Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Retail Saudi brands cash in on Gaza boycott as food market grows Saudi Arabian food and beverage brands are hoping to benefit from regional consumers shunning Western brands over the conflict in Gaza, with some franchise owners beginning to feel the impact of an informal boycott. Some outlets in the Gulf have stopped stocking Western soft drinks and are replacing them with Saudi versions that have shot […] June 26, 2024
Opinion Economy The GCC will feel the effects of the coming US recession Ironically, in the GCC, a strong dollar reduces import inflation June 26, 2024
Analysis Artificial Intelligence US scores geopolitical win with Abu Dhabi-Microsoft tie-up Microsoft’s $1.5 billion investment in Abu Dhabi’s artificial intelligence company has received a significant vote of confidence from US authorities. Tarun Chhabra, a senior White House adviser on technology, said on Monday that the US government has raised no objections to the Silicon Valley giant’s partnership because G42 had severed ties with the Chinese tech […] June 26, 2024
Opinion Economy We need to talk about the American debt spiral Even a resilient Gulf may be at risk from US financial contagion June 24, 2024
Artificial Intelligence Qatar’s Ooredoo signs AI deal with chipmaker Nvidia US chipmaker Nvidia has signed a deal with Qatari telecommunications provider Ooredoo Group to bring its artificial intelligence technology to five countries in the Middle East, the companies announced on Sunday. Ooredoo will be the first company in the region to offer direct access to Nvidia’s AI and computer chips to its customers in Qatar, […] June 24, 2024
Opinion People & Lifestyle Dollar peg, climate scam and rain in June? ‘Silly season’ is upon us Welcome to the time of year when news outlets serve up their wackiest stories June 21, 2024
Tech Abu Dhabi-backed chipmaker Cerebras plans IPO Cerebras Systems, an Abu Dhabi-backed chipmaker looking to compete with Nvidia, the world’s top chip company by market value, has confidentially filed for an initial public offering, according to reports. Based in California’s Silicon Valley, Cerebras is also planning to offer preferred shares at a significant discount, aiming to attract private investors before the IPO, […] June 21, 2024
Health Mubadala and QIA invest in US cancer research startup Funds from the UAE and Qatar have invested in a US-based clinical-stage biotechnology start-up. Mubadala Capital, a wholly owned subsidiary of Mubadala Investment Company, co-led the $50 million Series B extension in funding to Iambic Therapeutics, based in San Diego, California. The funds will allow the American start-up to broaden its pipeline of AI-discovered clinical […] June 21, 2024
Health Mubadala-backed US startup working on AI cancer care A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […] June 18, 2024
Opinion Media & Advertising Washington Post problems are a straw in the wind for Gulf media Print is dead or dying – but what will replace it and make money? June 18, 2024
Development US allocates $130m development funding to Egypt The US has allocated funding of $130 million for a range of developmental projects in Egypt, it was announced on Thursday. In a press release published by the US Embassy in Cairo, ambassador Herro Mustafa Garg said that the money would go towards “advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future […] June 14, 2024
Tech Saudi Arabia campaign aims to attract chipmakers Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and […] June 6, 2024
Oil & Gas Saudi Aramco targets two US natural gas producers Saudi Aramco, the world’s biggest oil exporter, has initiated talks with two liquefied natural gas (LNG) producers in the United States to bolster its overseas expansion strategy. The oil major is negotiating with Tellurian and NextDecade, Reuters reported, quoting informed sources. Aramco is considering buying a stake in Tellurian’s Driftwood LNG plant in Louisiana, which […] June 5, 2024
Opinion Trade The GCC will benefit from a US-China chill The Gulf's expanding strategic links with Asia mean higher growth at home June 4, 2024
Aviation Emirates seeks damages from Boeing over jet delays Emirates is seeking compensation from US planemaker Boeing for delays in the delivery of the 777X wide-body aircraft, a news report said. Boeing has not provided a clear timeline for the delivery of the new 777X jet, Reuters reported, quoting Emirates president Tim Clark. While the Dubai-headquartered airline is refurbishing many of its existing 777 […] June 3, 2024
Aviation Chinese planemaker banned by US woos Saudi airlines The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China. Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […] May 24, 2024
Analysis Real Estate UAE offices in demand – in contrast to the West Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […] May 24, 2024
Finance Mubadala trims stake in US chipmaker GlobalFoundries Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries. A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […] May 23, 2024
Retail US cigarette giant buys slice of Egyptian rival The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […] May 23, 2024
Oil & Gas Builder of Qatar-Exxon LNG facility files for bankruptcy Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […] May 23, 2024
Trade Saudi Arabia ‘close’ to US defence pact and arms deal Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week. John Kirby, the president’s national security spokesperson, said on May 20 that the […] May 23, 2024
