UAE’s G42 backs $1bn Italian AI supercomputer
UAE-based tech firm G42 has signed a partnership with Italian AI startup iGenius to develop a large-scale AI supercomputer in southern Italy, as part of a wider bilateral investment agreement.
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PIF and Hyundai build major automotive plant
Saudi Arabia’s Public Investment Fund (PIF) and Hyundai Motor Company have begun construction on a cutting-edge automotive manufacturing plant at the King Salman Automotive Cluster in King Abdullah Economic City (KAEC).
Economy
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Central banks of UAE and Azerbaijan sign MoU
The Central Bank of the UAE (CBUAE) and the Central Bank of Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening bilateral financial cooperation and boosting the exchange of expertise.
Entrepreneur
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Startup
Vuz raises $12m to expand video platform
UAE-based immersive video platform Vuz has secured $12m in a pre-Series C funding round to support its growth in Saudi Arabia, the UAE and beyond.
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RWS Global to expand in Middle East
Live entertainment company RWS Global has announced plans to establish a regional headquarters in Riyadh, marking a major milestone in its Middle East expansion. The move reflects the company’s commitment to supporting the region’s growing investments in entertainment, tourism, sport and leisure. Known for its expertise in sport presentation, immersive destination design, and live events,
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Real Estate
Almal Real Estate expands with Bali project
UAE-based Almal Real Estate Development has announced its international debut with the launch of The One by Almal in Bali, Indonesia. This marks the first step in the company’s 2030 global expansion strategy, with upcoming projects planned in Thailand, Vietnam, the Philippines, Seychelles, and Mauritius.
Economy
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Dubai to host private equity market event
Dubai International Financial Centre (DIFC) has signed a strategic agreement with the International Private Equity Market (IPEM).
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EDB launches growth fund for UAE SMEs
Emirates Development Bank (EDB) has introduced the Emirates Growth Fund (EGF), a multi-million dollar equity platform aimed at boosting the expansion and global competitiveness of UAE-based SMEs that have annual revenues starting from $2.7m.
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ADNOC awards $17bn in H1 contracts to UAE firms
Nearly 400 UAE-based companies secured contracts worth over $17bn in the first half of 2025 from ADNOC, as the energy giant ramps up efforts to drive local economic growth and strengthen national supply chains.
Entrepreneur
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Startup
UK tech firms eye UAE for expansion
Dubai is gaining recognition as a secure and attractive destination for tech startups and investors, according to insights shared at the British Chamber of Commerce Dubai’s (BCCD) recent Tech Business Briefing held at the DIFC Innovation Hub.