Image WAM for illustrative purposes Abu Dhabi reduces speed limit on Sweihan road

Abu Dhabi: New speed limit announced for Sweihan Road from June 4

The speed limit will reduce from 140kmph to 120kmph from Sunday

Tamimi markets sells 30% stake to PIF

Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

The deal is aimed at supporting Tamimi Markets’ growth plans including a potential initial public offering

Qatar real estate forum begins. Image: supplied

Qatar Real Estate Forum’s inaugural edition begins in Doha

The two-day forum brings together the real estate supply chain operating in Qatar under one roof

Amazon Saudi Riyadh Fulfillment Center Inauguration Image credit Amazon

Amazon launches new fulfillment centre in Riyadh

The facility spans 390,000 square feet across five floors – approximately the size of five football fields

satellite component by STRATA

Strata Manufacturing delivers MBZ-SAT satellite components to MBRSC

This partnership showcases the technological advancement in locally manufacturing satellite components as the UAE builds a space industry

Sultan Haitham City image credit Twitter Oman News Agency

Oman unveils plans to build Sultan Haitham City

The smart and sustainable city will cover an area of approximately 15 million square metres

Saudi-backed Lucid Air sedan

Saudi-backed electric car maker Lucid plans to raise $3bn

The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital

VARA fines OPNX

Bitcoin faces first monthly drop of 2023 as crypto revival cools

The largest cryptocurrency was steady at $27,630 as of 12:05 pm in Singapore on Wednesday

Alibaba

Alibaba to build ChatGPT-like AI into meeting, messaging apps

The large language model developed by Alibaba Cloud, dubbed Tongyi Qianwen, is now powering interactions with a new version of the assistant, Tongyi Tingwu

Dubai Healthcare Authority

Number of Dubai healthcare facilities jump 11.5% in Q1 2023: DHA

The healthcare facilities provide care across a range of medical specialities and sub-specialities

Emirates group to deploy Extended Reality

Emirates Group and AWS to create immersive digital experience for employees

The scope of the collaboration includes the development of an Extended Reality platform, 3D virtual hubs, virtual training, gamified environments, and simulated experiences for learning

Pontus Rotana Resort & Spa in Georgia (Image: Supplied by Rotana)

Rotana to open 600-key property in Georgia

Located in Gonio, a suburb of Batumi, the resort is scheduled to welcome its first guests by 2026

UAE’s Falcon 40B, AI Model is Now Royalty-free image credit Technology Innovation Institute

UAE’s Falcon 40B AI model is now royalty free for commercial, research use

The AI model can help raise efficiencies such as faster project starts, faster iterations, more flexible software development processes and easier license management

TAQA, ENGIE & EWEC desalination plant.jpeg

TAQA, ENGIE and EWEC close $620m financing for desalination plant

The plant will desalinate seawater using low-carbon intensive reverse osmosis technology to produce water sufficient to meet the demand of up to 210,000 households

EV Market

UAE’s EV market projected to grow by 27% annually over next six years

With more than 20 per cent of government car fleets running EVs since 2021, the UAE is leading the way towards the future of electric vehicles in the region

PALM JEBEL ALI

Palm Jebel Ali greenlit by Sheikh Mohammed as part of Dubai 2040 Urban Plan

Palm Jebel Ali, in its scope is twice the size of the iconic Palm Jumeirah and is part of the portfolio of projects being developed by Nakheel

Nvidia by Getty Images

Nvidia surge results in historic $1tn market valuation

Nvidia has powered past other semiconductor companies as it is the world’s biggest maker of the specialised chips needed to power AI products

EDB finance deals

Make it in the Emirates Forum: EDB unveils Dhs424m in financing deals

The deals come as part of the bank’s mandate to approve Dhs30bn in funding support to companies in the UAE within five key focus sectors

Make it in the emirates forum Dhs10bn in offtake agreements announced Image Credit MoIAT MIITE

Make it in the Emirates Forum: New offtake deals worth Dhs10bn announced

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, announced more than 30 innovative industrial projects valued over Dhs6bn on the first day of the forum

Etihad

Qatar, Etihad, Emirates named among world’s top 10 airlines

Etihad Airways has won the title for ‘Environmental Airline of the Year 2023’ for the second consecutive year

CBUAE, HKMA partnership

CBUAE issues new AML guidance for financial institutions

The central bank’s guidance highlights the risks of dealing with virtual assets and virtual asset service providers and their business models

‘Make it in the Emirates Forum’ opens in Abu Dhabi

The two-day forum will showcase investment opportunities within the local industrial sector, product development and redirecting procurement towards the national economy

The biggest future trends in education

Insights: The biggest trends shaping the future of education

James Shipton, Regional Exams Director, MENA, British Council tells us that the outbreak of Covid-19 accelerated several education trends, including a greater acceptance of digital technology

Wemix

Abu Dhabi’s Hub71 and Wemix collaborate to fuel growth for blockchain startups

Startups within Hub71+ Digital Assets will be able to leverage the technical knowledge and expertise of Wemix

Housing platform launch Darak. Image credit: MOI by WAM

UAE government launches national housing platform ‘Darak’

The platform aims is to help citizens by managing their housing construction projects and to reduce the burden of costs

UAE fuel

UAE fuel prices for June: Super 98, Special 95 rates revised

The UAE fuel price committee has slightly reduced the rates

Lumina’s role is to support UK companies

Flat6Labs Ignite programme spurs growth, backs 38 startups with $10.2m

The programme hosts an intake cycle every six months and has thus far completed four cohorts with the fifth cohort to be announced shortly

Dubai property market

Global HNWIs to pour $2.5bn in Dubai property in 2023: Knight Frank

The world’s wealthy have been increasingly targeting Dubai’s luxurious homes, primarily situated in the city’s most desirable districts

hydrogen

Saudi Arabia wants to have buses running on hydrogen next year

By mid-2024, Neom will be making hydrogen for vehicles such as buses and trucks, Dave Edmondson, CEO of Neom Green Hydrogen, said in Dubai

emirates steel arkan DNV to boost decarbonisation through five-year collaboration Image credit emirates steel arkan

Emirates Steel Arkan, DNV to drive decarbonisation in steel, building materials industry

The two entities have signed a Decarbonization Strategic Collaboration Agreement as part of a five-year collaboration