UAE defence giant buys stake in Estonian robotics firm Technology and defence giant Edge Group has bought a majority stake in Estonia’s Milrem Robotics, a leading European developer of autonomous systems. The transaction is the largest foreign investment in Estonia’s growing defence industry and will see Milrem Robotics join Abu Dhabi-based Edge as a new entity within its platforms and systems cluster. Established in […] February 15, 2023
Opinion Tech Never underestimate the human touch Developments around AI are phenomenal but technology in the workplace is no substitute for humans February 14, 2023
Tech Walmart to close 3 US tech hubs and asks staff to relocate Walmart Inc will close three of its US technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart’s director of global communications. […] February 14, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Tech KPMG launches Saudi metaverse investment fund KPMG has launched a co-investment fund for metaverse use-cases in Saudi Arabia, as the kingdom ramps up its commercialisation of the new technology. The consultancy firm will work with Saudi public and private partners on expediting metaverse-based technology for practical use. “We’re optimistic about the future of metaverse and Web3 technologies in the kingdom,” said […] February 13, 2023
Egyptian healthcare startup raises $16m in latest funding round Egypt’s digital healthcare startup Yodawy has raised $16 million in the first close of its Series B round, the company said in a statement. The round was co-led by Delivery Hero Ventures, the venture capital arm of food delivery platform Delivery Hero, and UAE-based Global Ventures. Japan’s AAIC Investment and Saudi-based Dallah Albaraka also participated […] February 13, 2023
Tech ChatGPT frenzy sweeps China as firms seek homegrown versions OpenAI has kept its hit ChatGPT app off-limits to users in China but the tool is attracting huge interest in the country, with businesses rushing to integrate the technology and to launch rival products. The chatbot’s developer, which has attracted billions of dollars of investment from Microsoft, does not allow Chinese residents to create accounts, […] February 13, 2023
Tech Ready for take-off: Dubai to have flying taxis by 2026 Flying taxis will become operational in Dubai by 2026, with “vertiports” initially connecting downtown Dubai, Dubai Marina, Dubai International Airport and Palm Jumeirah, says the Dubai Roads and Transport Authority. Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and the ruler of Dubai, approved RTA models of aerial […] February 13, 2023
Banking & Finance Tecom’s profit up 28% in 2022 as revenue hits 22-year high Tecom Group reported a record 28 percent year-on-year (YoY) increase in net profit to AED725.62 million ($197.56 million) for 2022, as revenue rose 12 percent YoY to AED1.97 billion, the highest in 22 years. The results showed strong demand for the group’s commercial and industrial properties, supported by Dubai’s strong macroeconomic environment and buoyant business […] February 12, 2023
Banking & Finance Binance focuses on security as crypto crimes hit $20bn Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […] February 10, 2023
Opinion Employment Stocks up, manpower down as big tech marches towards blockchain Decentralised business models will inevitably be adopted as major players get tough February 10, 2023
Tech Venture fund to invest in Israel’s ‘new space’ industry Earth & Beyond Ventures, a new early-stage venture fund investing in Israel’s emerging commercial space ecosystem, has launched with commitments of $125 million to leverage Israel’s expertise in deeptech, aerospace, and satellite engineering. The fund is backed by manufacturer and Nasa supplier Corning Inc, Japanese electronics giant Kyocera Corp, Israeli satellite firm SpaceCom and Samtec, […] February 10, 2023
Logistics Humans and robots to combine in $27m Saudi fulfilment centre Humans and robots are set to work together at a new SAR100 million ($26.65 million) fulfilment centre in Saudi Arabia. Logistics and supply chain solutions provider Starlinks has opened the 400,000 sq ft hybrid facility at Agility Logistics Parks in the city of Dammam. 11 ways robots are transforming the UAE Apple heads list of […] February 9, 2023
Economy New Saudi-China platform aims to boost investment and innovation The launch of the Saudi Arabia-China Entrepreneur Association (SCEA) in Riyadh will strive to promote cross-border investment and foster innovation, state-owned Saudi Press Agency (SPA) reported. SCEA is a non-profit organisation supported by the Ministry of Communications and Information Technology, Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), and operated by eWTP Arabia Capital (eWTPA). […] February 9, 2023
Video length: 00:46 EXCLUSIVE US space balloon pioneer seeks Middle East partners A company planning to launch commercial balloon flights to the edge of outer space in late 2024 is seeking partners in the Middle East. Space Perspective, which is headquartered at the Kennedy Space Centre in Florida, is looking to build “strong, longer-term, strategic partnerships” with regional tech firms and investors, according to Jane Poynter, founder […] February 9, 2023
Zoom connects with Saudi Aramco despite global hang-ups As Zoom Video Communications announced it was laying off 15 percent of its workforce, the Californian firm is set to partner with Saudi Aramco to build its first data centre in the Gulf state. Announcing the news on Tuesday at the Leap 2023 technology conference in Riyadh, Aramco president and CEO Amin Nassersaid: “Our new […] February 8, 2023
Tech Aramco venture capital arm boosts tech startup funding by $300m Wa’ed Ventures, the venture capital arm of Saudi Arabian oil giant Aramco, has announced a $300 million increase in funding aimed at boosting the growth of tech startups in the country. The size of the fund grows to $500 million and will be directed towards local investments in mid and growth-stage startups, especially underserved areas […] February 8, 2023
Banking & Finance The new Switzerland: diplomacy is key to UAE’s trade success The UAE is “the new Switzerland” and poised to reap the benefits of its good relationships with both East and West, the investment boss of one of the Gulf’s leading banks has said. Maurice Gravier, chief investment officer at Emirates NBD Group, said he believed the world needed neutral powers, “a place to speak between […] February 7, 2023
Tech Global tech giants to invest more than $9bn in Saudi Arabia Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by US giants Microsoft and Oracle Corporation, which are building cloud regions in the kingdom, a government minister said. Saudi minister of communication and information technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle […] February 7, 2023
Opinion Banking & Finance Crypto will emerge stronger from recent challenges The latest milestones for digital assets will define the ultimate success of the cryptocurrency ecosystem February 3, 2023
Dubai Science Park chief reveals ambitious plans for 20% growth Dubai Science Park is forecasting a 20 percent increase in the number of entities operating in the free zone, according to a senior executive. Innovative Life Sciences Lab announced this week it had opened a genomics testing lab there, with plans to initially create over 100 jobs, increasing its headcount by 200 percent. It joins […] February 3, 2023
Banking & Finance Saudi Arabia sees cashless payments up 25% in January Saudi Arabia saw the number of digital point-of-sale (Pos) transactions increase by nearly a quarter year-on-year during January, as the kingdom’s drive towards becoming a cashless economy takes hold. Figures from the Saudi Central Bank showed there were 598,861 transactions last month for both ATM cash withdrawals and credit card transactions at retail outlets and […] February 3, 2023
