INSEAD Day 4 - 728x90

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Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

AI tools help choose best embryos, increase success rate for IVF

Paris, France -- Artificial intelligence tools can now help choose the most promising embryos for in vitro fertilisation (IVF), although...

Science

In Data Center Alley, AI sows building boom, doubts

Ashburn, United States -- As planes make their final approach to Washington DC's Dulles Airport, just below lies Ashburn, a...

Business
Geostrategy

Israel strikes crowded Rafah as truce talks under way

Major powers trying to find a way to end the destructive Israel-Hamas war have so far failed, but a US...
  • Alarm has centered on Gaza's southernmost city of Rafah, where hundreds of thousands of displaced civilians are living in makeshift camps where disease threatens.
  • Israel's onslaught has killed at least 29,410 people, mostly women and children, according to the latest count by Gaza's health ministry.
Business

flydubai net profit $572m

This is the carrier's strongest-ever performance.
  • The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
  • flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Business

Mubadala, co-investors buy Truist stake

TIH is the fifth largest insurance broker in the United States.
  • This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20 percent stake in TIH for US$1.95 billion.
  • The all-cash transaction, which values TIH at an implied enterprise value of $15.5 billion, is expected to be completed in the second quarter of 2023.
Economy

WTO meet in UAE to discuss decentralization of global supply chains

WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
  • To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
  • Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.

Ronaldo scores as Al Nassr ease into Champions League quarters

Nassr, who won last week's first leg 1-0 thanks to a Ronaldo goal nine minutes from time, were the better...
  • Ronaldo, 39 earlier this month, was booked in first-half stoppage time for a late challenge, with Nassr manager Luis Castro then given a yellow card for protesting the decision
  • However, the Nassr skipper would have the final say, when four minutes from time, he latched onto yet another Marcelo Brozovic through ball
Business

‘It’s frightening’: YouTubers split over OpenAI’s video tool Sora

Paris, France -- US firm OpenAI debuted a tool last week that can generate highly realistic snippets of video from just...
  • OpenAI, the company behind ChatGPT, said in its announcement that Sora was not yet available to the public.
  • The announcement did not specify use cases but said "a number of visual artists, designers and filmmakers" had been chosen to help test it.
Geostrategy

Gaza a death zone, its humanitarian situation inhumane: WHO chief

"What type of world do we live in when people cannot get food and water, or where people who cannot...
  • "What type of world do we live in when hospitals must close because there is no more power or medicines to help save patients, and they are being targeted by military forces?"
  • "We need a ceasefire now. We need hostages to be released. We need the bombs to stop dropping and we need unfettered humanitarian access. Humanity must prevail," Tedros said.
Business

EDGE Group, Fincantieri launch multi-billion dollar joint venture

Abu Dhabi, UAE -- EDGE, an advanced technology and defense groups, and Fincantieri, one of the largest shipbuilding companies in...
  • EDGE will hold a 51 percent stake in the venture, which has a commercial pipeline valued at approximately 30 billion euro ($32 billion).
  • The JV will concentrate on sales, commercial operations, and engineering for design and service, taking charge of developing shared intellectual property.
Business

Mobily 2023 profit up 35%

The company's  Q4 2023 net profit surged 23%.
  • The positive performance was driven by the increase in revenue across all segments and expanding customer base.
  • Mobily recorded an increase in the EBITDA by 7.22 percent to SAR 6.62 billion in 2023, compared to SAR 6.17 billion in the prior year.
Business

Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023

In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
  • Non-oil exports (including re-exports) decreased by 1.2 percent, compared to Q4 2022, decreasing to SAR 71.1 billion from SAR 71.9 billion in Q4 2022.
  • In Q4 2023, exports to China amounted to SAR 50.2 billion (16.9 percent of total exports), making this country the main destination for the Kingdom’s exports.

AI tools help choose best embryos, increase success rate for IVF

Paris, France -- Artificial intelligence tools can now help choose the most promising embryos for in vitro fertilisation (IVF), although...
Science

Company News

Latest News

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

ADNOC signs deal with PETRONAS

Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business

Bitcoin passes $100,000 mark for first time, outshining wavering stock markets

Donald Trump, who has vowed to make the US the 'bitcoin and cryptocurrency capital of the world' wrote 'Congratulations Bitcoiners...You're...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron

The French president said they want to involve both European and non-European allies who are ready to move in this...
  • Macron said that France and Saudi Arabia have the "will to move forward" on a deal to sell Rafale fighter jets to the Kingdom.
  • Discussions had already been underway for Riyadh to acquire the French-made jets and, though no definitive announcement was expected during Macron's visit.
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.
Geostrategy

Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet

Riyadh, Saudi Arabia -- French President Emmanuel Macron and over 100 CEOs besides members of OPSWF, asset managers, and private...
  • Discussions at the summit focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges among others.
  • Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system.