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IHC rebrands eFunder as Zelo following acquisition

Fully licensed and regulated by ADGM’s FSRA, Zelo has been operating since August 2020, delivering receivables-based funding to address the region’s SME working capital gap

Gulf Business
Gulf Business

15 July, 2025

IHC rebrands eFunder as Zelo following acquisition
Image: IHC/ X

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International Holding Company (IHC) has acquired eFunder, the UAE’s private financing platform for small and medium-sized enterprises (SMEs).

The platform has also been rebranded as Zelo, signalling a new chapter for the company.

Fully licensed and regulated by ADGM’s Financial Services Regulatory Authority (FSRA), Zelo has been operating since August 2020, delivering receivables-based funding to address the region’s SME working capital gap.

It provides fast, digital-first access to liquidity by converting approved invoices into working capital within 24 to 48 hours.

Following the acquisition by IHC, Zelo now enters a new chapter as part of the holding company‘s broader commitment to enabling future-ready economies through responsible investment and fintech innovation.

The platform addresses one of the region’s most pressing challenges: a nearly$250bn SME credit gap across the Middle East and North Africa.

While SMEs account for over 95 per cent of the UAE’s registered businesses and generate more than half of national GDP, many face delays of 60 to 120 days in receiving payment for approved invoices, restricting growth and operational agility.

Zelo bridges this gap by offering a seamless, technology-driven platform for invoice financing across priority industries, including construction, logistics, healthcare, industrial services, and oil and gas.

IHC aims to build smart, scalable solutions and value networks that deliver impact

Syed Basar Shueb, CEO of IHC, said: “SMEs are the backbone of a diversified and future-ready economy. Through our strategic acquisition of Zelo, we are proud to support a platform that solves one of the most fundamental barriers facing SMEs, access to timely working capital.

“This rebrand signals a confident new chapter, one that is fully aligned with IHC’s long-term vision of building smart, scalable solutions and dynamic value networks that deliver real and lasting economic impact.”

Dhanush Arjun, CEO of Zelo, said: “Zelo exists to eliminate the wait. The wait for payments, the wait for growth, the wait for opportunity. Our rebrand signals not just a new name, but a renewed commitment to SMEs in the UAE who deserve faster, smarter access to capital. With IHC’s strategic backing, we’re accelerating that future.”

Zelo has deployed more than $200m in funding

Zelo’s platform is purpose-built for speed and simplicity, offering a fully digital onboarding experience, automated funding decisions, and near-instant access to capital, eliminating cash flow delays and accelerating reinvestment into growth.

The platform also scales financing limits in line with business performance, creating a responsive and frictionless funding experience.

Zelo’s operations continue to be led by the co-founders of eFunder – Dhanush Arjun (CEO) and Deepak Sekar (COO), supported by a seasoned group of professionals with deep expertise in fintech, SME lending, and digital infrastructure.

To date, the platform has facilitated over 9,000 transactions and deployed more than $200m in funding, a testament to its impact and scalability within the region’s SME ecosystem.

Dubai World Central: Driverless vehicles introduced for airport operations

The introduction of autonomous vehicles allows dnata to reassign personnel previously responsible for driving baggage tractors to more complex roles

Nida Sohail
Nida Sohail

15 July, 2025

Dubai World Central: Driverless vehicles introduced for airport operations
Image credit: WAM/Website

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The United Arab Emirates is accelerating its transformation into a global leader in autonomous mobility, as government entities and private companies unveil major initiatives across aviation, urban transport, and road travel. From baggage-handling robots at one of Dubai’s airports to Level 4 autonomous shuttles and taxis, the country is laying the groundwork for a smart, safe, and efficient future in transportation.

In a landmark development for airside operations, global air and travel services provider dnata has rolled out a fleet of autonomous electric baggage tractors at Dubai World Central – Al Maktoum International Airport (DWC). The initiative marks one of the first operational deployments of autonomous ground vehicles in a commercial airport environment anywhere in the world, a WAM report said.

Read-Timeline revealed: Driverless Ubers to hit Dubai roads

The six EZTow autonomous tractors, developed by TractEasy, are fully electric and capable of towing up to four baggage containers at speeds of up to 15 km/h. Operating on predefined routes, these vehicles are currently running with Level 3 autonomy, which allows for minimal human oversight.

dnata pioneers autonomous airport operations at DWC

“While autonomous vehicles have largely been limited to trials, this deployment brings the technology into regular, day-to-day operations,” said Jaffar Dawood, divisional senior vice president for UAE Airport Operations at dnata. “As global travel continues to rebound and operational demands increase, automation could be key to building smarter, safer, and more resilient infrastructure.”

Traditionally, airport baggage handling has relied heavily on human-operated vehicles, often under tight timelines and pressure. By automating this process, dnata aims to streamline operations, reduce turnaround time, and enhance ramp safety by minimizing human error. The shift also allows staff to transition from driving roles to more complex and strategic tasks within the airport ecosystem.

The Dhs6m ($1.6m) project is part of a broader vision to achieve Level 4 autonomy—full self-driving capability—by early 2026. At that stage, the vehicles will operate entirely independently within secure airside environments.

This progress is the result of more than a year of close collaboration between dnata, TractEasy, Dubai Airports, and the UAE’s General Civil Aviation Authority (GCAA). The stakeholders are also working together to establish a regulatory framework for autonomous airside operations, an area where global standards are still emerging.

Rich Reno, CEO of TractEasy, praised the partnership, saying, “TractEasy is proud and excited to partner with an industry leader like dnata and blaze a safe and efficient autonomous trail for others to follow.”

The dnata deployment is also being treated as a real-time testbed for broader applications of autonomous ground handling at DWC. With the airport expected to become the world’s largest in terms of capacity, projected to handle 260 million passengers and 12 million tonnes of cargo annually, scalable smart infrastructure will be critical to its success.

Autonomous vehicles gain momentum across the UAE

Meanwhile, in Abu Dhabi, Masdar City has begun testing Level 4 autonomous shuttles in partnership with Solutions+, a smart mobility provider and Mubadala company. The trials, launched on July 11, are overseen by Abu Dhabi’s Integrated Transport Centre (ITC), ensuring strict compliance with safety and regulatory standards.

Level 4 automation enables a vehicle to operate entirely without human intervention within a designated area, known as a geofenced zone. This represents a significant leap in autonomous technology and brings practical, driverless transport closer to reality.

In a parallel initiative in Dubai, the Roads and Transport Authority (RTA) has signed a landmark agreement with Chinese autonomous ride-hailing company Baidu to deploy 50 autonomous taxis across the city by the end of 2025.

Equipped with over 40 sensors and detectors, the RT6 offers full Level 4 autonomy and has already seen commercial success in China. The initial rollout will focus on data gathering and route testing, with a view to scaling up to 1,000 vehicles over the next three years based on performance metrics and passenger feedback.

Pushing boundaries in smart mobility

Together, these concurrent initiatives—from airside operations at DWC to city-wide AV trials in Masdar and Dubai—demonstrate the UAE’s cohesive and strategic approach to embracing next-generation transport technologies.

As smart mobility evolves from experimental phase to daily operations, the UAE is establishing itself as a global leader in the autonomous vehicle revolution—setting standards and offering a model for integrated, sustainable urban and aviation infrastructure.

UAE leads global shift towards chief AI officers, says IBM and Dubai Future Foundation study

The report includes contributions from key UAE entities such as the Roads and Transport Authority (RTA) and Dubai Customs

Rajiv Pillai
Rajiv Pillai

15 July, 2025

UAE leads global shift towards chief AI officers, says IBM and Dubai Future Foundation study
Image: Getty Images

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The UAE is at the forefront of a growing global trend in artificial intelligence governance, with more organisations appointing chief AI officers (CAIOs) than any other country surveyed, according to a new global study by the IBM Institute for Business Value (IBV), conducted in collaboration with the Dubai Future Foundation (DFF).

The study, based on a global survey of over 600 CAIOs across 22 countries and 21 industries, reveals that 33 per cent of organisations in the UAE have appointed a CAIO, compared to the global average of 26 per cent. These leadership roles are proving valuable — organisations with a CAIO report 10 per cent higher return on investment (ROI) on AI spending. Where CAIOs lead a centralised or hub-and-spoke operating model, ROI rises by as much as 36 per cent.

The report features a foreword by Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, who emphasised the cultural and operational importance of AI leadership. “AI is not a singular breakthrough, it’s ten thousand small shifts. It’s cultural. It’s institutional. It’s a habit. The CAIO will be the one pushing that habit forward – across public administration, healthcare, education and logistics. More than a technologist, the CAIO is a translator between vision and execution, a bridge between strategy and science, and a steward of value across the enterprise.”

The report includes contributions from key UAE entities such as the Roads and Transport Authority (RTA) and Dubai Customs, showcasing a cross-sectoral view of AI strategy in the country.

“Dubai’s early adoption of the Chief AI Officer role reflects our national commitment to a responsible, future-ready government,” said Saeed Al Falasi, director of the Dubai Center for Artificial Intelligence.

“This study reinforces that CAIOs are strategic enablers and catalysts that drive the city’s vision for the future. By empowering these leaders with the right tools, we are setting the stage for scalable, measurable AI impact across key sectors in Dubai.”

Shukri Eid, VP and GM, IBM Gulf, Levant and Pakistan, added: “The UAE is setting a global benchmark by embedding Chief AI Officers within organisations, ensuring AI is a strategic enabler across sectors. This is a testament to the nation’s foresight in shaping a future-ready economy. As we continue our collaboration with the Dubai Future Foundation, IBM remains committed to helping organisations scale their AI capabilities to drive measurable, long-term impact.”

Lula Mohanty, managing partner, Middle East and Africa, IBM Consulting, said: “By appointing CAIOs early and giving them visibility and budget control, UAE organisations have laid a strong foundation for enterprise AI. The next step is execution, moving beyond pilots, embedding AI into core business functions and delivering measurable ROI. IBM is proud to partner with UAE clients on this next phase of their AI journey.”

Key findings: UAE CAIOs driving stronger results

UAE CAIOs benefit from stronger senior leadership support:

  • 90 per cent say they receive sufficient CEO support, vs. 80 per cent globally.

  • 86 per cent have broader C-suite backing, vs. 79 per cent globally.

  • 69 per cent were appointed internally, compared to 57 per cent globally.

Their roles are broader and more strategic:

  • 79 per cent control the AI budget (vs. 61 per cent globally).

  • 62 per cent prioritise building business cases (vs. 45 per cent globally).

  • 50 per cent oversee direct implementation of AI, in line with global peers.

  • However, 38 per cent of UAE CAIOs find implementation “very difficult”, higher than the global average of 30 per cent.

UAE CAIOs bring deep operational expertise:

  • 69 per cent have a background in data, mirroring global figures.

  • 48 per cent come from operations, compared to 38 per cent globally — reflecting an execution-oriented approach.

Balancing experimentation with accountability

While impact measurement is a priority, UAE CAIOs are not waiting for perfect metrics to act:

  • 76 per cent say their organisation risks falling behind without measurement of AI impact (vs. 72 per cent globally).

  • 74 per cent initiate AI projects even if results can’t yet be fully measured (vs. 68 per cent globally).

Room to scale

Despite the leadership momentum, AI adoption maturity is still developing:

  • 76 per cent of UAE organisations remain in the pilot stage, compared to 60 per cent globally — indicating significant growth potential in operationalising AI at scale.

The study also reflects broader national goals. As part of the UAE’s AI Strategy 2031, the country aims to become a global leader in artificial intelligence across sectors such as health, education, energy, and smart cities. This collaborative research from IBM and Dubai Future Foundation positions CAIOs as central to achieving that ambition.

For more insights and to access the full study, visit: IBM Institute for Business Value.

Emerging market debt set for growth amid global shifts, policy divergence

Emerging market rates have scope to do well amid slowing growth, reasonably behaved FX and balance of power, though a spike in oil prices could curtail rate cuts in the short term

Cathy Hepworth
Cathy Hepworth

15 July, 2025

Emerging market debt set for growth amid global shifts, policy divergence
Image: Supplied

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While emerging markets (EM) debt was negatively impacted by the April 2 maximalist tariff announcements, after the delay in implementation and some backtracking, the asset class was able to bounce back.

Of note, there was differentiation between sectors, with hedged local rates and EM foreign exchange outperforming other fixed income assets.

Notably, the decline in the US dollar, as the broader market adjusted its outlook on US economic dominance, created opportunities in both emerging and developed markets.

While there’s been no major shift away from the US dollar and US assets yet, early signs suggest future investments could increasingly flow toward non- US developed and emerging markets.

Recent events in the Middle East highlight how the market has compartmentalised geopolitical and other global macro uncertainties. While a worst-case scenario did not materialise, the markets did not sell off, even before the “cease-fire”.

That is not to say that we should not incorporate tail risks, but to recognise that the current market context favors bottom-up carry opportunities. There will be performance differences across sectors and issuers, depending on how each is fundamentally impacted or able to adapt.

The attractiveness of EM debt is currently underpinned by meaningful structural and cyclical shifts emanating from policy and growth dynamics in both the US and across emerging markets.

Global growth appears to be moving from US-led dominance to a more balanced global landscape.

While the US continues a phase of meaningful fiscal profligacy, trade protectionism and monetary policies, inflation in the market remains sticker than the rest of the world.

In contrast, EMs are benefiting from increasing growth differentials as US policy is producing a larger drag on the US than the rest of the world.

While growth expectations have been lowered across the globe, there are reasons to believe US growth will slow more meaningfully than EM.

Emerging market fundamentals remain relatively resilient

EM fundamentals have remained relatively resilient, outperforming developed market counterparts recently. While fiscal deficits remain negative, 12-month rolling fiscal deficits are showing improvement in many countries, keeping public debt trajectories stable and driving credit upgrades across numerous EM sovereigns.

A weaker US dollar would naturally reduce debt-GDP ratios across EM sovereigns and create a more favorable external environment. EM central bank policy trajectory also remains supportive as EM central banks, having front-loaded rate hikes post-Covid, are making gains in inflation and have less concerns for their currencies — with room to ease — supporting domestic demand.

EM spreads are at the tighter end of the range, with broad dispersion persisting between credit rating categories. The attraction of hard currency EM assets is the attractive yield/carry opportunities and relative value compared to other credit markets, as well as the ability to identify winners and losers given the global macro context and country specific fundamentals. Even in the second quarter, EM high yield sovereigns did quite well.

In a fragmented global landscape, hard currency EM debt offers a rare combination of yield, diversification and macro resilience.

With US policy uncertainty rising and global capital flows shifting, the potential for EM outperformance should make this an opportune time to reassess strategic allocations and consider increasing exposure to this under-owned asset class.

EM rates have scope to do well amid slowing growth, reasonably behaved FX and balance of power, though a spike in oil prices could curtail rate cuts in the short term.

During the second quarter, nearly every EM currency strengthened against the US dollar, despite higher US yields driven by increasing real yields.

Looking ahead, a weaker but mixed dollar trend could offer plenty of relative value opportunities.

Weakening dollar

Why expect a weakening dollar? Despite US President Trump backing off the steepest tariff levels, a minimum of 10 per cent levied on many countries is still net growth negative, which should eventually cause the Fed to cut more than expected, outpacing other central banks.

The EU, led by Germany, may see better relative growth momentum than the US as slow-moving fiscal measures take effect. And finally, China’s economic backdrop appears stable, which should keep volatility low and support higher beta cyclical currencies.

Clear headwinds persist, including uncertainty regarding the timing and impact of the trade war, US-China trade relations and a possible re-escalation of events in the Middle East. However, the re-mapping of the world order also presents opportunities.

Technicals remain relatively supportive for the asset class as dedicated investors are “light-risk” in general, and crossover investors may be attracted to the appeal of the yield and diversification.

The writer is the head of PGIM’s fixed income emerging markets debt team.

These materials represent the views, opinions and recommendations of the author(s) regarding the economic conditions, asset classes, securities, issuers or financial instruments referenced herein, and are subject to change without notice. Certain information contained herein has been obtained from sources that PGIM believes to be reliable; however, PGIM cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed.

Saudi women driving for Uber: How will it reshape mobility?

The rollout, set to begin in the coming weeks, is part of Uber’s ongoing commitment to promoting gender inclusivity and economic empowerment

Gulf Business
Gulf Business

15 July, 2025

Saudi women driving for Uber: How will it reshape mobility?
Image credit: Supplied

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As Saudi Arabia marks seven years since lifting the ban on women driving, Uber has announced the launch of a new feature called Women Drivers, which allows female riders to be matched exclusively with female drivers. The rollout, set to begin in the coming weeks, is part of Uber’s ongoing commitment to promoting gender inclusivity and economic empowerment in the country.

The new feature is designed to expand mobility options for women while offering greater flexibility and opportunity for women drivers. It also supports Saudi Arabia’s Vision 2030, which includes boosting female participation in the workforce.

Read-Smart transportation: Uber to roll out autonomous cars in Saudi

“We’re thrilled to witness this dynamic change unfold in Saudi Arabia,” said Youssef Abouseif, General Manager of Uber Saudi Arabia. “The launch of the Women Drivers product reflects our commitment to empowering women and supporting their mobility and economic independence. We believe initiatives like these play a pivotal role in Saudi Vision 2030.”

Seamless experience for female riders

The Women Drivers feature will function similarly to UberX, with pricing kept in line with current rates. Women can select the option directly in the Uber app to ensure they are matched only with female drivers.

For those looking to plan ahead, the feature will also be available through Uber Reserve, allowing riders to schedule a trip with a female driver up to 30 minutes in advance.

“The future of mobility is electric, shared, and autonomous—but also inclusive,” Abouseif added. “By giving women more choice, more opportunity, and a stronger sense of community, we’re creating a platform that works better for everyone.”

The announcement reflects Uber’s continued investment in Saudi Arabia’s rapidly changing mobility landscape, where more women are now using ride-hailing platforms both as drivers and as riders.

Alnahda partnership and community support

As part of the launch, Uber has partnered with Alnahda Society, a prominent Saudi non-profit dedicated to empowering women economically and socially. Established in 1962, Alnahda has a long track record of advocacy and capacity-building initiatives for Saudi women.

This collaboration will support programs focused on mobility and financial literacy, equipping women with the tools and knowledge needed to pursue economic independence—including the opportunity to earn income by driving via the Uber app.

This builds on previous partnerships between Uber and Alnahda, such as the Masaruky initiative, which helped thousands of women learn to drive and obtain a license as part of their journey into the workforce.

In addition, Uber will host its first GigSister event in Saudi Arabia, a dedicated community space where female drivers can connect, share experiences, and support one another. The event is part of a broader global initiative to foster community among gig workers.

Uber has a history of programs tailored to the Saudi market, including the Wusool initiative, which has provided over 20 million subsidized rides for women commuting to work. Another notable feature, Women Rider Preference, allows women drivers to choose whether to accept rides only from female riders.

These initiatives have been designed to break down barriers to employment and enhance access to safe, reliable transportation for women across the Kingdom.

“With this latest product launch and our new partnerships, Uber is going beyond transportation,” said Abouseif. “We are actively investing in the development and success of women across Saudi Arabia by integrating innovation, empowerment, and local insights into our platform.”

du now first UAE telco to be ISO 20400 certified for sustainable procurement

The achievement was made possible through partnerships with sustainability-focused organisations, including CRIF AG, Dubatt, and Aramex

Neesha Salian
Neesha Salian

15 July, 2025

du now first UAE telco to be ISO 20400 certified for sustainable procurement
Image: Supplied

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UAE-based telecom provider du has become the country’s first telecom operator, and only the second in the GCC, to achieve ISO 20400 certification, a globally recognised standard for sustainable procurement.

The certification marks a key milestone in du’s commitment to embedding environmental, social, and economic sustainability throughout its supply chain and procurement operations.

It also reinforces alignment with the UAE’s Net Zero by 2050 initiative and the broader push for responsible sourcing practices across industries.

“Achieving the ISO 20400 certification is a milestone in our journey for excellence in sustainability and our commitment to responsible operations that extend through our entire value chain,” said Adel AlRais, head of Corporate Communication & Protocol at du.

“This accomplishment aligns impeccably with current market trends, integrating seamlessly with our broader goals and the UAE’s national vision,” added AlRais.

du’s procurement framework

The certification underscores du’s use of advanced supplier assessment tools and its integration of the United Nations Sustainable Development Goals (SDGs) into its procurement framework.

The move is also expected to provide greater assurance to customers and stakeholders, who increasingly prioritise ESG-driven decision-making.

For customers, the certification affirms du’s services are backed by vetted, ethical sourcing practices. Suppliers benefit from clearer sustainability benchmarks and collaborative resources, while investors view the milestone as a signal of du’s maturity in managing ESG risks and driving long-term value creation.

The achievement was made possible through partnerships with sustainability-focused organisations including CRIF AG, Dubatt, and Aramex, all of which contributed to shaping a more responsible and resilient supply chain for du.

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