OpenAI says it raised $40 bn at valuation of $300 bn
San Francisco, United States - OpenAI on Monday said it raised $40 billion in a new funding round that valued...Business
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...Business Economy
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
FAB partners with Engie
They will advance solutions in financial decarbonization.The partnership entails both to focus on derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products
Engie is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.
