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DE_Dubai Economy
UAE Economic Forum 2019 opens today
DUBAI — The inaugural ‘UAE Economic Forum,’ organized under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will be held on Dec. 11-12 December 2019 at the Armani Hotel, Dubai. The two-day Forum, which has ‘The UAE Enterprising Economy: Resilience, Growth & Prosperity’ as its theme, is a collaborative initiative between the Ministry of Economy and all economic departments across the UAE.The forum will feature several discussion panels and workshops to analyse the economic prospects in the country. Participants will highlight the current strategic plans adopted by each emirate and the federal government, exchanging experiences and identifying areas for enhanced co-operation. Ongoing and proposed initiatives...
December 10, 2019

UAE Economic Forum 2019 opens today

Alexander Elsas(
Mercedes-Benz Cars Middle East names new head of Marketing
DUBAI — Mercedes-Benz Cars Middle East has appointed Alexander Elsas as Head of Marketing and Communications, effective from November 2019.Alexander Elsas takes over from Lennart Mueller-Teut, who was responsible for Mercedes-Benz marketing and communications operation in the region, raising awareness around the automaker’s global strategies including the digital transformation and future of mobility.Alexander Elsas joined Mercedes-Benz in 2013 as Head of Smart and Retail Consulting at Mercedes-Benz Russia before he was promoted to Head of Marketing Communications in 2016. As a member of the Daimler Overseas Marketing Board, Alexander Elsas has been a part of strategic projects for different markets, such as the development of the “Customer Journey Blueprint”.Alexander Elsas brings...
December 10, 2019

Mercedes-Benz Cars Middle East names new head of Marketing

SAMA issues regulations for microfinance companies
RIYADH — Saudi Arabian Monetary Authority (SAMA) announced the issuance of the rules governing microfinance companies, which aim to regulate the licensing provisions of this type of companies and to organize their activities according to the powers granted to SAMA under the regulation of the financial companies control and its executive regulations.The issuance of these rules is part of SAMA's efforts to enhance financial inclusion by providing more financing products to meet consumer’s needs; in line with the SAMA’s role in enhancing financial stability and supporting the growth and economic development witnessed by the Kingdom towards achieving the goals of the Kingdom's Vision 2030.SAMA clarified that it seeks through these rules to achieve several objectives, including:1...
December 10, 2019

SAMA issues regulations for microfinance companies

The 17 Saudi-founded tech startups graduate from the Forward KSA Accelerator by AstroLabs
17 Saudi tech startups graduate from Forward KSA Accelerator program
RIYADH — AstroLabs announced the graduation of 17 Saudi-founded technology startups from its Forward KSA Accelerator program Tuesday. The intensive three-month program culminated in the top five startups pitching their products at a celebratory closing ceremony, which took place at the AstroLabs Riyadh office Monday night. The startups that presented on-stage included GetMuv, Hoplay, Speero, IFF Machine and Dailymealz.At the event, AstroLabs also celebrated the first anniversary of its Riyadh office opening. AstroLabs Riyadh was inaugurated in December last year after AstroLabs was granted the first-ever international incubator license by the Saudi Arabian General Investment Authority (SAGIA). Under this license, AstroLabs operates a premier co-working space, capability building learning...
December 10, 2019

17 Saudi tech startups graduate from Forward KSA Accelerator program

Zain KSA completes first phase of Mideast largest 5G network
RIYADH — Under the patronage of the Minister of Communications and Information Technology Eng. AbdullahBbin Amer Al-Swaha, Zain KSA celebrated the finalization of the first phase of Middle East’s largest 5G network in a special event last Sunday at Hilton Riyadh. The ceremony was attended by Zain KSA Chairman Prince Nayef Bin Sultan Bin Muhammed Bin Saud Al-Kabeer, the Governor of the Communications and Information Technology Commission Dr. Muhammed Bin Saud Al-Tamimi, the Deputy Minister of Communications and Information Technology Eng. Haitham Bin Abdulrahman Al-Ohali, and Zain KSA CEO Eng. Sultan Bin Abdulaziz Al-Deghaither, along with dignitaries in the ICT sector. The ceremony witnessed a wide participation of an elite group of media and influential figures.On this occasion, Zain...
December 10, 2019

Zain KSA completes first phase of Mideast largest 5G network

SR19million in funding round boost growth
Dokkan Afkar generates SR19m in funding round
RIYADH — Dokkan Afkar, a leading Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, announced it has closed a SR19 million ($5.6 million) in Series B funding round, led by the Business Incubators and Accelerators Company (BIAC).The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC), along with a number of local investors, most notably Mishal Ali Reda, who has invested in the startup’s third consecutive funding round.Dokkan Afkar plans to use the new capital to continue its growth and expansion throughout the Middle East, focusing on increasing its products and product inventory with the vision of attracting a larger and more diverse customer base.The company will...
December 10, 2019

Dokkan Afkar generates SR19m in funding round

Marine insurace roundtable
Middle East clean energy projects in pipeline at $100bn
DUBAI — The Middle East’s energy and utilities sector is undergoing an unprecedented transformation, with the shift towards renewable energy and digital innovation at the heart of ambitious energy diversification programs. As governments seek to increase energy security and maximize returns from hydrocarbon resources, utilities are pressing ahead with some of the largest renewable energy schemes in the world.A number of milestones in the push for clean energy across the region were reached in 2019, including the commissioning of the world’s largest single-site photovoltaic (PV) solar plant, the 1.17GW Sweihan independent power project (IPP) in Abu Dhabi. Shortly after the commissioning of the Sweihan plant in March, neighboring emirate Dubai reached financial close for a $4.3bn...
December 10, 2019

Middle East clean energy projects in pipeline at $100bn

Saudi Arabia prime hub for startups in Mideast
RIYADH — Saudi Arabia is a prime hub for startups in the Middle East, and its understanding of online business surpasses that of other countries in the region, a young Arab entrepreneur said Tuesday.Athbi Al-Enezi, co-founder of Kuwait-based technology company JustClean, said Saudi Arabia is the easiest country in the Gulf to set up the marketplace application which connects hundreds of laundry services with thousands of consumers.Among the speakers tomorrow (Wednesday) at ArabNet Riyadh, Saudi’s leading forum focused on digital business, Al-Enezi will tell entrepreneurs, investors and students that now is the right time for growth of startups in the Kingdom.“Saudi (Arabia) is the largest market with the biggest population, and many changes are taking place, so some of the reasons...
December 10, 2019

Saudi Arabia prime hub for startups in Mideast

Dr Aisha Bint Butti Bin Bishr
Dubai residency applications to be processed in 40 minutes
DUBAI — Smart Dubai has launched UAE ‘Residency’ application services in partnership with the General Directorate of Residency and Foreigners Affairs in Dubai via its Dubai Now application and e-services platform, which allows the emirate’s residents to conduct city transactions from the convenience of their smartphones.The ‘Residency’ service facilitates the transactions and procedures required to issue residency visas for members of the community. Flexible and efficient, the process takes less than 40 minutes, saving time and effort for all applicants. Users need only 10 minutes to complete their application, which then takes 30 minutes to two working days to be approved.Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubai, explained: “Developing the bundle of...
December 09, 2019

Dubai residency applications to be processed in 40 minutes

OPEC
OPEC agrees oil output cuts
VIENNA — The powerful OPEC group of oil producers and its allies reached a deal Friday to cut production by 500,000 barrels per day in a bid to stem prices which have been under pressure from abundant reserves and weak global economic growth.Friday's so-called OPEC+ meeting included Russia, the world's second-largest oil producer and not a member of the cartel.It ended with a deal for a cut effective as of January 1 which sets an output target 1.7 million barrels per day lower than October 2018 levels.In a surprise move, the bloc also announced that several participating countries would make additional voluntary cuts bringing the overall cut to more than 2.1 million barrels per day.World oil prices surged in response, with US benchmark WTI and its European counterpart Brent both...
December 09, 2019

OPEC agrees oil output cuts

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