Abu Dhabi’s Presight AI to raise over $495mln in IPO
Abu Dhabi-based G42 Group, an artificial intelligence (AI) and cloud computing technology company, is selling a 32% stake or 1.35 billion shares in its subsidiary, Presight AI, in an initial public offering (IPO) that is set to raise 1.82 billion dirhams ($495.6 million). The IPO price is set at AED1.34 per share, with the subscription […]
$54.49mln manufacturing facility announced at Dubai Industrial City
Silver Line Gate Group (SLG) is constructing a new manufacturing, warehouse and corporate offices facility, spanning 1.37 million sq. ft., at Dubai Industrial City, a member of TECOM Group. The AED200 million manufacturing facility is set to open in Dubai Industrial City in 2025 to bolster the UAE’s commitment to building a self-reliant food security […]
Central Bank of UAE revokes licence of ‘Dollar Exchange’ house
The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities. The sanction is […]
Indian rupee declines against UAE dirham, tracks domestic equities
The Indian rupee depreciated four paise to 82.83 against the US dollar (22.57 versus the UAE dirham) in early trade on Wednesday, weighed down by a muted trend in Indian equities. However, fresh foreign fund inflows and a weak American currency against major rivals overseas capped the losses in the rupee, forex traders […]
DWTC’s One Central to use AI platform to drive energy management
Property operations software platform Facilio has announced an agreement with Dubai World Trade Centre’s One Central, a grade-A commercial development, to optimise energy consumption and reduce carbon emissions using a software-led approach. One Central will see the deployment of Facilio’s IoT-led connected buildings solution, which uses AI and machine learning to analyse and benchmark building […]
Dubai DIFC’s 2022 revenue tops $272mln for first time
Dubai International Financial Centre (DIFC) added new companies to its register and grew revenue to over 1 billion dirhams ($272 million) for the first time. The number of active companies in the financial freezone is now 4,377, up 20% year-on-year, a Dubai Media Office statement said on Monday. In 2022, DIFC’s combined revenue grew 18% […]
Abu Dhabi Chamber, India’s FICCI explore new areas of collaboration
M.A Yusuff Ali, Second Vice Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), reaffirmed the solid relations between the UAE and India, saying, “The UAE and India share a long history of solid relations, which laid the ground for signing the Comprehensive Economic Partnership Agreement (CEPA) last year. One of […]
DEWA CEO inaugurates Saur’s new international headquarters in Dubai
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), inaugurated Saur’s first office in Dubai, a move that symbolises the Group’s ambition to power ahead with its international expansion and make its expertise available to facilitate the water transition for all Middle Eastern countries. The opening ceremony was attended […]
Abu Dhabi’s defence firm EDGE acquires majority stake in Estonia’s Milrem Robotics
Abu Dhabi state-backed defence conglomerate EDGE has acquired a majority stake in Estonia-based Milrem Robotics, a developer of robotics and autonomous systems that are sold to NATO member countries. The value of the transaction has not been disclosed. After the acquisition, EDGE will take majority control of the Estonian company, according to a statement on […]
UAE, US companies to jointly explore conversion of waste to alternative fuels
US-based carbon capture and transformation firm LanzaTech NZ (LanzaTech) and Abu Dhabi Waste Management Company (Tadweer) will jointly explore business opportunities to develop a large-scale conversion plant for transforming solid municipal waste into sustainable alternative fuel or clean energy. The collaboration further advances the US and UAE’s Partnership for Accelerating Clean Energy (PACE) and provides a […]