3M establishes new regional headquarters in Dubai
3M has relocated its regional headquarters to Dubai Internet City, the largest technological hub in the Middle East and North Africa (MENA) region. Dubai Internet City is a subsidiary of TECOM Group PJSC. This move demonstrates 3M’s continued commitment to the UAE and supports Dubai’s goal to establish the Emirate as a hub for international innovation and production, which is driven by the country’s savvy leadership.
Creative Zone announces partnership with Global Possibilities.
In order to support Creative Zone’s expansion into important international markets and assist other foreign entities in obtaining market entry advisory for setting up in the UAE, Qatar, and Saudi Arabia, business setup advisory firm Creative Zone has announced its partnership with the leading boutique agency in the UAE, Global Possibilities.
Abu Dhabi-based InsurTech Wefox aims to double revenue in 2023
Wefox, an insurance technology startup sponsored by Mubadala Investment Company in Abu Dhabi, plans to roll its technology out to additional brokers in 2023 and increase its revenue to €1.2 billion ($1.25 billion). According to Julian Teicke at Abu Dhabi Finance Week, the Berlin-based company, which offers insurance products through internal and external brokers, aims to fill a gap in the $5 trillion global insurance market.
Abu Dhabi to host UAE’s largest fulfilment centre to provide support for e-commerce industry
In order to serve the rapidly expanding e-commerce sector in the country, the Abu Dhabi Investment Office and the Dubai-based online marketplace Noon have agreed to construct the largest fulfillment center in the UAE. 2024 is the projected opening year for the 252,000 square meter complex that will be constructed at Khalifa Economic Zones Abu Dhabi (Kezad). According to a statement released by Adio, it will boost the Emirates’ digital economy program by generating 6,000 employment.
Safari Holding inks deal with UAE-based HITEK to promote the latter’s new technology
Leading UAE-based smart property management solutions company HITEK Services, which is part of the Farnek group of companies, has signed an exclusive five-year partnership agreement with Riyadh-based Safari Holding. The contract which was signed at the Safari Group’s head office in Riyadh, allows the Saudi company to offer a suite of smart technology solutions including CAFM, IoT, BMS, energy and carbon management solutions, all developed by HITEK’s in-house technology team, exclusively to building owners and property managers, as well as other FM service providers and consultants, throughout the Kingdom.
Abu Dhabi Airports inks MoU with Groupe ADP to develop infrastructure for air taxis
In order to examine the possibility of creating ground infrastructure for air taxis in the UAE’s capital, Abu Dhabi Airports has inked a contract with France’s Groupe ADP, which operates airports. According to Abu Dhabi Airports, the two parties will look into the possibility of using electric vertical take-off and landing (eVTOL) aircraft to transport people and freight in Abu Dhabi.
Abu Dhabi-based G42 Cloud partners with SAP to enhance digital transformation of the public sector
A deal between the German software giant SAP and G42 Cloud, a division of the artificial intelligence startup G42 in Abu Dhabi, aims to support businesses in accelerating their digital transformation through the use of the cloud. According to the cooperation, SAP services will be used for consumer initiatives in the private sector as well as operations of businesses in the public sector and regulated firms, according to a statement released by G42 Cloud.
Zomato terminates food delivery services in the UAE
Some employees in the emirates will lose their jobs as a result of Zomato’s planned discontinuation of its food ordering service in the UAE which started on November 24. According to a Zomato representative, the impacted employees will get a severance payout. It also covers the cost of healthcare for our people and their families, as well as “financial and immigration support, and outplacement opportunities.”
Dubai Chamber of Digital Economy’s metaverse academy receives more than 150 applications
For its recently opened “Future of the digital economy: business in the metaverse” school, the Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, got 153 applications from 27 different nations. The specialized training program, which was unveiled last month in cooperation with the SEE Institute in Dubai, is intended to give digital start-ups the skills and resources they need to create and succeed in the metaverse.
ADGM Academy launches school of Digital Assets to expand digital education in region
A School of Digital Assets has been established by Abu Dhabi Global Market Academy, the educational arm of the UAE capital’s financial free zone, to oversee the advancement of new digital competencies. The new institution will provide foundational, intermediate, and advanced level programs. It was announced during Abu Dhabi Finance Week. The metaverse, non-fungible tokens, cryptocurrencies, blockchain, decentralized finance, or DeFi, and cybersecurity are just a few of the topics they will cover.
ADGM partners with ADIB, RAKBANK and Wio Bank to support businesses in Abu Dhabi
The international financial hub in Abu Dhabi, Abu Dhabi Global Market (ADGM), has teamed up with Abu Dhabi Islamic Bank (ADIB), Wio Bank, and RAKBANK to promote knowledge sharing on recent developments in banking and assist small and medium-sized enterprises (SMEs) with access to essential financial services.
ADQ-backed Aliph Capital buys UAE’s largest pet business
The acquisition of The Pet Shop, the largest pet retailer in the UAE, by Aliph Capital, a GCC-focused private equity fund manager that recently secured $125 million from Abu Dhabi holding company ADQ, marked the completion of its first investment agreement. The agreement, which comprises the purchase of TPS’ DubaiPetFood.com and Petsville business lines, is a component of Aliph Capital’s $250 million debut fund, Aliph Fund I (LP).
Masdar collaborates with Jordan’s Energy Ministry to implement renewable energy projects
The Kingdom of Jordan has reaffirmed its commitment to sustainability and decarbonization by signing a preliminary agreement with Masdar, an Abu Dhabi-based clean energy corporation, to build renewable energy projects in the country. The two organizations will investigate investing in renewable energy projects in Jordan with a production capacity of up to 2 gigawatts under the agreement reached at the Cop27 climate summit in Egypt, according to Masdar.
