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
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
Economy
Hunger crisis could swell already record global displacement: UN
Russia's war in Ukraine has pushed global displacement numbers above 100 million for the first time, and the UN warns...
- Russia's full-scale invasion of Ukraine, traditionally a breadbasket to the world, has sparked dramatic grain and fertilizer shortages
- The UN agency found that at the end of 2021, a record 27.1 million people were living as refugees, while the number of asylum seekers rose 11 percent to 4.6 million
Business
UAE and Uzbekistan extend strategic partnership for three years
The UAE and Uzbekistan have pushed for a new phase of their strategic partnership for government modernization to promote the...
- Areas of cooperation in the strategic partnership agreement have been updated to include the financial sector, education sector, economy, government leadership, and food security
- The expanded strategic partnership signed by the UAE and Uzbekistan covers 27 sectors, involving initiatives in government modernization to benefit from the UAE’s experience
Business
US President says ExxonMobil ‘made more money than God’
President Joe Biden on Friday slammed ExxonMobil for not producing more oil, as soaring gas prices deplete Americans' wallets and...
- ExxonMobil reported massive profits in the first three months of the year despite lower oil and natural gas volumes
- Energy has soared 34.6 percent over the past year, and fuel oil costs more than doubled, jumping 106.7 percent
Opinion
Shared values take UAE-Germany ties to a new level
"We are forging the links that will strengthen our shared interests and values to confront the challenges head-on. As Germany...
- The UAE and Germany are clear-eyed about the challenges they will face in the next 50, says UAE's Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.
- As Germany pursues its policy of 'Zeitenwende' that will usher in a new era of foreign policy, finance, and energy, it will find in the UAE a true and reliable partner, he adds.
Economy
Arab Tourism Organization, UNWTO sign memo to promote tourism
UNWTO Secretary Pololikashvili and ATO Secretary Fathi signed the memo at the 116th UNWTO Executive Council session, held recently in...
- UNWTO Secretary Pololikashvili and ATO Secretary Fathi signed the memo at the 116th UNWTO Executive Council session, held recently in Jeddah
- ATO spokesperson Dr Walid Al-Hinnawi said that the memo aims to develop the corporate and human capabilities and encourage investments
Business
Brothers held in UAE on graft charges face extradition to S.Africa
Two Indian-born brothers who allegedly wove a web of corruption across South Africa have been arrested in Dubai and face...
- Dubai police confirmed the arrest of Atul and Rajesh Gupta after receiving a so-called red notice from Interpol
- They were accused of paying bribes in exchange for massive and lucrative state contracts and influence over ministerial appointments
Arts & Culture
Widening cultural offerings add to Dubai’s growth
Alternative cinematic content is helping the emirate's creative economy diversify and contribute to its GDP, Butheina Hamed Kazim, Founder and...
- Alternative cinematic content is helping the emirate's creative economy diversify and contribute to its GDP, Butheina Hamed Kazim, Founder and MD of Cinema Akil tells TRENDS
- The Dubai Creative Economy Strategy seeks to raise the economic contribution of the creative economy to 5 percent of the emirate’s GDP by 2025
Market Report
UAE, KSA bourses to stay range-bound until 2022-end
The volatility in oil prices will affect the markets. If there is a higher-than-expected decline, the markets may feel the...
- The volatility in oil prices will affect the markets. If there is a higher-than-expected decline, the markets may feel the heat, Junaid Ansari of Kamco Invest tells TRENDS.
- Higher interest rates are expected to benefit banks in the region that account for the second-biggest sector in the region by market cap
Business
ACWA Power inks deal for Layla PV Solar project worth $107m
Saudi ACWA Power Co. has signed a power purchase agreement with Saudi Power Procurement Co. for the Layla PV Solar...
- The company won the contract for submitting the lowest bid of 11.2 halala/KWh
- ACWA Power will develop, construct, and operate Layla PV Solar IPP, a plant located in Riyadh
Business
KSA teams up with Novartis to ramp up pharmaceutical capacity
Saudi Arabia has partnered with Novartis, the Swiss pharmaceutical company, to ramp up the kingdom's bio pharmaceutical capacity.
- Novartis’ contribution to the kingdom’s gross domestic product is expected to reach $857 million by 2024
- The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization
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
Company News
JPMorgan Chase profits up 6%
Business
Latest News
ByteDance profits jump 60%
Business
Fire kills 49 in Kuwait building housing foreign workers
Kuwait City, Kuwait -- A fire killed 49 people in Kuwait when it ripped through a building housing nearly 200 foreign...
Geostrategy
IEA sees ‘major’ oil supply surplus emerging by 2030
Paris, France -- The world is likely to have a "major surplus" of oil by 2030 as production is ramped up...
Business
Virgin Galactic completes final spaceflight before two-year pause
Washington, United States -- Virgin Galactic on Saturday successfully completed its last spaceflight before heading into a two-year pause on commercial...
Business
Most Read
Business
EU targets UAE telecoms firm in new anti-subsidy probe
Telecoms group e&, whose majority stakeholder is the UAE government, signed a $2.3-billion agreement in August 2023 to purchase Czech...
- The alleged subsidies "notably take the form of an unlimited guarantee from the UAE and a loan from UAE-controlled banks directly facilitating the transaction", it added.
- The commission said it will investigate whether the subsidies lead to "actual or potential negative effects" on the bid's process or the EU's internal market.
Geostrategy
COP29 climate hosts say they’ll keep expanding fossil fuels
Bonn, Germany -- The incoming president of the COP29 UN climate summit in Azerbaijan told AFP on Friday that his country...
- the COP29 organizers said they would also call for a "COP truce" and ask nations to observe a conflict ceasefire during the marathon negotiations in Baku in November.
- It is estimated that emerging markets and developing countries, excluding China, will need more than $2 trillion a year by 2030 to meet their climate and development needs.
Geostrategy
Unemployment rate nearly 80 percent in Gaza, says United Nations
Geneva, Switzerland -- The war in Gaza has seen the unemployment rate in the besieged Palestinian territory surge to nearly 80...
- The UN's labor agency said the war between Hamas and Israel had "caused loss of jobs and livelihoods on a massive scale".
- The average unemployment rate across the West Bank and Gaza combined stood at 50.8 percent, it said.