OpenAI files confidentially for IPO as AI boom accelerates
The company did not disclose the size or timing of the offering, saying only that preparations remained at an early...
Business
Borouge 2024 net profit $1.24bn
Business
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
World Economic Forum
Norway nears 100% goal of all-electric cars
Geostrategy
Google inks multi-year AI infrastructure pact with SpaceX
Dubai, UAE -- SpaceX has signed a multi-year cloud services agreement with Alphabet's Google, securing a major customer for its...
Business
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
- QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
- "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Geostrategy
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...
- Saudi Aramco was blacklisted due to its ties to the Saudi state and for "contravening expectations over climate and energy transition plans", the fund said.
- In 2021, the fund excluded 16 companies with links to Israeli settlements in the West Bank, which are considered to be in violation of international law.
Business
ESG buys 60% stake in AFKAR
Emirates Stallions Group is an IHC subsidiary.
- AFKAR has been active in various sectors including commercial enterprise investment, institution and management.
- AFKAR has recorded a 13 percent increase in assets and a 10 percent rise in revenue during the past 3 years, underpinned by a workforce of over 600 employees.
Business
UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph
Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...
- Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide
- Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies
Business
New York Times sues OpenAI, Microsoft in copyright clash
Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...
- The Times, one of the most respected news organizations in the United States, is seeking damages, as well as an order that the companies stop using its content
- While no sum is specifically requested, the Times alleges that the infringement could have cost “billions of dollars in statutory and actual damages"
Geostrategy
UAE’s budget carrier Air Arabia to launch daily flights to Kabul
Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...
- Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan
- Last year, GAAC signed a contract to manage Afghanistan's air traffic, an agreement that was expected to bring back international airlines
Business
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
- The Safaga Port definitive agreement, sanctioned under the Law on the Granting of Commitment Contract issued on 1st November 2023, will see an investment of US$200 million.
- The terminal, spanning approximately 810,000 square meters, will feature a 1,000-metre quay wall and will handle diverse cargo types.
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
- The area of the new park is 100,000 sq. meters, with capacity of 300,000 TEUs annually.
- It aims to facilitate the growth of shipping connectivity, and global logistics services, and to raise the quality and efficiency of services.
Business
Yango shakes up UAE transportation sector with innovative tech and safety features
DUBAI -- In the heart of the UAE, a significant transformation is taking place in the transportation sector. As the...
- The firm emphasizes on safety with advanced technologies like speed control and driving-style monitoring systems.
- Beyond ride-hailing, Yango offers last-mile delivery solutions and an AI Arabic-speaking assistant, Yasmina.
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
- The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
- Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.
OpenAI files confidentially for IPO as AI boom accelerates
The company did not disclose the size or timing of the offering, saying only that preparations remained at an early...
Business
Company News
Borouge 2024 net profit $1.24bn
Business
Risks are interconnected, need collaborative solutions, says WEF’s Mark Elsner
World Economic Forum
Norway nears 100% goal of all-electric cars
Geostrategy
Latest News
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
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Business
Nvidia unveils plan for Taiwan’s first ‘AI supercomputer’
Taipei, Taiwan -- Nvidia boss Jensen Huang announced plans for Taiwan's first "AI supercomputer", as he showcased on Monday the...
- Taiwan produces the bulk of the world's most advanced chips, including those needed for the most powerful AI applications and research.
- TSMC, the Taiwanese contract chipmaking giant, has unveiled plans to inject an additional US$100 billion into the United States, on top of the US$65 billion already pledged.
Business
Qatar Airways annual profit $2bn
This was a record 28% jump in annual net profit.
- Qatar Airways Cargo, the group's air freight service, saw revenues increase by 17 percent on the year before, the airline said.
- In 2024, the Qatari airline reported a $1.7 billion net profit following an annual increase of 39 percent, another record.
Business
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
- The increase is primarily driven by a 5.9 percent increase in housing prices and a 2.8 percent rise in the prices of goods and services.
- The culture and entertainment group recorded a 1.8 percent increase, while both the food and beverages group and the education group rose by 1.2 percent each.