Dubai-based ride sharing firm Swvl to slash headcount by a third

The reductions will focus on roles that have been automated by investments in engineering and product and support functions

Oil powers to sixth monthly gain as EU set to curb Russian flows

Global benchmark Brent topped $122 a barrel, hitting a two-month high

Gold

Gold holds weekly gain as dollar extends drop on risk sentiment

Bullion has risen past $1,850 an ounce in the second half of May

Dubai-Skyline-e1650964799688

UAE’s Utico hires banks to advise on potential IPO

Utico is the largest private utility provider in UAE and is one of the 27 companies forming part of the RMB Group

Covid

UAE reports 383 Covid-19 cases, 379 recoveries

The nationwide case count has risen to 907,824

OKX Everdome

Cryptocurrency app OKX acquires substantial landholding in Everdome metaverse

To celebrate its foray into the metaverse, OKX will also be giving five plots of land in the metaverse away to fans

UAE Bank

Nearly 90% UAE banking customers find account opening too complicated

Identity proofing platform IDnow and YouGov research finds UAE residents are frustrated by bank account applications

FTFT Capital

Blockchain investment firm FTFT Capital inks strategic metaverse partnerships

The collaborations will help the company’s affiliate FTFTX expand its metaverse capabilities by establishing a new platform for aggregating trading information

DEWA announces Dhs12.08bn revenue in H1 2022

DEWA reveals number of new electricity and water connections in Dubai last year

It provides its services to 3.5 million people who live in Dubai

Raed Barqawi’s book on Sheikh Mohammed bin Rashid launches at ADIBF 2022

Published by Motivate Media Group, the book gives readers a never-before glimpse into the rationale behind some of Sheikh Mohammed’s key decisions

Plane crashes in Nepal with 22 aboard, all bodies recovered

Of those on board, 13 were citizens of Nepal, while four others were Indians and two were Germans

Bitcoin may still be primed for a further drop from range

Bitcoin is holding up relatively well compared with some of its peers

Qatar exports surge as demand for gas climbs on Ukraine crisis

China was the top destination of Qatar’s exports in April with close to QR6.6bn riyals

uae jordan egypt industrial partnership

UAE, Egypt and Jordan agree on $10bn industrial partnership investment fund

The five areas that the three countries will cooperate on include food, agriculture and fertilisers; pharmaceuticals; textiles; minerals and metals; and petrochemicals

Improvement project

Sheikh Hamdan opens Dubai-Al Ain road improvement project

The project will benefit 1.5 million people living or working around both sides of the road

Managers MEA

Managers will play a key role in the sustainable success of hybrid work in MEA

It is important for business leaders to remember that managers are closest to employees and have the greatest visibility into problems and solutions

monkeypox

Three new cases of monkeypox detected in the UAE

The ministry announced the additional cases almost a week after the first infection of monkeypox was detected in the country

Giving up meat? A vegetarian-only food app launches in Dubai

Yalla Veggie offers a selection of green restaurants, supermarkets, organic stores, bakeries and ethical startups

Outsourcing

Here’s why outsourcing will continue to be a key element in business strategy

Outsourcing firms should adopt intelligent AI in their recruitment and onboarding functions says Nikhil Nanda, operations manager at Innovations UAE

healthcare investors

Why healthcare is touted as a safe bet for investors

Against a backdrop of uncertainty and market volatility, healthcare presents investors with comparatively steady returns

Higher education cybersecurity

Why higher education should care about cybersecurity

A wave of cybercrime is hitting educational institutions and criminals are developing sophisticated digital attacks to steal intellectual property

Healthcare

Special report: How digital technologies have upped the game for healthcare across GCC

As technologies drive the future of most industries, digital solutions are also reshaping the healthcare sector

damac properties us miami

Dubai’s Damac Properties makes US entry by winning $120m bid in Miami

The property in the Miami neighbourhood of Surfside will offer residents direct beach frontage and access to South Beach and Bal Harbour

Magrabi

Magrabi announces investment of Dhs84m across 57 stores in the region

The initiative, one of the biggest investments in the company’s history, includes 16 new openings for the group’s mainstream brand, Doctor M

Texub

Dubai-based startup Texub launches a B2B marketplace

The platform supports smaller vendors in establishing themselves in global markets and handling their end-to-end business requirements

Majid Al Futtaim survey reveals what visitors expect from malls

The regional-based campaign has received feedback from 10,000 customers at City Centre Mirdif and Deira, as well as online channels

Musafir Mastercard

Mastercard, Musafir partner to enable seamless travel bookings

The partnership will see new payment products introduced to offer travel benefits to both consumers and corporates

Vmware

Broadcom to acquire cloud services firm VMware in $61bn deal

The deal is the biggest takeover ever for a chipmaker and extends an acquisition spree for Broadcom chief executive officer Hock Tan

SAUDI-ARABIA-alcohol

Saudi tourism official clarifies country’s stand on alcohol consumption

Princess Haifa Mohammed Al-Saud, the kingdom’s assistant minister of tourism, spoke on the subject at the World Economic Forum in Davos

TikTok and Injaz collaboration May 2022

Social media platform TikTok and Injaz partner to educate Arab youth

TikTok brought together key opinion leaders from Microsoft, McKinsey and MetLife to create informative videos to offer Arab youth career advice