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Dubai’s du announces Dhs2bn hyperscale data centre deal with Microsoft

The hyperscale data centre will have Microsoft as the main tenant and its capacity will be delivered in tranches

Reuters
Reuters

23 April, 2025

Dubai’s du announces Dhs2bn hyperscale data centre deal with Microsoft
Image credit: Getty Images

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The Emirates Integrated Telecommunications Company (du) on Tuesday announced a Dhs2bn ($544.54m) hyperscale data centre deal with Microsoft.

The hyperscale data centre, to be built and operated at a cost of around Dhs2bn, will have Microsoft as the main tenant and its capacity will be delivered in tranches, du said in a statement.

Hyperscale centers are large facilities that are mainly used to provide data storage and cloud computing services to businesses at scale.

The deal, made during Dubai AI Week, “represents a pivotal leap in our strategic goal to revolutionise the digital ecosystem of the UAE“, Fahad Al Hassawi, CEO of du, said.

Currently, du operates five data centres across the UAE, which has been heavily investing to become a global hub for AI outside of the US.

ADNOC launches app to turbocharge UAE’s local manufacturing drive

ADNOC’s app is part of a broader push by Abu Dhabi to boost industrial GDP, develop homegrown capabilities, and attract strategic investments

Gulf Business
Gulf Business

22 April, 2025

ADNOC launches app to turbocharge UAE’s local manufacturing drive
Image: Supplied

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Abu Dhabi National Oil Company (ADNOC) has launched ‘Make it with ADNOC’, a mobile app designed to accelerate local manufacturing and support the UAE’s industrial expansion under the national ‘Make it in the Emirates’ initiative.

The first-of-its-kind tool gives manufacturers, SMEs, and entrepreneurs real-time visibility into ADNOC’s procurement pipeline — offering what the company calls a “clear pathway” to long-term manufacturing opportunities within its supply chain.

Unveiled on Tuesday at ADNOC’s headquarters, the launch event brought together senior officials from the Ministry of Industry and Advanced Technology (MoIAT), Abu Dhabi Department of Economic Development, ADIO, and major private sector players.

How ADNOC’s new app helps

The app aims to de-risk investment decisions and streamline supplier onboarding by making ADNOC’s purchasing needs transparent and accessible. It is positioned as a core enabler of ADNOC’s In-Country Value (ICV) programme — which has already redirected Dhs242bn ($65.9bn) into the local economy and helped employ 17,000 Emiratis in the private sector since 2018. ADNOC plans to inject an additional Dhs200bn ($54.5bn) over the next five years.

ADNOC executive director Yaser Saeed Almazrouei said the app will “empower businesses to engage directly with ADNOC and unlock mutual value”.

Officials praised the initiative as a strategic leap forward for the UAE’s Operation 300bn and Falcon Economy vision — two key frameworks aimed at driving industrial self-sufficiency, innovation, and global competitiveness.

MoIAT Undersecretary Omar Al Suwaidi said the app deepens the ministry’s strategic partnership with ADNOC and gives manufacturers the data needed to make better-informed investment decisions. “This platform will help identify locally manufacturable products and strengthen national supply chains,” he noted.

What’s next

The app’s launch comes ahead of the Make it in the Emirates forum, set for May 19–22 at ADNEC in Abu Dhabi.

More than 500 companies are expected to participate, with thousands of new offtake agreements to be announced across 12 strategic sectors.

ADNOC’s app is part of a broader push by Abu Dhabi to boost industrial GDP, develop homegrown capabilities, and attract strategic investments.

Read: AIQ secures $340m contract to deploy agentic AI across ADNOC ops

Jetour UAE achieves 230% YoY growth with Elite Group Holding

Jetour is set to shape the future of the UAE by its focus on high-performance and versatility

Nilufer Najeeb
Nilufer Najeeb

22 April, 2025

Jetour UAE achieves 230% YoY growth with Elite Group Holding
Image Credits: Supplied

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Jetour UAE has experienced great success, achieving a 230 per cent year-on-year growth from 2023 to 2024, with its exclusive partner, Elite Group Holding. This expansion has allowed Jetour to strengthen its market share, expand its customer base, and become a leading SUV brand in the UAE since its successful market entry.

Elite Group Holding drives innovation across automotive, e-commerce, investments, and real estate and contracting.

With exclusive partnerships including Jetour, Soueast, and Zenvo, their automotive arm features The Elite Cars showroom and ART Elite Car Rental.

The group also excels in contracting (ZRT) and e-commerce, with plans for over 20 new UAE facilities to expand their significant regional impact.

Jetour growth fuelled by these factors

Jetour’s strong growth is fuelled by its focus on high-performance, adventure-ready vehicles designed for the UAE market.

The brand is strategically increasing its physical presence, emphasing innovation, customer satisfaction, and accessibility, with the new Deira showroom joining Al Quoz and Abu Dhabi, and more planned across the UAE.

Furthering its success, Jetour is expanding its T-Series lineup with the T2 IDM, a plug-in hybrid T2 offering efficient off-road performance and optimal fuel balance. The recently launched Jetour T1, previewed in late 2024, is already impacting UAE roads, enriching the brand’s SUV offerings to cater to a diverse customer base.

Commenting on this milestone, Jesico Gonsalves, GM of Jetour UAE, said: “The remarkable reception of Jetour in the UAE underscores the brand’s ability to meet the expectations of modern drivers. Our growth reflects the trust our customers place in us and the strength of our strategic partnership with Elite Group Holding. With continuous investment in product innovation and customer engagement, we remain dedicated to redefining the SUV landscape in the UAE.”

As Jetour began its expansion in the UAE, the brand’s core strategy revolves around introducing advanced vehicles that balance powerful performance, the strategic alliance with Elite Group Holding provides the expertise support necessary for Jetour to further establish its dominance in the SUV segment.

A key differentiator in this pursuit is the exceptional 10-year/1 million KM warranty, designed to build unparalleled customer trust and confidence in the Jetour brand across the UAE.

Read: From Detroit to Dubai: Key trends reshaping the global automotive landscape

How Dubai’s Gold Souk is reacting to bullion’s record high

As gold prices rose by 27 per cent last year, demand for gold jewellery in the UAE fell by around 13 per cent

Reuters
Reuters

22 April, 2025

How Dubai’s Gold Souk is reacting to bullion’s record high
Image credit: Getty Images

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In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment.

Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers look to diamonds and lighter gold jewellery, instead.

Read-UAE 24K gold price hits Dhs360 per gram: Will the rally continue?

While US tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor, head of Middle East and Public Policy at the World Gold Council (WGC).

“In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

At Dubai’s Gold Souk, retailers told Reuters they are seeing this trend, as current prices prompt shoppers to look for alternatives.

“There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

“It’s a little bit tough to afford gold, so I think it’s better to go with diamonds,” said Lalita Dave, 52, as she browsed around the Gold Souk.

Dubai: A magnet for gold buyers

Dubai has been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewellery for adornment and investment.

Yet as gold prices rose by 27 per cent last year, demand for gold jewellery in the UAE fell by around 13 per cent, outpacing an 11 per cent drop globally, according to the WGC.

Jewellery demand could face further pressure across key regions in 2025 if gold prices remain elevated or volatile, the WGC said in its gold demand trends report published in February.

Price swings, more than price levels, are increasingly shaping consumer behaviour, particularly in India, it noted.

Indian purchasing patterns

Shifts in Indian purchasing patterns often ripple through Gulf markets such as the UAE, where buyers are a key driver of sales.

Goldman Sachs recently raised its end-2025 gold forecast to $3,700 per ounce and said prices could climb as high as $4,500.

“Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

Lab-grown diamonds

One sign of economising has been the rise of lab-grown diamonds.

India exported $171 million worth of lab-grown diamonds to the UAE in 2024, up almost 57 per cent from $109 million two years earlier, data from the Gem and Jewellery Export Promotion Council showed.

India’s exports of cut and polished diamonds to the UAE in the April–November 2024 were up 3.7 per cent.

UAE ranked third in global diamond imports in 2023, trade data shows, its primary trade partners including India, South Africa, and Belgium.

While the UAE accounted for just 1.5 per cent of the global diamond jewellery market by revenue in 2023, it is projected to grow by 5.9 per cent annually to reach nearly $2 billion by 2030, according to Grand View Research.

That outpaces the global growth forecast of 4.5 per cent and makes the UAE the fastest growing market in the Middle East and Africa.

Trade tensions

One impact from recent trade tensions with the US has been accelerated talk about finding alternative markets and production hubs, two executives at major Indian diamond exporters told Reuters.

If tensions persist, potentially spanning years, one of the sources speaking to Reuters on condition of anonymity said his company’s contingency plans included shifting some Indian production overseas, including to the UAE.

Shamlal Ahamed, managing director of international operations at retailer Malabar Gold & Diamonds, told Reuters the rise in lab-grown diamond jewellery sales in the UAE appeared to be driven more by design preferences than pricing and he remained bullish on gold jewellery demand.

“While price-conscious buyers may wait for a dip, our experience shows that such declines are often short-lived, with buyers quickly adapting to new price levels.”

K2’s second act: From rap icon to Web3 innovator

How the Tunisian rapper is charting a new course, from North African Hip-Hop to global tech investments

Gareth van Zyl
Gareth van Zyl

22 April, 2025

K2’s second act: From rap icon to Web3 innovator

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K2 didn’t just grow up on the streets of Tunisia — he grew out of them.

As a young man forging his identity through hip-hop, K2’s rise was anything but conventional. Long before he was closing deals and scanning blockchain charts, he was dropping verses and touring with legends. His collaborators? A-list names like Snoop Dogg, DJ Khaled and Fat Joe.

“Music has always been a huge part of who I am,” he says. “Growing up in Tunisia, hip-hop was more than just a genre, it was a way to express myself and to stand for something bigger.”

And express himself he did: through bars, beats and raw charisma that carried him from local notoriety to international stages. But for K2, music wasn’t just performance. It was preparation.

“It taught me perseverance, it taught me how to be more creative, and it taught me how to adapt, innovate and create my own opportunity,” he says.

“Working with legends like Snoop, DJ Khaled, and Fat Joe wasn’t just about the music, it was about learning how to build partnerships… and learning how to turn my passion into a brand.”

Those early lessons proved invaluable when K2 made the leap from rap to reinvention.

Changing the narrative

If the early K2 was the archetypal ‘bad boy’ of North African rap, the present-day version is polished, sharp, and immersed in frontier technologies. Today, K2 is at the helm of K2 Meta, a tech investment platform focused on blockchain, crypto and next-gen innovation.

But pivoting from hip-hop to high finance didn’t come easy.

“The biggest challenge was probably changing how people saw me,” he admits. “So when I switched gears and got into business, it was time to show them what I had learnt throughout my career in the music industry.”

That meant drawing on the resilience he’d built in music — navigating critics, rejections, and cultural taboos — and applying it to boardroom dynamics. “In business, I treat every decision like a move in chess,” he says. “Always strategising, taking calculated risks, and planning several steps ahead.”

The result? A leadership style that blends instinct with data, gut feeling with game theory.

“Staying focused, trusting my instincts, and not being afraid to take chances,” he says. “That’s what got me here.”

Born in Tunisia but launched in France

K2’s early music hustle came with culture shock.

“Moving to France was a struggle at first,” he recalls. “But it taught me a lot about the music industry and its deep connection to entrepreneurship.”

There, he learned the importance of marketing, personal branding, and evolution: principles that would shape his future businesses. “I had to constantly evolve,” he says.

That evolution led to an impressive roll call of global collaborations, from T-Pain to Ronaldinho to The Game. “I’ve worked with Snoop Dogg before, and we’re planning to collaborate again,” K2 teases, “this time with a shared vision of leveraging music, technology, and entrepreneurship to drive social change.”

Beyond K2 Meta, he’s also involved in entertainment ventures that focus on exclusivity and innovation, blurring the lines between cultural moments and digital advancement.

K2 Meta: eyes on the future

K2 Meta is K2’s brainchild and his launchpad into digital asset investing. The platform backs technologies with what he calls “real-world utility”: not just hype-driven headlines.

“Digital assets are about more than just the price tags,” he says. “They are about solving real-world problems. Blockchain, decentralised finance, and smart contracts are the future of ownership and digital identity.”

He’s not here to ride short-term trends. “We like to focus on the long haul and make sure that we are backing innovations that are going to have a positive impact on society.”

It’s that long-term view that’s also earned K2 Meta credibility in a space cluttered with noise. He sees opportunity where others see volatility — and always with a cultural eye.

Creativity as currency

“My passion for music has always kept me in tune with what’s happening culturally,” he explains. “What people are talking about and what’s trending helps me make decisions in business too.”

That sixth sense for shifts in sentiment is helping K2 stay ahead of the next tech evolution. “I think that the next big shift is going to be the merging of the digital and physical worlds. Virtual reality, augmented reality and digital ownership, and how that’s all going to change the way we work, interact, and even buy things.”

And with K2 Meta, he’s placing his bets accordingly.

“We see a future where virtual spaces and real-world experiences merge in a way that feels seamless.”

Betting on the Middle East

Having built roots in the region, K2 is bullish on the Middle East’s digital trajectory. “The Middle East is making waves in the tech space, and I think we’re only just getting started,” he says. “The investment in fintech and Web3 is huge, and I see the region becoming a real hub for innovation.”

For him, the appeal lies in ambition and vision. “What inspires me most here is the chance to build solutions that aren’t just local, but can have a global impact.”

Philanthropy with purpose

Despite the success, K2 hasn’t forgotten his roots.

“I come from a very humble background, and I have seen people struggle just like I have in the past,” he says. “So, the first opportunity that I got to be able to give back, I was all hands on.”

From renovating schools to providing medical aid during the COVID-19 pandemic, K2 has embedded philanthropy into his business DNA. He continues to support orphanages, the elderly, and initiatives tackling malnutrition.

“This isn’t just about giving,” he explains. “It’s about building ecosystems for long-term, meaningful impact.”

His long-term goal? Systems—not handouts. “It’s not just a quick fix,” he says. “I want to make sure the impact is lasting… that it’s about creating opportunities for people to stand on their own two feet and thrive.”

A documentary in the works

His story is now being captured on screen. A new, upcoming television documentary in the Middle East promises to chronicle K2’s unlikely transformation.

“It’s a story of reinvention and resilience,” he says. “Not just about the highs, but the challenges and lessons along the way.”

For K2, it’s not about ego; it’s about example. “I hope audiences will walk away with a sense of what it takes to stay true to your vision… how important it is to keep pushing forward, no matter the obstacles.”

“One of the main learning I would like the audience to leave with is that: ‘It’s not where you come from, but by where your journey ultimately leads you.’”

The power of partnerships

Whether in music or tech, K2 has always prioritised the people around him.

“These collaborations are most effective when each partner recognises and leverages the unique strengths of the others,” he says. “That creates a synergy that fosters mutual growth.”

And the biggest lesson from working with icons? “The best opportunities in business, much like in music, often require the courage to act swiftly and adaptively, rather than waiting for the perfect moment.”

For K2, success isn’t about playing it safe. It’s about thinking bold, moving fast, and building a legacy that blends music, business, and impact.

“I want my legacy to be about breaking barriers and creating new opportunities for future generations,” he says. “Through K2 Meta, Web3 investments, and philanthropy, I’m creating a blueprint for the next wave of artists, entrepreneurs and innovators.”

IMTIAZ breaks ground on Sunset Bay Collection in Dubai Islands with brand ambassador Hrithik Roshan

With Sunset Bay, Imtiaz now has 15 projects under construction on Dubai Islands.

Gulf Business
Gulf Business

22 April, 2025

IMTIAZ breaks ground on Sunset Bay Collection in Dubai Islands with brand ambassador Hrithik Roshan
Image Credit: Supplied

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Dubai-based prime luxury real estate developer, Imtiaz Developments, has officially broken ground on its latest residential project, Sunset Bay Collection, valued at Dhs700m.

The groundbreaking ceremony marked a major milestone in the company’s expansion within the coveted Dubai Islands and was attended by key stakeholders, industry leaders, and Indian actor Hrithik Roshan, the developer’s brand ambassador.

The Sunset Bay Collection comprises five distinct projects, each thoughtfully designed to offer an island lifestyle with world-class amenities, direct access to pristine beaches, and a seamless integration of modern architecture with the natural beauty of Dubai Islands. Located in close proximity to the area’s largest mall, upscale resorts, and fine-dining restaurants, the collection is ideally positioned in a location primed for significant appreciation in value.

With the addition of the Sunset Bay Collection, Imtiaz Developments now has 15 projects under construction within Dubai Islands. Imtiaz Developments says this area was chosen by the developer to capitalise on its strong potential for long-term capital appreciation — positioning investors to benefit from early entry into a market on the rise.

Dubai Islands is set to become Dubai’s next premier waterfront destination, with a pipeline of branded residences, villa communities, and the city’s largest upcoming shopping mall, all slated for completion within the next three years. In line with this vision, Imtiaz will launch a series of ultra-luxury developments in the area this year.

Masih Imtiaz, CEO of Imtiaz Developments, stated: “Sunset Bay Collection is a project very close to my heart — one where our team poured their days and nights into crafting something truly exceptional. We’re proud to be one of the few developers rapidly expanding on Dubai Islands, shaping its future as one of the UAE’s most sought-after waterfront destinations. Now is the perfect time to invest in Dubai Islands, before it reaches its full price potential—much like other waterfront areas that have seen tremendous growth over the past few years.”

Indian superstar Hrithik Roshan is the newly appointed brand ambassador for IMTIAZ.

Adding to the groundbreaking event’s significance, Hrithik Roshan, one of India’s most celebrated actors, engaged in a conversation with Imtiaz Developments. Sharing his thoughts on the partnership, Roshan expressed his admiration for the Sunset Bay Collection and the brand’s vision.

“I’ve had the opportunity to view several of Imtiaz Developments’ projects, and the Sunset Bay Collection stands out as truly remarkable. Its design reflects a perfect balance of comfort, modern elegance, and harmony with its natural surroundings. If I were to consider a second home, Imtiaz would certainly be at the top of my list,” remarked Hrithik Roshan

About Sunset Bay Collection

Each of the five projects in the Sunset Bay Collection will offer:

  • Waterfront residences with floor-to-ceiling glass facades, private terraces, and premium finishes.
  • Lifestyle amenities including private beach access, rooftop lounges, wellness facilities, infinity pools, and access to a marina promenade.
  • Energy-efficient technologies and smart home automation systems as part of a sustainable design strategy.

Imtiaz Developments is currently working on six projects in JVC, five within the Dubailand Residential Complex, and a total of 18 developments across Dubai Islands.

About Dubai Islands

Dubai Islands is a master-planned coastal development aligned with Dubai’s 2040 Urban Master Plan. The destination is expected to host over 80 hotels, ranging from luxury resorts and wellness retreats to cultural and family-oriented offerings. With a mix of villa communities, branded residences, and the largest retail destination on the islands under construction, Dubai Islands is set to redefine urban waterfront living in Dubai.

Imtiaz Developments is expected to announce additional ultra-luxury residential launches within the islands later this year.

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