Exclusive Tech Food Tech Valley set to triple food production in Dubai The development of Food Tech Valley just outside Dubai represents a milestone in the UAE’s efforts to improve food security. The Emirates currently imports 90 percent of its food and only 5 percent of its land is suitable for arable production. Food Tech Valley, a partnership between the Ministry of Climate Change and Environment and […] March 21, 2023
Banking & Finance Assets under management at ADGM rise by over 50% Abu Dhabi Global Market saw its assets under management increase by 56 percent year-on-year in 2022 as the authority became the fastest growing international financial centre in the region. Total licence issues for financial and non-financial firms increased by 30 percent from 4,262 companies in 2021 to 5,546 in 2022, according to figures released on […] March 20, 2023
Banking & Finance SVB collapse may boost UAE startup business for neobanks One thing is more certain than not in the ongoing confusion caused by last week’s Silicon Valley Bank collapse: traditional lenders in the Gulf are likely to make it even more difficult for UAE startups to open bank accounts and borrow money. Emerging digital lenders in the region are hoping that this creates a big […] March 17, 2023
Exclusive Markets Presight to use IPO as springboard to global expansion Big data and analytics company Presight is targetting international expansion once they have listed later this month. The firm, part of Abu Dhabi’s G42, plans to raise $495 million from its floating on the ADX. The subscription period for the initial public offering (IPO), which was 136 times oversubscribed, closed on Friday with a total […] March 17, 2023
Tech India’s TCS chief to exit amid slowing global tech spending Tata Consultancy Services CEO Rajesh Gopinathan is resigning in an unexpected move to pursue other interests, adding to worries for India’s largest IT services provider amid slowing tech spending and challenges in its key markets. The company named its president and head of global financial services business K Krithivasan as the CEO-designate, effective March 16, […] March 17, 2023
Tamara secures $150m from Goldman Sachs to propel growth Saudi-based buy-now, pay-later startup Tamara has signed a $150 million funding facility with investment bank Goldman Sachs to fund its growth plan. The loan, known as a ‘receivables warehouse facility’, will take the startup’s total funding in equity and debt to $366 million since its launch in September 2020. The funding will accelerate demand for […] March 17, 2023
Banking & Finance Cairo VC firm launches $95m African startup fund Venture capital firm Flat6Labs has announced a $95 million seed fund to grow early-stage African tech startups. The African Seed Fund (ASF) will invest in more than 160 companies over the next five years. It will pay particular attention to sectors that accelerate digital inclusion through information technology, as well as healthtech, fintech, edtech, greentech, […] March 15, 2023
GCC faces tech talent shortage while Meta cuts 10,000 jobs Experts warn that the fintech sector in the GCC still has several obstacles to overcome, chief among them a shortage of talent. Against this backdrop, Riyadh hosted the region’s largest fintech recruitment fair last week. The two-day Fintech Careers Fair involved more than 50 companies showcasing 600 job opportunities. Over 8,000 people attended. It took […] March 15, 2023
Tech Facebook-parent Meta to cut 10,000 jobs in new layoff round Facebook parent company Meta Platforms is to cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Meta shares jumped six percent on the news. The widely anticipated job cuts are part of a restructuring that will see the […] March 15, 2023
Banking & Finance Abu Dhabi’s AI firm buys stake in TikTok owner at $220bn valuation Abu Dhabi-based artificial intelligence firm G42 has acquired an over $100 million stake in ByteDance, valuing the Chinese owner of TikTok at $220 billion, Bloomberg News reported, citing informed sources. G42, owned by Sheikh Tahnoon bin Zayed Al-Nahyan, who is the UAE’s national security adviser, bought the stake from existing investors in recent months through […] March 15, 2023
Banking & Finance Gulf edges closer to its first homegrown tech unicorn The Gulf region is two years away from realising its first tech unicorn, according to Mohammad Alblooshi, head of Dubai International Financial Centre’s Fintech Hive. Becoming a unicorn – a company with a valuation over $1 billion before being listed on the stock exchange – is the dream of many tech startups. In the fintech […] March 14, 2023
Markets Egypt to initiate steps for listing two army companies Egypt will begin procedures on Wednesday to list army companies – National Service Projects Organisation (NSPO) and National Company for Natural Water in Siwa (SAFI) – on the country’s stock exchange, the cabinet said in a statement. “The offering process aims to maximise the value of the two companies and attract investors from the local […] March 13, 2023
Manufacturing 5G set to boost smartphone market value in the region Shipments of 5G smartphones to the Middle East and Africa region grew 47 percent last year, according to the latest industry data from Counterpoint Research Market Monitor. The MEA region made up an 18 percent share of the overall shipments. While globally 5G smartphone prices are dropping as a result of the availability of more […] March 9, 2023
Opinion UAE startups are critical for sustainable growth and disruption The battle against climate change must be fought on every possible front March 9, 2023
Opinion Tech Four ways ChatGPT could improve your finances AI programme can be a useful tool for everything from savings to wills March 8, 2023
EXCLUSIVE Bright outlook but no more ‘growth at all costs’ for startups The challenging venture capital market means Mena startups are focusing on short-term profit rather than “growth at all costs”, according to a VC expert specialising in emerging markets. Simon Sharp, partner at Global Ventures in Dubai, said that the lower funding expectations of founders has had an impact on valuations. “That leads into the conversation that it […] March 8, 2023
Banking & Finance Mandatory health coverage boosts Middle East insurance sector Mandatory health insurance requirements swelled Gulf insurers’ income last year, although growth will slow in 2023 and profitability remains a challenge despite the coverage boom. Those are some of the findings in a report by S&P Global Ratings which predicts easing inflationary and supply chain pressures should lower costs arising from property, motor and casualty […] March 7, 2023
Tech Turkish watchdog fines Elon Musk over Twitter takeover Turkey’s competition authority has fined billionaire Tesla owner Elon Musk for taking over Twitter without its permission. The competition authority said it fined Musk 0.1 percent of Twitter’s gross income in Turkey in 2022. Musk’s takeover did not effectively violate competition, but was still fined for not taking the authority’s permission, the Daily Sabah newspaper reported. […] March 7, 2023
Banking & Finance Egypt offers to sell 10% stake in Telecom Egypt Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi in April ordered the government to draw up a programme […] March 7, 2023
Israel’s Liquidity Group to support Gulf startups with $500m Liquidity Group, an Israel-based fintech and asset manager, is looking to provide $500 million this year to support startups in the UAE and across the Middle East. The company reached unicorn status last month, with fresh investment of $40 million from Japan’s MUFG at a valuation of $1.4 billion. Launched in 2018, Liquidity Group provides […] March 6, 2023
Markets Abu Dhabi’s G42 to list big data analytics arm Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange. Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company. Shares will be priced at AED1.34 […] March 6, 2023
Energy Xlinks looks to Europe as UK-Morocco deal stalls Xlinks is in talks with another European country to develop a second renewables project, as it awaits final sign off from the British government on its planned first venture to supply seven million British homes with Moroccan solar and wind power. “There will be an announcement very shortly, but we’ve already set up another company […] March 3, 2023
