Hospitality giant Alhokair calls for shareholder vote on 52% capital cut

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UAE In Focus — UAE initiative aims to double family business contribution to GDP by 2032

DUBAI: The UAE aims to double the contribution of family-owned businesses to the nation’s gross domestic product by 2032 to 1.17 trillion dirhams ($320 billion).

As part of Thabat Venture Builder, the first of its kind in the region, companies will be able to develop viable business projects by adopting emerging technologies, said the Ministry of Economy at the launch of the program in Dubai on Monday.

Through the initiative, family businesses can expand into sectors outside their traditional fields, including artificial intelligence, biotechnology, agriculture technology, space sciences, and renewable energy.

The program will take on batches of 10 to 20 family businesses, with each company nominating three members from its second or third generation.

At the end of the program, they will present their projects to potential investors.

Thabat program is supported by Investopia Summit, Abu Dhabi global technology ecosystem Hub71, Dubai Chambers, Family Business Council Gulf, CSR UAE, and Dubai Internet City incubator in5.

Huobi Global to list Inery Token by end of September

UAE-based decentralized data system Inery has announced its token will be listed on Huobi Exchange on Sept. 28, 2022, according to a statement.

By integrating blockchain properties such as immutability, security, and owner-controlled data assets into a distributed database ecosystem, Inery enables decentralized data management by enabling high performance, low network latency, and complex query functions.

Decentralizing data and managing data for both Web2 and Web3 companies is simplified with Inery while streamlining the move to the decentralized web, the statement added.

The Huobi Exchange is a crypto exchange that supports more than 600 cryptocurrencies and over 1000 trading pairs.

The network’s native token, $INR, secures and powers the ecosystem.

New properties under Rotana’s new brand revealed

Rotana has recently announced the opening of two new hotels under its Edge by Rotana brand in the Middle East, Africa, Eastern Europe, and Turkey.

During the Future Hospitality Summit in Dubai, it was announced that the Arabian Park Hotel and Damac Hills 2 Hotel will open in October 2022 and November 2022, respectively.

Edge by Rotana, which was launched in May 2022, provides independent properties with access to the company’s extensive network and systems.

The Edge by Rotana-managed Arabian Park hotel will open in Al-Jaddaf in October 2022.

The Damac Hills 2 Hotel will open in November 2022 at Akoya Oxygen.

With 71 hotels across the Middle East, Africa, Eastern Europe, and Turkey, Rotana serves more than six million guests annually, including 10,012 keys across 36 hotels in the UAE alone.

In line with the UAE’s vision to become a world-leading travel destination, the hospitality group has nine hotels set to open before the end of 2023, the statement said.


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