Food & Drink Foodtech startup Calo plans IPO after $25m funding round Saudi food technology startup Calo is planning to list on the country’s stock exchange following a raise of SAR94 million ($25 million) in its Series B funding round. Based in Riyadh, Calo specialises in personalised meal subscriptions and also has a bricks-and-mortar offering. It is embarking on an accelerated expansion phase, increasing its physical locations […] January 2, 2025
Analysis Tech China-US tech tensions threaten GCC telecom strategy High-tech restrictions Great power 'rivalry' Gulf states face risks Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. ... Register now: It’s easy and free This content is available for registered members only. Register for your […] January 2, 2025
Opinion Energy DP World, energy and AI: five predictions for 2025 Let the guessing game begin – but no promises... December 27, 2024
Real Estate Dubai targets broader real-estate access with tokens Dubai plans to widen access to the real-estate sector by allowing tokenisation, which converts real-estate assets into digital tokens on a blockchain. This will enable the fractional ownership of properties, which in theory will attract more retail and institutional investors, a senior official in the emirate’s real estate regulator has said. Fractional ownership allows investors […] December 25, 2024
Video length: 04:08 VIDEO Tech Vero Labs taps into the fan-based asset economy Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry. Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based […] December 24, 2024
Artificial Intelligence Dubai’s Hodler in global AI data centre partnership Dubai’s Hodler Investments has partnered with US technology company Vertical Data to launch “sustainable” artificial intelligence data centres in the UAE, the Gulf, Africa and Canada. The companies said they are targeting rising demand for high-performance computing. Growing interest in AI applications has strained existing data centre capacity and fuelled intense demand for energy to […] December 24, 2024
Artificial Intelligence Regional investors rush to Musk’s $6bn xAI funding round Elon Musk’s artificial intelligence venture xAI has attracted funding from regional investors including Saudi Arabia’s Kingdom Holding, the Qatar Investment Authority and the Oman Investment Authority. The latest Series C funding round for xAI has closed after raising $6 billion from backers such as BlackRock, Fidelity, Sequoia Capital and Valor Equity Partners, as well as […] December 24, 2024
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 2024
Analysis Artificial Intelligence ChatGPT’s search expansion raises concerns for businesses OpenAI’s decision to roll out its ChatGPT search to all users could indicate a shift in how people access information online and pose challenges for Gulf businesses when it comes to issues such as online advertising, data privacy and revenue models. The feature, introduced to premium subscribers two months ago, allows users to receive real-time […] December 19, 2024
Artificial Intelligence Oman buys stake in Elon Musk’s AI company The Oman Investment Authority (OIA), the sultanate’s sovereign wealth fund, has acquired a stake in xAI, the artificial intelligence company founded by Elon Musk, the world’s richest man. The deal was announced on Wednesday by the Omani state news agency but the size of the investment was not disclosed. Musk, who is worth around $486 […] December 18, 2024
Analysis Retail UAE retailers face rising costs as shoppers demand more Rising costs for UAE retailers risk hitting marketing budgets in 2025 – even though consumers are spending more cash. Increases in raw material costs and supply chain delays are tightening the margins for companies, experts have pointed out. Still, a sharp increase in the use of artificial intelligence in the retail industry next year is […] December 18, 2024
Banking & Finance UAE tech refurb startup raises $7m from investors A UAE company that specialises in refurbishing electronics is targeting new markets after raising $7 million in Series A funding. Revibe, which offers refurbished laptops, smartphones and other devices, has now closed its funding round, which was co-led by the French tech venture capital companies ISAI and Resonance. Also included in the round were the […] December 17, 2024
Tech Mubadala backs US-based AI startup in $600m funding round Abu Dhabi’s Mubadala Investment Company is among the investors backing Crusoe, a San Francisco-based artificial intelligence infrastructure provider, in its $600 million funding round. The Series D funding round was led by Founders Fund, with participation from new and existing investors, including Fidelity, Long Journey Ventures, Nvidia, Ribbit Capital and Valor Equity Partners. In June […] December 17, 2024
Telecoms Space42 bags $5bn contract from UAE government Space42, a global space technology company based in Abu Dhabi, has signed an AED18.7 billion ($5.1 billion) contract with the UAE government to provide critical, secure satellite communication services for an additional 17 years beyond 2026 until 2043. Under the contract, the Abu Dhabi-listed company, a subsidiary of UAE company G42, will provide satellite capacity […] December 17, 2024
Transport Dubai’s Parkin signs tech deal with Saudi group BATIC Parkin, the largest parking management group in Dubai, aims to expand into Saudi Arabia after signing an agreement with the Riyadh-based conglomerate BATIC. The proposed collaboration with BATIC’s Smart City Solutions subsidiary will focus on technologies to improve traffic flow. It will also enhance the parking experience for Saudi motorists, the companies said in a […] December 16, 2024
Manufacturing Turkey holds 65% of global drones market Turkey accounts for 65 percent of the global unmanned aerial vehicle (UAV) market, a senior executive with drone maker Baykar has said. The company alone commands nearly 60 percent of this market, Daily Sabah reported, citing chairman and chief technology officer Selcuk Bayraktar. Baykar has been the world’s largest drone company for three consecutive years […] December 16, 2024
Analysis Banking & Finance The ‘race is on’ to set up bitcoin national reserves The concept of national bitcoin reserves is moving from theoretical discussion to geopolitical reality. A member of Russia’s parliament has called on its central bank to consider bitcoin as a reserve asset, it was reported last week. Thirteen nations already hold the cryptocurrency, according to a report released this month by bitcoin exchange River. The […] December 16, 2024
Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024
Tech Astra Tech secures $500m funding for lending platform Dubai technology company Astra Tech has secured $500 million in financing for its fintech subsidiary, enabling it to further expand its consumer lending platform. Quantix Technology Projects, which in July was the first UAE-based fintech to receive a finance licence from the UAE central bank since 2008, secured the financing from Citi, in what is […] December 11, 2024
Banking & Finance $50m Abu Dhabi tech fund receives PIF investment Abu Dhabi venture capital firm Iliad Partners is closing a $50 million fund that will target early-stage business-to-business tech startups in the Middle East and North Africa (Mena) region. The Tech Ventures Fund I will primarily focus on fintechs, logistics and property-related technology in Saudi Arabia and the UAE at the Pre-Series A and Series […] December 11, 2024
Banking & Finance UAE stablecoin gets green light from Central Bank UAE businesses could soon be able to accept AE Coin, the first regulated cryptocurrency in the Emirates. The AE Coin, which has just received regulatory approval from the Central Bank of the UAE, is pegged to the dirham, making it less volatile than other cryptocurrencies. Cryptos tied to a fiat, or government-issued, currency are known as […] December 11, 2024
Analysis Media & Advertising Snap tips Riyadh to become nerve centre for Mena social media Social media giant Snap is betting on Saudi Arabia becoming a leader in the Middle East’s online creator economy, a company spokesperson has told AGBI. The developer of Snapchat announced in late November that it had opened an office and a base for content creators on the outskirts of Riyadh – its first in the […] December 10, 2024
