No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...Business
Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
‘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.
ADSB to make two vessels for ADNOC Logistics & Services
ABU DHABI, UAE - Abu Dhabi Ship Building (ADSB) announced that it is building two 28-meter vessels for ADNOC Logistics...The vessels are each powered by two diesel engines coupled with two Z-drive Azimuth thrusters.
This configuration allows them to achieve a speed of 12 knots and a bollard pull of 60 tons.
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...The first day saw announcement of contracts worth US$1.2 billion and the second day US$1.8 billion
The total value of contracts announced on third day stood at US$1.3 billion
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.
PIF seeks to increase stake in Egypt’s e-Finance by 2 percent
Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...This move comes after PIF's recent buy orders for the stake purchase, indicating the fund's confidence in e-Finance and its favorable financial results, Argaam reported.
e-Finance expanded its operations by opening an office in Saudi Arabia this month, securing essential licenses with the support of PIF as a major shareholder.
IBM pulls ads from Elon Musk’s X over pro-Nazi posts
In the year since taking over Twitter, now rebranded as X, Musk has gutted content moderation, restored accounts of previously...The move came as X owner Elon Musk faced criticism for endorsing an unfounded antisemitic conspiracy theory on the service
Nonprofit Media Matters reported that it found Apple, Oracle and IBM ads displayed next to posts touting Hitler and the Nazi Party on X
