Analysis Banking & Finance Middle East IPO drive likely to cool in second half of 2023 The wave of listings on Middle East markets will slow down as the year progresses, with initial public offerings being pushed to 2024 instead, say industry experts. Last year 71 IPOs were completed in the Middle East, for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares […] July 10, 2023
Tech Korean blockchain firm picks Abu Dhabi for global HQ Neoply, a South Korean blockchain technology company, is to establish its global headquarters in Abu Dhabi. The firm joins Abu Dhabi Investment Office’s (Adio) Innovation Programme, which is investing AED2 billion ($545 million) in supporting the growth of tech-focused industries in the emirate. Neoply is the blockchain arm of Neowiz Holdings, a prominent South Korean […] July 10, 2023
Analysis Tech Saudi Arabia signals intent with space sector shake-up The launch of the Saudi Space Agency puts the kingdom on a trajectory to become one of the biggest players in the global space race, experts say. The agency has replaced the Saudi Space Commission and will focus on space science and exploratory missions, creating new opportunities and, according to its website, “empowering national cadres […] July 7, 2023
Tech Twitter threatens to sue Meta over Threads platform Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro. Meta, which launched Threads on Wednesday and has logged more than 30 million sign-ups, looks to take on Elon Musk’s Twitter by leveraging Instagram’s billions of users. Spiro, in his letter, […] July 7, 2023
Tech Meta launches ‘Twitter killer’ Threads app With Twitter already on the ropes, Meta’s Mark Zuckerberg delivered another blow to Elon Musk on Wednesday, ramping up the tech billionaires’ rivalry with the launch of Instagram’s much-anticipated companion service Threads, a challenger to Twitter. “Let’s do this. Welcome to Threads,” Zuckerberg wrote in his first post on the app, along with a fire emoji. […] July 6, 2023
Tech Saudi Arabia makes move on Estonia’s tech industry Saudi Arabia has signed multiple deals with companies in Estonia as it tries to tap into the European country’s tech industry. Five memoranda of understanding and cooperation agreements across trade, technology and entrepreneurship have been negotiated by Saudi’s Ministry of Investment. A Saudi-Estonian business council is also planned under an agreement between the Federation of […] July 5, 2023
Opinion Tech The triad that secures blockchain Confidentiality, integrity and availability are all challenges as the Middle East adopts new technology July 2, 2023
Exclusive Lifestyle Saudi fashion has designs on the international stage Saudi Arabia has long been a major draw for the world’s fashion houses. Princesses devoted to haute couture, fashionistas with expensive tastes, and plenty of young people make for a winning combination. The value of luxury fashion purchases in the GCC hit $9.6 billion in 2021, and Saudi Arabia accounted for more than $7 billion […] July 2, 2023
Tech GM buys Israeli startup to detect early battery defects General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time when automakers […] July 2, 2023
Banking & Finance Visa to buy Brazilian startup Pismo for $1bn Visa is acquiring Brazilian fintech platform Pismo for $1 billion to expand its footprint in Latin America. The deal, a vote of renewed confidence in the region during a funding slowdown, is the largest fintech exit in Latin America since Nubank went public in late 2021 and the largest disclosed startup exit so far this […] June 29, 2023
Banking & Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Markets UAE stock markets surge $60bn in value in H1 2023 The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings. Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE […] June 28, 2023
Tech Israel’s technology sector troubles persist in 2023 A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting […] June 27, 2023
Analysis Tech How tech is transforming Saudi’s Hajj travel industry Saudi Arabia’s strong digital infrastructure means it is ready to receive “whatever number of pilgrims and Umrah performers”, according to its director general of passports Sulaiman al-Yahya. Two million people are expected to converge on Mecca in the next week to complete the Hajj pilgrimage. By 2030 the kingdom is committed to tripling this number […] June 23, 2023
Video length: 03:02 EXCLUSIVE Tech $2bn funding behind Dubai’s digital startup economy Dubai tech startups have raised $2 billion and completed six mega-rounds valued at over $300 million in 2022, according to a report by the Dubai Digital Economy. These included two listings for scaleups (startups that have raised over $1 million in capital) on stock exchanges. The UAE’s national digital economy is predicted to grow to […] June 23, 2023
Tech Adnoc and G42 plan IPO of AI joint venture Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi artificial intelligence (AI) company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60 percent owned by Adnoc and 40 percent by G42, uses artificial intelligence and […] June 22, 2023
Tech Skills shortage pushes up Gulf tech leaders’ salaries Technology chiefs working in the Gulf are typically earning $528,000, according to a new survey, as leadership talent remains “scarce” in the region. That figure is the median salary calculated by the first annual Middle East Technology Officers Compensation Survey from US advisory firm Heidrick & Struggles. The report said strong GDP growth in the […] June 20, 2023
QIA to hire ex-Credit Suisse to support investment team Qatar Investment Authority (QIA), the Gulf nation’s $450 billion sovereign fund, is likely to hire Hussam Qasim from Credit Suisse Group AG to boost its domestic investment team. Qasim will join in the coming months, Bloomberg reported citing informed sources. He was previously a director for investment banking and capital markets for Credit Suisse in […] June 20, 2023
Tech Japanese companies join hands to make ‘flying cars’ Japanese automaker Suzuki Motor Corp has reached an agreement with SkyDrive Inc to make “flying cars”. The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a […] June 20, 2023
EXCLUSIVE Tech Lottoland founder bets on softened gambling rules in UAE The entrepreneur behind the global lottery betting platform Lottoland is confident that he will one day be able to offer the service in the UAE. David von Rosen-von Hoewel, an international investor and founder of businesses in fashion, finance and gaming, said plans for the UAE’s first casino in Ras Al Khaimah put forward by […] June 19, 2023
