G42-owned Bayanat set to raise $171m from IPO
G42, an artificial intelligence and cloud computing firm based in Abu Dhabi, owns Bayanat, a provider of geospatial data goods and services, and it hopes to generate more than Dh628.5 million ($171 million) through its first public offering, the business is offering to sell 571.4 million shares at a price of Dh1.10 per share. The sale represents 28.5% of the firm’s share capital before to the offering and 22.22% of the share capital of the company at the time of listing.
Abu Dhabi’s Mubadala Capital acquires US-based TruFood
Mubadala Capital, the global asset management firm and subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired snack food contract manufacturer TruFood Manufacturing. Trufood, the Pennsylvania-headquartered manufacturer is being acquired from funds affiliated with AUA Private Equity Partners. The company did not disclose any financial details pertinent to the transaction.
Yalla Super App launches financial services in UAE and KSA
After experiencing tremendous success in Egypt since its inception in 2017, PaySky recently announced the Yalla Super App’s entry into the UAE, Saudi Arabia, and Pakistan markets as well as its expansion there. According to a press statement, this expansion fits into the company’s ambitions for continuing expansion in strategic markets that directly affect the Egyptian market, particularly those countries that are prepared for digital transformation and financial inclusion.
First uncrewed surface vessel in the Middle East arrives in Abu Dhabi
Fugro transforms the maritime industry in the Middle East with the introduction of its first uncrewed surface vessel (USV) to the region. The Fugro Pegasus, the latest addition to the Blue Essence family of uncrewed vessels has arrived in Abu Dhabi and is ready for its first sail in the Gulf.
du partners with Abu Dhabi Department of Economic Development to enable telco services on TAMM
In order to provide telecom services on TAMM, the website for Abu Dhabi government services, du from Emirates Integrated Telecommunications Company (EITC) has teamed with the Abu Dhabi Department of Economic Development (ADDED). The statement was made at GITEX Global 2022, where du is showcasing cutting-edge technologies including Internet of Things (IoT), Augmented Reality, metaverse, blockchain, NFT, and robots under the theme “Powering Governments, Shaping The Emirates Reality.”
du signs MoU with Masdar City to build 5G Centre of Excellence
In order to create a 5G Center of Excellence (CoE) in Masdar City, Abu Dhabi, du from Emirates Integrated Telecommunications Company (EITC) is collaborating with Masdar City, a world leader in sustainable innovation and development.
Adia to set up centre for data and computational science research
The emirate’s sovereign wealth fund, Abu Dhabi Investment Authority (Adia), intends to establish a stand-alone center for fundamental and practical research in data and computational sciences. The action is anticipated to increase R&D in the UAE.
Dahua Technology appoints MES as distributor of its non-CCTV products in UAE
MES, one of the leading distributors of technology products in the Middle East, has been appointed as distributor in the UAE of non-CCTV products of Dahua Technology, a world-leading video-centric smart IoT solutions and service provider.
du signs MoU with Masdar City at GITEX Global 2022 to build a 5G Centre of Excellence and deploy a world-class IoT technology
Du, from Emirates Integrated Telecommunications Company (EITC), is partnering with Masdar City, a global leader in sustainable innovation and development, to build a 5G Centre of Excellence in Masdar City, Abu Dhabi. The Memorandum of Understanding (MoU) was signed at GITEX Global 2022, where du is presenting an innovative showcase under the theme ‘Powering governments, Shaping The Emirates Reality’.
UAE payment industry revenues projected to hit $18.7bn by 2031, BCG says
According to a recent report by the Boston Consulting Group, the UAE’s second-largest economy’s young and tech-savvy population will be the primary driver of the payments industry’s revenue growth reaching $18.7 billion by 2031. Revenues are anticipated to increase between 2021 and 2031 at a compound annual rate of 7.7%, according to BCG’s Global Payments 2022.
Dubai Financial services Authority partners with Thai Securities and Exchange Commission
The Dubai Financial Services Authority (DFSA) and the Thai Securities and Exchange Commission (SEC) have signed a Memorandum of Understanding (MoU) with the intention of fostering open communication on technologically enabled financial innovation in the financial services industry, including FinTech and Regulatory Technology (RegTech). Ian Johnston, the CEO of DFSA, and Ruevadee Suwanmonkol, the Secretary-General of SEC, both signed the MoU.
Emerge signs agreement with Khazna Data Centres to develop solar plant
In order to power Khazna Data Centres’ new data center in Masdar City, a ground-mounted solar photovoltaic plant will be built by Emerge, a joint venture between Masdar and France’s EDF. According to the agreement, Emerge will offer a complete turnkey solution for the project, including financing, design, procurement, construction, operations, and maintenance for 25 years. The project’s 7 MWp peak capacity project’s entire cost was not disclosed.
Injazat signs preliminary agreement with Singapore trade tech body SGTech
Technology company Injazat, which is a component of Abu Dhabi’s G42, and Singapore’s tech trade association SGTech have signed a preliminary agreement to work together on technology exchange and creating new partnerships on digitalization and innovation. The UAE, the second-largest economy in the Arab world, and Singapore are making the move as a way to increase their technological cooperation.
Al Dhahra and ARASCO sign agreement to supply WAFI Feed
Al Dhahra Holding, the most significant producer of complete animal feed in the Kingdom of Saudi Arabia and the Middle East, based in the United Arab Emirates, and ARASCO, the largest producer of animal feed in the region, both located in Riyadh (KSA), announced their agreement to supply up to 180,000 tonnes of WAFI animal feed that will be used in the Saudi Agriculture Exhibition.
Virtuzone partners with Wio Bank to facilitate digital banking for SMEs
To serve its clients using the Wio Business solution, Virtuzone has partnered with Wio Bank, the first platform bank in the area. With the launch of Wio Bank in September 2022, the area gained access to three crucial capabilities: embedded banking, digital banking applications, and banking as a service.
MENA region is projected to have 45 Fintech unicorns by 2030, MasterCard report
According to a recent report by the global payments corporation MasterCard, data analytics and artificial intelligence are the major technologies driving the expansion of the Middle East and Turkey’s FinTech business.
FinTech offerings are “agile and able to identify opportunities,” frequently during the times of unfavorable events like the 2008 financial crisis and the Covid-19 pandemic, according to MasterCard’s white-paper titled “Future of FinTech: smart, scalable, collaborative,” which was released during the Gitex 2022 at the Dubai World Trade Centre.
Digital bank Wio partners with Stripe to enhance online payments for SMEs
In order to increase online payments for small and medium-sized businesses (SME) and independent contractors working in the e-commerce industry, Wio Bank, an Abu Dhabi-based digital lender, is collaborating with global digital payments giant Stripe. According to a statement released by Wio Bank, the agreement would make it possible for SMEs to process payouts, accept payments online, and reduce fraud.
Intel to open AI research centre at Dubai Internet City
Intel, one of the world’s largest technology companies, will open its first artificial intelligence research and development centre at Dubai Internet City (DIC), underscoring the emirate’s appeal as a key destination in the GCC for establishing innovation facilities.
Abu Dhabi Accountability Authority inks deal with G42 to employ latest tech
Apreliminary agreement was reached between the Abu Dhabi Accountability Authority and Presight.ai, a division of the artificial intelligence firm G42, to apply cutting-edge technology to improve the effectiveness of government operations.
New face recognition feature to enable residents to renew IDs remotely
residents will be able to renew their cards without trouble or apply for a new Emirates ID. Residents will be able to obtain their identity cards without ever having to visit the required centers, thereby streamlining the procedure.
e& enterprise acquires 100% of Smartworld
One of the top technology solution providers and systems integrators in the UAE, Smartworld, has been fully acquired by e& enterprise, a division of e& (formerly known as Etisalat), the firm said. The Internet of Things and artificial intelligence business divisions of e& enterprise will incorporate Smartworld’s products. According to e& enterprise, Smartworld will now function as e& enterprise iot and ai and change its name.
The world’s first long-range solar electric vehicle has been launched in the UAE
Launched by Hussain Mohamed Al Mahmoudi, CEO of the Sharjah Research, Technology and Innovation Park (SRTI Park), the solar-powered electric car was created by the Dutch company Lightyear. According to Al Mahmoudi, the firm initially created 500 units of its first edition, “Lightyear O,” and the majority of them have already been sold out.
Mexican used-car platform Kavak sets $130m plans for GCC launch
After merging with local competitor Carzaty, Mexico’s pre-owned vehicle marketplace Kavak promises to invest $130 million over the following two years in the GCC to create the largest used-car operation in the Gulf. The firm stated in a statement that the Latin American used-car dealership, which is present in 10 nations including Mexico, Brazil, Argentina, and Turkey, will first open operations in the UAE and Oman as part of its development plans in the GCC, followed by Saudi Arabia.
Flying bikes are on their way to the UAE
Manufacturing of the Japanese flying bike Xturismo, which just made its public debut in the US, may soon go to the UAE. According to Yuma Takenaka, worldwide marketing executive manager of Aerwins, the business that makes the Xturismo, “We are producing up to five units a month and hope to go into mass production in Abu Dhabi in a joint venture with a (UAE) firm next year.”
Adio and Amazon Web Services join hands to launch cloud innovation centre
Anew cloud innovation center has been established in the city’s center by the Abu Dhabi Investment Office and Amazon Web Services (AWS), which will support innovation in both the public and commercial sectors.
Adio said that the AWS Cloud Innovation Centre (CIC) is a part of a three-year partnership that will allow businesses based in Abu Dhabi to develop solutions using next-generation technologies, aimed at supporting citizens, businesses, and the economy.
Funding for Hub71 startups hits $871m
Since its launch in 2019 through the third quarter of 2022, start-ups at Hub71, Abu Dhabi’s international technology ecosystem, have raised over Dh3.2 billion ($871 million) in capital, generated Dh2.5 billion in sales, and added 800 direct employment.
Hub71 deputy chief executive Ahmad Alwan spoke with The National in an interview at Gitex Global in Dubai. The expansion for Hub71 member firms, which number close to 200 presently, comes as investor interest in start-ups rises, making the company a vital contributor to Abu Dhabi’s economy. Hub71’s start-ups were successful in raising $436 million in the first half of 2022, which increased investor interest in them.
Microsoft Cloud promises $39 bn pump to the UAE economy
According to a research unveiled at Gitex Global 2022 in the Dubai World Trade Center by International Data Corporation (IDC), the Microsoft Cloud would produce roughly $39 billion over four years and close to 100,000 employment in the UAE.
The “Microsoft Cloud Dividend Snapshot” from IDC Infosnapshot, sponsored by Microsoft, for the UAE predicts that between now and 2026, additional income from the Microsoft Cloud would reach $39 billion, with 16.6% of that benefit coming from its cloud data center areas in Abu Dhabi and Dubai. The ecosystem of the Microsoft Cloud, which consists of Microsoft, its partners, and its cloud users, will be responsible for generating this income.
The Emirates Nuclear Energy Corporation (Enec) signs agreement with Cyber Security Council
In order to improve cyber security in the energy industry, the UAE Cyber Security Council and the Emirates Nuclear Energy Corporation (Enec) have inked a preliminary agreement.
The two entities will exchange information and expertise on cyber security-related matters, with Enec providing experts for the establishment of a national-level security operations centre, according to a statement from Enec.
CBI establishes metaverse branch becoming 1st UAE bank to do so
CBI is the first bank in the UAE to establish a presence in the Metaverse and one of the few pioneering financial institutions in the region as well as worldwide. The formal opening of Commercial Bank International’s Metaverse site has been announced. CBI is a corporate and retail bank with its headquarters in Dubai. The first bank in the UAE to establish a presence in the Metaverse, CBI is also one of the few early adopting institutions in the region as well as the rest of the world.
The Metaverse Welcomes UAE’s First Hospital, Medcare Women & Children
Medcare Hospitals & Medical Centres, one of the larger healthcare provider chains in Dubai and Sharjah, has launched their first hospital in the Metaverse making it UAE’s first medical facility to be present in the Metaverse.
With Dubai’s vision to become the world’s Metaverse Hub and the announcement of their Metaverse strategy this July, various entities from across a vast spectrum of industries including ministries have announced their plans to join the novel virtual world. In line with that, Medcare Women & Children Hospital has partnered with BIOMETAVERSE and officialized its virtual existence by going live on October 11, 2022.
GLEAC launches world’s first utility NFT ‘Lovely Humans’
GLEAC, a Hub71 startup that provides a mentorship network to help people apply human skills through mock work situations, recently announced the release of the first utility NFT in the world, “Lovely Humans,” which gives users five hours of one-on-one time with professionals from various industries around the world.