VENTURE CAPITAL POST

Dubai's major airport announced on Friday that it will limit the number of flights arriving for the next two days as it works to remove a three-day backlog caused by a record storm in the UAE.

Tragically, there has been a loss of life due to the heavy rain and flooding that has caused widespread disruption in Dubai.

UAE venture capital firm BECO Capital expects that the tech sector will spur amid the slowdown in the economy due to low oil prices. Especially in the region, the firm projects that tech startups will face a significant growth as the government seek to achieve diversification to non-oil sectors.

Drone racers around the world will face and compete with each other in Dubai to vie for the prize stake of $1 million that will be distributed in the different categories. The team that wins the race will get $250,000. Dubai's sky will be invaded by qualifiers on March 7 and 8, where the main event happens on March 11 and 12.

Africa's largest trading block is attracting attention of global investors and businessmen. The recent 'Africa 2016' investment forum held in Egypt had participation of over 1,500 businessmen and government representatives. Foreign investors have called for more reforms and policy changes among African nations.

Last Monday, Majid Al Futtaim announced its plans of building two shopping malls worth $3.7 billion in the oil kingdom. In the face prolonged state of oil price slump, these plans are expected to not only generate employment but boost the sluggish economy as well. The two projects will enter their first phase of construction this year with completion dates ranging between 2017 and 2018.

Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year, but visitors from elsewhere look set to make up the numbers at the annual retail bonanza.

Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.

Dubai World has reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt restructuring, the state-owned conglomerate said on Monday, putting the emirate on track to clear the last big hangover from a debt crisis.

Armchair travelers can visit the world's tallest skyscraper and inspect one of the largest shopping malls with the addition of Dubai to Google Street View, Google said on Tuesday.

Dow Chemical Co (DOW.N) Chief Executive Andrew Liveris, speaking at a conference in Dubai, said on Monday he did not mind low oil prices because his company makes money in other businesses.

Dubai construction company Arabtec ARTC.DU is close to completing the planning and design stage of its $40 billion deal to build one million homes in Egypt, the company said on Sunday.

Private banking hub Luxembourg sought to lure more wealthy investors on Wednesday by opening a high-security center designed to look like a jewel box, where collectors can store and trade valuables without paying customs or sales tax.

China will launch its international gold exchange 11 days ahead of schedule, sources said on Tuesday, racing ahead in the scramble to set up an Asian bullion benchmark as rival Singapore is forced to delay its gold contract due to technical issues.

Dubai, United Arab Emirates (UAE)-based firm Abraaj Group picked up a stake in Casablanca, Morocco-based chocolate manufacturer Kool Food for an undisclosed amount to back the latter's international distribution plans.