Banking & Finance Mandatory health coverage boosts Middle East insurance sector Mandatory health insurance requirements swelled Gulf insurers’ income last year, although growth will slow in 2023 and profitability remains a challenge despite the coverage boom. Those are some of the findings in a report by S&P Global Ratings which predicts easing inflationary and supply chain pressures should lower costs arising from property, motor and casualty […] March 7, 2023
Markets Abu Dhabi’s G42 to list big data analytics arm Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange. Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company. Shares will be priced at AED1.34 […] March 6, 2023
Banking & Finance Emirates Development Bank loans to SMEs up 387% Emirates Development Bank (EDB) approved a total of AED1.8 billion ($490 million) in loans to small and medium-sized enterprises in 2022 – a year-on-year increase of 387 percent. This consisted of AED1.2 billion of direct financing and AED611 million of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. SMEs make up around […] March 2, 2023
Logistics Brazilian cargo drone maker expands operations to Dubai Tupan, a Brazilian cargo and military drone manufacturer, is setting up operations in Dubai, in a bid to help speed up e-commerce deliveries and boost cross-border trade, the company’s CEO told AGBI. The UAE’s civil aviation authority in December published what it said were the world’s first regulations for vertiports to govern the use of […] March 2, 2023
Tech Top 10 agtech innovators shaping the Mena market Lush plains criss-crossed by fresh water lakes and grasslands where hippos and elephants roamed. This was the Arabian peninsula in prehistoric times, according to archaeologists who have uncovered traces of fertile landscapes beneath the desert sands. Today the terrain looks very different, as the region’s governments race to confront food scarcity on a warming planet. […] March 1, 2023
Tech Abu Dhabi’s AI firm to drive gains for Mercedes F1 team Abu Dhabi-based tech startup G42 and Mercedes-AMG Petronas F1 Team have signed a multi-year partnership that will harness the potential of artificial intelligence (AI). The two entities will explore ways to deploy cutting-edge artificial intelligence software and solutions into the team’s operations to deliver critical insights, Abu Dhabi Media Office said in a statement. The […] February 27, 2023
Finance $5bn of trade on the table as Abu Dhabi and Israel grow ever closer A top level delegation of 10 Abu Dhabi entities has returned from Tel Aviv as experts predict bilateral trade between the UAE and Israel could reach $5 billion by 2025. Led by the Abu Dhabi Investment Office (Adio), the delegation included Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub71, Abu Dhabi IPO Fund, Masdar […] February 23, 2023
Ireland’s Middle East exports grow with ‘new’ economy The Republic of Ireland is targeting the UAE and the wider Middle East as a “major growth market”, with innovation at the heart of the economic relationship. Opportunities for closer collaboration between Irish and UAE firms have been identified in the “new” economy including AI, space, fintech and entrepreneurship. Healthcare, and medtech in particular, is […] February 22, 2023
Exclusive Banking & Finance First Abu Dhabi Bank to launch crypto services First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […] February 19, 2023
MAKE IT HAPPEN Tech Become a master of the metaverse For a time last year, all anybody seemed to be talking about was the metaverse. Some Gulf businesses said they were already planning for it, while others were trying to work out what the fuss was about. The frequently asked questions included: when will it really arrive? How much does it cost? Who’s on the […] February 17, 2023
Opinion Tech Never underestimate the human touch Developments around AI are phenomenal but technology in the workplace is no substitute for humans February 14, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Tech KPMG launches Saudi metaverse investment fund KPMG has launched a co-investment fund for metaverse use-cases in Saudi Arabia, as the kingdom ramps up its commercialisation of the new technology. The consultancy firm will work with Saudi public and private partners on expediting metaverse-based technology for practical use. “We’re optimistic about the future of metaverse and Web3 technologies in the kingdom,” said […] February 13, 2023
Logistics Humans and robots to combine in $27m Saudi fulfilment centre Humans and robots are set to work together at a new SAR100 million ($26.65 million) fulfilment centre in Saudi Arabia. Logistics and supply chain solutions provider Starlinks has opened the 400,000 sq ft hybrid facility at Agility Logistics Parks in the city of Dammam. 11 ways robots are transforming the UAE Apple heads list of […] February 9, 2023
Tech Aramco venture capital arm boosts tech startup funding by $300m Wa’ed Ventures, the venture capital arm of Saudi Arabian oil giant Aramco, has announced a $300 million increase in funding aimed at boosting the growth of tech startups in the country. The size of the fund grows to $500 million and will be directed towards local investments in mid and growth-stage startups, especially underserved areas […] February 8, 2023
Banking & Finance The new Switzerland: diplomacy is key to UAE’s trade success The UAE is “the new Switzerland” and poised to reap the benefits of its good relationships with both East and West, the investment boss of one of the Gulf’s leading banks has said. Maurice Gravier, chief investment officer at Emirates NBD Group, said he believed the world needed neutral powers, “a place to speak between […] February 7, 2023
Aramco-backed Insilico opens new lab to ‘extend human life’ Insilico Medicine, the Hong Kong-based Aramco-backed health technology company, opened its eighth global laboratory this week at Abu Dhabi’s Masdar complex. The lab aims to support Middle East efforts to find new drugs that prolong human life. “My hope for the region is that it realises it can be a big player in drug discovery,” […] February 3, 2023
Dubai startup aims to disrupt Mena theme park sector Traditional, ride-based theme parks are being challenged by Dubai-based startup HyperSpace’s “physical parks for a digital world”, including AYA and House of Hype. HyperSpace opened the 40,000sq ft AYA, a digitally immersive experience park with interactive gardens, observatories and other spaces in Dubai’s Wafi Mall in December, bringing a metaverse dimension to the emirate’s entertainment […] January 26, 2023
Tech Abu Dhabi-listed Bayanat AI profit surges 110% to $55m in 2022 Abu Dhabi’s artificial intelligence-powered geospatial solutions provider Bayanat AI’s net profit rose 110 percent year-on-year to AED202 million ($54.99 million) in 2022. Revenue surged 115 percent year-on-year to AED788 million, the company said in a statement. Total assets grew to AED1.51 billion in 2022 compared to AED474 million in 2021, an increase of 218 percent. Tareq […] January 24, 2023
Exclusive Food & Drink Cashless economy is at the door, says food delivery boss A cashless economy in the UAE is no longer just an ambition, according to Tatiana Rahal, managing director of food delivery giant Talabat UAE. “The future in the UAE is digital and we see cashless payments as the primary currency,” said Rahal, the company’s first MD who has previously worked on data analytics for brands […] January 23, 2023
Opinion Tech The metaverse is alive and kicking Just as online shopping drove internet penetration, the metaverse’s immersive interaction between physical and digital worlds will power its adoption January 16, 2023
Aviation Emirates resumes Tokyo flights as UAE and Japan deepen ties Emirates said on Thursday it will resume flights to Tokyo-Haneda airport from April 2, after a three-year hiatus due to the coronavirus pandemic. Dubai’s flag carrier said the service will be operated by one of its Boeing 777 Game Changer aircraft, with the outbound flight EK312 departing Dubai at 07.50 and arriving in Haneda at […] January 12, 2023
