Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...
Geostrategy
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Business
Qatar and ExxonMobil sign Cyprus gas deal despite Turkey opposition
US giant ExxonMobil and Qatar Energy signed a contract Friday for oil and gas exploration and production-sharing off the divided...
- It is the second gas exploration contract that the consortium has signed for Block 5 in the island's Exclusive Economic Zone.
- In February 2019, the consortium discovered a huge natural gas reserve off Cyprus in Block 10, the island’s largest find to date.
Business
Global Business Forum ASEAN ends, records 1,368 participants
A total of 1,368 delegates from 58 countries – including 250 virtual participants – attended the first edition of the...
- GBF ASEAN was held 8-9 December and organized by Dubai Chamber in partnership with Expo 2020 Dubai under the theme ‘The New Frontiers’.
- The Forum is part of Dubai Chamber’s flagship Global Business Forum series, which was launched in 2013 to explore economic opportunities in Latin America and Africa.
Business
Roborace, ADIO and Mubadala team up for innovation
Abu Dhabi Investment Office (ADIO), Mubadala, and Roborace have signed a Memorandum of Understanding (MoU) to drive innovation in the...
- Roborace will review the opportunity to establish its regional HQ in Abu Dhabi
- ADIO, Mubadala and Roborace are active proponents of the 4th Industrial Revolution
Business
Jahez to raise $428m through IPO
HSBC is the financial advisor of the Saudi online food delivery startup.
- It has set the price range for its IPO on Nomu Parallel Market between SR750 and SR850 per share
- HSBC Saudi Arabia is the financial advisor, lead bookrunner, lead manager, and stabilization manager for the listing
Business
Oman launches operations at 500-acre shrimp farming project
A commercial shrimp farming project was launched at Quroom Farm in Jaalan Bani Bu Hassan, in the Governorate of South...
- Quroom Farm in Jaalan Bani Bu Hassan is is set to have a total capacity of 4,600 tons per annum by the time it is completed in 2023.
- The farm will also serve as a springboard for academics and researchers in the field of aquaculture.
Business
Saudi markets rocky, Abu Dhabi index loses ground
The Saudi and Abu Dhabi indices saw a choppy week, while the Dubai markets saw some good gains.
- Aramco's share price dropped by 9 percent, as the Saudi index fell by 0.5 percent on Thursday
- The Abu Dhabi index slipped 0.2 percent on Tuesday, down from a record high
Business
Syria to host the Arab Energy Conference in 2024
The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday...
- The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday via video
- The ministers agreed that Syria would head the Council of Ministers of OAPEC as of January 2022 until January 2023
Business
Morocco businessman jailed over 29 deaths in factory flood
The workers were trapped as heavy rains flooded the basement factory in the northern city of Tangiers.
- The workers were trapped as heavy rains flooded the basement factory in the northern city of Tangiers.
- Main defendant Adil El Balili was sentenced to 18 months in prison and a fine of $107 for "involuntary homicide"
Business
Saudi Arabia eyes gas primacy with Al-Jafurah
The country is looking to move up a position and become the world’s second-largest gas producer with this field.
- Saudi Arabia intends to be one of the most influential in defining global policies in the gas market
- Al-Jafurah is the country’s largest non-associated gas field, with reserves estimated at 200 trillion cubic feet
Business
Airbus looks to go the arbitration way with Qatar Airways
Qatar Airways in August stopped taking deliveries from Airbus over a problem that saw external paint degrading.
- Qatar Airways grounded 13 of its 53 A350s after the aircraft saw the exterior paint degrade
- This exposed the metal mesh that protects the composite fuselage from lightning strikes
Italy begins probe into OpenAI’s new video tool Sora
ROME, ITALY – The European country's data protection watchdog - Italian Data Protection Authority - said on Friday it has launched...
Geostrategy
Company News
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More Middle Eastern firms embrace Responsible AI
A significant 16% of Middle Eastern organizations have fully implemented Responsible AI policies and processes, a latest report highlights.
Business
Iran hopes joining BRICS likely to enhance trade and business
Tehran, Iran - Iran’s membership in the BRICS group will lead to the promotion of exports and trade activities, an...
Business
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Geostrategy
Tehran exports goods worth $7.2bn to West Asia in 4 months from March 2023
TEHRAN, IRAN - Iran exported $7.2 billion worth of products to West Asian countries in the first four months of...
- Comprehensive strategic five-year plans have been defined for the West Asian countries with a focus on trade infrastructure.
- The plans include organizing and development of transportation platforms, banking exchanges, customs and standards.
Business
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
- Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4 percent from June 2022, the report added.
- For years, Iran had been ranked 10th globally in the list of top steel-producing countries.
Business
Market capital in Arab bourses $4.5 trillion, says Arab Monetary Fund
Kuwait City, Kuwait -- The Arab Monetary Fund has said that the market capital in Arab bourses reached US$4.5 trillion...
- The fund's weekly report said the market capital of BouKuwait amounted to US$137.5 billion, that of the Abu Dhabi stock exchange reached approximately US$777 billion.
- The capital market of the Saudi stock exchange reached some US$ 3 trillion and the Qatari bourse US$170 billion.