Retail Dubai Holding weighs sale of 25% stake in retail franchisee Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters. Dubai Holding has selected JPMorgan and Rothschild & Co to advise […] September 6, 2023
Tech STC buys 9.9% of Spain’s Telefonica for $2.25bn Saudi telecoms conglomerate STC Group has acquired a 9.9 percent stake in Spain’s Telefonica for SAR8.5 billion ($2.25 billion) as part of its global expansion drive. The investment makes the Saudi listed company the top shareholder in the Spanish telecom major after Spanish bank BBVA’s 4.9 percent holding. The holding comprises 4.9 percent of Telefonica’s […] September 6, 2023
Video length: 03:33 Opinion Tech Generative AI presents both opportunity and risk This powerful and unprecedented technology comes laden with new cybersecurity concerns September 5, 2023
Video length: 03:33 VIDEO Tech AI ‘can solve the problems’ for Middle East digital growth The Middle East’s digital penetration stands at 4.1 percent of its overall economy – where “China was 15 years ago”, according to a strategist at Swiss bank UBS. A recent technology report published by UBS highlights how the Middle East could be the next digital frontier, and why artificial intelligence could play a pivotal role. […] September 5, 2023
Finance Emirates NBD invests in Swiss fintech Emirates NBD, the largest bank by assets in Dubai, has invested in Komgo, a Swiss-based software development and technology company operating in the trade finance industry. The equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture pool. The value was not disclosed. Created earlier this year, the fund is for investments in […] September 4, 2023
Renewable Energy Saudi company invests in US battery maker Pure Lithium Saudi Arabian investment company Energy Capital Group has announced a collaboration with US tech startup Pure Lithium to develop renewable batteries. The batteries will use lithium extracted from oilfield brines, giving a further boost to Saudi Arabia’s plans to dominate in green industries. Based in Riyadh, Energy Capital Group did not disclose how much it […] September 1, 2023
Tech UAE supercomputer powers up to fight global rivals A supercomputer built in the US with UAE backers is set to challenge global industry artificial intelligence chip giants after its success powering a new advanced large language model (LLM). The 13 billion-parameter Arabic and English LLM, known as Jais, was unveiled on Wednesday. Local industry experts said it appears to be more efficient and […] August 31, 2023
Tech US curbs AI chip exports to some Middle East nations The US has expanded the restriction of exports of sophisticated Nvidia and Advanced Micro Devices artificial intelligence (AI) chips beyond China to other regions including some countries in the Middle East. Nvidia said in a regulatory filing this week that the curbs, which affect its A100 and H100 chips designed to speed up machine-learning tasks, […] August 31, 2023
Tech Saudi and Coursera to train 100,000 new tech workers Saudi Arabia is teaming up with online learning platform Coursera to train 100,000 new technology workers across the kingdom. Its Ministry of Communications and Information Technology and the National eLearning Center have launched a ‘Fuel’ programme offering training on the platform in various tech-related skills. Aimed at job seekers, graduates and those looking to improve […] August 30, 2023
Analysis Banking and Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023
Tech Aramco’s VC unit leads tech startup’s $27m funding round Technology startup Rewaa has raised SAR100 million ($26.6 million) in a Series A funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital fund. Saudi Telecom Company’s Corporate Innovation Fund (CIF), launched in February to invest in early-stage tech companies across various digital sectors, also participated in the round. Other investors included Silicon Valley’s Graphene Ventures, […] August 29, 2023
Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023
Analysis Business of Sport Saudi football sells TV rights in hope of net profit Saudi Arabia’s professional football league has sold broadcast rights to 12 networks across 130 countries for coverage of the 2023-24 season, following a spending spree on players that has captured global attention. But wary of previous experience with China, broadcasters will be following closely to see if a global appetite exists for Saudi Arabia. “The […] August 27, 2023
Tech Dubai tech company buys Virgin Mobile Latin America A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait. A mobile virtual network operator is a provider […] August 23, 2023
Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Finance Saudi investor leads $350m funding for US space company An investment firm from Saudi Arabia has led a $350 million funding round for Axiom Space, three months after the US company took the kingdom’s first astronauts to the International Space Station. Axiom Space said the Series-C funding round was led by Saudi Arabia’s Aljazira Capital and South Korean healthcare firm Boryung, taking its total […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Analysis Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Tech Saudi Arabia launches $200m fund to invest in tech firms Saudi Arabia has launched a $200 million (SAR750 million) fund to invest in local and global high-tech companies as part of plans to diversify and create more high-quality technical jobs. The funding is part of the strategy that Crown Prince Mohammed bin Salman unveiled for the King Abdullah University of Science and Technology, state-owned SPA […] August 21, 2023
Tech Qualcomm’s bid for Israel’s Autotalks needs EU nod US chipmaker Qualcomm will have to seek European Union (EU) antitrust approval for its planned takeover of Israeli auto-chip maker Autotalks even though the deal is below the EU’s turnover threshold, EU regulators said. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) […] August 20, 2023
Analysis Transport Careem could yet be hailed a smart buy for Uber The hefty premium Uber paid for Dubai ride-hailing rival Careem will prove worth it in the long run, analysts believe. Uber, which has racked up nearly $33 billion in losses since its inception in 2009, paid $3.1 billion for Careem in January 2020 in what remains the largest deal for a homegrown Gulf tech startup. […] August 16, 2023
Construction Red Sea project gets world’s first zero-carbon 5G network Mega-developer Red Sea Global and Saudi-listed telco Zain KSA have launched the world’s first zero-carbon 5G network at the Six Senses Southern Dunes resort in The Red Sea project. The 5G network is powered by 100 percent renewable energy from over 760,000 solar panels that Red Sea has built to power the entire 28,000 sq […] August 15, 2023
