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
Banking and Finance ADQ’s first $2.5 billion bond issue four times oversubscribed Sovereign wealth fund ADQ has issued its first bonds, selling $2.5 billion of debt on the London Stock Exchange, in what the company says marks a “significant step” in diversifying its funding sources. Founded in 2018, ADQ – Abu Dhabi Developmental Holding Co – is one of three major Abu Dhabi sovereign funds and has […] May 2, 2024
Analysis Industry UAE considers R&D tax incentives to help SMEs The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law. The consultation will be open […] May 2, 2024
Finance Flood insurance in Dubai under threat says expert Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […] May 2, 2024
Aviation Dubai aircraft lessor slams Boeing for delivery delays Aircraft lessor Dubai Aerospace Enterprise has criticised troubled US manufacturer Boeing for its failure to deliver the promised amount of aircraft. DAE’s CEO Firoz Tarapore said it is likely to only receive around half the number of aircraft from Boeing this year than the planemaker had originally committed to deliver. “The only thing we can […] May 2, 2024
Analysis Markets Hope for more private UAE listings follows Spinneys IPO The record-breaking interest in supermarket giant Spinneys’ upcoming listing on the Dubai Financial Market could start a rush of private listings in the UAE, industry experts have predicted. The country’s privatisation strategy has led to a raft of government-owned entities being listed on the Dubai and Abu Dhabi stock exchanges. Last year there were 48 […] May 2, 2024
Energy Second nuclear power plant planned for UAE A second nuclear power plant is being planned by the UAE, which would double the current number of reactors in the country to eight. The plant will be tendered within a few months and construction could start later this year, to reach operational readiness in 2032, sources told Reuters. The UAE’s energy minister, Suhail Al […] May 2, 2024
Trade Dubai free zone to build on UAE-Japan trade A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […] May 2, 2024
Industry UAE’s Edge Group buys stake in tear gas manufacturer The UAE’s state-owned defence company Edge Group has acquired 51 percent of a Brazilian company which specialises in the manufacture of non-lethal technologies (NLT) such as tear gas and rubber bullets. Condor Non-Lethal Technologies (Condor) has presence in more than 85 countries and is the world’s largest producer of tear gas and related products for […] May 2, 2024
Real Estate Ultra-luxe villas tipped to revive interest in Dubai’s The World Amali Properties plans to build 24 homes in the South American section of the island development 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
Banking and Finance International business drives Q1 growth at First Abu Dhabi First Abu Dhabi, the UAE’s largest bank by assets, has reported revenue of AED8 billion ($2.2 billion) for the first quarter of 2024 after its international operations grew by a third. FAB announced on Wednesday that revenue from outside its home market grew by 33 percent to AED2 billion. It makes up about a quarter […] May 1, 2024
Media & Advertising UAE’s RedBird pulls out of Telegraph acquisition RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, has backed out of plans to acquire the Telegraph Media Group, after the UK government blocked the deal. RedBird IMI’s decision comes after the UK crafted legislation blocking foreign governments from owning British newspapers and news magazines. The company said the deal was “no longer feasible”, Reuters […] May 1, 2024
Infrastructure Report links e& to acquisition of $8.6bn Dutch telco The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […] May 1, 2024
Renewable Energy Bahrain signs deal with Masdar to develop wind energy UAE clean energy company Masdar has formed a partnership with Bahrain’s Bapco Energies to explore the development of wind energy projects in Bahrain. The two companies will develop up to two gigawatts (GW) in near-shore and offshore wind farms, Masdar said. The collaboration will help Bahrain accelerate the decarbonisation of its critical industrial sectors. Energy, […] May 1, 2024
Analysis Aviation Dubai’s airport ambitions ramp up local and global rivalries Dubai’s plan for a massive new airport intensifies the regional aviation race, while reinforcing the Gulf’s bid to overshadow its European and Asian rivals. The emirate’s authorities over the weekend approved the expansion of the cargo-focused Al Maktoum International into an airport ultimately capable of handling 260 million passengers a year. The new airport will […] May 1, 2024
Infrastructure Drake & Scull unit to oversee $210m Saudi water project A subsidiary of Dubai’s Drake & Scull International is to design and build an expanded wastewater treatment plant in Saudi Arabia’s eastern province. Passavant Energy and Environment Limited, which specialises in wastewater and water treatment technologies, was awarded the project in collaboration with a major contracting company in the kingdom. The name of the partner […] 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
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024
