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
Banking & Finance UAE telco buys more Vodafone shares to up stake to 13% UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has upped its stake in the UK’s Vodafone Group for the second time this year. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.537 billion shares, representing 13 percent of Vodafone’s issued share capital, excluding […] February 3, 2023
Tech Big tech earnings show digital ads market not out of the woods After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear. The health of the advertising industry closely mirrors the economy, and many advertisers have pared back their marketing budgets in response to […] February 3, 2023
Aramco-backed Insilico opens new lab to ‘extend human life’ Insilico Medicine, the Hong Kong-based Aramco-backed health technology company, opened its eighth global laboratory this week at Abu Dhabi’s Masdar complex. The lab aims to support Middle East efforts to find new drugs that prolong human life. “My hope for the region is that it realises it can be a big player in drug discovery,” […] February 3, 2023
New academy to help Mena startups tap into Africa As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […] February 3, 2023
Tech PIF and AeroFarms to build indoor vertical farms across Mena The Public Investment Fund (PIF) has signed a joint venture agreement with AeroFarms, a US-based sustainable indoor agriculture company, to build and operate indoor vertical farms across the wider Middle East and North Africa (Mena) region through a newly-established company in Riyadh. The agreement will optimise the utilisation of natural resources, including water and agricultural […] February 2, 2023
Tech Farming tech startup moves HQ from Europe to UAE A Finnish tech startup is swapping the green countryside of Northern Europe for the Arabian desert as it looks to grow its urban farming business. iFarm was invited in November to join the incentive programme of Abu Dhabi’s Hub71, the technology project led by Mubadala Investment Company and backed by the Government of Abu Dhabi. […] February 1, 2023
Tech Intel announces broad pay cuts amid PC market downturn Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from five percent of base pay for mid-level employees to as […] February 1, 2023
Tech DIFC launches metaverse platform to attract tech innovators Dubai International Financial Centre (DIFC) has launched the “DIFC Metaverse Platform” to attract global technology innovators. The new platform is aligned with the Dubai metaverse strategy, which aims to add $4 billion to Dubai’s GDP, DIFC said in a statement. The strategy aims to create 40,000 virtual jobs by 2030 and attract 1,000 companies specialised […] January 31, 2023
Tourism Tourism rebound brings spot of light to lessen gloom for Egypt Egyptian tourism performed strongly in the final quarter of 2022 – and this could have “a multiplier effect” for the country’s economy, analysts have said. Hotel occupancy in Cairo has continued to rebound despite Egypt’s economic challenges, according to the latest report by real estate consultancy JLL. The average occupancy rate for January to November […] January 30, 2023
Tech Technology is ‘biggest disruptor’ for regional CEOs this year Two-thirds of chief executives in the Middle East view technology as having the biggest potential to disrupt their businesses in 2023 and beyond, above supply chain, regulations, energy and other issues. For its latest annual CEO Survey, PwC asked 4,410 chief executives across 64 countries the extent to which a range of potential disruptions would […] January 27, 2023
Dubai startup aims to disrupt Mena theme park sector Traditional, ride-based theme parks are being challenged by Dubai-based startup HyperSpace’s “physical parks for a digital world”, including AYA and House of Hype. HyperSpace opened the 40,000sq ft AYA, a digitally immersive experience park with interactive gardens, observatories and other spaces in Dubai’s Wafi Mall in December, bringing a metaverse dimension to the emirate’s entertainment […] January 26, 2023
Banking & Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Tech Intel chairman Omar Ishrak steps down Intel Corp said on Monday chairman Omar Ishrak had stepped down and the chipmaker appointed board director Frank Yeary as his replacement. “He (Ishrak) was instrumental in bringing me back to the company as CEO and has fostered a high-impact working dynamic across the board and management team,” Intel chief Pat Gelsinger said. Gelsinger returned […] January 24, 2023
Tech Abu Dhabi-listed Bayanat AI profit surges 110% to $55m in 2022 Abu Dhabi’s artificial intelligence-powered geospatial solutions provider Bayanat AI’s net profit rose 110 percent year-on-year to AED202 million ($54.99 million) in 2022. Revenue surged 115 percent year-on-year to AED788 million, the company said in a statement. Total assets grew to AED1.51 billion in 2022 compared to AED474 million in 2021, an increase of 218 percent. Tareq […] January 24, 2023
Exclusive Food & Drink Cashless economy is at the door, says food delivery boss A cashless economy in the UAE is no longer just an ambition, according to Tatiana Rahal, managing director of food delivery giant Talabat UAE. “The future in the UAE is digital and we see cashless payments as the primary currency,” said Rahal, the company’s first MD who has previously worked on data analytics for brands […] January 23, 2023
Di Caprio-backed fintech to set up offices in Abu Dhabi California-based fintech company Aspiration Inc. will be setting up offices at Abu Dhabi Global Market. Aspiration is supported by Access Abu Dhabi, the business expansion program by Maven Global Access and Abu Dhabi Investment Office (ADIO), which serves as a conduit to fast-track entry to the UAE capital, the company said in a statement. The […] January 20, 2023
Analysis Banking & Finance Rising global interest sets Dubai IPOs on course for strong 2023 Global stock markets may have suffered heavy losses but bourses in the Middle East and North Africa are thriving, recording 42 listings in 2022 and with a healthy pipeline of activity planned for the year ahead. According to Bloomberg data, Mena initial public offerings (IPOs) raised over $18 billion in 2022. This represents 47 percent […] January 20, 2023
Microsoft-backed Indian tech firm in Mena expansion Indian HR software provider Darwinbox is increasing its Middle East headcount as part of its push into the region following Microsoft’s investment in the company. Microsoft bought a stake in the tech firm, which is based in Hyderabad, with the duo forming a partnership that enables both companies to share leads and what Darwinbox describes […] January 20, 2023
