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The 65-year-old billionaire Mukesh Ambani has begun the early phases of succession planning at his energy-to-technology giant Reliance Industries Ltd, designating two of his children as the chiefs of major companies in his $217 billion empire. Akash Ambani, the 30-year-old son of Reliance Industries Ltd (RIL) chairman Mukesh Ambani, was chosen chairman of Reliance Jio […]
Cybersecurity attacks are a persistent issue, particularly for Middle Eastern businesses and organizations. These threats can halt operations, damage a company’s reputation, and result in costly legal action. The more technology a company relies upon, the more vulnerable it is to cyberattacks and challenges. Hackers are increasingly focusing on Middle Eastern firms that are converting […]
Meta, previously Facebook, promises to spend at least $10 billion this year on virtual reality and augmented reality research and development. On Monday, CEO Mark Zuckerberg demonstrated the company’s development by unveiling many of the incomplete headgear prototypes it has produced in its laboratories. Zuckerberg has staked his company’s future on virtual reality, which immerses […]
Vistara, an India-based joint venture airline between the Tata Group and Singapore Airlines, is planning to introduce several more routes to the Middle East in the coming weeks. Singapore, Male, and Dubai are among the international destinations covered from Mumbai, while service to Jeddah will begin on August 2. Vistara now operates 53 aircrafts, including […]
In reaction to alleged abuses of the primarily Muslim Uyghur minority population, the US Senate has enacted legislation prohibiting imports from China’s Xinjiang province. Unless proven otherwise, the legislation will assume that commodities created in Xinjiang are made with forced labor. With the Uyghur Forced Labor Prevention Act (UFLPA) passed by unanimous consent, which is […]
In a complaint, an investor accused Tesla Inc’s executives and directors of enabling a “toxic working culture” to develop in the business. The company was previously been accused of racial discrimination and sexual harassment at its facilities. According to a complaint filed on Thursday in federal court in Austin, Texas, by stockholder Solomon Chau, Elon […]
As global oil and gas prices continue to rise, profits at the state-owned energy company, Saudi Aramco increased by 82% in the first quarter, with net income reaching $39.5 billion (£32.2 billion). During the first quarter, the Company maintained its remarkable track record as a worldwide energy supplier, achieving 99.9% dependability in deliveries to clients. […]
Chinese President Xi Jinping stated on Tuesday that China will speed up infrastructure development, including oil and gas pipelines, as well as the development of its green and low-carbon energy base, reported Reuters, quoting Chinese state media, Xinhua News Agency. According to Xi, who was chairing a meeting of the Central Committee for Financial and […]
On Monday, Elon Musk reached an agreement to buy Twitter Inc in a multi-billion-dollar cash deal. Musk reportedly met with Twitter’s board of directors over the weekend to discuss his $43 billion (£33.6 billion) buy-out offer. The deal will be handing ownership of the social media network to the world’s richest person. Musk’s strategy targeting […]
Vy Capital and Sequoia Capital led a $675 million fundraising round for Elon Musk’s tunneling business Boring Co. According to a press release issued on Wednesday, the round values the firm at $5.675 billion. The round also included Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The Boring Company (TBC) was founded […]
The World Economic Forum (WEF) has selected Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, UAE, as a member of the Young Global Leaders community (YGLs) 2022. Al Olama is one among 16 in the class of 2022 for the Middle East and North African Region. […]
In its first venture round, Egypt-based Pylon has successfully secured a seed round of $19 million. US firm, Endure Capital led the round, which is backed by British International Investment (previously CDC Group), the UK government’s development finance organization. Cathexis Ventures, LoftyInc Capital, Khawarizmi Ventures, and numerous undisclosed angel investors are among the other participants […]
