Mobility tech firm Optibus valued at $1.3bn after raising $100m US-Israeli mobility technology company Optibus has raised $100 million in a private funding round that values the company at $1.3 billion. The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to […] May 16, 2022
Analysis Banking & Finance Cryptocurrencies have their ‘Lehman brothers moment’ Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […] May 16, 2022
Banking & Finance Colombia free zone deal tipped to be first of many for Dubai Analysts say the Dubai Multi Commodities Centre deal could be a playbook for bigger projects in Latin America May 16, 2022
Opinion Banking & Finance A crypto market crash doesn’t have to fill us with dread History shows us that these instances are a pivotal point of positive systemic change May 16, 2022
Banking & Finance Vodafone shares rise as telecoms group e& buys $4.4bn stake The group, formerly Emirates Telecommunications Group, said it supported the board and had no plans to buy the UK mobile operator outright. May 16, 2022
Energy Strong oil prices lift Saudi Aramco profits by 82% State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […] May 16, 2022
Health Egypt’s net foreign assets retreat further into the red Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […] May 15, 2022
Banking & Finance First dirham-denominated bond listed on Nasdaq Dubai The UAE’s first dirham-denominated treasury bond was listed on Nasdaq Dubai yesterday. Mohamed Hadi Al Hussaini, minister of state for financial affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. […] May 13, 2022
Analysis Banking & Finance New deal gives India and UAE plenty to smile about As the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates comes into force, AGBI looks at a highly lucrative co-regional relationship Of the many alliances that have sprouted out of the Middle East, the one between India and the United Arab Emirates (UAE) stands out – seemingly weathering all global political and […] May 12, 2022
Tourism Emirates aims to start repaying Dubai $4.1bn in Covid aid Dubai’s Emirates hopes that it will soon start paying back the 15 billion dirhams ($4.1 billion) in state assistance it receive from the government during the pandemic, its chairman said on Monday. The Dubai government injected billions of dollars into its flagship airline via equity injections over the course of the pandemic that had at […] May 12, 2022
CD&R hires Amr Nosseir, CVC’s top Mideast dealmaker Private equity firm Clayton, Dubilier & Rice (CD&R) has hired CVC Capital Partners’ top dealmaker for the Middle East as it seeks to bolster its presence and expand relationships with investors in the region. CD&R said yesterday it had appointed Amr Nosseir as senior advisor to the firm. Nosseir previously served as managing director, chairman […] May 12, 2022
Mubadala posts record $33bn income in 2021 Abu Dhabi state investor Mubadala posted a record income of 122 billion dirhams ($33 billion) in 2021, citing strong investment returns, the monetisation of some assets and new partnerships. “2021 was Mubadala’s strongest financial year in its 20-year history,” Group CEO Khaldoon Khalifa al-Mubarak said in a statement. The 2021 result for so-called total comprehensive […] May 12, 2022
Japan’s Nikkei hits two-month low after Wall Street slides Japan’s Nikkei fell to its lowest in almost two months today as technology heavyweights tracked a sharp decline on Wall Street overnight. The Nikkei share average fell 1.77 percent to 25,748.72, the lowest since March 15. The broader Topix fell 1.19 percent to 1,829.18. “It was hard to bet on Japanese stocks after the Nasdaq’s […] May 12, 2022
Media & Advertising Musk incurs regulators’ wrath with late Twitter stake disclosure US regulators are investigating Elon Musk’s delayed disclosure of his stake in Twitter Inc last month, the Wall Street Journal yesterday, citing people familiar with the matter. Musk disclosed a 9.2 percent stake in Twitter to the US Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days since surpassing […] May 12, 2022
Banking & Finance UAE’s first SPAC on launch pad as alternative to IPO Abu Dhabi’s ADC Acquisition Corporation (ADC), the UAE’s first special purpose acquisition company (SPAC), on Tuesday announced its initial public offering (IPO) subscription period will start on Thursday. Shares will be available for purchase to retail and professional investors in a public subscription in the UAE and listed on the Abu Dhabi Securities Exchange (ADX). […] May 11, 2022
Banking & Finance Revealed: The countries leading the FDI surge into Dubai The UK is driving a surge in foreign direct investment (FDI) into Dubai as the UAE continues to launch incentives to attract money and talent from overseas. According to new data from Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET), the UK was behind more than a […] May 11, 2022
Omani leader meets with Russian Foreign Minister in Muscat Oman’s Sultan Haitham bin Tariq met with Russian Foreign Minister Sergei Lavrov in Muscat today, as the Russian politician toured the Sultanate. During the meeting, Lavrov conveyed the greetings of President Vladimir Putin of the Russian Federation to Sultan Haitham and wished the Omani people continued progress and prosperity, praising the country’s wisdom in dealing […] May 11, 2022
Banking & Finance What is a SPAC and how do they work? Special purpose acquisition companies (SPACs) raise capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO. According to PwC, this approach offers […] May 11, 2022
Banking & Finance Wio appoints execs to drive digital banking push Wio Bank, a new digital banking platform established in the UAE, today announced senior leadership appointments following its licence approval by the UAE Central Bank. Salem Al Nuaimi has been named chairman of the board and Jayesh Patel has been appointed as CEO. Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, […] May 10, 2022
Tech Make it happen: How to digitally transform your business Here is the first of our monthly guides to harnessing global trends with a razor-sharp regional focus May 10, 2022
