Kuwait’s Warba Bank has agreed to acquire Alghanim Trading’s 32.75 per cent stake in Gulf Bank in a deal valued at $1.62bn (KWD498.2m).

“The transfer of the shares will be completed upon obtaining the necessary approval from the regulatory authorities,” the Kuwait lender said in a bourse filing.

Warba Bank expects the financial impact of the deal to be reflected in its quarterly financial results upon the completion of the deal.

Last July, Gulf Bank, Kuwait’s fifth-largest bank overall, and Boubyan Bank, the country’s second-largest Islamic bank, said that they were exploring a potential merger to create a single Islamic bank with $53bn in assets as part of a plan to fuel growth and expansion.

Meanwhile, Kuwait Financial House (KFH Group) sold an 18.18 per cent stake in Sharjah Islamic Bank for $351m (Dhs1.3bn) to the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank.

KFH is also studying the potential withdrawal from the Malaysian market and the sale of its retail banking portfolio in the country, KFH Malaysia.

Furthermore, Burgan Bank secured approvals from the central banks of Kuwait and Bahrain in December to buy a 100 per cent equity stake in United Gulf Bank for $190m as part of the bank’s asset reallocation strategy. The acquisition is projected to close in Q1 2025.

Read: Kuwaiti lenders Boubyan Bank and Gulf Bank weigh merger

If you thought 2025 would finally bring the era of home nuclear power, think again.

Amid the world-renowned Consumer Electronics Show (CES) kicking off in Las Vegas this week, news of a supposed micro nuclear reactor designed to power homes for a decade, the so-called ‘Enron Egg’, has started grabbing attention online. And despite being a hoax, the internet fell for it (at least, some of it did).

A suspiciously sleek website for the long-defunct energy giant Enron emerged this week, unveiling what it claimed to be a revolutionary product.

“Nuclear you can trust,” boasted the marketing copy.

The Enron Egg, described in over-the-top detail, allegedly featured heat-resistant casing designed to withstand “extreme temperatures,” a “closed-loop cooling system,” and an integrated chip for “24/7 monitoring by Enron’s nuclear management facility.”

The parody extended to a CES-style product launch video, complete with a charismatic fake CEO, Connor Gaydos, pacing on stage in front of a massive screen displaying the oversized egg.

Gaydos, best known for co-founding the conspiracy-theory satire movement “Birds Aren’t Real,” claimed he had been “living with an Egg” for months and that his “little ones freakin’ love it.” The spectacle was met with online reactions ranging from admiration for the trolling effort to genuine confusion about whether the product was real.

In 2020, the Enron domain was purchased by Connor Gaydos and his company, The College Company, for $275.

A video on X had already notched up over 1 million views by Wednesday.

Some X users quickly got the joke. “This is great. I envision the world powered by Enron Eggs over easy!” quipped one commenter. Others weren’t so sure. “How do I order one?” asked another user.

The hoax was so carefully put together that it came with a press release, announcing Enron’s triumphant return as a nuclear energy leader. Clicking on the pre-order button for the Enron Egg simply leads to a newsletter signup, a subtle nudge that perhaps, just maybe, the product wasn’t real.

The real Enron, of course, collapsed in spectacular fashion two decades ago, leaving behind a legacy of financial misconduct, regulatory crackdowns, and a cultural shorthand for corporate fraud.

Enron, once a Wall Street darling and one of the largest energy companies in the world, collapsed in 2001 in one of the most infamous corporate scandals in history. The company used deceptive accounting practices, including off-the-books entities and mark-to-market accounting, to hide its massive debts and inflate profits.

When these fraudulent tactics were exposed, investor confidence plummeted, and Enron’s stock, once valued at over $90 per share, became worthless. The scandal led to the bankruptcy of the company, significant financial losses for shareholders and employees, and the dissolution of accounting firm Arthur Andersen. The fallout spurred major regulatory reforms, including the Sarbanes-Oxley Act, aimed at improving corporate financial transparency and accountability.

Renowned British comedian John Cleese is coming back to Dubai, much to the excitement of his legion of fans in the UAE.

Dubai Opera and Motivate Talent will be presenting ‘An Evening with John Cleese’ on Saturday, January 25 at 5.00 pm, featuring the veteran actor and comedian in his element. So, if you’re in the mood for a good laugh (and who isn’t these days) – this is the show for you.

Tickets are available in five categories starting from Dhs210 and are available on dubaiopera.com: It’s Dhs210 for silver tickets, Dhs290 for gold, Dhs360 for platinum, Dhs460 for diamond and VIP is Dhs570.

At 86 years of age, Cleese’s boundless energy and inimitable sense of humour are sure to leave you in splits and thoroughly entertained.

Taking the stage at Dubai Opera’s Performing Arts Centre, Cleese will treat the audience to a captivating evening of humorous anecdotes and sharp witticisms, offering a glimpse into his remarkable life and career.

Born in October 1939, Cleese made his first mark as a member of the legendary Monty Python Troupe in the 1960s and has gone on to write, produce, direct and star in some of the greatest comedic hits of the last 50 years, receiving an Oscar nomination for the best screenplay for A Fish Called Wanda.

From films like Monty Python and the Holy Grail and Life of Brian, as well as the classic TV show Faulty Towers, many of his iconic cinematic moments are part of everyday pop culture across all generations.

Cleese is a philanthropist who has supported numerous charities, including Amnesty International, Dream Foundation, and the Small Steps Project.

Read: Renowned authors Jay Shetty, Steven Bartlett set for Dubai debut at Mindvalley’s Future Human 2025

Abu Dhabi-based AIQ, an Abu Dhabi-based leader in AI-driven energy solutions, has signed a strategic collaboration agreement (SCA) with Colombia’s national oil giant, Ecopetrol, to explore the integration of AI-powered technologies into Ecopetrol’s operations.

The agreement is set for an initial 24-month period.

The move aligns with both the company’s ambitions for global expansion and Ecopetrol’s ongoing push to strengthen its energy transition strategies.

“We are excited about this agreement, as it marks a significant step for AIQ in extending our reach beyond the UAE,” said Magzhan Kenesbai, acting MD of AIQ. “Ecopetrol, as a prominent national oil company, had the option to work with any global AI provider, and their selection of AIQ is a powerful validation of our capabilities. We look forward to contributing to Ecopetrol’s strategic goals by delivering innovative AI solutions that can enhance their operational effectiveness and sustainability efforts.”

AIQ’s regional expansion and technological prowess

This collaboration is part of AIQ’s broader international growth strategy. The company has already made significant strides in the AI-powered energy sector, with a portfolio of over 14 AI products tailored to improve the performance and sustainability of energy operations.

Francisco Goncalves, head of AIQ Latin America, highlighted the company’s growing international profile, stating, “AIQ’s data analytics and AI solutions are already creating a measurable impact in the energy and oil & gas sectors, and our reputation continues to expand globally.”

The collaboration is also in line with Ecopetrol’s forward-looking plans to spearhead the energy transition in Colombia, focusing on the application of advanced technologies to reduce the carbon footprint and improve energy efficiency. Luis Felipe Rivera, VP of Science, Technology, and Innovation at Ecopetrol, explained, “This agreement represents a key step in strengthening ties with international players working on AI, a critical technology for accelerating our energy transition.”

Investment in AI and other advanced technologies is central to Ecopetrol’s strategy, allowing the company to streamline operations, reduce environmental impact, and accelerate its transition towards cleaner energy.

The AI solutions are expected to complement Ecopetrol’s ambitious goals. As the SCA progresses, the companies aim to jointly deploy AI technologies that target everything from optimisation of oil and gas production to improving safety standards across Ecopetrol’s value chain.

Building on global success

AIQ‘s success in forging high-profile partnerships, such as with ADNOC (Abu Dhabi National Oil Company), is setting the stage for future growth.

In November 2024, AIQ, in collaboration with G42 and Microsoft, launched ENERGYai, the world’s first custom-built AI solution designed to aid the global energy transformation. This marks a milestone in AIQ’s efforts to develop highly specialised solutions for the energy sector.

AIQ’s portfolio includes RoboWell, the world’s first autonomous well control solution, and EmissionX, an AI-powered emissions forecasting tool. The company’s product range spans everything from autonomous systems for oil and gas fields to AI-driven safety monitoring tools, underscoring its commitment to technological advancement and environmental stewardship.

AIQ’s growing portfolio is particularly relevant as the energy industry continues to embrace AI and big data to increase operational efficiency, reduce emissions, and improve profitability. The collaboration with Ecopetrol is expected to serve as another key pillar in AIQ’s broader strategy to become a global leader in AI solutions for energy.

With a growing presence in Latin America and a significant presence in the UAE, AIQ’s partnership with Ecopetrol offers the company a unique opportunity to expand its AI-driven solutions to new markets. The SCA is set to last for 24 months, with the possibility of extension through mutual agreement.

As both parties move forward, the partnership offers a promising outlook for the application of AI in the energy sector, helping to define the future of energy in both Colombia and the wider Latin American region.

French multinational retail giant Carrefour will no longer operate in Oman as of January 7, 2025, marking a major shift in the country’s retail landscape.

The announcement was made via Carrefour Oman’s official Instagram page on Tuesday.

“As of January 7, 2025, Carrefour will cease all its operations in Oman,” the statement read.

View this post on Instagram

A post shared by Carrefour Oman (@carrefour_oman)

Carrefour Oman is operated by UAE-based Majid Al Futtaim (MAF), which has held exclusive rights to the brand in the Middle East and North Africa since 1995. MAF introduced the first Carrefour hypermarket in the region at City Centre Deira in Dubai and, as of 2020, operated over 320 Carrefour outlets across 16 countries.

The exit from Oman follows Carrefour’s closure in Jordan on November 4, 2024, a move that was accompanied by the launch of a new retail brand, Hypermax, fully owned by MAF. Reports suggest that some Carrefour stores in Oman are already being rebranded under the Hypermax name.

READ MORE: UAE’s MAF replaces Carrefour in Jordan with new ‘Arab grocery chain’

Carrefour had a major presence in Oman, with stores in key locations such as City Centre Muscat, City Centre Qurm, and the Mall of Oman, as well as smaller outlets in Muscat Grand Mall and Oasis Mall.