Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
Business
KSA reports surge in digital payments in 2021, touching $34bn
Digital payments made through a mobile device accounted for 35 percent of all near-field communication transactions in Saudi Arabia in 2021,...
- The share of payment transactions made using a mobile device in all NFC payments grew from 22 percent in 2020
- The number of payment transactions using a mobile device in 2021 exceeded 1.8 billion, with the value exceeding SR128 billion
Geostrategy
France urges cooperation with Algeria after Russia-Ukraine crisis
France and Algeria have been attempting to improve their ties after a diplomatic crisis.
- Algeria is a major exporter of natural gas, which covers over 11 percent of Europe's needs, compared to the 47 percent from Russia
- European countries have been trying to ramp up Algerian exports to reduce their reliance on Russia after it invades Ukraine
Geostrategy
Swiss prosecutors probe Libyan gasoil ‘looting’
"A maritime gasoil smuggling network resulting from the looting of Libyan state oil refineries was allegedly carried out between 2014...
- "A maritime gasoil smuggling network resulting from the looting of Libyan state oil refineries was allegedly carried out between 2014 and 2015," Swiss state prosecutors said
- In an investigation published in March 2020, the NGOs Public Eye and TRIAL International accused Swiss traders Kolmar Group of being linked to the allegations
Business
FBI accuses North Korea hackers of $620m cryptocurrency heist
The hack, which last month targeted players of the popular game Axie Infinity, was one of the biggest to hit...
- Axie Infinity is a game where players can earn cryptocurrency through game play or trading their avatars
- Last month's theft came just weeks after thieves made off with around $320 million in a similar attack
Business
Brands track trends, behaviors of consumers in Gulf region
Brands have realised the importance of mobile advertising and smartphones and are utilizing them to capture the attention of target...
- Brands need to decide how much they should invest in which medium to make their voices heard by their potential customers
- 66 percent consumers generally do Ramadan shopping with their smartphones directly via mobile ads, researches suggest
Business
Twitter board considers Elon Musk takeover bid
Twitter's board said it would carefully review what it termed Elon Musk's ‘unsolicited, non-binding’ offer and decide on a course...
- The proposal faces uncertainty on multiple fronts, including possible rejection and the challenge of assembling the cash
- Meanwhile, it could have wide-reaching impacts on the social media service if Musk manages to buy the platform
Business
Petrobras names new CEO
Jose Mauro Coelho was appointed to the post for a one-year term.
- Jose Mauro Coelho is the third Petrobras CEO in just over a year after President Jair Bolsonaro fired his predecessors in a standoff over fuel prices
- He was the government's choice to succeed Joaquim Silva e Luna, who was ousted by Bolsonaro last month after slightly more than a year in the post
Business
Dubai records realty transactions worth $463m on Thursday
The Dubai real-estate market recorded total realty transactions worth over AED1.7 billion ($463 million) on Thursday, April 14.
- The transactions included 331 sales worth AED1.24 billion ($337.64 million), the DLD data showed
- They are also said to have included 77 mortgage deals worth AED390.84 million ($106.42 million)
Business
Abu Dhabi to host World Utilities Congress in May
Abu Dhabi will host World Utilities Congress in May, bringing together more than 10,000 global utilities professionals to explore topics...
- The World Utilities Congress will be held under the patronage of Sheikh Khaled bin Mohammed bin Zayed Al Nahyan
- The digitalization of the utilities sector will be delved deeper into at the conclave, with a dedicated strategic panel on Digital Transformation and Technological Innovations
Economy
Ecuador starts oil mining in protected area of Amazon rainforest
Current President Guillermo Lasso has plans to double Ecuador's oil production in spite of opposition from indigenous communities and environmentalists.
- Extraction of 3,600 barrels per day started in the Ishpingo oil field, one of the three oil fields containing more than 40 percent of country's crude.
- The three fields together hold over 1 billion of former OPEC member Ecuador's 4 billion barrels of proven oil reserves.
Microsoft, AI to set up data-center project
It will cost US$100bn and will include an AI supercomputer.
Business
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Strong growth key to GCC’s FDI appeal
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ANB profit up 51 percent in H1
Business
Fintech innovations reshape GCC’s banking landscape
The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the...
Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
Business
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Business
Jericho pins tourism hopes on UNESCO listing
Despite many cultural treasures, there were only 32,535 hotel guests in the Jericho area in the first half of this...
- Jericho drew international attention in September when it was added to UNESCO's World Heritage List.
- The city also draws visits by Israeli Arabs, descendants of Palestinians who stayed on their land after Israel's creation in 1948.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
flynas adds 5 Airbus A320neo, total fleet now 56
Riyadh, Saudi Arabia – Saudi “flynas” airline announced the delivery of five A320neo aircraft to increase its all-Airbus fleet to...
- The latest deliveries come as part of the expansion plan launched under the title "We connect the world with the Kingdom."
- flynas connects more than 70 domestic and international destinations with more than 1,500 weekly flights