Author: head dubai

Business Entrepreneur

Dubai Islamic Bank uses HPE GreenLake to modernize its core banking platform and improve customer experience.

head dubai October 2, 2023 No Comments

Dubai Islamic Bank (DIB) has chosen its HPE GreenLake edge-to-cloud system to update their core banking system in order to provide improved customer experiences and introduce fresh services and digital products, according to a statement released by Hewlett Packard Enterprise, Inc. (NYSE: HPE) today. Additionally, the implementation of a full suite of HPE Aruba Network wireless solutions will improve network security overall as well as DIB’s connection and mobility capabilities.

The biggest Islamic bank around the United Arab Emirates and the second biggest in the world, DIB was founded in 1975. By delivering a personalized and interesting experience, DIB seeks to instill simplicity and ease in all of its offers. This goal is driven by the bank’s customer-centric strategy and its dedication to sustainable digital transformation.

Maintaining a high level of agility and providing the best solutions whenever and wherever is one of DIB’s main priorities. In order to maintain this level of agility, the bank needs an IT infrastructure that is adaptable and easily scaleable as well as extensive visibility across the estate. As a result, DIB will be able to estimate future resource needs as they increase and optimize corporate operations and processes.

Hewlett Packard Enterprise’s managing director for the United Arab Emirates, Ahmad Alkhallafi, said, “We are proud of supporting DIB in their efforts to deliver the best possible level of customer experience.”

“With HPE GreenLake the the HPE Aruba Networks secure Wi-Fi technology, DIB will improve their capacity to provide consumers with distinctive services by giving their staff the resources, frictionless connectivity, and computing they need to foster teamwork. As they develop fresh enjoyable experiences, this will foster the bank’s long-term efficiency and growth.

DIB will be enabled to centrally handle its computer systems with ease and thorough oversight thanks to the HPE GreenLake on Aruba services. A cloud-native architecture, the HPE Aruba Network Edge Services Platform (ESP) provides automated network administration, unified border-to-cloud security, and predictive AI-powered insights.

Development in Dubai

$8 billion mixed-use megaproject is unveiled in Dubai by Azizi Developments

head dubai September 30, 2023 No Comments

As the emirate’s real estate market continues to flourish due to strong investor demand, Dubai real estate firm Azizi Developments has begun construction on a Dh30 billion dollars ($8.16 billion) mixed-use building.

The developer announced on Thursday that the Azizi Venice construction project in Dubai South will have more than 30,000 units, comprising 100 mid-rise apartment buildings along with more than 400 villas and palaces.

In addition to other facilities, the project, which is being built on a 15 million square foot parcel of land, will include Dubai’s second opera theater after Dubai Opera and a temperature-controlled pedestrianized boulevard.

According to Mirwais Azizi, chairman and president of Azizi Developments, “This community will become a… home for about 80,000 residents and a… tourist attraction for about 30,000 visitors daily.”

Due in part to government initiatives like granting residency permits to retired people and remote employees, Dubai’s real estate market has recovered strongly from the downturn brought on by the coronavirus.
The emirate’s decision to broaden the ten-year golden visa program, the economic benefits of Expo 2020 Dubai, and rising oil prices all contributed to the momentum of the real estate market expansion.

In line with strong demand and sustained economic growth, domestic real estate prices in Dubai increased 17% on an annual basis in the second quarter, representing the 10th successive quarter of gain, according to a report released last month by consultancy Knight Frank.
According to the report, property prices increased 4.8% from the prior quarter during the months of April to June.

In addition, Dubai experienced the greatest rate of selling of properties worth over ten million dollars anywhere in the globe in the subsequent quarter of 2023, according to a different report this month from Knight Frank.

According to the research, the emirate sold 95 houses worth over ten million, up from 53 throughout the identical period previous year, outpacing sales in 11 other cities, notably New York, London, Paris, Shanghai, Hong Kong, Sydney, and Singapore.
In response to the emirate’s high investor demand, multiple fresh endeavors have been created.

In order to purchase properties in the developer Nakheel’s brand-new riverfront villa development at Palm Jebel Ali, hundreds of customers waited outside its sales center for hours last week.

A lagoon, coastlines, and melodic and dancing fountains would also be part of the development, according to Azizi.

It was said in the announcement that Azizi, as the chief developer, would be in charge of erecting the structures, roads, and other infrastructure.

Along with one tiny hotel on a small island in the midst of the lagoon, the neighborhood will also contain two five-star hotels that are owned and managed by Azizi.

It will also contain yoga and athletics schools, a medical center, a cycling and running track, and an avenue with shops and restaurants.
According to a May statement from Azizi, the business intends to invest up to Dh60 billion in the development of its portfolio of 50 hotels and resorts in Dubai, including a seven-star hotel.

 

Development in Dubai

UAE GDP would rise by 4% in 2024 thanks to the non-oil industry, according to S&P.

head dubai September 30, 2023 No Comments

According to a rating agency, an increase of tourists, government efforts, and technological improvements would promote economic growth.
According to a recent report, the UAE’s GDP is predicted to increase by 4% in 2024 and 3% this year due to robust non-oil sector growth.

According to S&P analysts, the country’s economic growth will be fueled by increasing tourist arrivals, helpful government efforts, and advancing technology.

Wholesale commerce, industry, property, construction, financial services, tourism, and oil and gas are expected to be major drivers of the nation’s economic growth in 2024, according to Trevor Cullinan, national ratings analyst at S&P, who spoke to state news agency Wam.

S&P stated that the economic and social policies put in place by the administration over the previous two years “are strategically designed to pave the way for received, long-term economic expansion.”

“The UAE’s grandiose goal of luring 40 million tourists by 2030, along with the intention of raising the total amount of lodgings to 250,000 over the same period, are anticipated to have a pivotal role in the nation’s capacity to host big international events.”

The predicted economic growth is in line with predictions made by the UAE central bank, which anticipates that the nation’s GDP will rise by 3.3% this year.

In the UAE’s non-oil private sector economy, business activity remained brisk in August, with output and the number of new orders both rising.

The second-largest economy in the Arab world, as measured by the adjusted for the season S&P Global purchasing managers’ index, fell from 56 in July to 55 in August. That was far higher than the neutral 50-point line dividing growth from contraction.

As productivity increased significantly and firms experienced their fastest drop in time to delivery in more than four years, the year-ahead optimism among those questioned reached its best level since March 2020.
Expatriate and tourist inflows, as well as favorable mood from investors, consumers, and the private sector, will support the UAE’s non-oil economy, according to Mr. Cullinan.

 

Technology

EV manufacturer Lucid has opened its first production abroad in Saudi Arabia

head dubai September 28, 2023 No Comments

The Jeddah plant’s capacity will rise from 5,000 to 155,000 units annually, according to a California-based corporation.
The first worldwide manufacturing facility for luxury electric vehicle manufacturer Lucid Group has opened in Saudi Arabia. The facility is projected to produce 155,000 electric vehicles annually.

The California-based business, supported by Saudi Arabia’s Public Investment Fund, has begun assembling its first luxury sedan, the Lucid Air, at the facility outside of Jeddah, according to a statement released by Lucid Group on Wednesday.

According to the corporation, the facility in the King Abdullah Economic City (KAEC) is the second advanced manufacturing plant (AMP-2) for Lucid, with the first (AMP-1) being in Arizona.

The AMP-2 has the ability to semi-knock down assemble “5,000 Lucid vehicles annually”. Currently, it assembles pre-manufactured Lucid Air car kits from AMP-1.
According to Peter Rawlinson, chief executive and chief technology officer of Lucid, “our facility will pave the way for the country’s electric automotive industry and the expansion of the supply chain as Saudi [Arabia] charges towards its Vision 2030.”

In doing so, the government will “support the vision for a more sustainable and diversified economy in the nation.”

According to Goldman Sachs, the global market for new cars will be dominated by electric vehicles by 2035 as efforts to achieve net-zero carbon emissions pick up speed.

According to an International Energy Agency estimate, sales of electric cars exceeded 10 million last year, indicating that the sector is expanding rapidly. In 2022, 14% of all new automobiles sold were electric, up from less than 5% in 2021 and roughly 9% in 2022, according to the report.

Global sales of electric vehicles increased by almost 25% during the first quarter of this year to more over 2.3 million units, according to the agency.

In 2007, Lucid was established. In order to acquire a sizeable part in the business and advance its manufacturing goals, the PIF invested more than $1 billion in the company in 2018.

In July 2021, Lucid became the first EV start-up to IPO via a special-purpose acquisition company.

According to Lucid, the KAEC project is also anticipated to hasten Saudi Arabia’s strategic objective to reform and diversify its economy through the advancement of environmentally friendly energy and transportation.

According to Faisal Sultan, vice president and managing director Middle East at Lucid Group, “AMP-2 in KAEC… gives us the ability to efficiently fulfil the recently signed agreement with the government of Saudi Arabia to purchase up to 100,000 vehicles over a 10-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.”

Agreements for the factory were inked in March of last year by the US-listed Lucid, the Saudi Industrial Development Fund, and KAEC.
By the second half of this decade, the business wants to construct whole vehicles at the Saudi plant, increasing production to 150,000 units yearly.

Through a deal with the Saudi Human Resources Development Fund, Lucid also plans to hire “hundreds of Saudi nationals in the first few years and eventually grow the workforce into the thousands”.

Technology

To create the “iPhone of AI,” former Apple designer Jony Ive is in discussions with ChatGPT’s founder.

head dubai September 28, 2023 No Comments

Masayoshi Son of SoftBank will provide more than $1 billion in finance for the project.
The creator of ChatGPT, OpenAI, is in advanced discussions to develop the “iPhone of artificial intelligence” with former Apple design chief Jony Ive and SoftBank Group CEO Masayoshi Son.

According to sources cited by the Financial Times on Thursday, the Japanese investment holding company will contribute $1 billion to the product’s development.

Uncertainty exists around the possible investment’s terms and the timetable for the product’s development.

Sam Altman, the CEO of OpenAI, hired LoveFrom, a design studio that Mr. Ive founded after leaving his prominent position as Apple’s chief design officer in 2019.

This week’s information included some coverage of the product conversations as well.

According to the sources, Mr. Altman and Mr. Ive discussed how the product would appear and how OpenAI’s technology would fit in it in the San Francisco studio.

They stated that they wanted to make using AI “more natural and intuitive” for people by developing a solution that would enable this.

The iPhone, which did away with the conventional keyboard in favor of an all-touch interface, was revolutionary and created a new market for mobile devices.

According to the sources, there are still many ideas and possibilities being evaluated when it comes to the design and type of the device that will be made.

Advancements have made smartphones even more potent and practical. Smartphones have revolutionized mobile communications. Counterpoint Research stated last month that the business has been stagnant and that shipments are on track to reach their lowest levels in a decade.

With a fresh and distinctive product, the market might be revitalized, and Apple and Samsung Electronics, the largest mobile phone maker in the world, as well as other market leaders, might face competition.

The ambitious plans of Jonny Ive
The initiative of OpenAI receiving Mr. Ive’s support would greatly advance its aspirations for consumer devices.

Mr. Ive and co-founder of Apple Steve Jobs worked closely together on creative projects.

He worked for the tech company for more than two decades and oversaw the creation of both the iPhone and the colored iMacs, which helped Apple recover from its 1990s near-death experience.

Mr. Ive also contributed to the design of Apple Stores, the company’s Apple Park headquarters in California, and some elements of the iOS user interface.

In 2019, he parted ways with Apple and joined forces with Marc Newson to launch the design studio LoveFrom. The “creative collective” LoveFrom lists Airbnb and Ferrari among its clients.
Meanwhile, Tokyo-based SoftBank is a significant investor in the technology sector.

According to data from CB Insights, the business and its technology-focused Vision Fund have invested in roughly 160 companies.

China’s Alibaba Group, chipmakers Nvidia and Arm, Uber Technologies, TikTok parent ByteDance, and Indian e-commerce platform Flipkart are a few of the businesses in SoftBank’s investment portfolio.

The FT reported earlier this month that SoftBank had been searching for AI projects following the successful listing of its Arm company, and that Mr. Son was planning to invest tens of billions of dollars in the field.

Companies like Microsoft and Alphabet have invested billions of dollars in the technology as a result of the success of OpenAI, the parent company of the enormously popular chatbot ChatGPT.

Business

Launch of the Dubai Business Leadership Program by Sheikh Hamdan

head dubai September 27, 2023 No Comments

Between September and October, the Mohammed bin Rashid Center for Development of Leadership will begin accepting applications for the course.

The Dubai Economic Leadership Program has been introduced by Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Dubai Executive Council.
By exposing students to the most recent economic trends and knowledge, the program aims to equip a future generation of talented Emiratis to lead the emirate’s important sectors.

The Mohammed bin Rashid Centre towards Leadership Development (MBRCLD) is responsible for organizing the program, which will develop national talent for future leadership through education and targeted activities.By exposing students to the most recent economic information, the project seeks to equip a future generation of talented Emiratis to manage the emirate’s major sectors.

“Our objective is to get ready Emirati talents who will take on the obligation to elevate the economy of Dubai and its prospects for the future, fulfil its economic a schedule, D33, and guarantee sustainable growth,” Sheikh Hamdan of Dubai said on his twitter X (previously Twitter) account.

“Those who see themself as a part of the future development of Dubai and the UAE are welcome to participate in the nominating and application process.”
Dubai Economic Leadership Program’s objectives are in line with D33
The program aims to create fresh themes that support the growth of promising national competencies, create the ideal environment for the development of leadership abilities, and support exceptional talent while also advancing D33’s objectives, which include doubling the emirate’s economic growth over the following ten years.

The registration process for the program will be available through MBRCLD between October and September.

 

entreprenuership

During the Dubai Business Forum, Dubai Chambers introduces “The Deals Hub” to open up chances for international trade and investment.

head dubai September 27, 2023 No Comments

For the forthcoming Dubai Trade Forum, which will be held at Madinat Jumeirah in November, Dubai Chambers has developed The transactions Hub, a fresh impact-driven platform that delivers an innovative environment for multinational corporations and investors to announce collaborations and transactions.
The Dubai Business Forum, which is being held under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the United Arab Emirates and Ruler of Dubai, will bring together significant figures from the public and private sectors from around the world to discuss strategic business alliances, build global networks, and uncover new opportunities for trade, business, and investment.

With the introduction of The Deals Hub, a dedicated venue has been created to establish and announce significant commercial initiatives, collaborations, and investments. Signings will take place in front of senior government officials, well-known individuals from both the private and public sectors, and members of the international media.

“The Dubai Economic Forum creates an innovative forum for deals and investment that will provide novel possibilities and promote sustainable economic growth,” said H.E. Abdul Aziz Abdulla Al Ghurair, Chairperson of Dubai Chambers. The introduction of The Transactions Hub highlights Dubai’s rising status as a major economic hub and demonstrates the emirate’s success in luring foreign capital and encouraging company growth.

The Deal Hub will host a wide range of agreements, including significant joint ventures, partnerships, and merger and acquisitions; public offerings, substantial investments, and financing campaigns; contracts with the government, international trade agreements, and Memoranda of Understanding.

Travel & Explore

Dubai hotel costs are increasing as demand for stays during Cop28 increases.

head dubai September 26, 2023 No Comments

Hoteliers predict that the emirate will be bustling with activity when the Cop28 world climate conference begins in November. Dubai is expected to experience a boom in winter tourism as hotel room rates climb and bookings soar.

A total of 70,000 tourists from all over the world are anticipated to visit the emirate during the key UN conference, which takes place from the 30th of November to December 12.

The National talked to hoteliers and business professionals who forecast that during each of the two weeks of a major event that will get worldwide notice, occupancy rates will soar.

According to a top expert, hotel rooms in Dubai have begun to sell out quickly because the convention’s opening weekend falls on the UAE’s National Day.

According to The National, the price of a hotel room for the first day of Cop28 are expected to be up to five times what they already do.

“Cop28 will ensure that the city is undoubtedly buzzing with activity,” said Kostas Nikolaidis, the account manager for the region’s Middle East and Africa at the hotel analytics provider STR. “Cop28 in addition to UAE National Day on a Saturday, the second of December, and along with every other celebration taking place throughout Dubai during this at busy the cold period, will make sure the city is buzzing with activity.”

Nearly 30% of all lodging options are already reserved for both the initially scheduled couple of days of Cop28 and New Year’s Eve, according to data on hotel demand.

The demand is anticipated to increase as the two days approach. Without a doubt, these days will result in a stellar performance for Dubai’s hotel sector.

As expected, a Saturday, December 2, which happens to be National Day, has received the highest reservations so far. According to information provided by CoStar, the parent firm of STR, about one-third of all lodging options in Dubai had already been reserved for that evening.

For the opening night of Cop28, scheduled for Thursday, November 30, almost 32% of all rooms in Dubai have already been reserved.

Travel & Explore

Abu Dhabi lowers restaurant and hotel prices to encourage travel

head dubai September 26, 2023 No Comments

The Abu Dhabi government’s department of Culture and tourist has cut government fees imposed on hotel rooms and restaurants in the emirate in order to promote the hospitality and tourist industries in the region. The updated pricing schedule will take effect on September 1st, 2023.

The emirate’s Department of Tourism and Cultural Affairs – Abu Dhabi issued a statement in which it stated that “this adjustment of fees aims to continue to grow the Emirates as a tourist and culture destination while strengthening backing for its flourishing hospitality sector.” The government of Abu Dhabi revised its fees, reducing the tourism cost for visitors from 6% to 4%, eliminating the municipality’s fee of AED 15 per room each night, eliminating the 6% tourism fee, and eliminating the 4% municipality fee for hotel restaurants.

After the pandemic, tourism in the emirate has recovered. In the very first half of 2023, Dubai has surpassed levels of foreign tourism prior to the pandemic. Between January to June 2023, the Emirate of Dubai welcomed 8.55 million foreign visitors, beating the 8.36 million visitors it had in the first half of 2019 before the epidemic. In the first half of 2023, Dubai’s average hotel occupancy rate of 78% was among the highest in the world.
For the first half of 2023, Abu Dhabi International Airport’s traffic has seen a dramatic increase. 10,258,653 people passed through the gates of Abu Dhabi International Airport between 1 January to 30 June 2023, according to government statistics, a 67% increase over the 6,158,376 passengers handled over the same period in the previous year.

Additionally, 67,835 flights were recorded at Abu Dhabi International Airport, an impressive 36% more than the 49,919 flights that were made during H1 2022.

Towards the end of the year of 2023, Abu Dhabi hopes to welcome over twenty-four million tourists. The goal for the emirate’s diversification still heavily relies on tourism.

In order to encourage the expansion of the tourism industry in the emirate, the Abu Dhabi Ministry of Tourism and Cultural Affairs has teamed with the Franco-Dutch airline firm Air France-KLM. Through this agreement, daily flights from Abu Dhabi to Paris increase the emirate’s global connection.

Development in Dubai

The Mohammed Bin Rashid Al Maktoum Businesses Award has been enhanced, according to Dubai Chambers.

head dubai September 25, 2023 No Comments

The Mohammed bin Rashid Al Maktoum Business Prize has been introduced by Dubai Chambers in its newly reinvented form, which includes a number of improvements to the award methodology, evaluation procedures, and prize categories. The award, which was established under the auspices of Mohammed bin Rashid Al Maktoum Global Initiative (MBRGI), stands for the highest level of acknowledgment for organizations’ contributions to the long-term growth of Dubai’s thriving business community.

The new award was introduced today at a special ceremony held at the Dubai Chambers headquarters under the auspices of His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai. Abdul Aziz bin Abdulla Al Ghurair, the chairman of Dubai Chambers,

President & CEO of Dubai Chambers Mohammad Ali Rashed Lootah in the presence of prominent members of the regional business community.

The Mohammed bin Rashid Al Maktoum Business prize and the Dubai Quality Award, two of Dubai’s most prestigious honors for business performance, were combined to create the new prize. The project is an element of Dubai Chambers’ effort to raise standards across the board for businesses.

The award includes four new categories: Outstanding Business Award, Family Business Award, Global Expansion Award, and Digital Innovation Award. The Excellent Business Award is given by Dubai Chambers, while the Family Business Award is given by the Dubai Chamber of Commerce.

In accordance with the city’s vision and the objectives of the D33 economic plan, the award has undergone a major restructure to reflect the demands of the business community. From October 2nd, 2023, applications will be welcomed from businesses engaged in a variety of industries. Businesses with offices in Dubai as well as foreign corporations with regional headquarters there are eligible for the award.

The Mohammed Bin Rashid Al Maktoum Business Award has been restructured to better reflect the ambitions of the Dubai business community in the contemporary era, according to Al Ghurair. The standards for assessment are now closely in line with the strategic aims of Dubai Chambers and are meant to encourage a dedication to establishing an excellence-centered culture.

The award is part of Dubai Chambers’ initiative to foster a culture of imaginative thinking among the local business community and aims to enhance company strategies, processes, and overall performance. The new model, which focuses on procedures and outcomes in important areas as concrete indicators of business success, is based on considerable study and adopts the most recent approaches.

Along with financial success, the review process also looks at strategy, leadership, management of staff, ESG, and digital transformation. In order to be included amongst the top three contenders in each category, participating companies must receive a minimum amount of scores from the award assessors over a wide range of criteria.

During a formal event that will be held in the second half of 2024 in front of participating businesses and esteemed members of the private sector, the winners and runners-up of each prize category will be recognized.

The establishment of a framework for business excellence by Dubai Chambers is intended to motivate organizations to maintain high performance levels through the evaluation process. All candidates will receive a thorough examination of their the submissions, and finalists will also be urged to spread their best practices around the business community with other organizations.