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How NYSE move could propel Saudi share in Uber to $16 bln

Wednesday, 17 October 2018

With an eye on the future and as part of its economic diversification, Saudi Arabia has recently been investing in technology-based companies.One such firm is the US ride-hailing company, Uber. In 2016, the Public Investment Fund (PIF) – the Saudi sovereign wealth fund – invested $3.5 billion in Uber directly, securing a 5.6 percent share.Later, the PIF invested $45 billion in SoftBank’s $93 billion Vision Fund, which is Uber’s largest investor, making the company a major ...

Streets of Dubai to now be monitored by AI cameras attached to taxis

Wednesday, 17 October 2018

Dubai authorities have equipped ten taxis with street monitoring cameras to keep track of activities on streets and enable civic bodies to collect date for better town-planning. The new system equips taxis with two external cameras, front and rear, and an internal one. The Roads and Transport Authority (RTA) announced the new technology in the ongoing Gitex Technology Week, saying that the cameras will have artificial intelligence features of face detection and plate-number recognition. ...

Uber eyes valuation topping $100 bln in share offering

Tuesday, 16 October 2018

Uber is eyeing a valuation above $100 billion for its much-anticipated share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said Tuesday. The sources told AFP the global ridesharing giant is considering speeding up its plans for an initial public offering (IPO) to the first half of 2019, rather than the second half of the year. Uber, which operates in over 60 countries, is already the largest of the venture-backed “unicorns” ...

Parts of troubled Libya get 4G telecoms service

Tuesday, 16 October 2018

Libya’s state-owned mobile phone operator al-Madar launched the first 4G services in the North African country, a rare investment in a country hit by years of political turmoil and violence.Public services have deteriorated since the toppling of Muammar Qaddafi in 2011, with frequent clashes between armed groups, political divisions and a lack of funding as much of the state budget is spent on a public payroll and welfare state.The service, equivalent to ten times the speed of the previous ...

Microsoft co-founder Paul Allen dies at age 65

Tuesday, 16 October 2018

Paul G. Allen, who co-founded Microsoft with his childhood friend Bill Gates before becoming a billionaire philanthropist who invested in conservation, space travel and professional sports, died Monday. He was 65. His death was announced by his company, Vulcan Inc. Earlier this month Allen announced that the non-Hodgkin’s lymphoma that he was treated for in 2009 had returned and he planned to fight it aggressively. “While most knew Paul Allen as a technologist and philanthropist, for ...

Amid ‘critical year’ for tech companies, Lebanon social media app launches

Thursday, 11 October 2018

A new social media application developed by two Arab telecom engineers, Wissam Tamer and Dany Moghniee,  both of whom are Lebanese entrepreneurs in telecommunications, is trying to put a new twist on video and picture sharing. Tamer says the WaynYo app is an entertaining and engaging social media application that is based on filtering the trendiest pictures and videos with voting capabilities that are geo-location driven. “WaynYo is a Lebanese expression that originates from a town ...

Egypt’s first smartphone maker plans expansion in Africa

Tuesday, 9 October 2018

Egypt’s first smartphone maker is looking to enter the broader African market by the end of 2018 or early 2019 as it seeks to boost exports, its sales director said. Silicon Industries Corporation (SICO), which already exports to the Gulf, aims to start selling phones in Kenya, Morocco, the Democratic Republic of Congo, South Africa, Nigeria, Mozambique and Ghana, Sales Director Mahmoud Ali told Reuters.“It’s a promising market and there’s much less competition than in ...

Facebook could be forced to pay thousands in compensation to hacked users

Monday, 8 October 2018

Following the Facebook hack attack last month, the social media giant may be forced to pay $7,800 in compensation to its users who were left exposed, according to British newspaper The Sun. The social media gaffe, which gained hackers access to 50 million users’ photos, friend lists, and even private messages was described as a “disaster” by experts. Legal experts explained how affected users in Europe can file a “civil claim” under the EU’s new GDPR data ...

IN PICTURES: Saudi university develops two new reconnaissance satellites

Saturday, 6 October 2018

The King Abdulaziz City for Science and Technology developed two new reconnaissance satellites, “Saudi Sat 5A” and “Saudi Sat 5B”, which will be added to the second generation of high-accuracy Saudi remote-sensing satellites to be launched this year, according to a Saudi Gazette report.Saudi expertise and competencies working in the field of satellite industry and development manufactured and tested the two satellites in accordance with the international standards in ...

Senegal's Silicon Valley? Budding entrepreneurs seek investors

Thursday, 4 October 2018

In Senegal, young entrepreneurs are teeming with ideas, but investors remain cautious, especially when it comes to funding tech startups. But things could be starting to change.  

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