OpenAI denies Musk’s ‘betrayal accusations, plans legal dismissal
OpenAI captured the public imagination in late 2022 with the release of its chatbot ChatGPT, which can generate poems and...
Business
Shell exits North Sea oilfield project
Royal Dutch Shell has exited the planned Cambo oilfield project off the Scottish coast because of insufficient financial gain, as...
- Shell, which has a 30-percent interest in the North Sea development, said late Thursday that the investment case was simply "not strong enough"
- The decision comes after major powers last month agreed at the COP26 climate summit in Scotland to curb the use of fossil fuels
Business
Louvre Abu Dhabi license extended until 2047
The Louvre Abu Dhabi's license has been extended by 10 years to 2047, the French presidency said Friday during a...
- The French president and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed agreed to the "extension for 10 years of the partnership over the Louvre Abu Dhabi
- The move will see Abu Dhabi pay 165 million euros ($186 million) between 2022 and 2023 for the extra decade
Business
UAE to buy 80 French Rafale fighter jets
The Rafale order is the biggest made internationally for the aircraft since it entered into service in 2004.
- The UAE has also agreed to buy 12 Caracal military transport helicopters
- The Middle-Eastern country is one of the French defense industry's biggest customers
Interview
Tech-enabled sustainability can help hospitality
SB Group founder and CEO Sanjeevv Bhatia says the hotel industry can no longer ignore net-zero goals.
- Hospitality buildings account for about 40 percent of worldwide energy consumption and GHG emissions
- Old buildings are riddled with vendor-locked and legacy systems that are inflexible and thus difficult to optimize
Economy
IMF says chief economist taking top leadership role
Gopinath will succeed Geoffrey Okamoto as first deputy managing director, serving under IMF chief Kristalina Georgieva.
- Gopinath will succeed Geoffrey Okamoto as first deputy managing director, serving under IMF chief Kristalina Georgieva
- Gopinath, who was appointed to her current role in October 2018, was due to return to her position at Harvard University in January but will now leave the university
Business
London based firm seeks investment opportunities in Jordan
"Jordan represents a unique and strategic opportunity for global investors. We are looking forward to strengthening our ties further in...
- This is a major move for RiverBay Capital on its mission to provide Europe with institutional access to markets in the Middle East
- RiverBay Capital has successfully established itself as a bridge between real estate markets in Europe and the Middle East
Business
NASA awards $415m contracts for commercial space stations
Jeff Bezos' Blue Origin, aerospace company Nanoracks and defense contractor Northrop Grumman won $130 million, $160 million, and $125.6 million...
- The US space agency is increasingly turning to private industry to develop hardware it once made itself
- This helps it cut costs and focus on goals that include building habitats on the Moon and preparing for a crewed mission to Mars
Business
Blink Experience backs Saudi GP
Saudi GP said the UAE company is now an official supporter.
- The Saudi GP is expected to be the largest sporting event to be hosted by the country
- It is going to be held for the first time at the Jeddah Corniche Circuit
Business
European Union fines major banks 344 million euros over forex cartel
Brussels slapped fines totaling 344 million euros (390 million dollars) Thursday on Barclays, RBS, HSBC and Credit Suisse after finding...
- Barclays, RBS, HSBC and Credit Suisse were fined and UBS's fine was reduced to zero as it voluntarily came forward to cooperate with regulators.
- These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than one billion euros in fines in 2019.
Business
Pakistan’s national carrier to start flights from Karachi to Mashad in Iran
Chief Executive of Pakistan International Airlines (PIA) Air Marshal Arshad Malik announced that the PIA will start direct flights from...
- Currently, Iran Air operates a flight a week from Tehran to Karachi and vice versa.
- There are reports that Mahan Iran Airlines will resume flights from Tehran and Mashad to Lahore.
Company News
Latest News
Huge investments help Saudi cinema soft power grow
Arts & Culture
PwC opens regional headquarters
Business
Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
Business
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
Geostrategy
Mawani and Rotterdam Port partner to develop smart ports
Jeddah, Saudi Arabia-- The Saudi Ports Authority (Mawani) has reached a partnership deal with Port of Rotterdam to collaborate in...
Business
Most Read
Meta’s Twitter rival Threads launches web version
One measure of usership, by company Similarweb, showed that daily active users on the Android version of Threads dropped to...
- A web version of Threads is seen as key to attracting professionals and media types who are the most active users of social media
- The rival to Twitter (now called X) was rushed out in early July by Meta, which invited its more than a billion Instagram users to download the app
Economy
Iraq and Turkmenistan reach preliminary agreement on gas import
Baghdad, Iraq - Iraq has signed a preliminary agreement with Turkmenistan to import gas. The agreement signed by the undersecretary...
- Turkmenistan is known for its status as a key gas producer regionally and globally
- The country’s natural gas reserves are estimated at 50 trillion cubic meters
Business
$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion