Artificial Intelligence UAE and France to invest up to $50bn in AI data centre France and the United Arab Emirates agreed on Thursday to a framework accord for a 1 gigawatt data centre dedicated to artificial intelligence (AI) that represents investments of between $30 billion-$50 billion, the French presidency said. President Emmanuel Macron hosted his Emirati counterpart Sheikh Mohamed bin Zayed al-Nahyan on Thursday evening ahead of a summit […] February 7, 2025
Artificial Intelligence OpenAI CEO seeks fresh funding in the UAE Sam Altman, the CEO of OpenAI, is to visit Abu Dhabi to seek fresh funding from the UAE-based technology investment company MGX. The visit is likely this week, Reuters reported, citing two unnamed sources. Altman is looking for $40 billion fundraising to upgrade OpenAI’s ChatGPT model and back artificial intelligence (AI) infrastructure developer Stargate amid […] February 6, 2025
Tech UAE orders airlock module for lunar spacewalks The UAE’s Mohammed Bin Rashid Space Centre (MBRSC) has awarded Thales Alenia Space (TAS) a contract to develop an airlock module for the Gateway, the world’s first space station to orbit the moon. TAS is a joint venture between France’s Thales and Italy’s Leonardo. The value of the contract was not disclosed. The Emirates Airlock […] February 5, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Opinion Tech US ambitions are a fork in the road for GCC crypto If Trump follows through on deregulation, the States could be a serious competitor to the Gulf February 4, 2025
Opinion Artificial Intelligence DeepSeek shock suggests what goes up must come down GCC sovereign investors view AI as a core segment of their economic diversification strategies January 31, 2025
Opinion Artificial Intelligence Did DeepSeek cause the market crash? I ask the accused The AI app evades difficult questions but proves to be congenial company January 31, 2025
Banking & Finance Dubai’s Fintech Galaxy to test open banking in Jordan Dubai company Fintech Galaxy has become the first open banking company to receive regulatory approval in Jordan. The Central Bank of Jordan’s (CBJ) approval will allow the fintech to join the regulatory sandbox, JoRegBox, to test and deploy open banking services in the country. The JoRegBox initiative is part of the central bank’s broader plan for financial technology […] January 31, 2025
Telecoms Ooredoo to build high-speed data network for GCC Qatari telelcoms company Ooredoo Group has signed an agreement with French company Alcatel Submarine Networks to build a new submarine cable and fibre network connecting seven countries in the region. The project, called Gulf in Fibre, will connect the six GCC countries — Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman — and Iraq […] January 31, 2025
Artificial Intelligence Oman to release new artificial intelligence policy Oman will release a revised national Artificial Intelligence (AI) policy in the first quarter of 2025, according to a local media report. The updated policy will provide a governing framework for the use and development of AI and safeguard national interests, the Oman Daily Observer reported, citing Hassan Al Lawati, national program head for AI […] January 30, 2025
Opinion Artificial Intelligence You can’t replace ChatGPT for a few million dollars When I asked the AI tool whether it was better than DeepSeek, its response was 'It depends!' January 29, 2025
Banking & Finance STC digital banking given go-ahead to open in Saudi Arabia STC Bank, a digital lender launched by Saudi Arabia’s biggest telecoms company, will commence operations in Saudi Arabia after receiving authorisation from the Saudi Central Bank (Sama). In an announcement published on the Saudi Exchange on Wednesday morning, STC Group (Saudi Telecoms Company) said that STC Bank’s launch “represents a significant milestone in the kingdom’s […] January 29, 2025
Tech Saudi-backed startup aiming to bring back extinct species raises $200m Colossal Biosciences, the US biotech backed by Saudi investor Prince Khaled bin Alwaleed, this month raised $200 million in new funding, which will finance its goal to resurrect extinct species such as the woolly mammoth and the dodo. The newest fundraising round brings the Dallas-based startup’s total raised from investors to $435 million. Based on […] January 29, 2025
Tech UAE secures access to advanced US quantum computer Abu Dhabi’s Quantum Research Center (QRC) has expanded its agreement with IonQ, a US-listed quantum computing company, securing access to IonQ Forte, an advanced quantum computer. The deal places the UAE among a handful of users with access to such advanced systems, reflecting the Gulf state’s push to position itself as a global leader in […] January 29, 2025
Tech Qatar leads funding for quantum computing company Alice & Bob, a Paris-based quantum computing company, has raised $104 million in a Series B funding round led by an investment joint venture between Qatar Investment Authority and Bpifrance. The funding will accelerate the development of the French company’s quantum computing platform, which utilises its “cat qubit” technology. A qubit (quantum bit) is the […] January 28, 2025
Artificial Intelligence Tech sell-off deepens as DeepSeek triggers AI rethink Technology shares fell on Tuesday on the day after a global market rout sparked by the emergence of a low-cost Chinese artificial intelligence model, with investors questioning the sky-high valuation and dominance of AI bellwethers. Shares of Nvidia, the poster child of the AI boom in recent years, dragged US stocks lower, sinking 17 percent on Monday and wiping $593 […] January 28, 2025
Opinion Artificial Intelligence DeepSeek sell-off gives Gulf investors plenty to think about The arrival of a Chinese AI chatbot has implications for geopolitics, markets and Mena wealth funds January 28, 2025
Telecoms Saudi Arabia’s STC to build $9bn telecom network Saudi Telecom Company (STC) has won a SAR32.64 billion ($8.7 billion) contract to develop a new telecommunications infrastructure in Saudi Arabia. The contract was awarded by an “unknown” government entity, the Saudi-listed telco said in a bourse filing on Tuesday. The contract includes building, operating and providing telecommunications infrastructure services. The work will be completed […] January 28, 2025
Tech STC seeks board seat after raising Telefónica stake Saudi Arabia’s STC Group is seeking a board seat in Spain’s Telefónica after increasing its stake in the telco to 9.97 percent. Discussions will be held to secure a seat on the 15-member board, the Spanish company said in a filing with the US Securities and Exchange Commission. In November 2024, STC, which is backed […] January 26, 2025
Tech Foreign data centres will be secure, promises Saudi minister A regulatory framework to protect foreign-owned data centres set up in Saudi Arabia is being planned that will treat them in a similar way to embassies, as the kingdom seeks to become a global destination for the industry. The Saudi finance minister, Mohammed Al-Jadaan, speaking at the World Economic Forum in Davos, outlined the country’s […] January 24, 2025
Artificial Intelligence MGX could use Trump deal as springboard to global stage UAE technology investment company MGX emerged on to the global stage this week when it was announced as one of the core backers of Donald Trump’s $500 billion Stargate artificial intelligence programme. Among the myriad announcements made in the opening days of Trump’s second stint as US president, was a $500-billion investment over four years […] January 23, 2025
Tech Saudi Arabia to invest $20bn on digital infrastructure Saudi Arabia is planning to spend $20 billion developing digital infrastructure to support the services sector over the next five years, minister of commerce Majid Al-Kassabi said at the World Economic Forum in Davos on Wednesday. The kingdom has already invested $25 billion in the past five years “to make sure Saudi Arabia is ready […] January 23, 2025
