Utilities Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids “smart” using artificial intelligence – and increase their share of generation from solar and wind power. That share is expected to almost double in the Middle East and North Africa over the next five years. It will rise […] April 22, 2025
Finance UAE tech investors seek security in the face of uncertainty UAE tech investors reported a strong start to the year but many are increasingly seeking out more mature companies to back, as global economic uncertainty makes them more risk averse, an industry expert has told AGBI. UAE tech startups raised a total of $872 million in the first quarter, nearly triple the $297 million raised […] April 21, 2025
Industry PIF-backed elevator company explores US IPO A German elevator company backed by Saudi Arabia’s Public Investment Fund (PIF) is exploring selling shares to the public in the US, Reuters has reported, without citing sources. Düsseldorf-based TK Elevator is expected to be valued at more than €20 billion ($22.7 billion), according to earnings calculations by the news agency. TK Elevator is the […] April 18, 2025
Tech Amazon partners Mena startup to train Gulf cloud engineers Amazon has partnered with the Middle East and North Africa social impact startup Manara to train thousands of people in the UAE and Saudi Arabia in cloud software skills. Amazon Web Services, a division of Amazon that provides on-demand cloud computing platforms to individuals, companies and governments on a metered, pay-as-you-go basis, will invest $3.6 […] April 18, 2025
Banking & Finance Abu Dhabi investor buys $25m in Trump crypto coins DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World […] April 17, 2025
Analysis Transport Mena business travel surged before tariff storm hit The number of business travel trips booked in the Mena region increased by more than 50 percent in the first quarter of 2025. However, the onset of a trade war and a projected slowdown in economic growth may temper performance for the foreseeable future, according to travel experts. Business travel company Tamodo said it expected […] April 17, 2025
Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million […] April 16, 2025
Food & Drink UK company enters Dubai’s crowded rapid-delivery market Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is […] April 15, 2025
Banking & Finance Morocco’s PayTic raises $4m for Africa expansion PayTic, a Moroccan startup, has raised $4 million in a funding round and aims to expand into Africa, it said in a press statement on social media. PayTic, which has a presence in Europe and North America, works with banks and card issuers to simplify back-end processes such as chargebacks whereby a customer disputes a […] April 15, 2025
Logistics Outbound containers drive bumper March for Saudi ports A significant increase in the number of exported containers from Saudi Arabia helped drive a spike in volumes for ports across the country, according to the Saudi Ports Authority (Mawani). Exported containers rose 32 percent in March compared with the previous year. 280,341 20-foot equivalent units (TEUs), a common industry measurement, were exported compared to […] April 14, 2025
Agriculture Farmers at risk from North Africa locust swarm A locust outbreak in North Africa risks endangering the livelihoods of already hard-pressed farmers in the region. In recent weeks, the Rome-based Food and Agriculture Organization (FAO), a UN agency, has issued a succession of warnings over a growing locust threat spreading from North Africa and across central Africa. In Africa’s north, adult groups of […] April 14, 2025
Logistics Emirates to squeeze more from fleet with parcel deliveries Emirates has launched a premium package delivery service to open up new streams of revenue from its existing fleet and compete with the likes of DHL and Fedex for a share of a market worth nearly $500 billion. “Just like passengers, packages will travel from origin to destination directly,” the airline said in a press […] April 11, 2025
Economy Food prices push up Egyptian inflation in March Food prices caused Egyptian inflation to increase in March. Egypt’s annual urban consumer price inflation accelerated to an annualised 13.6 percent in March, 1.5 percentage points higher than February, according to data from Egyptian statistics agency Capmas. The increase was driven by a near 3 percent increase in food prices. Cereals and bread were up […] April 10, 2025
Analysis Manufacturing Jordan’s surging pharma industry may hit US tariff speedbump Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […] April 10, 2025
Infrastructure Dubai takes step forward on $22bn sewage tunnel network Dubai Municipality has issued a request for proposals for the first two contracts of the $22 billion Dubai Strategic Sewerage Tunnels (DSST) project, according to a Dubai utilities official. The project aims to modernise Dubai’s sewerage system and has an estimated initial capital expenditure of AED30 billion ($8 billion) and a total lifecycle cost of […] April 10, 2025
Analysis Sustainability Funding model for water tech ‘holds back Gulf innovators’ An over-reliance on government funding for water startups in the Gulf may be holding back innovation, experts have told AGBI. The Middle East – a region that includes some of the world’s most water-stressed countries – gained its first water “unicorn” in February when Saudi-based GI Water as a Service raised eight figures in a […] April 9, 2025
Markets Middle East stocks close up as markets recalibrate Middle Eastern stocks closed trading higher on Tuesday following days of turmoil. Saudi Arabian stocks were up for the second day in a row on Tuesday, making a 1 percent gain. On Sunday the Saudi index dropped 6.8 percent, its largest one-day fall since the Covid-19 pandemic. Kuwait’s stock exchange registered a 3.08 percent gain […] April 8, 2025
Oil & Gas Oil prices plummet as trade war raises fears of recession Oil prices continued to drop on Monday as fears of a global trade war intensified and major producers issued bearish signals. Saudi Arabia cut its crude prices to Asia and Opec+ advanced plans to increase output. Brent crude futures fell $2.28, or 3.5 percent, to $63.30 a barrel on Monday. US West Texas Intermediate (WTI) […] April 7, 2025
Artificial Intelligence Arabic AI developers struggle with unique challenges As billions of dollars are thrown at developing Arabic versions of AI for businesses, the technology is improving, but it is an uphill struggle, experts have told AGBI. Spending on artificial intelligence in the Middle East, Turkey and Africa is expected to reach $5 billion this year and rise 35 percent a year to almost […] April 7, 2025
Tech Taiwanese chipmaker buys into Egyptian startup A leading Taiwanese semiconductor design company has invested $10 million in an Egyptian company that specialises in energy-efficient chip technology, according to a statement. InfiniLink, a New Cairo-based startup, has developed technology which uses light instead of electric signals to move data faster, helping AI data centres handle more information at higher speeds with less […] April 4, 2025
Analysis Artificial Intelligence AI ‘employees’ make their mark in the Gulf From customer service to the C-suite, AI “employees” are climbing the corporate ladder in the Gulf as the technology behind them improves. Regional wealth funds such as ADQ are now using AI “boardroom advisers” to help make decisions according to Middle East AI News, while startups are raising capital and launching so-called “AI employees”. These […] April 4, 2025
Artificial Intelligence Gulf investors ‘rewarded’ as Musk’s xAI absorbs X Gulf co-investors in Elon Musk’s X could benefit from the social media platform’s purchase by xAI, analysts have told AGBI. The deal is expected to help artificial intelligence company xAI train Grok, its AI assistant, to compete in the increasingly competitive generative AI market. Musk’s xAI acquired privately-held X last week in a deal that […] April 3, 2025
