Latest news with #UnitedArabEmirates-based
Yahoo
3 days ago
- Business
- Yahoo
PureHealth's Daman forays into P&C insurance space
PureHealth, an United Arab Emirates-based hospital and health insurance group, has announced the expansion of its insurance arm, Daman, into the property and casualty (P&C) segment. The move represents a diversification of services for the company, which has been focused on health insurance. As part of this evolution, Daman will adopt a new legal name, The National Insurance Company – Daman. The National Insurance Company – Daman chairman Khaled Binshaiban Almheiri commented: 'For nearly two decades, Daman has set the benchmark for health insurance in the UAE. This evolution marks a pivotal chapter – expanding our focus to offer a broader range of insurance solutions while maintaining the same rigour, trust and customer-first mindset our members know and value. 'By protecting individuals, businesses and assets, we are proud to play a central role in supporting the UAE's vision for sustainable well-being and long-term economic resilience.' As PureHealth's insurance arm, Daman currently provides coverage to over three million members through a network of more than 3,000 healthcare providers. Daman will utilise AI-powered underwriting and claim settlement processes to support its entry into the P&C insurance market and emphasised its multilingual service infrastructure as part of its expansion strategy. The insurer will maintain the Daman brand and plans a phased introduction of its new P&C offerings to ensure continuity of its health insurance clientele. PureHealth CEO Shaista Asif said: 'Daman's evolution reflects PureHealth's broader strategy to create a fully integrated healthcare and insurance platform that drives better customer service and long-term value creation. 'Expanding into the Property and Casualty segment enhances portfolio diversification, supports risk management across sectors, and reinforces our commitment to shaping a future-ready ecosystem aligned with the UAE's economic and social development priorities.' "PureHealth's Daman forays into P&C insurance space " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
OpenAI Secures $11.6B For Texas Data Center Expansion, Reducing Microsoft Dependence
Crusoe secures $11.6 billion to build OpenAI's massive 1.2 gigawatt Abilene, Texas data center, part of the $500 billion Project Stargate. Oracle has signed a 15-year lease to anchor the Abilene data center. Crusoe's evolution from gas-powered crypto rigs to liquid-cooled AI supercenters captures the arc of next-gen computing. AI infrastructure startup Crusoe Energy Systems has secured $11.6 billion in funding commitments to build a massive data center in Abilene, Texas, designed to support OpenAI's expanding computing needs. The new funding round, backed by Blue Owl Capital's Real Assets platform and Primary Digital Infrastructure, brings total capital raised for the project to $15 billion, The Wall Street Journal reported. According to Crusoe, the facility marks a critical step in OpenAI's infrastructure strategy. Initially planned as a two-building campus, the project now spans eight buildings. It is expected to deliver 1.2 gigawatts of power capacity, making it one of the largest AI training hubs globally. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — According to the company, construction began last June, with the first two buildings—totaling 200 megawatts—expected to be energized in the first half of this year. A second phase, launched in March, will add six more buildings and is expected to be completed by mid-2026. The expansion comes amid growing demand for compute capacity as OpenAI develops increasingly advanced artificial intelligence models. Oracle Corp. (NYSE:ORCL) has signed a 15-year lease to occupy a significant portion of the Abilene campus, according to the Journal. While Microsoft Corp. (NASDAQ:MSFT) remains OpenAI's largest investor and retains exclusive application programming interface licensing rights, its role in the Abilene project is limited to that of a technology partner, without direct equity involvement. OpenAI has increasingly sought to diversify its infrastructure partnerships, citing concerns over Microsoft's ability to scale fast enough to meet its compute needs, the Journal reported. Meanwhile, JPMorgan Chase & Co. (NYSE:JPM) has committed over $7 billion to the data center project, building on a previous $2.3 billion investment, according to The Information. Trending: Invest where it hurts — and help millions heal:. The Abilene project is part of 'Project Stargate,' a $500 billion global AI infrastructure initiative launched in January by OpenAI, Oracle, SoftBank, and United Arab Emirates-based MGX, Forbes reported. The project aims to build a vast network of AI data centers over the next four years to support rapid model development and increase U.S. leadership in artificial intelligence. According to Crusoe, the buildings planned in Abilene are designed for industry-scale performance, with each capable of running up to 50,000 GB200 NVL72 chips from Nvidia Corp. (NASDAQ:NVDA) on a unified network fabric. Beyond scale, the Abilene campus is also a model for energy-conscious AI infrastructure. It incorporates direct-to-chip liquid cooling to manage thermal loads and partners with Lancium's Clean Campus program to integrate renewable energy sources, Crusoe said. Crusoe expects the project to create over 5,000 jobs and generate more than $1 billion in local economic impact over the next two in 2018, Denver-based Crusoe began as a company converting stranded natural gas into energy for crypto mining. In recent years, it has repositioned itself as a vertically integrated AI infrastructure provider, with a sharp focus on sustainable, high-density compute environments, according to Crunchbase. The company raised $600 million in Series D funding led by Founders Fund, with participation from Fidelity and Nvidia, bringing its valuation to $2.8 billion. The Abilene project represents Crusoe's most ambitious venture to date and positions it at the center of the rapidly expanding AI infrastructure race. Read Next: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article OpenAI Secures $11.6B For Texas Data Center Expansion, Reducing Microsoft Dependence originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. 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
Yahoo
6 days ago
- Business
- Yahoo
Nvidia (NVDA) Stock Trades Up, Here Is Why
Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 5.1% in the morning session after the company reported impressive first-quarter 2025 (fiscal 2026) results, which blew past Wall Street's sales, operating income, and earnings expectations. Sales were fueled by the growing adoption of the Blackwell data center platform and rising inference AI workloads as management called out an "exponential" leap in demand from customers such as Microsoft, Google, and OpenAI. It wasn't a perfect quarter, though. The company's data center revenue missed by a slight amount, and its revenue guidance for the next quarter missed. Management also raised concerns about the heightened competition in China and called out tariff concerns (leading to a $4.5 billion inventory write-down and a $2.5 billion shortfall in anticipated China revenue). Overall, we think this was a decent quarter with some key metrics above expectations. Wall Street analysts stayed mostly positive after the results. Bank of America analysts captured the prevailing sentiment, noting three key takeaways from the results: 1. China risk has been partially mitigated, with $15 billion in first-half H20 product sales already factored into guidance. 2. Blackwell platform adoption is accelerating. 3. Management expressed confidence in gross margin recovery, expecting it to return to the mid-70% range later this year, a positive indicator of improving demand and execution at scale. After the initial pop the shares cooled down to $140.67, up 4.3% from previous close. Is now the time to buy Nvidia? Access our full analysis report here, it's free. Nvidia's shares are extremely volatile and have had 34 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 16 days ago when the stock gained 6% on the news that the company said it would sell more than 18,000 of its AI chips (GB300 Blackwell chips) to Saudi Arabian company Humain to be used in a 500 megawatt data-center project. The agreement also includes further expansion with "several hundred thousand" additional chips potentially planned for delivery within five years. Separately, reports revealed the Trump administration was considering a large-scale sale of Nvidia's AI-centric chips to G42, a United Arab Emirates-based AI company, and its U.S. partner OpenAI. This deal could involve hundreds of thousands of Nvidia's powerful GPUs. Taken together, the updates hint at significant demand for NVDA's advanced chips, which could help boost sales. Separately, markets experienced a boost after data from the Bureau of Labor Statistics revealed that inflation for the month of April 2025 came in slightly better than expected. The CPI rose 0.2% from the previous month, in line with expectations, while headline inflation rose 2.3% year on year (vs estimates for a 2.4% y/y increase). The data revealed inflation continued to edge closer to the Fed's 2% target. The reaction wasn't anything wild, but the sentiment leaned positive. The Nasdaq led the way, climbing 1.7%, boosting some tech stocks. This added to the gains from the day before, which was sparked by a breakthrough in US-China trade talks as both sides agreed to pause some tariffs for 90 days, signaling a potential turning point in ongoing tensions, and cooling fears of a prolonged trade war. Nvidia is up 1.7% since the beginning of the year, and at $140.67 per share, it is trading close to its 52-week high of $149.43 from January 2025. Investors who bought $1,000 worth of Nvidia's shares 5 years ago would now be looking at an investment worth $15,849. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. 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
Yahoo
28-05-2025
- Business
- Yahoo
6 contech startups snare a collective $101M
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Startups that help contractors decarbonize buildings, manage their workforces and make jobsites safer were some of the businesses that benefitted from fresh infusions of investor funding in the second quarter of 2025. Here are six startups that caught investors' eyes and raised capital for their businesses. $28 million Dubai, United Arab Emirates-based WakeCap, a project intelligence software that uses sensors to track construction and safety progress, raised $28 million in a Series A funding round, the firm announced on May 13. Via a sensor that attaches to a construction hard hat, WakeCap's tech picks up data around the jobsite, which is uploaded through its network and onto the platform, according to the company's website. The company said it provides information related to worker access and equipment utilization as well as safety alerts and progress tracking. Users report a 91% reduction in safety issues, a 25% productivity gain and 70% faster incident response times, according to the news release. The new capital will be used to scale WakeCap's presence across existing and new markets, deepen its product capabilities, grow its team and expand integrations with key industry platforms, according to the news release. $23 million San Francisco-based Miter, which offers cloud-based field operations and expense management solutions, announced a recent $23 million Series B funding round led by existing investors Bessemer Venture Partners and Coatue Management, according to a May 19 news release. The round brings its total funding to $38 million. Miter helps contractors modernize their back-office and field operations by connecting human resources, finance and operations into one platform, according to the news release. The company says it typically replaces desktop-based applications or industry-agnostic software. Some of the platform's functions include tools to help with job costing, payroll compliance, employee onboarding, time-tracking, expense management and benefits administration. The firm wrote that builders leveraging the platform save between 20 to 40 hours per week on payroll processing alone. $22 million U.K.-based Converge, an artificial intelligence-powered concrete management and decarbonization tech firm, completed a $22 million investment round, according to a May 21 news release. The startup's flagship platform, ConcreteDNA, offers a suite of solutions for generative and predictive AI mix insights, real-time concrete monitoring and data management, according to the news release. The offering helps builders make faster, data-driven decisions, reduce embodied carbon and minimize resource waste, the company said. With the funding, Converge plans to accelerate its commercial expansion and the development of ConcreteDNA. $14.5 million Montreal-based Exterra, a startup that turns mining waste into sustainable building materials, announced a 20 million Canadian dollar ($14.5 million) funding round on May 6. Exterra's offering comes in two segments — using its technology, one process can take waste and produce low-carbon metal oxides alongside other by-products, and another mineralizes carbon dioxide in a single step without the need for carbon capture. It also uses Quebec's low-carbon hydroelectric grid to generate high-demand co-products, which include amorphous silica used for low-carbon building materials. Exterra's commercialization strategy centers on its upcoming asbestos mitigation Hub I project, scheduled to begin construction in 2027 in Quebec, according to the release. The company said it will become the world's largest asbestos mitigation plant, with an annual capacity to process over 300,000 tons of asbestos mine tailings annually. $10.5 million Charlotte, North Carolina-based Field Materials, which developed an AI platform for material and equipment procurement, completed a $10.5 million Series A funding round, the firm announced on April 30. The raise brings the company's total funding amount to $19 million. Using proprietary large language models, Field Materials' AI-product takes in vendor quotes, delivery slips and invoices and automatically enters the data into nine major construction accounting systems. The company said this reduces purchase order and invoice processing time by 90%, improves margins and helps contractors get volume pricing. The company touts large contractors among its customers, including Concord, California-based Swinerton, Sacramento, California-based Teichert and Salt Lake City-based Big-D Construction. With the money, Field Materials plans to double its team and triple its revenue in 2025, according to the news release. $3 million Suffolk Technologies, the venture capital arm of Boston-based builder Suffolk Construction, has invested in Somerville, Massachusetts-based Sublime Systems, a low-carbon cement manufacturer, the firm announced in a May 20 news release. The total influx was $3 million, the venture capital firm told Construction Dive via email. Sublime's manufacturing process replaces the traditional combustion-driven kiln with a proprietary ambient temperature electrochemical process that produces a cement that significantly reduces carbon emissions, according to the release. It has the potential to achieve cost parity at scale with conventional Portland cement, the announcement said. The announcement comes on the heels of a long-term contract that tech giant Microsoft signed with Sublime Systems to buy low-carbon cement to meet its sustainability goals by reducing its construction emissions, according to the news release. In addition, the U.S. Department of Energy selected Sublime Systems last year for an up to $87 million award to speed up construction of a low-carbon cement manufacturing plant in Holyoke, Massachusetts. 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
Daily Maverick
23-05-2025
- Business
- Daily Maverick
Crossfin plots global fintech push with UAE deal and Singapore launch
South African fintech investor Crossfin is expanding its investment beyond African borders, starting with the Middle East's Unitey and a new Singapore base. With the launch of a Singapore-based investment arm and a stake in United Arab Emirates-based (UAE) Unity Digital Holdings, fintech investor Crossfin has signalled its intent to plant flags across the Middle East and South East Asia. 'Our goal since the founding of Crossfin is to put money behind strategic payment rails in Africa and beyond,' said Anton Gaylard, co-founder and CXO at Crossfin. 'We hope our investment in Unitey is the first in a growing portfolio of likeminded assets in the Middle East, Africa and into South East Asia.' Their move is backed by heavyweight investors, including Standard Bank and Turing Capital Fund, a sub-fund of Chronos Capital Fund VCC. Michael Jordaan of Chronos Capital Advisors SA noted the significance of this investment: 'Unitey's role in enabling central banks with vital solutions that drive payments innovation and sovereignty has exciting applications for Crossfin and the broader fintech ecosystem.' Crossfin goes global Founded in 2021 by Muzaffar Khokhar, Unitey Digital Holdings is an emerging markets technology holding company. Its portfolio includes Mercury, a payments service provider, and Shukria, a licensed payment service brand in the UAE. 'We are very happy for Crossfin to invest in Unitey to accelerate the immensely successful journey that I started along with my co-founders in 2021,' Khokhar said. Gaylard added that Khokhar has assembled a world-class team of payments domain experts in his company, and that this Crossfin investment is complementary to other businesses across their portfolio. The fintech frenzy is on In 2024, fintech start-ups in the Middle East and north Africa region raised $700-million (R12.6-billion), accounting for 30% of total start-up funding in the area, according to a report by Dubai venture capital firm Wamda. Payment solutions and buy now, pay later services are particularly popular, with companies like Saudi-based Tabby reaching a valuation of $3.3-billion (R59-billion), Reuters reported, and snagging the top spot in Forbes' Fintech 50 list. The UAE, in particular, is emerging as a global fintech hub. The country's fintech market is projected to reach $3.56-billion (R64-billion) in 2025, driven by supportive government policies, low business start-up costs and the availability of free zones like the Dubai International Finance Centre. QR codes and super-apps Across South East Asia the fintech race is no less intense. Digital payment transaction value in the region is projected to show a compound annual growth rate of 6.29% between 2025 and 2029. Along with mobile wallets, QR code payments are leading the charge. According to a report by forecast intelligence agency, Juniper Research, the volume of QR payments in the South East Asian market will increase from 13 billion in 2023 to 90 billion in 2028. The region's fintech engine is fuelled by 'super-apps' – digital platforms that bundle several offerings like shopping, banking and ride-hailing into one ecosystem. These platforms have become central to everyday life, and are expected to reach $23-billion (R414-billion) in revenue in 2025 by the Singapore Economic Development Board. Home turf Back home, Africa's fintech sector is starting to flex its muscles. A McKinsey report projects that fintech revenues in Africa could surge to $47-billion (R845-billion) by 2028, an almost fivefold increase from $10-billion (R180-billion) in 2023. However, achieving this milestone depends on the continent reaching 15% fintech penetration, up from the current 5% to 6%. While Crossfin's Singapore move marks a geographical pivot, the company isn't abandoning its roots. Gaylard describes the Unitey deal as 'an exciting addition' that builds on years of shared history between Khokhar and the Crossfin team. 'I have worked closely with Dean and Anton at Crossfin and with the South African payments ecosystem in general over the last decade and have always considered it world class in all aspects,' Khokhar said. DM
