Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
Big Tech’s AI spending rattles markets
Amazon and big tech peers Microsoft and Google saw their stock prices fall on concerns over high AI investment costs....
Business
Saudi PIF launches three initiatives to spur private sector growth
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed...
- Local Content Growth Program, called MUSAHAMA, seeks to increase the share of local content spend in PIF's domestic portfolio to 60 percent by the end of 2025.
- The Private Sector Hub initiatve is a dedicated channel that is now live and will share supplier and investment opportunities with the private sector.
Business
Meta to slash 10,000 jobs
The firm also announced 5,000 other roles would remain unfilled.
- Meta had suffered a rough 2022 amid a souring economic climate, which forced advertisers to cut back on marketing.
- The company is also under pressure for making a huge gamble on the metaverse, the world of virtual reality.
Business
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.
- The company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion.
- In the oil transportation sector, Bahri's revenues have increased by SAR 2.01 billion, the company said in a bourse filing.
Business
Mashreq facilitated $15.5bn in sustainable finance since 2021: Official
Dubai, UAE -- Mashreq Bank, the oldest privately-owned bank in the UAE, has facilitated $15.5 billion in sustainable finance, Joe...
- The finance was facilitated between Jan 2021 and Dec 2022 in addition to wastewater treatment projects worth $1.36 billion.
- Mashreq has said it aims to increase the amount of sustainable finance that it facilitates to reach $30 billion by 2030.
Business
Overuse of technology may lead to polarization: Expert
Technology, however, can be a powerful tool to deal with global challenges such as climate change, poverty, and inequality, says...
- Technology, however, can be a powerful tool to deal with global challenges such as climate change, poverty, and inequality, says MIT's Senseable City Lab director Carlo Ratti.
- It's up to us to ensure that we use technology in a responsible and ethical way to create a better future for all, adds Ratti, the founder of CRA-Carlo Ratti Association
Geostrategy
Grain deal talks ongoing after Russian proposal, says UN
Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day...
- Russia had agreed to extend the deal which is due to expire on Saturday, for 60 days.
- Ukraine said that "contradicts" the original agreement but did not reject the proposal.
Business
UAE issues license for electric vertical takeoff and landing aircraft
DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation...
- The license aims at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology.
- It also aims at using innovation to redefine the logistics sector's future and its impact on the environment and climate.
Interview
‘Morocco economy robust, 80% of exports manufactured products’
The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and...
- The country managed to restrict inflation to 6 percent and sustain jobs despite challenges, the North African nation's Industry and Trade Minister Ryad Mezzour tells TRENDS.
- Moroccan automotive industry produced 700,00 cars in 2022 and we expect the production to hit 1 million in the next three years, adds Mezzour during the interview
British crypto lender suffers $200 million hack
Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new...
- PeckShield pointed out the hack to British lender Euler on Twitter, posting details of transactions it said showed losses of $197 million
- The hack on Euler is the most substantial this year, according to crypto critic Molly White, who chronicles hacks on her blog Web3 is Going Just Great
Volkswagen to build new battery plant in Canada
Volkswagen is also setting up a series of battery plants in Europe - one will open in 2023 in Sweden,...
- The group's first North American battery factory will be located in St. Thomas, Ontario where production will start in 2027
- Under its different brands, Volkswagen plans to introduce more than 25 different new electric models by 2030 in US
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
Company News
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Tabreed 9M profit at $218m
Business
Siemens posts record profit
Business
GCC business landscape evolves with rising AI tide
Companies in the region are leveraging artificial intelligence to enhance customer experiences, streamline operations, and stay competitive in the dynamic...
Most Read
Business
Weyay recognized as ‘Fastest Growing Digital Bank’ in Kuwait by Mastercard
Kuwait City - Weyay was recognized as 'Fastest Growing Digital Bank' in Kuwait by Mastercard on the sidelines of the...
- Since its inception as Kuwait’s first digital bank in 2021, Weyay has combined technology with a dynamic design for a seamless and comprehensive banking experience
- Weyay has played a major role in providing banking services to the youth and early career professionals, aligning seamlessly with their tech-centric lifestyles
Business
Abu Dhabi Islamic Bank adopts AI
The bank expects to enhance operations with AI tools.
- The bank seeks to leverage technology in order to increase productivity and efficiency in code generation and error identification
- The bank says GitHub Copilot will help empower IT teams to streamline their workflows by harnessing the artificial intelligence
Business
Telefonica to cut 3,421 jobs
The layoffs will reduce costs for the Spanish company.
- The layoffs will happen during the first quarter of 2024 and will mainly involve employees who are 56 years or older
- The Spanish company employs about 16,500 people in its home country, while its global workforce is over 100,000