Generative AI

First real-world study showed generative AI boosted worker productivity by 14%

Researchers at Stanford University and the Massachusetts Institute of Technology tested the impact of generative AI tools on productivity

RAKBANK

RAKBANK more than doubles net profit to Dhs450m in Q1 2023

RAKBANK reported a record total income of Dhs1.07bn for the first quarter

startup

The untold truth about startup failures: What most entrepreneurs don’t know

Some of the most obvious hurdles are cash flow issues, a lack of research and ineffective marketing

Oil

Oil set for sixth monthly loss on deteriorating demand outlook

West Texas Intermediate steadied near $75 a barrel after closing 0.6 per cent higher on Thursday

Four Seasons NEOM resort

Four Seasons to develop new island resort in NEOM’s Sindalah

The resort will feature 225 guest rooms and suites with terraces overlooking the beaches of the Red Sea

Al Ghurair Foods

KEZAD Group, Al Ghurair Foods team up for Dhs1bn food processing projects

The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD

air pollution

Less than 1% of Earth has safe levels of air pollution, study finds

While scientists and public health officials have long been at alert to the dangers — air pollution kills 6.7 million people a year

Sultan AlNeyadi

Watch live: Sultan Al Neyadi becomes first Arab astronaut to perform a spacewalk

The UAE will become the 10th country to perform a spacewalk on the ISS, while Al Neyadi will be part of the 261st spacewalk

Mashreq Bank CEO Ahmed Abdelaal

Mashreq’s Q1 2023 net profit soars to Dhs1.6bn

The bank reported an operating profit of Dhs1.8bn, up 96 per cent compared to the same period a year earlier

Emirates NBD q1 2023 results

Emirates NBD profit more than doubles to Dhs6bn in Q1 2023

Emirates NBD also enjoyed a record quarter for income, which exceeded Dhs10bn for the first time ever

ACME

ACME’s Hussaini shares how the company empowers customers on cloud transformation journeys

A key trend now is customers’ willingness to go multiple cloud, which opens a huge opportunity for trying out new solutions

ADIB net profit Q1 2023

ADIB’s Q1 2023 profit surges to $299m on higher margins

The Islamic bank made a profit of Dhs1.1bn in the three months to March 31, up from Dhs715m in the same period last year

UAE’s First Abu Dhabi Bank branch

First Abu Dhabi Bank’s Q1 2023 net profit up 70%

The banking group’s operating income jumped 51 per cent YoY to reach Dhs6.7bn compared to Dhs4.5bn in the first quarter of 2022

Bitcoin

Bitcoin extends recent bout of volatility in climb back toward $30,000

The largest token rose as much as 3.7 per cent on Thursday

Aman Wadi Safar (Image: Supplied by Diriyah)

Aman Group to open two properties in Saudi Arabia’s Diriyah

Aman Wadi Safar will include 78 keys, while Janu Diriyah will feature 120 guest rooms

Samsung

Samsung posts record chip losses

Korea’s largest company reported net income of KWR1.4tn and its semiconductor division posted a loss of KWR4.58tn

Travel

Global travel and tourism sector to reach $9.5tn in 2023: WTTC

The global tourism body also forecasts that the sector will recover to 95 per cent of the 2019 job level

UAE T-Sukuk dirham denominated

UAE to sell Dhs1.1bn dirham-denominated treasury sukuk

The T-Sukuk will first be issued in two, three and five-year tranches, followed by a 10-year tenure sukuk at a later date

Rashid Rover

Rashid rover 2: Sheikh Mohammed announces new Moon mission

The announcement follows the likely hard landing of the Hakuto-R Mission 1 spacecraft carrying the previous Rashid rover, to the lunar surface

Amazon

Amazon starts round of layoffs in AWS cloud services division

The company is axing 27,000 mostly corporate positions after a hiring spree during the pandemic left the company with too many people

courtesy CMRC twitter Amanat Holdings merger

UAE-based Amanat Holdings acquires majority stake in Sukoon via merger with CMRC

The merger, which creates the largest post-acute care provider in the GCC, places Amanat Holdings in a strong position to benefit from the significant post-acute care bed gap across Saudi Arabia and UAE

UAE's Green Education Partnership Roadmap in preparation for COP28 Photo courtesy WAM

COP28: UAE launches Green Education Partnership Roadmap

The roadmap identifies environment-and-climate-friendly initiatives that the MoE aims to achieve by the start of and post COP28

TAQA invest in clean energy startup

TAQA joins $37.3m funding round for clean energy startup Xlinks

Xlinks will use the proceeds to undertake the development of plans to lay the world’s longest high-voltage direct current subsea cables between the UK and Morocco

Cloud-based

Cloud-based innovation sparks technology revolution in the MENA region

Cloud-based innovation is enabling organisations to create new products and services, enter new markets, and compete on a global scale

Israel - Air India, Lufthansa cancel flights (Image: supplied by Boeing)

Air India increases frequency to Dubai from Mumbai, Delhi

It includes an all-new flight on the Delhi-Dubai sector which will commence from April 29

Knight Dragon’s Sammy Lee

How Knight Dragon plans to revolutionise Saudi Arabia’s real estate landscape

The developer shares the same vision as the authorities in Saudi Arabia and the company plans to open an office in Riyadh in Q4 2023

ispac Hakuto lunar lander ission

UAE Moon mission: Contact lost with HAKUTO-R lander, hard landing on lunar surface likely

Engineers from ispace are working on a detailed analysis of the telemetry data acquired until the end of landing sequence to find out the root cause

ACWA Power’s Egypt solar project secures $123m financing

The project already has equity bridge loans of $14m from the EBRD and $45m from the APICORP

Added Wio bank photo courtesy WAM

Wio Bank, Abu Dhabi Department of Economic Development partner to supports SMEs

This partnership will help fast-track the account opening process for SMEs and deliver seamless banking services through the Wio Business app

Mastercard lasting legacy

Spotlight: 25 inspiring women leaders who’ve created a ‘Lasting Legacy’

Part of its ‘Priceless’ campaign, Mastercard’s book celebrates the journeys of women who are making a difference on a global scale