Elite to build $27m facility at Dubai Industrial City
The UAE-based conglomerate Elite Group Holding has signed an agreement to establish a $27m integrated facility at Dubai Industrial City, a leading manufacturing and logistics hub.
Economy
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News
Dubai RTA Awards $5.6bn Metro contract to Turkey & China
Dubai’s Roads and Transport Authority (RTA) has awarded a $5.6bncontract for the development of the Dubai Metro Blue Line to a Turkish and Chinese consortium.
Economy
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Abu Dhabi and EXIM Bank in trade partnership
The Abu Dhabi Investment Office (ADIO) has partnered with the Export-Import Bank of the United States (EXIM) to strengthen economic ties and promote trade between the UAE and the US.
Entrepreneur
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Oman Investment Authority acquires stake in Elon Musk’s xAI
The Oman Investment Authority (OIA) has acquired a stake in Elon Musk’s xAI, marking a significant step by the sultanate’s sovereign wealth fund to strengthen its position in the rapidly growing AI sector.
News
UAE launches world’s most powerful small AI models
The UAE’s Technology Innovation Institute (TII) has launched Falcon 3, the latest advance in its open-source large language model (LLM) series, marking a significant breakthrough in AI.
News
Dubai hotel digitises the ‘What if?’ question
Dubai’s Al Habtoor Palace, the flagship property of the Al Habtoor City Hotel Collection, has announced a partnership with IDeaS, a leading provider of hospitality revenue management solutions.
News
Public-private partnership drives Dubai logistics platform
Dubai’s Roads and Transport Authority (RTA) has partnered with TruKKer, a leading digital logistics platform, to launch Logisty, a cutting-edge initiative aimed at transforming the freight transport sector and solidifying Dubai’s status as a key logistics hub in the region.
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Real Estate
200-unit eco resort deal for Al-Ahsa, KSA
Dan Company, a PIF firm focused on ecotourism, has partnered with Abdulmohsen Al-Tamimi Contracting Company to build the first luxury resorts in Al-Ahsa, Saudi Arabia. This marks another milestone in the nation’s growing tourism and hospitality sectors.
Economy
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KSA acquires 15% stake in Heathrow Airport
Saudi Arabia’s Public Investment Fund (PIF) and French investment firm Ardian have completed the acquisition of a 37.6% stake in Heathrow Airport Holdings for $4.1bn.
Entrepreneur
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UAE fintech secures $500m funding from Citigroup
Citigroup has provided a $500m financing facility to Abu Dhabi’s Astra Tech. The funding is in the form of asset-backed securitisation and will support Astra Tech’s subsidiary Quantix and its CashNow consumer lending platform.