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Biggest quarterly gain in GCC markets since global financial crisis

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The MSCI GCC aggregate index saw a rise of about 18 per cent in the first three months of 2022, thanks to a broad rally across regional GCC markets and higher oil prices. This is the biggest quarterly gain recorded by GCC markets since the second quarter of 2009 during the global financial crisis.

The surge was backed by four consecutive months of gains in the index, Kamco Invest said in a report.

During the quarter, all the regional markets were in the green. Abu Dhabi reported the biggest gain of about 17 per cent. It was followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report added.

The biggest gains were recorded by capital goods, materials and banking sectors — at close to 20 per cent. Energy and health care expanded 18 per cent and 15 per cent, respectively.

The only sectors that declined in the first quarter were consumer durables and apparels, and pharma, the report revealed.

In March, the Abu Dhabi Securities Exchange (ADX) was the best-performing market in the GCC, with the exchange’s market capitalisation increasing 4.7 per cent to reach Dh1.81 trillion ($492 billion).

Total volume of shares traded grew 39 per cent to 6.2 billion in March from 4.4 billion in February. Monthly value traded also rose 44 per cent to Dh40.2b last month, the report added.

ADX, the Arab world’s second-largest stock market by market value, also led the GCC in terms of year-to-date gains that reached 17.2 per cent at the end of March after registering record growth during 2021, the report said.

The Dubai Financial Market also gained 5 per cent in March, closing at 3,526.6 points, supported by gains in six out of nine sectoral indices including large-cap sectors such as banks, property and insurance, the report said.

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Zoftware’s Aayushman Dalmia wins Innovation Excellence award at Ignyte SME Challenge

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Aayushman Dalmia, founder of Dubai-based startup Zoftware, has won the Innovation Excellence Award at the Digital Enablement of SMEs Challenge. The event, hosted by the Ministry of Artificial Intelligence of UAE and Ignyte, positions Dalmia for further growth as he continues his mission to simplify software discovery for small and medium businesses across the region.

Dalmia’s platform, Zoftware, has been steadily gaining traction in the MENA startup ecosystem for offering a streamlined approach to finding, comparing and selecting enterprise software solutions – a process that remains a hurdle for many growing businesses.

“This award is a testament to the need for simplifying tech access for SMEs,” said Dalmia, who has been named among Forbes Middle East’s 30 Under 30 entrepreneurs in the past. “Our goal has always been to bridge the digital divide by helping businesses make faster, more informed software decisions.”

The challenge is part of a wider push to accelerate SME digitisation across the region — an agenda that aligns closely with both government and private-sector priorities in the UAE.

Aimed at recognising impactful solutions that accelerate SME digital transformation, the challenge, held recently in Dubai, drew hundreds of high-potential founders from across the MENA region. Dalmia impressed the jury with his platform’s clear value proposition and scalable vision—matching SMEs with the right digital tools through a curated marketplace backed by intelligent filters, user reviews, and guided discovery.

“This award validates everything we’ve been building at Zoftware for the past couple of years or so,” said Dalmia, speaking after the ceremony. “Technology shouldn’t be a hurdle—it should be a launchpad. We’re making it easier for SMEs to make smart digital decisions without needing an IT degree.”

With this latest recognition, Zoftware joins a growing list of Dubai-born startups gaining international visibility, reinforcing the city’s position as a launchpad for regional innovation.

A Track Record of Disruptive Innovation- 

Zoftware has been making headlines since its launch for its ambitious aim: to become the region’s go-to platform for B2B software discovery. In 2024, the company was recognised by TechRadar MENA as one of the “Top 10 Startups to Watch” in the SaaS enablement space.

Under Dalmia’s leadership, Zoftware has grown rapidly, onboarding hundreds of software vendors and serving SMEs in sectors ranging from logistics and retail to health and education.

Beyond the Prize: A Strategic Boost- 

“We’re at a tipping point now,” Dalmia added. “This support will help us go deeper in key markets and integrate more AI-driven features to guide SME software choices. Our roadmap includes multi-language access, fintech tools, and region-specific integrations.”

Digital Enablement: A Regional Imperative-

As the UAE and wider Gulf continue to prioritise SME growth as a cornerstone of economic diversification, platforms like Zoftware are stepping in to close the tech literacy and access gap. According to a recent report by the World Bank, nearly 75% of SMEs in the MENA region still lack structured digital infrastructure – a gap Zoftware aims to close.

“We’re not selling software – we’re selling clarity, confidence, and capacity,” Dalmia said.

“If we get this right, we unlock not just productivity, but resilience and long-term competitiveness for thousands of businesses.”

With the Innovation Excellence Award now under its belt, Zoftware is poised to scale further and cement its role as a key enabler of SME digital transformation in the region.

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UAE announces fuel prices for June 2025

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The UAE fuel price committee on Saturday announced petrol and diesel prices for the month of June 2025.The Fuel Prices Monitoring Committee has kept the prices unchanged from the month of May.

Super 98 petrol will cost Dh2.58 a litre, compared to Dh2.58 a litre in May, while Special 95 will cost Dh2.47 a litre, compared to Dh2.47 a litre the previous month.

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E-Plus category petrol will be available for Dh2.39 a litre, compared to Dh2.39 a litre in May, while diesel will now cost Dh2.45 a litre, compared to Dh2.52 a litre the previous month.

The UAE deregulated fuel prices in 2015, aligning them with market fluctuations.

Fuel prices in the UAE are tied to movements in the global oil market, which has experienced significant volatility since the beginning of the year.

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Indian cricket icon Virat Kohli invests in Dubai-founded World Bowling League to take the sport global

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India’s cricket superstar Virat Kohli has become an investor in the World Bowling League (WBL), a Dubai-founded initiative set to reinvent bowling as a fast-paced, global spectator sport.

Kohli joins Major League Baseball (MLB) icon Mookie Betts as a high-profile partner in the WBL, which was launched by Dubai-based entrepreneur Adi K. Mishra. The league is reimagining the traditional game with a dynamic format featuring mixed-gender teams, international tournaments, and a modern media-first approach aimed at younger audiences.

With franchises expected in Dubai and other global cities, the WBL plans to host 12 to 15 tournaments annually across the United States, Europe, and Asia, as part of its ambitious five-year growth plan.

“When I discovered Virat is also a bowler, it was exciting to align with this new-age vision for the sport,” said Mishra, founder and CEO of League Sports Co.

Kohli, one of the most followed athletes in the world on social media, revealed a long-standing personal connection to the sport.

“I started bowling when I was 11 years old,” Kohli said. “It’s clear how popular the sport is, yet it remains underappreciated as a business.”

The 36-year-old’s global influence and passion for sport are expected to significantly boost the league’s visibility and credibility as it enters its debut season. The WBL aims to position bowling not just as a recreational activity but as an engaging, competitive, and commercially viable sport with global appeal.

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