Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Economy
Iran says oil production back to pre-sanctions level
Iran's oil production capacity has returned to the same level as prior to the reimposition of sanctions in 2018, when...
- "Oil production has reached pre-sanctions figures, despite economic pressures," said Mohsen Khojastehmehr, CEO of the National Iranian Oil Company
- In a monthly report, the OPEC group of oil-producing countries estimated that Iran produced 2.54 bpd of oil in February
Business
Saudi Arabia, UAE woo major chunk of FDI in GCC
As foreign investors seek to take advantage of investment opportunities in the region, KSA and UAE get billions of dollars...
- The foreign direct investment flows in the UAE increased 3.9% to $20.7bn in 2021
- The total investment in Saudi Arabia by overseas investors rose by 257 percent last year to $19.3 bn
Business
Saudi Arabia adds two marine tankers to its naval fleet
The Public Transport Authority announced the launch of two new Saudi-flagged marine tankers: "Sara" and "Hessa". Both were recently registered...
- The new giant ships of the Saudi naval fleet bring the tally of national ships carrying the Saudi flag to 426.
- The marine tankers named "Sara" and "Hessa" were registered at King Abdulaziz Port in Dammam.
Business
DFF to support tech startups in luxury retail challenge
Dubai Future Foundation (DFF) has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support...
- The challenge is to utilize the latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.
- The challenge is part of the Future of Luxury Retail start-up incubation program, organized by Dubai Future Accelerators, an initiative by the DFF.
Business
Gulf Air, Texel Air sign MoU
They will explore charter agreements, engineering and maintenance activities.
- Texel Air is a Bahraini registered airline and maintenance repair organization (MRO) formed in 2013.
- It is dedicated to providing third party cargo charter operations to a wide range of customers with diverse requirements.
Business
IDC forecasts Saudi ICT spending to touch $33bn in 2022
The International Data Corp. has predicted Saudi spending on information and communications technology to touch $33 billion in 2022, a...
- The Saudi technology sector expanded 8 percent between 2019 and 2021, to reach a value of $32.1 billion
- The global market intelligence provider has also described the Saudi ICT sector as one of the most rapidly growing markets in the region
Business
ACWA Power and partners begin work on green hydrogen project
ACWA Power of Saudi Arabia and its partners have begun work on a big green hydrogen project in NEOM.
- The partners announced a $900 million contract for the engineering, procurement and construction of the project
- In July 2020, Air Products, together with ACWA Power and NEOM, announced an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility
Business
Kuwait’s CGC signs deal
The $125m deal includes engineering works for PAHW.
- The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
- CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business
Stc to buy stake in Giza
The firm will buy controlling stake for $158 million.
- the Saudi company will buy 89.49 percent of Giza Systems from Inergia Technologies for Information Systems, in addition to 34 of Giza Arabia, a subsidiary of Giza Systems
- It's subject to approval from the authorities in Saudi Arabia and Egypt, the company added
Business
SABIC eyes eight mega projects worth $2.7bn
The Saudi firm says it seeks to capitalize on opportunities through innovative and sustainable solutions, focusing on petrochemical products in...
- The Saudi firm seeks to capitalize on opportunities through innovative and sustainable solutions, focusing on petrochemical products.
- Gulf Coast Growth Ventures, SABIC's joint venture with ExxonMobil in southeast Texas, is also likely to begin operation in 2022.
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
Elon Musk files lawsuit against OpenAI over mission ‘betrayal’
Paris, France - Elon Musk has launched a legal case against OpenAI, the AI firm he helped to set up in...
Business
Company News
Latest News
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
Business
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
Geostrategy
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
Geostrategy
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Business
QFMA launches single window e-portal for listing in Qatari financial markets
DOHA, QATAR - Qatar Financial Markets Authority (QFMA) announced the launch of a single window e-portal, which aims to facilitate...
- The single window provides many advantages for firms, related to securities, public offering, or listing on QSE and in acquisitions or mergers.
- It will simplify the procedures for companies by limiting their dealings with just one entity instead of interacting with other authorities separately.
Business
Ex Qantas boss Alan Joyce paid $14m in last financial year
Qantas said some of the former airline chief's pay could be subject to clawback "should the board determine that necessary"....
- In its annual report, the Australian airline Qantas said Joyce's "total pay outcome" for the financial year to June 30, 2023, was Aus$21.4 million
- Qantas said it had withheld the balance of the last financial year's short-term bonuses from its senior executives "while this matter progresses."
Business
Global ambitions fuel Qatar’s investment momentum
Qatar Investment Authority, with a diversified $450 billion portfolio across 60 countries, is adeptly poised to tackle global economic hurdles...
- Qatar Investment Authority, with a diversified $450 billion portfolio across 60 countries, is adeptly poised to tackle global economic hurdles and seize expansion prospects
- Qatar's sovereign fund's notable investments include stakes in Volkswagen, SoftBank, RWE, and Paris Saint-Germain as it focuses on venture capital, fintech and sports sectors