Bayanat IPO exceeds expectations; NEOM invests $175m in Volocopter

Middle East AI News weekly digest...

Good morning!

Here’s your weekly roundup of Middle East AI News.

Lots of news to share this week!

• Yesterday, Saudi mega-city development announced a $175 million investment in Volocopter, the second big eVTOL deal to come from Saudi in the last couple of weeks.

• Bayanat AI launched its IPO on the Abu Dhabi Securities Exchange (ADX) on Monday, tripling its initial share price.

• New cryptocurrency regulations launched for DIFC

• And the U.S. Air Force sets up an innovation task force based in Qatar to test and trial the integration of unmanned aircraft into operations.

Scroll down for these stories and more.

Have a great day!

/Carrington

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IPO

Abu Dhabi AI firm triples on debut after rare Gulf tech IPO

#UAE #IPO - Bayanat AI Plc more than tripled in its Abu Dhabi trading debut, after raising $171 million in an initial public offering backed by private equity firm Silver Lake and the United Arab Emirates’ most valuable company. (Bloomberg)

Transport

Dubai Tram drivers monitored by artificial intelligence in safety drive

#UAE #trams - Dubai's Roads and Transport Authority (RTA) is now piloting AI to monitor tram drivers, with the aim of cutting accidents, preventing unsafe driving and enhancing passenger safety. The system includes a smart device and an armband worn by tram drivers. (The National)

Maritime

AD Ports and Fugro collaborate on autonomous tech for region's maritime industry

#UAE #USVs - AD Ports Group has signed an agreement with Dutch geo-intelligence and asset integrity solutions company Fugro to expand the use of autonomous and remote technology in the Middle East's maritime industry. (The National)

AI Adoption

60% of UAE businesses struggle to deliver analytics ROI due to legacy strategy

#UAE #analytics - New research from Alteryx and IDC reveals that, while 79% of UAE organisations invest in analytics ahead of all other technology, historic unsolved challenges mean critical business insights aren’t fully utilised. (Zawya)

Virtual Assets

DFSA unveils cryptocurrency token regime to foster innovation

#UAE #crypto - The much anticipated Dubai Financial Services Authority's cryptocurrency token regime comes into force this week, governing the regulation of cryptotokens within DIFC (Dubai International Financial Centre). (The National)

Coding

UAE Codes Day attracts more than 100,000 participants

#UAE #coding - The UAE Codes Day and national Everyone Can Code campaign attracted more than 100,000 participants. The UAE Codes Day was organised under the The National Program for Coders initiative. (Emirates News Agency)

AI Diplomacy

Trade Estonia broadens horizons of AI in UAE during networking event

#UAE #Estonia -  Trade Estonia highlighted and showcased 12 technology Estonian companies during an October networking event attended by the Ambassador of Estonia to the UAE Jaan Reinhold. (Zawya)

eVTOL

Saudia to buy up to 100 Lilium electric aircraft for domestic network

#Saudi #evtol - Saudi Arabian Airlines (Saudia) announced last week that it had signed an agreement with German air taxi developer Lilium to buy up to 100 of its aircraft for use on Saudia's domestic network. (Reuters)

NEOM invests $175m in Volocopter to accelerate electric urban air mobility

#Saudi #funding - NEOM, the cognitive city development in northwest Saudi Arabia, has announced a $175 million Series E investment in Volocopter, the pioneer of Urban Air Mobility. The investment builds on the strategic agreement that NEOM has with Volocopter, and the joint venture formed by the two companies last year. (NEOM)

Defence

US Centcom sets up Air Force's Task Force 99 to trial drone technologies

#Qatar #US #UAVs - The U.S. Air Forces Central (AFCENT) stood up Task Force 99, a new unit to drive innovation in the air force last month. TF99 will test and trial the integration of unmanned aircraft systems into air force operations, headquartered at Al Udeid Air Base, Qatar. (AIr and Space Forces)

Bahrain Leads Unmanned Exercise for Multinational Task Force

#Bahrain #USVs - Naval Forces from Bahrain, Saudi Arabia, the UK and the USA participated in a Combined Tak Force (CTF) 152 one-day training drill in the Arabian Gulf last week, integrating both unmanned and crewed vessels. . (Centcom)

First published via Revue.