Sponsor News
stc
Forbes ME ranks stc as the leading telecom company across the region
Stc has secured the top rank for a leading company within the telecom industry in the Middle East by Forbes ME. This achievement reaffirms their leadership in the region and celebrates the innovative work they spearhead across the Gulf…Read more
Industry News
UAE
Dubai Future Foundation and Meta launch AI incubator
At the recent 2024 AI Retreat conference, the Dubai Future Foundation (DFF) and Meta announced the launch of a joint business incubator program that adopts Meta’s AI, LLAMA 3. This revolutionary program seeks to explore how large language models (LLMs) can support and grow innovation across all industries, and most importantly how AI can unlock economic value and contribute to economic growth within the GCC. Aligning with the goals of the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI), created to support Dubai’s Economic Agenda (D33) with aims to add AED100Bn through digital transformation, this program is the perfect vehicle for Dubai to realise its digital economy goals, which is expected to reach $780 Bn by 2030…Read more
Masdar to acquire Terna Energy in a $3.4Bn deal
Abu Dhabi renewables giant Masdar has signed an agreement to acquire Greece’s Terna Energy in a $3.4Bn deal. Starting at 67% of Terna’s outstanding shares, with plans to launch an all-cash tender offer for remaining shares later on, this will be one of Europe’s largest renewable energy transactions and marks a major milestone in Masdar’s strategy to expand its portfolio from 20GW (current) to 100GW by the end of the decade…Read more
Qatar
Qatar company purchases Kazakh mobile network for $1Bn
Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network, Mobile Telecom-Service LLP, in a deal reportedly valued at $1Bn…Read more
Saudi Arabia
Saudi Arabia climbs to 16th place in World Competitiveness Index
Through its ongoing economic diversification efforts and rapid adoption of AI, the Kingdom has firmly cemented its place in the World Competitiveness Index 2024. The ascent, from 32nd in 2021 to 16th in 202, supported by Saudi Arabia’s Vision 2030 program, showcases the clear steps in its digital transformation journey. The Kingdom also grabbed top spots in several sub-indicators, including development and application of technology, availability of financing technical development, and long-term labour market growth…Read more
Middle East
MENA data centre spending to drop below $5Bn in 2024
The MENA region is experiencing a depletion of its data centre spending, dropping by an expected 0.3% in 2024. The forecasted decline can be attributed to a decrease in regional spending on systems such as servers, external controller-based storage (ECB), and enterprise network equipment – resulting from the rapid incline in demand for alternative system options to compete with the intensive software demands of AI and IoT. Additionally, organisations within the Middle East are reducing spending to mitigate external challenges faced in the region; cuts to oil production, downside economic risks linked with regional geopolitical tensions, and chain disruptions in key shipping routes are increasingly becoming an issue for companies; with the data centre industry (at all levels) taking a big hit…Read more