Analysis Tourism Pressure on Saudi tourism exposes mixed feelings about AI Saudi Arabia is trying to limit the use of artificial intelligence technology in its expanding tourism industry in an effort to boost job numbers, despite strides being made elsewhere in the sector to make the kingdom a leader in digitalisation. Speaking at an economic forum in Doha last week, tourism minister Ahmed Al-Khateeb expressed concerns […] May 22, 2024
Banking and Finance Investment app Sarwa fined by Dubai and Abu Dhabi regulators Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech. On the same day, the Financial Services Regulatory Authority […] May 21, 2024
Artificial Intelligence UAE joins AI safety pledge at UK-South Korea summit Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […] May 21, 2024
Tech Aramco to use Saudi Arabia’s first quantum computer Saudi Arabia plans to deploy its first quantum computer, after an agreement between the state oil company, Saudi Aramco, and the French computing company Pasqal. Pasqal will install, maintain and operate a 200-qubit quantum computer, due for deployment in the latter half of 2025, Aramco said in a statement. Quantum computers use the principles of […] May 20, 2024
Finance Saudi listed companies report Q1 profit rise Businesses listed on the Saudi stock exchange, excluding the state energy giant Aramco, reported an 8 percent rise in first-quarter profits this year, highlighting the continued strength of the non-oil sector as hydrocarbon output is cut. Net profit gains in the banking sector, and for telecoms operator STC and state mining company Maaden, helped to […] May 20, 2024
Markets Smasco market cap to hit $800m on Saudi listing Smasco, the Saudi Manpower Solutions Company, has set its final initial public offering (IPO) price at SAR7.50 per share, giving it a market capitalisation of SAR3 billion ($800 million) at listing. The company will offer 120 million shares, or a 30 percent stake, raising SAR900 million from the listing. This month, the indicative price range […] May 20, 2024
Finance Aluminium producer Talco announces Saudi IPO Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […] May 17, 2024
Cybersecurity Crypto exchange Rain suffers $15m hack Rain, a cryptocurrency exchange regulated in both the UAE and Bahrain, has confirmed a serious hack resulting in losses reportedly nearing $15 million. The exchange said in a statement on its website on Tuesday that customer funds remain secure despite the incident. The security breach occurred on April 29 and was first detected by blockchain […] May 16, 2024
Tech Bayanat increases funding for climate disaster R&D Geospatial services provider Bayanat has increased its investment into climate disaster research and development following a strong profit rise in the first quarter of 2024. Abu Dhabi-based Bayanat said gross profit for the first quarter reached AED32 million ($8.7 million), representing a gross margin of 28 percent. Revenues were 12 percent up year on year […] May 15, 2024
Tech QIA invests in French semiconductor fund Ardian Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has announced plans to make an anchor investment in Ardian Semiconductor, a new entity established by the French private equity firm Ardian. The move underscores the Gulf state’s bet on the crucial role of semiconductors in powering digital and green transformations in key areas such as […] May 14, 2024
Tech Flood warning startup Sadeem to seek more funding Tech startup Sadeem, which provides patented flood-warning systems to cities worldwide, will raise further funding this year, its co-founder told AGBI. The Gulf is among the driest inhabited regions worldwide, with on average less than 130 mm of rainfall annually, academic research shows. Yet when rainfall does occur it is often torrential and sustained, and […] May 13, 2024
Video length: 04:15 VIDEO Finance Unicorn SWVL survives share slump to turn a profit Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable. Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted. SWVL was valued at $1.5 billion when it went public in […] May 10, 2024
Manufacturing Saudi Arabia willing to drop China for US tech alliance Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […] May 9, 2024
Tech Private sector ‘always better’ says UAE space industry head The UAE is working to lure greater private sector participation in its space industry, according to an official from the Mohammed Bin Rashid Space Centre. “We are putting a lot of effort towards including the private sector in our projects,” Mohammad Al Ghafri, assistant director general of the aerospace engineering sector at MBRSC, said this […] May 9, 2024
EXCLUSIVE Finance Binance clamps down on suspicious UAE crypto trades Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […] May 7, 2024
Banking and Finance Card payments market in UAE to be worth $139bn in 2024 Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […] May 6, 2024
Finance Saudi fintech Rasan to sell 30% stake in IPO Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares. Book building for institutional investors will start on May 12 to 16, while bids […] May 6, 2024
Artificial Intelligence Aramco leads the pack in oil and gas AI investments Saudi Aramco invested around $3.5 billion in research and development last year and leads in adopting artificial intelligence, as it rivals its regional peers in the adoption of new technology. The world’s largest energy company was active in more than 250 areas, such as AI, drones, robotics, electric vehicles and hydrogen technology, a GlobalData report […] May 6, 2024
Logistics Abu Dhabi’s ADIA invests in Indian warehouses The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets. Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources. RLWH was established in […] May 3, 2024
Finance Profit up 15% at Dubai’s free zone operator Tecom Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […] May 3, 2024
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
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
