eZhire, the rapidly growing business-to-consumer (B2C) rental car service in the UAE, is using Oracle NetSuite to support its mission to simplify the car rental process.

With NetSuite, eZhire has been able to take advantage of an integrated business system to automate and consolidate financial processes, gain a holistic view across its rapidly expanding operations, and increase profitability.

Founded in Dubai in 2016, eZhire enables customers to order rental cars direct to their door and eliminates the need for security deposits, paperwork, and physical storefronts. This new approach to car hire has been extremely successful and today eZhire has over 650,000 users and has recorded over four million total rental days. To support its rapid growth in the UAE and its expansion into Qatar, Bahrain, and Saudi Arabia, eZhire needed more robust financial processes and greater visibility into its lines of business. To address these challenges and establish a scalable platform to support its 102 percent Compound Annual Growth Rate (CAGR), eZhire selected NetSuite as its enterprise resource planning (ERP) system.

“Our continuous growth demonstrates the success of eZhire’s approach to making car rentals more accessible, convenient, and flexible for everyone,” said Hassan J. Saduzai, CEO and co-founder, eZhire. “NetSuite complements our mission perfectly. Our teams can now access data at a granular level, create real-time dashboards, and instantly access insights to understand our cash flow, forecast accurately, and assess our financial health. The analysis we get from NetSuite informs our go-to-market strategies and gives us confidence in our decisions.”

With NetSuite, eZhire has a scalable system to help consolidate and automate its financial operations. NetSuite has enabled eZhire to streamline financial reporting, improve forecasting, and closely monitor and manage its cash flow. By consolidating data across its business, NetSuite helps eZhire promote collaboration across departments, deliver excellent customer experiences, and closely analyze business performance across its rapidly expanding operations. In addition, NetSuite OneWorld helps eZhire streamline its tax, reporting, and currency processing requirements across its subsidiaries.

“eZhire has rethought the traditional car rental process and the growth it has achieved is incredibly impressive,” said Nicky Tozer, senior vice president, EMEA, Oracle NetSuite.

“With NetSuite, eZhire has taken its financial operations to the next level, gained deeper visibility into its business performance, and established a scalable foundation to support its rapidly expanding domestic and international operations.”

The future of artificial intelligence will be in focus when DeepFest 2025, a leading AI conference, returns to Riyadh from 9-12 February.

Co-located with Saudi Arabia’s tech event LEAP, DeepFest 2025 will feature advanced technologies, AI experts, and discussions on the Kingdom’s AI initiatives.

Organised by Tahaluf and supported by the Saudi Data and Artificial Intelligence Authority (SDAIA), DeepFest 2025 will offer a four-day programme including AI-driven interactions, technology demonstrations, and discussions on AI’s impact across various sectors, including healthtech.

AI Thought Leadership in Riyadh

With more than 150 speakers, including Aidan Gomez, co-founder & CEO of Cohere, and Michael Spranger, President of Sony AI, the event is expected to draw 48,000 attendees. DeepFest 2025 will feature panel discussions, demonstrations, and sessions covering AI applications in multiple industries.

Experts such as Marc Raibert, Founder of Boston Dynamics; Dr. Daniela Braga, Founder & CEO of Defined.AI; and Lambert Hogenhout, Chief of Data & AI at the United Nations’ Secretariat, will discuss AI ethics, governance, sustainability, and security.

Humanoid robots from UB Tech and Pudu Robotics will be present, along with automated baristas and new robotic solutions from QSS Robotics. Dutch designer Anouk Wipprecht will demonstrate interactive fashion technology, showcasing how clothing can integrate with AI.

Jonathan Ross, Founder & CEO of Groq, will highlight AI computing advancements, including the AI Groqchip’s architecture. Marcello Mari, Founder & CEO of SingularityDAO, will explore AI and decentralisation through a live interview with his AI avatar.

AI Innovation and Applications

The future of AI in healthcare will be examined by Jean-Charles Samuelian-Werve, co-founder & CEO of Alan, as he demonstrates ‘Mo’ – a Doctor AI assistant that integrates biomarkers for preventative healthcare.

DeepFest 2025 aligns with Saudi Arabia’s Project Transcendence initiative, which aims to position the Kingdom as a global AI hub. The event will showcase AI advancements that are shaping various industries.

Michael Spranger, President of Sony AI, stated:

“At Sony AI, we focus on advancing research in robotics, computer vision, and natural language processing. DeepFest 2025 provides a platform for international collaboration and discussions on ethical AI development.”

The event will also feature interactive exhibits and networking sessions with over 120 exhibitors. Attendees will experience live technology demonstrations, VR/AR showcases, and startup pitch sessions connecting entrepreneurs with investors and industry leaders.

Annabelle Mander, Executive Vice-President of Tahaluf, noted:

“With AI projected to contribute significantly to the global economy by 2030, DeepFest 2025 will explore its impact across sectors, as well as critical themes such as governance and ethics. The event aims to facilitate discussions that translate AI advancements into real-world applications.”

First Abu Dhabi Bank (FAB), the UAE’s largest lender, reported a 4 per cent year-on-year increase in net profit for 2024 to Dhs17.1bn ($4.66bn), supported by strong revenue growth and robust business volumes.

The bank’s revenue surged 15 per cent to Dhs31.6bn, driven by diversified income streams and operating efficiencies.

FAB’s profit before tax rose 13 per cent year-on-year to Dhs19.9bn, reflecting heightened client activity and expansion across key financial markets.

In Q4, net profit climbed 4 per cent to Dhs4.2bn, while revenue increased 11 per cent to Dhs7.7bn.

The bank’s Board of Directors has recommended a cash dividend of 75 fils per share for the full year, amounting to a total payout of Dhs8.3bn.

The proposal, which represents 51 per cent of the net profit available for distribution, is subject to shareholder approval at FAB’s Annual General Meeting on March 11, 2025.

FAB: Expansion and strategic growth

FAB’s asset base expanded in 2024, with total assets rising 4 per cent year-on-year to Dhs1.21tn. Loans, advances, and Islamic financing grew 9 per cent to Dhs529bn, while customer deposits increased 3 per cent to Dhs782bn.

The bank’s international operations, which now span 20 key financial markets, saw revenue grow 32 per cent year-on-year, reinforcing FAB’s global footprint.

“FAB’s performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our group strategy as the UAE’s global bank,” said Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB.

Hana Al Rostamani, FAB’s group CEO, highlighted the bank’s strategic achievements: “Our strategy produced robust results in the UAE, our thriving home market, while powering the expansion of our international franchise. We diversified growth across customer segments and sources of income, growing international revenue by 32 per cent.”

FAB’s return on tangible equity (RoTE) for 2024 stood at 16.8 per cent, aligning with its medium-term target of above 16 per cent.

Operational highlights and ESG initiatives

FAB continued its expansion in wholesale banking, with investment banking revenue growing 19 per cent year-on-year, while global markets revenue increased by 18 per cent.

Corporate and commercial banking also posted strong gains, aided by digital innovations such as the Commercial Banking Service Accelerator.

Retail banking saw a 20 per cent increase in new customers, with lending and deposits rising 15 per cent and 17 per cent, respectively.

Private banking assets under management surged 75 per cent year-on-year, while revenue in consumer and private banking rose 18 per cent and 15 per cent, respectively.

On the environmental, social, and governance (ESG) front, FAB facilitated Dhs267bn in sustainable and transition financing, surpassing half of its 2030 target of Dhs500bn.

The bank also became the first in the region to publish a Taskforce on Nature-related Financial Disclosures (TNFD) report, aligning its financial practices with environmental resilience.

“We will continue to invest in technology and innovation to enhance our services, drive efficiencies, and grow our competitive edge, ensuring strong, sustainable shareholder returns,” Al Rostamani added.

Financial outlook

Lars Kramer, FAB’s group CFO, said that the bank’s strong performance was underpinned by revenue exceeding Dhs30bn for the first time. “Our solid balance sheet fundamentals, resilient net interest margin profile, and diversified business model position us well to continue delivering profitable growth and achieving our return targets,” he said.

FAB’s capital and liquidity positions remained strong, with a common equity tier 1 (CET1) ratio of 13.7 per cent and a liquidity coverage ratio (LCR) of 142 per cent.

Looking ahead, FAB aims to capitalise on regional and international opportunities while supporting the UAE’s economic ambitions.

“As the UAE’s global bank, we remain committed to fostering sustainable growth and connecting local, regional, and international economies within a world-class financial ecosystem,” Sheikh Tahnoon said.

Read: FAB reports Dhs12.9bn in net profit for Jan-Sept ’24

OpenAI CEO Sam Altman plans to visit the United Arab Emirates this week to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter said.

Altman’s Abu Dhabi stop comes as the ChatGPT maker looks to raise about $40bn to fuel its model development and ambitious infrastructure plan Stargate at a time when US AI companies are facing a new challenge from cheaper Chinese alternative DeepSeek.

Read: Nestlé, Dubai AI Campus to develop AI tool to drive F&B innovation

MGX took part in OpenAI’s last funding round of $6.6bn, which closed in October. With a growing presence in the US AI scene, it has invested in companies such as xAI and Databricks. MGX was not immediately available for comment.

The talks with Abu Dhabi’s MGX will follow Altman’s whirlwind tour of Asia, during which a partnership with Japan’s SoftBank for AI services was announced on Monday.

SoftBank is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300bn, including the new funds, in what could be a record single funding round for a private company, sources have said.

Important: China’s DeepSeek rivals ChatGPT, casting doubt over tech valuations

US President Donald Trump last month unveiled a joint venture dubbed Stargate involving three principal equity backers OpenAI, SoftBank, and Oracle ORCL.N, in which MGX is also participating.

The Stargate partners have promised to spend $100 billion to build the servers providing computing muscle for AI, ramping up to $500bn over four years.

Altman visited India on Wednesday, where he met IT Minister Ashwini Vaishnaw and discussed the country’s plan for creating a low-cost AI ecosystem.

Must know: OpenAI launches ChatGPT Edu for universities, to be available in 50 languages

Altman’s OpenAI, which is part-owned by Microsoft, released ChatGPT in late 2022 and reached over 300 million weekly active users two years later. But China’s DeepSeek emergence this month showed companies a cheaper alternative to access AI technology at a fraction of the cost.

AI was top of the agenda when UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Washington in December.

Abu Dhabi’s AI push is led by the state-backed G42 and MGX, in which the $330bn wealth fund Mubadala is a partner.

The fourth edition of LEAP, Saudi Arabia’s technology event, will take place from February 9-12 at the Riyadh Exhibition & Convention Centre in Malham.

Under the theme ‘Into New Worlds,’ LEAP 2025 will be the event’s first ticketed edition, with a focus on industry attendees to enhance business networking and investment opportunities.

LEAP 2025 is co-organised by Tahaluf and the Ministry for Communications and Information Technology (MCIT) – a joint venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund. The event will feature new additions such as ‘LEAP Nights’ activities, the return of DeepFest, a dedicated Tech Arena, and a SportsTech Track. The programme will span over 20 stages, covering sectors including space, gaming, education, and smart cities.

The fourth edition is expected to attract increased engagement between exhibitors and visitors, featuring over 680 start-ups, more than 1,000 expert speakers, and over 1,800 global tech brands.

New features at LEAP 2025

A new SportsTech Track will explore the intersection of sports and technology. Attendees will have access to live demonstrations, industry announcements, and insights from clubs and sector leaders. Confirmed speakers include Patrice Evra, former Manchester United forward and France national team captain, and Mathieu Pierre Flamini, former French professional footballer and co-founder of GF Biochemicals.

The Tech Arena will showcase live product demos and prototypes, offering attendees a hands-on experience with emerging technologies. The Startup Stage will provide a platform for innovators and start-ups to pitch, network, and explore business opportunities.

Beyond the convention halls, LEAP Nights will feature cultural and networking events across Riyadh, including dinners, meetups, and live entertainment.

LEAP 2025 will also host investor-to-investor workshops, mentorship sessions, and a dedicated Investor Program. More than 1,500 global investors and start-ups are expected to participate in structured networking opportunities.

International speakers and participants

Confirmed speakers include Ken Kutaragi, former Chairman and CEO of Sony Interactive Entertainment; Javier Tebas, President of La Liga; Connie Chan, General Partner of Andreessen Horowitz; Andrea Vena, Chief Climate and Sustainability Officer of the European Space Agency; and Alex Hirschi, Chairwoman of Supercar Blondie.

Returning speakers include Arvind Krishna, Chairman and CEO of IBM. Previous editions have featured Eric Yuan, Founder and CEO of Zoom; Shou Chew, CEO of TikTok; and Mo Gawdat, former Chief Business Officer of Google.

His Excellency Eng. Abdullah Alswaha, Saudi Arabia’s Minister of Communications and Information Technology, highlighted LEAP’s role in advancing the Kingdom’s technology sector:

“LEAP has contributed to Saudi Vision 2030 by positioning the country as a global technology hub. Moving to a ticketed format makes LEAP a more tailored experience for industry professionals. LEAP 2025 will showcase technological innovations, business opportunities, and high-level content, reinforcing Saudi Arabia’s role in the global tech landscape.”

Faisal Alkhamisi, Chairman of SAFCP, added:

“LEAP has rapidly evolved, playing a key role in fostering talent, creativity, and investment. This is only the beginning. LEAP will continue to reflect the ever-changing tech landscape and bring together pioneers from around the world.”

Michael Champion, CEO of Tahaluf, stated:

“Transitioning to a ticketed model will create a more focused experience, allowing exhibitors and participants to connect with a highly engaged audience, leading to meaningful collaborations and business opportunities.”

Over the past three years, LEAP has facilitated public and private investment exceeding $27.5bn, setting benchmarks for tech events globally and contributing to economic growth beyond the exhibition and conference floors. The upcoming edition aims to further enhance its impact and innovation potential.