Microsoft has extended its partnership with OpenAI.

Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues to fall against the dollar. "The central bank governor's request for discharge was approved, as was the request for retirement by the president of the Trade Bank of Iraq," Prime...

Egypt's Planning Minister Hala al-Saeed said at a signing ceremony that the financing cooperation portfolio between Egypt and the corporation had reached $14.5 billion.

Abu Dhabi, UAE-- The hosting of events like the Abu Dhabi Sustainability Week and the upcoming COP28 demonstrate the UAE's "great leadership in this process."This was stated by Grant Shapps, UK’s Secretary of State for Business, Energy, and Industrial Strategy. “I think it is an amazing year for the UAE...

Islamabad, Pakistan--A massive power breakdown in Pakistan on Monday affected most of the country's more than 220 million people, including in the mega cities of Karachi and Lahore.Pakistan's electricity distribution system is a complex and delicate web, and a problem in one section of the grid can lead to cascading breakdowns...

Abu Dhabi, UAE-- Aldar Properties and Diamond Developers have sold out the first phase of its project dubbed Sustainable City on Yas island within 24 hours of its public launch.Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community reached...

Doha, Qatar-- Qatar and European Union have discussed means to enhance economic and commercial relations in a meeting between Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari and Thomas Jurgensen, Minister Counselor and the new head of Trade and Economic Affairs Section at the European Union During their meeting...

The Kuwait Central Statistical Bureau said that inflation rate rose 0.17 percent in December on a monthly basis.

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Egyptian Banking Institute (EBI) which is under the Central Bank of Egypt, discussed ways to promote cooperation in the field of training and building human capital capabilities relevant to the financial sector.This came during a meeting between...

AMMAN, JORDAN - Investments in industrial estates in 2022 hit US$4.2 billion (JD3 billion), an increase of 19 percent compared with 2021, supported by 174 new investments worth US$811 million (JD575 million), the Jordan Industrial Estates Company (JIEC) said on Sunday. In a statement, JIEC noted that 27 of the...

Al Dhafra, UAE--The 16th Al Dhafra Festival has kicked off as part of the Emirate of Abu Dhabi’s camel beauty contest season.The event will continue until February 2 at Madinat Zayed in Al Dhafra.Organised by Abu Dhabi Cultural Programs and Heritage Festivals Committee and ADNOC, the festival aims to preserve...

It will target Qatar-based small and medium enterprises.

Baghdad, Iraq--Iraq saw the Gulf Cup as a chance to rehabilitate its image after a years-long football hosting ban, but a deadly stampede and organizing gaffes have dampened the cheer despite its home victory.Thursday's stampede outside a football stadium ahead of the cup final in the southern city of Basra killed...

The Gulf country expects the average amount of oil production to increase to 2,701,000 barrels this year, the latest Institute of International Finance report points out.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first integrated utility in the Middle East and Africa (MEA) region to implement this best-in class solution.TAWKEED is used for risk-based audit planning, planning individual audit engagement, communicating results to stakeholders,...

On Friday the California Energy Commission said 18.8 percent of new cars sold in the state in 2022 were EVs, PHEVs or fuel cell electric vehicles, all of which California includes in its zero-emission category. Ten years ago, that figure was two percent. "California continues to lead the zero-emission vehicle...

Prosecutors from Germany, France and Luxembourg have been in Beirut as part of the money laundering investigation. 

Abu Dhabi, UAE--Masdar has signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW).The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led initiative that aims to raise public- and private-sector funds to...

The country will also focus on environmental sustainability and showcasing the UAE’s commitment towards fostering a global collaboration for innovative environmental solutions.

The WEF president concluded the first major international gathering of the year on a positive note saying progress has been made to tackle world's grave issues. This despite many economists forecasting recessionary risks in 2023 and geopolitical tensions continuing to shape the global economy.

Continuing with their probe into Lebanon's money laundering and embezzlement, investigators from Europe will question Lebanon's central bank chief Riad Salameh next month as part of a probe into his and his brother's affairs, according to a judicial official. Both Salameh and his brother Raja deny any wrongdoing.

Profit is 15 percent lower than in the same period last year

Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech giant to enact large-scale restructuring. The layoffs come a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar cuts by Facebook owner...

ABU DHABI, UAE - ADNOC Distribution on Friday announced plans to reduce its carbon intensity by 25 percent by 2030.This will be implemented by putting sustainability at the core of its day-to-day operations to future-proof its business and deliver sustainable long-term shareholder value.Central to ADNOC Distribution's enhanced sustainability drive is...

Taking place under the theme "Investing in Sustainable Development", the forum will bring together government leaders, global CEOs and other investment stakeholders.

Inflation rates and trends have started to improve in Turkey, supported by the comprehensive policies the country is pursuing, the bank pointed out in a statement.

More than 50% of the countries with voting rights have pledged public support for the Saudi city’s bid, Fahd Al-Rasheed, the CEO of the Royal Commission of Riyadh City, tells TRENDS.

The rhetoric has shifted from talk of a recession in the 20-nation club to "a small contraction", she said, with some major economies like Germany possibly dodging a contraction altogether.

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received a high-level delegation from the EDF Group (Électricité de France) headed by Luc Remont, CEO and Chairman of the Board of Directors.Al Tayer also received a delegation from Cuba headed by Dr....

ABU DHABI,  UAE  - Masdar City and the Abu Dhabi Global Market (ADGM) Thursday signed a Memorandum of Understanding (MoU) to strengthen foreign investment in Abu Dhabi and support innovation that enhances the UAE’s economic competitiveness.The agreement was signed by Ahmed Baghoum, the acting CEO of Masdar City, and Hamad...

Princess Reema bint Bandar, Saudi Arabia’s Ambassador to the United States of America, underlined the importance of the Saudi-US relationship.

Dubai, UAE--The World Economic Forum (WEF) has selected the UAE's Gender Balance Council (GBC) as a knowledge partner to advance gender balance globally. The recognition reflects the UAE Gender Balance Council’s significant achievements, guided by the UAE leadership’s vision to create an environment that empowers and enables women to succeed...

The agreements were unveiled during a high-level meeting between Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Prof. Klaus Schwab, WEF Founder.

The tech giant will lay off some 10,000 employees in the coming months as the economic downturn continues to punish US tech giants. The job cuts is expected to affect close to five percent of employees and follow in the wake of similar moves by Facebook-owner Meta, Amazon and Twitter.

Analysts believe that Erdogan's office is looking for a perfect moment at which his own voters are more likely to turn out than those backing his opponents. On Wednesday Erdogan delivered a speech to his ruling party in which he recalled the day contemporary Turkey held its first free election...

Davos-Klosters, Switzerland-- African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).AfCFTA: A New Era for Global Business and Investment...

Despite its goal of achieving net zero carbon emissions by 2060, the country remains hugely dependent on crude oil exports that have powered its growth for decades, raising doubts about its potential for an economic makeover any time soon. Riyadh has dispatched eight top-ranking officials to the gathering of business...

Weak earnings from banking titan Goldman Sachs, a jobs warning by Microsoft, and a plunge in manufacturing data highlighted the bumpy road ahead for the United States, the world's top economy, despite optimism over inflation and the improving interest rate outlook.

The computer industry stalwart has some 220,000 workers.

Paris, France--New vehicle registrations in Europe dropped to their lowest level since 1993 last year as component shortages continued to hinder automakers, an industry group reported Wednesday.Despite an uptick in sales since August, the overall number of EU registrations fell 4.6 percent to 9.3 million, a level last seen three decades...

Davos-Klosters, Switzerland-- India's Minister for New and Renewable Energy Raj Kumar Singh has told developed countries to '"walk the talk" on transforming food systems by helping smallholder farmers in developing countries with cheaper access to irrigation, fertilizers and markets.The minister was speaking at a session on “Interplay of Food, Energy...

Investigators from France, Germany and Luxembourg began hearing witnesses Monday as part of the case of suspected financial misconduct including possible money laundering and embezzlement.

ABU DHABI, UAE - Statistics Center – Abu Dhabi (SCAD) and the Abu Dhabi Department of Energy (DoE) have signed a service-level agreement that allows collaboration between the two parties in the field of statistical integration.This is a part of a strategy to develop an advanced statistical ecosystem which provides...

DUBAI, UAE - UAE Ministry of Finance (MoF) Tuesday signed a Memorandum of Understanding (MoU) with the Dubai Free Zones Council (DFZC) on the exchange of information for tax purposes.This comes in line with the ministry’s continuous efforts to ensure that  commitment of various government entities in the UAE to...

The World Economic Forum launched the Giving to Amplify Earth Action (GAEA), to help unlock the US$3 trillion of financing needed each year to reach net zero, reverse nature loss and restore biodiversity by 2050. The GAEA is a global initiative to fund and grow new and existing public, private...

Steve Hanke, an economist at Johns Hopkins University who measures inflation based on purchasing power parity and factoring in black market exchange rates, estimated Egypt's real inflation rate at 101 percent. The economy, dominated by state and military-owned enterprises, had already struggled after successive blows, from years of political unrest...

The return on the share amounted to QR 1.62.

The world's second-largest economy faced historic headwinds as 2022 drew to a close, with exports plunging last month due to a drop in global demand and rigid health restrictions that hammered economic activity.

Sharjah, UAE-- Ruler of Sharjah Dr. Sheikh Sultan bin Muhammad Al Qasimi has affirmed that work is underway to complete "valuable" projects in the central region, which will provide many jobs for citizens.Dr. Sheikh Sultan announced the employment of 50 engineers from the region to work on Sharjah Electricity, Water...

Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost the Kingdom's economy further.