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The United Arab Emirates (UAE) has been recognized as one of the leading emerging economies in terms of artificial intelligence (AI) readiness, according to a recent report by the Boston Consulting Group (BCG). This conclusion is drawn from BCG’s 2024 AI Maturity Matrix, which was highlighted during the Dubai AI Week at the Dubai AI...
AIREV, a rapidly growing artificial intelligence start-up based in the UAE, has secured an investment from the Irish venture private equity firm Venturewave Capital. This funding will support AIREV’s expansion as it develops one of the world’s first AI operating systems, called ‘On-Demand’. The investment will allow AIREV to explore new market opportunities both in...
BKN301 Group, a fintech company specializing in Banking-as-a-Service (BaaS), has successfully closed a capital increase of $23.8 million. This funding aims to support the company’s global expansion, particularly into the United Arab Emirates and Saudi Arabia, while also enhancing its proprietary BaaS Orchestrator platform. The investment round was underwritten by key players, including CDP Venture...
Abu Dhabi Municipality has successfully completed significant development projects valued at over Dh4 billion in 2024. This achievement is part of the emirate’s ambitious goal to become the most livable city in the Middle East and North Africa, as indicated by various global metrics. The Department of Municipalities and Transport (DMT) announced these accomplishments, marking...
The United Nations Conference on Trade and Development (UNCTAD) has reported that artificial intelligence (AI) is projected to generate a substantial market value of $4.8 trillion by 2033. This growth reflects the transformative impact of AI across various sectors, which includes advancements in technology and increased productivity. UNCTAD emphasizes that while the benefits of AI...
“NEXT50,” a joint initiative between “Investopia” and the “EMIR Center,” convened its second meeting to discuss how UAE companies can benefit from promising investment opportunities in new economic sectors both within the country and abroad. The meeting took place with the presence of Abdullah bin Touq Al Mari, Minister of Economy and the Chairman of...
Investing in racehorses has traditionally been limited to the wealthy elite, but a new scheme is changing this dynamic in Dubai. A company named Tokinvest is launching a racehorse tokenisation program that significantly lowers the cost of ownership, allowing investors to buy a fraction of a racehorse through a digital token that represents their share....
Abu Dhabi-based investment vehicle CYVN Holdings and Bahrain’s Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, have announced the completion of their acquisition of McLaren Automotive, along with a non-controlling stake in McLaren Racing. This announcement follows the fulfillment of customary closing conditions and the receipt of necessary regulatory approvals to finalize the deal....
Abu Dhabi National Energy Company (TAQA) has partnered with Emirates Water and Electricity Company (EWEC) to unveil new energy infrastructure projects that will enhance the UAE National Strategy for Artificial Intelligence 2031 and the UAE Net Zero by 2050 initiative. This collaboration is marked by a significant 24-year Power Purchase Agreement (PPA) for the development...
Absa Group Ltd., South Africa’s third-largest bank by assets, is set to open a representative office in Dubai next year. This move aims to capitalize on the increasing trade and investment between the Middle East and Africa. Yasmin Masithela, the chief executive officer of Absa Group Ltd.’s corporate and investment banking unit, announced, “We’re setting...