Elon Musk asks US court to block OpenAi’s for-profit conversion
Washington, United States -- Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit...
Business
OPEC+ postpones meeting amid signs of ‘discord’ on output plans
The 22-member OPEC+ group led by Saudi Arabia and Russia was due to decide on its 2025 output policy at...
Geostrategy
Geostrategy
In first under Biden, US security advisor heads to Saudi Arabia
Biden, shortly after taking office in January, said the United States would slash US support for the Saudi-led offensive in...
- Jake Sullivan will also travel to the UAE, which had developed especially tight ties with the previous Trump administration
- Sullivan would be accompanied by officials including Tim Lenderking, the US special envoy on Yemen
Economy
Saudi Arabia saves $133.3bn in four years through budgetary discipline: Al-Jadaan
Saudi Arabia has succeeded in saving nearly $133.3 billion during the last four years by virtue of efficiency and budgetary...
- Budget overspending narrowed from 16 percent to 4 percent in recent years
- The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SR642 million of financing to 611 SMEs
Business
MDC BMS to utilize MoniMove platform in partnership with Crediti Fintech
DUBAI: MDC Business Management Services (MDC BMS), a Mubadala company, will partner with Crediti Fintech to utilize the MoniMove platform...
- With the platform, MDC BMS will examine how to seamlessly digitize and govern clients’ supply chain transactions.
- Suppliers are likely to benefit from supply chain finance services, advanced digital delivery tracking and live site inspection tools.
Geostrategy
Lebanon raises fuel prices as subsidies are phased out
Lebanon has gradually increased fuel prices in recent months because the cash-strapped central bank can no longer afford to fund...
- Petrol prices have more than tripled since June amid severe rationing that has turned entire streets into chaotic queues for cars lining up to fill up at the pumps
- To fill a medium-sized vehicle's tank, most Lebanese would now have to pay close to the monthly minimum wage of 675,000 Lebanese pounds.
Arts & Culture
Afghan girls robotics team design their future in Qatar
The girls evacuated to Qatar were placed in one of three institutions depending on their needs with full scholarships granted...
- The girls worry about their immediate future but hope they can one day return to Afghanistan.
- Roya Mahboob, the founder of an Afghan software company, helped form the team which went on to develop a low-cost ventilator last year at the height of the pandemic.
Business
John Ireland new Amanat CFO
John will assume Amer Jeambey’ s role at the company.
- John brings over 15 years of experience of financial management to Amanat
- As CFO, he will oversee the company’s corporate and operational finance activities
Business
Wataniya Insurance to raise $53.3m through a rights issue
Wataniya Insurance Company’s board of directors has recommended to increase the company’s capital through a $53.3 million rights issue, according...
- The company plans to use the proceeds to support its future plans and increase its solvency margin
- The financial adviser for the offering will be announced once appointed
Economy
New technology rejigs Gulf maritime sector
Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was...
- The GCC countries have been making investments in integrating supply value chains with digital platforms and upgrading their technologies to keep pace with the latest developments
- Real time data coupled with effective supply chain technology came in handy for the industry after the aviation sector was grounded following the spread of COVID-19 globally
Analysis
Dubai Aerospace Enterprise’s ESG Risk Rating among lowest
Dubai Aerospace Enterprise (DAE) Ltd, the global aviation services company, has announced that it has received an ESG Risk Rating...
- The DAE team had put in over 18 months to strengthen its ESG risk management and framework
- The global aviation services company vows to continue to engage with our stakeholders on ESG issues
Iran detects 5,380 illegal energy-guzzling crypto farms
The power consumption of the farms equaled that of 2 million people.
- A farm that consumed 4 percent of the country's electricity was discovered in June.
- Iran has banned mining of cryptocurrencies till September 22.
Elon Musk asks US court to block OpenAi’s for-profit conversion
Washington, United States -- Elon Musk has again asked a US court to stop ChatGPT-maker OpenAI from converting into a for-profit...
Business
Company News
Amlak 2023 net profit $70m
Business
Latest News
DEWA okays $844m dividend
Business
Women’s tennis signs ‘multi-year partnership’ with Saudi investment fund
New York, United States -- The women's tennis tour (WTA) on Monday announced "a multi-year partnership" with the Saudi Arabian sovereign...
Geostrategy
Global tourism set to return to pre-Covid levels in 2024
Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between...
Business
Allies mourn Raisi’s death, hailed as supporter of Palestinian resistance
Paris, France -- Iran's powerful allies on Monday mourned the death of its President Ebrahim Raisi in a helicopter crash, while...
Geostrategy
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Arts & Culture
Saudi fashionistas attempt beach rebrand
The setting for Red Sea Fashion Week, the St Regis Red Sea Resort on Ummahat Alshaikh island, is part of...
- Beach developments are seen as major potential attractions, and Red Sea Fashion Week was partly intended to highlight what is already in place.
- Officials involved in Red Sea Global stress they are making progress, opening two resorts last year and preparing to launch 14 more hotels by the end of next year.
Business
Moroccan enterprises give jobs, hope to people with disabilities
Rabat, Morocco -- Fadoua Lamrani was elated when she was hired as a waitress at a restaurant in Morocco which employs people...
- CIAT aims to overcome social and cultural constraints to help people with disabilities into jobs they would usually find hard to obtain.
- Six other centers for people with disabilities have been launched since 2016, providing apprenticeships for 228 people.
Geostrategy
UN aid chief warns of ‘apocalyptic’ consequences of Gaza shortages
"If fuel runs out, aid doesn't get to the people where they need it, that famine, which we have talked...
- An Israeli incursion into the southern Gaza city of Rafah, launched in the face of international outcry, has deepened an already perilous humanitarian crisis in the Gaza Strip.
- The UN said on Saturday that 800,000 people had been "forced to flee" Israel's assault in Rafah.