Analysis Banking & Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023
Tech Bahrain’s Beyon puts $250m into digital infrastructure Tech company Beyon Group is investing more than $250 million in new infrastructure to support Bahrain’s digital transformation. The parent company of telecoms operator Batelco said it has joined the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) consortium, which is building a 21,700km-long undersea telecommunications cable from Marseille in France to Singapore. The cable will […] May 17, 2023
Tech Vodafone cuts 11,000 jobs after securing deal with e& Vodafone Group announced it will cut thousands of jobs just days after it agreed plans for closer commercial ties with UAE-based e&. Margherita Della Valle, Vodafone’s new group chief executive, admitted the company’s performance “has not been good enough” after reporting a small rise in full year sales to nearly $50 billion and a fall […] May 17, 2023
Tech Israel tech firms to continue job layoffs in 2023 Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country’s tech sector showed on Tuesday. One-quarter of companies have stopped recruiting new employees and another quarter plan more layoffs – many of those planning to let go five percent of their workforce, according […] May 17, 2023
Tech Amazon in deal for ‘Lord of the Rings’ video game Amazon.com and Swedish game developer Embracer Group have agreed to develop and publish a massively multiplayer online (MMO) game based on fantasy series The Lord of The Rings, the companies said. The game, which is in the early stages of development, will be set in Middle-earth, featuring stories of The Hobbit and The Lord of […] May 16, 2023
Opinion Tech The Gulf must pair its digitalisation goals with cybersecurity Governments and businesses need to do more to protect their digital assets May 11, 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
Tech Musk says Twitter to allow calls and encrypted messages Twitter Inc CEO Elon Musk has revealed details about new features including adding calls and encrypted messaging coming to the platform. Last year, Musk flagged plans for ‘Twitter 2.0 The Everything App’, which he said would have features such as encrypted direct messages (DMs), longform tweets and payments. “Coming soon will be voice and video chat from […] May 10, 2023
Tech Qualcomm to acquire Israeli auto-chip maker Qualcomm is to acquire Israel’s Autotalks, a maker of chips used in crash-prevention technology, as the US firm looks to expand its automotive business. The company did not disclose the terms of the deal but said the Autotalks technology would be incorporated into its assisted and autonomous driving product, Snapdragon Digital Chassis. Qualcomm said last […] May 9, 2023
Tech LinkedIn cuts over 700 jobs as demand wavers LinkedIn, the professional networking platform owned by Microsoft, has revealed plans to cut 716 jobs as demand wavers, while also shutting down its China-focused jobs app. LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers as […] May 9, 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
Battle for China’s electric SUV market heats up China is ground zero for the price war in electric vehicles (EVs) and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla Inc and BYD . The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both […] May 8, 2023
Development Zain Sudan faces revenue hit amid worsening civil unrest Zain Sudan, the country’s leading mobile operator, has suffered a hit to its revenue as a result of the spiralling conflict in Africa’s third-largest country, a spokesman told AGBI on Thursday. Internecine fighting between two factions of Sudan’s military began in mid-April. More than 500 people have been killed and nearly 440,000 people displaced, the […] May 7, 2023
Tech UAE air taxis and drones set for take-off with China deal A Chinese company has signed a deal to build and operate electric powered air taxis and cargo drones in the UAE as the Gulf country seeks early adopter advantage in the vertical take-off and landing transport market. Monarch Holding in Abu Dhabi is partnering with EHang Holdings, an autonomous aerial vehicle (AAV) company, to establish […] May 7, 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
Exclusive Development Sudan telco network still up despite escalating conflict Despite electricity outages and fuel shortages in heavily contested parts of Sudan, the telecom network of the country’s top mobile operator remains functional in most areas, a spokesman for the company’s parent firm told AGBI. Zain Sudan, which is wholly owned by Kuwait’s Zain group, had 16.4 million subscribers and a 48 percent market share […] May 5, 2023
Tech Mubadala secures $500m stake in US broadband firm Brightspeed, a US-based broadband and telecommunications services company, has received a $500 million investment from Mubadala Investment Company, the sovereign investor of Abu Dhabi. Mubadala will become a minority shareholder, joining investment funds managed by affiliates of Apollo Global Management, a statement said. Brightspeed, headquartered in Charlotte, North Carolina, says it has the capability to […] May 2, 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
Japan’s ispace fails in first private moon landing bid Japanese startup ispace Inc said its attempt to make the first private moon landing had failed after losing contact with its Hakuto-R Mission 1 (M1) lander, concluding it had most likely crashed on the lunar surface. “We lost communication, so we have to assume that we could not complete the landing on the lunar surface,” […] April 26, 2023
Tech AD Ports digital arm buys customs systems firm Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK Inc, a developer of border control solutions and customs systems, in a deal worth $26.7 million. The acquisition involves an upfront payment of $17.1 million and adds to Maqta Gateway’s digital trade solutions portfolio, which uses disruptive technologies such as artificial intelligence, machine […] April 24, 2023
