Carrier’s fleet set to expand to eight planes adding new destinations and hiring another 200 employees locally
Author Archives: Abdul Rawuf
cashless economy
AB Talks: Are the days numbered for cash?
Dr. Saeeda Jaffar, GCC group country manager for VISA, unpacks wideranging research that shows only one percent of businesses in the UAE want to keep cash, and many are ready to accept cryptocurrency, among a host of findings
foreign trade
UAE bets on old foe Turkey as its new trade link to the world
The UAE is looking to benefit from Turkey’s huge investments in the industrial sector
Gas production
Gas crunch pushes anxious buyers to pay more for contracts
2021 saw the return of contracting activity to its highest levels over the last five years, says expert
DIFC
US investment bank Jefferies makes another effort to crack Mideast market amid boom
Lured by the region’s deep pools of capital, the firm joined a wave of investment banks that set up in Dubai more than a decade ago
Crude exporter
Aramco moves into Russia’s backyard with polish oil deal
The Saudi-government-owned oil giant will be ramping up oil sales in Russia’s energy backyard
economic outlook
Why a more ‘vibrant economic environment’ is expected for the developed world in 2022
Government of Dubai has approved AED181bn ($49bn) three-year budget for fiscal years 2022-2024, taking a long-term view on financial and strategic planning for the emirate’s economy
digital age
2022 and beyond: technologies that will reinvent our digital future
With 65 percent of GDP estimated to be digital this year, this influx of data presents opportunities and challenges for businesses in the MERAT region as success depends on their capabilities to harness it
Dubai property market
Dubai property market breaks 12-year record in 2021, value of sales transactions peaks at $41.1bn
2021 saw a 74.77 percent rise in sales transaction volume and an increase of 110.19 percent in value compared to 2020, latest data by Property Finder indicates
cashless economy
Is cash in the UAE dead? New research reveals how close that RIP is
Close to 94 percent of the country’s consumers say they will continue using digital payments as much as, or more than 2021, and only 1 percent of SMEs expect their business to continue dealing with physical transactions, new Visa research findings indicate
investment strategy
Saudi’s PIF set to buy $10bn in global stocks in 2022 in pursuit of more than doubling its assets by 2025
Last year, the sovereign wealth fund exceeded $10tr in moneys for the first time supported by the rally in global stocks and higher oil prices
electric vehicle
Lucid says to build electric car factory in Saudi Arabia by 2026
Chairman Andrew Liveris says company is in negotiations with ministries in the kingdom
Financial Services
LuLu Financial Holdings sets sights on becoming a full-fledged fintech enabler
The UAE based financial services conglomerate will be channeling digital investments in 2022, to enable new fintechs to tap into its proven infrastructure and provide a range of financial services
Employee engagement
Why UAE firms face losing staff if they don’t change their culture
New survey reveals 88% of the UAE workforce would consider leaving their jobs because of a poor organisational culture
Cybersecurity
Resecurity drives AI-powered cybersecurity in Saudi Arabia with new R&D centre
New R&D centre in Riyadh will focus on security innovations for smart cities and cognitive surveillance technologies
Dubai police
Dubai police launches emirate’s first mental health awareness campaign
MIND FORCE DXB, in collaboration with Dubai Police, Chris Haill, and OMNIA, will mark Dubai’s first mental health awareness campaign and aims to “save lives” across the emirate
digital economy
MENA digital sector workers seek new jobs after sidestepping virus impact
More than 60 percent of MENA-based employees working in digital fields are actively job hunting, according to new survey
cloud
Cybersecurity in 2022: A time of reckoning for organisations
Going into 2022, companies will face a moment of truth as a number of security challenges reach a critical point
blockchain technology
Why are NFTs worth millions of dollars?
Last year the market saw an increase in NFT interest from three types of investors: collectors, venture investors and art-related businesses
Crescent Petroleum
Dana Gas and Crescent Petroleum report 50% surge in gas production in KRI since 2018
Gas production in Khor Mor field reached its peak at 452 MMsscf/d by end of 2021, representing a 50% increase since 2018
Consumer Electronics
Saudi Arabian retailer United Electronics eyes Egypt expansion
Extra, as the consumer electronics retailer is known, reported a SAR396.7 million ($106m) profit for 2021
building and construction
Saudi Aramco and China’s CBMA to advance usage of non-metallics in construction sector
The two entities launched a Beijing-based centre to explore opportunities for joint projects in research and development of the materials, which have cost, efficiency and environmental advantages over metal alternatives
Arabian Business Awards
AED200,000-plus treasure chest at Arabian Business Awards’ pitch contest as new ‘Falcon’ lands
The prize pot for one lucky start-up has now soared past the AED 200,000 mark as our second Falcon is revealed ahead of the event on January 26.
Expropriation committee
Dubai issues new law to protect owners of expropriated property
The newly issued law annuls the 1964 law regulating expropriation and is effective from the date of its publication in the Official Gazette
banking business
Qatar National Bank raised provisions and remains on alert
Many banks in the Gulf are seeing higher profits on the back of improvements in trade and tourism as regional economies recover from the pandemic
Brand View
An industry in transformation
Many companies had notably been moving away from their traditional business models and into new areas of growth and coinciding with advances related to Industry 4.0
acquisition
GHH acquires Al Ittihad Drug Store to become UAE pharma major
Acquisition makes GlobalOne Healthcare Holding one of the largest medical distributors in the UAE
Coders HQ
UAE gov’t launches first of six Coders HQs to drive future of digital economy
Established in the Emirates Towers, Dubai, the new initiative aims to build a new generation of coders across the UAE
energy transition
Are green bonds the solution to financing the global energy transition?
Going green is expensive, but green bonds could be the golden financing ticket
banking services
Inside the banking struggles of UAE’s start-ups
Hefty minimum-amount requirements combined with a bureaucratic and lengthy procedure are just some of the hurdles the country’s entrepreneurs face when setting up an account for their small businesses
Artificial intelligence
Gulf to drive AI innovation post-pandemic, survey shows
While 50 percent of Gulf data workers can now automate tasks, a survey indicates that 97 percent believe that training needs to be made available to all data workers to unlock the value of AI innovation
blockchain technology
Play-to-earn: How gamers are profiting off crypto games
Play-to-earn is emerging as a trending business model in the gaming industry, creating new token-based incentives that help monetise time spent by gamers
Dubai business
Dubai growth buoyed by tourism even as omicron clouds outlook
Before the omicron strain emerged, the United Arab Emirates had managed to keep cases under control for most of 2021
Employees
Where will you work from in 2022?
Covid-19 has put flexibility in the workplace at the centre of talent retention efforts, but will employees who choose to work from home be left behind?
acquisition
KKR to invite Saudi wealth fund to back telecom Italia bid
KKR made a preliminary takeover proposal for Telecom Italia in November valued at about $12.2 billion
Creative economy
DAFZA’s talent pass to further boost Dubai’s GDP growth
Coronavirus-hit corporates will find outsourcing opportunities in the pool of international freelancers in media, education, marketing and consulting attracted by the new licence, industry experts told Arabian Business
Capital Markets
Dissolving business boundaries and new tech are exciting prospects for UAE capital markets
The capital markets must adapt as technological changes and platform operators redraw the landscape
coronavirus infection
UAE issues warning over Covid rules after videos urge non-compliance
Federal Emergency Crisis and Disasters Prosecution urges public to adhere to preventive measures adopted to curb spread of the virus
Al Mamsha Seerah
Sharjah’s Alef launches new homes within Al Mamsha Seerah project
Alef Group CEO says mixed use project is expected to be delivered during the last quarter of 2024
Bee’ah
Sharjah-based Bee’ah rebrands into international investment holding company
As Beeah Group, the organisation is unifying its businesses across industries and countries, including operations in the UAE, Saudi Arabia and Egypt
corporate social responsibility
CSR in the UAE: What businesses can do to boost corporate social responsibility
CSR initiatives are sometimes viewed as altruism, or charity. However, most UN SDGs have positives for the industries and businesses that support them through their social responsibility initiatives
business activities
DMCC records best year since inception, registering nearly 2,500 companies in 2021
A total of over 20,000 member companies are now registered in the free zone
F&B industry
Tashas Group with footprint in UAE looks to Saudi expansion
South African-born Tashas Group has developed fine-dining concepts, including an award-winning venue in Dubai. Founder and CEO Natasha Sideris talks current industry trends and what’s next for her brand
Emirates Research and Development Council
UAE Foreign Minister chairs first meeting of Emirates Research and Development Council
The UAE’s Minister of Foreign Affairs and International Cooperation and Chairman of the Emirates Research and Development Council, Sheikh Abdullah bin Zayed Al Nahyan, presided over the first meeting of the Emirates Research and Development Council on Sunday
assets under management
Kuwait Investment Authority targets sustainable finance
KIA, which manages $700 billion according to the Sovereign Wealth Fund Institute and has its own governance structure, says ESG has become central to its outlook
banking services
Dubai Free Zone Council looks to help SMEs open bank accounts
Opening a business bank account is one of the most pressing challenges start-ups and SMEs face
Creative economy
DAFZA launches Talent Pass for freelancers in media, education, marketing, consultancy and other sectors
New licence aligned with Sheikh Mohammed’s strategy for Dubai’s creative economy and aims to double the sector’s contribution to the emirate’s GDP and increase its ability to attract international investments
Dubai Chamber of Commerce and Industry
Newly formed Dubai Chambers to ‘enhance emirate’s global status as economic hub’
Dubai Chambers will also be tasked with mapping out a “clear vision for the future” while strengthening their roles in developing sectors like digital economy and international trade
Coronavirus Pandemic
Qatar approves Pfizer boosters for children aged 12 to 15 years
Children who received their second dose more than six months ago are eligible for the booster shots
Airline operations
Emirates closes A380 onboard lounges to fight virus
Dubai has rolled out one of the fastest vaccination programs in the world and it had managed to keep cases under control before the omicron strain emerged
cloud technology
Inside the shifting cyberattacks landscape
CrowdStrike’s cloud adoption platform has redefined security and provides superior protection from today’s attacks
E-commerce
Why 2022 will be a ‘gold rush’ for MENA-based brands with online shopping options
E-commerce sales will grow to $50bn next year with Saudi Arabia and the UAE leading the way, according to latest report
F&B business
Foodlink eyes UAE expansion after $8m funding round
Indian catering and restaurant company has so far raised $23m, including the current round
automobile industry
UAE public call for greater transparency in used car market
In a survey of over 1,000 UAE residents, 60 percent of respondents across all ages and nationalities identified quality and reliability as a key concern when looking to buy a used car