Tech Israel’s Vesttoo startup seeks US bankruptcy protection Vesttoo is seeking Chapter 11 bankruptcy protection in a US court which will enable it to pursue legal action against those responsible for a fake collateral scandal, the Israeli fintech said in a statement. Vesttoo – partly backed by Banco Santander’s fintech venture capital arm Mouro Capital – has laid off staff, closed offices and […] August 15, 2023
Opinion Tech Be yourself: Over-reliance on AI is akin to catfishing The corporate catfisher uses AI to impress online in a way that cannot be supported in reality August 14, 2023
Tech Iraqi telecom ministry to lift Telegram messaging app ban Iraq’s telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens. The app is widely used in Iraq for messaging but also as a source of news and for sharing content. Some […] August 13, 2023
Opinion Tech How augmented reality could boost your bottom line Marketers must leverage the region’s love of Snapchat and alternative realities August 10, 2023
Analysis Trade Nuclear energy to power UAE-Romania trade growth Dubai International Chamber has set up a Romanian Business Council as part of efforts to build on non-oil trade between the UAE and the Eastern European nation, which exceeded $1 billion last year. The council will promote the interests of Romanian businesses and Romanian-owned UAE-registered companies in Dubai. It will also support Dubai’s presence in […] August 10, 2023
Finance Kuwaiti telco Zain Q2 profit rises 14% rise to $187m Kuwait’s Zain Group said net profit during the second quarter of 2023 grew 14 percent year on year to KD57 million ($187 million) as the telecom firm’s customer base continued to grow. Revenue rose 10 percent to hit KD461 million in the three months to June 2023. Ebitda reached KD182 million, up 10 percent year […] August 9, 2023
Analysis Finance ‘Hi, this is your bank…’ Inside the war on payment fraud “Hello. This is the Central Bank of the UAE. We are contacting you because you need to surrender your debit card.” The call comes from a conventional mobile number while you’re on the way home from work. Welcome to the scamdemic – claim your prize, share your one-time password, update your bank details, click […] August 9, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Industry Yahsat in Airbus talks to build new satellites Al Yah Satellite Communications Company (Yahsat) is in talks with Airbus to start work on two new satellites as it looks to build on a 5 percent rise in net profit for the first half of 2023. Group CEO Ali Al Hashemi said the Abu Dhabi-listed company has signed an authorisation-to-proceed letter with the European […] August 8, 2023
Analysis Entrepreneurs Innovation hub helps launch Palestinian startups in Gulf Startups in Palestine are increasingly expanding in the Gulf as a way of overcoming hurdles such as a lack of access to funding and support systems. Central to their strategy is the Intersect Innovation Hub, a business incubator that is helping to build bridges between Palestinian startups and the Gulf region. Rateb Rabi, CEO of […] August 8, 2023
Tech Saudi in pact with Turkey to localise drone production Saudi Arabia has signed an agreement with Turkish defence firm Baykar Tech to localise the manufacturing of drones in the kingdom. “The agreement aims to enhance the readiness of the armed forces and bolster the kingdom’s defence and manufacturing capabilities in line with Vision 2030,” state-owned Saudi Arabian Military Industries (Sami) posted on messaging platform […] August 7, 2023
Tech Mubadala buys minority stake in US data centre firm Abu Dhabi sovereign investor Mubadala Investment Company has taken a minority stake in a US-based data centre company, as it ramps up its global investments in digital infrastructure. Texas-headquartered Aligned Data Centres (Aligned) has the majority of its operations in North America, but this year has expanded into Latin America by acquiring LatAm data centre […] August 3, 2023
Banking and Finance Cautious Oman’s SWF outperforms global markets Oman Investment Authority’s cautious approach to public market investing enabled it to significantly outperform global benchmarks last year, the sovereign fund’s annual report revealed on Wednesday. These gains helped the OIA, which was created in June 2020 following a government reshuffling of state-owned assets, to increase its portfolio value to OMR 17.9 billion ($46.5 billion) […] August 3, 2023
Tech e& plans 20% Vodafone stake despite latest profit hit UAE telecom operator e& has proposed to increase its stake in Vodafone, despite blaming its multibillion-dollar investment in its British rival for a drop in half-year net profit. Hatem Dowidar, e&’s CEO, told CNBC Arabia on Wednesday the telco has submitted an offer to increase its stake in Vodafone to 20 percent.“We are hopeful to […] August 2, 2023
Tech Israeli fintech Vesttoo retains Dubai staff amid mass layoffs Financial services company Vesttoo said on Tuesday it was laying off about 75 percent of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer. Israel-based Vesttoo, which uses artificial intelligence technology to connect […] August 2, 2023
Banking and Finance Dubai business park operator sees H1 profits up 13% Dubai business park operator Tecom Group’s net profit rose 13 percent year on year in the first half of 2023 to AED485 million ($132.05 million) due to higher occupancy levels. Revenue jumped six percent annually to AED1.05 billion during the first six months. The occupancy level for commercial and industrial assets stood at 87 percent […] August 2, 2023
Tech Amazon to invest $7.2bn in Israel by 2037 Amazon.com said on Tuesday it is planning to invest about $7.2 billion by 2037 in Israel, where it has also launched its Amazon Web Services (AWS) data centres. Amazon’s cloud services in the region will allow the country’s government to run applications and store data in data centres located in Israel. “The establishment of the […] August 2, 2023
Tech Saudi leads US tech startup’s $175m fundraising round Saudi Arabia’s Sanabil Investments and Los Angeles-headquartered March Capital have co-led the $175 million funding round for Nile, a US-based networking startup co-founded by former Cisco Systems top executives John Chambers and Pankaj Patel. Other corporate investors include Saudi Arabia’s Solutions by stc, Liberty Global Ventures, and stc Corporate Investment Fund, Nile said in a […] August 2, 2023
Real Estate Oyo expands to meet expat demand for Abu Dhabi flats Indian hospitality chain Oyo is adding 2,000 apartments to its offering in Abu Dhabi as demand grows for expat housing. The furnished units will be available for long-term rent and many will be located in business districts such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif. Other apartments […] August 2, 2023
Analysis Employment Saudi firms turn to experience for board hires When Saudi food major Halwani Bros Company was looking for a new board member, it turned to Jameel Abdullah al-Molhem, who counts CEO of Saudi Telecom Company among a number of his former leadership positions in the kingdom. The appointment of al-Molhem as a non-executive member of the board last week is an example of […] August 1, 2023
Tech e& subsidiary buys majority stake in Beehive for $24m e& enterprise, a subsidiary of the UAE’s telecom major e&, has acquired a majority stake in Dubai’s online peer-to-peer lending platform Beehive. The company bought 63.3 percent of Beehive for $23.6 million, according to a statement from e& – formerly known as Etisalat – published on the Abu Dhabi Securities Exchange. “Beehive will be consolidated […] August 1, 2023
Development Qatar’s Ooredoo profit rises 26% to $228m in Q2 Qatari telecom company Ooredoo reported a net profit of QAR831 million ($228 million) in the second quarter of 2023. This is an increase of 26 percent compared to a year earlier. Revenue for the second quarter rose four percent year on year to QAR5.77 billion, the telecom company said in a statement. The net profit […] July 31, 2023
