Analysis Tech Rise of the supercomputers: Gulf invests its oil profits in big tech Abu Dhabi Investment Authority, the world’s third-largest sovereign wealth fund, has revealed plans to launch ADIA Lab, a centre dedicated to cutting-edge research in data science, artificial intelligence, machine learning and quantum computing. From its base in the UAE capital, ADIA Lab will start work on December 2, supporting projects on climate change and energy […] November 1, 2022
Banking & Finance Public Investment Fund reports 13% profit hike to $22.8bn Saudi Arabia’s Public Investment Fund (PIF) reported profit of SAR 85.7 billion ($22.81 billion) in 2021, a year-on-year increase of 13 percent, according to the Saudi Gazette newspaper. The PIF’s revenue rose 27 percent year-on-year to SAR 228.2 billion and profit from associate companies hit SAR 8.6 billion, a 75 percent increase. Its other operating incomes […] October 31, 2022
Banking & Finance PIF makes offer for 51% of Saudi Telecom’s $6bn towers unit Saudi Telecom Company (STC) said on Monday the kingdom’s sovereign wealth fund had made a non-binding offer to buy 51 percent of its towers business, valuing the latter at almost $6 billion. The offer from the sovereign Public Investment Fund (PIF), which owns 64 percent of STC, is subject to a final agreement and approvals, […] October 25, 2022
Analysis Banking & Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022
Banking & Finance Empower targets Gulf expansion with IPO cash boost Dubai’s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering (IPO) on the Dubai Financial Market on November 16, as it eyes expansion to neighbouring Gulf states, company executives said on Monday. Subscriptions will open on October 31 and close on November 7. Final pricing will be set on November 9 […] October 24, 2022
Banking & Finance Omantel to buy back over $350m of its bonds Oman Telecommunications, majority owned by the state, said in a bourse filing it has accepted to buy more than $350 million of its existing bonds for cash. Omantel earlier this month made a tender offer to holders of its $600 million bonds due in 2023 and $900 million bonds maturing in 2028. It will buy […] October 21, 2022
Banking & Finance Dubai’s TECOM board proposes $54m interim cash dividend Dubai business park operator TECOM Group’s board has proposed an interim dividend payment of AED 200 million ($54.45 million), subject to shareholder approval at its upcoming annual general meeting. The proposed AED 200 million payout is in line with its previously announced dividend policy of distributing AED 800 million annually through to October 2025. The […] October 18, 2022
Zain KSA seals transfer of its telecom towers to PIF-led group Mobile telecommunications company Zain KSA has transferred ownership of its unit Zain Business to Saudi Arabia’s Public Investment Fund, enabling the sale of its towers infrastructure. PIF has changed the unit’s name to Golden Lattice Investment Company (GLI), the telco said in a statement published on the Saudi exchange, or Tadawul. The sale of 8,069 […] October 17, 2022
Tech Gulf investors back $20m funding for ‘YouTube of the metaverse’ Los Angeles-headquartered social media startup VUZ, which describes itself as ‘the YouTube of the metaverse’ has raised $20 million from a range of Gulf-based investors and aims to use the new funding to expand into Asia. Founded in 2017, VUZ also has offices in Dubai and Riyadh, and is a social app which allows users […] October 14, 2022
Analysis Banking & Finance UAE government’s IPO juggernaut raises $13.3bn and counting A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy. While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […] October 12, 2022
Tech India’s Reliance seeks repeat of phone success with $184 laptop Reliance Jio will soon launch a laptop priced at just INR 15,000 ($184) – one of the cheapest on offer in India, aiming to replicate the success of its low-cost phone, said two sources with direct knowledge of the matter. Indian billionaire Mukesh Ambani’s Reliance is known for disrupting businesses with cut-throat price offerings. Jio, […] October 3, 2022
Retail Omantel to invest $1.6bn from towers spinoff in growth projects State-owned Omantel, a subsidiary of Oman Investment Authority (OIA), will set up one of the largest regional telecom tower companies through the sale of telecom towers, Oman Daily Observer reported, citing CEO Talal Al Maamari. The operator announced the sale of its telecom towers in Oman in 2021, further expanding it to cover Zain-linked infrastructure […] October 2, 2022
Health Moody’s says hospitals and utilities face high hacking risks Around $22 trillion of global debt rated by Moody’s has a ‘high’ or ‘very high’ exposure to the risk of cyber attack, the ratings agency said in a report on Thursday, with hospitals and utilities seen at the greatest risk. Out of $80 trillion worth of debt across 71 sectors that the rating agency monitors, […] September 30, 2022
Tech Qatar issues licence to Elon Musk’s satellite broadband firm Qatar’s telecom watchdog Communications Regulatory Authority (CRA) has issued an individual licence to Starlink Satellite Qatar, state-owned QNA reported. The licence authorises US-based Starlink’s Qatar unit to provide satellite broadband Internet services to individuals and enterprises via the low-earth orbit satellite constellation of SpaceX. Starlink will provide direct-to-consumer satellite Internet and premium services, targeting businesses […] September 29, 2022
Tech Qatar’s Ooredoo plans to sell 20,000 telecom towers Qatari telecoms company Ooredoo is preparing to sell 20,000 of its towers, it revealed on Monday. Sources said it had engaged Morgan Stanley to work on the deal. The sources added that Ooredoo is looking to sell towers in the Gulf region and other markets including Iraq and Algeria through a sale-and-leaseback arrangement. In a […] September 27, 2022
Tech Big-name tech businesses choose Egypt as place to outsource The Information Technology Industry Development Agency (ITIDA) has recorded a rise in the number of business services and IT jobs offshored to Egypt. At least 19 global services providers and leading tech companies have announced their expansion plans in the country and four new market entrants established their offices and research and development centres during […] September 20, 2022
Markets Salik’s $1bn IPO target ‘easily achievable’ after stake boost Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […] September 17, 2022
Saudi bets $80m in gaming sector push Saudi Arabia’s National Development Fund (NDF) has announced a SR300 million ($80m) fund to help develop the gaming and e-sports sector in the kingdom. The budget aims to position Saudi Arabia as a global gaming hub, increasing the sector’s contribution to the gross domestic product (GDP) by providing career paths and new job opportunities as […] September 8, 2022
Real Estate Dubai real estate trust eyes Saudi after $400m refinancing Equitativa, the manager of Emirates REIT real estate investment trust, is looking to expand beyond Dubai once it concludes the refinancing of its $400 million sukuk within the next two months. The firm is also keen to launch new real estate trusts outside the UAE, in Saudi Arabia and Africa. Founded in 2010, the Emirates […] September 7, 2022
Tech Qatar’s Ooredoo plans to sell Myanmar unit to Singapore firm Qatari telecommunications company Ooredoo plans to sell its Myanmar operations to Singapore-headquartered technology firm The One Matrix Ventures (TOMV), according to three people with direct knowledge of the matter. Ooredoo is the last majority foreign-owned telecoms company in Myanmar since a rush to exit after last year’s military coup. Norway’s Telenor withdrew from the country […] September 6, 2022
Opinion Banking & Finance Crypto consumers need protection – and they can find it here The UAE wants to be a global crypto hub and a flurry of laws have set it on the right path. Consumer safeguards are a vital part of this plan September 5, 2022
UAE tops ‘digital lifestyle’ rankings amid investment push The UAE ranks among the world’s leading countries in several digital life indexes. It’s the first globally in terms of mobile internet speed, with the average speed in being 134.48 megabytes per second (Mbps) compared with the global average of 30 Mbps, according to a report published by the UAE’s Telecommunications and Digital Government Regulatory […] September 5, 2022
