DIFC has announced a proposal for amendments to select laws through the DIFC Laws Amendment Law, Law No. 1 of 2005. These proposed changes are primarily clarificatory and aim to align DIFC laws with international best practices. One significant aspect of the amendments is the enhancement of the Data Protection Law, which will provide additional...
UAE-based Pure Harvest Smart Farms and South Korea’s PlanTFarm have announced the launch of a newly redeveloped high-tech farming facility in Al Ain, UAE. This innovative site is designed to leverage advanced AI-powered technologies for controlled environment agriculture (CEA) The facility includes a pilot project aimed at growing animal fodder using 95% less water, which...
Recent data from Fujairah indicates an increase in distillate volumes, while stocks of residual fuels have decreased. This trend highlights important shifts in the storage dynamics within the UAE’s oil sector. The Fujairah Oil Industry Zone, a key player in the Middle East’s oil storage sector, has released new inventory figures for the week ending...
Flow48, a fintech start-up based in the UAE, has successfully raised $69 million in a combination of debt and equity funding during its Series A round, which was led by the Parisian venture capital firm Breega. The funding round also included notable participation from Evolution Ventures, Endeavor Catalyst, Daphni, Speedinvest, 212, and Plus VC. This...
Hubpay, a fast-growing financial institution licensed by the Abu Dhabi Global Market (ADGM), has unveiled its digital business accounts aimed at enhancing the corporate onboarding process for small and medium-sized enterprises (SMEs) in the UAE. This initiative aligns with the UAE’s goal to increase the number of SMEs from over 557 000 to more than...
Abu Dhabi’s steel and building materials manufacturer EMSTEEL has announced the launch of its Asset Enhancement Program, which has a capital expenditure of approximately AED625 million ($170.2 million). This strategic initiative is aimed at enhancing production capabilities and introducing advanced steel solutions to meet the increasing demands of the market. The program is closely aligned...
UAE telecommunications company e&, formerly known as Etisalat, has announced the sale of its 40 percent stake in Khazna Data Center Holdings for AED8 billion ($2.2 billion) to the Abu Dhabi technology group G42. This significant transaction, reported in a statement to the Abu Dhabi bourse, is expected to generate a capital gain of AED5.1...
Multiply Group, an investment holding company based in Abu Dhabi, has made a move by securing a 67.91% stake in Tendam, a prominent player in the fashion retail sector. This landmark investment was made in partnership with CVC Capital Partners and PAI Partners, marking a pivotal moment for Multiply Group’s expansion strategy. The investment is...
The UAE is on the verge of transforming its entertainment and tourism sectors as it accelerates the licensing of international gaming vendors, including the prominent Wynn Resorts. Industry experts suggest that the UAE could become a leading gaming destination, potentially rivaling Singapore and Macau within the next five years due to its strategic location between...
Allied Gold has announced a partnership with a United Arab Emirates-based investment group, Ambrosia Investment Holding, to enhance its mining operations in Africa. The deal is expected to provide vital regional expertise and broader market support, as Ambrosia is positioned at the forefront of the UAE’s renewable energy sector. As part of the agreement, Ambrosia...