Business & Investments

UAE retail investors choose AI over Big Tech; Pharma loses momentum: Q2 Top Stocks

  • NVIDIA, AMD, and Intel are some of the most-held stocks among UAE eToro users
  • Big Tech names such as Snapchat, Adobe, Netflix, and Apple see decline in investor interest
  • Pharma stocks also experience downturn as the pandemic recedes into the past

Monday, 15thJuly 2024: UAE retail investors continue to rally behind AI while Big Tech and pharma stocks lose momentum, finds the latest quarterly stocks data from trading and investing platform eToro.

eToro looked at which companies saw the biggest proportionate change in holders, quarter-on-quarter on its platform (table 1), while also looking at the 10 most held stocks (table 2) in the UAE.

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Technologies

Snap Inc. announces Abdulla Alhammadi as new Managing Director in Saudi Arabia

Alhammadiwill take on the new role to spearhead growth in KSA as the brand commits to increasing investment across the Kingdom

15, July 2024 – Riyadh, KSA: In a strategic move to continue its success in Saudi Arabia, Snap Inc. announced today the appointment of Abdulla Alhammadi as Managing Director in KSA. Previously the Regional Business Lead at Snap, Alhammadi will transition into his new role where he will be based in KSA to support the growth of Snap in the country, as the brand and creators look ahead to the opening of both a new office and Creator Studio this year that will be located in the Diriyah Jax cultural district in Riyadh.

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Featured

“Give Gaza Goodness” Campaign – A Lifeline of Medical Aid from the people of UAE to Gaza

Awareness and fundraising outcomes exceed targets as UAE residents embrace the campaign helping raise hundreds of thousands of Dirhams

Dubai,  15 July,2024: In a heartwarming display of compassion, thousands of UAE residents joined hands to champion the “Give Gaza Goodness” campaign hosted by Choithrams for Medecins Sans Frontieres (MSF). Between March 25th and June 20th, supporters of the campaign purchased Goodness Foods products marked with a special sticker, designed to look like a healing bandage with the message: “Give Gaza Goodness”,thereby helping raise much-needed funds.

UAE residents have shown that they want to make a difference and created a movement with support from all segments of the community. Every day, more than 500 retail staff at Choithrams reminded customers of the campaign’s goals by wearing a badge with the message: “Give Gaza Goodness”.This was a truly people-led movement, with support coming from all walks of life.

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Business & Investments

44.01 completes $37m Series A investment round

  • $37m fundraise will enable technology development,commercialisation and international expansion
  • Investors include climate investment leaders,geologicalcarbon storageexperts and technology developers
  • 44.01’s technology already piloted in Oman and the UAE
  • Potential for CO2 mineralisation on every continent making 44.01’s technology a safe, permanent, and scalable carbon sequestration solution

15July 2024: 44.01 announces the completion of a $37m Series A funding round. The round isled by Equinor Ventureswith Shorooq Partners in the UAE, as well as (in alphabetical order)Air Liquide Venture Capital (ALIAD), AlumniVentures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman,Planet A Ventures, Salica Oryx Fund,Siemens Financial Services, Sumitomo Corporation andseveral otherinvestors. Existing investors including Breakthrough Energy Ventures have also recommitted to 44.01’s technology by participating in the round.

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Business & Investments

Reem Finance PJSC Partners with Appro Onboarding Solutions FZ LLC to Enhance Customer Onboarding Experience

Abu Dhabi, UAE –15 July, 2024

Reem Finance PJSC has signed an agreement with Appro Onboarding Solutions FZ LLC to implement Appro’s state-of-the-art onboarding journey as a Software as a Service (SaaS).

The collaboration aims to revolutionize the customer onboarding process, ensuring a seamless, efficient, and secure experience for Reem Finance’s clients.

Held at Reem Finance’s headquarters in Abu Dhabi, the agreement marks a significant milestone in the company’s digital transformation journey.

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