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Diriyah GigaProject Secures Nearly $1 Billion in Deals with European Firms Amid Foreign Investment Surge

According to its CEO, Jerry Inzerillo, Diriyah, one of Saudi Arabias significant gigaprojects, has closed about $1 billion in transactions with Europe

According to its CEO, Jerry Inzerillo, Diriyah, one of Saudi Arabias significant gigaprojects, has closed about $1 billion in transactions with European companies and aggressively seeks more foreign investment. Located close to Riyadh at a UNESCO World Heritage site, this $63 billion project is a part of the Public Investment Funds PIF efforts to diversify the oildependent economy. With plans to invest another 12 billion riyals in 2023, the PIF has already committed almost 20 billion riyals $5.33 billion to Diriyah in 2023 and 2024. Inzerillo indicated ongoing discussions with several foreign investors interested in equity positions in real estate projects. Despite past scepticism regarding Saudi Arabias ambitious economic transformation, there is a notable surge in foreign investment interest as projects like Diriyah become tangible realities. Read More..

B2B Tech News | 19 days ago        

Reliance Power Considers Stake Sales and Fundraising as Part of Renewable Energy Expansion

Reliance Power, an Indian company, stated on Friday that as part of its corporate expansion strategy, it may look into raising capital, possibly by se

Reliance Power, an Indian company, stated on Friday that as part of its corporate expansion strategy, it may look into raising capital, possibly by selling stakes to institutional investors. At its board meeting on October 3, the electric utility firm will assess other funding possibilities, including equity sales and foreign currency convertible bonds. This action comes after the business was permitted to raise $183 million, or 15.25 billion rupees, through preferential allotment. Reliance Power wants to raise money to finance its shift into the renewable energy industry. The Navi Mumbaibased company recently stated that it has settled debts of 38.72 billion rupees, meaning it has no bank debt. A $3 million punishment and a fiveyear securities market ban await Reliance Group chairman Anil Ambani about financial diversion allegations. Read More..

B2B Tech News | 19 days ago        

The Bahamas Faces Financial Crisis Prime Minister Calls for Global Climate Finance and Fossil Fuel Accountability

According to Prime Minister Philip Davis, the Bahamas is experiencing a financial crisis brought on by bureaucratic obstacles and climate change. The

According to Prime Minister Philip Davis, the Bahamas is experiencing a financial crisis brought on by bureaucratic obstacles and climate change. The country struggles to recover from natural catastrophes like Hurricane Dorian, which caused $3.4 billion in damages in 2019. With approximately $10 billion in debt and yearly earnings of only $2.8 billion to $2.9 billion. Leaders want richer countries and fossil fuel companies to provide more climate funding. They support a "polluters pay" system in which significant companies donate a portion of their income to help developing nations. Underscoring the existential threats small island nations face from rising sea levels and severe storms, Davis plans to use legal action to demand donations from oil giants. Read More..

B2B Tech News | 22 days ago        

Citigroup and Apollo Global Launch $25 Billion Private Credit Program, Bridging Banks and NonBank Lenders

An increasing alliance between nonbank lenders and traditional banks within the $2 trillion private credit industry is indicated by Citigroup and Apol

An increasing alliance between nonbank lenders and traditional banks within the $2 trillion private credit industry is indicated by Citigroup and Apollo Globals announcement of a $25 billion program for direct lending and private credit. Mubadala Investment Company of Abu Dhabi and Apollos Athene division will also be involved in the program. This initiative comes when funding sources for firms considering significant buyouts are finding private credit—which lends to riskier borrowers without subjecting them to the strict controls that banks do—to be more and more critical. Previously perceived as a rival to banks, private credit companies are now more likely to collaborate with them, taking advantage of their client networks while lowering risk. First, North America will be the primary focus, with the possibility of expanding globally. Read More..

B2B Tech News | 22 days ago        

Intel Set to Secure $8.5 Billion in U.S. Government Funding to Boost Semiconductor Production

Preliminary reports from the Financial Times indicate that Intel is on track to get $8.5 billion in direct investment from the US government before th

Preliminary reports from the Financial Times indicate that Intel is on track to get $8.5 billion in direct investment from the US government before the year closes. Even if talks are progressing, its still being determined that they will be finished by 2024, especially in light of possible Qualcomm merger talks that could make things more difficult. This financing comes after President Joe Biden gave grants and loans totalling about $20 billion in March to increase Intels chip output in the United States. To modernize an existing facility and build two new facilities, Intels Arizona operations will get up to $11 billion in loans and $8.5 billion in grants under the preliminary agreement. Intels difficulties have influenced these improvements to keep its manufacturing advantage over competitors like TSMC and Nvidia. Read More..

B2B Tech News | 22 days ago        

Microsoft Unveils Historic $2.70 Billion Investment in Brazil to Boost Cloud and AI Infrastructure

Microsoft will invest a groundbreaking 14.7 billion reais in Brazil over the next three years to improve its cloud computing infrastructure and artifi

Microsoft will invest a groundbreaking 14.7 billion reais in Brazil over the next three years to improve its cloud computing infrastructure and artificial intelligence capabilities. This is the biggest single investment the tech giant has ever made in Brazil. By the end of the decade, widespread use of AI is predicted to boost the nations economic growth by 4.2 percentage points. In 2020, Microsoft introduced the "Microsoft Mais Brasil" plan, which aims to build cloud and AI infrastructure across various São Paulo data centres and train 5 million people in AI. Vice President of Brazil Geraldo Alckmin highlighted Brazils potential to become a worldwide leader in AI, while Microsoft CEO Satya Nadella underlined the companys commitment to enabling AI transformation. Read More..

B2B Tech News | 22 days ago        

Google Parent Company Alphabet Announces Major $3.3 Billion Investment in South Carolina Data Centers

CEO Sundar Pichai of Alphabet Inc. said the company wanted to build two new data centres in South Carolina for $3.3 billion. The $2 billion facility i

CEO Sundar Pichai of Alphabet Inc. said the company wanted to build two new data centres in South Carolina for $3.3 billion. The $2 billion facility in Dorchester County, which will create 200 operational jobs, and the extra $1.3 billion for expanding the current data centre in Berkeley County are part of this initiative, which intends to promote infrastructure enabling AI applications. This declaration is consistent with Alphabets current capital expenditures, which hit $13 billion during the June quarter. The company plans to keep its quarterly spending at or above $12 billion for the rest of 2024. As evidenced by Microsofts recent collaboration to create a $30 billion fund for AI infrastructure development, this growth is a growing trend in the tech sector. Read More..

B2B Tech News | 22 days ago        

G20 Foreign Ministers Convene at UN, Urging Global Governance Reforms and Climate Action

G20 foreign ministers met for the first time at the UN at the HighLevel discussion of the General Assembly, focusing on sustainable development, hunge

G20 foreign ministers met for the first time at the UN at the HighLevel discussion of the General Assembly, focusing on sustainable development, hunger, poverty, and reforms to global governance. Despite vast resources, UN SecretaryGeneral António Guterres denounced the continued existence of world hunger and urged G20 countries to prioritise this issue. Additionally, he urged immediate action on climate change, stressing the need to cut back on the usage of fossil fuels and treble the capacity of renewable energy sources by 2030. South African President Cyril Ramaphosa emphasised the significance of restructuring the global financial system to address the rising disparities in society. Luiz Inacio Lula da Silva, the president of Brazil, emphasised economic inequality and argued for taxes on the ultrawealthy to reroute funds to development and climate action, thus bolstering the UNs position in international governance. Read More..

B2B Tech News | 25 days ago        



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