Latest news with #GitexGlobal
The National
06-05-2025
- Business
- The National
Adnoc Distribution's network growth and Saudi expansion fuel 16% first-quarter profit jump
Adnoc Distribution, the UAE's largest fuel and convenience retailer, posted a more than 16 per cent annual rise in its first-quarter profit, boosted by its growth in Saudi Arabia. Net profit attributable to equity holders in the three months ended March 31 hit Dh638.7 million ($174 million), driven by "strong underlying business profitability and lower finance costs", the company said on Tuesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares trade. Revenue for the quarter edged down 3.2 per cent annually to Dh8.47 billion, partially offset by reduced fuel prices as a result of lower global oil prices in the quarter on an annual basis, but lifted by a growth in fuel volumes and higher non-fuel retail segment contribution, the company said. Earnings before interest, taxes, depreciation and amortisation – a measure of profitability – rose 11 per cent compared with last year to reach Dh1.01 billion, a record for the first quarter and the highest since Adnoc Distribution's initial public offering in 2017. Adnoc Distribution said it achieved its "highest-ever first-quarter" fuel volume of 3.7 billion litres, "driven by market share growth, increasing demand and network expansion in the UAE, Saudi Arabia and Egypt". The company opened 20 new service stations in the first quarter, bringing its network to 915 and keeping it on track to meet the target of between 40 and 50 new stations by the end of 2025, it said. In Saudi Arabia, the world's biggest oil-exporting country, Adnoc Distribution added 15 stations, growing its network to 115. Non-fuel retail transactions also increased with gross profit rising 14 per cent annually in the period from January to March to reach Dh228 million. "As we continue to expand our network and capabilities, adding new service stations and enhancing our customer experiences, we remain focused on capturing new opportunities and setting new benchmarks," said Bader Al Lamki, chief executive of Adnoc Distribution. The company has been incorporating more technology into operations as part of efforts to improve its offering. Mr Al Lamki told The National at last year's Gitex Global technology summit that the company was developing more than 20 tools powered by artificial intelligence to further optimise operations and enhance operational efficiencies. Adnoc Distribution has also demonstrated its concept robotic arm for electric vehicle charging. But there are no plans to use the technology in the near future and the concept is aimed at future-proofing the company, Mr Al Lamki said at the time.
Zawya
28-03-2025
- Business
- Zawya
Presight, Microsoft join to groom GenNext AI startups
Presight, a leading global big data analytics company powered by AI, today (March 27) signed a Memorandum of Understanding (MoU) with Microsoft to support the Presight AI-Startup Accelerator. The UAE-based programme is designed to help promising AI startups gain a commercial advantage, access cutting-edge technology resources, and expand their network within the UAE, the wider G42 ecosystem, and Presight's global markets, alongside venture funding opportunities to exponentially accelerate their growth and scalability. As part of this collaboration, Microsoft will contribute its expertise in technical enablement, mentorship, and market acceleration through its Microsoft Founders Hub initiative. The collaboration will empower startups by providing high-performance computing, access to cloud services, and exposure to foundational AI models, including large language models (LLMs) and generative AI-powered analytics, said Presight in a statement. Startups selected for the Presight AI-Startup Accelerator will also benefit from Microsoft's mentorship network, ensuring they receive strategic insights and technical guidance throughout their journey, it stated. On the strategic tieup, CEO Thomas Pramotedham said: "We and Microsoft share the same passion for innovation in AI and nurturing the next wave of AI pioneers. Our collaboration through the Presight AI-Startup Accelerator underscores our mutual dedication to empowering startups with the tools, expertise, and opportunities they need to thrive." "Together, we will foster a vibrant ecosystem where groundbreaking AI can flourish," he stated. The Presight AI-Startup Accelerator, launched during Gitex Global last year, focuses on startups that have developed a prototype and are ready to test the market. The program's structured curriculum helps startups refine their AI-powered products, optimize go-to-market strategies, and integrate with Presight's product pipeline, providing unmatched cross-selling, networking, and promotional opportunities. Graduates of the Presight AI-Startup Accelerator will emerge as market-ready companies, having found their product-market fit, demonstrated customer value, and established a sustainable business model. Naim Yazbeck, General Manager of Microsoft UAE, said: "We are excited to collaborate with Presight to support AI startups in their journey to success. The Microsoft Founders Hub is committed to providing technical resources, mentorship, and go-to-market enablement, ensuring startups have the infrastructure to innovate and scale." "Together with Presight, we will help drive AI adoption and create transformative solutions that benefit industries worldwide," he stated. This initiative builds on Microsoft's $1.5 billion investment in G42 to accelerate AI innovation. As part of the G42 ecosystem, Presight already collaborates closely with Microsoft on several joint projects, he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-03-2025
- Business
- Trade Arabia
Presight, Microsoft join to groom GenNext AI startups
Presight, a leading global big data analytics company powered by AI, today (March 27) signed a Memorandum of Understanding (MoU) with Microsoft to support the Presight AI-Startup Accelerator. The UAE-based programme is designed to help promising AI startups gain a commercial advantage, access cutting-edge technology resources, and expand their network within the UAE, the wider G42 ecosystem, and Presight's global markets, alongside venture funding opportunities to exponentially accelerate their growth and scalability. As part of this collaboration, Microsoft will contribute its expertise in technical enablement, mentorship, and market acceleration through its Microsoft Founders Hub initiative. The collaboration will empower startups by providing high-performance computing, access to cloud services, and exposure to foundational AI models, including large language models (LLMs) and generative AI-powered analytics, said Presight in a statement. Startups selected for the Presight AI-Startup Accelerator will also benefit from Microsoft's mentorship network, ensuring they receive strategic insights and technical guidance throughout their journey, it stated. On the strategic tieup, CEO Thomas Pramotedham said: "We and Microsoft share the same passion for innovation in AI and nurturing the next wave of AI pioneers. Our collaboration through the Presight AI-Startup Accelerator underscores our mutual dedication to empowering startups with the tools, expertise, and opportunities they need to thrive." "Together, we will foster a vibrant ecosystem where groundbreaking AI can flourish," he stated. The Presight AI-Startup Accelerator, launched during Gitex Global last year, focuses on startups that have developed a prototype and are ready to test the market. The program's structured curriculum helps startups refine their AI-powered products, optimize go-to-market strategies, and integrate with Presight's product pipeline, providing unmatched cross-selling, networking, and promotional opportunities. Graduates of the Presight AI-Startup Accelerator will emerge as market-ready companies, having found their product-market fit, demonstrated customer value, and established a sustainable business model. Naim Yazbeck, General Manager of Microsoft UAE, said: "We are excited to collaborate with Presight to support AI startups in their journey to success. The Microsoft Founders Hub is committed to providing technical resources, mentorship, and go-to-market enablement, ensuring startups have the infrastructure to innovate and scale." "Together with Presight, we will help drive AI adoption and create transformative solutions that benefit industries worldwide," he stated.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
DWTC hospitality unit caters to nearly 1 million guests in 2024
DWTC Hospitality, the hospitality division of Dubai World Trade Centre, reinforced its status as a premier hospitality services provider in 2024, serving nearly one million guests across more than 2,400 events. As an award-winning leader in large-scale and bespoke catering, it remained the preferred choice for private, corporate and government clients. From mega exhibitions and international conventions, corporate galas and hospitality events, to high-profile weddings and private events, DWTC Hospitality showcased its ability to deliver world-class hospitality services at scale, both at events hosted within DWTC's owned and managed venues - including Dubai Exhibition Centre (DEC) and Jafza One Convention Centre - as well as hundreds of locations across the United Arab Emirates. Mahir Julfar, executive vice-president at Dubai World Trade Centre, said: '2024 has been an outstanding year for DWTC's Hospitality division, reinforcing our pivotal role in Dubai's dynamic events landscape. Our culinary team continues to push boundaries with innovative, award-winning experiences, backed by exceptional service standards. From large-scale exhibitions and conferences to high-profile weddings and gala dinners, we remain committed to setting new benchmarks and delivering hospitality experiences that consistently surpass expectations' DWTC Hospitality delivered world-class catering and hospitality to some of the region's most prestigious large-scale exhibitions and events, including Gulfood, World Health Expo (WHX) Dubai, Arabian Travel Market and Gitex Global, whilst also expanding its international presence at Gitex Africa. In addition to large-scale events, the team catered to over 400,000 attendees to corporate and private events held at DWTC's venues. Its expertise in managing diverse events was particularly evident in the weddings segment, where it successfully catered to over 150 wedding celebrations, serving more than 63,000 guests. Catering at conferences and associations maintained its upward trajectory, with the hospitality division serving nearly 95,000 attendees, a 12 per cent increase from the previous year, reinforcing DWTC's strong standing in this sector. Key events, including the WCA Worldwide Conference, AWS MENA Summit 2024, and The International Congress of Endocrinology, among others, played a significant role in driving this growth. Jafza One Convention Centre (JOCC), operated by DWTC, witnessed exceptional growth, catering to over 25,000 attendees, more than doubling its numbers from the previous year with a 116 per cent increase. Similarly, the Dubai Exhibition Centre (DEC) played a pivotal role in DWTC Hospitality's success, catering to over 73,000 attendees in 2024. These achievements further reinforce DWTC Hospitality's commitment to excellence and its growing influence across multiple venues. Surge in offsite catering DWTC's hospitality division catered to over 145,000 guests to 1,105 external events in 2024, reflecting an impressive 37 per cent year-on-year growth. Key events included the Dubai International Boat Show, the Abu Dhabi Grand Prix, Dubai World Cup, MEBAA Show (The Middle East and North Africa Business Aviation Association), and more. To sustain this growth, operational capacity was strategically enhanced, allowing the team to cater to up to 40,000 guests per day while maintaining exceptional service standards. 'As we look to the future, our commitment remains steadfast in redefining industry standards and strengthening Dubai's position as a global leader in world-class hospitality and events of all scales. Through continuous innovation, strategic partnerships, and an unwavering dedication to service excellence, we are evolving to meet the ever-changing demands of the industry. Our ambition extends beyond delivering exceptional experiences - we are shaping the future of hospitality by integrating cutting-edge culinary creativity, operational excellence, and sustainable practices to set new benchmarks. Aligned with Dubai's vision for economic and tourism growth, we are poised to play an integral role in advancing the sector, ensuring our venues, services, and expertise continue to lead on the global stage,' added Julfar.
