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
Social media plays key role in shaping online trading
"The rapid pace and fervor surrounding social media have introduced volatility into financial markets, leading to instances where stocks, particularly...Social media has opened up opportunities for independent and self-motivated online traders.
Financial guidance is actively sought on social media platforms, especially by young investors.
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world
Dubai International Chamber wins over 92 businesses in first 9 months of 2023
Dubai, UAE--Dubai International Chamber has attracted a total of 92 businesses, including 15 multinational companies and 77 SMEs, to the...It helped nearly 33 Dubai-based companies to expand in global markets, either by increasing their exports or helping them to establish a presence abroad
The international chamber launched three new global representative offices during the third quarter of 2023 in Ho Chi Minh City, Vietnam, Milan, Italy, and Paris, France
Middle East’s M&A activity outpaces global trends
With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation...With a focus on economic diversification and technological advancements, the region is setting a precedent for strategic growth and innovation in the post-pandemic era.
In 2023, state-owned enterprises and sovereign wealth funds spearhead robust dealmaking in energy, chemicals, and technology sectors within the regional M&A landscape.
US markets up after Nvidia reports $9.2 billion in third-quarter profit
New York, United States - Wall Street stocks resumed their upward climb early Wednesday following strong results from artificial intelligence player...The broad-based S&P 500 gained 0.6 percent to 4,566.85, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 14,337.20
Nvidia said it made a profit of $9.2 billion on revenue of a whopping $18.1 billion, compared with $5.9 billion in the same quarter a year earlier
Crude prices slip 4% after OPEC+ reschedules Vienna meeting
The current output strategy by OPEC+ that saw nine members led by Riyadh to cut production in recent months to...The 13 OPEC members led by Saudi Arabia and their ten partners led by Russia were due to decide on their output policy amid slumping crude prices
Traders worry that crude demand will slump, with concerns about the health of the global economy as China's post-Covid rebound stutters
From Changpeng Zhao to Do Kwon: The fallen kings of crypto
Seoul, South Korea - Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period...Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations
A celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the industry, and his net worth peaked at around $65 billion in 2022
Does Anghami and OSN+ collab make financial sense?
A first of its kind in the region, the combination will offer consumers digital services of the best and latest...The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock's average price for the past month.
The combined entity will bring together over 120 million registered users and will be one of MENA’a largest streaming platforms.
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.
Binance to pay billions in US in money laundering case
Binance's guilty plea is part of coordinated action including with the Treasury Department's Financial Crimes Enforcement Network and Office of...Zhao pleaded guilty to failing to maintain an effective anti-money laundering program
Binance's agreements with the Treasury Department's agencies include a civil money penalty of $3.4bn
