Dubai funds Indian VC raising $225m to back domestic growth Indian VC firm Fireside Ventures has raised $225 million for its third fund to back domestic consumer brands, with backers including Investment Corp of Dubai (ICD). The investment in 25 to 30 Indian startups is the latest bet on Asia’s third largest economy, as startup funding dries up globally. The early-stage investor said the new […] October 12, 2022
Economy Sri Lanka approves downgrade to ‘low income country’ Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4 percent in the June quarter in one […] October 11, 2022
Analysis Oil to outer space: the changing face of UAE-Japan trade When the Emirates lunar mission is launched next month, the trade relationship between the UAE and Japan will be taken to a whole new level – approximately 384,400km higher. The Rashid rover will be transported to the moon on a lunar lander made by Japanese company ispace. The exact date has yet to be confirmed, […] October 11, 2022
Business of Sport Smiles and some sadness for Vettel on Japan’s Suzuka farewell It was smiles and some sadness for four-time world champion Sebastian Vettel on Saturday after his last qualifying lap around a Suzuka circuit that has played a big part in his Formula One career. The 35-year-old German is retiring at the end of the season and every race is a farewell of sorts, but Suzuka […] October 9, 2022
HSBC eyes sale of ‘profitable’ Canadian business at premium HSBC is considering selling its business in Canada, worth billions of dollars and one of the biggest international banking brands in the country, as it looks to beef up returns as demanded by its largest shareholder. “We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada,” the bank said […] October 5, 2022
Tourism Sales of one-way tickets to Dubai double as Russians flee call-up The number of Russians booking one-way tickets to Dubai doubled in a week after President Vladimir Putin announced a partial mobilisation to fight in Ukraine, flight data has revealed. Putin’s television address on September 21 prompted a spike in demand and web searches for flights out of the country. Travel analytics firm ForwardKeys has found […] October 4, 2022
Analysis Construction Sponge City Initiative could fix Mena’s growing flood threat A Dubai-based company is in talks with authorities across the Middle East about bringing a revolutionary “sponge city” concept to the region following the UAE’s recent record levels of rainfall which led to loss of life and flood damage. Dake Rechsand, which specialises in sustainability solutions for water conservation, rainwater harvesting and stormwater management, exhibited […] October 4, 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
Hospital operator Burjeel aims to raise up to $368m from IPO Abu Dhabi-based Burjeel Holdings set a price range of AED 2 to AED 2.45 ($0.5446 to $0.6671) a share for its initial public offering (IPO) that opened for subscription on Friday, valuing the hospital operator at $3.3 billion at the top end. The selling shareholder expects to sell more than 350 million shares, or seven […] September 30, 2022
Analysis India reaps early benefits from its trade deal with UAE India’s non-oil exports to the UAE have recorded double-digit growth since the two nations signed a trade deal earlier this year. New Delhi’s Ministry of Commerce reported that exports to the UAE, excluding petroleum products, grew to $5.92 billion in June-August, from $5.17 billion during June-August 2021 – an increase of 14 percent. India’s global […] September 27, 2022
With flowers and a gun salute, Japan bids farewell to Shinzo Abe With flowers, prayers and a 19-gun salute, Japan honoured slain former Prime Minister Shinzo Abe on Tuesday at the first state funeral for a former premier in 55 years – a ceremony that has become as divisive as he was in life. The ceremony started at 2:00 p.m. (0500 GMT), with Abe’s ashes carried into […] September 27, 2022
Tech startup aims to spice up India’s agriculture trade with GCC Indian startup Ninjacart has launched Ninja Global, a new digital platform for agricultural export-import businesses in the UAE and other countries in the Gulf. Ninjacart operates in over 150 markets across agri-commodities, was valued at almost $1bn this year, and is backed by retail giant Walmart and India’s Tiger Global among others. Its Ninja Global is […] September 26, 2022
Retail McDonald’s hikes prices in Japan on higher input costs, weaker yen Japan’s McDonald’s fast food restaurants will raise prices on about 60 percent of its offerings to customers, fuelled by rising input costs and exchange-rate fluctuations, the company said on Monday. It marks the company’s second set of price increases this year as Japan grapples with inflationary pressures and a slide in the yen to a […] September 26, 2022
Banking & Finance Uzbekistan halts use of Russia’s Mir payment cards Uzbekistan’s UZCARD system has suspended the processing of payments via Mir cards issued by Bank of Russia’s National Card Payment System (NSPK), the chief executive of which has been targeted by US sanctions. The move by UZCARD was warranted by the need “to carry out the necessary technical procedures”, it said in a statement on […] September 25, 2022
ANALYSIS Economy 200 billion reasons why the Gulf is China’s hottest trading partner When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse. By the end of this decade, less than […] September 22, 2022
Tourism IATA warns demand may weaken if China stays shut next year The strength of the overall recovery in global airline passenger demand will be impacted if China continues to enforce tight border restrictions next year, the head of airline body IATA said on Wednesday. International Air Transport Association Director General Willie Walsh told a conference in Doha that China’s zero-COVID policy had “devastated” Hong Kong, and […] September 22, 2022
Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […] September 19, 2022
Tourism Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
Exclusive Health Altibbi plans healthcare expansion in North Africa and Pakistan Altibbi, the largest AI-based digital health provider in the Arab world, is looking to expand into North Africa and Pakistan after “turbocharging” growth in Saudi Arabia and Egypt, its CEO has told AGBI. Jalill Allabadi said the proceeds from Altibbi’s latest funding round of $44 million – the largest ever single financing round for a […] September 19, 2022
Energy UAE oil imports help push Japan to record trade deficit in August Japan ran its biggest single-month trade deficit on record in August as imports surged on high energy costs and a slump in the yen, exposing the economy’s vulnerability to external price pressures. The growing trade deficit highlights the fragile nature of Japan’s economic recovery which has so far largely remained intact despite a high price […] September 15, 2022
Opinion Banking & Finance China’s long-term potential for investors remains unrivalled The struggling property and retail sectors might raise questions, but the yuan's growing importance as an alternative reserve currency shows the path ahead September 12, 2022
Tourism Streaming to survive: Thailand’s out-of-work elephants in crisis In the northeastern village of Ban Ta Klang in Thailand, Siriporn Sapmak starts her day by doing a livestream of her two elephants on social media to raise money to survive. The 23-year old, who has been taking care of elephants since she was in school, points her phone to the animals as she feeds them […] September 9, 2022
