China’s Baidu releases new, free AI model to compete with DeepSeek
Baidu announced in a WeChat post that its latest X1 reasoning model -- which the company claims performs similarly to...Technology Business
DP World posts record $20bn revenue
The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.Company News Business
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...The region's IT spending is projected to rise by 4% to $183.8 billion in 2024, with software and IT services witnessing double-digit growth
This surge aligns with the MENA region's push for digital transformation, enhanced cybersecurity, and a focus on generative AI initiatives
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Sonatrach sacks CEO
Algeria's president has named Rachid Hachichi as new CEO.The Algerian government owns the company entirely, relying on the company's profits for about 60 percent of its budget and 95 percent of export revenues
The company has been marred by a series of corruption allegations and financial scandals, some of which have prompted investigations in Algeria and abroad
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector
Dubai must possess its distinct emblem, says new decree
Dubai, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No....The law says emblem can be utilized across various government facilities, documents, websites, and during government events
Private entities may also utilize it, provided they obtain prior approval from the Dubai Ruler or his representative
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
US manufacturing beats expectations, slumps less in September
Washington, United States - US manufacturing activity contracted in September by the least since late 2022, beating analyst expectations despite weakness...The Institute for Supply Management's (ISM) manufacturing index came in better than anticipated at 49 percent last month, up from 47.6 percent in August.
This was 1.0 percent above the median expectation of economists surveyed by MarketWatch, but below the 50 percent threshold indicating growth in the sector.
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
