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As part of the latest attempt by the US to push for an Israeli ceasefire in Gaza, US Secretary of State Antony Blinken met Saudi Crown Prince Mohammed bin Salman in Riyadh

Oil prices stable despite Middle East and US uncertainty

Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the US presidential election. Brent crude futures were up 29 cents, or 0.4 percent, at $75.25 a barrel by 11:57 GMT. US […]

An Iranian worker walks along an oil production platform at the Soroush oil fields 80 km (50 miles) west of Iran's Kharg Island, 1,250 km (782 miles) south of the capital Tehran, in the Persian Gulf July 25, 2005. Picture taken July 25, 2005. REUTERS/Raheb Homavandi

US sanctions unlikely to stop Iran’s oil smugglers

Tighter US economic sanctions are unlikely to disrupt Iran’s oil exports in the long run because Tehran has developed a sophisticated system of oil smuggling, using a dedicated fleet of tankers and middlemen in multiple countries, industry observers say. The regime in Tehran has been under US sanctions since the Islamic revolution of 1979.  But […]

Oil storage tanks in Bayonne, New Jersey. US crude stocks rose five times higher last week than analysts' predictions

Oil price slips on higher US crude stockpiles

Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […]

US Secretary of State Antony Blinken boards a plane in Maryland, US, en route to the Middle East

Oil prices up as Blinken flies to Israel for peace talks

Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […]

An attendant fills up a car at a petrol station in Jiangsu province, east China. The country has just cut benchmark lending rates to revive the economy

Oil prices regain some ground after 7% loss last week

Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […]

Pony AI says its autonomous vehicles have clocked up more than 33 million km

Neom-backed robotaxi operator Pony Ai files for US IPO

Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering.  Pony AI operates a fleet of more than […]

ExxonMobil’s Beaumont oil refinery in Beaumont, Texas. US crude inventories fell last week but production soared

Oil on track for biggest weekly loss in over a month

Oil futures inched lower and were headed for more than a 6% weekly drop on Friday on concerns about demand from China’s slowing economy and easing supply risk from the Middle East conflict. Brent crude futures inched 33 cents lower, or 0.44 percent, to $74.12 a barrel by 1143 GMT, while US West Texas Intermediate crude was at $70.41 a barrel, […]

Lucid shares. The Lucid Grand Touring. The company delivered 500 more cars than expected in Q3

PIF-backed Lucid shares tumble on anticipated Q3 losses

Shares of Saudi-backed US luxury electric vehicle maker Lucid fell more than 12 percent in pre-market trading on Thursday. The drop came after the company announced it anticipates reporting a larger-than-expected loss for the third quarter and a public offering of more than 262 million shares.  Saudi Arabia’s Public Investment Fund, already a majority shareholder […]

Jensen Huang, the DEO of Nvidia

UAE bypasses Nvidia chip restrictions to grow AI capabilities

The UAE has established a way to use Nvidia’s powerful AI chips to boost its own artificial intelligence capabilities, despite recent US export restrictions within the sector. Core42, a subsidiary of Mubadala-backed G42, announced last week that it has developed a specialised system to deploy Nvidia’s H100 Tensor. This new set-up, which the company calls […]

Las Vegas Sphere

Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi

A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […]

Boeing 777X Emirates

Boeing 777X delay ‘highly expensive for us’, says Emirates

Planemaker Boeing’s announcement of more delays in the delivery of its 777X aircraft to customers has had a “significant and highly expensive” impact on Emirates’ fleet programme, the Dubai carrier said this week. Emirates has already spent an extra $3 billion for a massive cabin refurbishment programme on 191 of its existing planes, 110 A380 […]

The new technology can help with tracking projects as contractors often have no idea how many workers are on site at one time and workers are frequently unsupervised

Saudi startup’s smart helmets upping safety on building sites

When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point.  “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […]

Wynn Al Marjan Island is now expected to 'pre-open' in the first quarter of 2027 and cost $5.1 billion

Wynn Resorts says UAE site will earn $1bn in gaming revenue

Wynn Resorts estimates that gaming revenue from its forthcoming resort in Ras Al Khaimah will be between $1 billion and $1.66 billion, it revealed at an investor presentation. The range assumes a UAE market size of $3 billion to $5 billion and Wynn’s 33 percent share of it, based on two more integrated resorts eventually […]

A US military helicopter escorts a vessel in the Strait of Hormuz. The US has facilities at Al Udeid Air Base in Qatar

Fears for Strait of Hormuz oil gateway in Iran-Israel face-off

The prospect of a sustained Iran-Israel conflict is raising concerns that Iran could respond by closing the Strait of Hormuz, the waterway critical to GCC oil and gas exports. Last month about 15 million barrels per day (bpd) of crude passed through the Strait of Hormuz, 36 percent of global seaborne oil exports, according to […]

OpenAI CEO Sam Altman. The company said the funding would allow it to enhance its AI research capabilities

UAE’s MGX part of OpenAI’s $6.6bn fund raising

UAE technology investment company MGX was among the investors in the latest round of funding for OpenAI, the company behind ChatGPT. OpenAI said it raised $6.6 billion from investors in the latest round, the largest ever venture capital deal, valuing the company at $157 billion.  Venture capital company Thrive Capital led the round with a […]

Person, Worker, Clothing Spectro Alloys is a secondary foundry alloy maker in the US, producing 110,000 tonnes of aluminium ingots per year

EGA buys majority stake in US aluminium recycler

Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […]

Jim Zelter, co-president of Apollo, said the Mubadala programme will 'better serve our clients and other stakeholders in a reliable, scalable and capital-efficient manner'

Mubadala partners with Wall Street for private credit drive

Abu Dhabi’s sovereign wealth fund, Mubadala, is to participate in a $25 billion programme of private credit direct lending that has been launched by the New York Stock Exchange-listed bank Citigroup and the alternative asset manager Apollo. Mubadala will act as partner in the programme to Apollo, which is based in New York. Athene, Apollo’s […]