Emirates Islamic issues dirham denominated sukuk

UAE’s Emirates Islamic issues dirham-denominated sukuk valued at Dhs1bn

The three-year issue witnessed robust demand and was oversubscribed by 2.5 times

Apple

Apple expands testing of ‘buy-now-pay-later’ service to retail employees

The tech giant contacted retail staffers this week to offer them a test version of the service

Dewa

DEWA becomes first UAE government entity to use ChatGPT

The aim is to provide services supported by this technology and employ it in serving customers and employees

Leap23

Saudi’s LEAP23 announces series of new investments, equalling $580m

New deals include the launch of a data centre and two dedicated academies for developing technical skills and unearthing homegrown talent

Alliance for Metaverse

Alliance for Metaverse and Web3 Empowerment launches at LEAP23

The inaugural meeting paves way for increased diversity, inclusion and safety in digital ecosystem

Dana gas

Dana Gas reports 53% rise in adjusted net profit for 2022

Revenue rose 17 per cent to reach $529m last year, compared to $452m in 2021

India

India energy firms see growth prospect in Africa and Middle East

State-run energy consultant Engineers India expects to finalise a nearly $25m order for a chemicals and fertiliser plant in Nigeria

Nana

Alwaleed’s Kingdom Holding leads $133m funding for Saudi delivery app Nana

Started in 2016, Nana raised $18m from investors including venture capital fund STV and Middle East Venture Partners

COP28

COP28 chief’s Sultan Al Jaber begins global tour

Nations should aim to raise spending on technologies including carbon capture, nuclear power and hydrogen, according to Al Jaber

Total passenger traffic rises 64.4% in 2022

Middle Eastern airlines register 157.4% rise in passenger traffic in 2022

International passenger traffic rose 152.7 per cent last year versus 2021

Dubai's VARA introduces regulations for 2023_Dubai-Media-Office-twitter

Dubai’s Virtual Asset Regulatory Authority issues regulations for 2023

As the authority providing VA oversight across Dubai with the exception of DIFC, VARA facilitates VA-associated economic stability, investor protection, and jurisdictional resilience

In partnership with RTA and Dubai Holding, Udrive has launched its Hatta fleet and service

RTA, Udrive partner to launch Dubai-Hatta fleet

The Hatta fleet has been activated with increased mileage allowances within the Udrive platform to provide affordable mobility solutions to and from the destination

Etihad Cargo_Astral Aviation MoU_February 2023

Etihad Cargo, Astral Aviation sign MoU to grow African network

With the agreement, Etihad Cargo customers will benefit from additional cargo capacity out of Nairobi via the introduction of additional services from Nairobi to its hub in Abu Dhabi from April 1

Daraz

Alibaba’s Daraz fires 11% of staff as layoffs rock startups

The Pakistani company, which Alibaba acquired in 2018, has quintupled active shoppers to more than 15 million over the past five years

Web3

How Web3 is becoming a more prominent part of today’s economy

Paul Lalovich, partner at Agile Dynamics shares how Web3 Delight Riyadh is connecting global and local Web3 players for enhanced cooperation opportunities

Synthetic Equity

Synthetic Equity: Ushering in a new era of incentives

Synthetic Equity is an attractive alternative to traditional rewards for an outstanding performance

Build

Build your own digital sovereignty over blockchains

With the advent of Web3, AI and other emerging technologies, it’s clear that the world is set to undergo significant transformation

Tarabut

Tarabut Gateway partners with Saudi’s micro-lending firm Tamam

The partnership will make micro-loans easily accessible, resulting in more favourable loan arrangements for both fintechs and customers

Jumeirah Bay Island _ Driven Properties_Bulgari Resort and Residences Dubai

Jumeirah Bay Island apartment sells for a record Dhs13,543 per square foot

The three-bedroom apartment in the Bulgari Resort and Residences sold for the highest recorded price per square foot in the history of Dubai

LandVault

Metaverse developer LandVault expands to Dubai

Its technology will allow real estate developers to showcase their projects by providing a more immersive experience for potential buyers

Gameball

Adtech platform Gameball raises $3.5m for international expansion

Founded by Egyptian entrepreneurs, the platform enables omnichannel retailers to have a 360–degree view across all customer touchpoints

Bard

Google releases ChatGPT competitor AI ‘Bard’ to early testers

The service aims to generate detailed answers when given simple prompts, such as what to make for lunch or how to plan a friend’s baby shower

mall of oman opening by Majid Al Futtaim

Majid Al Futtaim officially inaugurates Mall of Oman 

Mall of Oman, which had a soft launch in September 2021, is home to Snow Oman – the largest snow park in the region, Oman’s largest VOX Cinemas and 260 international and local retail outlets

Aramco’s venture capital arm expands investment fund to $500m

Aramco’s venture capital arm expands investment fund to $500m

Aramco has allocated $300m in additional funds to Wa’ed Ventures

Burjeel Holding enters Saudi market via agreement to establish 60 clinics

Burjeel Holding enters Saudi market via agreement to establish 60 clinics

The ADX-listed healthcare services provider signed a MoU with Leejam Sports Company to create a joint venture

Oil

Oil extends gain as Saudi Arabia bets on demand rebound in Asia

Saudi Aramco increased most of its prices for crude that will be shipped to its main market of Asia in March

UAE’s non-oil foreign trade grows 17% in 2022

UAE’s non-oil foreign trade grows 17% in 2022

This is the first time that the country’s non-oil foreign trade has surpassed the Dhs2tn mark

DAMAC awards main works contract for Cavalli Tower_2

DAMAC awards Dhs886m main works construction contract for Cavalli Tower

China State Construction Engineering Corporation will carry out main works construction of the 71-storey Cavalli Tower

National Housing Company CEO

Saudi Arabia’s National Housing Company announces Al-Fursan Suburb project

The project will include more than 50,000 residential units for more than 250,000 people

Etihad Cargo crosses operational performance benchmarks

Etihad Cargo crosses operational performance targets in 2022

Etihad Cargo maintained a delivered-as-promised rate of 86.6 per cent, a 2.6 per cent improvement compared to the previous year