Flying taxis and AI-powered drones: This week's business headlines from the Middle East
Saudi Arabia rolls out AI-powered drones and mega A/C for Hajj pilgrims, a Saudi business group signed a tentative $1 billion deal that could bring flying taxis to the country, and Huda Kattan takes full control of her global beauty brand.
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Yahoo
27 minutes ago
- Yahoo
Exclusive: Binance CEO responds to IPO plans
Exclusive: Binance CEO responds to IPO plans originally appeared on TheStreet. In an interview with TheStreet Roundtable, when asked about a potential Binance IPO, Richard Teng replied, 'I'm too old to say never say never, right?' He added that any decision of this scale 'are very important corporate decisions that we have to discuss at the board of directors level and discuss with the shareholders what's the intention.' Richard Teng was appointed CEO of Binance in November 2023 — taking over from founder Changpeng 'CZ' Zhao after his U.S. settlement. He had previously led Binance Singapore since August 2021 and served as CEO of the Abu Dhabi Global Market and in senior roles at the Monetary Authority of Singapore, bringing over three decades of financial services and regulatory experience to the exchange. Teng underscored that any listing would need to reflect the strong user demand that underpins Binance's growth. 'What we aim to do as a platform is to continue to be the best platform for our users,' he said. He noted that 'we exist only because our users continue to have strong confidence and trust in us.' Stablecoin issuer Circle debuted on the New York Stock Exchange on June 5, pricing its IPO at $31 per share and opening at $69. The stock closed its first day at $83.23 with a 168% gain after upsizing the deal to raise $1.05 billion, valuing the company at roughly $18 billion on a fully diluted basis. Gemini, the Winklevoss-founded crypto exchange, confidentially filed for a U.S. initial public offering on June 6, signaling its intent to list. Details on share count and pricing remain under wraps, but the filing underscores growing investor appetite for crypto natives in public markets. Teng also pointed out that 'we have seen a sharp growth in terms of user numbers throughout the world, both institution and new retail users coming to us.' He said the board would factor that momentum into its deliberations on timing and structure. Teng emphasized that an IPO must align with Binance's mission to serve its users. He said the company will only proceed when the board and shareholders agree on the path forward — leaving timing open and dependent on collective oversight. Teng disclosed that Binance secured its first institutional investment from MGX, a sovereign-backed investor in Abu Dhabi's AI data center sector. He said MGX made a minority investment of $2 billion in stablecoin — marking the largest crypto-area deal paid in stablecoin and Binance's first institutional backing. While the company remains in a 'very healthy financial shape,' Teng stressed that this capital will support ongoing innovation, security and compliance efforts. Exclusive: Binance CEO responds to IPO plans first appeared on TheStreet on Jun 9, 2025 This story was originally reported by TheStreet on Jun 9, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
29 minutes ago
- Wall Street Journal
DHL to Invest Over $570 Million in Fast-Growing Middle East Markets
DHL DHL 0.96%increase; green up pointing triangle Group plans to invest over 500 million euros ($571.3 million) in the Middle East, with a strategic focus on the rapidly expanding Gulf markets of Saudi Arabia and the United Arab Emirates. The investment will be made in the years through 2030 and will span all four of the company's divisions to significantly strengthen logistics infrastructure in the region, it said.
Yahoo
an hour ago
- Yahoo
Saab and Helsing pit AI-piloted warplane against real fighter pilot
By Tim Hepher PARIS (Reuters) -Sweden's Saab and German defence startup Helsing have conducted combat testing of a Gripen E warplane flown by AI against a real fighter pilot, they said on Wednesday, in a step forward in European efforts to compete on autonomy in defence. Last week's trial is the first publicly known instance of artificial intelligence being tested in a warplane beyond visual range (BVR) rather than in a close-range dogfight, or that AI has controlled a fully fledged jet rather than a test plane. In May last year, then-U.S. Air Force secretary Frank Kendall flew in a modified F-16 called X-62A VISTA fitted with machine learning supplied by Shield AI to demonstrate the ability of AI to enter aerial battle with a crewed F-16. The European trials, known as "Project Beyond", included three flights carried out between May 28 and June 3, the last of which pitted Helsing's "Centaur" AI agent piloting a Gripen E against a human-operated Gripen D fighter jet, the companies said. Funded by the Swedish government, the trial was inconclusive on whether the human Top Gun or the AI-powered foe performed better, but the trial highlights an increasing focus on integrating AI and autonomy into combat systems. "I would say it is not a given who will win... you have to be on your game as a pilot," Saab's Chief Innovation Officer Marcus Wandt, who is also a Swedish astronaut and ex-fighter pilot, told reporters. "If you need to retrain for a new weapon system or new tactics, it will be difficult to stay on par. Right now there are still pilots out there that will have a chance, but that will change fast." NEXT-GEN COMBAT JETS The trial comes as Saab is exploring concepts for the next generation of combat jets expected to combine crewed and uncrewed planes, under Sweden's KFS future air combat study. Sweden has not decided whether to continue to pursue its own independent fighter plane as a successor to Saab's home-grown Gripen. It was previously involved with Britain's Tempest fighter project, but pulled back to focus on its own research as the programme widened to include Japan and Italy. The other major European fighter in the works is the Franco-German-Spanish fighter programme widely known as SCAF. Kendall, who stepped down with the outgoing Biden administration after leading the U.S. next-generation fighter project that laid the groundwork for the recently launched F-47, has said AI decision-making will routinely overpower humans. However, Western projects for incorporating AI into weapons systems call for humans to be able to intervene at some point. Saab and Helsing executives said the AI initiative exemplified the need for fast development timelines and dismissed the 10- or 15-year timetables of rival projects. Details of their trial were unveiled ahead of next week's Paris Airshow, following months of simulator work in which the executives said the Centaur AI agent was fed the equivalent of 30 years' of experience every week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
