Banking and Finance Investcorp buys $100m stake in comms firm SEC Newgate Bahrain’s alternative investment firm Investcorp has invested $100 million to acquire a controlling stake in communications and advocacy group SEC Newgate. Investcorp’s funding will help the Milan-based business accelerate its development strategy, the companies said on Monday. The group aims to expand in Europe, the Middle East, Africa and the Asia-Pacific region through organic growth […] July 3, 2023
Banking and Finance Etisalat in talks with Czech firm for potential tie-ups Abu Dhabi-headquartered Etisalat, now branded as e&, is in talks with Czech investment firm PPF Group to explore opportunities in central and southeastern Europe. “Etisalat and PPF Group are in early stage of discussions of forming a potential partnership to explore strategic collaboration opportunities in central and southeastern Europe, excluding Czech Republic, that are mutually […] July 3, 2023
Opinion Tech The triad that secures blockchain Confidentiality, integrity and availability are all challenges as the Middle East adopts new technology July 2, 2023
Exclusive Lifestyle Saudi fashion has designs on the international stage Saudi Arabia has long been a major draw for the world’s fashion houses. Princesses devoted to haute couture, fashionistas with expensive tastes, and plenty of young people make for a winning combination. The value of luxury fashion purchases in the GCC hit $9.6 billion in 2021, and Saudi Arabia accounted for more than $7 billion […] July 2, 2023
Tech GM buys Israeli startup to detect early battery defects General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time when automakers […] July 2, 2023
Banking and Finance Visa to buy Brazilian startup Pismo for $1bn Visa is acquiring Brazilian fintech platform Pismo for $1 billion to expand its footprint in Latin America. The deal, a vote of renewed confidence in the region during a funding slowdown, is the largest fintech exit in Latin America since Nubank went public in late 2021 and the largest disclosed startup exit so far this […] June 29, 2023
Banking and Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Markets UAE stock markets surge $60bn in value in H1 2023 The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings. Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE […] June 28, 2023
Tech Israel’s technology sector troubles persist in 2023 A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting […] June 27, 2023
Economy Egypt pins hopes on FDI to offset domestic woes Egypt’s faltering privatisation drive was given a shot in the arm this week after the government announced that it had entered into a five-year partnership with the International Finance Corporation to sell off state assets. Under the partnership, the IFC – the private sector development arm of the World Bank – will help to structure […] June 26, 2023
Analysis Tech How tech is transforming Saudi’s Hajj travel industry Saudi Arabia’s strong digital infrastructure means it is ready to receive “whatever number of pilgrims and Umrah performers”, according to its director general of passports Sulaiman al-Yahya. Two million people are expected to converge on Mecca in the next week to complete the Hajj pilgrimage. By 2030 the kingdom is committed to tripling this number […] June 23, 2023
Analysis Economy Shining a light on the GCC’s $890bn shadow economy The Dubai Financial Services Authority this week imposed a penalty of $25,200 on a company for dealing in precious metals and stones from its base in the Dubai International Financial Centre. The DFSA said the company had not been registered to carry out such activity. While the authority did not allege that the company was […] June 23, 2023
Video length: 03:02 EXCLUSIVE Tech $2bn funding behind Dubai’s digital startup economy Dubai tech startups have raised $2 billion and completed six mega-rounds valued at over $300 million in 2022, according to a report by the Dubai Digital Economy. These included two listings for scaleups (startups that have raised over $1 million in capital) on stock exchanges. The UAE’s national digital economy is predicted to grow to […] June 23, 2023
Tech Adnoc and G42 plan IPO of AI joint venture Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi artificial intelligence (AI) company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60 percent owned by Adnoc and 40 percent by G42, uses artificial intelligence and […] June 22, 2023
Tech Skills shortage pushes up Gulf tech leaders’ salaries Technology chiefs working in the Gulf are typically earning $528,000, according to a new survey, as leadership talent remains “scarce” in the region. That figure is the median salary calculated by the first annual Middle East Technology Officers Compensation Survey from US advisory firm Heidrick & Struggles. The report said strong GDP growth in the […] June 20, 2023
QIA to hire ex-Credit Suisse to support investment team Qatar Investment Authority (QIA), the Gulf nation’s $450 billion sovereign fund, is likely to hire Hussam Qasim from Credit Suisse Group AG to boost its domestic investment team. Qasim will join in the coming months, Bloomberg reported citing informed sources. He was previously a director for investment banking and capital markets for Credit Suisse in […] June 20, 2023
Tech Japanese companies join hands to make ‘flying cars’ Japanese automaker Suzuki Motor Corp has reached an agreement with SkyDrive Inc to make “flying cars”. The companies will use a Suzuki Group factory in central Japan to make electric vertical take-off and landing (eVTOL) aircraft and aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a […] June 20, 2023
EXCLUSIVE Tech Lottoland founder bets on softened gambling rules in UAE The entrepreneur behind the global lottery betting platform Lottoland is confident that he will one day be able to offer the service in the UAE. David von Rosen-von Hoewel, an international investor and founder of businesses in fashion, finance and gaming, said plans for the UAE’s first casino in Ras Al Khaimah put forward by […] June 19, 2023
Tech UAE grocery delivery startup InstaShop buys GroCart Grocery delivery app InstaShop is expanding into the wholesale sector with the acquisition of B2B operator GroCart. The move comes as a new survey said that a third of UAE consumers are planning to spend more on food in the next year. Founded in 2015 in Dubai, InstaShop operates in the UAE, Bahrain, Egypt and […] June 19, 2023
Tech Abu Dhabi’s G42 signs deal to improve UAE tech skills Abu Dhabi’s artificial intelligence company G42 has set up a joint venture with Israel’s Viola Group to address skills shortages in the tech sector. The venture will be known as Global Valley. A study by Korn Ferry estimated that by 2030 there will be a global talent deficit of approximately 85 million employees in the […] June 16, 2023
Banking and Finance Shares in Etisalat slide after Vodafone’s UK deal Shares in UAE telco Etisalat, Vodafone’s biggest shareholder, fell on Thursday after the British firm announced it would merge its domestic mobile operations with those of rival CK Hutchison. The long-anticipated tie-up heightens uncertainty over the potential benefits to Abu Dhabi-based Etisalat, now branded as e&, of its stake in Vodafone. Since first announcing it […] June 15, 2023
Banking and Finance QIA sovereign fund eager to invest in Asia and US Qatar Investment Authority, the world’s 10th-largest sovereign wealth fund by assets, will expand its portfolio in the United States and Asia – particularly China and India – and aims to take advantage of more “investor-friendly” deal terms. Several senior QIA executives outlined the fund’s plans to Bloomberg this week in what were rare public comments […] June 14, 2023
