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The National
25 minutes ago
- The National
Energy and Innovation summit: Trump says $92bn to be invested in Pennsylvania for AI and tech
US President Donald Trump pushed his vision on powering energy-hungry artificial intelligence, during the first Pennsylvania Energy and Innovation Summit. At a discussion on Tuesday, Mr Trump claimed that more than 20 technology and energy companies had decided to invest $92 billion in Pennsylvania. "This is really a triumphant day for the people of the Commonwealth," he told the event, led by Republican US Senator Dave McCormick, in Pittsburgh at Carnegie Mellon University. 'This summit is about catalysing $90 billion of investment and tens of thousands of jobs in Pennsylvania,' Mr McCormick said. He also referred to the increasingly adversarial relationship between the US and China as he set the stage for the day's agenda. 'If we don't lead this AI revolution on our own terms, we will hand control of our infrastructure, data, leadership and way of life to the Chinese Communist Party,' Mr McCormick said. With AI continuing to expand into all aspects of life, the burden it places on the US energy grid is becoming more of an issue, as policymakers try to keep America leading the global race for AI dominance. According to a report from the US Energy Department, data centres used about 4.4 per cent of total electricity in the country in 2024. By 2028, that share could increase to 12 per cent. By most estimates, a query to ChatGPT uses 10 times more energy than a similar search on Google. The event has featured panels and discussions on energy and AI, including how to best meet the energy needs created by the technology, and looking at the efficiencies that AI could create in the years ahead. There were also discussions about the need for data centres to keep up with the AI investment boom and increased user demand. During the opening panel discussion, alternative asset management firm Blackstone made a $25 billion investment in building data centres in Pennsylvania. Investors, entrepreneurs and business leaders from around the world are attending the event. Khaldoon Al Mubarak, Mubadala's managing director and chief executive and chairman of the UAE Executive Affairs Authority, made the trip to Pittsburgh. Lim Chow Kiat, chief executive of Singapore's Government Investment Corporation, was also invited. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum and Energy Secretary Chris Wright were among the White House officials in attendance. Alex Karp, chief executive of AI firm Palantir, Joseph Dominguez, Constellation Energy chief, and Jake Loosararian, founder of Gecko Robotics, also took part. As proof of how bipartisan AI and energy issues have become, Pennsylvania's Democratic Governor Josh Shapiro, a staunch critic of Mr Trump and a possible contender for the 2028 Democratic presidential race, is scheduled to attend. For coal, fracking and even nuclear power, Pennsylvania has become the centre of the US energy renaissance. A few weeks ago, Mr Shapiro attended a nuclear energy rally to celebrate a partnership with Microsoft at the Three Mile Island nuclear power plant in the state, which will soon reopen under a different name. Nuclear energy is seen by many supporters of AI as a way to strengthen the energy grid as use of the technology expands. But critics fear the content of the event will be taken over by politics. A day before the event, Carnegie Mellon University's president, Farnam Jahanian, acknowledged the politically charged backdrop against which the conference was taking place. 'I recognise that CMU's decision to host the summit has prompted concern and disagreement among some members of our community,' Mr Jahanian said, pointing out his disagreements with Mr Trump on issues concerning education funding. 'At the same time, I firmly believe that higher education must be a convener – a catalyst for ideas and partnerships that shape our future.' On Tuesday, Mr Jahanian said CMU, with its roots in technology, was the perfect host for the summit, which was a 'defining moment for our country and humanity'. He said AI was 'the most important intellectual development of our time'.
Zawya
43 minutes ago
- Zawya
Abyat joins the NBK Rewards Program
AlNasrallah: We continuously strive to widen our network of partners for the NBK Rewards Program. Excellence in providing the best customer banking experience is part and parcel of NBK's culture. A 5% NBK Rewards points upon making a KD 100 purchase from Abyat for NBK customers. Reflecting its commitment to enriching the banking experience of its customers by providing exclusive offers and special rewards, National Bank of Kuwait announced the joining of Abyat, a leading company specialized in retail furnishing and finishing materials, to the NBK Rewards Loyalty Program. This exciting new partnership brings NBK Credit and Prepaid Cardholders an exclusive opportunity to earn 5% or redeem their NBK Rewards Points on their purchases at Abyat when spending KD 100. Starting today, NBK customers can enjoy benefits when shopping for furniture at Abyat. Whether renovating or simply refreshing a space, customers now have more reason to shop at Abyat with their NBK Credit or Prepaid Cards. The earned NBK Rewards points can be fully or partially redeemed for purchases at all participating outlets immediately through POS terminals. On this occasion, Homoud AlNasrallah SVP – Head of Merchant Business and Customer Loyalty Management commented: 'We always strive to strengthen our ties with leading companies across different fields and widen our network of partners within the NBK Rewards Program, as we hope to elevate and enrich our customers' banking experience and enhance the rewards and benefits when they use their NBK Credit and Prepaid Cardholders at their favorite outlets. Therefore, We're thrilled to welcome Abyat to the NBK Rewards Program. This partnership is a reflection of our commitment to giving NBK customers more value from the brands they already love - and Abyat is a household name when it comes to home solutions in Kuwait.' AlNasrallah also highlighted that to benefit from this offer, customers simply need to spend KD 100 or more using their NBK Credit or Prepaid cards in-store at Abyat. The 5% NBK Rewards points will be automatically credited to the rewards center, making home shopping even more rewarding. The NBK Rewards Program is Kuwait's largest loyalty program, offering unmatched savings and benefits across more than 800 partner outlets from retail and dining to entertainment and health and wellness centers.
Zawya
43 minutes ago
- Zawya
NBO Muzn Islamic Banking facilitates easier travel plans with Travel Finance
Muscat: NBO Muzn Islamic Banking has made travel easier and more convenient this summer with its Shari'ah-compliant Travel Finance solution, designed for customers planning to travel to any destination worldwide. Available to both existing and new customers, the Muzn Islamic Banking's Travel Finance provides comprehensive financing for all travel-related expenses including flights, accommodation, meals, airport transfers, excursions and sightseeing. Customers can select their preferred travel agency, request a quotation, and submit it to their nearest Muzn Islamic Banking branch to initiate the financing process. Commenting on this offer, Salima Obaid Al Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, said, "As a trusted Islamic banking partner, we recognise the importance of creating financial solutions that align with our customers' evolving lifestyles. This offering is part of our effort to make travel easier and more accessible this summer, while reinforcing our commitment to flexible, value-driven options that meet our customers' needs and expectations.' The solution also offers easy payment options and competitive profit rates starting from 5.25 percent, giving customers the freedom to plan their holidays without financial strain. For more details, visit or call 24770001.
