Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Microsoft hires DeepMind co-founder to lead AI unit
Of all the tech giants, Microsoft has moved the fastest into adopting generative AI, integrating its powers into a whole...
- Suleyman is one of the biggest names in the artificial intelligence revolution that is taking the technology world by storm and his hiring is a major move by Microsoft
- Suleyman said that some key collaborators at Inflection, including co-founder Karén Simonyan, had "chosen to join" his team at Microsoft
Business
Google hit by US$272m fine in France
It breached an agreement on terms for paying media firms.
- French regulators said the fine was for "failing to respect commitments made in 2022" and accused it of not negotiating in "good faith" with news publishers
- France has been a test case for the rules and after initial resistance Google and Facebook agreed to pay some French media for articles shown in web searches
Business
ADX partners with Eureeca
The collaboration will bolster accessibility to ADX IPOs.
- The partnership between ADX and Eureeca capitalises on the exchange’s robust e-IPO investor portal, highlighting its commitment to simplifying the IPO process
- The tie up will take advantage of Eureeca’s international investor base, giving regional and international retail and HNWIs the opportunity to participate in ADX IPOs
Economy
Federal Reserve begins two-day talk on interest rates
Washington, United States - The US Federal Reserve began two days of discussions on Tuesday at which policymakers are expected to...
- It will culminate on Wednesday afternoon with the publication of the interest rate decision, along with an updated summary of economic projections (SEP)
- The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50 percent as it looks to return inflation firmly to its long-term target of two percent
Science
Google’s new AI for corner kick tactics gets Liverpool approval
PARIS, FRANCE – Liverpool football analysts have given their seal of approval to a new artificial intelligence tool from Google that...
- Many clubs across the world already deploy experts to comb through video and data to carefully plan corner kick scenarios ahead of matches.
- Google DeepMind, the AI arm of the US tech giant, also targeted corners for its new TacticAI system in research.
Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
- Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimizes damage to healthy cells
- AstraZeneca, whose cancer treatments represent a third of its overall sales, saw its share price drop one percent following the news
Business
UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
- This robust financial footprint positions the UAE as a significant economic force with strong potential for continued expansion.
- The focus on emerging markets and the creation of strategic partnerships further amplifies this momentum.
Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
- One significant achievement was a credit facility agreement valued at $503.9 million with Trafigura Company, a major international export house
- The agreement aims to facilitate Saudi non-oil exports to over 150 countries, contributing to the objectives of the Kingdom's Vision 2030
Business
‘GCC set to dominate global cryptocurrency market’
“Oman is emerging as a standout in the regional crypto mining landscape, highlighted by its support of Exahertz, an Omani...
- The GCC region is leveraging competitive energy rates, crypto-friendly regulations, and essential infrastructure to become a global crypto powerhouse, says an expert.
- Oman's substantial $1.1bn investment in crypto mining aims to boost its Bitcoin sector, with predictions of Bitcoin reaching $100,000, adds, Ritu Singh of Stone X Group.
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
Latest News
Netflix adds millions of subscribers but growth slows
San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...
Business
Boeing to cut 10% of workforce
The company has projected a large third-quarter loss.
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh.General Entertainment Authority...
Business
Most Read
Business
UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
- Located approximately 350 kilometres northwest of Cairo, the Ras El Hekma project has garnered significant interest from Emirati investors
- Modon Holding, the master developer for the Ras El Hekma megaproject, will steer the project in partnership with prominent partners from Egypt
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
- Backers expect OpenAI’s chatbot to become much more widely used and haul in huge profits
- MGX is targeting some of the world's biggest scale global technology investments
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
- Set to open in 2028, Waldorf Astoria Al Madinah will be located near the Prophet’s Mosque
- The new project will be a symbol of the Kingdom's aspirations