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...
Business
OpenAI chief technology officer Mira Murati leaving company
San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...
Business
Business
Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the...
- The investment to the tune of $38 million will go into building a network for sewerage, fire, storm water, telecommunication and roads
- The new work on the infrastructure is in line with the Dubai Maritime Vision 2030, positioning the city to emerge as a premier international maritime hub
Business
OPEC picks Haitham Al-Ghais of Kuwait as new chief
Haitham Al-Ghais of Kuwait has taken over as the new secretary general of the Organization of the Petroleum Exporting Countries...
- He is the first Kuwaiti to hold the position of OPEC chief, and will head the group for three years
- The Kuwaiti oil executive will replace Nigerian Mohammad Barkindo, who died in July
Economy
Libya oil production returns to pre-blockade levels: official
Libya's oil production has returned to the volume recorded before a months-long blockade that paralysed the economy, official sources said...
- Oil production fell to around 400,000 barrels of crude per day during the mid-April to mid-July blockade
- On July 15, Libya's new oil chief lifted force majeure at all the country's oil fields and export terminals
Business
Arab Bank H1 profit $252m
The profits grew by 38 percent to $252 million.
- The Group maintained its strong capital base with a total equity of $10.2 billion.
- The Group loan portfolio grew by 6 percent to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year.
Business
Grape and Seasonal Fruit Festival begins in Saudi province
The four-day Grape and Seasonal Fruit Festival began in Asir region of Saudi Arabia on Sunday. The festival will be...
- The festival will be attended by 35 farmers who will display the products of their own farms, such as numerous varieties of grapes.
- The date of the festival coincides with the Abha Summer Festival 2022.
Geostrategy
First grain cargo ship could leave Ukraine port Monday, says Turkey
A spokesman for the Turkish presidency said there was a "high probability" that a first ship carrying Ukrainian grain could...
- The resumption of exports was discussed in talks between the Turkish and Ukrainian defense ministers
- A Joint Coordination Centre is charged with controlling Ukrainian grain exports via the Black Sea
Geostrategy
Saudi Arabia, Poland sign agreement on air transport
Saudi General Authority of Civil Aviation (GACA) signed a Memorandum of Understanding (MOU) with Poland to organize the operational framework...
- From the Saudi side, Ali Rajab, Executive Vice President at GACA -Economic Policies & International Cooperation signed the MoU
- From the Polish side, Piotr Samson, President of the Polish Civil Aviation Authority inked the pact in Warsaw
Economy
Saudi Arabia GDP climbs nearly 12% in Q2 on oil price hike
Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according...
- Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year
- The Middle East's largest economy has benefited from a spike in oil prices triggered by Russia's invasion of Ukraine
Business
Hamriyah Free Zone and Rafid to set up technical center
The Hamriyah Free Zone Authority (HFZA) has partnered with Rafid Automotive Solutions to establish an integrated technical center within the...
- The center will provide vehicle repair, maintenance, inspection, as well as registration services and roadside assistance.
- The agreement will also fuel the effort by both parties to upgrade their services to investors in free zones, HFZA said.
Arts & Culture
Sheikh Hamdan bin Zayed issues directives for ADIHEX 2022
Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region and Chairman of the Emirates Falconers’ Club (EFC),...
- Chairman of the Emirates Falconers’ Club has issued directives for development of the strategy of Abu Dhabi International Hunting and Equestrian Exhibition
- The development of ADIHEX strategy is to enhance its role in preserving UAE's cultural heritage, protecting the environment and promoting sustainable hunting
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...
Business
Company News
Gulf Bank to up paid-up capital
Business
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Alantra sets up base in DIFC
Business
Lego first half profit dips 17%
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Business
Saudi Coffee Company launches its first model farm in Jazan
Riyadh, Saudi Arabia - Saudi Coffee Company, a wholly owned subsidiary of the Kingdom’s Public Investment Fund, on Sunday announced...
- The farm is a cornerstone of Saudi Coffee Company’s plans to increase the coffee production capacity from 300 to 2,500 tons annually in 2023
- Over the next ten years, the Saudi Coffee Company intends to invest nearly SAR 1.2 billion ($320 million) to meet its export goals
Opinion
Global AI economy will reach over $32 trillion by 2027
The emergence of AI-managed portfolios marks a notable change in the investment realm. Success in this evolving landscape will require...
- AI-driven portfolio management systems are challenging traditional investment methods.
- The future of investment may lie in a hybrid approach, combining AI with human insight.
Business
Qatar’s business conditions continue to improve in October
DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of...
- Output, new orders and employment all expanded in October, and the 12-month outlook remained upbeat.
- Profitability improved as firms raised their prices for goods and services at the fastest rate since February.