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Saudi Arabia to Hold First Drone and AI Exhibition on Monday

Saudi Arabia to Hold First Drone and AI Exhibition on Monday
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Saudi Arabia to Hold First Drone and AI Exhibition on Monday

Saudi Arabia to Hold First Drone and AI Exhibition on Monday

The inaugural Saudi Arabia AI and Drones Exhibition and Forum (SAADEF) will be in Riyadh held on Monday.

Organized by the Saudi Ministry of Environment, Water, and Agriculture, it will be held under the theme "Integration of Drones and Artificial Intelligence".

Supported by the Fédération Aéronautique Internationale, the three-day event will showcase the rapid advances in drone and AI applications in the agricultural sector. It will bring together top exhibitors, investors, and global experts.

SAADEF aims to support Saudi Arabia's Vision 2030 by advancing economic diversification and promoting sustainability through innovative technology.

As one of the first exhibitions of its kind in the region, SAADEF represents a milestone in promoting and marketing drone investment in agriculture, further positioning the Kingdom as a regional leader in this high-growth field.

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Apple to Invest up to $1.5 Bln in Globalstar for Satellite Coverage Expansion

30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
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Apple to Invest up to $1.5 Bln in Globalstar for Satellite Coverage Expansion

30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)
30 October 2024, US, New York: The Apple store is pictured on Fifth Avenue in Manhattan. (dpa)

Apple will invest up to $1.5 billion in Globalstar to fund the expansion of its iPhone communication services, the satellite provider said in a regulatory filing on Friday.

Shares of Globalstar jumped over 30%, while Apple was down around 1.4% a day after it forecast tepid quarterly revenue growth.

Under the funding agreement, Apple will commit $1.1 billion in cash and also purchase 20% equity in Globalstar for $400 million. The satellite company said it will use a portion of the funds to pay down debt.

The move is another in a line of partnerships between space firms and mobile service providers looking to provide satellite-based connectivity to customers in regions with limited network access.

Globalstar also said it will allocate 85% of its network capacity to Apple. The deal is expected to close on Tuesday.

The iPhone maker partnered with Globalstar in 2022 for a feature that would allow Apple users to send emergency messages from remote areas.