Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
Business
Tesla’s first Saudi showroom opens
The opening in Riyadh comes with Tesla sales dropping.
- Saudi Arabia is a key regional ally of Washington, and US President Donald Trump forged close ties during his first term with Crown Prince Mohammed bin Salman.
- However, demand for EVs is relatively low in Saudi Arabia, the world's largest oil exporter which enjoys bargain-basement fuel prices, with a liter costing just $0.62.
Geostrategy
European Union and UAE agree to launch trade deal negotiations
Emirati President Mohammed bin Zayed Al Nahyan "and I just decided to launch negotiations on an EU-UAE free trade agreement,"...
- Sheikh Zayed said that the CEPA would create new avenues for cooperation between the UAE and EU, increase trade and investment flows.
- The EU is the UAE’s second-largest trading partner, accounting for 8.3 percent of the UAE’s total non-oil trade, which hit $67.6 billion in 2024.
Business
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.
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- 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.
Geostrategy
After Instagram restrictions, Meta to introduce teen accounts for Facebook
Paris, France -- Meta on Tuesday announced that it was extending its teen accounts to its social network Facebook, after...
- The accounts were brought in for 13- to 15-year-old Instagram users last September as part of moves to shield underage internet users from online harms.
- Teens are immediately placed in such accounts, with those under 16 unable to change settings without parental permission.
Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
- The 10-carat Mediterranean Blue, which will go on sale in Geneva next month, is the showpiece of a collection estimated at $100 million, organizers said.
- "Included in the group are the largest flawless diamond in the world... the second largest red diamond known to exist and several diamonds over 100 carats," Sotheby's said.
Interview
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
- In a market like the UAE, or the GCC in general, where things evolve daily, adaptation is essential, said Jabri.
- Our industry is increasingly focused on sustainability, and technology plays a pivotal role in enabling environmentally friendly practices, he added.
Business
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
- Wall Street was wracked by volatile trading, bouncing into positive territory on hopes of a 90-day pause in tariffs, only to sink lower when those were dashed by the White House.
- Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Bitcoin tumbled, while the dollar rebounded after sharp losses last week.
Business
UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE -- Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
- Hotel occupancy rates also climbed to 78 percent last year, ranking among the highest both regionally and globally.
- The minister said that the number of hotel guests across the UAE reached approximately 30.8 million in 2024, reflecting a 9.5 percent growth.
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
Company News
Latest News
China’s Xiaomi receives almost 300,000 SUV pre-orders in minutes
Beijing, China -- Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility...
Business
BBC launches US paid subscription to news website
London, United Kingdom - The BBC, Britain's public broadcaster that is struggling with strained finances, on Thursday launched a paid...
Business
Roblox’s Grow a Garden explodes online video game numbers
Paris, France -- A gardening game created by a teenager on online platform Roblox has attracted a record 21 million...
Business
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Geostrategy
Oil slides, stocks rise as Iran-Israel ceasefire holds
The main international and US oil contracts briefly bounced off their lows as Israel and Iran accused each other of...
- Prices were also brought down by Trump saying that China could continue to buy oil from Iran, in what appeared to be relief from sanctions Washington had previously imposed.
- There was also relief that Iran has refrained from closing the strategic Strait of Hormuz, a chokepoint for about one-fifth of the world's oil supply.
Geostrategy
Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
- They later dipped briefly into the red and then wobbled, standing down around one percent as European markets closed.
- Iran is the world's ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day.
Business
Japan’s high-tech sunscreens tap into skincare craze
Tokyo, Japan -- When YouTuber Hannah Price set out to compare Japanese and Australian sunscreen, she wasn't expecting her deep...
- Companies that have perfected their secret formulas want to capitalize on booming demand, including selling to Japan's record influx of foreign tourists.
- The global skincare market was worth more than $115 billion in 2024 and is expected to grow to $194 billion by 2032, according to Fortune Business Insights.