Banking & Finance UAE telco announces cash dividend details UAE telco e& will pay a cash dividend for the second half of 2022 at AED0.4 per share, taking the annual dividend per share to AED0.8 for the last year. Jassem Mohamed Bu Ataba Al Zaabi, chairman of e&, said the company’s core businesses have sustained solid performance while new business verticals and merger and […] April 12, 2023
Banking & Finance Gulf IPO market could ride out global jitters with state offerings A wave of initial public offerings in Abu Dhabi shows little sign of abating, despite global market jitters and rising interest rates as investors bet on the emirate’s part-privatisation drive. While Saudi Arabia and Dubai’s bourses have also offered a flurry of new listings over the past 18 months, it’s the UAE capital that is […] April 11, 2023
e& takes $400m majority stake in Careem The former Emirates Telecommunications Group Company, e&, has acquired a $400 million majority stake in Careem. The super-app, which is owned by Uber, offers multiple services such as ordering taxis, grocery shopping and mobile payments. e& has taken a 50.03 percent share of the company, which has operations in over 80 cities, covering nine countries […] April 10, 2023
Tech China’s Huawei plans Riyadh Middle East headquarters China’s Huawei Technologies Co plans to make Riyadh its headquarters for the Middle East as the country develops its diplomatic and business ties with Saudi Arabia. Huawei, which has offices in the Saudi capital and other Middle East cities, is in talks with authorities in Riyadh to “upgrade its presence in the country”, Bloomberg reported, […] April 10, 2023
Transport UAE’s Cafu launches EV charging solution in Canada UAE-based fuel-on-demand car service Cafu has forayed into Canada with an on-demand electric vehicle (EV) charging solution. The EV charging solution aims to support users with no access to home charging, the company said in a statement. Cafu’s new service will allow car owners in Quebec to request the Cafu truck to come to their location, […] April 9, 2023
Tech China’s Baidu sues Apple over fake Ernie bot apps Chinese search engine giant Baidu has filed lawsuits against “relevant” app developers and Apple Inc over fake copies of its Ernie bot app available on Apple’s app store. The company’s artificial intelligence powered Ernie bot, launched last month, has been touted as China’s closest answer to the US-developed chatbot ChatGPT. Baidu said it had lodged […] April 9, 2023
Exclusive Tech Osman Sultan on Mena’s move from ‘telco’ to ‘techco’ Osman Sultan proclaimed in 1997 he would put “a mobile in the hand of everyone” in Egypt. At the time, even some shareholders at Egyptian Company for Mobile Services (MobiNil), where he was CEO, were unsettled by his audacious statement. Egypt’s telecoms regulator granted him a licence to become the country’s first mobile operator, but […] April 7, 2023
Tech China’s $500m subsea optic cable to link Middle East Chinese state-owned telecom firms are developing a $500 million undersea fibre-optic internet cable network that would link Asia, the Middle East and Europe to rival a similar US-backed project, four people involved in the deal told Reuters. The plan is a sign that an intensifying tech war between Beijing and Washington risks tearing the fabric […] April 7, 2023
Analysis Economy The rise and fall of millionaires in Morocco and Egypt The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […] April 6, 2023
Banking & Finance Buoyant 2022 for Emirates REIT manager Equitativa Net profit at real estate fund manager Equitativa grew by 30 percent year on year to $82 million (AED301 million) in 2022 and occupancy levels across its portfolio rose 13 percentage points to 85 percent, as it benefited from the “extremely strong” Dubai commercial property market. Equitativa is the manager of Nasdaq Dubai-listed Emirates REIT, […] April 6, 2023
Analysis Health More GCC healthcare mergers likely as competition hots up The GCC healthcare market is set to witness more mergers, acquisitions and consolidation as competition increases, say experts. As the sector continues to mature, public-private partnerships (PPPs) are bringing about a shift in care delivery that is likely to be transformative, according to Dubai-based investment banking advisory firm Alpen Capital. Its research predicts that healthcare […] April 4, 2023
60 seconds with ... Melda Akin, founder of D14 and Sirius Labs Based in Dubai, Melda Akin is founder of AI company D14.AI and recently launched Sirius Labs, a mentorship and training app aimed at women. What does your company do? D14.AI is an AI company that aims to solve optimisation challenges for businesses. I also recently launched Sirius Labs, an AI-driven training and mentorship application. It aims […] March 31, 2023
Agriculture Saudi Greenhouses goes Dutch to elevate sustainable farming Dutch indoor agriculture outfit Plantlab has committed to invest up to €300 million ($325 million) in the Middle East and North Africa to help support the region’s sustainable farming ambitions. Plantlab aims to build a minimum of 10 indoor farms over the next three to five years in partnership with Saudi Greenhouses. The first location, […] March 31, 2023
Agriculture Saudis invest $70m in Danish bioprotein firm Saudi Industrial Investment Group is investing $70 million in Unibio International, a bioprotein production technology firm in Denmark, to help increase food security in the kingdom. SIIG told shareholders that it has signed an agreement to buy 24 percent of the company. The investment will be in two phases: a 9.9 percent stake is to […] March 30, 2023
Opinion Sustainability Turning water and food shortages into global opportunity Research in the Middle East can play a transformative role in addressing water scarcity March 28, 2023
Banking & Finance UAE to benefit from US cryptocurrency brain drain Tightening regulations in the US to bring cryptocurrency and digital assets operators to heel could see talent and investment turn to the UAE. The US Securities and Exchange Commission (SEC) has been targeting the cryptocurrency industry, which its chair Gary Gensler referred to as a “Wild West”. At the same time the UAE is welcoming […] March 27, 2023
Tech Elon Musk denies UAE-Saudi investment in SpaceX Elon Musk has denied speculation suggesting investors from Saudi Arabia and the UAE are preparing to participate in a funding round for his SpaceX venture. A report earlier this week, carried in US tech-focused publication The Information, said a unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company are planning to invest in […] March 24, 2023
Opinion Employment Smash the glass ceiling for women in gaming and esports We need more women in this burgeoning multi-million dollar industry March 24, 2023
Aviation Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023
Startups get fired up in Jordan’s rapidly changing environment A decade ago, Jordanian startups were the purview of risk-takers and dreamers. Sensible graduates with a head for business sought positions at banks and corporations, with a steady income and job security. That mentality is shifting as increased investment and public sector support fuel a vibrant entrepreneurial culture, encouraging more Jordanians to shelve the safe […] March 23, 2023
Analysis A new age as Abu Dhabi accelerates its longevity push Abu Dhabi has grand plans to dominate the multi-billion-dollar longevity sector in the Gulf with the opening of two new facilities. The longevity industry is focused on the science of ageing and its related illnesses. The market is predicted to grow to as much as $32 billion in the UAE by 2026. And the region’s […] March 22, 2023
Transport Canadian startup Vports to build Ras Al Khaimah’s first vertiport Canada’s urban air mobility startup Vports is expanding its reach across the UAE as the country moves ahead to make advanced air mobility a reality. Vports signed a memorandum of understanding (MoU) with Ras Al Khaimah (RAK) Airport to build and operate the first vertiport in the emirate as an advanced air mobility (AAM) hub. […] March 22, 2023
