DIFC launches AI, coding license in cooperation with UAE AI office

DIFC launches AI, coding license in cooperation with UAE AI office
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Updated 01 March 2022

DIFC launches AI, coding license in cooperation with UAE AI office

DIFC launches AI, coding license in cooperation with UAE AI office

DUBAI: The Dubai International Financial Centre has announced the launch of a ground-breaking artificial intelligence  and coding license in cooperation with the UAE Artificial Intelligence Office.

Touted to be the first in the UAE, the license is expected to advance the country’s Artificial Intelligence Strategy 2031.

With this license, companies can work within a stimulating environment at the DIFC Innovation Hub, the region’s largest cluster of fintech and innovation companies.

Moreover, the license will provide an opportunity to obtain UAE Golden Visas for employees working in those companies.

“Such initiatives reflect positively on the country’s readiness to become a global destination for pioneering the industries of the future by adopting advanced technology and stimulating innovation in various fields,” said Omar Sultan Al-Olama, minister of state for artificial intelligence, digital economy, and remote work applications.

DIFC Gov. Essa Kazim said: “DIFC is proud to be collaborating with the UAE AI Office, confirming our commitment to the country’s Artificial Intelligence Strategy 2031 and leveraging the potential of AI to drive the future of finance.”


TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell
Updated 12 sec ago

TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell

RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.

The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.

Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.

Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.

Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 27 September 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears.

The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708.

The UAE’s indexes tumbled in the same direction, Abu Dhabi’s main index tumbled 2.2 percent, while Dubai's main share index dropped 1.8 percent.

The Qatari index fell 1.3 percent, Bahrain's index fell 0.9 percent and Kuwait's index fell 1.1 percent.

Outside the Gulf, Egypt's blue-chip index declined by 0.6 percent at the end of Monday.

In energy trading, Brent crude traded at $84.94 a barrel and WTI crude reached $77.53 a barrel, as of 9:07 a.m. Saudi time.

Stock News

Alhokair Group for Tourism and Development signed two contracts totaling SR94 million ($25 million) with a company that specializes in the establishment and operation of international brands.

Saudi Paper Manufacturing Co. invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Markets Authority.

Saudi Parts Center signed a Shariah-compliant credit facility agreement with the Saudi Investment Bank worth SR30 million.

Power and Water Utility Co. for Jubail and Yanbu has received CMA’s approval to offer 73 million shares in Tadawul’s initial public offering.

Saudi Top for Trading Co. obtained the CMA approval to float 880,000 shares on the parallel market, Nomu.


Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues
Updated 27 September 2022

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

RIYADH: Saudi Arabia’s Capital Market Authority approved three initial public offerings in the midst of a listing wave on the Saudi bourses.

The market regulator has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell 73.09 million shares, or 29.24 percent of equity, on the Saudi Exchange, according to a CMA statement.

Saudi Top for Trading Co. has obtained the regulator's approval to float 880,000 shares on Nomu-Parallel Market.

The CMA has also approved Molan Steel Co.'s application to register and offer 532,400 shares on Nomu-Parallel Market.

Saudi stock markets have been witnessing rising interest among companies to go public with its main market, TASI, listing 10 IPOs, whereas, the parallel market, Nomu, getting 11 IPOs listed so far this year.


Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures
Updated 27 September 2022

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

RIYADH: Oil prices rose on Tuesday, after plunging to nine-month lows a day earlier, on indications that the Organization of the Petroleum Exporting Countries, known as OPEC, may enact output cuts to avoid a further collapse in prices.

Brent crude futures for November settlement rose 65 cents, or 0.77 percent, to $84.71 per barrel by 0502 GMT. 

US West Texas Intermediate crude futures for November delivery were up 64 cents at $77.35 per barrel.

OPEC monitoring oil prices, seeks market balance: Iraq oil minister

Iraq Oil Minister Ihsan Abdul Jabbar on Monday said that the OPEC and allies including Russia, known as OPEC+, are monitoring the oil price situation, wanting to have a balance in the markets.

“We don’t want a sharp increase in oil prices or a collapse,” he said in a televised interview on state TV.

“We entered a challenging period. Global factors led to the decrease [in oil prices], most importantly lower growth and higher inflation rates,” Abdul Jabbar said.

OPEC+, has this year ramped up oil output, looking to unwind record cuts put in place in 2020 after the pandemic slashed demand.

Qatar says inflationary pressures impacting oil and gas industry

Qatar’s Minister of State for Energy Affairs said on Monday that inflationary pressures have led to rising production costs, delays in investment decisions, and increased policy uncertainty in the oil and gas industry.

Minister Saad Al-Kaabi said in a statement the sector needs to help people recognize that demands to cancel hydrocarbons “are not only unrealistic but, as recent months have proven, are harmful to a realistic, accelerated transition.”

Kaabi said that hydrocarbons “are not going to disappear any time in the near future.” Therefore cleaner forms of hydrocarbons were essential for a responsible transition.

“Natural gas is certainly the cleanest fossil fuel, and a much-needed reliable and economic solution to manage intermittency issues, when the sun is not shining, or when the wind is not blowing,” he said.

(With input from Reuters) 


Shell sees 2024 global demand for aviation fuel return to level before pandemic

Shell sees 2024 global demand for aviation fuel return to level before pandemic
Updated 27 September 2022

Shell sees 2024 global demand for aviation fuel return to level before pandemic

Shell sees 2024 global demand for aviation fuel return to level before pandemic

SINGAPORE: Global aviation fuel demand is expected to fully recover to pre-pandemic levels of 300 mln tons per year in the next one to two years, the head of aviation at Shell said on Tuesday.

Demand in the US is back at 2019 levels while Europe’s consumption has recovered to more than 80 percent and is on track for full recovery in the next year, Shell Aviation President Jan Toschka told Reuters on the sidelines of the 38th Asia Pacific Petroleum Energy Conference. 

“Asia has been a bit more of a bumpy road with markets opening up and closing down but mostly we expect Asia in particular, in the next year, to come back, but it might take another year before we see the full potential of the market,” he said.

However, jet fuel supplies are tightening in Europe with the European Union’s sanctions on Russian oil products kicking in on Feb. 5, causing the region to import more fuel from the US, China, India and the Middle East.

“The market needs to buy from refineries further away ... shipping and rail and all kinds of distribution are under more stress now with this new kind of routing (of trade),” he said.