Entrepreneurs Middle East needs to make it easier to launch startups The Middle East is a “very attractive” market for entrepreneurs but its fragmented nature is a barrier to entry, even as jurisdictions compete to attract international startups, executives said at an industry event in Dubai. “None of the countries in the region are large enough or full enough to be an ecosystem on their own,” […] October 17, 2023
Analysis Tech Race is on for AI chips as nations seek tech supremacy The Gulf states are expected to invest heavily in powerful semiconductor chips in the years ahead to drive artificial intelligence forward. However, US restrictions on exports of the world’s biggest player in the chips market are a potential stumbling block. AI technology is critical to developing global influence and expanding high-growth industries, and the high-performance […] October 12, 2023
Analysis Finance Qatar makes belated entry into crypto tokens market Qatar’s financial regulators have proposed a new digital assets framework which seeks to regulate investment tokens. In contrast to its Gulf neighbours like the UAE and Bahrain, which have opened their doors to global cryptocurrency exchanges, Qatar has maintained a ban on trading. But legal insiders say Qatar’s delayed entry into the virtual assets arena […] October 12, 2023
Gitex Tech Clarification: Careem ‘not exploring’ partnerships with China’s Trip.com Careem has clarified that it is not in official discussions with China’s largest online travel company Trip.com Group to offer its services on its app. Established in Dubai in 2012 offering a ride-hailing service, Careem has grown to what it calls a “Super App”, offering a range of services from local and global companies including […] October 11, 2023
Real Estate Dubai’s unfinished Falconcity plots sell at steep discount Hundreds of plots of land from the long-delayed Dubai real estate master project Falconcity have been auctioned off, at a discount of more than a billion dirhams on the initial asking price. Falconcity of Wonders, an AED5.5 billion ($1.5 billion) master development launched in 2005 during Dubai’s property boom, had promised buyers views of replica […] October 10, 2023
Finance Dubai regulator halts unapproved crypto sale Dubai’s Virtual Assets Regulatory Authority has halted the sale of Islamic Coin (ISLM), a crypto token touting its adherence to sharia and ethical principles. The intervention demonstrates the emirate’s balance of innovation and regulatory oversight, say legal insiders. In a market alert, Virtual Assets Regulatory Authority (Vara) highlighted that Bored Gen DMCC, the fintech software […] October 9, 2023
Analysis Trade Shark Tank’s O’Leary touts Abu Dhabi as crypto centre Venture capitalist Kevin O’Leary believes Abu Dhabi could soon eclipse the US as the global centre of crypto innovation. While regional insiders told AGBI they agreed the UAE is set to be a significant digital assets hub, they said overtaking the US remains a tall order. In a Fox Business interview this week, O’Leary said […] October 6, 2023
Finance Finance invitees dominate Cop28 thematic programme The finance sector dominates a list of those invited to attend the thematic programme of Cop28 in Dubai later this year, AGBI can reveal. The presidency of the UN Climate Change Conference has unveiled a two-week agenda of topics to deliver on a four-pillar climate action plan. It will run alongside the negotiations process and […] October 4, 2023
Manufacturing Dubai 3D factory muscles in on aviation sector A new 3D printing facility in Dubai, certified to produce airplane components, is anticipated to cut into a portion of traditional global aviation manufacturers and maintenance hubs. Paradigm 3D has invested AED20 million ($5.5 million) to establish a factory using technology from Stratasys, an American-Israeli maker of industrial 3D printers that are used by industry […] September 22, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
Analysis Tech Russians bulk buying iPhones in UAE to sell back home Last year Apple officially stopped all product sales on its Apple store in Russia in response to the Russian invasion of Ukraine. Despite this, Russian telecom operator MTS and Russian e-commerce sites are already accepting pre-orders for the iPhone 15 – to be unveiled by Apple CEO Tim Cook on Tuesday – and some of […] September 12, 2023
Analysis Tech Dubai embraces AI to disrupt the film sector Are robot writers and CGI actors about to steal our jobs? That’s one of the core fears at the centre of Hollywood’s largest strike by actors and writers in over 60 years. From ChatGPT generating scripts and AI-generated actors replacing extras in crowd scenes, to computers automatically editing scenes and creating stunning visual effects (VFX) […] September 11, 2023
Analysis Tech Dubai bullish on metaverse as hype fades The metaverse has been seen as the silver bullet that would revive businesses in Dubai and the wider Gulf region in the post-pandemic era. The UAE is still bullish about its potential, but Mohammad AlBlooshi, CEO of the Dubai International Financial Centre (DIFC) Innovation Hub, told an event on Monday that enthusiasm for the nascent […] September 6, 2023
Real Estate Bahrain bank exits investment on Dubai’s The World A Bahrain bank has sold its investment in a manmade island on The World development off the coast of Dubai. Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced this week that it has sold a 900,000 square foot island plot on The World, which it owned along […] August 31, 2023
Tech UAE supercomputer powers up to fight global rivals A supercomputer built in the US with UAE backers is set to challenge global industry artificial intelligence chip giants after its success powering a new advanced large language model (LLM). The 13 billion-parameter Arabic and English LLM, known as Jais, was unveiled on Wednesday. Local industry experts said it appears to be more efficient and […] August 31, 2023
Real Estate Falconcity of Wonders plots to go under hammer in Dubai Hundreds of plots of land at a Dubai development that promised homebuyers views of a replica Eiffel Tower or Taj Mahal have been put up for auction. The Falconcity of Wonders project was launched in 2005, at the height of the Dubai real estate boom, and its masterplan included districts themed around Paris and Venice. […] August 23, 2023
Analysis Sustainability Middle East economies feel the heat from climate change Iraq’s Tigris and Euphrates rivers famously gave birth to some of the world’s first civilisations thousands of years ago. Now, climate change advocates warn that drought means they are now too weak to sustain agriculture and feed the communities who depend on them. At a press conference in Baghdad on Wednesday, United Nations human rights […] August 11, 2023
Exclusive Real Estate Dubai businessman ready to take on The World A Dubai businessman is in talks to try and launch a project on The World, as the emirate’s record-breaking real estate market revives interest in the manmade island development. The World was launched in 2003 by state-owned master developer Nakheel. Made up of 300 small manmade islands in the shape of the map of the […] July 31, 2023
Real Estate Turkey island in Dubai set for $21m auction A manmade island on The World development off the coast of Dubai has been put up for auction, with the price tag starting at AED78 million ($21.24 million). Part of an archipelago built in the shape of the map of the world, the island – named Turkey – has had “many” potential buyers visit the 47,645 […] July 25, 2023
ChatGPT founder’s visit gets Dubai talking about AI Sam Altman, CEO of OpenAI, the company that created controversial artificial intelligence-powered chatbot ChatGPT, is heading to Dubai this summer as part of a world tour to meet with users, developers and policymakers. Industry observers say the executive’s stop in the city is recognition of the Gulf’s digital advancement and anticipate that OpenAI will establish […] April 14, 2023
Exclusive Tech Osman Sultan on Mena’s move from ‘telco’ to ‘techco’ Osman Sultan proclaimed in 1997 he would put “a mobile in the hand of everyone” in Egypt. At the time, even some shareholders at Egyptian Company for Mobile Services (MobiNil), where he was CEO, were unsettled by his audacious statement. Egypt’s telecoms regulator granted him a licence to become the country’s first mobile operator, but […] April 7, 2023
Employment Professions named and shamed in UAE ‘worst reputation’ survey Recruiters have topped a list of the worst professionals to deal with in the UAE for the third year in a row, while social media influencers offering financial advice were also targeted as “infuriating”. UAE residents were asked which industries delivered the most unreliable customer service in a survey for the fifth annual “Worst Reputation” […] March 31, 2023
