Analysis Delivery drivers deserve ‘a steady income’, say UAE operators Motoboy, a Dubai-based delivery operator who entered the market in December last year, believes all drivers in the sector should be paid a fair wage and should not be expected to cover operating expenses for their employers. In early May, delivery drivers at Talabat, the Middle East unit of Germany’s Delivery Hero, and British operator […] June 9, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Analysis Banking & Finance Crypto crash was ‘a blessing’, admits Sarwa founder Should everyone own cryptocurrencies? “No, definitely not,” Mark Chahwan, co-founder of Sarwa, told AGBI exactly a week after the investing and personal finance platform introduced the option to trade cryptocurrencies. The firm said in a statement that Sarwa Crypto will offer commission-free trading of the world’s four most recognised cryptocurrencies – Bitcoin, Ether, Litecoin, and Bitcoin […] June 9, 2022
Opinion Energy UK and UAE are powering the global energy transition A shared passion for reaching net zero binds together two nations known for their historical reliance on fossil fuels June 8, 2022
Energy UAE partners with Japan to drive low carbon tech The UAE and Japan are partnering on economic and energy opportunities in a bid to drive global low-carbon technologies, including studying the development of a hydrogen supply chain between the two countries. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and Abu Dhabi National Oil Company (Adnoc) managing […] June 8, 2022
Banking & Finance South Africa calls for swift extradition of Guptas from UAE South Africa’s governing party on Tuesday called for the swift extradition of Rajesh and Atul Gupta to face the allegations against them in South Africa after they were arrested in the United Arab Emirates. The Gupta brothers are accused of using their connections to former South African president Jacob Zuma, in power from 2009 to […] June 8, 2022
Energy UAE arrests Gupta brothers, wanted in South Africa The United Arab Emirates has arrested Rajesh and Atul Gupta, brothers who face charges of corruption in South Africa. Dubai Police confirmed the arrest on Twitter, posting on Tuesday that it had received an Interpol red notice for the brothers and was coordinating with the South African authorities “regarding the extradition file to complete the legal procedures”. South Africa’s Ministry of Justice and Correctional Services said […] June 7, 2022
UAE economy’s growth for 2022 upgraded to 5.4% The UAE economy is set to grow by 5.4 percent this year, driven by the country’s success in containing the economic impacts of the coronavirus pandemic, according to the Central Bank of the UAE (CBUAE). The figure is higher than the 4.2 percent real gross domestic product (GDP) growth estimate made by the bank in April. […] June 7, 2022
Mubadala and EQT fund to buy Sweden’s Envirotainer Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company that makes and leases cold containers for transporting temperature-sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Danish life-sciences investor Novo Holdings, Mubadala […] June 7, 2022
Media & Advertising Serie A seeks Abu Dhabi deals on TV rights, Italian Super Cup Italy’s top football league Serie A is in talks over a broadcast deal with state-backed Abu Dhabi Media and on a separate agreement to host its Super Cup in the Emirate. Home to AC Milan, Juventus and other top clubs, Serie A is looking at ways to catch up with major European leagues such as […] June 3, 2022
Energy South Korean companies to build $1bn green hydrogen plant in UAE Three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates, their UAE partner said on Friday. Korea Electric Power Corporation, Samsung C&T Corporation and Korea Western Power, alongside the UAE’s Petrolyn Chemie, will build a plant that can produce up to […] June 3, 2022
Retail Beware the NFT bandwagon, crypto lawyer warns shoppers As Gulf retail brands venture into non-fungible tokens (NFTs), customers need to be careful not to fall for fear-of-missing-out (FOMO) syndrome, and jump on the digital bandwagon without fully understanding what they’re buying into, a leading cryptocurrency and blockchain lawyer has said. Her warning comes as Dubai-based retail giant Majid Al Futtaim (MAF) and blockchain […] June 2, 2022
From Austria to the UAE: Monkeypox cases around the world Over 20 countries where monkeypox is not endemic have reported outbreaks of the viral disease, with more than 300 confirmed or suspected infections mostly in Europe. The outbreaks are raising alarm because monkeypox, which spreads through close contact and was first found in monkeys, mostly occurs in west and central Africa, and only very occasionally […] June 2, 2022
Business of Sport Formula One appoints Shaila-Ann Rao as new interim head Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […] June 2, 2022
Media & Advertising Streaming service Starzplay planning to go public Starzplay Arabia, an Abu Dhabi-based streaming platform, expects to go public in the next two or three years, its chief executive said on Thursday. Starzplay is among the global and regional streaming players vying for a share of the burgeoning Middle East market, hoping to tap into the region’s large youth population and take advantage […] June 2, 2022
Retail 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 […] June 1, 2022
Analysis Banking & Finance Opening a bank account still the ‘biggest hurdle’ for UAE startups Some bank accounts taking up to a year to set up Startups waiting, despite obtaining a business licence Lack of consistency on requirements, rules for new businesses Opening a bank account is “still the biggest hurdle” entrepreneurs and business founders face in the United Arab Emirates (UAE), with some waiting as long as a year […] June 1, 2022
Markets Dubai bucks the trend, as Gulf bourses fall on inflation fears Most Gulf bourses ended lower on Wednesday, in line with global peers as rising inflation fears around the globe deepened worries over growth prospects, with Dubai bucking the trend.Soaring food and energy costs drove euro zone inflation to a record high of 8.1 percent in May, figures on Tuesday showed, stoking concern about interest rate […] June 1, 2022
Abu Dhabi leads $725m fundraising by US insurance broker Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11 percent on average in the first quarter, according […] June 1, 2022
Tourism Qatar Airways ready to see $1bn Airbus dispute through to trial Qatar Airways is ready to see its legal dispute with Airbus over flaws with the protective skin of A350 wide-body jets through to trial, the Gulf carrier said on Tuesday. Qatar Airways is suing the European planemaker in a UK court for $1 billion in damages after grounding about two dozen of its A350s experiencing […] June 1, 2022
