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UAE warns investors BDS LTD.Seychelles unlicensed for financial services

UAE warns investors BDS LTD.Seychelles unlicensed for financial services

Khaleej Times22-07-2025
UAE authorities warned investors and the public of an unlicensed company, named BDS LTD.Seychelles.
The Security and Commodities Authority said that the company is not authorised to engage in regulated financial activities or offer related financial services.
The SCA added that it assumes "no responsibility for any transactions or dealings carried out with the company".
Last week, the authority warned the public against dealing with three unlicensed entities — namely Sigma-One Capital, Sigma Wealth World Financial, and Sigma One Cap Marketing Services.
The warning came after a Khaleej Times report exposed the firms for running unregulated trading operations that left scores of investors financially devastated.
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Space42, Microsoft, and Esri sign MoU to enhance mapping capabilities across Africa
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Space42, Microsoft, and Esri sign MoU to enhance mapping capabilities across Africa

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Space42, Microsoft, and Esri sign memorandum of understanding to enhance mapping capabilities across Africa
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Space42, Microsoft, and Esri sign memorandum of understanding to enhance mapping capabilities across Africa

Over the next five years, the initiative will map 54 African countries and benefit over 1.4 billion people The detailed mapping will support economic growth across the continent Abu Dhabi, UAE – Space42 (ADX: SPACE42), the UAE-based global AI-powered SpaceTech company, part of technology group G42, announced the signing of a Memorandum of Understanding (MoU) with Microsoft and Esri to deliver high-resolution, scalable base maps across all 54 African countries, serving over 1.4 billion people. Known as the 'Map Africa Initiative,' the project will create the most comprehensive base map of the continent to date, addressing challenges in infrastructure, investment, and institutional gaps. The updated mapping system will catalyze economic development through increased access to intelligent solutions that support governments, businesses, and communities. 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Transforming satellite imagery into detailed, accurate base maps at continental scale requires advanced geospatial technology and professional production workflows. These same capabilities have supported similar national and regional mapping efforts around the world. With Map Africa, we are helping to establish a foundational resource that will drive infrastructure planning, economic growth, and sustainable development across the continent." A Transformative Investment in Africa's Digital Future Africa's maps are fragmented, outdated, or inaccessible, leaving governments and businesses to make major decisions with inaccurate and incomplete data. The Map Africa Initiative seeks to change that by producing continent-wide geospatial data that is accurate, timely, and locally managed. The process itself is collaborative from start to finish, bringing together the complementary strengths of each organization. Space42 will lead fundraising efforts and project management, in addition to providing satellite data through sovereign capacities and commercial partners. It will process data using AI-powered Digital Twin models to produce dynamic, use-specific outputs and lead the Research & Development roadmap for new AI models and automation of map production workflows. Esri will orchestrate base map production workflows with its GeoAI and remote sensing capabilities, while also supporting regional hubs to train local teams and build long-term capacity. Microsoft will provide the secure cloud infrastructure and AI framework through Azure to support data processing, sharing, and integration at scale. 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About Space42 Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Space Services and Smart Solutions. Space Services focuses on upstream satellite operations for both fixed and mobile satellite services. Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC. For more information, visit: follow us on X: @space42ai Legal Notice and Cautionary statement regarding forward-looking information This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as "expect", "will", "looking ahead" and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments and speak only as of the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate, and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward looking statement. No representation or warranty is made that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.

UAE Central Bank suspends foreign insurance company's motor business
UAE Central Bank suspends foreign insurance company's motor business

Khaleej Times

time3 hours ago

  • Khaleej Times

UAE Central Bank suspends foreign insurance company's motor business

The Central Bank of the UAE has suspended the motor insurance business of a foreign insurance company's branch (insurer). The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension, the authority stated on Tuesday, July 29. The legal actions comes after the entity failed to comply with the solvency and guarantee requirements, specified in the law and prevailing regulations governing insurance companies in the UAE. This is not the first time the Central Bank has taken action against a foreign entity's branch. The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations. On July 16, the authority imposed a financial sanction of Dh600,000 on a branch of a foreign bank in the UAE. The apex bank did not reveal the name of the bank that has been penalised. The branch was reported to not be complying with the Market Conduct and Consumer Protection Regulations and Standards. Meanwhile, on July 2, the authority announced it had imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations. The name of the bank penalised by the apex bank was not disclosed.

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