Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Student enrolments in GCC to grow by 1.1m in 5 years
Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are...
- Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations
- The demand for schools in the GCC is estimated to rise with a CAGR of 0.7 percent, resulting in an addition of approximately 1,127 schools by 2027, reaching 35,208 schools by 2027
ADQ, IHC Capital to form a new entity called Q Holding
Abu Dhabi, UAE - ADQ and IHC Capital Holding are joining forces to bring together ADQ's ownership of Abu Dhabi...
- The proposed transaction would create one of the region's largest real estate, hospitality, events, and catering platforms
- The combined group would have an implied market capitalization of approximately approximately US$12 billion
Middle East release of ‘Barbie’ delayed, may be banned in Saudi Arabia
Dubai, UAE - Vox Cinemas, the prominent Middle East exhibitor partnering with Warner Bros. for distribution, has decided to postpone...
- The film's bold portrayal of the iconic Western doll has sparked controversy within the Arab world
- Historical bans on earlier "Barbie" movies in Saudi Arabia were linked to depictions of women in non-traditional gender roles
Business
QFBA, Education Above All unite to offer scholarships for underprivileged students
Doha, Qatar - Qatar Finance and Business Academy (QFBA) has signed a cooperation agreement with Education Above All Foundation to...
- The agreement is also part of the effort to provide 500 scholarships in Qatar through collaboration with Qatar's General Awqaf Authority
- Founded in 2009, Qatar Finance and Business Academy specializes in providing training and professional development programs for the financial sector in Qatar
Business
ADNOC, Occidental partner to invest in carbon management projects in UAE, US
Abu Dhabi, UAE - ADNOC and Occidental on Tuesday signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities...
- The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022
- The partnership will catalyse $100 billion (AED367 billion) investment in clean energy and carbon management projects
Business
Arabian Drilling secures 10 new land rig contracts from Aramco
Al-Khobar, Saudi Arabia – Arabian Drilling Company, one of the largest national onshore and offshore drilling contractor in Saudi Arabia,...
- All ten land rigs are new-builds to be added to the company’s current fleet of 38 units
- The ten contracts are for additional land rigs assigned to Aramco’s Unconventional Program
Business
Brazil midfielder Fabinho quits Liverpool, signs deal with Al-Ittihad
Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by...
- He joined Liverpool from Monaco in 2018, winning the Champions League, Premier League, FA Cup, League Cup and Club World Cup
- Fabinho's departure comes after Liverpool captain Jordan Henderson decided to move to Saudi Arabia to play for Al-Ettifaq
Business
SAUDIA adds new A321neo aircraft to its fleet
Jeddah, Saudi Arabia - SAUDIA, the national flag carrier of Saudi Arabia, announced the expansion of its fleet with the...
- The A321neo aircraft is a single-aisle, narrow-body aircraft and seats 180 to 220 passengers in a typical two-class interior layout
- SAUDIA serves global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia
Business
Alkhaleej Takaful Insurance logs 28% profit
Earnings per share amounted to QR 0.165.
- Earnings per share (EPS) amounted to QR 0.165 as of June 30, 2023 versus QR 0.129 for the same period in 2022
- The ompany was established in 1979 to provide all kinds of conventional insurance and reinsurance services
Business
Middle East will spend $3bn on Artificial Intelligence in 2023: study
Dubai, UAE - The International Data Corporation (IDC) has forecasted that the Middle East will spend $3 billion on AI...
- The Middle East could gain up to $320 billion from AI advancements with Saudi Arabia benefiting the most
- The UAE is projected to experience the largest impact, accounting for about 14 percent of its 2030 GDP
Musk’s AI startup raises $6bn more, Saudi and Qatari funds among investors
Paris, France -- Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest...
Business
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Bahrain to introduce minimum tax for large multinationals
Beginning in January 2025, the measure will place a minimum tax of 15 percent on revenues over 750 million euros ($830...
Business
Major Qatari plant to double solar capacity by 2030: Energyminister
Doha, Qatar -- A large new solar plant planned in Qatar will double the Gulf emirate's previously projected renewable energy capacity...
Business
Israel set for general strike after Gaza hostages found dead
"I have come to the conclusion that only our intervention can shake those who need to be shaken," Arnon bar...
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Geostrategy
West Bank city ‘cut off from the world’ as Israeli assault drags on
Jenin governor Kamal Abu al-Rub told AFP that even he does not know exactly what is happening inside the camp,...
- "Neither the civil defense, nor the ambulances, nor the journalists can go and see what is happening there."
- The United Nations said on Wednesday that at least 637 Palestinians had been killed in the territory by Israeli troops or settlers since the Gaza war began.
Geostrategy
Telegram boss Durov free but charged and held in France
Paris, France -- Telegram chief Pavel Durov was spending Thursday out on bail after four days of detention in France, banned...
- Durov, 39, was charged on several counts of failing to curb extremist and illegal content on the popular messaging app which now has over 900 million followers.
- He was granted conditional release on a bail of five million euros and on the condition he must report to a police station twice a week as well as remaining in France.
Geostrategy
Israel agrees ‘humanitarian pauses’ in Gaza to allow polio vaccinations
"The way we discussed and agreed, the campaign will start on the first of September, in central Gaza, for three...
- The vaccination rollout will also cover southern and northern Gaza, which will each get their own three-day pauses, Peeperkorn told reporters.
- UN agencies have said they plan to provide oral vaccines against type-2 poliovirus (cVDPV2) to more than 640,000 children in the territory.