Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...Business Economy
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.Business
Airlines expected to carry 4.7 billion passengers in 2024: IATA
"Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019," IATA said
IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
The coalition engages 13 governments who together account for over 50% of global gross domestic product
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
The pledge reflects collective efforts of national banks towards a sustainable future.
Saudi Electricity Company targets net zero emissions by 2050
Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle...The announcement was made during a special event SEC organized on the sidelines of the United Nations COP28 climate-change summit in Dubai
The SEC said it has signed seven agreements with leading local and international companies, including LUCI, Al-Fanar, Sal Italy, CHINT Saudi Arabia, Siemens, etc
Meta, IBM tie up to develop AI
They will defend a collaborative method for AI's future.Meta is one of the biggest believers in the open-source model and argues against keeping AI's future holed up in the secretive labs of a few tech giants
Unlike OpenAI's GPT-4, the model behind ChatGPT, Meta has made its LLaMA models easily available for researchers and startups to tinker with and perfect
EU seeks agreement on world’s first AI law
European Commission, the EU's executive arm, first proposed an AI law in 2021 that would regulate systems based on the...Negotiators from EU Parliament and EU member states will meet on Wednesday from 1400 GMT, with talks expected to last into the evening
Although there is no real deadline, senior European Union figures have repeatedly said the bloc must finalize the law before the end of 2023
Arab Coordination Group allots US$10bn to support energy transition
Dubai, UAE--The Arab Coordination Group (ACG), a strategic alliance comprising regional and international development institutions, announced at COP28 an allocation...The important aspects of the plan include mobilising financial resources by increasing the use of green bonds and risk mitigation tools
The ongoing COP28 in Dubai lays emphasis on substantially ramping up climate financing and expediting the transition process
Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion
