Analysis Markets Mena delivery app Talabat outperforms its German parent When Talabat makes its debut on Dubai Financial Market next week, the food delivery app will be worth nearly as much as its parent company despite providing only about a quarter of Delivery Hero’s revenue. This might suggest Talabat’s initial public offering (IPO) was overpriced but a closer look at both companies’ earnings shows otherwise […] December 4, 2024
Tech PIF buys Airbus’ earth observation digital platform A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is to acquire Airbus Defence and Space’s earth observation digital platform. Riyadh-based Neo Space Group (NSG) was set up in May this year by PIF to lead efforts to develop the space industry in Saudi Arabia. It is to acquire Berlin-headquartered UP42, which was launched by […] December 4, 2024
Analysis Retail Apple, HP and Dell lose market share in Gulf Apple, HP and Dell are losing market share in the Gulf, analysts have told AGBI, but their weakening position appears to be due to the allure of their rivals rather than a boycott of American brands. The region’s relatively wealthy, young and tech-savvy consumers are an attractive target for makers of smartphones, tablets and computers. […] December 3, 2024
Economy Saudi R&D growth fuelled by AI and green industries Research and development spending in Saudi Arabia increased by 17.4 percent in 2023, and the number of people employed in R&D rose significantly. Figures released by the General Authority for Statistics showed R&D spending of SAR22.6 billion ($6 billion) in 2023, up from SAR19.25 billion in 2022 and SAR14.5 billion in 2021. The total number […] December 2, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Opinion Artificial Intelligence AI must support humans, not replace them It is essential to uphold the creativity, empathy and insight that only people can bring November 28, 2024
Telecoms Vodafone gets licence to operate Iraq’s 5G network The Iraqi cabinet has approved a licence for Vodafone Global Telecommunications to operate the country’s first 5G network. The cabinet directed the ministry of communications to proceed with the project, state-run Iraq News Agency (INA) reported, citing a statement by the prime minister’s media office. Vodafone said it was discussing a role as an advisor in […] November 27, 2024
Agriculture UAE food companies aim to stack up 500 vertical farms Two UAE companies have signed a deal to roll out 500 vertical farms across the Middle East. Crysp Farms, which provides vertical farms to hotels and resorts, has made the five-year agreement with agtech business Alesca Technologies. The companies said the partnership would “significantly improve the efficiency of vertical farming” and provide more than 130 […] November 26, 2024
Analysis Media & Advertising It’s not just Elon Musk critics flocking to X rival Bluesky Social media challenger Bluesky hit 20 million users this month, mostly by attracting people who have grown disillusioned with X and its owner Elon Musk. Bluesky has gained roughly 100,000 users a day since the US presidential election, when Musk was a full-throated supporter of Donald Trump. Its global user base reached 15 million people […] November 26, 2024
Telecoms Aramco unit seeks $1bn stake in US telecom software maker Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […] November 25, 2024
Video length: 03:43 VIDEO Tech Funding squeeze stifles AI innovation in Mena Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […] November 25, 2024
Health AI in healthcare is not a cure-all solution Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges. A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […] November 22, 2024
Video length: 03:19 VIDEO Tech A lesson in growth for educational technology Funding value is down by 90 percent in the educational technology sector from global highs, forcing many companies out of business. In the first quarter of 2024 there were about 100 venture capital transactions in educational technology, or “edtech”, with a total value of about $580 million. Online course provider Coursera has more than 20 […] November 20, 2024
Giga-projects Saudi Arabia’s big bet on ‘immersive cities’ Kingdom's plans for cities enhanced with virtual reality could be a blueprint for others to follow November 20, 2024
Artificial Intelligence QIA leads $125m funding round for AI startup Cresta Qatar Investment Authority (QIA) has led the new $125 million funding round for Cresta, a US-based generative artificial intelligence (AI) platform for contact centres. The series D round included World Innovation Lab, Accenture, Comcast Ventures, EnvisionX, LG Ventures, Qualcomm, Scan Health and Workday Ventures. The round included returning investors Andreessen Horowitz, Greylock Partners, J.P. Morgan, Sequoia […] November 20, 2024
Opinion Tech The UAE could be squeezed in a US-China tech tussle Emirates would prefer to keep its options open, but Trump might make that impossible November 18, 2024
Analysis Artificial Intelligence Oil and gas companies place trust in AI Lower oil prices and the race for higher returns are pushing regional and national oil and gas companies to spend billions of dollars on artificial intelligence. The hope is that the technology will improve margins and reduce operating costs. Saudi Aramco last year invested around $3.5 billion in research and development including in AI, according […] November 18, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Finance Adia taps scientists and hedge funds to boost returns The Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, is using a team of 125 data scientists and hedge funds to expedite its decision-making process. “We are using our increased data and scientific skills to assist the senior investment team to make dynamic allocation decisions,” Bloomberg reported, quoting Jean-Paul Villain, director of […] November 14, 2024
Telecoms Vodafone and Telecom Egypt sign $600m deal to push 5G Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […] November 12, 2024
Analysis Banking & Finance AI is sucking up VC funding, claim green startups Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […] November 12, 2024
Banking & Finance Adia to buy $1bn stake in US software company Qlik Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […] November 11, 2024
