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Motherson’s Wiring Open its Plant in UAE

13Sep By AdityaNo Comments

MIDDLE EAST

Motherson’s Wiring Open its Plant in UAE

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, formally inaugurated Motherson’s Wiring facility in the Emirate of Ras Al Khaimah (UAE). The facility is located in Ras Al Khaimah Economic Zone (RAKEZ). Also present at the ceremony were Mr. Vivek Chaand Sehgal, Chairman, Motherson, and Sheikh Mohammed bin Humaid Al Qasimi, RAKEZ Managing Director, along with officials from other local government entities. H.H. Sheikh Saud bin Saqr Al Qasimi said, “In Ras Al Khaimah, we have an integrated strategy to diversify the economy and achieve balanced growth across all sectors in a manner that ensures the sustainable development of our Emirate and adherence to our national objectives. This strategy lends great flexibility to the&nb...

UAE successfully launches its first spacecraft towards Mars

20Jul By Press Trust of IndiaNo Comments

MIDDLE EAST

UAE successfully launches its first spacecraft towards Mars

Dubai, Jul 20, 2020: UAE made history on Monday by successfully launching its spacecraft "Al Amal" towards Mars from a Japanese launch center, marking the Arab world's first interplanetary mission, according to media reports. Al Amal, or Hope Probe, weighing 1.3 tonnes was launched from the H-2A rocket from Japan''s remote Tanegashima spaceport at 1.58 am local time. The probe's telecom system was set up and it transmitted its first signal after it successfully separated from the launch vehicle and its solar panels were deployed with clockwork precision an hour after the launch, Mitsubishi Heavy Industries Launch Services, which is the launch operator, confirmed. The signals were received by the Mission Control team in Dubai''s Al Khawaneej. The solar panels will charge the bat...

14May By AnkitaNo Comments

FUNDING

Invygo raises 1 million USD in funding

Dubai, UAE: Invygo has raised $1 million USD in funding, as it looks to accelerate its expansion plans across the Middle East. The Dubai based startup and app-based car subscription service plans to use the funds to grow the business further by invest in technology and expanding into new customer segments. This investment is part of the “Pre-Series A” funding round led by EQ2 ventures, Class 5 Global, and 500 Startups, who are confident that Invygo has cornered the market by providing customers with greater flexibility in terms of finance options, choice in vehicles and excellent customer service model. The news follows the latest funding injection from Q4 2019, and since then Invygo has grown substantially by tripling the customer number base, increasing its dealership partners f...

UAE may Launch Underwater Rail Network Between Fujairah & Mumbai

30Nov By Gauri SinghNo Comments

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...

Careem Ties up with DCT Abu Dhabi to Create Curated Routes in UAE

12Nov By Gauri SinghNo Comments

MIDDLE EAST, News

Careem Ties up with DCT Abu Dhabi to Create Curated Routes in UAE

Middle East-based cab aggregator Careem has entered into a deal and signed a memorandum of understanding (MoU) with the Department of Culture and Tourism, Abu Dhabi (DCT Abu Dhabi) for the purpose of creating curated routes across the emirate and encourage events in the city. Careem GCC managing director Bassel Al Nahlaoui and DCT Abu Dhabi undersecretary Saif Saeed Ghobash have signed the agreement. They both will also oversee Careem work with DCT Abu Dhabi to improve customer journeys from Abu Dhabi International Airport and enhance water taxi solutions. Also, they would be looking after the transfer of knowledge and map various data points to better understand commuter behvaiour and create solutions to commuter problems. “This agreement between our two organisations is in line with ...

12Nov By Gauri SinghNo Comments

FUNDING

Construction Tech Firm WakeCap Secures $1.6 Million in Seed Funding

A construction technology company based in UAE known as WakeCap has secured $1.6 million in seed funding round. The particular round was led by a group of global investors including Consolidated Contractor Company (CCC), Graphene Ventures, Abunayyan Holding and Inspire Ventures Arabia, SOSV, startAD Seed and SeedCo Capital. The company is planning to use these funds to develop the product and expand in every aspect, majorly in terms of their customers. “With this investment, WakeCap is set on the path to develop the product and expand our customer base in the MENA region to achieve our goal of utilizing today’s technology and save lives at the construction field,” Hassan Albalawi, Founder and CEO at WakeCap stated. The company was founded in 2017 and is basically an IoT-based enterpri...

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

5Nov By Gauri SinghNo Comments

FUNDING

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

Dubai based venture capital firm BECO Capital has reportedly raised an amount of $10 million for its second fund from the popular International Finance Corporation (IFC) which is a member of World Bank Group. This investment is basically a part of an effort to support technology start-ups and drive innovation across the Middle East and North Africa. According to the reports, this particular fund is being anticipated to reach up to $100 million. If BECO does close the fund with $100, it would be one of the largest in the region. “Our vision at BECO is to improve the region through technology entrepreneurship and innovation,” said Dany Farha, the Managing Partner of BECO Capital. “With IFC as a partner, we will have the firepower to continue fueling and igniting liftoff for MENA’s disrup...

Yet Again, OYO Forays into Another Nation

16Oct By Gauri SinghNo Comments

BUSINESS

Yet Again, OYO Forays into Another Nation

OYO, the India-based budget hotel chain has been foraying into various countries since a long time. And yet again, the company has entered into another region that is in the United Arab Emirates (UAE). OYO has become one of the most reached hospitality chain in India and is growing its existence day by day in other countries as well. The company has stated that with over ten full-inventory, franchised and operated hotels and over 1100 rooms in three Emirates in Dubai, Sharjah and Fujairah, the room rates in the market will start at 150 dirhams. “With over 170 countries committing to the World Expo 2020, the hospitality sector in the Middle East, and more specifically UAE, is poised to grow substantially and with our market learnings and expertise we are ready to tap this opportunity,” ...

UAE is One of the Top Spenders of Beauty & Wellness Products

1Sep By Gauri SinghNo Comments

MIDDLE EAST

UAE is One of the Top Spenders of Beauty & Wellness Products

With the increased demand for beauty and wellness products among the people, UAE is now among the top spenders in cosmetics and personal care products across the globe. People these days are preferring natural skin care treatments, non-invasive beauty procedures and also with the growing influence of beauty and lifestyle bloggers has created a great impact on the growth of UAE's beauty sector. According to the reports, consumers in the UAE spent $247 per capita on cosmetics and personal care, more than any other country in the Middle East, and ninth worldwide; this is forecast to grow to $294 in 2020. It has been stated that the rise in UAE's cosmetics and skincare space is fuelled by the lifestyle that it is associated with. Also, the harsh climate of UAE is another factor that the ...

Dubai Comes Under the World’s Top 5 Maritime Hubs

28Jul By Gauri SinghNo Comments

MIDDLE EAST

Dubai Comes Under the World’s Top 5 Maritime Hubs

Dubai, the largest city in the United Arab Emirates (UAE) has been given the title of one of the world's top five maritime/shipping hubs in the International Shipping Centre Development Index (ISCD). The countries that stand above Dubai in the index published by the London-based shipping exchange the Baltic Exchange and Xinhua are Singapore, Hong Kong, London and Shanghai. The report stated that Dubai is well-known for its advanced infrastructure, logistics capabilities and world-class maritime, a commendable environment conducive to trade, business and investment. "We are proud of the new achievement, which is a testament to the success of our dedicated efforts to enhance the competitiveness of the local maritime sector and consolidate Dubai's leadership as a major global maritime ...

China To Set Up a Financial Firm in UAE’s Abu Dhabi

21Jul By Gauri SinghNo Comments

MIDDLE EAST

China To Set Up a Financial Firm in UAE’s Abu Dhabi

China will be setting up a state-owned financial service firm in United Arab Emirates (UAE) Abu Dhabi's financial hub. This firm will provide lending facilities to Chinese companies operating in the emirate's industrial zone. Abu Dhabi Global Market (ADGM) stated that the company has been approved by its Financial Services Regulatory Authority for conducting the regulated activities of offering and arranging credit through the ADGM platform. According to the reports, the firm aims to provide strategic investment and financial assistance to Chinese enterprises as a part of the Belt and Road Initiative. East China's Jiangsu provincial government-owned ‘The Industrial Capacity Co-operation Financial Group Limited’ (ICCFG) will be the very first of such Chinese financial services firm...

This Middle East Country is Giving Free Transit Visa For Two Days to Passengers!

18Jun By Lavina TolaniNo Comments

MIDDLE EAST, News

This Middle East Country is Giving Free Transit Visa For Two Days to Passengers!

Foreign residents flying between India and Dubai have a good news for them! The UAE government has announced to grant free transit visas for first 48 hours to transit passengers. Additionally, the visa can be extended for up to 96 hours by paying 50 Dirham (about Rs 930). Though the confirmed date for the service to kickstart has not been announced, it is likely to be declared officially in a few days as per travel industry majors. India- The No. 1 Tourist Source for UAE According to Dubai Tourism Department, India is the leading international tourist source for Dubai with about 1.8 crore Indians travelling to UAE every year. Moreover, about a quarter travel to and fro from India happens on mega UAE flights like Etihad, flyDubai, Emirates. The decision to grant free 48-ho...