Analysis Infrastructure Digital economy central to UAE-Greece partnership The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure. The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […] February 15, 2024
Tech Abu Dhabi launches tech fund for developing countries Abu Dhabi has launched a $200 million tech investment platform that it hopes will help developing countries catch up with wealthier nations. The emirate’s Advanced Technology Research Council (ATRC), which unveiled the initiative at the World Government Summit in Dubai, will fund “resource and research costs” in six sectors, transport, healthcare, aerospace and space, food […] February 13, 2024
Opinion Retail Gulf retailers are missing a digital trick Consumer behaviour on social platforms has rapidly evolved and companies need to keep up February 13, 2024
Finance Ooredoo’s 2023 profit reaches all-time high of $824m Qatari telecom major Ooredoo reported an all-time high net profit of QAR3 billion ($824 million) in 2023, up 28 percent year on year thanks to solid performances in Iraq, Kuwait, Algeria and the Maldives. Revenue increased by two percent year on year to QAR23.2 billion, the company, which trades on the Qatar stock exchange, said […] February 13, 2024
Banking and Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Artificial Intelligence Cutting ties with Chinese companies ‘not easy’ says G42 CEO Abu Dhabi artificial intelligence (AI) company G42’s decision to sever ties with Chinese businesses was difficult, CEO Peng Xiao said on Monday. He was speaking at the World Government Summit in Dubai. G42 has accepted constraints imposed on it to work with US companies, he said, citing the need for governments to safeguard the technology. […] February 13, 2024
Tech Saudi CubeSats could send green monitoring into orbit Saudi Arabia plans to launch two nanosatellites – also known as CubeSats – per year to help with environmental issues such as finding water and locating oil spills. These will also play a security role in monitoring the large territory, a space cybersecurity expert said at a Saudi defence forum. CubeSats – low-altitude, cheap-to-produce microsatellites […] February 12, 2024
Transport Dubai to have flying taxi services by early 2025 New York Stock Exchange-listed Joby Aviation plans to soft launch air taxi services in Dubai by early 2025. The vertical take-off and landing (VTOL) aircraft maker signed an agreement with Dubai’s Road and Transport Authority (RTA), which gives it the exclusive right to operate air taxis in the emirate for six years The operation of […] February 12, 2024
Markets Emirates NBD tops Gulf dividend yield rankings Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […] February 9, 2024
Opinion Logistics Digitalisation is just the tonic for regional shipping’s ills SMEs require nimbler, AI-powered transportation options to drive growth February 8, 2024
Tech Domestic deals push Presight AI’s profit up 5% to $155m Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments. Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022. Net profit rose marginally by 0.4 percent year on year […] February 8, 2024
Tech Gulf militaries rush to keep up with drone tech progress A new form of drone warfare used during the Ukraine conflict has changed the nature of battle and created a challenge for military planners in the Gulf region, industry experts said at a defence show in Riyadh this week. Drone swarms have been launched by both sides since Russia invaded Ukraine in 2022. The unmanned […] February 8, 2024
Tech UAE’s e& to anchor subsea cable for global connectivity The 2Africa subsea cable, the world’s largest subsea cable, is to be anchored in the UAE by e& Carrier & Wholesale, a subsidiary of the UAE telco e& (formerly Etisalat). Kalba in Fujairah will be the gateway for the subsea cable to the emirate, where e& already has an existing cable landing station. The 2Africa consortium, which […] February 6, 2024
Real Estate Rental platform Silkhaus plans new Saudi home Silkhaus, a property technology platform specialising in short-term rentals, plans to launch in Riyadh after more than doubling its revenues last year and completing a pre-series A financing round this month. The size of the round, with San Francisco-based Partners for Growth, was not disclosed. Silkhaus launched in Dubai in 2021 and entered Abu Dhabi […] February 5, 2024
Tech STC unit buys 40% stake in Devoteam Middle East Arabian Internet and Communications Services Company – known as Solutions and a wholly-owned subsidiary of Saudi Telecom Company – has acquired a 40 percent stake in regional IT consultancy company Devoteam Middle East for AED 726.3 million ($197.74 million). The stake buyout comes in line with Solutions’ strategy to expand into new business lines and markets to enable […] February 5, 2024
Tech Saudi startup’s infrared tech has ‘game-changing’ potential A Saudi Arabian startup’s pioneering research will slash the cost of infrared sensors, enabling them to be used in a myriad of day-to-day applications and accelerating the development of fully autonomous vehicles, its founder told AGBI. Osman Bakr, founder and chairman of Quantum Solutions, is also head of the functional nanomaterials laboratory at Kaust (King […] February 4, 2024
Banking and Finance Fintech Sarwa beefs up investment platform Sarwa Digital Wealth, an Abu Dhabi-based fintech, will this year add several new asset classes including private equity and real estate to its robo-advisory platform, the company’s CEO told AGBI. This development is indicative of a broader trend among fintech companies in the region, which are evolving from addressing isolated banking challenges to diversifying their […] February 2, 2024
Construction Egyptian developer to build Iraq’s largest housing project Egypt’s Ora Developers Group will build the largest residential city in Iraq’s capital, Baghdad, which will feature 100,000 residential units. The contract was awarded by the Iraqi government. No details of the project cost were given. Ali Al-Wardi, a smart city project located 25 km southeast of Baghdad, will be built on an area of […] February 2, 2024
Manufacturing PIF’s Alat to boost Saudi economy by $9.3bn Saudi Crown Prince Mohammed bin Salman has launched Alat, a company central to the kingdom’s plan to become a global hub for electronics and advanced industries. The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced […] February 2, 2024
Analysis Retail The perks and pitfalls of the UAE’s retail loyalty sector When customers consistently fly with Emirates or buy their daily coffee at Tim Hortons, the chances are high that they are members of a loyalty programme – and companies deploy them to ensure they return to the brand. But UAE consumers are increasingly discerning about the brands and products with which they interact. “The direct […] February 1, 2024
Health Training and tech to tackle healthcare staff shortage Technology and training combined can aid the impending recruitment crisis in UAE healthcare, experts say. Globally there will be an estimated shortfall of 10 million workers in the industry by 2030, primarily in low and middle income countries, according to the World Economic Forum. The UAE has not been spared. Research from Colliers showed there […] February 1, 2024
Logistics Iraqi Kurdistan ordered to pay $490m to Kuwaiti firm Iraq’s Kurdistan Regional Government (KRG) must pay Kuwaiti logistics company Agility $490 million after a Kuwaiti court rejected its appeal against an earlier award for the same amount, in the latest setback for the financially stricken administration. The KRG had guaranteed a $250 million loan that an Agility subsidiary, Alcazar Capital Partners, provided to Erbil-based […] February 1, 2024
