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Pedro Sousa Cardoso has stepped down as Chief Digital Officer of Emirates NBD after three and a half years, during which he spearheaded the bank's digital transformation and implemented an agile operating model. His leadership enhanced digital initiatives across the organization, including Emirates Islamic and Liv Digital Bank, and he expressed pride in the accomplishments achieved. Sousa Cardoso looks forward to remaining active in the digital and financial sectors as Emirates NBD continues its digital development journey.
Elon Musk tops Forbes' 2025 Billionaire's List with a net worth of $342 billion, followed by Mark Zuckerberg at $216 billion and Jeff Bezos at $215 billion. The list features 3,028 billionaires worth a combined $16.1 trillion, with the majority residing in the United States.
ADQ has acquired a 63.26% stake in Aramex through a voluntary cash offer via Q Logistics Holding, valuing the courier firm at approximately Dh4.39 billion. The offer, priced at Dh3 per share, received a 40.57% acceptance from shareholders and follows ADQ's existing 22.69% stake through Abu Dhabi Ports Group. This move is part of ADQ's strategy to enhance its logistics portfolio, which includes various transport assets.
Abu Dhabi's ADQ has acquired a 63.26% stake in Dubai-listed courier firm Aramex through its subsidiary, Q Logistics Holding, which secured 40.57% of shares in a voluntary cash offer. The offer, priced at 3 dirhams (US$0.82) per share, values Aramex at 4.39 billion dirhams (US$1.2 billion). This acquisition is part of ADQ's strategy to enhance its transport and logistics portfolio, which includes Abu Dhabi Ports Company and Etihad Airways.
Tabreed has secured a significant contract to provide district cooling services for the Palm Jebel Ali development, marking a major advancement in the UAE's cooling sector. Construction of the cooling network is set to begin in Q2-2025, with services expected to commence by 2027, addressing a demand for around 250,000 RTs of cooling capacity. The project, requiring an investment of Dh1.5 billion, will be managed by a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments owning 49%.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. Additionally, NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
The Central Bank of the UAE has introduced a new symbol for the dirham, inspired by the letter "D" and reflecting national pride, alongside the launch of a digital dirham built on blockchain technology. This initiative aims to enhance financial stability, promote inclusion, and drive innovation in the financial sector, with the digital currency recognized as a universal payment method. The digital dirham will be accessible through licensed financial institutions, facilitating a seamless experience for both digital and traditional transactions.
NKN Media has raised AED 35 million and plans to secure an additional AED 50 million to fuel its global expansion and develop new intellectual properties. Celebrating five years in Dubai, the company is set to launch a global tour and has a lineup of significant events in 2025, including the Ultimate Realty Awards and the debut of Majlis Premium, a startup fundraising forum. Additionally, NKN Media is expanding into inflight media and OOH sectors, aiming to enhance its presence in high-impact media segments.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
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