Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
IATA urges Pakistan, Bangladesh to release blocked airline funds
The International Air Transport Association on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after...
Business
Business
L&T energy hydrocarbon unit clinches mega deal in the Middle East
New Delhi, India - The L&T Energy Hydrocarbon (LTEH), hydrocarbon business unit of Larsen & Toubro (L&T), said on Monday...
- The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform
- In October also, LTEH secured a major contract worth over Rs 15,000 crore ($20 billion) from a Middle Eastern client
OpenAI staff threaten mass exodus to join ex-CEO Altman
In a fast-moving sequence of events, Altman, who was ousted by the board on Friday, has now been hired by...
- In a letter released to media, the vast majority of OpenAI's 770-strong staff suggested they would follow Altman unless the board responsible for his departure resigned
- A key Artificial Intelligence executive at Microsoft confirmed that they all were welcome from OpenAI if the board that removed Altman doesn't resign
Business
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
- The MoU will enhance ties between Dubai and China's capital markets, marking a significant milestone in cross-border collaboration
- The two bourses will jointly explore to develop products, introduce companies and issuers to the advantages of each market
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
- The second phase is part of a 950 MW solar CSP independent power project, the company said .
- The financial impact from the full capacity (950 MW) is expected to show starting from the first quarter 2024.
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
- The total value of exports and re-exports of member companies reached $57 billion in January- September 2023.
- The strong growth underlines Dubai’s attractiveness among both companies and investors,
Business
Norwegian firm expects first cross-border transport of CO2 in 2025
Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
- Yara International signed a contract to begin transporting CO2 produced at its Netherlands plant to Norway so it can be buried under the seabed.
- Carbon capture and storage is aimed at helping halt climate change, involves capturing CO2 emissions at factory smokestacks and burying them underground in geological reservoirs.
Business
Messi’s World Cup jerseys up for $10m auction
If the jerseys sell for above $10m, that could make the sale the most valuable collection of sports memorabilia ever...
- He donned these shirts during the first halves of the group-stage rounds against Saudi Arabia and Mexico, as well as later games against Australia, the Netherlands and Croatia.
- The most expensive individual jersey ever sold at auction was one that basketball legend Michael Jordan wore during his NBA finals run in 1998. It sold for $10.1m.
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
- The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
- A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology.
Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
- This partnership will enable Obeikan AGC Glass to secure their international sales against non-payment risks posed by global buyers.
- This agreement significantly amplifies the prospects for growth and penetration into new regional and international markets.
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Oil and gas industry hops on generative AI bandwagon
In recent years the downstream industry, which includes refineries that process crude oil into gasoline, has increasingly relied on so-called...
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Aldar net profit $1.19bn
Business
Europe gives accent to instant payments across the union
Brussels, Belgium - Bank customers will soon be able to transfer money across Europe within seconds after the EU adopted a...
Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...
Business
Japan’s Moon craft SLIM revives after lunar night
TOKYO, JAPAN – Japan's Moon lander has produced another surprise by waking up after the two-week lunar night, the country's space...
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Business
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...
- The focus on AI comes amid sluggish smartphones sales as consumers are taking longer to upgrade their devices due to a lack of significant innovations.
- Global smartphone shipments declined 3.2 percent to 1.17 billion units in 2023, its second consecutive yearly decline.
Geostrategy
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
- The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce during the meeting scheduled to run until Thursday in Abu Dhabi.
- But big deals are unlikely as the body's rules require full consensus among all 164 member states -- a tall order in the current climate.
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.