Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Business
Saudi Central Bank to collaborate with monetary authority of Singapore in fintech
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on...
- The agreement seeks to facilitate activities of both organizations in international markets
- It will also provide a framework for cooperation between their innovation departments
Business
KSA builds on MENA construction with $44bn contracts
Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in...
- Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in the construction sector
- Future projections indicate growth, with Egypt's construction market expected to expand and Saudi's diversification efforts fueling further development
Business
US tightens curbs on exports of advanced AI chips to China
Washington, United States - The United States on Tuesday said it was tightening curbs on exports of state-of-the-art AI chips to...
- The measures are the latest chapter in the policy started under the Trump administration to limit Beijing's ability to gain ground and become a leading tech economy.
- The new rules tighten measures taken a year ago that banned the sale to China of microchips that are crucial to the manufacturing of powerful AI systems.
Business
Asian stocks drop as Israel-Hamas conflict threatens to expand
Markets had enjoyed a healthy run Tuesday on optimism that while Israeli Prime Minister Benjamin Netanyahu was preparing for a...
- Asian markets mostly fell, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta, Taipei and Manila all down, along with London, Paris and Frankfurt.
- Crude jumped more than two percent at one point on worries about supplies from the oil-rich region in the event of a wider war.
Business
ACWA Power signs clean energy agreements with Chinese partners
Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
- The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China.
- The agreements, which include green hydrogen and water desalination projects, the third Belt and Road Forum held in Beijing on October 17-18.
Business
Dubai’s tech ambitions take center stage at GITEX Global
Dubai, UAE - Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying...
- Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying their latest advancements at the event.
- The 2023 edition has attracted 180,000 technology specialists from 180 countries, a 40 percent increase from previous years.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Tech giants Foxconn, Nvidia announce they are building ‘AI factories’
The world's largest contract electronics maker, Foxconn -- officially known as Hon Hai Technology Group -- already plays a lynchpin...
- The "AI factories" would include "digitalization of manufacturing and inspection workflows, development of AI-powered electric vehicle and robotics platform
- If successful, Foxconn's customers could use these systems to deliver generative AI services and use simulation to train autonomous machines
Musk’s X starts charging new users for basic features in two countries
Tech billionaire Elon Musk, who bought Twitter last year for $44 billion, has long complained about fake accounts, bots and...
- New users in New Zealand and the Philippines will have to pay an annual fee for the ability to write on X, like and reply to posts, and bookmark content
- Those who decline to pay will be able to access X in read-only mode, limited to viewing content and following accounts, the company said
Economy
World must add or replace 80 million km of grids by 2040: IEA
Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines...
- The IEA said that unless policymakers act to improve and expand the world's electricity grids it could put reliable sources of electricity at risk
- The report also identifies a large and growing queue of renewables projects waiting for the green light to be connected to the grid
Tesla to unveil robotaxi in August
Its shares rose more than three percent in after-market trades.
Company News
KACST, ACWA Power sign pact
Business
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SIB, Noqodi sign agreement
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
EU adopts fallow land exemption after farmer protests
Brussels, Belgium - The European Commission on Tuesday officially extended an exemption from contested rules to leave a share of agricultural...
Business
Bitcoin crosses $50,000 for first time since 2021
The cryptocurrency has enjoyed a strong run-in recent month, fueled by expectations US lawmakers would allow the creation of exchange-traded...
Business
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Business
ADNOC Drilling profit soars 29%
The company's revenue for the year 2023 was US$3.05bn.
- The company's EBITDA for 2023 shot up 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent
- It added 14 new drilling units in 2023, including four lease-to-own land rigs, making it one of the world’s largest fleets of 129 rigs
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
- Its CEO said the issue is a step in their journey to generate consistent and sustainable value for investors
- The fund has an existing portfolio valued at $158 million, primarily invested in educational assets in the UAE
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence