international developments, and ways to enhance efforts to achieve peace and stability in the Middle East
- The UAE FM pointed out that about half a million Israelis visited the UAE in the past two years, adding that there are about 7 to 8 flights per day between the two countries
Geostrategy
Josep Borrell says Iran nuclear talks in “stalemate”
Less than a month after signs emerged of a possible signing of the nuclear deal, EU foreign policy chief Josep...
- Last month, Borrell put a text in front of all parties that he described at the time as “final” and which he said was “best equilibrium point between the positions of everybody"
- Iran is sticking to a demand that the IAEA draw a line under a probe launched when the agency found traces of nuclear material at three undeclared sites
Economy
Saudi Arabia: AI Algorithms to help crowd management at Holy Sites
The Saudi Ministry of Interior and the Saudi Data and Artificial Intelligence Authority (SDAIA) have announced a strategic partnership for...
- The Saudi Ministry of Interior and the Saudi Data and Artificial Intelligence Authority have announced a strategic partnership for the purpose
- Efforts are on to increase the capacity to receive visitors and pilgrims, in line with the targets of the Kingdom’s Vision 2030
Business
Al-Ittefaq plans an IPO
The $2bn worth Saudi steel giant will list on Tadawul.
- The value of the company is estimated at over $2 billion
- A deal with the financial adviser to manage the company’s initial public offering is expected soon
Geostrategy
US to dispatch US$756m humanitarian aid to Syria
Continuing with what it called "unwavering support for the Syrian people, US State Department said that will send $756 million...
- Blinken stressed the importance of an international agreement allowing the delivery of humanitarian aid across the border, calling it a "lifeline" for millions of Syrians
- In total, Washington says it has supplied about $15.7 billion in humanitarian aid for Syria since the war began 11 years ago
Business
A week of mixed fortunes for GCC equities
The UAE bourses ended the week high with help from foreign investors, but the Saudi equities took a tumble under...
- This week's trading sessions in the United Arab Emirates finished on a high note, with the Abu Dhabi market continuing its upward climb
- The financial markets in the United Arab Emirates had a net inflow of $6.45 million from international investors in both the Dubai and Abu Dhabi stock exchanges
Business
Ukraine rebuilding to cost US$350bn: report
It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a...
- The report estimates that $105 billion will be needed to address urgent needs such as restoring education and health systems and infrastructure
- Ukraine Prime Minister Denys Shmyhal said reconstruction already was underway in the de-occupied territories but will require help from international partners
Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
Business
Company News
Swiss reserve hike hits UBS
Business
Latest News
Palestinians flee as Israeli forces return to Gaza’s north
The flare-up in the northern Gaza Strip's Shujaiya district, which witnesses and medics said caused numerous casualties, comes as fears...
Geostrategy
US offers $5 million reward for Bulgarian ‘cryptoqueen’
SOFIA, Bulgaria -- The United States announced Wednesday a reward of up to $5 million for information that could lead to...
Business
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
Geostrategy
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Business
UAE energy giant ADNOC offers $12.8bn for Germany’s Covestro
Covestro's shares surged more than six percent in Frankfurt following the announcement, which comes after it first disclosed talks were...
- It said the "starting point" for talks was a "possible offer price" of 62 euros per share from ADNOC. This would value Covestro at $12.57 billion.
- ADNOC welcomed Covestro's decision to start talks on its "final offer", adding that it looked forward to working with the German group to "swiftly progress" the matter.
Business
Beyond Nvidia: the search for AI’s next breakthrough
Toronto, Canada -- For a few days, AI chip juggernaut Nvidia sat on the throne as the world's biggest company, but...
- Nvidia, which makes the processors that are the only option to train generative AI's large language models, is now Big Tech's newest member.
- Even tech's second rung on Wall Street has ridden on Nvidia's coattails with Oracle, Broadcom, HP and others seeing their stock valuations surge, despite sometimes shaky earnings.
Geostrategy
Israeli forces tie wounded Palestinian to jeep in West Bank raid
Jenin, Palestinian Territories -- Israeli troops tied a wounded Palestinian to a military vehicle during a raid in the occupied West...
- Medics identified the Palestinian as Mujahid Raed Abbadi, 24, who told AFP he lives in the Jenin refugee camp.
- Francesca Albanese, the UN special rapporteur on the rights situation in the Palestinian territories, suggested the troops were using Abbadi to shield themselves from gunfire.