Musk tells jury buying Tesla at $420 a share was no joke

• The fraud trial of Musk revolves around a pair of tweets in which Musk said "funding secured" for a project to buy out the Tesla private
• Musk attorney Alex Spiro said that even though the tweets may have been a "reckless choice of words", they were "not fraud, not even close."

Central Bank of Bahrain’s treasury bills oversubscribed by 208%

• The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the government of Bahrain
• The weighted average rate of interest is 5.84% compared to 5.88% of the previous issue on January 18

Oil prices retreat but remain buoyed by bullish China outlook

Algeria and Italy agree to strengthen energy cooperation

• Italy has increasingly looked to Algeria, historically its second-biggest supplier via a pipeline through Tunisia and under the Mediterranean Sea, to help reduce that dependence
• Meloni said that Italy is "inevitably the gateway for access for this energy and for Europe's supply"

Gulf retail sector turns to metaverse as consumers seek complete and immersive experience of products

• Agile brands, especially luxury ones with sizeable marketing budgets, have readily tapped into the metaverse, creating exclusive NFTs and new revenue streams, says an expert
• To thrive in the next development cycle, brands need to be prepared for and resilient in the face of adversity, and the pandemic has provided both, adds Atul Hegde, Founder of YAAP

Microsoft to invest in OpenAI

• The tech giant announced a "multiyear, multibillion dollar investment to accelerate AI breakthroughs"
• OpenAI's ChatGPT became an internet sensation when it was released without warning in November

Bayanat net profit up 110%

• Bayanat's total assets increased to AED1.508 billion during the year ended 2022 compared to AED474 million in the previous year.
• Last week Bayanat became the first ADX-listed technology share to be certified as Shari'a compliant.

Iraqi central bank chief quits amid currency volatility

• Analysts and officials say the drop in value coincides with efforts to make Iraq's banking system compliant with the international electronic transfer system.
• Banks in the oil-rich country have an estimated US$100 billion in funds held at the US Federal Reserve.

Future of Real Estate Forum in Riyadh begins, pacts worth $2.66 bn signed

• The agreements were signed in real estate development and building technologies, and the establishment of four investment funds.
• Participants from more than 30 countries and 100 speakers representing the public and private sectors will attend the forum.

CST announces first Space Entrepreneurship Alliance in Saudi Arabia

• The alliance was announced during the Commission's participation in the seventh edition of the Garage Disrupt event.
• The alliance seeks to connect entrepreneurs with investors and experts in the space sector.