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148 billion increase in Dubai market capitalization

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After listing the shares of the Dubai Electricity and Water Authority (DEWA) last week, the Dubai financial market continued its gains for the fourth week in a row, adding 148 billion dirhams and bringing its market capitalization to 584 billion dirhams.

The Dubai market ended 1.7% higher at 3601.67 points, while shares of banks, real estate and transport rose, while the Abu Dhabi market fell 1.5% to 9943.8 points, with financials and leading stocks declining. Department of Communications.

Shares worth $ 8.28 billion in Abu Dhabi and $ 4.3 billion in Dubai attracted strong cash flow of about 12.6 billion dirhams, while 3.56 billion shares traded at $ 1.78 billion in Abu Dhabi and $ 1.780 billion in Dubai, trading at 128.5. A thousand contracts.

Deva topped the Dubai market with 2.15 billion dirhams in 4 trading sessions since its listing on April 12, and it rose 16.13%, followed by “Emaar Properties” 820.3 million dirhams, followed by “Dubai Financial Market” 420 million dirhams.

The rise in the Dubai market was supported by the growth of the banking sector, with “Dubai Islami” growing by 1.95%, Emirates NBD by 2.07% and Amlak by 6%, with the real estate sector rising. “Emaar Properties” increased by 1% and “Emaar Development” by 8%, “Etihad Properties” by 6% and “Deyaar” by 1.3%, as well as the transport sector, “Air Arabia” by 8.9% and “Aramex” by 1%. , Compared to a 0.37% decline in “Gulf navigation”.

In addition, capital market pressure fell by 6.54% on “Abu Dhabi” and 2.62% on “Abu Dhabi Commercial”.

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Foreign investors sought to buy Abu Dhabi with a net investment of 614.6 million dirhams, while Arab investors and citizens in Dubai sought to buy with a net investment of 346.4 million dirhams. The performance of the companies was different as it sought to buy in Abu Dhabi with a net investment of 338.7 million dirhams and was dissolved in the Dubai market with a net investment of 465 million dirhams.

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Economy

Gold rises as dollar weakens and U.S. jobs data expected by Reuters

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Gold rises as dollar weakens and U.S. jobs data expected by Reuters
© Reuters. Gold nuggets in a photo from the Reuters archive.

By Harshit Verma

(Reuters) – As the dollar fell on Thursday, investors could look to U.S. jobs data released later this week for fresh clues on the Federal Reserve’s path on interest rates.

It was up 0.3 percent at $2,030.20 an ounce by 0748 GMT. US gold futures were at $2,047.10 an ounce.

It fell 0.3 percent against rival currencies, with gold prices lower for holders of other currencies, while the 10-year yield hit a three-month low.

U.S. data released this week showed signs of a gradual slowdown in the U.S. labor market, with job openings falling to their lowest level in two-and-a-half years in October, while private sector employment rose less than expected last month.

Investors await U.S. nonfarm payrolls data to be released on Friday before the Federal Reserve updates its economic forecasts and interest rates at its fiscal policy meeting scheduled for Dec. 12-13.

“There is a widespread expectation that non-farm payrolls will be lower,” said Nicholas Vrabel, head of global corporate markets at ABC Refinery.

According to CME Group’s FeedWatch service, 60 percent of traders expect interest rates to fall by March 2024. Low interest rates support gold, which does not generate income.

For other precious metals, it was $23.87 per ounce. Platinum rose 0.5 percent to $894.03. An ounce was up 0.7 percent at $950.42.

(Prepared by Noha Zakaria for Arabian Bulletin – Editing by Salma Najm)

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Economy

Check out the capabilities of artificial intelligence “Gemini” from Google | Technology

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Check out the capabilities of artificial intelligence “Gemini” from Google |  Technology

Yesterday, on Wednesday, Google introduced the “Gemini” project, which it considers to be the most capable artificial intelligence model among its products, which demonstrated several capabilities in a video published by Google on its YouTube site.

As reported by CNBC, Gemini includes several types of artificial intelligence, including Gemini Ultra, which is the largest and most capable type; The Gemini Pro fulfills a wide range of tasks and the Gemini Nano is used for specific mobile tasks and devices.

The company now plans to make Gemini available to customers through Google Cloud so they can use it in their own applications.

According to the report, starting December 13, developers and enterprise customers will be able to access Gemini Pro via the Gemini API available in Google AI Studio or Google Cloud Vertex AI through Google Cloud Vertex tools; They are tools that developers use to build apps based on Google’s artificial intelligence technology.

Gemini will also be used to power Google products like Bart Chatbot and the Search Genetic Experience (SGE), which attempts to answer search queries with text in a chat format not yet widely available.

Google released a demonstration video showing off Gemini’s capabilities, in which the video presenter tested artificial intelligence Gemini on several cool challenges, for example:

Learn about ducks

In the first challenge, the program was asked to recognize a diagram drawn like a duck from several lines randomly drawn on a piece of paper, and the program was able to recognize the diagram from the lines.

The video host then showed a toy rubber duck and asked Jiminy: Can this duck float? The program was able to analyze the image and determine that the duck is a rubber toy and that it floats because it is made of a material less dense than water.

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Learn about the shot

In one of the video clips shown by the host on the Gemini show, an amateur actor appears to imitate some movements. The host asked Gemini: Can you tell me which movie this is from? The AI ​​replied that it was a famous shot. Dodge the bullet in “The Matrix.”

Connect the lines

In another challenge, a piece of paper appeared with scattered dots and the host asked Jiminy to guess what the map was before connecting the dots, and he was able to find the map before connecting the dots.

sleight of hand

One of the exciting challenges is to put a paper ball under a cup and ask Jiminy under which cup the paper ball is.

Types and capabilities of the Gemini range

Gemini Ultra

Gemini Ultra is the first model to outperform human experts in understanding the MMLU, which tests global knowledge and problem-solving skills using a set of 57 subjects including mathematics, physics, history, law, medicine and ethics.

Gemini Ultra needs to understand nuance and logic in complex topics, the company said in a blog post on Wednesday.

“Gemini is the result of extensive collaborative efforts by teams across Google, including our colleagues at Google Research,” CEO Sundar Pichai wrote in a blog post yesterday.

“It is designed from the ground up to be multimedia, which means it can understand and act on different types of information, including text, code, audio, image and video,” he added.

Gemini Pro

Starting today, Google’s chatbot Bart will use Gemini Pro to help with advanced thinking, planning, comprehension and other complex skills.

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Early next year, Google will launch Part Advance, which will use the Gemini Ultra, executives said on a call with reporters on Tuesday. According to the company, this marks the biggest update to the “Bard” program, an automated chat program similar to the “ChatGPT” program.

Gemini Nano

Gemini Nano is used to develop software and applications that can perform more complex tasks on mobile devices, smartphones or tablets.

Comparison with other artificial intelligence programs

The update comes 8 months after search company “Bart” first introduced it, and a year after “OpenAI” launched GPT Chat.

Executives said Tuesday that Gemini Pro outperformed GPT Chat version 3.5, but they avoided comparing it to GPT Chat version 4.

When asked if Google plans to charge for access to Bart Advanced, CC Hsiao, general manager of Bart Google, said it was focused on creating a good experience and that he didn’t have any details on monetizing the program.

Google reportedly delayed Gemini’s launch because it wasn’t ready, reminding followers of the grueling launch process for the company’s artificial intelligence tools faced earlier in the year.

Several reporters asked about the delay, and Collins replied that it would take more time to test more advanced models. Collins said Gemini is the most tested AI model the company has ever built and has “the most comprehensive safety ratings” of any Google model.

“It’s not just more efficient, it’s more efficient,” he added. “We still need significant computing power to train Gemini, but we have become very efficient in our ability to train these models,” he continued.

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“This new modeling era is one of the biggest science and engineering efforts we’ve undertaken as a company,” Pichai said in a blog post yesterday, Wednesday. Open to people everywhere.

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Economy

Strong increase in private sector output in UAE in November

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Strong increase in private sector output in UAE in November

The UAE Purchasing Managers’ Index published by S&P Global reported a significant increase in purchasing activity across the UAE’s non-oil private sector economy in November, driven by a strong increase in new business inflows and efforts to rapidly replenish and increase inventory. Face… strong need. The surge culminated in the largest increase in inventory levels in nearly 6 years, putting some pressure on supply chains and commodity prices. Overall cost inflation was stronger than recent averages, but sales prices were broadly stable.
Output levels in the non-oil economy rose sharply in November, and the growth rate rose to its highest level since June. However, the volume of unfilled orders at firms rose, with October data marking the first decline in 28 months.
Input purchases expanded rapidly in November as firms sought to maintain strong inventory levels due to strong demand. The purchases rose to the highest level since July 2019, resulting in the largest increase in inventories in almost 6 years.
The index indicated that operating conditions improved rapidly in the middle of the fourth quarter, supported by strong trends in new business, manufacturing and inventories.
The UAE’s core Purchasing Managers’ Index (PMI), seasonally adjusted, registered 57 points in November, following its highest reading in more than 4 years (57.7 points) in October.
The rate of new orders remained within the growth range due to increased demand, new customers, project inquiries and marketing efforts. While overall sales expansion was among the fastest rates recorded in nearly four-and-a-half years, it has slowed significantly since October, with some companies noting higher competitive pressures and little improvement in new export business.

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On the positive side, non-oil companies continue to benefit from suppliers’ ability to reduce the delivery times required by companies. However, while the decline in delivery times was historically strong, it was the slowest in four months, indicating that strong demand for inputs has somewhat affected supplier capacity.

At the same time, companies saw another strong rise in purchase prices, which, although falling from October, was the second-fastest increase since mid-2022, and some companies raised output prices, although this was offset by price cuts. For other companies, it has broadly stabilized overall production prices.
David Owen, senior economist at S&P Global Market Intelligence, said: “Strong growth in demand from the non-oil economy in the UAE led to a sharp increase in purchases of manufacturing inputs in November. They were in a position to benefit.” Growth opportunities. In fact, the increase in purchases has led to the fastest build-up of inventories in nearly 6 years since July 2019, benefiting local companies and trading partners.

He continued: “However, companies were less optimistic about the path of future operations, as some survey participants reiterated their fears about the large number of companies entering the market. The creation of competition may be a key factor behind efforts to increase inventory, as companies fear an inability to keep up with the fast-growing economy.

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