Ain Sokhna Port and a river port in Minya among the projects which will be jointly developed by the two entities
Author Archives: Abdul Rawuf
business leaders
Top business leaders claim that attracting and retaining talent remains the biggest challenge for growth in 2022
Talent, company culture, and employee engagement remain key challenges faced by organisations, according to the inaugural Cooper Fitch GCC CEO report
Department of Government Relations
How Sharjah is building on its resilient economy, infrastructure, and flexible policies to attract foreign investors
Digitisation, resiliency and sustainability are key pillars of the emirate’s growth, panellists at Investopia agreed
Emirati women
Women can have a great impact on advancing diplomatic and economic interests: UAE Minister
Emirates’ first female minister likens her role to “chess players who need to always be five steps ahead”
Covid-19 pandemic
How digital payments and cross-border business are key enablers for freelancers and SMBs
More than eight in 10 businesses are likely to increase their online presence in the future, and nearly half of them are looking to have their own e-commerce website or app
augmented reality
The metaverse will strengthen relationships, empower people, and help tackle global crises: experts
Challenge is not to have the digital world monopolised by a single company, panellists at WGS2022 agreed
Beeah Group
Beeah Group opens new Office of the Future headquarters
Zaha Hadid designed, the building is powered by solar, integrated with next-generation technologies and set to realise net-zero emissions
AB In Focus
AB Talks: Embracing equity and tech in the education sector to bridge employability gaps
Dr Sonia ben Jaafar, the CEO of the Abdulla Al Ghurair Foundation for Education (AGFE), shares her thoughts on the need for the Middle East education sector to leverage EdTech, increase access, and enhance the quality of education to aid the local population and address employability concerns
ADQ
Saudi Arabia pledges $15 billion to support Egypt after Qatar and the UAE step in to aid the nation’s economy
Qatar has pledged $5 billion in investments into Egypt while Abu Dhabi wealth fund ADQ has revealed a $2 billion deal to buy Egyptian state-owned stakes in publicly listed companies
David Malpass
Countries in the MENA region must create 300 million jobs to protect social stability: World Bank President
The MENA region should focus on deepening trade relationships, labour and capital mobility, investing in knowledge, and enabling a strong business environment, the World Bank President said
District 2020
Expo 2020 Dubai closing ceremony: A guide on how to get there, where to be, and what to expect
From the timings of the air show, to where you need to be to witness the fireworks, the closing ceremony, and the concerts by Christina Aguilera, DJ Tiesto, Norah Jones, and Yo-Yo Ma – here’s everything you need to know about the Expo 2020 Dubai closing ceremony on 31 March
Holiday destinations
UAE travellers will take longer holidays and spend more to make up for a lack of breaks in 2020 and 2021: report
The report shows that among the 85 percent of people from the UAE who already know they will be heading abroad in Summer 2022, approximately 98 percent of people have stated that they will be spending more than they usually would
Barakah Nuclear Energy Plant
Nuclear energy is resolving the combined challenge of energy security and sustainability on the road to net zero: ENEC CEO
The UAE is also evaluating opportunities to expand into areas such as clean hydrogen, synthetic fuels, regional grid development, as well as nuclear R&D, Mohamed Ibrahim Al Hammadi, the ENEC CEO, said
acquisitions
UAE’s Tristar Transport to acquire majority stake in HG Storage International in $215 million deal
Tristar will acquire a majority holding in a well-diversified portfolio of oil storage, distribution, and retail assets owned by HGSI, comprising eight operating assets across four key regions, including Europe, the Americas, the Middle East, and Africa
Agility Public Warehousing
Kuwait’s Agility to acquire UK aviation services firm John Menzies in $750 million deal
The Menzies board has backed the offer of 608 pence a share in cash after Agility subsidiary GIL International issued a formal proposal
Hamriyah Seawater Reverse Osmosis Desalination Plant
Sharjah’s SEWA awards Metito the Hamriyah seawater reverse osmosis plant restoration project
Metito’s scope of work covers the design, procurement, construction, site erection, inspection, testing, and commissioning of the project
Bake N More
Café in Dubai accepts bitcoin, ethereum, and tether payments for breakfast, brewed coffee, and baked goods
The Bake N More café’s open-source payment platform is handled by the Mixin Network, which allows customers to pay for their purchases with six major cryptocurrencies
Arab Youth Council for Climate Change
UAE, Egypt ministers point to youth engagement in climate action as key milestones on road to COP27 and COP28
COP27 and COP28, which will be held in Egypt and the UAE, respectively, will focus on enhancing the participation of young people in all aspects of climate action
Armani
Saudi’s Diriyah Gate reveals plans to construct 70-key Armani Hotel managed by Emaar Hospitality Group
The Armani Hotel in Diriyah will be connected to approximately 18 ultra-luxury Armani Branded Residences – designed and furnished by Armani – with spacious interiors, outdoor pools, and landscaped terraces and rooftops
Brand View
Majid Al Futtaim Communities leverages its market-shaping approach to developing sustainable environments and ambitious communities
The CEO of Majid Al Futtaim Communities (MAF), Hawazen Esber, explains that their obsession with customer-centricity is what cements MAF’s reputation as a market shaper for the region
crypto investment
Two in three UAE residents are interested in crypto as Dubai’s virtual assets law deepens trust in trading: report
The UAE tops global markets in terms of trust in cryptocurrencies, with approximately 40 percent of consumers stating that they trust this digital asset
Abdul Aziz Al Ghurair
GBF LATAM 2022 spurs trade, partnerships, and investment prospects as Dubai firms up relations with Latin America
GBF LATAM 2022 attracted more than 2,000 participants from 95 countries, with approximately 300 bilateral business meetings held during the two-day forum
DEWA
DEWA could raise $5.7bn in listing, marking start of a ‘capital markets revolution’ in the region with the biggest IPO since Saudi Aramco
The company could be valued at $34 billion, if listed at a price between AED 2.25 and AED 2.48 per share, an expert said
Brand View
Revealed: What it takes to succeed in Dubai’s luxury property market
The senior property manager at Metropolitan Premium Properties outlines his career path and reflects on the emirate’s real estate market
AB In Focus
AB Talks: Evaluating the economic impact of the Russia-Ukraine conflict, rising inflation and energy transition goals
Scott Livermore, the chief economist at Oxford Economics, shares his thoughts on trade, food and commodity prices, inflationary pressures, and the importance of measuring and tackling emissions in this exclusive interview with Arabian Business
culinary tourism
Dubai will leverage launch of Michelin Guide to drive tourism, DCTCM chief says
The launch of the second French fine dining critique brand after Gault&Millau earlier this year will help the city increase tourism
Capital Markets
DEWA ups IPO offering from 6.5% to 17% of its share capital making 8.5 billion shares available to investors
The subscription period for the DEWA IPO remains unchanged and will close on 2 April 2022 for UAE retail investors and on 5 April 2022 for qualified domestic and international institutional investors
e-wallet
Saudi’s central bank grants licences to three fintech SMEs, including Mobily Pay
Debt-based crowdfunding Lendo and consumer microfinancing Finzey were also awarded licenses by SAMA as the kingdom strengthens its finance and payment processing sectors
Dubai
IMF: Russia has not been suspended, economic impact of conflict and post-Covid recovery must be addressed
With many countries reeling under a large debt burden, the IMF has recognised the need for debt restructuring – including write-offs – for some nations, while for others, the IMF will advise debt reprofiling, so they can pay back their loans over longer time
Egypt
Qatar’s sovereign wealth fund to pump $5 billion into investments in Egypt
Qatar’s pledge follows a $2 billion deal revealed by Abu Dhabi wealth fund ADQ to buy Egyptian state-owned stakes in publicly listed companies
4IR technologies
Sultan of Brunei warns of growing inequity, climate change threats, and hard-won peace under threat
Rapid advancement of digital technologies enabled governments, businesses, and educational institutions to keep functioning during the Covid-19, but new challenges are emerging to threaten human security, Sultan Bolkiah warned
3D digital world
Dubai in the metaverse: Dubai Municipality to create a futuristic, virtual version of the city
The metaverse has become closer to reality than we could have imagined; residents could be joined by friends from other parts of the world in the form of avatars taking a virtual walk through a park in the city, the director-general of Dubai Municipality said
Abu Dhabi
Eshraq Investments set to acquire Goldilocks and take value of its combined assets past $1.03 billion
Goldilocks generated income of $28.58 million in 2021 on the back of its investments in profitable and strong cash-flow generating UAE-based companies
Abu Dhabi
Efficacy and responsiveness of a regulatory framework is key to the survival of financially distressed firms
The UAE has made significant progress in its commitment to raising corporate governance practice, enhancing the regulatory environment with laws, guidelines and decrees, and advocating accountability and sustainability across its industries
automobile industry
What the future holds for the region’s automotive industry
Nissan Middle East saw a 9.9 percent sales increase in the Gulf in the first nine months of 2021, compared to 2020, as the industry heads further into electrification of vehicles
Atlantic Council Global Energy Forum
Why greater investments in oil and gas are needed to protect the economy from the impact of energy disruption
‘Annual investment in oil and gas is $200bn below where it needs to be, and that is just to keep up with demand through 2030,’ said UAE Minister of Industry and Tech
digital business
Repurposing technology in retail to deliver personalised shopping experiences
Enabled by mobile digital tools, retailers are offering more bespoke, localised and service-based experiences
Asset Management
SHUAA Capital reports strong growth in core revenues driven by gains within managed funds
In 2021, SHUAA made key hires across the business, notably within real estate and client coverage, with core headcount increasing by 33 percent.
Capital Markets
DFM, Dubai Mercantile Exchange collaborate to offer retail investors access to crude oil asset class
DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors with the opportunity to access the asset class
Arada
Arada, TBHF will build a home for a family in Kenya for each home sold in the Masaar project during Ramadan
The Home for a Home initiative will also cover the cost of implementing a sustainable water supply system that will provide 100,000 litres of water a week to both refugees and the host community living in the surrounding area
Abu Dhabi
Abu Dhabi’s ADGM to launch world’s first regulated carbon credit trading exchange and clearing house
The regulatory framework will allow corporates to trade and finance carbon credits like conventional financial assets, thus increasing participation and investment in global carbon reduction and offset programmes
Abu Dhabi
How you can travel in Abu Dhabi for free by collecting plastic bottles
Each small bottle (600 ml or less) will gain 1 point, while larger containers or bottles exceeding 600 ml will gain 2 points, which can be accumulated to avail free bus rides in Abu Dhabi
Expo 2020 Dubai
UAE Minister makes a “clear global call for more women to join public service and senior government leadership”
Women ministers represent 27.5 percent of the UAE cabinet with portfolios such as climate change, advanced technology, education, community development, culture, and international cooperation
Abu Dhabi
Burger joint Pickl becomes first UAE restaurant to enter the Metaverse
In the future, customers can order their Nashville Chicken Sando or Double Cheeseburgers in the Metaverse and then receive their burgers direct to their door
crude oil output
OPEC+ likely to ratify modest increase in output in next meeting as Russia weekly output drops by 26 percent
With the Russia-Ukraine crisis still raging despite diplomatic efforts for a peace deal, the conflict has fanned inflation, driving up the cost of fuels and food as economies recover from the pandemic
culinary tourism
Michelin Guide announces launch in Dubai, first selection to come in 2022
Michelin is the second French fine dining critique brand that has announced entry to the Dubai market this year after Gault&Millau
Behavioral
Microaggressions in the workplace: What we can do to spark change
Even when discrimination isn’t always obvious, it exists. Just ask my wife, Abirami
Bahrain
UAE Minister reaffirms commitment to independent Palestinian state with East Jerusalem as capital
Sheikh Abdullah bin Zayed Al Nahyan also reiterated the UAE’s commitment to helping the Palestinian people, including efforts to provide support through relevant United Nations agencies
Crown Prince of Dubai
World Government Summit brings Dubai Ruler’s vision of proactive solutions for a better future to life
The World Government Summit 2022 is set to host more than 4,000 senior government officials, experts, and leaders of the private sector from 190 countries
Abu Dhabi
Abu Dhabi’s Mubadala will “pause investments” in Russia as the sovereign wealth fund’s CEO calls for end to crisis
The ongoing “crisis between Russia and Ukraine is a travesty, with catastrophic consequences,” the CEO said
Ben Zhou
Top crypto firms pick Dubai for global HQ, regional base as “test-adapt-scale” model attracts investment and creates jobs
Bybit has received in-principle approval to conduct its virtual assets business in Dubai and plans to set up its global HQ in the emirate, while crypto.com has chosen Dubai to set up its regional base
Crunchbase
Dubai accounts for 4 in 10 of MENA scaleups but attracts 57 percent of the funding in the region: report
MENA scale-ups have collectively attracted $9.1 billion in funding, with the UAE having raised $5.4 billion for 251 scale-ups – the largest by country in the region
business confidence
Saudi’s economic incentives, oil price improvements lift overall consumer confidence to 48.4 percent in Feb 2022: report
Saudi consumers appear to be optimistic about avoiding any fallout from current geopolitical conflict, while remaining confident in the Saudi government’s ability to control inflation
Atlantic Council Global Energy Forum
Energy transition without energy security will not succeed: expert
Energy shocks, geopolitical conflict, and inflationary forces have underscored the need for greater resilience in energy systems as well as smart carbon transition policies, Majid Jafar, the CEO of Crescent Petroleum, said