Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Australia Inflation Cools in May, But Core CPI Keeps RBA Rate Hike Risks Alive 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
SK Hynix Targets $29.4 Billion Nasdaq Listing to Expand AI Chip Business 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Amazon signed a deal with Abu Dhabi Investment Office (ADIO) to build a fulfillment center in the country by 2024. The Abu Dhabi government's media office shared the past weekend. The facility will be built in compliance with the e-commerce giant's carbon reduction blueprint.
As per Reuters, Amazon's new project will offer thousands of new jobs to the locals of Abu Dhabi. On top of this, the fulfillment hub is also expected to boost the logistics and retail sector's growth in the Middle East and North Africa or MENA. It was mentioned that the facility will also help UAE in achieving its net-zero emissions by the year 2050.
The Amazon fulfillment center will feature advanced technology and will be launched as part of the ADIO's program to attract more investment that revs up innovation. The partnership will also improve the logistics sector, support entrepreneurship, create jobs, and help develop the retail ecosystem further.
Gulf News reported that Amazon's new fulfillment center in Abu Dhabi is expected to be completed and finally open in 2024. Also, the project turned out to be one of the expanded collaborations between the country's investment office and Amazon to support business owners, startups, and small to medium-sized businesses.
"Driven by customer-obsession, innovation, and long-term thinking, we are very proud to be working alongside the UAE leadership as we contribute to the nation's accelerating digital economy and ambitious growth agenda," Amazon's senior vice president, international consumer, Russell Grandinetti, stated via Abu Dhabi Government Media Office's press release. "We look forward to partnering with the Abu Dhabi Investment Office to bring Amazon's advanced logistics, technology innovations, sustainability initiatives, and decades of expertise to the area."
The vice president of Amazon MENA, Ronaldo Mouchawar, further said that the company is committed to working together with community partners to promote and enrich long-term innovation. He added that the expansion of its partnership with ADIOS would allow Amazon to increase its delivery capabilities and speed, plus help sellers who offer a wide selection of products to Amazon customers.
Finally, the upcoming Amazon fulfillment hub will enable SMBs to reach more customers and ultimately grow their businesses.
