The ten-week program, organised in partnership with Fintech Hive, will see startups pitch ideas around financial technology, which the bank could use to develop new metaverse-related products
Author Archives: One Carlo Diaz
Private sector employees in the UAE up 9 percent to 5.4 million on economic growth
More than 530,000 new private sector work permits were during in the three-month period ending June, a growth of 27 percent compared to the same period last year
Aerospace
Emirati astronaut Al Neyadi putting in the hard yards at NASA before his demanding space trip
The UAE astronaut will spend six months at International Space Station as part of his Crew-6 flight, making him the first Arab in space for a full duration
cement production
Holcim’s Lafarge UAE secures ‘transition financing’ for waste heat recovery project
The financing will support a to reduce the cement company’s reliance on using electricity from the grid to power their operations
economic reforms
Saudi Arabia set to be world’s fastest growing economy amid business reforms, rising oil prices: IMF
The IMF economists said maintaining control of public spending will be crucial for Saudi Arabia to sustain its growth
Abu Dhabi
Mediclinic hospitals in Abu Dhabi to be powered by clean energy after EWEC deal
The current agreement is for providing clean energy for a full operating year, and is part of the hospital group’s efforts to further expand its decarbonisation drive
Ajman
Ajman’s construction contracts hit a high of $571.7 million in first half
The emirate’s construction licences in the first half of this year rose to 2,376, compared to 2,187 in 2021 and 1,659 in 2020
Saudi Arabia calls on landlocked developing countries to enhance cooperation on climate change strategy
The measures initiated by the Kingdom to improve liquidity of private sectors, including the transport and logistics services sector, could be a model for integration between the public, private and non-profit sectors during the challenging periods, says a senior government official
Milan
Air Arabia to launch new direct flight service to Milan from December 7
The budget carrier would operate four weekly flights connecting Sharjah international airport with the Milan Bergamo airport
Dubai Airports
Half-yearly traffic of Dubai International Airport rises 162 percent to almost 28 million
Traffic in the three-month period ending June was at 14.2 million, DXB operator Dubai Airports said, adding it has maintained its growth for nine consecutive quarters since the start of the pandemic
Elon Musk
Musk breaks the hearts of millions of Man U fans with his ‘joke’ tweet
As the Premier League club goes through its worst time on the field, Tesla owner tweeted: ‘Also, I’m buying Manchester United ur (sic) welcome’
Agriculture
UAE set to expand overseas agricultural investment operations in its bid to strengthen food security
The focus of the country’s overseas agricultural investments would involve strategic food crops such as wheat, rice, vegetables and fruits and livestock, says a senior government official
DEWA
DEWA helps offset 217,370 tons of carbon emissions through its smart plan
The company’s High Water Usage Alert service identifies 1,062,781 incidence of water leakage, 23,199 defects, and 11,566 cases of increased load over the past three years
agritech
In UAE’s fertile agritech scene, another startup blooms
When it opens, the farm will have a total output of 3,000 metric tons of animal feed annually – using up to 90 percent less water and land
Al Markaz Industrial Development
Dubai’s Peninsula acquires 17 leased warehouse building in Al Markaz for $151.2 million
The company also agrees to buy an additional 136,000 sqm of completed industrial properties in the future from developers Waha Land
Emirates
Emirates to reintroduce its flagship A380 in the Dubai-Perth route
The upgrade will increase the airline’s seating capacity between Dubai and the Australian city with close to 500 seats available on each flight
Dubai
Dubai real estate market transactions hit $381.2 million on Monday
Monday’s real estate deals included 528 sales transactions worth AED1.28 billion, 91 mortgage deals of AED169.72 million and 10 gift deals amounting to AED23.06 million, according to data released by Dubai’s Land Department
air travel demand
London’s Heathrow to keep passenger cap to 100,000 until October 29
The cap, brought on by surge in air travel and staff shortage, was expected to end on September 11; It led to altercations with airlines like Emirates when first introduced
cepa
CEPA drives UAE’s exports to India by 65 percent to $9.1 billion in May-June
Indian too made significant gains during the first 2-month period, with its exports to the UAE rising by over 16 percent to $5.27 billion, according to latest trade data
Dubai
Home prices in Dubai’s high-end neighborhoods shoot up by nearly 70 percent
On the Palm Jumeirah, villas are now 68 percent more expensive than they were in 2020
Bahrain
Saudi Arabia, Bahrain to boost bilateral cooperation in labour sector
The ministers also discussed ways to unify the efforts between the two sides to face regional and international challenges and the most prominent international developments in the sector.
Abu Dhabi
UAE food giant Agthia spent $626.2 million in acquisitions last year: CEO
The company has been staging acquisitions across the region as it aims to solidify it market leadership – particularly in the massive economies of Egypt and Saudi Arabia
digital payments
Digital payments dethrone cash as number 1 payment method in Saudi Arabia
With COVID-19 playing an accelerator, percentage of electronic payments shot up significantly to reach 57% in 2021, compared to 36% in 2019
Bahrain
Bahrain’s second quarter tourism revenues surge 562 percent to $876 million
The increase in revenues and arrivals were mostly attributed to the annual Formula 1 Bahrain Grand Prix held in March – which was the first race to have a live audience since the pandemic broke out in 2020
Dubai
Sheikh Hamdan inaugurates $48.2 million outpatient building at Dubai Hospital
The Crown Prince says Dubai will continue to enhance its healthcare infrastructure in line with the highest global standards and specialised treatment
Ministry of Transport - Saudi Arabia
Is Saudi Arabia going to build road tolls? Transport ministry says no
Saudi Arabia’s transport minister, Saleh bin Nasser Al Jasser, said the new authority will “supervise the implementation of the strategy and will be responsible for strengthening the interconnection and cooperation between the sectors of the transport system”
banking
Saudi Arabia’s Financial Academy kicks off registration for initiative to spot and mould future financial leaders
The programme is aimed at bringing together elite leaders in the financial sector, who could focus on the rapid developments and alternative solutions for the financial sector until 2030
Dubai
At 304 million, Dubai sees huge uptick in public commuters in first half of 2022
The number of riders in the corresponding period of last year stood at 202 million
Dubai to host World Green Economy Summit this year
The summit will be held in conjunction with the water, energy, technology and environment exhibition (WETEX) and the Dubai Solar Show
Dubai
Dubai enjoys kick of FIFA World Cup as air travel demand to Doha surges 133 percent till July
Travel industry executives say fans from around the world increasingly opting to shuttle between Doha and the emirate to ‘get best of both worlds’
holiday homes
Sharjah sets up framework to regulate ‘holiday homes’ in the emirate
Under the “Sharjah Holiday Homes Project,” homeowners will have to register and secure licensing from the Sharjah Commerce and Tourism Development Authority (SCTDA)
Aramco
Aramco income surges 90 percent to $48.4 billion on higher oil prices and refining margins
CEO Amin Nasser says oil demand will continue to grow for the rest of this decade, but stressed on developing new lower-carbon energy solutions
Dubai
Exclusive land plot in Dubai’s Jumeirah Bay sold for $50 million
The six million square feet mixed-use island off the coast of Jumeirah in Dubai only has 128 plots, compared to Palm Jumeirah’s around 4,000
International Monetary Fund
Saudi Arabia said to renew $3 billion deposit in support of Pakistan
Saudi Arabia also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support
Elon Musk
Everything that drove the Musk vs Twitter saga to Court
Unlike Elon Musk, who had his say through tweets in the public domain, Twitter has been responding where it might count most – in court
gulf Air
Bahrain’s Gulf Air to start Ras Al Khaimah services by October
The Ras Al Khaimah Tourism Development Authority said the emirate is on track to welcome over 1.11 million visitors by the end of 2022
beauty and skincare
Johnson & Johnson to take talc baby powder off the shelves globally amid cancer litigation
The move comes amid thousands of lawsuits against the American drugmaker, claiming the talc products caused cancer due to contamination with asbestos, a form of carcinogen
Dubai
Emaar mirrors Dubai’s booming real estate market, logs H1 sales of $4.81 billion
Robust property sales and growth in the performance of recurring revenue businesses saw Emaar’s first-half revenue grow 10 percent to AED13.575 billion ($3.69 billion), compared to the first half of 2021
Aldar Properties
Aldar joins prestigious Science Based Targets to implement net zero goals in real estate
Abu Dhabi real estate giant becomes the first Middle East company to do so; Will help define SBTi’s net zero standards, metrics and strategies
Dubai
Dubai’s Nakheel said to raise $4.6 billion loan to refinance debt
The company, which is the developer of the iconic Palm Jumeirah, approached a group of local banks for the loan – including Dubai Islamic Bank and Emirates NBD
Startups
Over 4,500 entries received from 152 countries for UAE’s Zayed Sustainability Prize
A total of $3 million in prizes to be won; Minister Dr Al Jaber says the Prize became even more relevant as the UAE hosts the Global Climate Summit (COP28) next year
Abu Dhabi
Despite global challenges, AD Ports Group’s net profit surges 59 percent
Revenue grows a record 35 percent year-on-year to AED1,242 million; Capex at AED1.6 billion for the quarter; Cash position of AED1.8 billion; New acquisitions and JV announced
Dubai real estate
Dubai real estate deals hit 12-year-high in July at $5.7 billion
Top searched areas for real estate sales include Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers
FIFA
Qatar World Cup to kick off on November 20 – a day earlier than planned
Previous World Cup tournaments would typically feature the host nation in the opening match – but organisers initially scheduled Qatar’s first game as the third of four matches on November 21
acquisitions
Emaar Properties fully acquires Dubai Creek Harbour from Dubai Holdings for $2 billion
After the past-cash, part-stock deal, Dubai Holding will become the second biggest shareholder in Emaar after Investment Corporation of Dubai, which owns 24.07 percent
Artificial intelligence
Meta’s new chatbot slams ‘creepy’ CEO Mark Zuckerberg — and the internet is going wild
On the demo site, BlenderBot3 says Zuckerberg “exploits people for money”, “wears the same clothes” and is “creepy and manipulative”
Central Bank of the UAE
Tighter real estate regulations key to further maturity of UAE’s vibrant property scene: experts
With this growth momentum only expected to continue in the months to come, several real estate companies have welcomed the UAE government’s recent announcements to tighten real estate regulations
DEWA
Empower IPO ‘under review’ as Dubai’s DEWA posts nearly $900 million in half year profits
The figure represents a 33 percent year-on-year growth. The utility provider’s first half revenue also jumped 15 percent to AED12.08 billion, which it attributes to rising energy demand in Dubai
digital payments
Dubai startup trials ‘payment keyboard’ that allows invoicing via WhatsApp, Messenger
The Dubai startup, which is backed by American accelerator Y Combinator, hopes to assist small business owners in the UAE “who run the entirety of operations themselves.”
Dana Gas
Sharjah’s Dana Gas’ net profit vaults 82 percent to $110.8 million in first half
The company’s revenue during the period increased 31 percent to AED1,041 million, while its operating costs dropped 16 percent
Abu Dhabi
Abu Dhabi’s IHC to acquire 50 percent stake in Turkish renewable energy firm Kalyon Enerji for $490 million
IHC will make the stake acquisition in the Turkish company through its subsidiary International Energy Holding
Saudi Arabian Airlines
Saudia to launch new flight service to Seoul from Tuesday
The flight, originating from King Abdulaziz international airport in Jeddah, will have a stopover at Riyadh airport en route
Dubai
Dubai real estate market hits another high at $707.9 million on Wednesday
The emirate’s residential property market has been on an upswing in recent weeks, recording transactions over $1 billion on several days
Dubai’s RTA bags prestigious UK award for its enterprise command and control centre project
The EC3 is acknowledged as one of the biggest and most sophisticated control centres worldwide in terms of technology used and ability to integrate and control all mass transit means