Friday, April 12

MIDDLE EAST

Read the latest news on startup companies in the Middle East, UAE, entrepreneurs, funding, investments, tech news and successful businessman stories on Pixr8.

Dubai launches World Logistics Passport
MIDDLE EAST

Dubai launches World Logistics Passport

Dubai launched the World Logistics Passport as part of the implementation of the first phase of the Dubai Silk Road strategy. The World Logistics Passport offers a set of unique operational and financial advantages for businesses and shipping companies by connecting government entities, including Dubai Customs and Dubai Trade, with logistics service providers like DP World and Dnata, and facilitating commercial transactions among concerned bodies in Dubai. The passport will help boost the role of the Dubai Silk Road and enhance demand for Dubai's products, services, and integrated transportation systems. The initiative also further raises the growing role played by Dubai Customs in regional and international trade. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince...
Aramco could delay IPO after Drone Attacks
Market, MIDDLE EAST

Aramco could delay IPO after Drone Attacks

New York, Sept 16 (AFP)- Saudi authorities are considering whether to delay an IPO for oil giant Aramco after this weekend's attack on its oil facilities shut down much of its production, people with knowledge of the matter said.  "They're in the process of assessing the damage. It's a possibility but it's still very early," said one of the persons who spoke on condition of anonymity. Aramco had planned to debut in November on a local stock market before listing on an international one next year, sources had told AFP last week. The IPO could be the largest ever, with the company's valuation poised to top USD 1 trillion. The company's plans appeared to have accelerated in recent weeks after it chose JPMorgan to lead the initial public offering, sources said. Goldman Sachs and B...
The reason behind the Drone attack on Aramco? Saudi Family!
MIDDLE EAST

The reason behind the Drone attack on Aramco? Saudi Family!

The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security are directly linked to that of its owner the Saudi government and its ruling family. The strikes, which US Secretary blamed on Iran despite staunch denials by Tehran, led to the suspension of more than 5 percent of the world's daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia's conflicts outside the country's borders, particularly with regional rival Iran. That matters greatly because Aramco produces and exports Saudi Arabia's more than 9.5 million barrels of oil per day to consumers around the world, primarily in Asia. It also comes as ...
Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn
ACQUISITION, MIDDLE EAST

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

Mukesh Ambani the owner of Reliance group announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore). Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company. As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat. Saudi Aramco will take 20 percent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex. The Saudi national oil compan...
Al Ahli Bank of Kuwait Partners With EdgeVerve for robotic automation
MIDDLE EAST

Al Ahli Bank of Kuwait Partners With EdgeVerve for robotic automation

Al Ahli Bank of Kuwait has partnered with EdgeVerve Systems, a subsidiary of Infosys to steer its automation journey using AssistEdge Robotic Process Automation (RPA). The award-winning scalable automation platform, AssistEdge is an end-to-end service for building and implementing RPA. It provides integrated software robots to automate any high-touch, repetitive process. Used to modernize customer service, improve business processes and enhance operational productivity, it spans the entire gamut of automation. Somnath Menon, Group Chief Operating Officer Al Ahli Bank of Kuwait, said, "Robotic Process Automation is part of ABK's digitization strategy to transition to the next level of innovation and technology in banking. ABK has collaborated with EdgeVerve and successfully implemen...
Saudi Arabia Extended its business hours
MIDDLE EAST

Saudi Arabia Extended its business hours

Saudi Arabia's Cabinet has approved a measure to allow shops to remain open for 24 hours, but the move stops short of explicitly peeling back the mandatory closure of stores during daily Muslim prayers. The decision, reported by the state-run Saudi Press Agency, only says that the Ministry of Municipal and Rural Affairs will decide the fees shops would need to pay to remain open around the clock. The move could help local businesses boost their sales. Any decision to allow stores to remain open during prayer would likely stoke public backlash from conservative Saudis. Although the powers of the kingdom's morality police have been curbed under King Salman, they still monitor that shops close for the five daily prayers, though that enforcement has become lax in some neighbourhoods....
Saudi Arabia committed to Aramco IPO: Saudi Crown Prince
MIDDLE EAST

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

AP- Saudi Arabia remains committed to selling shares in national oil conglomerate Aramco through an initial public offering but only at the right time, Crown Prince Mohammed bin Salman has said. "We are committed to the IPO of Saudi Aramco based on appropriate conditions and at the right time," Prince Mohammed told the pan-Arab daily Asharq al-Awsat in an interview published on Sunday. He reiterated his earlier expectations that the IPO of Saudi Aramco "will take place in (late) 2020 or the start of 2021," almost two years later than expected. Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to USD 100 billion. Prince Mohammed said it was still premature to announce where the IPO will be held, adding that many requirements ...
Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East
ACQUISITION, MIDDLE EAST

Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

SAN FRANCISCO (Reuters) - Global ride-hailing firm Uber will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering. Uber said it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem. The long-expected agreement ends more than nine months of start-and-stop negotiations between the two companies and hands Uber a much-needed victory after a series of overseas divestments. The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking about a nearly 13 percent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago. The acquisition makes...
LuLu Group strikes Switzerland hotel deal
MIDDLE EAST

LuLu Group strikes Switzerland hotel deal

Dubai-based Lulu Group which is owned by an Indian business tycoon has announced its entry into mainland Europe after a new agreement with a Switzerland-based real estate company to develop a new four-star hotel in the Swiss city of Zurich. Twenty14 Holdings (T14H), the hospitality investment arm of Abu Dhabi based LuLu Group International, said on Friday that it has entered into a forward purchase contract with Necron AG for the upcoming IntercityHotel Zurich Airport in Rmlang municipality of Zurich. The company said its new purpose-built, 260-room hotel, set to open in 2020 and will be located close to Rmlang station and offer good transport links, including access to Zurich International Airport in 10 minutes and the city centre in 15 minutes. "We are excited to mark our entry...
Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023
MIDDLE EAST

Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023

Analyst at Ken Research suggests that demand for long term leasing services in the Kuwait will grow at a positive growth rate. With slump in Oil and Gas sector in the past few years, the vehicle leasing industry have been increasingly focusing on non-oil sectors such as FMCG, Telecom, Healthcare, Logistics, Construction to boost their revenue and expand market share. For more information Kuwait Long Term Vehicle Leasing Market During the period 2013-2018, Kuwait vehicle leasing market grew at a positive growth rate. There were several factors that influenced the growth such as growth of end user industries, increase in number of new establishments, focus on non-oil sector end users and other factors. The growth in non-oil sector/industries and stable constr...
UAE may Launch Underwater Rail Network Between Fujairah & Mumbai
MIDDLE EAST, News

UAE may Launch Underwater Rail Network Between Fujairah & Mumbai

With technology growing so fast, various countries have been coming up with Hyperloop and driverless flying cars, and now, the UAE is all set to introduce a futuristic mode of transport which will be an underwater rail network. With this, the UAE has proved to be the land of innovations and setting a benchmark in the world. In the coming days, the people might be able to travel from Fujairah to the Indian city of Mumbai by undersea rail network. Along with this, there will also be exchange of goods in the form of freshwater flowing from India to the UAE and oil being exported back through pipeline as stated by Abdulla Alshehh, who is the managing director and chief consultant of the National Advisor Bureau Limited. The Bureau stated above is basically a consultancy firm based in Masd...
Spotify Officially Launches in Middle East and North Africa
MIDDLE EAST, News

Spotify Officially Launches in Middle East and North Africa

The world's most popular paid music streaming service, Spotify, has officially launched in the Middle East and North Africa on Tuesday. The company stated that its services would now be available in 13 Arab markets, including Saudi Arabia, the United Arab Emirates, Egypt, and Morocco but not Libya, Iraq, Syria, or Yemen. Spotify has been unofficially available in the Middle East for several years through accounts usually registered in other markets such as Europe. Claudius Boller, who previously worked in the region with Universal Music Group, is Spotify's managing director for the Middle East and Africa. Boller said in a statement that Saudi Arabia, the UAE, Egypt, and Morocco were expected to drive regional growth, pointing to the Middle East's youthful population and high sm...