Author: head dubai

entreprenuership

A US$ 136 million investment fund is launched in Dubai with the goal of funding technological entrepreneurs.

head dubai November 8, 2023 No Comments

The Dubai Integrating Economic Zones Authority (DIEZ), under the auspices of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the United Arab Emirates and the Ruler of Dubai, has announced the opening of a US$136 million venture capital (VC) fund. AETOSWire/Dubai creates a US$ 136 a million venture capital firm to support technology entrepreneurs.

The fund was introduced in front of His Excellency Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, The second Deputy Ruler of Dubai. Its purpose is to support the growth of SMEs in various emerging sectors and finance technology startups, in line with the goals of the Dubai Economic Agenda, D33.

Under the guidance of HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai Chambers organized the Dubai Business Forum, at which the new fund was introduced. The fund of funds is an initial investment initiative to be introduced under the Oraseya Capital brand, which is the venture capital division of DIEZ that specializes in startup venture investment activities. It will be essential in helping entrepreneurs from the pre-seed phase all the way through to the Series B funding stage.

The Honorable Chairman of DIEZ Sheikh Ahmed bin Saeed Al Maktoum has stated that the establishment of Oraseya Capital and a US$136 million venture capital fund for tech startups is a calculated action in line with His Highness’s instructions. Mohammed Sheikh

Development in Dubai

The Middle East Properties Development of the Year award goes to Azizi Developments.

head dubai November 8, 2023 No Comments

Leading commercial developer in the United Arab Emirates, Azizi Developments, was honored with the esteemed “Middle East Properties Developer Of The Year” title at the 10th Property Counselors and Developers Summit, an elite assembly of key industry players.

This recognition is a tribute to Azizi Developments’ outstanding qualities in project creation, innovative construction, and project delivery. It also emphasizes the developer’s commitment to providing unparalleled living experiences to end users and local and foreign investors.

The Honorable Dr. Mohammed Saeed Al Kindi, Hon. former Minister of Environment and Water, presented the award to Mr. Farhad Azizi, CEO of Azizi Developments. Senior members of Azizi Developments escorted Mr. Azizi to the ceremony.

The esteemed “Middle East Properties Developer Of The Year” award was given to Azizi Developments, a top private builder in the United Arab Emirates, at the 10th Property Consulting and Developers Summit, an elite assembly of key industry players.

The remarkable project development, inventive construction, and project execution skills of Azizi Developments are demonstrated by this award. Moreover, it emphasizes the developer’s commitment to providing unparalleled living experiences to end users and local and foreign investors, all while prioritizing client centricity.

Upon receiving the award from the Honorable Dr. Mohammed Saeed Al Kindi, Hon. former Minister of Environment and Water, Mr. Farhad Azizi, CEO of Azizi Developments, was escorted to the ceremony by senior members of the company.

Approximately 40,000 units, valued at several billion US dollars, are presently being built by Azizi with the goal of delivery by 2027. Due to its large land bank, strategic partnerships with major master developers in Dubai, and reputation for building the second-tallest skyscraper in the UAE, the company has developed world-class real estate in MBR City, the Palm Jumeirah, Sheikh Zayed Road, Dubai Hospital City, South Dubai, Al Furjan, Studios City, Sports City, and Downtown Jebel Ali.

Culture & customs

Dubai Design Week, in strategic collaboration with d3, will begin today.

head dubai November 8, 2023 No Comments

Dubai Design Week, the premier design platform in the Middle East, kicks off tomorrow at d3. It is organized under the auspices of His Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, chairman of the United Arab Emirates Culture & Arts Authority (Dubai Culture) and The member of the Dubai Council. Additionally, it is in strategic partnership via Dubai Designing District (d3), a subsidiary of TECOM Group PJSC, and supported by Dubai Culture.

A key component of Dubai’s reputation as the Middle East’s center of design and creativity and an UNESCO’s City of Design is Dubai Design Week. Throughout the week, there will be debates, pop-up events, exhibitions, interactive workshops, and outdoors urban installations as part of the free programme.

Over 500 designers, architects, and creative professionals from more than 40 countries are expected to participate in Dubai Design Week, which is expected to have its most comprehensive and varied program to date.

Downtown Design, the main event of Uae Design Week, begins on Wednesday, November 8. Downtown Design, the premier fair for modern, high-quality design in the region, brings together regional and international architects, designers, and design aficionados to present the newest developments in the field of design. A carefully chosen assortment of well-known and up-and-coming companies, creators, and design studios are present at the event. In addition to a carefully designed networking agenda, it offers a platform for learning, researching design trends throughout the design profession, and networking through a series of seminars and masterclasses.

“We were overjoyed to see Uae Design Week start off at our worldwide creative environment for another highly profitable and inspiring edition,” stated Khadija Al Bastaki, the senior vice president of Dubai Designer District, a division of TECOM Group. People tend to ignore the various ways that design affects our life.

This exhibition honors in a public way the various ways that design has been applied and developed throughout its numerous fields, including furniture, interiors, architecture, and more. As it allows viewers to enjoy the range of talent throughout installations, displays, activations, workshops, and talks—including the fourth edition of d3 Architecture Exhibition—we are honored to be an integral component of this prestigious design showcase. Every Dubai Design Week event shows how quickly the creative sector in Dubai is expanding and how Dubai is maintaining its standing.

Technology

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

head dubai November 4, 2023 No Comments

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

head dubai November 4, 2023 No Comments

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.

head dubai November 3, 2023 No Comments

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.

head dubai November 1, 2023 No Comments

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.

head dubai November 1, 2023 No Comments

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.

Entertainment

The first electric bike race in the UAE will be hosted by Dubai Sports Council.

head dubai October 30, 2023 No Comments

The Dubai Sports Council and the Association for Micromobility and Sport have announced the establishment of the Dubai Electric Scooters Cup, the premier event showcasing e-scooter racing and micro-mobility potential. The Uae Electric Scooter Cup, which will take place on December 16, 2023, as a capstone event for the UAE’s Year of Sustainability, will bring together the top scooterists in the world to compete on the quickest electric scooter across Dubai’s streets.

Sixteen of the best male and female racers will compete head-to-head in a knockout race at over 100 kph to vie for the title of the inaugural Dubai scooter Cup Champion, celebrating sustainability, innovative mobility, safety, and diversity.

With a top speed of almost 140 kph, the RS-Zero DXB version is the quickest electric race motorcycle in the world and was created especially for the Uae Electric Scooters Cup. It has cutting-edge technology, a lean angle of more than 58 degrees, and is made to provide the best possible performance for professional athletes.

The growth of micromobility as a thrilling new racing discipline and a more environmentally friendly mode of urban transportation is being led by the International Federation for Micromobility and Sport. The aim of this partnership with the Dubai Sport Council in order to organize the inaugural Dubai Electric Scooters Cup is to lead the way in technological, infrastructural, and safety advancements within the rapidly expanding micromobility industry.

The Federation for Micromobility, or and Sport President, Alex Wurz, stated, “I’m excited to take this significant step in a city that is looking for new mobility alternatives. This one-of-a-kind event will highlight the possibilities of micromobility—racing through future cities in close quarters while maintaining the highest safety standards. This historic agreement between the Federation and Dubai Sports Council portends great things for the future.

The Dubai Sports Council’s secretary-general, Saeed Mohammed Hareb, stated: “The Dubai Electric Scooters Cup will be the ultimate e-scooter racing competition and an exhibition for cutting-edge e-technology.” It gives us great pleasure to collaborate with the Association on the security and assimilation issues facing the micromobility industry.