Tech Dubai ranks 18th in new index of top digital cities Dubai is the only Middle Eastern city to be highlighted in the Digital Cities Index (DCI) 2022 – a new ranking of 30 global cities across four key pillars: connectivity, services, culture and sustainability. Ranked 18th with an overall score of 63.8, the city’s position highlights its forward-thinking approach to the digitised economy, underpinned by […] August 5, 2022
Analysis Dubai crypto chief predicts a $200k Bitcoin by 2024 “It might get worse,” Vineet Budki, managing partner and CEO at Cypher Capital, told AGBI when asked: Just how bad is the crypto market crash? Yet, the UAE-based venture capital (VC) firm has been deploying millions in Bitcoin, even as cryptocurrencies suffered their most brutal collapse this year. A major sell-off in cryptocurrencies in May […] August 4, 2022
Energy Global investor Actis turns focus on Dubai solar platform Actis, a London-headquartered investor in global sustainable infrastructure, has announced an agreement to acquire a controlling stake in Dubai-based Yellow Door Energy Limited (YDE). Yellow Door Energy is a major solar platform in the Middle East and Africa region with around 200MW of secured production capacity. The transaction, the value of which has not been […] August 1, 2022
Dubai record label launches as Arab music appeal grows Galaxy Racer (GXR), the media giant focused on e-sports, music and sports, has announced the launch of GXR Records, an independent music label based in Dubai. GXR and Empire, the global independent label, distributor and publisher, said the new venture will be led by Elia Mssawir and will focus on developing talents in West Asian […] August 1, 2022
Exclusive New $800m ‘ultra app’ aims to shake up crowded Gulf market A Dubai-based serial entrepreneur has raised hundreds of millions of dollars to set up a new digital platform that he claims will disrupt the way people communicate, shop, pay, and transact, when it launches later this year. Abdallah Abu Sheikh, founder of Dubai-headquartered Astra Tech, calls his product, which is as yet unnamed, an ultra […] August 1, 2022
Analysis Emirates calls on Airbus to make planes even bigger than A380 Airbus, the world’s largest passenger aircraft manufacturer, needs to build bigger planes to create a more sustainable aviation sector, its top customer, Emirates Airline, has said. The Airbus A380 is the largest ever commercial passenger plane, capable of seating 853 people on two decks, together with perks such as bars and shower spas. “When you […] July 29, 2022
How I got to the top Lifestyle Sonal Vara-Parmar, founder IAM Entertainment What does your company do? Based in Dubai, IAM works at the forefront of events and live shows across the Middle East, bringing together the biggest stars on the planet. What do you look for when hiring talent? We look for dynamic creators – innovative and versatile, trustworthy individuals willing to go the extra mile […] July 29, 2022
Employment Dubai workers return to office in their droves as rents rise Four in every five professionals in Dubai have returned to the office as Covid restrictions ease. The return is one of the highest rates across the Middle East and Europe. New research from real estate consultants Savills shows there is significant geographic variation in office utilisation levels. An average of 80 percent of workers are […] July 27, 2022
Analysis Retail The tourists are back – and they want to shop till they drop Hotels in the UAE generated AED11 billion ($3 billion) in revenue during the first quarter of 2022, a 20 per cent increase compared with the same period in 2019 as Gulf tourism continues its recovery from the pandemic. In other regions, tourism has been rebounding slowly and unevenly. According to a report from the UN […] July 27, 2022
Banking & Finance Huobi heads for Dubai as report dubs UAE ideal location for crypto Hong Kong-based exchange granted provisional licence by Dubai's VARA as UAE is ranked at No 4 in list of world's top 'crypto-ready' countries July 26, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Analysis The Surpluss aims to be ‘Airbnb of business’ in Dubai Just like Airbnb offered an alternative to hotels and Uber challenged the taxi market, Dubai-based Rana Hajirasouli says she wants to “instigate a paradigm shift” to disrupt how companies manage their business resources, while playing a key role in the circular economy. Hajirasouli plans to launch The Surpluss next month, and the best way to […] July 25, 2022
Tourism Dubai digital maps get self-driving on the road Digital maps are being created in Dubai in preparation for the launch of self-driving vehicles in the city next year. US-based Cruise will this month operate two Chevrolet Bolt electric vehicles to prepare the maps for the company’s self-driving vehicles which are scheduled to be on the road in Dubai in 2023, making it the […] July 25, 2022
How I got to the top Construction Nisreen Kayyali, founder and lead architect What does your company do? Nisreen Kayyali Consulting Engineers is a group of architects, engineers, and interior designers that specialises in the design and supervision of residential projects in the UAE. What inspired you to develop your idea? Ever since I graduated from university as an architect in 1997, I’ve dreamed about establishing a firm […] July 22, 2022
Economy Dubai welcomes 45,000 new businesses in 2022 … so far Dubai has seen a 25 percent rise in the number of new company licences issued in the first six months of 2022, highlighting the impact of the government’s new business incentive initiatives. “As a corporate services provider, I have seen first-hand a significant rise in foreign direct investment into the UAE from several geographies directly […] July 22, 2022
Manufacturing Dubai’s Negma invests in French driverless vehicle manufacturer Negma Group has signed a $36 million funding agreement with French firm Navya, which could bring the prospect of driverless vehicles on the emirates’ roads a step closer. Under the terms of the agreement the financing will take the form of convertible bonds, while the Dubai-based investment firm will also have the option to purchase […] July 22, 2022
Food & Drink UAE restaurants call for rent cap as inflation bites UAE restaurant operators have called on the government to introduce a cap on how much landlords can increase rents. A survey carried out last month by the UAE Restaurant Group (URG), a trade body which represents around 15,000 outlets, found that 63 percent of respondents said rent renegotiations was their biggest focus for 2022, followed […] July 21, 2022
Energy Dubai’s DEWA to invest over $10bn as energy demand rises Dubai Electricity and Water Authority (DEWA) plans to invest 40 billion dirhams ($10.89 billion) on capital expenditure over the next few years, just a day after it announced energy demand in the emirate rose by 6.3 percent year-on-year in the first half of 2022. The firm provides electricity and water services to 3.5 million people […] July 21, 2022
Analysis Economy Mixed reception for UAE’s Golden Visa discount programme Some experts accuse initiative of being mere ‘window dressing,’ while others praise its ingenuity Dubai has bolstered its Golden Visa scheme with associated discounts to help attract high-level entrepreneurs, doctors, academics and creatives to its shores. The government announced this week that it would provide its Esaad privilege card – originally only for public sector employees […] July 21, 2022
Exclusive Retail Vision giant Magrabi eyes IPO and global expansion Magrabi Retail could be set for international expansion and an upcoming IPO, according to Amin Magrabi, CEO of the Middle Eastern ocular powerhouse. With 142 stores, an estimated market share of 40 percent, 1,350 employees and revenue of $220 million a year, Riyadh-headquartered Magrabi Retail plans to double in size by 2025. “International expansion is […] July 20, 2022
