Skip to content Skip to Search
Skip navigation

Austrian finance unicorn to open in UAE

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade Wam
The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade
  • Bitpanda allows crypto and securities trading
  • 150 Austrian companies operate in UAE
  • UAE and Austria in top-level trade talks

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year

A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share market.

Bitpanda, whose app provides access to a cryptocurrency exchange, commodities and securities trading, intends to expand across the Middle East, with the launch of Bitpanda Mena.

The company already has partnerships with several of Europe’s largest banks and wants to launch in the region later this year after obtaining a local operating licence.

“The UAE is the ideal place for us to make our entry to the Middle Eastern market,” said Eric Demuth, Bitpanda’s co-founder and CEO. “It has the perfect mix of investor demand and innovative regulatory environment that will allow us to deliver the best trading solution available on the market.”

New figures show that UAE exports to Austria jumped by 21 percent to $254 million in 2023, while Austrian exports to the UAE rose by more than 23 percent to $708 million.

The UAE is Austria’s top investment partner in the Middle East and North Africa and sixth globally, with Emirati investments exceeding $8 billion, while Austria is the UAE’s 10th-largest European trading partner.

More than 150 Austrian companies operate in the UAE, which takes 43 percent of Austria’s total trade with the GCC bloc.

Sultan bin Ahmed Al Jaber, the UAE’s minister of industry and advanced technology, met Karl Nehammer, Chancellor of Austria, along with other officials in Vienna earlier this month. Closer cooperation across energy and advanced technology was discussed.

Nehammer said: “The UAE is an important strategic and economic partner in a variety of areas, from diversifying energy sources to ensuring security and stability in the Middle East.”

The first ministerial meeting of the UAE-Austria Comprehensive Strategic Partnership took place during Al Jaber’s visit. 

The two sides praised last year’s signing of an air transport services agreement that aims to increase flights between the countries, opening up more trade and investment opportunities.

Al Jaber said that since the launch of the Comprehensive Strategic Partnership in 2021, UAE-Austria ties have witnessed “great progress”.

Last month, the Austrian company Doka signed an agreement with Azizi Developments for the manufacture and supply of formwork systems for the latter’s skyscraper project, Azizi Tower, on Sheikh Zayed Road, Dubai’s main thoroughfare.

Formwork involves moulds into which concrete are either precast or cast-in-place on construction sites. 

UAE-Austria trade highlights

  • In February, state oil company Adnoc announced that it had formally closed the acquisition from Mubadala Investment Company of a 24.9 percent shareholding in OMV, a global energy and chemicals group headquartered and listed in Vienna.
  • The UAE government, represented by the Office of Artificial Intelligence, Digital Economy and Remote Work Applications, signed a memorandum of understanding with Austria to enhance the adoption of AI in various sectors.
  • The International Free Zone Authority in Dubai, which opened its latest overseas office in Frankfurt, Germany last month, says it plans to expand its network to Austria later this year. 
  • In December the UAE-Austria Joint Economic Committee held a meeting in Dubai, with discussions to forge partnerships in tourism, technology, green energy, logistics, infrastructure and vocational training.

Latest articles

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

Spinneys plans to open another 12 stores in Saudi Arabia by 2028

Spinneys opens first Saudi supermarket in Riyadh

Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi […]