Month: November 2023

Technology

Over the next ten years, Dubai hopes to add 30,000 employment in the gaming industry.

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The crowned ruler of Dubai, Sheikh Mohamed bin Mohammed, unveiled a new project on Thursday with the goal of ranking Uae amongst the most desirable cities in the world for the gaming business and creating 30,000 new employment in the field during the next ten years.

The goal of the Dubai Government Media Office’s program, the Dubai Program for Gaming 2033, is to increase the gaming industry’s share of the emirate’s gross domestic product to about $1 billion by the year 2033.

It will provide assistance to start-ups and entrepreneurs in the creative industries, in addition to developers, designers, and programmers.
By “creating an incubation atmosphere for developers and drawing top technology businesses from all over the globe, especially those specializing with online content and experiences,” the new effort hopes to accomplish its goals. Hashim Hamdan

“Dubai is in a good position to take advantage of the enormous potential in the gaming industry, which is worth about $200 billion worldwide,” he continued.

“We are in a strategic position to help drive the development of cutting-edge technologies like augmented and virtual reality and artificial intelligence, enhancing them to deliver even more lifelike and immersive experiences.”

The largest economies in the Arab world, Saudi Arabia and the United Arab Emirates, are leading the gaming sector in the Middle East because their governments have realized the enormous potential this expanding market holds, according to a recent Game Changer research from Boston Consulting Group.

Given that gaming “is now completely ingrained in the mainstream,” the projected $187.7 billion in 2023—a 2.6% increase from 2022—would be a more than 13% increase in that amount.

The Uae Future Foundation is in charge of the emirate’s new gaming initiative, which will prioritize talent, content, and technology.

In collaboration with foreign businesses, academic organizations, and universities, it is going to bring together producers of digital content and offer training and employment opportunities. It will also start specialized training and educational programs and assist inventors and businesses.

As component of the Uae Metaverse Strategy, Sheikh Hamdan also gave his approval to the introduction of three other new projects: the Metaverse Initiative Alliance, Metaverse Guidelines, and Metaverse Pioneers.

The growing area where people can engage in virtual worlds through three-dimensional representations or avatars is called the metaverse.

It is a part of Web 3, the next stage of the internet’s evolution, which is characterized by decentralization, openness, blockchain, and increased user utility.

In order to incorporate the multiverse into the economy and society, Dubai and other Emirates have taken a variety of actions.

The goal of Dubai’s July 2018 unveiling of the Dubai The Metaverse Strategy is to boost the emirate’s economy by $4 billion and generate 40,000 virtual jobs in the following five years.

Technology

Cyber Security company SpiderSilk, based in Dubai, secures $9 million

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A cybersecurity AI business called SpiderSilk from Dubai is making substantial advancements in the quickly developing field of cyber protection.

According to a Wamda report, the company reported a successful $9 million investment round led by Wa’ed Ventures, Aramco’s $500 million venture capital fund based in the Kingdom. Global Ventures and STV both actively participated in the financing.

SpiderSilk is primarily focused on solving the most important cybersecurity problems. The company, which was founded in 2019 by Mossab Hussein and Rami El Malak, provides cutting-edge continuous detection technologies together with an inventive AI-powered cyber defense platform.

The funds from this investment will be used to increase SpiderSilk’s cyber security product capabilities in Saudi Arabia in order to meet the region’s burgeoning demand for superior cybersecurity solutions.

“While the GCC is an essential technology market, there’s barely any IP being developed in the area for the geographical area and beyond, and we feel that it is becoming increasingly important to accomplish independence in this field for the advantage of both private and public organizations,” stated SpiderSilk CEO that Rami El Malak in regards to the importance of this achievement.

 

Travel & Explore

The head of Dubai Airports calls the single GCC tourist visa a “fantastic development” for the area.

head dubai November 3, 2023 No Comments

According to the president of Dubai Airports, plans for just one GCC tourist visa will be a “fantastic development” for the industry, increasing the region’s appeal to tourists and businesses.

Paul Griffiths, the CEO of state-owned the United Arab Emirates Airports, which is told The National newspaper while on the fringes of the global summit of the World Tourism and Travel Council in Rwanda that “it’s one of those pillars in the tourism arsenal which will be bigger than the whole of its parts.”

“The Middle East as a whole will become more appealing and attract more businesses as tourism develops in other countries.”

The head of the busiest airport in the world by volume of foreign travel said he was frequently questioned about competition from Saudi Arabia, a neighbor.

Nonetheless, he cited the development of tourism in Europe, where visitors frequently visit multiple destinations in one journey.

Additionally, there are a wide variety of sights and activities to enjoy in the Middle East. The challenge, of obviously, is that Middle Eastern tourism isn’t even close to reaching its full potential in comparison to European tourism, according to Mr. Griffiths.

“And it will be better for every single country within the GCC the more Middle Eastern locations that can be added to the’must-sees’ on the tourism map.”

According to him, people’s impressions of the Middle East will improve the more places that appear on the tourist map that entice travelers to travel there.

The goal of creating a single, united tourist visa system is to facilitate travel inside the Gulf Cooperation Council (GCC) and increase tourism. It is planned for the new system to go live in 2024 or 2025.

The action is a major component of the GCC 2030 tourism plan, which aims to boost hotel occupancy rates and regional visitation to raise the sector’s economic contribution.

By 2030, it aims to increase the total amount of visitors to the nations of the GCC to 128.7 million. That represents an increase from 39.8 million in the previous year, or 136.6% more than in 2021. Experts in hospitality and tourism predict that the new initiative will revolutionize the industry in the area.

Business

UAE’s GDP expand by 3.7% in the first half of 2023.

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The growth of the non-oil sector significantly outpaced total growth in the primary half of the year, according to the economy minister of the United Arab Emirates, whose GDP increased by 3.7%.

Speaking at an economic conference in Dubai, Abdulla bin Touq Al Mari stated that non-oil growth increased by 5.9% in the first half of the year.

He stated that the UAE’s economic success was evidence of its adaptability, diversification, openness, and dedication to international cooperation. He also mentioned that the nation was growing less dependent on oil and more on knowledge-based sectors.

Over 70% of the nation’s GDP is generated by the non-oil industry.

Considering how much of their income comes from hydrocarbons, the Gulf states are all planning to diversify their economies.

The United Arab Emirates (UAE) is a leader in this process, having established industries including financial services, trade, and tourism in addition to enacting corporate and social reforms.

The UAE’s economy expanded 7.9% in real terms last year, helped by both a surge in oil prices and a quick recovery in commerce and tourism following the COVID-19 outbreak, particularly in Dubai, the center of the region’s business and tourism.

However, growth is anticipated to abruptly slow down throughout the area in 2023 due to reduced oil prices, OPEC+ member countries’ oil output restrictions, and adverse global economic conditions.

The UAE is expected to beat the larger GCC region this year, with an overall GDP growth of 3.5% predicted by the IMF, with non-hydrocarbon growth expected to surpass 4%.

However, the picture “remains vulnerable to heightened global uncertainty,” according to a report it released.

“A decrease in demand for oil and decreased global trade and visitor arrivals from weaker worldwide expansion, higher-for-longer interest rates, reduced liquidity, or developments in geopolitics would weigh on growth and put stress on fiscal and foreign balances,” the report, which was released on Oct. 16, stated.

Development in Dubai

In Q3 2023, Trakhees estimates a 19% increase in transactions in special development regions.

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Setting a new record in 2023 when compared to 2022 in terms of license transactions is a major milestone for the Ports, Customs and Border Protection and Free Zone Corporation’s regulatory body, the Department of Planning and Development – Trakhees.

This accomplishment encompassed over 14,000 transactions in the corporation-supervised special development sectors during the third quarter of this year, representing a 19% growth rate.

According to Trakhees CEO Abdulla Belhoul, the department is assiduously striving to improve its role in attracting investment and produce measurable and favorable outcomes in terms of commercial growth rates. This covers the quantity of services rendered and transactions carried out annually at the Ports, Customs and Border Protection and Free Zone Corporation-affiliated special development regions.

These initiatives, which seek to create an investment climate that will support business expansion and growth, are consistent with Dubai’s economic strategy and vision. The findings of the Licensing Department’s third-quarter reports validate this accomplishment.

Belhoul also pointed out that, with 134 more licenses issued this year than the previous, International City is now the top spot on the list of places with the most local license transactions. Palm Jumeirah is positioned in third place, behind Jumeirah Village Circle and Palm Jumeirah in the following ranking.

The Director of Trakhees’ Licensing Department, Dr. Hamad Rahma Al Falasi, emphasized the department’s efforts to establish Dubai as a top international investment destination.

This is accomplished by fostering a culture of performance excellence, enabling services to guarantee client pleasure, and drawing in additional strategic alliances that support company expansion in the division’s supervised areas.

With 13,695 transactions in total during the third month of 2023, there has been a notable increase in the number of commercial licensing deals. In the third trimester of this year, there were almost 900 requests for operations in the free zones, and 200 company names were registered. In addition, a 29% growth rate was demonstrated by the issuing of 145 issuance licences and 138 first approvals.

The statistics also showed a discernible rise in the demand for the Licensing Department’s local license services.

In the third quarter, about 9,000 transactions were completed to get government services. With 5,072 transactions overall, the Workplace Health Card service came in first place, a 90 percent increase over the same period last year. There were 434 Credit Card transactions as well.

Dr. Al Falasi praised the PCFC’s hard work in enabling services and transactions to fulfill the dreams of entrepreneurs in the Emirate and guarantee Dubai’s position as the leading location for private and corporate business ventures.

Development in Dubai

The Virtual Assets Regulation Authority of Dubai grants WadzPay its initial approval.

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An innovative finance startup clears the path for its UAE launch by standing out from hundreds of applications with blockchain-based technology offerings that have distinctive features.

A major milestone in WadzPay’s quest to earn a Virtual Assets Service Provider (VASP) Licence for digital asset services and operations has been reached with the company’s “Initial Approval” from Dubai’s Virtual Asset Regulatory Authority (VARA).

“We are incredibly grateful for the initial blessing from VARA,” WadzPay’s founder and group CEO, Mr. Anish Jain, stated. “This acknowledgement highlights our dedication to providing innovative solutions based on blockchain technology that not only transform but also follow the strictest legal guidelines. We are appreciative of the chance to support the development of the UAE’s fintech industry.”

WadzPay can now begin preparing to provide virtual asset products and services under the VASP Licence for Transfer & Settlements and Broker/Dealer operations. This first authorization is a significant milestone.

Mr. Khaled Moharem, Director of WadzPay’s MENA region, said, “Getting VARA’s initial authorization is an indication to our unwavering commitment to regulatory and operational excellence.” “We have established a strong ecosystem that not only satisfies but beyond industry norms, ensuring that users in the UAE have a secure and effective gateway to virtual assets. We are ready to go live, strictly adhering to VARA’s guidelines, and bringing in an age of safe and easy access to the virtual asset world.”

WadzPay notes that although the initial clearance is a significant milestone, it remains in the stage of obtaining the VASP license and its final authorization from VARA. This development is an important step toward getting the approval from the relevant authorities to operate fully in the UAE and commercialize its creative products and solutions.