Real Estate Tecom profit rises 49% on growing customer demand Tecom Group saw net profit for 2023 rise 49 percent year on year to AED1.1 billion ($299.48 million) on robust demand from new and existing customers across all its six business clusters. The company registered broad-based growth across the business, owing to the group’s ongoing efforts to enhance operations and reduce costs. Revenue reached a […] January 31, 2024
Health Gulf could have drone healthcare delivery by 2026 Drone delivery technology transporting healthcare materials such as blood samples, vaccines and pharmaceuticals is likely to take to the skies across the Gulf within the next two years. A test programme between Siemens Healthineers and the German drone manufacturer Wingcopter in Kenya is due to come to a conclusion in the next two and a […] January 31, 2024
Media & Advertising Saudi TV fights off the smartphone challenge Smart television is holding up as the main platform for accessing sports, news and entertainment in Saudi Arabia, despite the boom in streaming services that can be watched on smartphones, a leading media researcher said this week. “In the past decade there was a lot of transformation in Saudi. New devices, behaviours and trends,” said […] January 30, 2024
Health Saudi university developing AI for early diabetes detection King Abdullah University of Science and Technology (Kaust) said this week it is working with Saudi company AmplifAI Health to develop AI technology for use in the early detection of diabetes. Saudi Arabia and the UAE in particular are investing in health technologies that can predict medical risk and help develop medicines, and the kingdom […] January 30, 2024
Tech Oman invests $210m in Sohar data centre project Oman’s Sohar Port and Freezone has signed a land-lease agreement with Green Data City to develop a data computing centre. The facility aims to provide hosting, processing and data mining in the free zone, reported the state-owned Oman News Agency. Green Data City is a data miner, which means using computers and automation to search […] January 30, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024
Renewable Energy Saudi lab plans for $10bn market in tandem solar cells Scientists in Saudi Arabia are working on tandem solar cells, a development that they say could become a $10 billion market. Professor Stefaan De Wolf and the Photovoltaics Laboratory at King Abdullah University of Science and Technology (Kaust) have published a paper setting out how the perovskite-silicon cells can be brought to market. The technology […] January 30, 2024
People & Lifestyle Kuwait and Bahrain propose changes to working week Lawmakers in Kuwait and Bahrain are pushing for major amendments to the working week, aiming to improve workers’ rights and boost the work-life balance in the two Gulf states. In Bahrain, the focus is on extending the weekend to three days: Friday, Saturday and Sunday. “There is an urgent need to keep pace with global […] January 29, 2024
Opinion Health How tech is reinventing regional healthcare Local governments are leveraging AI to shape the future of medicine January 29, 2024
Tech Dubai to invest $95m to upgrade Nol ticketing system Dubai’s Roads and Transport Authority (RTA) will invest AED350 million ($95.29 million) in the digital transformation of Nol, its card-based ticketing system. The upgraded Nol card will use central wallet technology, an account-based ticketing system, ensuring fintech integration in mobility solutions, the Dubai Media Office said, citing an RTA statement. The project is part of […] January 29, 2024
Health Saudi biotech strategy aims to dominate regional industry Saudi Arabia has launched a National Biotechnology Strategy with the aim of becoming the region’s biotech leader by 2030 and a global leader by 2040, contributing 3 percent, or SAR130 billion ($35 billion), to non-oil GDP. The strategy was unveiled by Crown Prince Mohammed bin Salman with the aim of improving Saudi health standards, helping […] January 26, 2024
Tech Egypt and Jordan to set up first sub-sea optic fibre cable Egypt and Jordan have agreed to set up their first joint submarine optic fibre cable in 25 years. The so-called “Coral Bridge” will serve as a vital communication link between Aqaba in Jordan and Taba in Egypt, Ahram Online reported. The deal to install the submarine cable, spanning the Gulf of Aqaba, was signed between […] January 26, 2024
Opinion Cybersecurity Fighting cybercrime in the age of quantum computing The Middle East must learn to navigate the threats and the opportunities January 25, 2024
Tech Abu Dhabi sets up council to regulate AI Abu Dhabi has established a new artificial intelligence council as part of efforts to regulate the technology and create research opportunities. The Artificial Intelligence and Advanced Technology Council (AIATC) will be responsible for developing and implementing policies and strategies related to AI research, infrastructure and investments and advanced technologies in the emirate, the Abu Dhabi […] January 24, 2024
Tech Mena IT spend expected to reach $184bn this year IT spending in the Middle East and North Africa is projected to increase by four percent in 2024, as companies focus on upgrading software and embracing generative AI. Spending is estimated to reach $183.8 billion, a slight increase from $176.8 billion in 2023, according to US tech company Gartner. The use of generative AI will […] January 24, 2024
Tech Saudi IT company invests $5m in OpenAI The Saudi IT company Al Moammar Information Systems has announced an investment of $5 million in the US artificial intelligence (AI) research company OpenAI. Al Moammar recently established a portfolio to invest in international companies in the field of artificial intelligence. Bloomberg reported in December that in early January OpenAI would complete a tender offer […] January 24, 2024
Finance Energy costs push bitcoin mining in Iran underground Rising energy costs and onerous government regulations are forcing much of Iran’s once-blossoming bitcoin mining sector to operate clandestinely, a top industry executive has told AGBI. Bitcoin’s price surged to $46,900 in early January ahead of the launch of bitcoin exchange-traded funds (ETFs) in the US, up from a two-year low of about $15,800 in […] January 24, 2024
Opinion Banking and Finance Saudi funds, serial founders and more trends to shake up startups Saudi Arabia will lead the region, while corporates will play a growing VC funding role January 23, 2024
Banking and Finance Dubai on track to tackle $78bn debt, analysts say Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […] January 23, 2024
Tech Saudi is ‘young market’ for video surveillance tech Demand for video surveillance technology is expected to grow rapidly in Saudi Arabia over the next few years, industry experts have said. “Saudi Arabia is a new and young market for video surveillance, and regulations are still being drafted,” Ettiene van der Watt, regional director at Swedish manufacturing company Axis Communications, told AGBI last week […] January 22, 2024
Opinion Logistics The Saudi ecommerce surge is transforming logistics A young, digitally savvy population is changing the way the kingdom does business January 22, 2024
Tech UAE ransomware attacks decline but payout size grows Ransomware attacks in the UAE have declined significantly but the amount of money being demanded has risen, according to the Gulf state’s Cyber Security Council chief Dr Mohamed Al Kuwaiti. Speaking at Intersec, the security and safety conference in Dubai, Dr Al Kuwaiti did not disclose specific numbers, but cybersecurity company Kaspersky has reported a […] January 19, 2024
