{"id":86749,"date":"2023-11-21T00:00:00","date_gmt":"2023-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-taxi-corporation-begins-its-bookbuilding-process-plus-satellite-program-moving-forward-electric-air-taxis-are-coming-and-the-meltdown-of-openai\/"},"modified":"2023-11-21T00:00:00","modified_gmt":"2023-11-21T00:00:00","slug":"dubai-taxi-corporation-begins-its-bookbuilding-process-plus-satellite-program-moving-forward-electric-air-taxis-are-coming-and-the-meltdown-of-openai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/11\/21\/dubai-taxi-corporation-begins-its-bookbuilding-process-plus-satellite-program-moving-forward-electric-air-taxis-are-coming-and-the-meltdown-of-openai\/","title":{"rendered":"Dubai Taxi Corporation begins its bookbuilding process. PLUS: Satellite program moving forward, electric air taxis are coming, and the meltdown of OpenAI"},"content":{"rendered":"

Good morning, wonderful people, and welcome to the first-ever zero issue of <\/strong>EnterpriseAM UAE<\/strong>, wherein we will chronicle what we immodestly think is one of the most globally compelling business stories of our generation. <\/p>\n

IN THIS MORNING\u2019S ISSUE we have stories from quite a range of industries and sectors<\/strong>, but we\u2019ve also got the latest on the meltdown of OpenAI (where the story is literally shifting hour-by-hour). <\/p>\n

** This is a zero issue of EnterpriseAM UAE<\/strong> and has not been published or distributed to a wide audience. <\/p>\n

** Did you receive this as a forward? <\/strong>Email editorial@enterprisemea.com<\/a> and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

\n

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THE BIG STORY here at home is Dubai Taxi Corporation kicking off the bookbuilding <\/strong>process for its planned IPO<\/strong> on the DFM, as part of the Emirates\u2019 wider state privatization program. The company \u2014 Dubai\u2019s biggest taxi operator \u2014 is selling a 25% stake in the IPO. <\/p>\n

<\/a> UAE aid convoy heads to Gaza: <\/strong>A convoy of trucks carrying humanitarian aid from the UAE to the besieged Gaza Strip has arrived at the Rafah border crossing, WAM<\/a> reported on Sunday. The dispatched convoy of 13 trucks carrying a total of 272.5 tonnes of aid is part of the UAE\u2019s humanitarian Operation Gallant Knight 3, to provide humanitarian relief to the Gazan people.<\/p>\n

Operation Gallant Knight 3 is an <\/strong>initiative<\/a><\/strong> launched under President Sheikh Mohammed Al <\/strong>Nahyan\u2019s decree<\/strong> to set up an air bridge to deliver aid to Gaza. <\/p>\n

<\/a> Sirb satellite program gets ready for takeoff:<\/strong> The Sirb satellite program is now in its execution phase, after Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the phase yesterday, according to state news agency WAM<\/a>. The project will develop and operate radar satellites, the first of which is scheduled to launch in 2026. Sirb is designed to help the UAE to meet challenges in the areas of climate change and environmental sustainability, urban development, natural disasters, and food security.<\/p>\n

All experts aboard:<\/strong> Sirb relies on national talent and UAE companies, with startups, SMEs, and entrepreneurs at the top of the list. The program has recruited EDGE as a strategic partner to manage the Synthetic Aperture Radar payload development and the National Space Science and Technology Center to provide assembly, integration, and testing operations. <\/p>\n

<\/a> PM approves Global Star ratings for gov\u2019t entities: <\/strong>UAE Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, has approved the Global Star Ratings<\/a> for 124 federal government service centers and platforms, affiliated with 25 ministries and cabinet authorities, WAM<\/a> reports.<\/p>\n

What is the Global Star Rating System? <\/strong>The UAE cabinet rolled out the Global Star RatingSystem in 2011 to track the performance of websites, service centers, and government mobile applications. Following an upgrade in 2019, service centers and digital applications were added to the system.<\/p>\n

Top six performers: <\/strong>The six centers which received a six-star rating are all affiliated with the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP<\/a>) and the Interior Ministry, the UAE Government Media Office said on X<\/a>. <\/p>\n

Respite for those who fared the worst: <\/strong>The underperformers will get a 60-day grace period to improve their services, after which they will be reevaluated. <\/p>\n

What\u2019s at stake? <\/strong>If the service centers still underperform following the reevaluation, they will be at risk of being overhauled or terminated. <\/p>\n

\n

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<\/a> Dubai will see electric air taxis take off by 2026<\/strong>, with the high-tech vehicles expected to cut commuting time by 40%, Khaleej Times<\/a> reports. The General Civil Aviation Authority (GCAA<\/a>) is planning to run air taxis by 1Q 2026, according to the authority\u2019s Senior Specialist in Policy and Regulation, Omar Hassan Malek. The project is a collaboration between the Abu Dhabi Investment Office (ADIO) and California-based electric taxi manufacturer Archer Aviation following a partnership agreement last month, Archer said in a press release<\/a>. <\/p>\n

<\/a> DATA POINT #1<\/strong>- The number of transactions at Dubai <\/strong>Customs increased 13% y-o-y in 9M 2023<\/strong>, reaching 21.6 mn transactions, according to Dubai<\/a>Customs<\/a>. Customs declarations accounted for 87% of total customs transactions, increasing by 13.2% y-o-y by the end of Q3, to 18.8 mn. <\/p>\n

Closer to D33 targets:<\/strong> The increase in transactions aligns with Dubai\u2019s economic agenda D33, to double foreign trade and establish new trade routes connecting Dubai with 400 cities worldwide. Dubai Customs is continuing to enhance its Mirsal 2 system to meet this commitment, developing digital platforms to enhance capacity, says Director-General of Dubai Customs, Ahmed Mahboob Musabih. Currently, Dubai Customs\u2019 digital programs are capable of processing 70k customs declarations daily.<\/p>\n

<\/a> DATA POINT #2- The UAE holds 19% of the global sustainable sukuk market<\/strong>, with the value of its Environmental, Social and Governance (ESG) sukuk reaching USD 6.4 bn during the first nine months of the year. This is a 41% increase from the preceding quarter, Skynews Arabia<\/a> reports, citing Fitch Ratings. <\/p>\n

PSA- Dubai\u2019s Al Meydan Street Improvement Project is now 85% complete<\/strong>, according to a statement by the Dubai\u2019s Roads and Transport Authority<\/a> (RTA) yesterday. The project will make the street wider (from two to at least three lanes), changing Al Meydan Roundabout to a T-shaped signalized intersection, and extending Al Quoz Roundabout into a longer street along the route, the statement says. The changes are designed to slash travel time on the street \u201cfrom eight minutes to just one minute during the morning period and from seven minutes to less than one minute in the evening,\u201d RTA roads director Hamad Al Shehhi said. <\/p>\n

CBUAE issues coins to commemorate Quran Award silver jubilee:<\/strong> The Central Bank of the UAE (CBUAE) issued 8k silver coins in recognition of the 25th anniversary of the Dubai International Holy Quran Award<\/a>, the bank said in a press release<\/a>. The coins are set to be given to the award\u2019s organizing committee and will not be up for sale.<\/p>\n

<\/p>\n

<\/a> SH*T SHOW AT THE F*CK FACTORY- Sam Altman is out at OpenAI. But is he returning as CEO to <\/strong>the company he founded? Or taking as many as 700 OpenAI staff and decamping for Microsoft?<\/strong> Not even Microsoft boss Satya Nadella seems to know. Sh*t show at the f*ck factory, indeed. <\/p>\n

Here are the big beats \u2014 and big, lingering questions \u2014 in the drama <\/strong>that the global business press has dubbed the single largest business story of 2023. (Bloomberg<\/a> | Financial Times<\/a> | WSJ<\/a>)<\/p>\n

1- OpenAI\u2019s board fired Altman over the weekend <\/strong>in what Silicon Valley insiders are calling a \u201ccoup\u201d led by the company\u2019s chief scientist. <\/p>\n

2- The chief scientist is now threatening to leave with Altman<\/strong>, saying he regrets his actions. (Sure, Fredo.)<\/p>\n

3- OpenAI\u2019s board<\/strong> (all of them external folks, none of them shareholders) has missed two <\/strong>deadlines to bring back Altman and then resign themselves<\/strong>. They\u2019ve been under pressure from major shareholders including Microsoft and venture capital outfit Thrive. Instead, they\u2019ve fired the interim CEO they appointed a few days ago (she\u2019s backing Altman) and hired the guy who used to run Twitch.<\/p>\n

4- Nadella announced in a <\/strong>stone-cold<\/a><\/strong>tweet<\/a><\/strong>post<\/a><\/strong> on Elon Musk\u2019s dumpster fire of a social <\/strong>network<\/strong> that Altman is joining Microsoft. <\/p>\n

And as of right now: <\/strong>More than 700 OpenAI staff have threatened to walk<\/a>, Nadella doesn\u2019t<\/a>seem to know whether he employs Altman or not<\/a>, and it seems Altman is still making a play to return to OpenAI<\/a>.<\/p>\n

PSA- Maybe you don\u2019t want to pay for ChatGPT Plus, after all? <\/strong>Microsoft\u2019s Copilot<\/a> (until recently named Bing) is powered by a fairly recent build of ChatGPT and Google\u2019s Bard<\/a> has exploded out of the gates in recent weeks, now giving users the ability to link Bard to their email as well as to Google\u2019s Docs, Sheets and Slides products, among others.<\/p>\n

THE LOCAL ANGLE- Does this mean the end of Altman\u2019s bid to raise funds out of the UAE and Saudi <\/strong>to back a new business focused on chips and devices for AI? He had been in and out of our neck of the woods trying to raise \u201ctens of bns\u201d of USD for unspecified hardware-focused projects, Fortune<\/a> reports, suggesting Altman had been speaking with the Public Investment Fund as well as Abu Dhabi\u2019s Mubadala. <\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

The Knowledge Summit 2023 is happening today and tomorrow at the Dubai World Trade<\/strong> Center<\/strong>, bringing together policymakers, academics, and entrepreneurs, Sheikh Rashid Hall. It will be followed by virtual sessions on Thursday, according to a press release<\/a>. This year\u2019s theme is Knowledge Cities and the Fifth Industrial Revolution, with the summit set to cover a range of topics, including coexistence during the fifth industrial revolution, the role of Sustainable Development Goals (SDGs) during the revolution, advancements in biotechnology, and strategies to achieve zero waste. <\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

MARKET WATCH-<\/strong><\/p>\n

Oil inched up more than 2% on the back of anticipated OPEC+ supply cuts<\/strong>: Brent crude was up 2.1% at USD 82.32 a barrel, as prolonged production cuts are expected to be announced at an OPEC+ meeting next Sunday. An additional cut of 1 mn barrels per day could also be on the cards for the cartel after oil prices began slumping towards the end of October, the Financial Times<\/a> reports, citing a source it says is in the know. <\/p>\n

The increases follow a four-week fall in crude oil prices after Israel\u2019s war on Gaza<\/strong> disrupted supplies in the Middle East and wavered demand. Expected action by OPEC+, in addition to a weakening of the USD and the potential release of more Israeli hostages from Gaza, are possible reasons for the surge in the market, according to Asharq Business<\/a> and Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s the first zero issue of EnterpriseAM UAE<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[201,7,200,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86749","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-dubai-customs","tag-enterpriseam-uae","tag-sirb-satellite-program","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"d357a6c6-320f-47cc-830a-353536e621c3","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Dubai Taxi Corporation begins its bookbuilding process. 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