UAE executives face growing accountability over AI strategies
A new Dataiku study shows UAE CEOs increasingly view AI performance, governance and accountability as defining measures of leadership success.
Business
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
- In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
- The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
- FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
- The coalition engages 13 governments who together account for over 50% of global gross domestic product
Business
UAE banks align with global sustainability standards
“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
- UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
- The pledge reflects collective efforts of national banks towards a sustainable future.
COP28 UAE
Saudi Electricity Company targets net zero emissions by 2050
Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle...
- The announcement was made during a special event SEC organized on the sidelines of the United Nations COP28 climate-change summit in Dubai
- The SEC said it has signed seven agreements with leading local and international companies, including LUCI, Al-Fanar, Sal Italy, CHINT Saudi Arabia, Siemens, etc
Business
Meta, IBM tie up to develop AI
They will defend a collaborative method for AI's future.
- Meta is one of the biggest believers in the open-source model and argues against keeping AI's future holed up in the secretive labs of a few tech giants
- Unlike OpenAI's GPT-4, the model behind ChatGPT, Meta has made its LLaMA models easily available for researchers and startups to tinker with and perfect
EU seeks agreement on world’s first AI law
European Commission, the EU's executive arm, first proposed an AI law in 2021 that would regulate systems based on the...
- Negotiators from EU Parliament and EU member states will meet on Wednesday from 1400 GMT, with talks expected to last into the evening
- Although there is no real deadline, senior European Union figures have repeatedly said the bloc must finalize the law before the end of 2023
COP28 UAE
Arab Coordination Group allots US$10bn to support energy transition
Dubai, UAE--The Arab Coordination Group (ACG), a strategic alliance comprising regional and international development institutions, announced at COP28 an allocation...
- The important aspects of the plan include mobilising financial resources by increasing the use of green bonds and risk mitigation tools
- The ongoing COP28 in Dubai lays emphasis on substantially ramping up climate financing and expediting the transition process
Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.
- An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
- The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion
Business
FAB partners with Engie
They will advance solutions in financial decarbonization.
- The partnership entails both to focus on derivatives or financing solutions related to energy, carbon, renewables, battery energy storage systems, and green products
- Engie is a global leader in low-carbon energy and services, including renewables, committed to accelerate the transition towards a carbon-neutral world
UAE executives face growing accountability over AI strategies
A new Dataiku study shows UAE CEOs increasingly view AI performance, governance and accountability as defining measures of leadership success.
Business
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EU to probe use of personal data by X’s AI chatbot
Ireland's data protection watchdog, acting on behalf of the European Union, launched an inquiry Friday into the use of personal...
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Why investors rush to gold in uncertain economic times?
London, United Kingdom -- Why do investors flock to gold when economic times turn tough? As the precious metal reaches...
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Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
- Through SoTex, Kimmeridge is building America’s first integrated gas independent to deliver low-cost natural gas from wellhead to water.
- The deal bolsters Mubadala Energy's growth plans to invest across the gas value chain in key energy hubs around the world.
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
- OpenAI alleges Musk became hostile toward the company after abandoning it years before its breakthrough achievements with ChatGPT.
- "Musk could not tolerate seeing such success for an enterprise he had abandoned and declared doomed," OpenAI said in a filing.
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47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE --Â A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
- The seventh phase will have a production capacity exceeding 1,600 megawatts (MW) and 1,000MW battery storage system providing 6,000 megawatt-hours.
- Scheduled for phased commissioning between 2027 and 2029, the seventh phase will be generating 4.5 terawatt-hours of clean energy by 2030.