Industry Update

Forex brokerage firm Axiory Global has opened a base in Dubai to cover the Middle East market. The online brokerage service will operate out of premises in Business Bay where they will employ ten members of staff, in what is the company's first move into the region. CEO of Axiory Global Ltd, Roberto d’Ambrosio, said: “UAE is an optimistic and a dominant market with great players. Axiory’s unique selling point is that we look at the human part of the business, and by that, I mean we are traders and investors ourselves.

Source: https://www.arabianbusiness.com/banking-finance/434772-axiory-global-opens-middle-east-base-in-dubai

Just in case you were worried electric cars were going to be boring, Porsche made the Taycan. It isn't perfect and, yes, it is expensive, but it is absolutely not boring. Sure, Tesla offers the aptly named Ludicrous Mode that can launch a Model S from a dead stop to 60 miles an hour in something gut-twistingly close to two seconds. That is also not boring. But the Porsche Taycan Turbo S can get to 60 almost as fast as a Tesla and it can rip through a twisting canyon road at high speed as easily as cruising a beachfront boulevard. Except its way more exciting than cruising a beachfront boulevard.

Source: https://edition.cnn.com/2019/12/06/cars/porsche-taycan-review/index.html

UAE-based hotel operator Rotana has announced the soft opening of Johari Rotana in Tanzania’s commercial city of Dar es Salaam, further cementing its presence in Africa’s fast-growing hospitality sector. The new five-star property marks the company’s entrance to the East African market, Rotana said in a statement. The property offers 253 keys, as well as 60 fully furnished and serviced apartments. The rooms, suites, and apartments are spread across 15 floors starting from the 13th floor of a 65,000 sq m mixed-use project.

Source: https://www.arabianbusiness.com/travel-hospitality/434257-uaes-rotana-launches-first-hotel-in-tanzania

The UAE is one of the leading destinations for innovators and entrepreneurs in the blockchain space. The nation nurtures a robust blockchain tech innovation ecosystem by welcoming the newest and most forward-thinking blockchain startups from around the world. The Dubai Future Council for Blockchain launched the Dubai Blockchain Policy at the ninth Smart City Expo World Congress in Barcelona recently. Its launch complements Smart Dubai's efforts to implement the Dubai Blockchain Strategy, which was launched in 2016. The strategy seeks to make the Dubai government the first in the world to conduct 100 per cent of applicable transactions via blockchain by 2020.

Source: https://www.khaleejtimes.com/business/local/uae-at-the-forefront-of-blockchain-adoption

Qantas has picked Airbus jets to fly its ultra-long haul routes, dealing a blow to rival plane maker Boeing. The airline selected the A350-1000 for its planned non-stop Sydney to London service, which would be the world's longest commercial flight. Qantas also delayed a final decision on whether to begin those, and other long haul services, until March 2020.Still, the win for Airbus comes as Boeing deals with the grounding of its 737 Max fleet after two deadly crashes. Qantas has been testing the ultra-long haul flights as part of its "Project Sunrise" plan. Two years ago, the airline challenged the world's two biggest plane makers to design passenger jets for the project that could fly in excess of 10,500 miles (17,000km), which means being in the air for up to 20 hours.

Source: https://www.bbc.com/news/business-50753718

Mercedes-Benz is putting off the U.S. debut of its first electric vehicle by a year in the latest sign of just how difficult a time automakers are having replicating Tesla Inc.’s success. Daimler AG’s luxury brand will start sales of the EQC crossover in 2021 rather than early next year. The German carmaker said in an emailed statement that it’s made the strategic decision to first support growing demand for the model in Europe, where deliveries began earlier this year.

Source: https://www.bloomberg.com/news/articles/2019-12-13/mercedes-delays-electric-debut-after-jaguar-and-audi-suvs-flop

Eco-friendly meatless food products shook up the fast food industry in 2019. Experts say next year's game-changing trend in sustainable consumer goods may be plant-based or "vegan" athletic shoes. Last week, Reebok, owned by Adidas (ADDDF) since 2005, unveiled the design for its first plant-based running shoe, the Float ride GROW, which is expected to hit store shelves in the fall of 2020. The upper part of the shoe is made primarily from eucalyptus. Its soles are made from castor beans and natural rubber. The scheduled debut comes two years after Reebok started selling a "vegan" version of its famed Newport (NP) Classic shoes made with cotton and corn. The more sustainable version of the NP Classics are "lifestyle" footwear not designed for athletic performance.

Source: https://edition.cnn.com/2019/12/14/business/plant-shoe-vegan/index.html

More than 20 million commercial and residential buildings are featured on Google Maps in the Middle East and North Africa. According to Amanda Bishop, product manager Google Maps, more than 1.2 million businesses from the MENA region have been added to the platform this year alone. She said: “The rapid pace of urbanization and development in MENA has pushed us to use new techniques to provide an accurate representation of the real world.” Bishop also revealed that over 200,000km of roads in the region have been added to Google Maps.

Source: https://www.arabianbusiness.com/technology/435281-more-than-12-million-mena-businesses-added-to-google-maps-this-year

Softbank Vision Fund has invested an additional $200 million in Indian digital payments company Paytm, the company has said. Softbank Vision Fund’s investment is part of a $1 billion raised by Paytm in its latest round of fund raising, valuing the Indian start-up at $16 billion. US asset manager T Rowe Price, and other existing investors such as Ant Financial and Discovery Capial, are the other funds which have participated in the latest round of fund raising by Paytm. This is the largest amount raised by an Indian startup this year.

Source: www.arabianbusiness.com/banking-finance/434167-softbanks-vision-fund-pumps-in-additional-200-million-in-paytm

Ciel, The First Group’s project currently under development in Dubai Marina, will become the world's tallest hotel when it opens by early 2023. The 82-level Ciel in Dubai Marina, which will be four meters taller than the emirate's current title holder, the Gevora on Sheikh Zayed Road, has outshone rivals to claim the top prize in three major categories at the prestigious 2019 International Property Awards. Designed by architectural firm, Norr, Ciel will reach a height of 360.4 meters and will house 1,209 luxury suites and serviced residences upon completion, First Group said in a statement.

Source: https://www.arabianbusiness.com/travel-hospitality/435405-new-dubai-hotel-to-become-worlds-tallest-by-2023