SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
Business
Saudi Arabia’s high-stakes race toward Vision 2030: Diversifying amid global uncertainty
Moving forward, lower oil revenues will continue to pose challenges to the Saudi economy and its overall targets. Earlier this...
Economy
Business
Apple’s changes contradicts European rules, 34 firms complain
Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
- Companies have expressed doubts about how much Apple's changes would ultimately broaden consumer choice and digital competition.
- Apple in January announced it was modifying how its iOS operating system, Safari browser and App Store operate in the 27-nation EU.
Business
Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
- By the end of 2023, the number of countries importing Saudi Arabian dates had reached 119.
- The total value of date and date-byproduct exports increased by 152.5 percent since 2016.
Economy
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
- The reactor has begun initial production of heat through nuclear fission, used for generating electricity by turning a turbine with steam
- In the coming weeks, Unit 4 will link to the national electricity grid, entering a testing phase to gradually increase its power output to full capacity
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
- The outcomes of the WTO's 13th ministerial conference in Abu Dhabi highlighted the sharp divisions between the body´s 164 members amid geopolitical tensions and economic headwinds
- For her part, WTO Director-General Ngozi Okonjo-Iweala said the talks came up "against an international backdrop marked by greater uncertainty than at any time I can remember."
Economy
KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
- Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a report.
- Govt initiatives, giga-projects, and tourism are pivotal for growth, while a balanced current account and strong reserves ensure Saudi stability until 2025.
Economy
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
- The hunger for natural resources -- everything from food to fossil fuels -- keeps growing by an average of more than 2.3 per cent per year, it said.
- Extraction and processing of the huge amount of resources accounts for over 60 percent of planet-warming emissions, the report said.
Business
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
- Gold rose after data suggested easing US price pressures.
- Traders awaited remarks from US Federal Reserve officials.
Economy
Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
- The $13.89 billion joint investment with RWE is expected to provide a huge boost to the UK economy
- The investment builds on the $12.63bn UAE-UK Sovereign Investment Partnership to invest in energy transition
Economy
Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
- With its outstanding digital infrastructure and business-friendly policies, Qatar is on the fast track to becoming a leading hub for tech startups and major companies
- Hosting more than 15,000 participants from across the globe, Qatar demonstrates its capability to be at the forefront of the tech industry, fostering innovation.
Geostrategy
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
- The meeting opened with disagreements between the body's 164 member states on key issues that dominated the agenda of the talks.
- They include fisheries subsidies, agriculture and a moratorium on customs duties for digital transactions.
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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
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
Business
Company News
Latest News
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Global markets rise as Trump weighs future of Fed boss
US indices were near record highs two hours into the Wall Street session with all eyes on an incoming earnings...
Business
AI-powered ‘nudify’ apps fuel deadly wave of digital blackmail
Washington, United States - After a Kentucky teenager died by suicide this year, his parents discovered he had received threatening...
Investigation
Most Read
Economy
Macron calls on EU to ‘defend European interests’ in US tariff talks
French President Emmanuel Macron on Saturday condemned US President Donald Trump's threat to impose 30-percent tariffs on the European Union,...
- US President Donald Trump on Saturday warned that Mexico and the EU would be slapped with 30-percent tariffs starting on August 1
- Expressing France's "very strong disapproval" of the announcement, Macron called on the bloc to "step up the preparation of credible countermeasures
Economy
UAE, Germany launch joint business council to strengthen economic ties
Berlin, Germany - Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy to the...
- The event brought together more than 150 prominent business leaders from both countries and formed part of the official visit of Dr. Al Jaber to Germany
- The establishment of the UAE-Germany Business Council reflects the strong and long-standing economic partnership between the two nations
Economy
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
- That rising demand will be "driven by expanding economic growth, rising populations, increasing urbanization, and the new energy-intensive industries like AI.
- The IEA said last month that it expects global oil demand begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.