MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...Business
OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
“This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...Designed by Gensler, a global architecture, design, and planning firm, the architecture was inspired by the ancient stone buildings of the area to highlight the identity of Aseer.
SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), has appointed Modern Building Leaders to undertake the construction works.
ADDED launches program to improve SMEs’ access to financial services
Abu Dhabi, UAE -- The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access...The program was launched in partnership with the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks.
Small and Medium Enterprises are one of the vital sectors in Abu Dhabi’s economy, accounting for 98 percent of businesses.
International migration flows to OECD countries at record highs in 2022
Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021,...Fifteen 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent migration over the past 15 years.
Over two million new asylum applications were lodged in OECD countries in 2022, well above the previous record of 1.7 million in 2015.
China begins probe into indebted asset management firm
Zhongzhi Enterprise Group managed assets worth more than one trillion yuan ($141 billion), according to investment bank Nomura. But the...Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified "alleged offences"
Zhongzhi declared itself insolvent on Wednesday with its arrears estimated at nearly $66 billion, according to a letter to investors cited by local media
Conflict hits regional gas supply and infrastructure
The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas...The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas exports.
The conflict poses risks to the regional energy sector, potentially affecting Egypt's gas supply and oil and gas prices due to tensions in the Strait of Hormuz.
Gulf Air hit by data breach
It said client database may have been compromised.The airline said its operations and critical systems "were fully intact" and that there were no disruptions to its flight schedule
It said the details of the breach were shared with the authorities and it was working with them to investigate "the matter thoroughly"
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...The value of Jordan’s exports of jewelry until the end of September amounted to about US$858 million.
The value of the Kingdom’s exports of pharmaceutical products until the end pf September was about US$531 million
Indonesia’s exports to UAE expected to rise by $4bn with CEPA trade pact
Jakarta, Indonesia - The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase Indonesia’s exports to the UAE by around...UAE was Indonesia’s second-largest trading partner in the Middle East in 2022
Indonesia recorded $61.8 million in direct investment from the UAE in Jan-September 2023
‘Sustainable aviation fuel roadmap required urgently’
"The global air transport sector has rebounded to pre-COVID-19 pandemic levels of 2019, with some countries already surpassing these levels,"...ICAO Conference in Dubai sets the stage for climate action in aviation.
UAE praised for its leadership and sustainable vision in aviation post-COVID.
