Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Artificial intelligence Presight takes majority stake in Adnoc-G42 AI venture The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42. Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said. Previously, G42 held 40 […] May 2, 2024
Trade UAE and Iran to meet in Abu Dhabi after 10 years The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […] May 1, 2024
Artificial intelligence Dubai to appoint AI officers across all government entities Dubai has ordered that all government entities must appoint a chief artificial intelligence officer, as part of a new drive to embrace the new technology. The Dubai Universal Blueprint for Artificial Intelligence was launched on Monday and as part of the initiative the new government AI officers will be tasked with leading specialised AI projects […] April 30, 2024
Education Cybercrooks have their eyes on Gulf schools, experts warn The education sector in the GCC has emerged as a prime target for cybercriminals because of budgetary constraints and a lack of expertise, tech experts have told AGBI. “Schools, in particular, are vulnerable due to their extensive storage of sensitive personal information and comparatively lower investments in cybersecurity,” said Ram Narayanan, country manager at Check […] April 30, 2024
Aviation Abu Dhabi signs multiple deals to launch air taxi services in 2025 A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […] April 26, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
Trade India’s silver imports from UAE on the rise Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express. The UAE route […] April 23, 2024
Trade Philippines and Qatar sign nine agreements on trade The Philippines and Qatar have signed nine agreements aimed at boosting trade and investment between the two countries, while also addressing global challenges such as climate change and human trafficking. The agreements were signed by Philippine President Ferdinand Marcos Jr and Qatari Emir Sheikh Tamim bin Hamad Al Thani on Monday, the Philippine News Agency […] April 22, 2024
Real Estate Kuwait signs $140m contracts for Al Metlaa development Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […] April 19, 2024
Analysis Tech World Cup’s brimming prize pot to revive Saudi esports Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […] April 19, 2024
Tech Telegram to hit 1bn users in a year, founder says Telegram, the messaging platform based in Dubai, will have one billion active monthly users within the next year, its founder Pavel Durov said on Tuesday. The app has 900 million active users at the moment. It aims to remain a “neutral platform” and not a “player in geopolitics,” Durov said during a recent video interview […] April 17, 2024
Analysis Tech The Mena metaverse: moving beyond the hype Two years ago, the concept of metaverse lands transformed from an interesting subculture into a thriving multi-billion-dollar market, capturing the interest of major investors both regionally in the Middle East and globally. Metaverse lands, made of pixels and digital images, refer to buildings and plots within a virtual environment, offering spaces for gaming, socialising, business […] April 12, 2024
Tourism Turkey’s health tourism sector worth $2bn in 2023 Turkey’s health tourism sector generated revenue of $2.3 billion in 2023, data released by the Ministry of Trade reveals. Health service exports surged from $1.9 billion in 2022 to $2.3 billion in 2023, driven by an influx of 1.4 million health tourists, placing Turkey seventh in the global health tourism rankings. The country has 40 […] April 9, 2024
Cybersecurity UAE is a ‘prime target’ for ransomware attacks The UAE is a “prime target” for ransomware attacks, the country’s Cyber Security Council has warned. Its 2024 State of the UAE Cybersecurity report says the Emirates’ rapid digital transformation has increased its vulnerability to cyberattacks, including ransomware incidents and distributed denial of service (DDoS) attacks. “The broader Middle East region” is a target for […] April 8, 2024
Sustainability Egypt plans €100m smartphone recycling centre A €100 million smartphone refurbishment and recycling plant is being planned for the Suez Canal Economic Zone. The man leading the project is named by Daily News Egypt as Samuel Mathias, an expatriate Egyptian who is said to be a Paris-based electronics engineer and business owner. The newspaper said that Soha Gendi, Egypt’s minister of […] April 8, 2024
Manufacturing US battery manufacturer to build $3bn factory in Rakez The American battery manufacturer Statevolt is to construct a $3 billion factory in Ras Al Khaimah. Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60 hectare facility in Al Ghail Industrial Zone in Ras Al Khaimah Economic Zone (Rakez). The manufacturing facility is “strategically focused on key […] April 3, 2024
Tourism Abu Dhabi to create 178,000 new tourism jobs Abu Dhabi wants to attract 40 million visitors and generate 178,000 new jobs in its tourism sector by 2030 to help diversify its economy away from oil. The emirate wants to increase tourism’s contribution to its non-oil GDP to AED90 billion ($24 billion) a year by the end of the decade, Abu Dhabi Media Office […] March 31, 2024
Banking & Finance Network International profit shrinks while revenue grows High interest rates and currency devaluations dented profit at Middle East payments provider Network International last year, despite revenue rising by 13 percent. The company posted net profit of $67 million for 2023, a drop of 16 percent year on year. The primary impact on profit for the year came from increased financing costs as […] March 29, 2024
Artificial intelligence Dubai startup helps AI-voice cloning take centre stage A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference. While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […] March 29, 2024
Tech Abu Dhabi’s E7 signs international security contracts An Abu Dhabi printing and security provider has signed contracts to supply identity cards and driving licences to three countries in Africa and Latin America. E7 Group said in an ADX bourse filing on March 26 that it had signed contracts valued at AED 13 million ($3.5 million) to manufacture and supply the identification cards […] March 26, 2024
Media & Advertising MBC Group buys stake in Anghami Shares of the Abu-Dhabi-based music streaming company Anghami rose by more than 80 percent this week after the release of a regulatory filing revealed that Saudi media company MBC Group has acquired a 14 percent stake. MBC Group, through its arm MBC Ventures, purchased four million ordinary shares of the Nasdaq-listed company. The purchase was […] March 22, 2024
