Business
Russian company expanding taxi business in Dubai
Yango – a ride-hailing, delivery and e-grocery company with Russian origins – is gaining popularity and challenging industry majors Uber and Careem in Dubai, Bloomberg reported on Wednesday, citing sources.
Its share of the local ride-hailing market in May amounted to between 4% and 8%, less than a year after the company started operations in the UAE’s most populous city, according to the report.
Yango launched in Dubai in September 2022. It’s operated by Netherlands-based company Ridetech International, formerly Yandex Taxi, a subsidiary of Yandex NV, the Dutch-registered holding company for the Russian IT conglomerate Yandex.
Analysts note that the company’s popularity stems from the influx of Russian businesses and expats, who have been relocating to the UAE over the past year amid anti-Russia sanctions imposed in the West. According to Islam Abdul Karim, Yango’s regional general manager, the number of orders for Yango rides is growing at an average of about 20% every week.
Yango’s main rivals in the region, US-based Uber and Uber-owned local firm Careem, told Bloomberg that they welcome the competition.
Uber and Yandex have already faced off in the Russian ride-hailing market. Their rivalry ended in 2017, when the companies merged their Russian businesses to form a joint venture with Yandex as the leading partner. Last month, however, Yandex bought out Uber’s share in the company for $702.5 million, becoming the sole owner.
Announcements
UAE takes immediate action after detecting ‘rainwater leaks’ in some underground tanks
UAE authorities have confirmed that immediate action is being taken to address certain issues brought about by the unprecedented rainstorm on April 16. Power and water outages in some limited areas are being tackled, while the health ministry has ensured the safety of a small number of people reportedly affected by ‘mixed water’.
The joint statement has been issued by the Ministry of Energy and Infrastructure and the Ministry of Health and Prevention (Mohap).
here have been “some rainwater leaks in some underground tanks in limited areas of the country,” the two ministries said in a media statement.
Teams of specialists have immediately inspected the quality of the affected water in the tanks, cleaned and disinfected it, and ensured its suitability for consumption. This is done through periodic tests in accredited laboratories that apply the highest quality standards and guidelines set by the World Health Organisation (WHO), the two ministries confirmed.
Mohap dealt with “a very limited number of cases that showed some symptoms of being affected by the mixed water”. These patients, it added, were provided with necessary treatment and had been subsequently discharged from the hospital after their safety was ensured.
The health ministry had promptly taken all necessary measures and bolstered its facilities’ capabilities since the UAE saw its heaviest rainfall in 75 years.
Guidelines rolled out
A set of guidelines has been set for storm-hit areas to ensure public health and safety.
Residents have been urged to avoid walking or swimming in pools of water that may contain contaminated material. Stagnant water, which could be a breeding ground for mosquitoes and other insects, should also be avoided.
The two ministries commended the efforts of the emergency and crisis management teams, the relevant authorities, and the specialist teams for their rapid response in tackling all challenges.
Urging the public to obtain information only from official sources, the authorities warned: “Circulating rumours may result in legal repercussions.”
The two ministries have been working with local emergency and crisis management teams, the Emirates Water and Electricity Company (Ewec) , the Sharjah Electricity, Water, and Gas Authority (Sewa), and other local health departments.
All fines for traffic violations committed by motorists during the recent record rains, on April 16, will be waived in Dubai, police announced.
Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, made the announcement on Wednesday.
The decision to waive the traffic violations reflects Dubai Police’s commitment to the community and to ensuring their safety, especially during exceptional circumstances.
Dubai’s Crown Prince, Sheikh Hamdan, had earlier approved a series of initiatives and measures to urgently mitigate the impact of the severe weather in the emirate.
For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.
Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.
The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.
Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.
Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”
With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Dr. Philmnisi, Governor, Central Bank of Eswatini; H.E. Cheaserey, Governor National Bank of Cambodia; H.E. Martin Galstyan, Governor, Central Bank of Armenia; H.E. John Rwangombwa, Governor, National Bank of Rwanda; H.E. Prof. Edward Scicluna, Governor, Central Bank of Malta will participate in discussions during the two-day event. Adena T. Friedman, Chair & CEO of Nasdaq Inc; Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street global advisors and Jim Demare, President global markets at Bank of America, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.
In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.
The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandum of Understandings were signed with global financial leaders during the Summit.
UAE takes immediate action after detecting ‘rainwater leaks’ in some underground tanks
Dubai Police to waive all traffic fines incurred by motorists on 16 April
