Latest news with #Dubai‑based
Euronews
5 days ago
- Business
- Euronews
Dubai plants AI transparency flag
Dubai has launched the world's first Human-Machine Collaboration Icons - a system that makes visible the invisible, showing exactly how humans and intelligent machines work together in research and content creation. The initiative comes under the direction of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the emirate 'Distinguishing between human creativity and artificial intelligence has become a real challenge in light of today's rapid technological advances,' Sheikh Hamdan said as he approved the system. 'That's why we launched this global classification system. We invite researchers, writers, publishers, designers, and content creators around the world to adopt it, and to use it responsibly, in ways that benefit people'. For Dubai, this isn't just a policy tweak. It feels like a vision shared with the world. A statement that creativity, transparency and trust still matter in a future being reshaped by AI. Developed by the Dubai Future Foundation, the system comes alive through five primary icons - from 'All Human,' to 'Human led,' to 'Machine assisted,' to 'Machine led,' and finally 'All Machine'. Nine more functional icons dig deeper, revealing whether AI stepped in during ideation, data collection, design, writing or translation. Together they act like a set of honest signposts for readers, viewers and decision‑makers trying to understand: how much of this came from a human, and how much from a machine? It's a deceptively simple idea that feels urgently relevant. In an age of viral deepfakes and generative models, these small symbols could make a huge difference in trust. A city with a habit of leaping ahead If this feels ambitious, it's because Dubai thrives on ambition. The emirate has spent years reinventing itself as more than a gleaming skyline or an aviation hub. Now, it wants to be the world's next technological crossroads. The UAE's AI market, worth €29.7 billion in 2023 is on track to skyrocket to €234 million by 2030. Government‑backed funds are pouring billions into data centres, chip fabrication and sovereign computing. Partnerships with Microsoft, Nvidia, OpenAI and others are laying down fibre and silicon on a scale few other nations can match. And it's not growth for growth's sake. 'AI is a fundamental shift in how businesses, governments and individuals relate to data, decisions and automation', said Tarek Kabrit, CEO of Dubai‑based tech firm Seez. 'The real value lies in how AI integrates seamlessly to empower people and create new human‑centric experiences'. Built on people, not just machines That human‑centric focus runs through Dubai's AI vision. Over a million people are being trained in AI skills. Universities like the Mohamed bin Zayed University of Artificial Intelligence are drawing talent from across the globe. And the country's AI Ethics Charter and data protection laws are setting guardrails as fast as innovation pushes ahead. Sheikh Hamdan's call for global adoption of the new icon system is part of that ethos: a future where AI isn't a black box, but a partner you can see, measure and trust. If this feels familiar, it's because Dubai has done it before. From launching Emirates airline with two leased planes and a dream, to sending the Hope Probe to Mars, the city has turned audacious ideas into benchmarks the rest of the world watches. Now it's doing the same with AI and with a dose of emotion behind the engineering. The Human-Machine Collaboration Icons are more than just a framework. They're a reminder that in the race to build the future, it's not enough to be fast. You have to be open. You have to be trusted. And you have to bring people along with you. In Dubai's own words: This is not just about machines creating. It's about humans and machines creating together, and owning that story, proudly, in the open.
Arabian Post
08-07-2025
- Business
- Arabian Post
Boutique Dining Giant Tashas Accelerates Global Roll‑Out
Dubai‑based hospitality firm Tashas Group is entering a rapid new phase of expansion across the Middle East and South Africa, with founder Natasha Sideris spearheading a strategy that balances boutique charm with accelerated growth. Operating 40 venues in five countries—including 18 in South Africa, 17 across the UAE, three in Saudi Arabia, and single locations in Bahrain and the UK—the group plans to open a further 15 to 16 restaurants over the next 18 months. Sideris describes a shift from a cautious rollout to full‑throttle expansion. 'We've had very slow and steady growth… now we have an army,' she told Arabian Business, adding that this year alone may see five or six new launches and a first Saudi opening in September. Among the fresh locations are new tashas cafés in Al Ain, Sharjah and Ras Al Khaimah, an Avli venue in Bahrain, alongside six further sites in South Africa. Sideris emphasises that despite the surge in numbers, each venue remains carefully curated. She maintains an 'attention to detail' ethos across interiors, menus and service, preserving the brand's boutique identity even at scale. 'Not too smart, not mainstream casual. It's elevated casual,' she said, underlining the group's market niche in Dubai's competitive hospitality environment. ADVERTISEMENT This accelerated expansion follows the 2020 buy‑back of the group from Famous Brands, restoring majority control to Sideris, her brother Savva, and a minority partner during the pandemic. The founder views the reopening of growth avenues as a chance to give back: the group is in the process of establishing an employee share ownership programme to reward long‑serving staff. Development includes a varied brand portfolio. Beyond tashas cafés, the group operates upscale venues such as Flamingo Room by Tashas, Avli by Tashas, Bungalo34 and NALA. Upcoming concepts include Arlecchino by Tashas, a premium casual Italian eatery, and Café Sofi in Cape Town, named for Sideris's late mother. There are also plans for expansion in Europe, the US and Asia via franchising, with NALA earmarked for up to 300 global outlets. The group's regional strategy is evident in its UAE focus. It aims to penetrate less saturated Emirates—Sharjah, Al Ain and Ras Al Khaimah—using both flagship and franchise models. In Saudi Arabia, Tashas plans to open its first beach‑side Bungalo34 venue in RAK and its first restaurant in Riyadh in September. While maintaining quality remains a non‑negotiable, Sideris has acknowledged the escalating cost of expansion in the region. On Dubai Eye 103.8, she revealed that opening new venues carries a projection of AED 9–10 million, depending on format and location. Tashas Group has also invested heavily in infrastructure to support its growth. The Dubai HQ has assembled cross‑regional teams in both the Middle East and South Africa, training more than 14 staff in each locale to manage openings. The group is also launching The Academy, a centre in Dubai dedicated to staff training and hospitality excellence. Sideris points to Southern African staff culture as a key differentiator in their global venues. Initially insisting on 70 percent South African staff in Dubai, that figure has shifted to around 25 percent, yet the brand's core still reflects Southern African warmth and service ethos. As the group builds momentum, scrutiny of quality is intensifying. Sideris oversees monthly audits across kitchens and front of house to ensure consistency across the expanding footprint. The aim is a consistent yet location‑aware experience—whether in Cape Town, Dubai or London—with each venue inspired by its setting.
Arabian Post
26-06-2025
- Business
- Arabian Post
Emirates Restores Full Schedule as Gulf Airspace Reopens
Emirates has reinstated its complete flight schedule following brief airspace shutdowns over Gulf states on 23 June. The Dubai‑based carrier reported that all its regular services resumed within hours, with just a handful of cancellations and no forced diversions. Route adjustments took place to avoid congested airspace, as part of the airline's emergency protocols. The carrier clarified that its contingency systems were promptly deployed. A statement published on 24 June described the disruptions as 'minimal', underlining that 'some flights may incur delays due to longer reroutings or airspace congestion, but Emirates' teams are working hard to keep to schedule and minimise any disruption or inconvenience to our customers'. Flights to Tehran, Baghdad and Basra remain suspended until at least 30 June, in compliance with regulatory guidance. Airspace closures were triggered by missile strikes launched by Iran at U.S. military installations in Qatar, and U.S. retaliatory strikes on Iranian nuclear facilities. Multiple Gulf Cooperation Council member states, including Qatar and the UAE, grounded air traffic temporarily. As a result, more than 160 flights were rerouted across the region, with major disruptions at transit hubs such as Dubai and Doha. Over 100 flights were diverted at Hamad International alone. ADVERTISEMENT Analysts at The Guardian noted that Gulf airspace closures due to escalating geopolitical tensions have had cascading effects on global aviation, exacerbating route congestion and eroding profit margins. These disruptions pile on top of airspace restrictions stemming from the Ukraine war, increasingly squeezing airline operations across continents. Travel advisors have described the atmosphere among customers as cautious but largely measured. Australian agents report travellers opting to avoid conflict‑zone routes, though few cancellations have materialised. They credit the swift action of airlines like Emirates, Qatar and Etihad for mitigating fallout. Qatar Airways, which suspended flights through Doha airspace during the closure, returned to full operations within 18 hours. Its CEO, Mohammed Al‑Meer, emphasised that all diverted passengers had been re‑accommodated within 24 hours. He described the situation as 'an operational crisis few airlines will ever encounter'. The airline reported operating 390 flights on 24 June and 578 on 25 June, noting strong demand and rigorous response measures. In contrast, Emirates maintained connectivity across its network, with some flights facing longer flight paths but no mid‑journey returns. Over the two weeks spanning these disruptions, the airline flew more than 1.7 million passengers on 5,800 flights; this includes volumes both before and during the airspace interruptions. Emirates also briefly suspended flights to Amman and Beirut, though these were swiftly reinstated. Officials at Dubai Airports confirmed operations at DXB and DWC resumed quickly after precautionary halts. A spokesperson noted close coordination with carriers to restore nominal flight schedules, and urged passengers to confirm flight times before arriving. Zayed International Airport in Abu Dhabi issued a similar notice, citing passenger safety as the foremost consideration. The Federal Authority for Identity, Citizenship, Customs and Ports Security in the UAE activated emergency protocols, ensuring airport services remained operational despite congestion. That measure helped limit passenger inconvenience and sustain airport throughput amid a surge of re‑routing. Industry experts stress that while safety is paramount, rising geopolitical tensions are causing long‑term complications for airlines. Closure of over‑flight rights increases journey times, fuel usage, crew hours and cancellations, raising ticket prices and reducing capacity. With summer travel volumes peaking, this adds pressure on carriers to navigate the evolving landscape. Emirates remains vigilant. Its executive leadership affirmed that flight plans would continue to adapt in coordination with aviation regulators and air traffic authorities, enabling safe passage across its global network. The carrier pledged to keep customers updated through digital channels and reinforce contingency arrangements as required. For passengers departing Dubai throughout the summer, the operational status appears stable, but airlines have stressed the possibility of further adjustments. Many travellers are being offered enhanced flexibility, including fee‑free date changes or refunds, amid uncertainties in the Middle East corridor. Other carriers have echoed this approach. Qantas and Virgin Australia provided rerouting options for flights to Europe departing via the Gulf. British Airways, Singapore Airlines and Air France made selective schedule changes for their Gulf‑linked routes, citing safety concerns.
Arabian Post
17-06-2025
- Business
- Arabian Post
Palazzo Versace Dubai Heads to Auction with Dramatic Price Cut
Dubai's iconic Palazzo Versace Hotel is being offered at auction with an opening bid of approximately $163 million, a sharp reduction from its last estimated value above $380 million, signalling a major shift in the fortunes of the luxury hospitality landmark. A Swiss‑Italian financier, Christopher Aleo, is among a select group of potential buyers believed to be evaluating the purchase as online bidding gets underway. Union Properties, the Dubai‑based developer responsible for listing the property, confirmed that the hotel will be sold through a digital auction platform. Attracting bidders globally, the online sale marks the latest attempt by the firm to ease its heavy debt burden, which follows confirmed repayments of Dh179 million in the first quarter and a further Dh159 million expected before the end of June. Christopher Aleo, identified as a Swiss national of Italian descent and a longstanding resident in the UAE, has emerged as a key prospective buyer. Industry insiders report that Aleo, known for managing high‑value portfolios in the region, is closely evaluating the asset's hospitality credentials and return prospects. Other potential interest is said to include investment funds and private equity groups, though no official list of bidders has been disclosed. ADVERTISEMENT Palazzo Versace opened in Dubai's Al Jaddaf district in 2015, instantly drawing attention for its ornate Neoclassical architecture and décor by the Versace fashion house. With 215 rooms, several high-end restaurants, a spa and indoor pool, the hotel quickly became a premier luxury destination. Operators have maintained that performance metrics remain strong, despite the auction listing being necessary to manage owner liabilities. Analysts say the new starting price presents a significant opportunity to acquire a high‑profile asset at less than half of its assessed worth. 'This is a distressed‑asset play aligned with strategic debt deleveraging, rather than a reflection on operational viability,' said one Dubai real estate consultant briefing Gulf News executives. Market watchers will closely monitor whether the final sale price climbs closer to its original valuation or settles nearer the floor. Discussions among financial commentators suggest that the property's position in Al Jaddaf and its brand association with Versace offer intrinsic appeal for portfolio expansion. Dubai's hospitality market has witnessed robust tourist inflows in the wake of Expo 2020, highlighting ongoing demand for experiential luxury. Occupancy rates across premium hotels, including Palazzo Versace, remain above pre‑pandemic levels, with leisure and business travel continuing to underpin growth. Still, caution prevails. The global economic backdrop, featuring elevated interest rates and tightening monetary policies, poses risks to leveraged investors. In the local market, Union Properties' aggressive debt repayment activity—more than Dh730 million in bank charges during 2024—underscores broader stress in the regional real‑estate sector. A successful bid must, therefore, balance operational upside against financial exposure. Financial observers note that the $163 million start price effectively benchmarks the valuation of the asset at roughly Dh600 million. At that level, the hotel's existing EBITDA and projected future cash flows could justify acquisition for mature investors seeking longer‑term value realisation. Early bidders are expected to scrutinise actual revenue trends and any outstanding contractual obligations tied to the site and brand licence. ADVERTISEMENT Expert sources familiar with the process suggest Union Properties is targeting a swift divestment timeline, potentially concluding the sale within the quarter provided bidding activity meets expectations. The developer's broader strategy appears focused on capital recycling, reducing non‑core holdings and concentrating on core property development initiatives. Should Aleo or other entities submit competitive offers, the outcome will be seen as a high‑stakes test of investor appetite for luxury hospitality assets in key Arab Gulf markets. A sale price closer to the original valuation would signal renewed confidence in Dubai's upscale segment. Conversely, a lower‑priced transaction may underscore lingering valuation recalibration across the region. The unfolding auction has already sparked commentary among regional hospitality analysts, with one noting: 'This is less a fire‑sale and more a market correction—Al Jaddaf remains a coveted precinct, and the Versace brand retains international cachet.' However, another consultant warned: 'Potential overexposure to debt could deter serious bidders unless the asset's income stream is fully de‑leveraged.' Union Properties' financial communications team confirmed the process is being conducted via a designated online portal, with qualified potential purchasers able to register to bid. Details around bid submission deadlines, due diligence arrangements and any minimum increase increments were not disclosed.
Arabian Post
10-06-2025
- Business
- Arabian Post
Arqaam Capital Intensifies ECM and DCM Push Amid Gulf Deal Boom
Arqaam Capital is stepping up its equity capital markets, debt capital markets, and loan syndication operations in response to an upswing in transaction volume across Saudi Arabia and the UAE, positioning itself as a more prominent regional player. The Dubai‑based financial services firm, with licenced offices in the UAE, Saudi Arabia, Egypt and Lebanon, has secured permissions in the Kingdom of Saudi Arabia to advise on ECM mandates. Rawad Kassouf, Head of ECM Execution & Syndicate, noted that the Saudi team is undergoing expansion and actively leveraging a 27‑strong research analyst base to deepen research capabilities and strengthen regional and international distribution for issuers. Arqaam, originally a sales and trading brokerage, entered the ECM arena by managing the Dubai Holding REIT as a joint bookrunner. Kassouf, who joined from ADCB in August 2024 to spearhead ECM expansion, said, 'We're getting deals from the UAE, Saudi Arabia and Oman, and we expect to advise on more ECM transactions by year end'. He anticipates increasing activity in Saudi listings, particularly from industrial and real estate sectors driven by large family-owned businesses seeking to list on Tadawul. ADVERTISEMENT Expansion across the debt-markets is being led by Omar Musharraf, newly appointed Managing Director of Debt Solutions and DCM. Musharraf joined less than two months ago from Oman Investment Bank, where he headed structured finance and DCM. At Arqaam, he is tasked with growing the debt platform by anchoring flow business in DCM and loan syndications, as well as higher‑margin structured finance and private credit. GCC debt capital markets had outstanding debt exceeding US$1 trillion by end‑Q1 2025, rising 10 % year‑on‑year, with quarterly issuance hitting US$89 billion—a modest 3 % year‑on‑year decline despite quarterly growth. Musharraf remarked on the sophistication of issuances and tighter pricing, increasing competition and compressing fees: 'Value creation now hinges on structuring complexity and execution'. By year‑end, Musharraf expects a full debt solutions strategy supported by new fixed‑income analysts added to the research team. Arqaam has already supported key transactions, such as the Sobha deal, and is involved in several additional corporate, financial institution, and sovereign debt transactions, also evaluating private credit opportunities. The firm is staging its DCM expansion prudently, targeting high‑quality credit issuers—government‑linked entities or private sector firms aligned with regional priorities, including oil and gas. It is also aiming to tap deeper into sukuk markets and Additional Tier 1 issuances across Saudi and the UAE. New regulatory standards are catching attention: AAOIFI's Standard 62 introduces potential complexities to sukuk issuance, prompting careful monitoring by Arqaam. ADVERTISEMENT Forecasts indicate around US$35 billion of debt refinancing across the GCC in 2025–26, driven by sovereign and corporate maturities as well as infrastructure financing and economic diversification strategies. Musharraf commented, 'Debt refinancing alone will keep us active, with a significant volume of sovereign, corporate and FI maturities on the horizon,' alongside new issuances from regional and global players. Kassouf highlights Oman as a potential growth market: an upgrade from frontier to emerging market status—possibly scheduled for next year—could attract increased foreign direct investment, re‑ratings and valuation boosts. Despite the growth trajectory, both ECM and DCM businesses face pressures. Kassouf points to 'tight fees and stiff competition,' especially in post-launch aftermarket performance, which requires a delicate equilibrium between issuer objectives and investor returns. Musharraf echoes this sentiment, acknowledging fee compression and the escalating demand for intricate structuring. Arqaam is taking a strategic approach in response. The firm is intensifying recruitment across ECM and DCM, enhancing its research infrastructure to include fixed-income analysts and emphasising structuring capabilities that justify its advisory fees. This expansion is underpinned by strong macroeconomic fundamentals in the Gulf region. Saudi Arabia—responsible for 45.1 % of GCC DCM outstanding—and the UAE, with Qatar, are at the forefront. ECM activity is gaining momentum, with growing participation from real estate conglomerates looking to diversify via public listings. Government‑related entities are expected to fuel much of the pipeline in Q3 and Q4, though privately owned firms are increasingly opining on listing possibilities. Oman's evolving market classification adds another source of upside, potentially drawing new players and capital. Looking ahead, Arqaam Capital seems poised to navigate the complexities of Gulf capital markets with a reinforced advisory model, deeper research backing, and a dual‑track strategy across ECM and DCM. The firm is strategically augmenting its teams, refining product offerings, and tracking regulatory and market shifts to capitalise on Gulf investment flows while standing firm against competitive and pricing headwinds.
