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People, cafe, Man

Saudi Arabia sees cashless payments up 25% in January

Saudi Arabia saw the number of digital point-of-sale (Pos) transactions increase by nearly a quarter year-on-year during January, as the kingdom’s drive towards becoming a cashless economy takes hold. Figures from the Saudi Central Bank showed there were 598,861 transactions last month for both ATM cash withdrawals and credit card transactions at retail outlets and […]

Big tech earnings show digital ads market not out of the woods

After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear. The health of the advertising industry closely mirrors the economy, and many advertisers have pared back their marketing budgets in response to […]

Intel announces broad pay cuts amid PC market downturn

Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from five percent of base pay for mid-level employees to as […]

DIFC launches metaverse platform to attract tech innovators

Dubai International Financial Centre (DIFC) has launched the “DIFC Metaverse Platform” to attract global technology innovators. The new platform is aligned with the Dubai metaverse strategy, which aims to add $4 billion to Dubai’s GDP, DIFC said in a statement.  The strategy aims to create 40,000 virtual jobs by 2030 and attract 1,000 companies specialised […]

Intel chairman steps down

Intel chairman Omar Ishrak steps down

Intel Corp said on Monday chairman Omar Ishrak had stepped down and the chipmaker appointed board director Frank Yeary as his replacement. “He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team,” Intel chief Pat Gelsinger said. Gelsinger returned […]

Banayat

Abu Dhabi-listed Bayanat AI profit surges 110% to $55m in 2022

Abu Dhabi’s artificial intelligence-powered geospatial solutions provider Bayanat AI’s net profit rose 110 percent year-on-year to AED202 million ($54.99 million) in 2022. Revenue surged 115 percent year-on-year to AED788 million, the company said in a statement. Total assets grew to AED1.51 billion in 2022 compared to AED474 million in 2021, an increase of 218 percent.  Tareq […]

Renault and Geely look to bring Saudi Aramco into engine venture

Renault SA and China’s Geely Automobile Holdings are working to finalise a deal to bring Saudi Arabian state oil producer Aramco in as an investor and partner to develop and supply gasoline engines and hybrid technologies, three people with knowledge of the talks said. The Saudi oil producer has been involved in advanced discussions to […]

IT firm Meeza to be Qatar’s first to use book building for IPO

IT services firm Meeza is set to become the first Qatari company to use book building to carry out an initial public offering, it said in a statement, as the country aligns itself with international practices. The company, part-owned by telecoms operator Ooredoo, said it would be selling 50 percent of its share capital in […]

Dell said to phase out Chinese chips by 2024

Dell Technologies Inc plans to stop using China-made chips by 2024 and has told suppliers to reduce the amount of other made-in-China components in its products amid concerns over US-Beijing tensions, Nikkei reported on Thursday. The computer maker told suppliers late last year that it aims to meaningfully lower the amount of China-made chips it […]

Sony and Honda roll out Afeela EV prototype

Japan’s Sony has unveiled a prototype of the new Afeela electric vehicles it will build together with Honda as it looks to become a player in next-generation cars. Sony gave a glimpse of the Afeela at the CES 2023 technology trade show in Las Vegas. The car will use technology from hardware maker Qualcomm Inc, […]

Super apps

Gulf to see a surge in ‘super apps’ in 2023, says Kuwaiti retailer

The future of the Gulf’s digital service economy lies in the creation of increasingly popular super apps, according to Tarek Sakr, CEO of Kuwait-based e-commerce and classifieds platform 4Sale. As technology continues to revolutionise the retail industry, building on the rapid shift to e-commerce during the coronavirus pandemic, in an exclusive column for AGBI, Sakr […]

Elon Musk says around 100 Starlinks now active in Iran

SpaceX chief executive Elon Musk said on Monday that the company is now close to having 100 active Starlinks, the firm’s satellite internet service, in Iran, three months after he tweeted he would activate the service there amid protests around the Islamic country. Musk said, “approaching 100 starlinks active in Iran”, in a tweet on […]

Snap to set up base in Diriyah’s Jax cultural district

Snap Inc., the parent company of social media app Snapchat, will open an office and a content creator studio in the Jax cultural district in Diriyah, state-run SPA news agency reported. The company will invest its digital technologies into local cultural programs and events besides supporting the cultural sector in line with the ministry of […]

UK UAE data

UAE and UK commit to data bridge to boost $18bn trade links

The UK and UAE are making “significant progress” towards building a robust data bridge which experts believe will create further opportunities to develop bilateral trade. The UK government and Dubai International Financial Centre (DIFC) said in a joint statement that they will work together to realise “the benefits of the important role that the trustworthy […]

Insurers shun FTX-linked crypto firms as contagion risk mounts

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market […]

Logo, Light, Sign

Intel said to delay German factory start and seeks more subsidies

Intel Corp has backed away from its original target of opening a chip factory in the eastern German city of Magdeburg in the first half of 2023, regional newspaper Volksstimme reported, saying the semiconductor giant wanted more public subsidies. The plant is central to German and European Union plans to strengthen the continent’s resilience by […]

Sony plans smartphone sensor factory in Japan

Sony Group Corp is considering investing several billion dollars to build a new factory to make smartphone image sensors in western Japan’s Kumamoto prefecture, the Nikkei business daily said in its morning edition on Friday. The company plans to break ground on the plant as soon as 2024, and bring it online in the next […]

DIFC

DIFC Courts issues rules for robots, drones, AI and fintech

The Dubai International Financial Centre (DIFC) Courts has issued a fresh set of rules designed to address digital business disputes across the emirate. The rules range from big data, blockchain, artificial intelligence, fintech and cloud services, to unmanned aerial vehicles, 3D printing and robotics. Established in 2004, the DIFC Courts is the English language, independent, […]

MTN lands subsea cable to boost Africa’s connectivity with Mideast

MTN South Africa and MTN GlobalConnect, in partnership with a consortium, have landed a 45,000 km subsea cable in South Africa, part of plans to build a subsea network to connect African countries to Europe and the Middle East. Africa’s big economies have a fast growing population of internet users, with growth fuelled by rapidly […]