Silicon Valley VCs navigate uncertain AI future
The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations.Technology Business
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...One significant achievement was a credit facility agreement valued at $503.9 million with Trafigura Company, a major international export house
The agreement aims to facilitate Saudi non-oil exports to over 150 countries, contributing to the objectives of the Kingdom's Vision 2030
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...The GCC region is leveraging competitive energy rates, crypto-friendly regulations, and essential infrastructure to become a global crypto powerhouse, says an expert.
Oman's substantial $1.1bn investment in crypto mining aims to boost its Bitcoin sector, with predictions of Bitcoin reaching $100,000, adds, Ritu Singh of Stone X Group.
Saudi Aramco CEO calls energy transition strategy a failure
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current...Fossil fuels accounted for 82% of global consumption last year, according to KPMG report
The International Energy Agency has said oil demand could hit a record this year
Nvidia unveils ‘superchips’
The company also announced other AI developments.Nvidia's powerful GPU chips and software are an integral ingredient in the creation of generative AI, with rivals like AMD or Intel still struggling to match the power
Apple, Microsoft and Amazon have also developed chips with AI in mind, but for now are stuck trying to get their hands on Nvidia’s coveted products
Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...The Kingdom's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision 2030.
With the Aramco IPO on the horizon and a series of reforms attracting global attention, Saudi Arabia is setting the stage for a financial revolution.
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...Unable to repay interest on its loans, China’s real estate firm Evergrande formally defaulted in 2021, sending shockwaves through the industry.
The company has struggled to repay creditors for years, defaulting in 2021 and becoming subject to a winding-up order by a Hong Kong court earlier this year.
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...The Council reviewed updates of the demand side management strategy for 2030 and 2050.
This is part of the efforts to make Dubai a leading example in efficient energy and water demand management.
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...Japan's benchmark Nikkei 225 index surpassed the 40,000 mark for the first time, with analysts predicting it could advance even further
Taiwanese chip giant TSMC rose to a record high Monday, gaining 5.2 percent on the global rally in semiconductor stocks
Sovcomflot 2023 net profit $900m
In 2023, the firm demonstrated strong financial results.The company's revenue increased by 22.6 percent in 2023
Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector.
This initiative represents a significant step in bolstering the role of King Abdulaziz Port in Dammam in enhancing the maritime transport sector.
