Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Opinion Energy Adnoc and Occidental team up to capture carbon dioxide The Gulf has ideal conditions for the vital new technology of direct air capture August 15, 2023
Opinion Manufacturing Global EV manufacturers rev up for Gulf race There is a way to go before electric vehicles overtake fossil fuel cars August 14, 2023
Opinion Lifestyle California and the Gulf: more unites than divides The UAE, Saudi Arabia and LA have a lot more in common than they might acknowledge August 4, 2023
Analysis Lifestyle Hollywood strikes a blow to Mena film industry When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis. Local fans sitting down to watch the movie this November should relish the occasion, as it may be […] July 31, 2023
Tech Twitter’s rebranding to ‘X’ faces trademark challenges Billionaire Elon Musk’s decision to rebrand Twitter as X could become complicated legally: companies including Meta and Microsoft already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges – and the company formerly known as Twitter could face its […] July 26, 2023
Tech Musk says Twitter’s blue bird logo to be replaced by X Twitter Inc owner Elon Musk signalled on Sunday that he will take the social media company in a new direction with a rebranding that will replace its well-known blue bird logo with an X. The change, which was not evident on the website on Sunday evening, followed Musk’s recent admission that advertising revenue remains nearly half of what it once was. He […] July 24, 2023
Manufacturing French and Korean firms to build new US battery plant French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […] July 24, 2023
Tech US and UAE supercomputer venture advances AI training US artificial intelligence tech firm Cerebras signed a $100 million deal with UAE tech holding company G42 on Thursday to supply the first of three AI supercomputers. A planned network of nine interconnected supercomputers, Condor Galaxy (GC) will be the largest of its kind in the world, and will significantly reduce AI model training time. […] July 21, 2023
Transport Tesla may cut prices in ‘turbulent times’ says Musk Tesla CEO Elon Musk signalled on Wednesday that he would cut electric vehicle prices again in “turbulent times”, even as his all-out price war on automaker rivals squeezes the company’s own margins. The company has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and […] July 20, 2023
Tech Elon Musk says Twitter’s cash flow still negative Twitter’s cash flow remains negative because of a nearly 50 percent drop in advertising revenue and a heavy debt load, Elon Musk said on Saturday, falling short of his expectation in March that Twitter could reach cash flow positive by June. “Need to reach positive cash flow before we have the luxury of anything else,” […] July 16, 2023
Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Tech Twitter threatens to sue Meta over Threads platform Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro. Meta, which launched Threads on Wednesday and has logged more than 30 million sign-ups, looks to take on Elon Musk’s Twitter by leveraging Instagram’s billions of users. Spiro, in his letter, […] July 7, 2023
Banking & Finance ADQ expands investment reach in Canada ADQ, the Abu Dhabi sovereign wealth fund, has expanded in Canada with the acquisition of a stake in global asset management firm Sagard, which has $14.5 billion in assets. Sagard’s majority shareholder remains Power Corporation of Canada, an investor in Europe and North America. ADQ is joined as a new minority investor by the Bank […] July 6, 2023
Tech Meta launches ‘Twitter killer’ Threads app With Twitter already on the ropes, Meta’s Mark Zuckerberg delivered another blow to Elon Musk on Wednesday, ramping up the tech billionaires’ rivalry with the launch of Instagram’s much-anticipated companion service Threads, a challenger to Twitter. “Let’s do this. Welcome to Threads,” Zuckerberg wrote in his first post on the app, along with a fire emoji. […] July 6, 2023
Manufacturing Tesla beats Q2 delivery estimates as price cuts pay off Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and US federal credits helped to make its electric vehicles more affordable. The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10 percent from the preceding quarter, and 83 […] July 3, 2023
Food & Drink Prince’s cell-grown meat investment gets US approval Saudi Arabia’s “vegan prince” is set to get a prime cut of the profits from his investment in a startup producing meat made from cultivated animal cells. The US government this month approved the sale of Upside Foods products to American consumers. “Sometimes when you talk to an entrepreneur, you know,” Prince Khaled bin Alwaleed […] June 30, 2023
Banking & Finance SVB agrees to sell its investment banking division SVB Financial Group has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group. The bidder group will acquire the investment banking business for a combination of cash, repayment of an inter-company note, and a five percent […] June 19, 2023
Aviation Boeing raises 20-year outlook for new jetliners US planemaker Boeing slightly raised its annual 20-year forecast for new jetliner deliveries, propelled by the strength of the narrow-body market fuelled by demand from low-cost carriers. Boeing expects airlines will need to buy 42,595 jets from now until 2042, up from 41,170 planes in its previous 20-year forecast last year. The latest projection — […] June 18, 2023
Banking & Finance US Fed pauses rate hikes but sees borrowing costs to rise The US Federal Reserve left interest rates unchanged on Wednesday but signalled in new projections that borrowing costs may still need to rise by as much as half of a percentage point by the end of this year, as the US central bank reacted to a stronger-than-expected economy and a slower decline in inflation. In […] June 15, 2023
