Rashid Rover

Mohammed Bin Rashid Space Centre receives first signal from Rashid rover

The rover, that lifted off on December 11, is scheduled to land after a four-month cruise phase

Central-Bank passes new AML guidelines for PEP

UAE Central Bank raises base rate by 50 basis points

The US Federal Reserve raised its key interest rate by 50 basis points

Non-ticketed fans not allowed in World Cup stadium precincts

Non-ticketed fans not allowed to enter FIFA World Cup stadium precincts

The second semi-final will take place tonight, while the tournament’s final will be held on December 18

In line with Dubai’s drive to become the world’s smart mobility hub, Dubai South today signed a memorandum of understanding (MoU) with Evocargo for the launch of the UAE’s first autonomous vehicle trials for cargo at the master development’s Logistics District. The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics District from December until February 2023. A key objective of the trials is to enable Evocargo to modify and redesign EVO.1 specifically for the MENA region. During the trial period, a remote operator will be stationed onsite in the Control Centre to manage the platform. The centre, located in Dubai South’s Logistics District, includes a software suite to monitor the EVO.1’s operation, check the serviceability of the sensors, and identify any errors. Mohsen Ahmad, CEO of the Logistics District – Dubai South, and Andrey Bolshakov, Founding CEO, Evocargo, attended the MoU signing ceremony. Dubai South is the emirate’s largest single-urban master development focusing on aviation, logistics and real estate. The Dubai-headquartered Evocargo is a logistics service provider that develops and provides electric autonomous transportation platforms. Dubai is a global logistics hub with an unrivalled freight capacity and connectivity. Perfecting electric and driverless truck technology for the region will help it further reduce its carbon footprint and reinforce the city’s green credentials. Unlike other cities’ and countries’ initiatives that focus solely on enabling self-driving private vehicles, Dubai’s Self-Driving Transport Strategy is multimodal and encompasses targeting all seven modes of the public transport fleet, including metro, tram, bus, taxi, marine transport, cable cars and shuttle. When fully implemented, the strategy will help reduce transportation costs by 44% or Dh900 million, saving Dh1.5 billion through the reduction of environmental pollution and Dh18 billion through raising the efficiency of the transport sector by 20%. Mohsen Ahmad said: “We are delighted to enter into a strategic agreement with Evocargo to launch the UAE’s first autonomous trials, setting new global benchmarks and consolidating the leadership status of the country’s logistics sector. Besides improving operational efficiency, our partnership will help scale supply chain operations and achieve sustainability. At the Logistics District, we are mandated to support the industry and accelerate the UAE’s rapidly advancing logistics sector.” Andrey Bolshakov said: “This is Evocargo’s first venture into autonomous vehicles in such a global multimodal logistics platform. This trial is a significant milestone for the company as it unlocks opportunities to expand our products in the strategic Middle Eastern and Asian markets.” EVO.1: Effective, Electric, Eco-friendly The lifting capacity of the driverless platform is 2 tonnes, and it can accommodate up to six EUR-pallets moving at 25 km/h for up to 200km. Charging a vehicle for a full day’s operation takes 40 minutes to six hours, depending on the outlet. The security system of the EVO.1 platform has four tiers: the computer vision of the space around the vehicle, an automatic diagnostic system, a remote-stop system, and a standby pneumatic braking system. Effective fleet management of EVO.1’s automatic pilot systems increases the efficiency of freight transportation while significantly reducing truck downtime. Robotisation and using electricity and hydrogen fuel cells instead of conventional fuel offer cost efficiencies. Evocargo has 37 protected inventions and technologies. Evocargo’s patents cover algorithms for visual positioning, automatic mapping, the calibration and integration of sensors and cameras, methods for selecting safety speeds, and the parameters for dynamic models.

UAE to trial first driverless truck

The trials will see Evocargo’s unmanned electric logistics vehicle navigate Dubai South’s Logistics District until February 2023

ADNOC awards $4bn agreements for integrated drilling fluids services

Abu Dhabi’s ADNOC Drilling purchases two offshore jack-up rigs for $200m

The company aims to operate a total fleet of at least 122 owned rigs by 2024

Saudi Arabia and UK review bilateral relations and sign defense cooperation

Saudi Arabia, UK review bilateral relations and sign defence cooperation

Prince Khalid also paid an official visit to the headquarters of BAE Systems, a British multinational arms, security and aerospace company in Wharton, Cumbria

Bank of China lists $300m bonds on Nasdaq Dubai

Bank of China lists $300m bonds on Nasdaq Dubai

The bank shall use the proceeds for general corporate purposes

OPEC Fund approves over $500m in new global development support

OPEC: UAE economy experiencing sustained momentum in 2022

According to the OPEC monthly oil market report for December, recent economic indicators suggest strong growth has been maintained in most activities

UAE President inaugurates Khalifa Port expansion project with Dhs4bn investment

Khalifa Port has grown from 2.43 square kilometre to 8.63 square kilometre, while its quay wall has been significantly extended from 2.3km to 12.5km

Air Arabia

Air Arabia to resume direct flights to Kuala Lumpur

The service will connect Sharjah International Airport with Kuala Lumpur International Airport with thrice-weekly flights, starting March 20, 2023

Saudi’s PIF acquires up to 9.5% stake in Skyborn Renewables

The investment will allow the sovereign wealth fund to participate in the acceleration of energy transition and clean energy at an international scale

Emirates Development Bank, ADCB to partner on credit guarantee scheme for SMEs

Emirates Development Bank, ADCB to partner on credit guarantee scheme for SMEs

Under the credit guarantee scheme, EDB will guarantee up to 50 per cent of the finance facility extended to SMEs by ADCB

Dubai's La Mer South to be redeveloped, renamed J1 Beach

Dubai’s La Mer South to be redeveloped, renamed J1 Beach

The revamped destination is set to welcome guests by end of 2023

RTA announces extended Metro hours during Fifa World Cup

Dubai’s RTA announces extended metro hours during FIFA World Cup

After the last game, the last Metro will depart 45 minutes later, with 1.5 hours of additional service

Emirates NBD arranges Egypt sukuk

Dubai’s Emirates NBD reshuffles management team

The lender has also expanded the responsibility of existing senior management team members

Dubai

Dubai’s GDP grows 4.6% during first nine months of 2022

The emirate hosted 10.12 million international visitors from January through September 2022, compared to 3.85 million welcomed during the same period last year

Americana, Luberef IPO managers set to share $74m in fees

Americana and Luberef IPOs take the proceeds of Gulf listings this year to over $20bn

Service

Regional wealth management firm launches invest now pay later service

The service allows investors to start investing in private markets without funding the entire commitment from day one

Dubai International Chamber launches offices in Egypt, two more countries

Dubai International Chamber launches offices in Egypt, two more countries

The new openings bring the number of Dubai International Chamber’s representative offices around the world to 15

Adidas unveils official match ball for semi-finals, final of FIFA World Cup

The Al Hilm match ball was made using only water-based inks and glues

Sheikh Mohammed approves second phase of Dubai 2040 urban development plan

Sheikh Mohammed approves second phase of Dubai 2040 Urban Master Plan

The master plan calls for developing a 20-minute city where residents can reach their destinations within a third of an hour, either on foot or by bicycle

Abu Dhabi Police signs MoU with Burjeel Holdings

A privilege card will be issued to the employees of Abu Dhabi Police and their families, enabling them to seek treatment in hospitals under Burjeel Holdings

Dubai shopping festival

Dubai reveals dates for 28th edition of annual shopping festival

Dubai Shopping Festival is back this year from December 15 with 46 days of entertainment, fashion exclusives, shopping deals, raffles, hotel and dining offers

Lenskart

Abu Dhabi Investment Authority to invest in eyewear retailer Lenskart

ADIA is in advanced talks with Lenskart to invest $350m to $400m at a valuation of $4.5bn

Saudi Arabia’s real GDP grows 8.8% in third quarter

Oil activities in the third quarter increased 14.2 per cent year-on-year

Dubai

Goldman moves more bankers to Dubai in Middle East push

Goldman’s net revenues in wealth management were $1.6bn in the third quarter

UAE’s commitment to net zero is a game changer

UAE’s commitment to net zero is a game changer

As the UAE prepares to host COP28 in November 2023, the government is already unveiling new strategies and initiatives to mobilise the private sector in support of the  net-zero target

UAE announces new law for non-Muslims expatriates

The federal decree-law on personal status will come into effect from February 1, 2023

UAE: Rashid rover en route to the Moon after successful takeoff

The mission will study different aspects of the lunar surface

How the GCC’s construction sector is looking to create a green future

The region’s construction sector is prioritising sustainability, with some of the upcoming developments employing eco-friendly techniques