UAE Roundup: Gold rates, improved fuel industry, entrepreneurship
Revolutionising the fuel industry
Hectronic and Diyar United Company have installed 1 million Automatic Vehicle Registration (AVR) systems and PetroPoint technology in the UAE, revolutionising the fuel industry. The systems have been installed at over 650 stations, representing 75% of the total number of stations in the country. According to Mobility Plaza, the partnership has been instrumental in achieving this milestone and demonstrates the reliability and functionality of the technology.
Influx of startups
Offline, a private members' community for scaled-up founders, has expanded to the UAE, marking its first venture outside India. Founded by Utsav Somani, the community aims to build a close-knit network of startup founders on a significant growth trajectory. Zawya reports that the UAE's booming funding rounds highlight its growing prominence as a tech hub, making it the perfect stage for Offline to expand. The community offers high-impact meetings, social experiences, speaker talks, masterclasses, and a 24/7 digital community for prompt advice and feedback. The community has quickly grown to nearly 100 members in India since its launch in January 2024, to reach 150 by the end of the year.
American brothers jailed
American brothers from Ohio, Joseph and Joshua Lopez, were sentenced to a month in prison in the UAE for consuming alcohol, a violation of the country's laws. They claim they were "drugged" during a yacht party, which led to their arrest. Their legal battle is ongoing, with a court hearing scheduled for August 20, as reported by Marca.
Gold rates in UAE
The latest gold rates in the UAE as of August 19, 2024, per gram are as follows: 24K AED (USD6,534) for 302.75, 22K AED (USD5,989) for 280.25, 21K AED (USD5,717) for 271.50, and 18K AED (USD4,900) for 232.75, according to Emirates247. The UAE is a significant player in the global gold trade, with over a third of its imports consisting of gold reserves. The demand for gold in the UAE is driven by consumer purchases of jewellery. The nation's gold market is expected to face challenges from geopolitical and economic factors, but its strong infrastructure and governmental support point to a promising future. The purity of gold is measured in carats, with 24K representing pure gold.
Al Majed For Oud to list 30% stake
Saudi perfumer Al Majed For Oud plans to list 30% of its stake on the local bourse. The company will sell 7.5 million shares in an initial public offering and final pricing will be determined through a bookbuilding process. Al Majed For Oud, founded in 1956, has 237 stores in Saudi Arabia and 49 in the GCC region. It generated revenue of 767 million riyals ($204.4 million) last year, with a profit margin of 66.6%. ET Retail.com reports that this move is part of a trend of increased IPOs in the Gulf region, with companies in the MENA region raising $2.64 billion from 14 IPOs in the second quarter. Perfume retailer Arabian Oud is also reportedly looking to list in Saudi Arabia.
