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Time Business News
02-06-2025
- Business
- Time Business News
Legacy of Online Shopping in the Emirates
Souq UAE has become a defining term in the history of e-commerce in the United Arab Emirates. Once the largest online shopping platform in the Arab world, Souq UAE played a critical role in shaping consumer behavior and setting the foundation for digital retail in the region. Though it has since evolved into the name 'Souq UAE' still resonates with millions of online shoppers who experienced the early days of digital convenience and variety. Founded in 2005, was launched as part of the Maktoob Group and quickly evolved into a full-scale e-commerce marketplace. Souq UAE emerged as the localized version catering specifically to the UAE market. The platform gained rapid popularity due to its diverse product categories, user-friendly interface, and features that catered to regional preferences such as Arabic language support, cash on delivery, and competitive prices. What made Souq UAE unique was its deep understanding of the local market. It addressed challenges that traditional global e-commerce platforms often overlooked, such as regional logistics, trust in online transactions, and localized customer service. These factors contributed to Souq UAE becoming a household name and a preferred shopping destination for many. In 2017, was acquired by Amazon for approximately $580 million. This acquisition marked a significant milestone not just for Souq UAE, but for the entire Middle Eastern tech ecosystem. Two years later, in 2019, Souq UAE officially transitioned to While the branding changed, Amazon retained the core structure, logistics, and customer base of Souq UAE, making the transition smooth for users. Despite the rebranding, the term Souq UAE continues to be used by many customers and retailers in the region. It remains one of the top-searched phrases when people look for online shopping platforms in the UAE. This is largely due to brand familiarity and the trust that Souq had built over the years. From a marketing and SEO perspective, 'Souq UAE' still holds significant value. Many businesses and online retailers continue to target the keyword to attract users who associate it with affordable prices, fast delivery, and wide product availability. The legacy of Souq UAE has made it a lasting part of the UAE's digital shopping culture. Additionally, for many residents, especially those who have lived in the UAE for years, the term 'Souq UAE' carries a sense of nostalgia. It represents a time when online shopping was just beginning to take off and was leading the way. While Souq UAE may no longer exist as a standalone brand, its influence on the e-commerce landscape of the UAE is undeniable. It paved the way for digital transformation in retail and introduced millions of consumers to the benefits of online shopping. Today, carries forward the vision, but the name 'Souq UAE' lives on as a powerful symbol of innovation, trust, and convenience in the UAE's retail history. TIME BUSINESS NEWS
Gulf Today
15-05-2025
- Business
- Gulf Today
Why startups must adapt to technological shifts
Startups today are no longer confined by location, and digital platforms such as social media and e-commerce empower even the smallest ventures to access global audiences overnight. For example, transformed from a local e-commerce site into a regional powerhouse before being acquired by Amazon. Similarly, fintech pioneer Tabby expanded into five countries within two years by leveraging cloud infrastructure. The digital age has truly rewritten the rules of entrepreneurship, creating an enterprising environment where innovation moves at lightning speed and borders dissolve into pixels. For startups, this era is a double-edged sword; offering unparalleled opportunities to scale and innovate, while demanding constant adaptation to survive fierce competition and market volatility. THE RAPID PACE OF TECHNOLOGICAL CHANGE: Startups must constantly adapt to technological shifts, and rapid advancements in AI, IoT, and Web3 require founders to upskill continuously or risk falling behind. The digital marketplace is increasingly competitive, making differentiation a critical factor for success. Cybersecurity is another major challenge, and according to PwC's 2024 Global Digital Trust Insights survey, 36% of businesses reported data breaches exceeding $1 million, and 61% of small and medium-sized businesses (SMBs) were targeted last year alone. Market saturation adds further complexity, especially in sectors like food delivery and fintech, where differentiation is essential. Additionally, navigating regulatory hurdles, such as GDPR and evolving data laws, demands legal expertise that many founders may lack. Success in this environment requires far more than just a great idea and necessitates strategic guidance and support. BUILDING A FUTURE-PROOF LEGACY: In this high-stakes environment, organisations that support entrepreneurship are important as they equip founders with invaluable knowledge, tools, networks, and learned resilience to turn digital disruption into a launchpad for success. The Sharjah Entrepreneurship Center's (Sheraa) ecosystem approach mirrors the UAE's vision of fostering a knowledge-based economy. Its programs are designed to address every stage of a startup's journey, and mentorship from industry leaders helps founders refine agile methodologies. Cost-effective innovation further levels the playing field, and open-source tools and AI-driven solutions enable startups to compete with industry giants without requiring massive capital. Sheraa-backed ventures like DataFirst Solutions exemplify this shift, using advanced analytics to provide decision-makers with over 200 key performance indicators (KPIs) for optimizing revenue and operations. The centre's emphasis on digital literacy also compliments the UAE's Artificial Intelligence Strategy 2031, providing workshops on AI ethics and data governance to ensure startups not only adopt technology but do so responsibly. For instance, Sheraa alumni AR Engineering, which secured Dhs50,000 after winning the centre's 'Startup Pitch Competition', integrates reliable high performance Augmented Reality experiences and solutions to propel prototyping and other ventures. Speaking on the trajectory of the digital economy, Sara Abdelaziz Al Nuaimi, CEO of Sheraa, stated: 'Startups have proven to be initiators of innovation and economic transformation, especially when it comes to digital transformation; often creating entirely new industries to address new challenges and gaps in the market. 'At Sheraa, we empower these visionaries to harness the power of technology, navigate the complexities of digital transformation, and contribute to the benefit of communities and societies. As we continue to cultivate a thriving ecosystem where startups can turn challenges into opportunities, we are confident that they will redefine the future and open new paths to success.' Sheraa promotes a digital-first culture, encouraging startups to integrate digital technology as a core component of all aspects of business operations; fostering agility, innovation, and continuous learning, which are essential for success in the digital age.
Khaleej Times
21-04-2025
- Business
- Khaleej Times
Dubai wants every future digital company to be AI-first: UAE minister
Dubai aims to be a business-friendly artificial intelligence hub with every future digital company being AI-driven, according to a UAE minister. It is part of a roadmap that will see the emirate further cement its status as one of the leaders in AI adoption. Speaking at the opening of Dubai AI week, Omar Sultan AlOlama Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said that the emirate has set several targets to improve its use of AI over the next year, one of which will be an integration of government and private sector. 'Dubai understands business and artificial intelligence,' he said. 'We know that we can work with the best of the brightest to be able to ensure that Dubai is the place where artificial intelligence is deployed and where the benefits are reaped.' He added that there is going to be 'a shift' when it comes to startups, success, and artificial intelligence. 'Every single unicorn that has come out of the UAE was an AI company,' he explained. 'Whether it's Careem or they are all companies that were AI first. Every single company that's going to be in our digital economy moving forward needs to be an AI first company. And that's going to be a key focus for the next phase.' Creating a talent pool AlOlama said that Dubai was committed to creating a talent pool. 'We want to be a hub that grows the best talent, nurtures them, and hopefully exports their ingenuity to the rest of the world,' he said. To do this, Dubai will invest in education and equipping educators with the 'right tools' to help students. Over 10,000 students benefitted from launching AI week in educational institutes last year. He also revealed that over the next year, every government entity will be assessed and ranked based on the extent to which Al is integrated into its business and the capabilities of its teams. 'It doesn't mean that we're going to leverage artificial intelligence just for the sake of it,' he clarified. 'We want to ensure that the application and use of AI actually improves the quality of life of citizens in the UAE and in Dubai specifically.' The AI week, which began on Monday at the Museum of the Future and Emirates Towers, will see several activities including the AI Retreat, Global Prompt Engineering Championship, the Dubai AI Festival, and Machines Can See conference. It aims to bring together global experts, decision-makers and innovators from the world's most prominent AI-focused institutions and companies to the emirate. Achievements Over the last year, over Dh20.6 billion was invested in Dubai to boost AI capabilities. More than 26 inititiatives were launched across the emirate to achieve the Dubai Universal Bluepirnt for Artificial Intelligence which was announced in April 2024. The emirate is well on track to achieve the target of appointing a chief AI officer for every government department by May this year, with over 230 people appointed. Last year, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum also launched the world's first and largest AI prompt engineering training initiative which aims to upskill one million people in prompt engineering over the next three years. AlOlama revealed that over 325 companies had been issued the AI seal since the campaign was launched in January this year. He said that the seal 'helped classify exactly how many companies are doing the best-in-class artificial intelligence and how many companies are repurposing certain models that are open source and that are out there.'
