The objective of the Catalyze Saudi programme is to connect leaders from governments, innovative start-ups, institutional investors, and leading family offices to participate in highly interactive roundtable discussions, and ultimately reinforce the impact and role of the private sector in the Saudi economy
Author Archives: Abdul Rawuf
acquisitions
SHUAA Capital acquires majority stake in fintech firm Souqalmal to empower customers to understand, manage, and grow their finances
The investment will support Souqalmal’s ambitious growth plan and the expansion of its services, as the firm looks to develop a personal financial management platform that will include financial education and awareness
Banque du Caire
Egypt’s largest national banks, VC firm Global Ventures launch fintech fund approved by the Central Bank of Egypt
The fund creates opportunities for investors and entrepreneurs to come together and create scalable and affordable financial technology solutions that boost Egypt’s fintech sector and drive the nation’s economy forward
Abu Dhabi
Abu Dhabi’s ADGM, FSRA look to amend framework on virtual assets, spot commodities, and emissions
Proposed changes include amendments to the risk disclosure requirements, and allowing regulated MTF/custodian groups within ADGM to conduct non-fungible token (NFT) activities
carbon emissions
How international trade can help tackle climate change
Moving to a zero-carbon economy will require unprecedented levels of investment to transform our energy, transport, housing and wider infrastructure
4 Winds Entertainment
Why the lack of localisation is a “missed opportunity” in the region’s gaming industry
Games revenue in Saudi Arabia, the UAE and Egypt alone are expected to exceed $3billion in 2025, with over 85 million gamers playing across mobile, PC, and console
GCC IPO activity
Saudi’s largest retail pharmacy chain sees 1.09 million investors subscribing to invest $1.8 billion for the retail tranche of its IPO
The final offer price for the Nahdi Medical Company’s IPO has been set at SAR 131 per share, implying a market capitalisation at listing of $4.54 million
Abu Dhabi
Work-life balance, happiness, quality of life continues to increase in Abu Dhabi: report
The work-life balance index saw an increase of up to 16 percent, from 36.6 percent to 52.6 percent.
Al Hira Beach
Shurooq officials review progress on $544.5mn Sharjah Sustainable City, $23.68mn Al Hira Beach projects
Shurooq’s Sharjah Sustainable City is a first-of-its-kind project in the emirate that meets the highest standards of green economy and environmental sustainability, while the Al Hira Beach project is Shurooq’s largest beach development project to date
brand identity
How to attract and retain talent in the F&B industry
When people know that your establishment has a superb leadership team and the ideal working environment, they will be waiting in line to work for you
CPX
UAE National Cyber Security Council, CPX ink deal to improve cyber maturity of government entities
Through the agreement, CPX will enable all government and semi-government entities to improve their cybersecurity posture in line with national standards
Arab Coalition
UAE, OIC condemn Houthi attempt to target civilian facilities, economic installations in Saudi Arabia
The UAE Ministry of Foreign Affairs and International Cooperation called for urgent action to stop to the Houthi’s recurrent acts that threaten the security and safety of civilians, as well as the security of global energy supplies and economic stability
Abu Dhabi
Abu Dhabi’s Al Raha Beach Hotel marks strong post-Covid recovery with customised experiences
The Al Raha Beach Hotel has relaunched its stunning Body & Soul Spa, introducing some holistic half- and full-day wellness treatments, in addition to a wide range of F&B dining options, as well as a score of amenities such as infinity pools, hydro massage pools, jacuzzis, saunas, steam rooms, gyms, children’s play areas, a private beach, and more
2 April
Ramadan to begin 2 April, Eid-al-Fitr to be observed on 2 May: Emirates Astronomical Society
The dawn call to prayer during Ramadan in Khor Fakkan will be at 04:48, while in the capital, Abu Dhabi, it will be at 04:56, and in Al Sila and Ghuwaifat it will be at 05:08, an official said
Azizi Developments
Azizi “under-promises and over-delivers” with 2.7km-long crystal lagoon to be completed ahead of schedule
Developer is making rapid progress with evacuation in front of Riviera’s phase already begun
business strategy
Inside the UAE-based startup disrupting the consultancy model
ToughLove makes business advice accessible to do those who have limited capacity, experience or funds to manage their growth or experiment with best practices
consumer habits
One in two UAE consumers to spend more on cross-border purchases during Ramadan: Facebook IQ report
Research by Meta, formerly Facebook, indicates that approximately 64 percent of UAE shoppers are likely to try new brands as they make international purchases during the Holy month of Ramadan and Eid
climate change
UAE Minister Mariam bint Mohammed addresses women’s role in climate crisis during UN speech
Meaningful political participation of women has enabled the UAE to better respond to the needs of its citizens and residents, the UAE Minister of Climate Change and Environment, Mariam bint Mohammed, said
female leadership
Calling out the myths: fix the system, not the women
It is time to generate a new narrative and playbook with visibility and knowledge-power so we can truly accelerate progress towards a more prosperous future
economic recovery
OPEC Fund for International Development approves $233mn funding to aid public sector projects
The funding to aid economic recovery, infrastructure projects, and food security will benefit a number of countries, including Kosovo, Pakistan, Uzbekistan, and Zimbabwe
Abu Dhabi
Manchester United’s Avram Glazer discusses UAE T20 Cricket League launch with Sheikh Mansoor bin Mohammed
The home of the International Cricket Council’s headquarters, Dubai has established itself as a major centre for global cricket tournaments and international sporting competitions
Eng. Saleh bin Nasser Al-Jasser
Saudi Minister launches forum with economic, industrial opportunities exceeding $266.5mn
The Saudi Minister revealed plans to increase the length of railways over an additional 8,000 km to meet local and regional demands; to double the capabilities of transporting passengers and cargo; and to boost the efficiency of supply chains
Ahmed Bin Sulayem
DMCC highlights opportunities for British companies in Dubai as UK claims one in five FDI projects in 2021
DMCC has played a major role in developing UAE-UK trade relations and is currently home to almost 2,000 British companies
DP World
DP World-owned P&O Ferries makes 800 redundancies as company aims to recover from $131m financial black hole
The UK ferry firm took action after concluding it “is not a viable business,” a spokesperson said
Artemis I
NASA marks comeback of lunar explorations as mega-Moon SLS rocket heads to launch complex for Artemis I mission
The lunar mission – Artemis I – will be the first in a series of increasingly complex missions to build a long-term human presence on the moon for decades to come, NASA said.
Boeing 777 freighters
Dubai Ruler orders airlift of emergency aid for Ukraine civilians as UAE Foreign Minister calls for ceasefire in meeting with Russia’s Sergey Lavrov
Oil extended gains after the biggest daily surge in 16 months pushed prices back above $100 a barrel, as Russia cast doubts on the progress of its peace talks with Ukraine
Abu Dhabi
Abu Dhabi-based Aldar invests $1.08 million in two social contracting projects within Ma’an
The projects include $735,000 for a family counselling services project by the Abu Dhabi Early Childhood Authority (ECA), as well as an allocation of $353,900 to support the beneficiaries of the Programme for Upskilling and Employment of Emiratis
Allsopp & Allsopp
UAE Central Bank rate hike could impact mortgage loans, increase demand in high-end properties: expert
The market is likely to see an increase in demand as buyers look to speed up their buying process to lock their mortgage product, and therefore their monthly payments, in place now, before they increase, Lewis Allsopp said.
Air travellers
Why the Dubai Airports’ CEO expects a ‘huge’ surge in summer travel, pending global stability
Traffic demand now at 75 percent of pre-coronavirus levels amidst aviation industry recovery
Alf Healthcare
Saudi’s The Red Sea Development Company awards major operations contract for Coastal Village Hospital
The hospital will offer primary and secondary care to residents of the Coastal Village and later to visitors of The Red Sea Project, including emergency care, family medicine, radiology, clinical support, women’s health, and pharmacy services.
binance
Dubai’s new virtual assets law will lead to “increased investments by firms already in the crypto industry”: expert
Dubai’s new virtual assets law is meant to provide a regulatory framework for businesses dealing with cryptocurrencies in various formats be it security tokens, DeFi projects and NFTs, an expert said
ACWA Power
ACWA Power’s Rabigh 3 independent water plant in Saudi Arabia claims Guinness World Record
Rabigh 3 IWP has the capacity to produce 600,000 cubic metres of desalinated water per day and can fulfil the water demand of approximately one million households in Saudi Arabia’s western regions of Makkah Al Mukarramah and Jeddah
consumer habits
Why localisation matters to Yoox Net-A-Porter Group
The platform will feature a 30 percent increase in the number of exclusive designs in this year’s Ramadan edit versus last year
Abu Dhabi National Oil Company
ADNOC awards deals worth $658 million, creating jobs and spurring local manufacturing opportunities
More than 65 percent of the award value could flow back into the UAE economy, under ADNOC’s in-country value programme over the duration of the agreements
CBUAE
UAE Central Bank’s move to raise rates will “increase profitability for banks, lenders” and will help contain inflation: experts
Given the UAE economy’s impressive recovery from the pandemic, and the significant rise in oil prices, the impact of a rate hike on economic growth could be limited in the near term, experts said
Avaya
Three in four MENA firms working on a “cohesive customer interaction” strategy to be truly customer-centric: study
“To be truly customer-centric, organisations need a cohesive CX strategy that gives employees the tools to wow every customer on any device,” says Nidal Abobu-Ltaif, President, Avaya International
community development
Nakheel launches collection of townhouses at the Jebel Ali Village gated community
The townhouses will have a ground floor guest suite, a terrace, en-suite bathrooms, built-in wardrobes, a maid’s room, a laundry room, and a garage spacious enough to park two cars
Angel Investors
Dubai-based metaverse startup Eikonikos raises $2 million in pre-seed funding to bring more people into the digital realm
The company is currently in the process of issuing digital assets for investment as it gears up for commercial launch in May 2022, when it expects a jump in valuation
Arif Amiri
French bank Societe Generale receives license upgrade from DIFC in line with its regional growth strategy
Upgrade authorises company to book lending locally and is a testament of bank’s commitment to regional expansion from Dubai
Abdulla Mohamed Butti Al Hamed
Abu Dhabi welcomes launch of new global investment holding company
The firm aims to redefine sustainable growth for stakeholders and facilitate innovation-driven networks locally, regionally, and globally
Artificial intelligence
UAE’s Federal Tax Authority makes new website inclusive with sign language services, text-to-speech features
The new website offers the ability to increase the font size, text-to-speech, speech-to-text, listening to the page, changing colours, and dark reader.
CBUAE
UAE Central Bank raises overnight deposit facility by 25 basis points
Decision follows US Federal Reserve Board’s announcement to increase interest on reserve balances
Emirates Development Bank
Emirates Development Bank launches $27.2 million post-Covid accelerator to support UAE SMEs
The EDB initiative, named ‘Sanad’ aims to extend quick, easy-to-access, and flexible loans at a starting rate of 5.99 percent per annum on reducing balance basis, to Emirati-owned and managed businesses
binance
Binance granted virtual asset license to anchor a blockchain tech hub in DWTC by Dubai’s new Virtual Assets Regulatory Authority
Dubai is the first global economy to have set up a specialised regulator for the virtual assets sector and will be further developing this VARA governed ecosystem of credible, reputable, and innovative international leaders
Boris Johnson
UK’s Boris Johnson discusses Ukraine crisis with Abu Dhabi, Saudi Crown Princes as oil prices edge higher on US plan to revoke Russia trade status
UK Prime Minister Boris Johnson shared optimism about Saudi Arabia raising oil outputs, after his meeting with the Saudi Crown Prince, but received no guarantees that it would occur
Abu Dhabi
In pictures: World’s first Louvre branded residences to bring culturally-inspired way of living to Abu Dhabi
Louvre Abu Dhabi Residences by Aldar will be limited to only 400 apartments with sweeping views of the Arabian Gulf and the iconic Louvre Abu Dhabi
Abu Dhabi Global Market
UAE to join Singapore Convention in support of “mediation” to resolve international commercial disputes
The UAE will be the 56th signatory to the Singapore Convention, which will help facilitate international trade and investment
Business Support Programme
UAE Ministry of Economy reveals three new programmes, slew of initiatives to support SMEs, entrepreneurs
SMEs represent 94 percent of the total companies and institutions operating in the country and contribute more than 50 per cent to the country’s GDP
Azzam Alameddin
Meta, formerly Facebook, supports Palestinian entrepreneurs and start-ups with $100,000 in grants, training
This initiative aims to build the capacities of small business owners and entrepreneurs and enable organisations to lead a stronger business ecosystem in Palestine, as well as give them the opportunity to grow outside Palestine
Al Hamra
Al Hamra launches $272.25 million freehold Falcon Island villa project in Ras Al Khaimah
Falcon Island is set to be completed within two years of its launch, which will be implemented in phases. The North Island will be unveiled as part of Phase 1, consisting of 240 villas, ranging from two- to seven-bedroom villas
AB In Focus
AB Talks: Digitalisation is a key driver of sustainability, panel of experts says
Digitalisation of cities, shipping, and ports are crucial if critical sustainability objectives are to be reached
DEWA
DEWA IPO, “valued between $27 billion and $37 billion”, will be first of 10 big upcoming listings on the DFM: expert
The DEWA IPO is part of the Dubai Markets Supervisory Committee’s strategy to increase the size of the emirate’s stock market to $816.74 billion
DEWA
5 steps to subscribe to the DEWA IPO shares
The offering will be made available to individuals and other investors as part of the UAE retail offering, as well as to professional investors outside the US, as part of the qualified investor offering.