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Blockchain allows secure transactions of cryptocurrencies such as Bitcoin

UAE blockchain firm links with powerhouse Roland Berger

Crypto Oasis, a Dubai-based organisation claiming to represent more than 1,000 startups and stakeholders in the blockchain industry, has formed an alliance with management consultancy Roland Berger to help grow the Middle East’s crypto economy. The strategic tie-up will combine Roland Berger’s industry-leading management consulting expertise with Crypto Oasis’s talent, innovation and infrastructure, the two […]

One in five queries for Dubai homes from Russians

Russian speaking investors continue to look to the emirate’s real estate for deals, as the ongoing Russia-Ukraine conflict intensifies Investors from Russia and the 11 other Commonwealth of Independent States (CIS) countries now represent more than 20 percent of potential homebuyers in Dubai. The average ticket size ranges from AED 2.5 million ($680,000) for individuals […]

UAE’s Al-Futtaim Group to invest up to $1bn in Egypt

Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […]

Dubai’s Aramex in $265m deal to buy US e-commerce firm

Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […]

Global real estate frenzy fades, as some markets slow

Huge price rises of as much as 50 percent in last few years In Dubai analysts agree affordability will worsen Many have resigned themselves to renting over owning, driving up rents The global property market frenzy that gathered pace during the pandemic as people scrambled to buy more living space is likely over as interest […]

DP World-owned P&O Ferries loses UK government contract

Britain says it has cancelled a contract with P&O Ferries “with immediate effect” in its latest action against the DP World-owned company following its decision to axe hundreds of staff earlier this year. The Home Office (interior ministry) said it was ending its agreement with the firm to provide contingency travel services to “juxtaposed ports” […]

Dubai ranked most overworked city in the world

Dubai is the most overworked city in the world, according to a new global report out this week – but a workplace culture expert said this could be due to the type of workers the emirate traditionally attracts. Kisi, a New York-based cloud-based security systems provider, looked at the work-life balance in 100 global cities. […]

Rocketman’s jet-pack set to take off in the Gulf

A British technology firm which has developed jet suits allowing users to fly at altitudes of up to 12,000 feet has already sold some of its products in the region and is keen to set up a training facility in the Gulf. Based in Wiltshire, South-West England, Gravity Industries was launched in March 2017 and […]

Dubai cooling firm Empower invites banks to pitch for IPO

Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to pitch for […]

Dubai among lead managers of Indonesia’s biggest Islamic bond

Indonesia has raised $3.25 billion by selling US dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country’s biggest global sukuk issuance, the finance ministry said today. The 5-year notes carry a coupon of 4.40 percent, while the 10-year notes have a 4.70 percent coupon, below the sovereign’s initial price guidance, it said in a […]

Dubai Global Village

Dubai’s Global Village: an incubator for startups

Dubai’s Global Village has been running for over two decades and it had a record-breaking 7.8 million visitors for its most recent season that ended on May 7, but organisers are keen to emphasise that the attraction is more than just theme park rides, food and retail from around the world. They claim Global Village […]

Ruler dissolves Dubai World financial disputes tribunal

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said today he had issued a decree dissolving a tribunal hearing disputes related to Dubai World,the state conglomerate that was at the centre of Dubai’s debt crisis more than a decade ago. Dubai World, which restructured $23.5 billion in debt after the global financial crisis, said in […]

Middle East breathes in smoking hot tobacco sales

The Middle East tobacco industry has seen strong growth in recent months, helped by duty free sales as the travel sector reopens following the pandemic. British tobacco firm Imperial Brands, which manages brands such as Davidoff, JPS and West cigarettes, reported this week that while its global revenue was down 1.3 percent to £15.362 billion […]