Elon Musk’s SpaceX raises over $337m 

Elon Musk’s SpaceX raises over $337m 
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Updated 30 December 2021

Elon Musk’s SpaceX raises over $337m 

Elon Musk’s SpaceX raises over $337m 

American aerospace manufacturer, space transformation services and communication corporation SpaceX has raised over $337m in fresh funding.

Headquartered in California, the firm reached $100 billion in value after a secondary share in October and a $1.16 billion worth equity financing round earlier in April.

Founded by Tesla's Elon Musk, it previously launched several cargo payloads and astronauts to the International Space Station for NASA.

SpaceX is expected to land its reusable vehicles, also known as Starship rockets, on Mars sometime before 2030, Reuters reported.


Oil hover near multi-month lows on demand worries

Oil hover near multi-month lows on demand worries
Updated 11 sec ago

Oil hover near multi-month lows on demand worries

Oil hover near multi-month lows on demand worries
  • Russian crude, oil products exports continue to flow ahead of an impending EU embargo

LONDON: Oil prices hovered near multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the US.

Erasing earlier gains, Brent crude futures were down 55 cents, or 0.6 percent, at $94.37 a barrel by 1331 GMT. US West Texas Intermediate crude was at $88.25 a barrel, down 76 cents, or 0.9 percent.

Front-month Brent prices last week hit the lowest since February, tumbling 13.7 percent and posting their largest weekly drop since April 2020, while WTI lost 9.7 percent, as concerns about a recession hitting oil demand weighed on prices.

“Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated,” PVM analyst Stephen Brennock said.

Both contracts recouped some losses on Friday after jobs growth in the US, the world’s top oil consumer, unexpectedly accelerated in July.

On Sunday, China also surprised markets with faster-than-expected growth in exports.

China, the world’s top crude importer, brought in 8.79 million barrels per day of crude in July, up from a four-year low in June, but still 9.5 percent less than a year earlier, customs data showed.

In Europe, Russian crude and oil products exports continued to flow ahead of an impending embargo from the EU that will take effect on Dec. 5.

Last week, the Bank of England warned of a protracted recession in Britain.

Gasoline demand in the US continues to weaken despite falling prices at the pump, and stockpiles are rising.

In terms of US production, energy firms last week cut the number of oil rigs by the most since September in the first drop in 10 weeks.

The US clean energy sector received a boost after the Senate on Sunday passed a sweeping $430 billion bill.


China’s Huawei set to finalize data center location in Saudi Arabia 

China’s Huawei set to finalize data center location in Saudi Arabia 
Updated 21 min 28 sec ago

China’s Huawei set to finalize data center location in Saudi Arabia 

China’s Huawei set to finalize data center location in Saudi Arabia 

RIYADH: China’s tech giant Huawei is soon to decide the location of its data center in Saudi Arabia, president of Huawei Cloud Middle East told Gulf News. 

The data center in Saudi Arabia will be Huawei’s second in the Middle East, following Abu Dhabi.

“We are in the final stages of the Saudi decision — the investment decision has already been made,” Frank Dai explained. “All that’s left is where in Riyadh should the facility be built.”

He added: “The Middle East remains central to our vision of how digital transformation can reshape economies, even change the world. This is only the beginning of what data-driven economies can achieve.”


Wizz Air to resume flights from UAE to Russia in October

Wizz Air to resume flights from UAE to Russia in October
Updated 46 min 12 sec ago

Wizz Air to resume flights from UAE to Russia in October

Wizz Air to resume flights from UAE to Russia in October

DUBAI: European budget airline Wizz Air will resume flights from Abu Dhabi to Moscow from October, it said on Thursday, more than five months after the carrier suspended all services to Russia following Moscow’s invasion of Ukraine in February.

The airline’s Abu Dhabi-based joint venture, Wizz Air Abu Dhabi, will operate the daily flight from Oct. 3, with fares starting from 359 dirham ($97.74), it said in a statement.

Wizz Air, which in October 2021 announced the Abu Dhabi to Moscow flights would start in December that year, said on Feb. 27 it had suspended all flights to Russia.

Other Emirati carriers, including Emirates, have continued to operate services to Russia following the invasion of Ukraine.

Wizz Air Abu Dhabi is a joint venture between Abu Dhabi sovereign wealth fund ADQ and the European airline. It is based in Abu Dhabi and is a UAE registered carrier.


Public private partnerships to be encouraged in key Saudi region by new company

Public private partnerships to be encouraged in key Saudi region by new company
Updated 08 August 2022

Public private partnerships to be encouraged in key Saudi region by new company

Public private partnerships to be encouraged in key Saudi region by new company

RIYADH: Private businesses will be encouraged to work closely with the public sector on projects in Saudi Arabia’s Qassim region thanks to the creation of a new specialist organization.

The Qassim Region Municipality Company was given the go-ahead to form and create a board of directors by the Ministry of Municipal and Rural Affairs and Housing.

The company aims to enhance investment activity in the municipal sector in the Qassim region and to establish development projects in partnership with the private sector.


UAE sees financial surplus boom during first quarter

UAE sees financial surplus boom during first quarter
Updated 08 August 2022

UAE sees financial surplus boom during first quarter

UAE sees financial surplus boom during first quarter

RIYADH: The UAE’s net financial surplus increased by 129 percent during the first quarter of this year, according to data from the UAE Ministry of Finance.

The surplus during the first three months of 2022 amounted to 36.4 billion dirhams ($10.1 billion), compared to 15.9 billion dirhams in the same period last year.

Revenues during the first quarter also increased by 39 percent to 123.77 billion dirhams, Asharq reported, while expenses increased by 16.9 percent to reach 87.41 billion dirhams.