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
Health US fund plans $200m factory in Saudi Arabia US-based fund Akkad Holdings is to invest $200 million to build an intravenous fluid factory in Saudi Arabia. The facility will be based in King Abdullah Economic City (KAEC) in Mecca province. “We’re going to break ground hopefully in the next six months,” Dr Steven Shaya, managing director of the fund, told AGBI at the […] January 28, 2025
Opinion Trade Trade policy will be central to Trump’s second term Many of the US president’s fresh executive orders will have substantial ramifications, including in the Gulf 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
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
Business of Sport NBA’s LeBron James joins PIF-backed electric raceboat series Lebron James, the NBA basketball star, has signed up as team owner in the UIM E1 World Championship, the all-electric raceboat series. James was named as owner of Team AlUla, named after the ancient oasis city in Saudi Arabia, ahead of the start of the 2025 season on Saturday in Jeddah. The championship, now in […] January 24, 2025
Opinion Oil & Gas Expect the unexpected with Trump and the Gulf Whatever the new administration decides, it is unlikely to happen quickly January 24, 2025
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries January 24, 2025
Oil & Gas Oil slips after Trump calls on Opec to lower prices Oil prices were down on Friday after US President Donald Trump drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland. Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia and Opec to bring […] 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 QIA alert to Trump’s tech push The Qatar Investment Authority (QIA) is open to exploring further technology investment opportunities, as it expects a sharp increase in US tech deals under the Trump administration. The presence of Elon Musk, Mark Zuckerberg and Jeff Bezos at President Donald Trump’s inauguration suggests his government will be supportive of the tech industry, Mohammed Al Hardan, the head of technology, media […] January 23, 2025
Oil & Gas Trump’s oil policy ‘problematic’ for Gulf producers, economists warn Gulf oil producers should be worried about President Donald Trump‘s energy policy, economists have warned, as it could widen their budget deficits. Oil prices have already dipped in response to Trump’s pledge on Monday to boost US hydrocarbon production and they could plunge far below the breakeven prices adopted by Gulf governments in their annual […] January 22, 2025
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] January 22, 2025
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that will spend billions of dollars building US artificial intelligence infrastructure in a partnership announced by President Donald Trump have been the recipients of significant Gulf investment. Japan’s SoftBank and US companies OpenAI and Oracle have committed $500 billion over four years to Stargate, an entity tasked with building […] January 22, 2025
Oil & Gas Aramco chief expects extra oil demand of 1.3m bpd Saudi oil giant Aramco’s chief executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year. Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump’s energy […] January 21, 2025
Opinion Oil & Gas He came in like a wrecking ball but how will oil markets react? Donald Trump's slew of 'emergency' orders will have a huge impact on the region's oil producers January 21, 2025
Tech Tech and crypto make a mark as Trump takes charge Donald Trump’s inauguration on Monday as the 47th President of the United States was an overt display of the evolving ties between technology, politics and finance. The presence of tech industry titans and the cryptocurrency market’s dramatic response highlighted the strong relationship between Trump’s administration and the tech world, with potential long-term impacts for Gulf […] January 21, 2025
Trade Turkey’s exports to US surge but tariffs are a threat Turkey’s exports to the US rose by $1.26 billion year on year to more than $13 billion in 2024, official data shows. The chemical and chemical products sector accounted for the largest share of exports at $1.5 billion, state-run Anadolu Agency reported, citing data from the Türkiye Exporters’ Assembly (TİM). The automotive industry followed at $1.2 […] January 21, 2025
Energy Trump doubles down on energy and trade on first day in job US President Donald Trump pushed forward with multiple, controversial campaign pledges on the first day of his second term in the White House, including on issues such as energy and trade that are bound to affect Gulf economies. Ascribing stubbornly high inflation to “massive” government overspending and “escalating” energy prices, Trump declared after his inauguration […] January 21, 2025
Analysis Trade Trump’s bravado fails to spook minerals market – so far Ordinarily, commodity markets tend to react strongly when leaders of major global economies announce plans for war and conquest. If those plans involve disrupting one of the world’s most important sea lanes and reversing centuries of peace with two major allies, you might even expect a certain panic. Yet, when US President-elect Donald Trump declined […] January 21, 2025
Analysis Trade Trump inauguration: Saudi Arabia comes into focus Saudi Arabia looms large as Donald Trump moves back into the White House for a second term as US president, and there are many opportunities for cooperation along with significant challenges. Since Trump was first elected in 2016, one would be “hard pressed” to name a more changed nation than Saudi Arabia, according to Richard […] January 20, 2025