News
Peer-to-peer vehicle-sharing platform, Ejaro, has raised $850,000 in seed funding. The investment came from angel investors and BIM Ventures.
Mohammed Khashoggi founded Ejaro in 2019. The Saudi platform connects is local vehicle owners with individuals looking to rent cars and other vehicles. According to Khashoggi, the startup aims to tap into the regional car rental market, valued at over $4 billion, adding that the market is set to experience a large potential growth in the post-Covid19 economy.
The car owners make extra money from a car that they may not be using full-time, while renters enjoy the vehicles on the platform which are up to 40 percent cheaper than traditional car rental companies. Renters can search for vehicles by area to find the ones nearby.
All cars on Ejaro have been insured.To further incite owners and renters, the starup has introduced its own peer-to-peer vehicle insurance policy in partnership with Kingdom Brokerage and MedGulf; that is available for both hosts and renters.
Khashoggi said in a statement: “With millions out of jobs and rental companies struggling, our platform empowers owners to earn an additional income from their depreciating assets and share them with the masses. I truly believe that Ejaro will accelerate in the coming weeks.”
Mohamed Amine Merah, Ejaro’s Finance & Strategy Partner and Managing Partner of BIM Ventures, said, “During the downtime [due to Covid-19], we were able to develop and launch a new and improved app, build strategic partnerships, and solidified our internal processes.”
He also said that the startup is planning to expand regionally, starting with UAE in 2021.
The new funds will be used to accelerate the development of additional features on the platform, in order to increase the hosted cars and renters’ bases and to expand the team.
source: wayamedia
Qatar's biggest bank expects Gulf detente to boost companies, lenders
11 Jan 2021 Written by Admin AdminQatari companies including banks are forecast to get a boost from a deal to end a more than three-year row between Doha and some Gulf states, which was announced by Crown Prince Mohammed bin Salman on Tuesday.
QNB Financial Services Research, part of Qatar’s biggest bank, said in a note that Qatari banks are set to benefit from the GCC resolution agreed at a Gulf summit on Tuesday “based on general investor optimism as domestic banks had immaterial exposure to the blockading countries”.
The Qatari stock index closed 1.4% higher on Tuesday, leading other Gulf markets and was up 0.1% on Wednesday, although Qatar’s international bonds were little changed by news of the deal, while credit default swaps, used to bet against the risk of a default, were unmoved, IHS Markit data showed.
“Qatar Airways and consequently Qatar Fuel could benefit from increased air traffic between KSA (Kingdom of Saudi Arabia) and Qatar,” QNB said in the research note, adding that real estate firms will also benefit from demand longer term.
Qatari banks have significant stakes in banks in United Arab Emirates (UAE) and Egypt, while Qatar National Bank was seeking to expand its business in Saudi Arabia, where it opened a branch just before the embargo.
Qatari banks also had a total of 6% exposure to regional lenders, which fell to 3% after the embargo, the note said, adding that Qatari companies have largely eliminated its impact by diversifying supply channels, as well as their customers.
source: reuters
Qatari companies including banks are forecast to get a boost from a deal to end a more than three-year row between Doha and some Gulf states, which was announced by Crown Prince Mohammed bin Salman on Tuesday.
QNB Financial Services Research, part of Qatar’s biggest bank, said in a note that Qatari banks are set to benefit from the GCC resolution agreed at a Gulf summit on Tuesday “based on general investor optimism as domestic banks had immaterial exposure to the blockading countries”.
The Qatari stock index closed 1.4% higher on Tuesday, leading other Gulf markets and was up 0.1% on Wednesday, although Qatar’s international bonds were little changed by news of the deal, while credit default swaps, used to bet against the risk of a default, were unmoved, IHS Markit data showed.
“Qatar Airways and consequently Qatar Fuel could benefit from increased air traffic between KSA (Kingdom of Saudi Arabia) and Qatar,” QNB said in the research note, adding that real estate firms will also benefit from demand longer term.
Qatari banks have significant stakes in banks in United Arab Emirates (UAE) and Egypt, while Qatar National Bank was seeking to expand its business in Saudi Arabia, where it opened a branch just before the embargo.
Qatari banks also had a total of 6% exposure to regional lenders, which fell to 3% after the embargo, the note said, adding that Qatari companies have largely eliminated its impact by diversifying supply channels, as well as their customers.
Dubai's non-oil business sectors returned to expansion in December 2020: PMI
11 Jan 2021 Written by Admin AdminThe seasonally adjusted IHS Markit Dubai Purchasing Managers' Index rose above the 50.0 no-change mark in December
A strong rise in business activity and a faster increase in new work have prompted Dubai's non-oil private sector businesses to return to growth at the end of 2020, according to the latest Purchasing Managers' Index (PMI) data from IHS Markit.
However, employment numbers continued to fall as expectations for 2021 were still subdued.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) rose above the 50.0 no-change mark in December, posting 51.0 (from 49.0 in November) to indicate a modest expansion in the non-oil economy, and the first seen for three months.
Non-oil private sector businesses in Dubai saw a renewed fall in activity in November, as the impact of COVID-19 appeared to worsen amid rising global cases.
Cost pressures were weak in December, supporting a further drop in selling prices, albeit at the slowest rate since May. The improvement in the headline PMI was largely driven by a sharp rise in business activity in December, after Dubai non-oil firms curtailed output midway through the final quarter. The rate of expansion was the second-quickest throughout 2020, bettered only by July's uptick, IHS Markit noted.
David Owen, Economist at IHS Markit, said: "An increase in output and new orders led to a renewed improvement in the health of the Dubai non-oil sector in December, shown by the headline PMI rising back above the 50.0 neutral mark. At 51.0, however, the index signalled only a slight expansion in Dubai's economy, as falling employment, lower stocks of purchases and shorter delivery times all acted as drags on the headline reading."
Firms related the rise in output to higher sales during the month, which increased at the strongest rate since September.
According to the IHS Markit survey, there were renewed expansions in new work across the travel and tourism and construction sectors, but growth was quickest in the retail and wholesale category.
Output expectations for 2021 returned to positive territory in December, after firms gave a negative forecast in November for the first time since sentiment data were collected in April 2012. That said, the overall outlook remained subdued, with many respondents expecting output to remain unchanged by the end of 2021.
"Looking ahead, firms continued to present a highly subdued outlook for business activity in December, despite some confidence that the confirmed
effectiveness of COVID-19 vaccines should help a global economic recovery in 2021," Owen said.
Some survey respondents were skeptical of an economic recovery in the near-term due to the continued impact of COVID-19 on business turnover.
"Businesses noted that the after-effects of the pandemic will continue to be felt across the non-oil sector, particularly as hiring remains weak and containment measures continue to stem export demand," he added.
source: zwaya
Saudi Arabia’s Crown Prince reveals project ‘THE LINE’ in futuristic city of NEOM
11 Jan 2021 Written by Admin AdminSaudi Arabia's Crown Prince Mohammed bin Salman, and Chairman of the Board of Directors of NEOM, announced the launch of "THE LINE" in the city of NEOM, a new model for the future of urban societies aimed at ensuring balance with nature.
The project is part of NEOM and the Kingdom's Vision 2030 plan, an ambitious program designed to diversify Saudi Arabia's economy. THE LINE will generate around 380,000 job opportunities and contribute 180 billion riyals ($48 billion) to the country's gross domestic product (GDP) by 2030, according to a statement.
One of the largest airports in the world
NEOM
source: alarabiya
The value of Dubai non-oil foreign trade doubled 10 times between 2000-2019
05 Dec 2020 Written by Admin AdminDubai Customs played a major role in supporting the prosperity of foreign trade and economic growth, during its history of achievements, as Dubai’s non-oil foreign trade witnessed a significant growth and its value doubled about 10 times between 2000 and 2019, rising from 143 billion dirhams in The year 2000, to reach in the year 2019 of 1.371 trillion dirhams, while the value of Dubai’s foreign trade in the first half of this year reached about 551 billion dirhams.
The march of Dubai Customs witnessed successive stages of work and completion. In the seventies of the last century, Dubai Customs established customs centers in various sea, air and land ports of the Emirate of Dubai, which include coastal customs centers in Dubai Creek, Port Rashid Customs Center in addition to Jebel Ali customs centers and with the expansion of Dubai. In the construction of airports, customs centers were established in the buildings of Dubai International Airport and the Al Maktoum Airport building.
Air customs centers specialized in air freight have also been established. Land customs centers have witnessed a great development that enhances Dubai’s role in the trade movement transported by land to local markets and transit from Dubai to neighboring countries.
On April 1, 2001, Dubai Customs entered a new development phase with the establishment of the “Ports, Customs and Free Zone Corporation” and since 2006, Dubai Customs has witnessed a significant improvement in the level of performance as the development of customs services provided by the department has actively contributed to the UAE’s acquisition of the status. The first in the world in the index of effectiveness of customs authorities.
Ahmed Mahboob Musabih, Director General of Dubai Customs said that the department is keen to play its vital role in performing the tasks entrusted to it in protecting society, facilitating trade and supporting travel and tourism. The department has worked to continuously develop its capabilities and kept pace with all stages of development witnessed by the country, guided by the vision of our wise leadership in future foresight and planning.
The right to achieve the most important achievements with diligence, perseverance and careful study of the projects and initiatives launched by the department to develop customs work and consolidate its position in the global forefront by providing the best commercial and customs services to dealers through leadership in customs innovation at the international level.
He added that with the celebration of the 49th National Day of the UAE, Dubai Customs continues to prepare for the future plans for the next 50 years in the country’s march and is working on developing new projects and initiatives that enable it to make new leaps in improving the level of its services provided to customers in order to make them happy and enable them to achieve the added value of their choice. Dubai is a destination for their commercial operations to support the economic development of the UAE by transforming challenges into achievements and opportunities that enable us to continuously achieve new achievements.
Dubai Customs achieved many achievements and sought to provide the best services to customers by developing and innovating new methods that facilitate customs procedures. The department’s achievements in this field include the launch of the integrated customs system Mersal 2, the electronic business channel, the smart risk engine system, and smart services.
The department strengthened its efforts to achieve more communication with the private sector. And the business community through the advisory board to enhance cooperation with trade groups and the “engagement” initiative to coordinate with diplomatic bodies and foreign business councils.
Out of its keenness to make customers happy, the department launched the “Our 7-Star Centers” project with the aim of raising the efficiency and classification of customer service centers according to the international star rating system to provide a welcoming and comfortable service environment for customers in order to make them happy and encourage them to expand their trade through Dubai and Dubai Customs kept pace with the developments witnessed by the world in the year 2020 In terms of the Covid 19 pandemic crisis, it supported the ability of dealers to complete their customs transactions through smart services, and the department also took all precautionary measures to confront the pandemic, with the completion of inspections without delay to enable dealers to complete customs clearance quickly, which supports their ability to deliver their goods directly to the market.
source: uae24x7
For the first time ever, five major tech events are taking place this December
05 Dec 2020 Written by Admin AdminOn December 6--10, Dubai will host five major technology events, namely GITEX Technology Week, GITEX Technology Stars, GITEX Future Stars, Gulf Information Security Exhibition and Conference, Future Blockchain Summit and Marketing Minya.
These events will be held in the presence of major global technology companies and startups who will showcase the latest innovations from 5G technology, artificial intelligence and electronic security..And according to the Dubai Chamber of Commerce, more than 60 countries have confirmed their participation to date.
For more information: https://www.gitex.com/
اختتام قمة مجموعة العشرين: تنسيق الجهود لمواجهة التحديات والتحضير لحقبة ما بعد جائحة كورونا
23 Nov 2020 Written by Admin Adminاختتمت اليوم أعمال مؤتمر قمة العشرين (G20) في دورته الخامسة عشر التي عقدت يومي 21 و22 من شهر نوفمبر الجاري بحضور قادة مجموعة العشرين برئاسة المملكة العربية السعودية، بالإضافة إلى كل من الأردن واسبانيا وسويسرا وعدد من المنظمات الدولية كضيوف، وجرت اعمال المؤتمر عبر الفيديو.
صورة جماعية "افتراضية" تجمع قادة مجموعة العشرين برئاسة المملكة العربية السعودية
ولقد صدر عن المؤتمر في ختام اعماله يوم الاحد 22 نوفمبر بيان ختامياً ركزاً على عدد من التحديات والقضايا الراهنة، والتي كان من أهمها:
مواجهة التحديات والالتزام بقيادة عالمية لحقبة ما بعد كورونا
أكد قادة مجموعة العشرين على ضرورة تنسيق الإجراءات العالمية والتضامن متعدد الأطراف في الوقت الحالي لمواجهة التحديات الراهنة واغتنام فرص القرن الحادي والعشرين للجميع، والالتزام بقيادة العالم نحو تشكيل حقبة ما بعد جائحة فيروس كورونا قوية ومستدامة متوازنة وشاملة.
وصول لقاحات فيروس كورونا إلى الجميع
وتعهد قادة القمة عبر البيان ببذل كل الجهود لضمان وصول لقاحات فيروس كورونا للجميع بطريقة عادلة وبتكلفة ميسورة، وبتلبية الاحتياجات التمويلية المتبقية لهذه اللقاحات. كما وشدد البيان على الحاجة إلى تعزيز فعالية منظمة الصحة العالمية في التنسيق ودعم الاستجابة العالمية لجائحة كورونا.
النشاط الاقتصاد العالمي عاود الارتفاع جزئياً
وجاء في البيان بان النشاط الاقتصاد العالمي قد عاود ارتفاعه جزئياً على خلفية معاودة فتح اقتصاد الدول تدريجياً والسياسات المهمة التي أخذت تؤتي ثمارها، على الرغم من انكماش الاقتصاد العالمي في عام 2020 نتيجة اثار جائحة كورونا. إلا ان التعافي يكتفنه عدم اليقين بسبب المخاطر المرتفعة، منها مخاطر عودة تفشي الفيروس في بعض الاقتصاديات.
مبادرة تعليق مدفوعات الدين حتى يونيو/حزيران 2021
واقرا قادة مجموعة العشرين في البيان التزامهم بتطبيق مبادرة تعليق مدفوعات خدمة الدين حتى يونيو/حزيران 2021 والتي ساعدة على تحسين الإنفاق على الجوانب المتعلقة بمكافحة جائحة فيروس كورونا والتي يستفيد منها أكثر من مليار انسان في الدول المدينة.
اصلاح منظمة التجارة العالمية
أكد البيان على دعم الجهود السياسية المستمرة الضرورية للإصلاح لمنظمة التجارة العالمية، والالتزام المتكرر بضمان شبكة أمان مالية عالمية أقوى من خلال صندوق النقد الدولي، فضلاً عن دعم الدول النامية والأقل نمواً.
دعم الاقتصاد الرقمي
ثمن البيان دور الاتصالات والتقنيات الرقمية في تعزيز استجابة الدول لجائحة كورونا وتسهيل استمرار النشاط الاقتصادي، واكد دعمه إيجاد بيئة مفتوحة وعادلة وغير تمييزية..مع الإدراك لأهمية مواجهة التحديات المتعلقة بالخصوصية وحماية البيانات وحقوق الملكية الفكرية والأمن.
وفي ختام اعمال القمة سلم العاهل السعودي الملك سلمان بن عبد العزيز آل سعود رئاسة القمة لرئيس الوزراء الإيطالي جوزيبي كونتي الذي ابدا استعداد بلاده لتنظيم القمة بدءاً من الشهر المقبل، مؤكداً أنهم حددوا ركائز الدورة الـ16 التي ستتمحور حول "حماية البشر والحفاظ على البيئة وتحقيق الازدهار".
المصدر: وكالات
لتحميل البيان كاملاً: https://bit.ly/3fA7F4J
DUBAI DIALOGUE 2020 CALLS FOR BUSINESSES TO PRIORITISE SUSTAINABILITY DURING COVID-19 AND BEYOND
30 Oct 2020 Written by Admin AdminDubai Chamber’s largest sustainability conference brought together public and private sector stakeholders to discuss strategies for surviving and thriving sustainably.
Dubai, UAE: Businesses in the UAE must prioritise sustainability and make it an integral part of their strategies as they tackle new challenges and prepare for the post-pandemic recovery, industry experts said during the Dubai Dialogue 2020.
The annual conference, recently hosted virtually by Dubai Chamber of Commerce and Industry, examined several key sustainability and CSR trends and issues reshaping the global business landscape, as well as practical strategies and valuable insights shared by leading public and private sector organisations and stakeholders in the UAE.
Presentations and discussions during the event highlighted the business benefits of adopting sustainability as a strategy, tool and mechanism that can be used to ensure resiliency and competiveness, while boosting organisations’ triple bottom line of people, planet and profits.
During his opening remarks, Dr. Belaid Rettab, Chief Economist Senior Director, Economic Research & Sustainable Business Development Sector, Dubai Chamber, said Dubai Dialogue is the largest conference organised by Dubai Chamber dedicated to CSR and sustainability matters, describing it as an ideal platform for industry experts to share knowledge and best practices in this area.
This year’s Dubai Dialogue was of particular importance, he explained, as discussions delved into timely issues and new challenges created by Covid-19, as well as opportunities emerging in a changed business landscape.
Strong interest and participation in the conference reflects a growing awareness of the importance of CSR and sustainability in enhancing business strategies and fostering innovation, he said, adding that the Centre for Responsible Business – since its establishment in 2004 – has played a crucial role in promoting responsible business practices and offering guidance to companies.
Prof. Vijay Pereira, Associate Professor of Strategic and
International Business Khalifa University, UAE, noted that the business environment has changed in an unprecedented way and many of the successful conventional ways of doing things should be revised.
He highlighted the role technology is expected to play in the post-Covid-19 era, and stressed the importance of integrating employee health and well-being in future sustainability strategies.
For his part, Martin Bradley, Chief Financial Officer, Dulsco LLC, spoke about how sustainability helps businesses create value and benefit from competitive advantages, said more businesses should look at Covid-19 as an opportunity to drive organisational change and become more sustainable and responsible.
Ibrahim Al Zubi, Chief Sustainability Officer, Majid Al Futtaim elaborated on how Majid Al Futtaim successfully embedded net positive environment strategy as one of its core business objectives. He said sustainability is not a burden or a cost but rather a factor that can create new value for organisations.
Steve Burnell, Managing Director, School Transport Services, said it is more important than ever before for organisations to develop favourable people policies, responsible processes and sustainable products.
Business with a short-term view may face long-term challenges, he explained, adding that networking, communication and listening are also key to addressing environmental and social challenges.
For his part, Dr. Kamel Mellahi, Senior Manager at Dubai Chamber’s Centre for Responsible Business, said sustainability, business continuity and competitiveness are inextricably linked and must go hand in hand.
Sustainability, he noted, is more than just good business ethics but a key component of any resilient business model, and advised businesses to make and keep sustainability a top priority during Covid-19 and beyond.
source: dubaichambe
EU LAUNCHES ‘INNOVATE JORDAN’ PROGRAMME WITH EUR20 MILLION INVESTMENT
30 Oct 2020 Written by Admin AdminThe programme encompasses a unique collaboration between the EU, the Jordanian government and the private sector.
In collaboration with Jordan’s Ministry of Planning & International Cooperation and Ministry of Digital Economy & Entrepreneurship, the European Union has pulled the trigger on the ‘Innovate Jordan’ programme, which comes as the latest in a consistent EU support for the country’s innovation industry.
The EU is set to invest EUR20 million into promoting new initiatives that can “unlock entrepreneurship and innovation potential and enhance job creation and growth in Jordan.”
With the ultimate aim of enabling local companies and startups to become competitive on an international stage and drive forward Jordan’s digital economy, the programme’s first effects will be felt through the support of three new grant initiatives in collaboration with private sector entities.
The first, in collaboration with Endeavour, will target 45 local businesses for growth and scaling, with a view to equipping them with the tools to attract foreign investment and emerge on international markets.
The second, will see SAM Engineering take the lead on the establishment of Jordan’s first digitisation and innovation centre with the aim of promoting digital solutions in the world of manufacturing.
The third and final initiative is in collaboration with Orange and will establish a host of facilities across Jordan, including 23 digital centres, six coding academies, six FabLabs, six growth accelerators and three incubators.
For the Ministry of Digital Economy and Entrepreneurship, the programme is a perfect fit for the drive towards fully-digitised government services and digitally-enabled income opportunities.
“We are committed to empowering the citizens and residents of Jordan in their digital journey across sectors and industries,” Minister Muthana Gharaibeh said.
“Our alignment with ‘Innovate Jordan’ will ensure motivating and inspiring people to produce change by maximizing the impact of financial and non-financial incentive programmes in place.”
source: thestartupscene
Amanat will act as their principal strategic partner for the MENA region to help drive growth and business development opportunities
Amanat Holdings has invested AED 18.4 million in BEGiN, a US-based leading education technology company, as part of their Series C financing round.
As part of the investment, Amanat becomes BEGiN’s principal strategic partner in the MENA region, leveraging Amanat’s deep industry expertise and unparalleled network to help drive growth in the region.
The acquisition is Amanat’s first ever venture capital investment and is in line with Amanat’s strategic goals to invest in rapidly-growing education and healthcare technology players with strong regional growth aspirations, demonstrating commitment to playing a key role in the ongoing digitization of the education and healthcare sectors in the region.
BEGiN is focused on early childhood education through its platform aimed at children between two and eight years of age.
The company will be partnering with some of its investors for both content and distribution. Amanat will act as their principal strategic partner for the MENA region to help drive growth and business development opportunities.
Amanat joins other strategic and financial investors including LEGO Ventures, Sesame Workshop, Gymboree Play & Music, 3One4 Capital, Trustbridge Partners and Interlock Partners. “
Earlier this month, BEGiN launched the industry’s first comprehensive early learning program, HOMER Learn & Grow, expanding the brand’s reading program to additional subjects including math, creativity, socio-emotional learning and critical thinking skills delivered across digital, physical and in-person learning experiences.
source: sme10x
