Tech Abu Dhabi’s G42 signs deal to improve UAE tech skills Abu Dhabi’s artificial intelligence company G42 has set up a joint venture with Israel’s Viola Group to address skills shortages in the tech sector. The venture will be known as Global Valley. A study by Korn Ferry estimated that by 2030 there will be a global talent deficit of approximately 85 million employees in the […] June 16, 2023
Banking & Finance QIA sovereign fund eager to invest in Asia and US Qatar Investment Authority, the world’s 10th-largest sovereign wealth fund by assets, will expand its portfolio in the United States and Asia – particularly China and India – and aims to take advantage of more “investor-friendly” deal terms. Several senior QIA executives outlined the fund’s plans to Bloomberg this week in what were rare public comments […] June 14, 2023
Tech UAE to play ‘central role’ in AI but needs greater regulation The founder of ChatGPT has praised the UAE for being ahead of the curve on the development of artificial intelligence (AI) – as a top Emirati lawyer called for greater regulation of the new technology sector. In a visit to Abu Dhabi on Tuesday Sam Altman said that the UAE had been discussing AI “before […] June 8, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Banking & Finance QIA leads $250m funding for London-based AI startup London-based Builder.ai, an artificial intelligence-powered composable software startup, has raised $250 million in Series D funding led by the Qatar Investment Authority (QIA). The investment will help drive its innovation pipeline and expand its geographic presence, the company said in a statement. The startup has raised over $450 million so far since its inception. The […] May 24, 2023
Markets Adnoc to float 15% of its maritime logistics subsidiary UAE’s Abu Dhabi National Oil Company (Adnoc) will float a 15 percent minority stake in its maritime logistics subsidiary, as the Gulf state ramps up plans to list government-backed entities. The listing for Adnoc Logistics & Services (L&S) on the Abu Dhabi Securities Exchange is expected to open on May 16, the UAE state-owned Wam […] May 10, 2023
Opinion Banking & Finance Working out priorities in the brave new world of fintech Dubai Fintech Summit opened with optimism about disruption but the audience may prefer some stability May 8, 2023
Business of Sport G42 to give Mercedes a push in Formula One The Mercedes Formula One team is relying on a partnership with an Abu Dhabi based tech company to develop artificial intelligence to give it an edge on the track. A multi-year deal aims to harness the potential of AI as the two companies explore ways to embed software and tech solutions in the team’s operations, […] May 5, 2023
UAE to launch homegrown Arabic ChatGPT model Artificial intelligence firm G42 is on the verge of launching its own versions of ChatGPT, including the largest Arabic language platform. G42 group chief executive officer Peng Xiao said it was “working on it as we speak”. “Arabic is a major body of language in the world but not served at all by the big […] April 28, 2023
Exclusive Banking & Finance Al Fardan Exchange chases fintech tie-ups Al Fardan Exchange is ramping up its digital business to compete in the technology-driven financial services industry. The 50-year-old money transfer and currency exchange house plans to forge partnerships with fintech firms to double down on growth. Digital transactions currently make up 15 percent of UAE-based Al Fardan’s business via an app that was launched […] April 20, 2023
Tech Mena IT spending to lag behind global average IT spending across the Middle East and North Africa is forecast to drop below the global average this year as rising inflation dents consumer spending. While global growth in IT spending is expected to hit 5.5 percent by the end of this year, predictions for the Mena region show just a 2 percent increase, according […] April 17, 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
Opinion Media & Advertising Region’s advertisers shoot for ‘Oscars’ in Cannes The Dubai Lynx Awards points to a promising showing in the Côte d’Azur April 12, 2023
Banking & Finance Gulf IPO market could ride out global jitters with state offerings A wave of initial public offerings in Abu Dhabi shows little sign of abating, despite global market jitters and rising interest rates as investors bet on the emirate’s part-privatisation drive. While Saudi Arabia and Dubai’s bourses have also offered a flurry of new listings over the past 18 months, it’s the UAE capital that is […] April 11, 2023
Analysis Health More GCC healthcare mergers likely as competition hots up The GCC healthcare market is set to witness more mergers, acquisitions and consolidation as competition increases, say experts. As the sector continues to mature, public-private partnerships (PPPs) are bringing about a shift in care delivery that is likely to be transformative, according to Dubai-based investment banking advisory firm Alpen Capital. Its research predicts that healthcare […] April 4, 2023
60 seconds with ... Melda Akin, founder of D14 and Sirius Labs Based in Dubai, Melda Akin is founder of AI company D14.AI and recently launched Sirius Labs, a mentorship and training app aimed at women. What does your company do? D14.AI is an AI company that aims to solve optimisation challenges for businesses. I also recently launched Sirius Labs, an AI-driven training and mentorship application. It aims […] March 31, 2023
Aviation Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023
Analysis A new age as Abu Dhabi accelerates its longevity push Abu Dhabi has grand plans to dominate the multi-billion-dollar longevity sector in the Gulf with the opening of two new facilities. The longevity industry is focused on the science of ageing and its related illnesses. The market is predicted to grow to as much as $32 billion in the UAE by 2026. And the region’s […] March 22, 2023
Banking & Finance Assets under management at ADGM rise by over 50% Abu Dhabi Global Market saw its assets under management increase by 56 percent year-on-year in 2022 as the authority became the fastest growing international financial centre in the region. Total licence issues for financial and non-financial firms increased by 30 percent from 4,262 companies in 2021 to 5,546 in 2022, according to figures released on […] March 20, 2023
Exclusive Markets Presight to use IPO as springboard to global expansion Big data and analytics company Presight is targetting international expansion once they have listed later this month. The firm, part of Abu Dhabi’s G42, plans to raise $495 million from its floating on the ADX. The subscription period for the initial public offering (IPO), which was 136 times oversubscribed, closed on Friday with a total […] March 17, 2023
Banking & Finance Abu Dhabi’s AI firm buys stake in TikTok owner at $220bn valuation Abu Dhabi-based artificial intelligence firm G42 has acquired an over $100 million stake in ByteDance, valuing the Chinese owner of TikTok at $220 billion, Bloomberg News reported, citing informed sources. G42, owned by Sheikh Tahnoon bin Zayed Al-Nahyan, who is the UAE’s national security adviser, bought the stake from existing investors in recent months through […] March 15, 2023
