UAE's new FDI law could accelerate inflows by up to 20%

The UAE Government’s new foreign direct investment (FDI) law could accelerate FDI flows by up to 20 percent this year, according to the Ministry of Economy. The landmark law, which is predicted to further strengthen the business-friendly climate in the country, will be discussed at the Annual Investment Meeting 2019 in Dubai next week. High-le...

Abu Dhabi Considers a Merger to Create Top Mideast Lender

Abu Dhabi is considering combining Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC to create the Middle East’s largest lender, according to people with knowledge of the matter. The emirate plans to wait for a three-way combination of Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Al Hilal Bank to close before starting ...

Google's ethics board shut down

An independent group set up to oversee Google's artificial intelligence efforts, has been shut down launched. The Advanced Technology External Advisory Council (ATEAC) was due to look at the ethics around AI, machine learning and facial recognition. One member resigned and there were calls for another to be removed. The debacle raises questions ...

Accenture just bought an indie ad agency, as boardrooms get serious about creative marketing

For years, the advertising industry has pondered the potential of big tech consultancies like Accenture and Deloitte to eat its lunch. This week, one of those consultancies made clear its interest in taking on the creative industry. Accenture Interactive, the consultancy’s “experience agency,” said Wednesday it has agreed to acquire Droga5...

Consortium wins $550m Sharjah power project contract

Elsewedy Electric in a consortium with Mitsubishi Hitachi Power Systems (MHPS) has announced that it has won a $550 million contract to build a power plant project in Sharjah. The contract has been awarded by Sharjah Electricity and Water Authority (SEWA) for the Al Layyah Combined Cycle Power Plant. The 1,026 megawatt gas-fired power project is...

Huawei sales top $100bn despite US-led pressure

Chinese telecoms giant Huawei said revenues topped $100bn in 2018 despite a US-led campaign against the business on fears it poses a security threat. The firm said revenue for 2018 hit 721.2bn yuan ($107bn), while net profit jumped 25% to 59.3bn yuan. The US and others have restricted the company over concerns that its ties to Beijing represent ...

Salesforce backs a start-up that uses selfies and A.I. to verify your identity online

Identity verification start-up Onfido says it’s raised $50 million from investors including Salesforce and Microsoft. The firm’s software validates a person’s identity by taking their selfie and applying a mix of machine learning and human fraud experts to match their face with a government-issued ID.Source; https://www.cnbc.co...

Damac profits, sales fall as Dubai property market 'corrects'

Damac Properties on Thursday reported big decreases in annual net profit and home sales as the Dubai real estate market continues to "correct itself". The Dubai-based developer reported total revenue of AED6.1 billion, while net profit stood at AED 1.15 billion, down from AED2.76 billion in 2017.Booked sales for the same period were reported at ...

Dubai's W Motors reveals 400% growth in less than 2 years

Dubai-based car manufacturer W Motors has achieved a whopping 400% growth rate in less than two years from 2017 to 2019, according to CEO and founder Ralph Debbas. The company is known for making multi-million dollar cars, including the $3.4m Lykan Hypersport that featured in American action film Fast & Furious 7 in the famous scene that saw...

Fast-fashion retailers like Zara and H&M have a new threat: the $24 billion used clothes market

The tastes and preferences of consumers keep on changing across the categories. Recently, we sees the rising trend of consumers’ preferences for used clothes in various countries, and segments with these preferences are not few. This trend is posing a challenge for established fashion retailers.Source;  https://www.cnbc.com/2019/0...

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