Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.Company News Business
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem
Startups struggle to monetize intellectual property, and despite universities' support to develop IPs, the main challenge for them is achieving sustainability and profitability
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem
Startups struggle to monetize intellectual property, and despite universities' support to develop IPs, the main challenge for them is achieving sustainability and profitability
Markets fall as traders wary due to Gaza war, Fed interest rates
Paris, France - Stock markets slid on Monday, extending last week's sell-off n fears of a regional conflict in the Middle...Oil prices slid as Israel's expected ground offensive against Hamas in Gaza was delayed, with diplomats trying to secure the release of more hostages.
The concerns about US interest rates have also been affecting bond markets, with the yield on 10-year US government bonds rising above 5.0 percent.
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Chevron to acquire Hess
Chevron last year posted a record profit of $35.5 billion.Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Modon attracts new investments via partnerships with China, Japan
Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...The agreements are in line with the objectives of the logistics hub master plan launched by Crown Prince Mohammed bin Salman bin Abdulaziz in August 2023.
The master plan stipulates logistics centers in 17 industrial cities affiliated with Modon, including 11 internal distribution centers.
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
