New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...Business Geostrategy Global Tourism
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...Business
Big tech firms have been fined billions, but not paid them
PARIS, FRANCE - Rarely a month goes by without big tech companies getting fined for price fixing, squashing competitors or misusing...Ireland's data regulator confirmed that Meta has not paid any of the US$2.2 billion in fines issued since last September.
Amazon is still appealing against a US$812 million fine from 2021, Luxembourg's data regulator said.
EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...EDB CEO Ahmed Mohamed Al Naqbi said the bank through its financing can help businesses switch to solar-power to reduce emissions
The bank can offer up to 100% financing with a maximum tenure of 15 years and a two-year grace period for investments in renewable energy
AI, NLP transform business operations in Gulf region
AI and NLP are revolutionizing workplace efficiency by enabling employees to swiftly access essential information, thereby augmenting customer and personal...AI is creating a 'frictionless' work environment, streamlining daily operations.
Invisible apps provide seamless integration, enhancing employee efficiency.
Abu Dhabi to host third edition of Investopia summit in February
Abu Dhabi, UAE-- The third edition of the Investopia summit will be held in Abu Dhabi in February next year,...The event is expected to be graced by thousands of particpants from around the globe and locally, including investors, government officials, decision-makers, and entrepreneurs
The minister said that the summit is one of the important projects of the UAE in transitioning towards the new economic model and stimulating investment in future economic sectors
In shock move, OpenAI sacks ChatGPT star CEO Sam Altman
His dismissal caught the tech world by surprise, with rumors rife on social media as to the cause of the...Altman became a tech world sensation with the release nearly a year ago of ChatGPT, an artificial intelligence (AI) chatbot with unprecedented capabilities
Analysts scrambled to interpret the shakeup, and the sacking of 38-year-old Altman, a Stanford University dropout, entrepreneur and computer coder
‘X’ new update includes job search feature, now live on the web
Washington, United States - The X platform has launched a new update that includes the job search feature, which provides...A job search tool similar to the LinkedIn platform is now available on X's website
X reported back in September that “hundreds” of companies had listed open roles in the app
GCC sovereigns eye fiscal rejuvenation
A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust...The report projects a nearly $11 billion deficit on average over 2023-2026 which is 0.5 percent of average GCC GDP over this period
Prudent fiscal policy and the relatively higher oil price environment have resulted in some governments repaying part of their debt stock
Meta, TikTok challenge incoming EU digital market law
Brussels, Belgium - Tech giants Meta and TikTok are contesting the scope of an EU law that from March will set...As with the Digital Services Act, which came into force in August, and the 2016 General Data Protection Regulation, the DMA comes with sharp teeth.
Companies found infringing the DMA expose themselves to fines that could go as high as 20 percent of their global turnover, or even orders to be broken up.
US chip curbs disturb Chinese firms AI projects
Shanghai, China - US restrictions on advanced computer chips are forcing China's tech giants to rethink their ambitious AI-powered projects, analysts...E-commerce titan Alibaba on Thursday became the latest Chinese firm to admit to feeling the bite of US sanctions
The curbs now target cloud computing to prevent Chinese companies from accessing powerful AI chips hosted elsewhere
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...The move aims to boost the company's capital expansions and working capital, the company said in a statement.
The sukuk issue was amended from a private placement to a public offering, the company said.
