Qadi partners with Core42 to power sovereign AI compliance platform
Qadi, the Middle East’s first sovereign regulatory compliance platform, has partnered with Core42, a G42 company, to power its artificial...
Business
How To Enhance Human Potential? The answer: Cognitive Cities, AI, and Leadership in MENA
Joseph Bradley, former CEO of Tonomus, shares with TRENDS his views on how AI and leadership can help MENA build...
Economy
Business
Adani Group tanks after US bribery charges
India's opposition leader demands Gautam Adani's arrest; Kenya scraps airport, power deals with the Group that has significant investments in...
- Adani, once the world's second-richest man, is a close ally of Prime Minister Narendra Modi and critics have long accused him of benefitting improperly from their relationship.
- The conglomerate saw $150 billion wiped from its market value in 2023 after a shock report by short-seller Hindenburg Research accused it of "brazen" corporate fraud.
Business
Lulu Retail Q3 profit $35m
For the nine-month period, net profit increased by 73.3%.
- In its first financial update since its record IPO on ADX, the company posted a revenue growth in Q3 2024, reaching $1.86 billion, up 6.1% YoY.
- The UAE saw strong revenue growth of 7.5% in Q3 2024, mainly driven by healthy LFL growth of 4.7% during the quarter.
Arts & Culture
Banana taped to a wall sells for $6.2 million
The provocative work of conceptual art by Italian artist Maurizio Cattelan debuted at the Art Basel show in Miami Beach...
- The sale featured seven potential buyers and smashed expectations, with the auction house issuing a guide price of $1-1.5 million before the bidding.
- As well as his banana work, Cattelan is also known for producing an 18-carat, fully functioning gold toilet called "America" that was offered to Donald Trump during his first term.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
US vetoes Gaza ceasefire call at UN
The resolution demanded "an immediate, unconditional and permanent ceasefire" in the war between Israel and the Palestinian group, along with...
- But the wording angered Israel, with a senior US official warning ahead of the vote that the resolution had "the potential only to buoy Hamas".
- Since the beginning of the conflict, the Security Council has struggled to speak with one voice, as the United States used its veto power several times.
Business
Talabat IPO offer price range announced
The subscription will close on 27 Nov for UAE retail investors.
- A total of 3.493 billion shares will be made available in the offering, representing 15% of the company’s total issued share capital.
- All Shares to be offered are existing shares held by the company’s sole shareholder, Delivery Hero MENA Holding.
Geostrategy
Hamas negotiators ‘not in Doha’ but political office not closed: Qatar
Qatar, along with the United States and Egypt, had led months of fruitless negotiations for a truce in the Gaza...
- "The mediation process right now... is suspended unless we take a decision to reverse that which is based on the positions of both sides," spokesperson Majed Al-Ansari said
- "The office of Hamas in Doha was created for the sake of the mediation process. Obviously, when there is no mediation process, the office itself doesn't have any function," he said
Geostrategy
US envoy in Beirut says ‘real opportunity’ to end Israel-Hezbollah war
US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
- US special envoy said he was in Beirut because he saw "real opportunity" to end the Israel-Hezbollah war
- "I came back because we have a real opportunity to bring this conflict to an end," Hochstein said
Geostrategy
UN climate chief at deadlocked COP29: ‘Cut the theatrics’
As the UN climate talks limp into a second week in Azerbaijan, the world is no closer to a finance...
- Nations have until Friday to break the impasse over how to raise $1 trillion a year for developing countries to cope with global warming.
- Climate-vulnerable countries want developed nations to commit to substantially raising their existing pledge of $100 billion a year.
Economy
Egypt’s middle class cuts costs as IMF-backed reforms take hold
Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms...
- The world lender has long backed measures in Egypt including a liberal currency exchange market and weaning the public away from subsidies.
- Foreign debt quadrupled since 2015 to register $160.6 billion in the first quarter of 2024. Much of the debt is the result of financing for large-scale projects.
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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
Qadi partners with Core42 to power sovereign AI compliance platform
Qadi, the Middle East’s first sovereign regulatory compliance platform, has partnered with Core42, a G42 company, to power its artificial...
Business
Company News
ADNOC Gas signs LNG deal
Business
Latest News
UAE says will invest up to $50 billion in Canada
The fresh North American investment pledge came after UAE President Mohamed bin Zayed Al Nahyan promised in May to pump...
Geostrategy
COP30 deal under threat as nations clash over fossil fuels
The draft text unveiled by COP30 host Brazil made no mention of "fossil fuels" or the word "roadmap" that President...
Geostrategy
AMD, Cisco, and HUMAIN partner to build 1 GW AI infrastructure in Saudi
Washington, DC., US – AMD, Cisco, and HUMAIN, a PIF-backed company delivering full-stack AI solutions, have announced plans to establish...
Business
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Business
Italy’s Leonardo launches joint venture with UAE defence firm
Milan, Italy -- Italian defense group Leonardo said Wednesday it had agreed to launch a joint venture next year with...
- Details of the sectors covered by the joint venture have yet to be announced.
- But it will cover a range of Leonardo's solutions "spanning sensors, system integration, and platforms", the Italian group said in a statement.
Business
Flydubai inks $13bn Boeing deal for 75 jets as city’s airlines build up
State-owned flydubai and its long-haul partner airline, Emirates, have been the chief deal-makers at this week's Dubai Airshow, the largest...
- Dubai, the UAE's commercial jewel, will soon start work on a new airport with capacity for a world-leading 150 million passengers a year, slated to open in 2032.
- Dubai's current international airport announced a record quarter of 24.2 million passengers. The facility has been the busiest for international passengers for the past 11 years.
Business
Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
- The order of 65 777-9s, valued at $38nn including engines, came despite last month's announcement that delivery was now due in 2027 -- seven years behind the original schedule.
- Emirates, already the biggest customer for the Boeing 777, now has 270 777X, 10 777 freighters and 35 Boeing 787s on order.