UAE: The year 2022 in review

The UAE has accelerated its growth this year with key strategies, strong initiatives and a future-first approach

Dubai announces programme to certify delivery riders

Dubai announces programme to certify delivery riders

The initiative aims to improve the performance of delivery motorbike riders

Digital Economy Court

DIFC’s Digital Economy Court unveils new specialised rules

The new rules will facilitate efficient and modern resolution of digital economy disputes, standardising the use of smart forms to provide information through artificial intelligence driven platform

ThetaRay

Dubai-based Now Money appoints ThetaRay to ward off financial crimes

The agreement highlights ThetaRay’s expansion into GCC financial institutions

Rashid Rover

Mohammed Bin Rashid Space Centre receives first signal from Rashid rover

The rover, that lifted off on December 11, is scheduled to land after a four-month cruise phase

UAE trade agreements

UAE funds to buy $855m stake in Israeli financial firm

Phoenix Group is listed on the Tel Aviv stock exchange, with a market value of $2.85bn

Central-Bank passes new AML guidelines for PEP

UAE Central Bank raises base rate by 50 basis points

The US Federal Reserve raised its key interest rate by 50 basis points

Huawei

Huawei opens doors to new store in the UAE

The new store will open on December 16 in City Centre Deira

UAE, Armenia sign MoU to regulate recruitment of Armenian workers

The MoU stipulates the entry, residency, and employment of Armenians in the UAE in accordance with the country’s legislations

Non-ticketed fans not allowed in World Cup stadium precincts

Non-ticketed fans not allowed to enter FIFA World Cup stadium precincts

The second semi-final will take place tonight, while the tournament’s final will be held on December 18

In line with Dubai’s drive to become the world’s smart mobility hub, Dubai South today signed a memorandum of understanding (MoU) with Evocargo for the launch of the UAE’s first autonomous vehicle trials for cargo at the master development’s Logistics District. The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics District from December until February 2023. A key objective of the trials is to enable Evocargo to modify and redesign EVO.1 specifically for the MENA region. During the trial period, a remote operator will be stationed onsite in the Control Centre to manage the platform. The centre, located in Dubai South’s Logistics District, includes a software suite to monitor the EVO.1’s operation, check the serviceability of the sensors, and identify any errors. Mohsen Ahmad, CEO of the Logistics District – Dubai South, and Andrey Bolshakov, Founding CEO, Evocargo, attended the MoU signing ceremony. Dubai South is the emirate’s largest single-urban master development focusing on aviation, logistics and real estate. The Dubai-headquartered Evocargo is a logistics service provider that develops and provides electric autonomous transportation platforms. Dubai is a global logistics hub with an unrivalled freight capacity and connectivity. Perfecting electric and driverless truck technology for the region will help it further reduce its carbon footprint and reinforce the city’s green credentials. Unlike other cities’ and countries’ initiatives that focus solely on enabling self-driving private vehicles, Dubai’s Self-Driving Transport Strategy is multimodal and encompasses targeting all seven modes of the public transport fleet, including metro, tram, bus, taxi, marine transport, cable cars and shuttle. When fully implemented, the strategy will help reduce transportation costs by 44% or Dh900 million, saving Dh1.5 billion through the reduction of environmental pollution and Dh18 billion through raising the efficiency of the transport sector by 20%. Mohsen Ahmad said: “We are delighted to enter into a strategic agreement with Evocargo to launch the UAE’s first autonomous trials, setting new global benchmarks and consolidating the leadership status of the country’s logistics sector. Besides improving operational efficiency, our partnership will help scale supply chain operations and achieve sustainability. At the Logistics District, we are mandated to support the industry and accelerate the UAE’s rapidly advancing logistics sector.” Andrey Bolshakov said: “This is Evocargo’s first venture into autonomous vehicles in such a global multimodal logistics platform. This trial is a significant milestone for the company as it unlocks opportunities to expand our products in the strategic Middle Eastern and Asian markets.” EVO.1: Effective, Electric, Eco-friendly The lifting capacity of the driverless platform is 2 tonnes, and it can accommodate up to six EUR-pallets moving at 25 km/h for up to 200km. Charging a vehicle for a full day’s operation takes 40 minutes to six hours, depending on the outlet. The security system of the EVO.1 platform has four tiers: the computer vision of the space around the vehicle, an automatic diagnostic system, a remote-stop system, and a standby pneumatic braking system. Effective fleet management of EVO.1’s automatic pilot systems increases the efficiency of freight transportation while significantly reducing truck downtime. Robotisation and using electricity and hydrogen fuel cells instead of conventional fuel offer cost efficiencies. Evocargo has 37 protected inventions and technologies. Evocargo’s patents cover algorithms for visual positioning, automatic mapping, the calibration and integration of sensors and cameras, methods for selecting safety speeds, and the parameters for dynamic models.

UAE to trial first driverless truck

The trials will see Evocargo’s unmanned electric logistics vehicle navigate Dubai South’s Logistics District until February 2023

Yango Delivery launches in UAE to boost e-commerce sector

The company claims to offer traffic-proof and cost-effective deliveries at different speeds, from express to next day, for any goods from food to furniture

Sudan

AD Ports Group, Invictus Consortium sign agreement with Sudan

The agreement provides consortium the right to develop, manage and operate port and economic zone assets in Sudan

ADNOC awards $4bn agreements for integrated drilling fluids services

Abu Dhabi’s ADNOC Drilling purchases two offshore jack-up rigs for $200m

The company aims to operate a total fleet of at least 122 owned rigs by 2024

Nomura

Nomura to hire bankers in Dubai for Middle East push

The Japanese firm has received in-principle approvals from the Monetary Authority of Singapore and Dubai Financial Services Authority to set up a branch in the Middle East

Bank of China lists $300m bonds on Nasdaq Dubai

Bank of China lists $300m bonds on Nasdaq Dubai

The bank shall use the proceeds for general corporate purposes

OPEC Fund approves over $500m in new global development support

OPEC: UAE economy experiencing sustained momentum in 2022

According to the OPEC monthly oil market report for December, recent economic indicators suggest strong growth has been maintained in most activities

Argentina upsets Croatia, books slot in World Cup final

The FIFA World Cup final will be held on December 18

Dataiku

AI firm Dataiku secures $200m to underpin growth

The Series F investment brings the company’s total primary funding since inception to approximately $600m

UAE President inaugurates Khalifa Port expansion project with Dhs4bn investment

Khalifa Port has grown from 2.43 square kilometre to 8.63 square kilometre, while its quay wall has been significantly extended from 2.3km to 12.5km

Air Arabia

Air Arabia to resume direct flights to Kuala Lumpur

The service will connect Sharjah International Airport with Kuala Lumpur International Airport with thrice-weekly flights, starting March 20, 2023

tech

Can Dubai’s growing tech affinity propel its real estate sector?

Dubai’s real estate sector has taken massive strides in terms of sales and investment

Toyota

Saudi’s Abdul Latif Jameel partners with Toyota to personalise automobiles

The joint venture will bring genuine Toyota accessories to the Middle East region, benefitting customers with more choices of accessories

Saudi’s PIF acquires up to 9.5% stake in Skyborn Renewables

The investment will allow the sovereign wealth fund to participate in the acceleration of energy transition and clean energy at an international scale

Emirates Development Bank, ADCB to partner on credit guarantee scheme for SMEs

Emirates Development Bank, ADCB to partner on credit guarantee scheme for SMEs

Under the credit guarantee scheme, EDB will guarantee up to 50 per cent of the finance facility extended to SMEs by ADCB

Insights: The factory of the future is here

Manufacturers can now gain a better understanding of customer needs by applying big data analytics to obtain insights into how customers use products

Uber

Uber conducting probe after vendor hit with cyberattack

Teqtivity, which helps manage and track information technology equipment such as phones and computers, on Monday confirmed the cyberattack

Dubai's La Mer South to be redeveloped, renamed J1 Beach

Dubai’s La Mer South to be redeveloped, renamed J1 Beach

The revamped destination is set to welcome guests by end of 2023

Emirates NBD arranges Egypt sukuk

Dubai’s Emirates NBD reshuffles management team

The lender has also expanded the responsibility of existing senior management team members

GMG and Silal sign MoU to drive collaboration in food sector

UAE retailer GMG, Silal sign MoU to drive collaboration in food sector

GMG will support up to 1,100 farms contracted with Silal to bring fresh local produce to consumers directly sourced from local farms