The Finance World Magazine| Edition: January 2023

Dubai Leads the Globe in Tourist Expenditure and Generates $29.4 Billion 

UAE Ranks Among Top Crypto Job Markets in the World 

UAE Reinforcing its Position as a Beacon of Sustainable Energy 

Dubai’s Real Estate to Witness the Best Year Ever 

January 2023 

Future Investment Opportunities 

in UAE's Healthcare Sector 

Allae Almanini, chief financial officer of Dubai Healthcare City Authority, 

provides insight into investing in the UAE’s healthcare sector 

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P15 | CBUAE Announces New 

Initiatives to Promote 

Transformation and Digitalization 

P22| Saudi Arabia's Construction 

Sector Remains the Strongest 

Across MENA 

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Blockchain and its importance in virtual asset world 

Air Taxis: From fantasy to reality in Dubai 

DeFi modernizing crypto lending routes 

EDTECH STARTUPS 

DRIVE EDUCATIONAL 

GROWTH IN UAE 

The government’s assistance has 

accelerated the development of 

EdTech startups. 

UAE GOLDEN VISA: 

FUELING NATION’S 

FINANCIAL GROWTH 

Golden visa holders in the 

UAE can purchase specialized 

health insurance plans. 

Regulation of NFT trading in the UAE: 

Why It Matters? 

JANUARY 2023 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

The UAE is reinforcing its position as a beacon of sustainable 

energy to further support its superior economic growth 

and prosperity. Under the leadership of His Highness 

Sheikh Mohammed bin Rashid Al Maktoum, Vice President 

and Prime Minister of the United Arab Emirates and Ruler of Dubai, 

Dubai ranks among the top job markets in the world and leads the 

globe in tourist expenditure, generating $29.4 B. 

New deals and partnerships augment the global position of 

the UAE’s thriving healthcare sector, together with the agile 

policymaking that is attracting further investors from all over the 

world. In addition to pinpointing the efforts being made by Dubai 

Healthcare City Authority to attract and retain best-in-class regional 

and international healthcare businesses into its community, our 

cover story sheds light on future investment opportunities in the 

UAE’s healthcare sector. 

As our readers always expect, this edition includes the latest 

trends and updates from the finance sector, such as corporate 

results, corporate tax, startups, banking, funding and investment, 

fintech, digital assets, and topics such as the Central Bank of the 

UAE announcing new initiatives to promote transformation and 

digitalization, Dubai’s real estate expecting the best year ever, Saudi 

Arabia’s construction sector remaining the strongest across MENA, 

and many more. 

Providing our readers with latest and credible finance news, with 

the aim of raising financial literacy, is what defines our vision that 

goes hand in hand with that of His Highness Sheikh Mohammed bin 

Rashid Al Maktoum, to set Dubai apart as a fast-paced and forwardlooking 

economy. 

- Ambrish Agarwal, Editor in Chief 

Advertisers advertised in this guide are included on a sponsored basis. 

Details are correct at the time of going to press, but offers and prices 

may change. 

January 2023 www.thefinanceworld.com 5 

September 2022 3

Contents January 

2023 

P07 | Global News 

PERSONAL FINANCE 

P08 | 12 Personal Financial Tips 

for Better Financial Planning 

UAE BANKING 

P10 | New Partnerships Enrich 

UAE’s Banking Ecosystem and 

Offer Help to SMEs 

P12 | UAE Banking News 

CENTRAL BANK OF UAE 

P15 | CBUAE Announces 

New Initiatives to Promote 

Transformation and Digitalization 

FINTECH 

P17 | A Fintech Boom in Africa 

is Attracting International 

Investments 

P19 | Fintech News 

START-UP 

P32 | The Cost of Starting a 

Business in Dubai 

P34 | Start-up News 

ENERGY 

P36 | UAE Reinforcing its 

Position as a Beacon of 

Sustainable Energy 

P38 | Energy News 

HEALTHCARE 

P41 | New Deals and 

Partnerships Augment the Global 

Position of UAE’s Healthcare 

Sector 

P44 | Healthcare News 

REAL ESTATE 

P54 | Dubai’s Real Estate to 

Witness the Best Year Ever 

P56 | Real Estate News 

FUNDING & INVESTMENT 

P58 | Sheikh Mohammed bin 

Rashid approves integrated 

platform for investment in vital 

sectors 

P60 | Funding & Investment 

News 

P62 | Local News 

BUSINESS 

P22 | Saudi Arabia’s Construction 

Sector Remains the Strongest 

Across MENA 

P24 | Business News 

COVER STORY 

P26 | Allae Almanini, Chief 

Financial Officer of Dubai 

Healthcare City Authority 

MERGERS AND 

ACQUISITIONS 

P46 | Multiply Group leads GCC 

M&A in Q3 2022 

P48 | Mergers & Acquisitions 

News 

CRYPTOCURRENCY 

P50 | UAE Ranks Among Top 

Crypto Job Markets in the 

World 

P53 | Cryptocurrency News 

DIGITAL ASSETS 

P64 | Is Digital Gold a good 

investment 

CORPORATE TAX 

P68 | ADX is MENA’s New Hive 

for Global Investors 

P70 | Corporate Results 

TRAVEL 

P72 | Dubai Leads the Globe 

in Tourist Expenditure and 

Generates $29.4 B 

P31 P74 | Travel News 

6 www.thefinanceworld.com January 2023

Investors are still 

concerned about 

the inflation 

forecast 

The dollar weakened recently, 

but its losses were restrained 

by data released that showed 

wholesale inflation in the 

United States increased more than 

anticipated in November. This data 

supported the idea that the Federal 

Reserve might need to maintain 

higher interest rates for longer. The 

US dollar made the most progress 

upward when compared to currencies 

that are linked to commodities, such 

as the Australian and New Zealand 

dollars. However, it briefly rose as 

much as 0.5% when compared to the 

pound after data showed that the UK 

economy recovered in October from 

a public holiday for Queen Elizabeth’s 

funeral, but still pointed to a gloomy 

outlook. Following a low of $1.2207 

earlier in the session, the pound was 

last up 0.2% at $1.2287. It was also 

down 0.1% against the euro at 86.03 

pence. 

Global News 

Bank of England: Increasing 

medium-term inflation 

expectations among UK citizens 

Despite a decline in forecasts 

for the coming year, the 

British public’s estimates 

for inflation over the 

medium term increased somewhat 

last month, according to a quarterly 

central bank survey released. From 

3.2% in August to 3.4% in November, 

the public’s forecast for inflation over 

the next one to two years increased, 

matching a level from May that was 

the highest since November 2013. 

Inflation expectations for the next 

year decreased from 4.9% in August 

to 4.8%, while those for the next five 

years increased from 3.1% to 3.3% in 

November. 

Dubai International Chamber 

broadens its global reach 

Dubai International 

Chamber opens three new 

international representative 

offices in Cairo, Tel Aviv, 

and Istanbul, respectively. Dubai 

International Chamber is one of the 

three chambers functioning under 

Dubai Chambers. In the presence 

of Mariam Khalifa Al Kaabi, UAE 

Ambassador to Egypt, Omar Khan, 

Executive Director, International 

Offices at Dubai International 

Chamber, and numerous prominent 

Emirati and Egyptian business 

leaders, the Cairo office was formally 

inaugurated at a special event. The 

new opportunities serve Dubai 

Chambers’ strategic objectives 

to draw foreign investment and 

business to Dubai and to promote the 

international growth of its members. 

Europe’s energy industry falls 

under pressure 

The impact of the cold snap 

on Europe’s energy industry 

was evident as electricity 

prices rose. Electricity 

dealers charged an eye-watering 

£5,000 ($6,130) per megawatt hour 

for the height of the evening demand 

when Britain was covered in snow. 

A price in the hundreds would be 

more typical. The benchmark price 

on the Nord Pool exchange, which 

covers Norway, Sweden, and other 

countries, was expected to surpass 

€400 per MWh ($422). France’s 

nuclear power plants had their highest 

output since March, which was better 

news. The weekend saw no more cuts 

announced by the electrical supplier 

EDF in France following months of 

maintenance issues. 

January 2023 www.thefinanceworld.com 7

Personal Finance 

12 Personal Financial Tips for Better 

Financial Planning 

Being responsible with 

your finances isn’t always 

enjoyable, especially when 

your pals are pleading with 

you to go out on the weekends, or the 

newest technological advancement 

that you’ve been eyeing becomes 

available. The temptation to spend 

money can be great and might result 

in making bad financial decisions. To 

enjoy life’s simple pleasures while also 

managing your money sensibly, there 

are many options. 

There are some fundamentals of 

financial guidance that everyone, 

regardless of circumstance, needs to 

adhere to. Making this decision will 

help you maintain sound personal 

finances. Financial management can 

be considerably simpler once you 

get the fundamentals down. When 

you’re ready, you can continue with 

some of many more detailed money 

management advice. 

Invest in the Proper Insurance 

Whether a natural disaster takes 

off your roof or you are in a vehicle 

accident, insurance can be quite 

helpful in unfortunate circumstances. 

However, too many individuals 

frequently end up being forced 

Nobody enjoys 

paying taxes or 

filing them, but 

not doing neither 

can put you in a 

lot of financial 

difficulty. 

into expensive insurance policies. 

Therefore, consider purchasing life 

insurance if someone depends on your 

income, but life insurance isn’t usually 

required if you don’t have dependents. 

Aside from just annoyances, 

you should think about purchasing 

insurance. Invest in health, 

auto, disability, and renters or 

homeowner’s insurance. By the 

same token, you may want to avoid 

purchasing payment protection 

plans, smartphone insurance, travel 

insurance, or extended warranties 

as these coverage options may not 

always be necessary and can be very 

expensive. 

Don’t overuse your credit card 

Similar to power tools, credit cards 

are practical but also potentially 

dangerous. Utilizing your credit card 

responsibly and maintaining your 

credit utilisation ratio under 30% can 

help you maintain a healthy credit 

score. 

It’s crucial to maintain your credit 

score because it’s used for many 

financial transactions, including 

getting a mortgage or applying for 

an auto loan. Verify that there are no 

mistakes on your free annual credit 

reports. You should perform this at 

least once a year as a routine action. 

You can check for any problems that 

might be reducing your credit score 

by periodically ordering a copy of 

your credit report. 


Remember to file your taxes 

Nobody enjoys paying taxes or 

filing them, but not doing neither can 

put you in a lot of financial difficulty. 

Depending on your profession, taxes 

could come around once a year or 

every three months. In light of that, be 

sure to have a financial calendar that 

serves as a reminder of when it’s time 

to pay or file your taxes. 

Contributing to your 401(k) or other 

retirement plans is one financial tip 

for reducing your tax burden. Make 

sure you are honest and choose lawful 

strategies that can help you save 

money because clever tax-avoidance 

tactics are frequently against the law. 

Try completing your taxes yourself 

(or using tax software) once if you 

typically employ someone to handle 

it for you. Try hiring someone if you 

often do it yourself. 

Watch the interest rates 

Interest rates will generally follow 

whatever financial decision you make. 

Some of the loans, debts, and financial 

accounts you will have come with 

interest rates, include credit cards, 

student loans, mortgages, and savings 

accounts. You may be spending more 

or earning less on your various debts 

and savings obligations; therefore, it 

is crucial to know the interest rates 

on these different types of accounts. 

It is advisable to monitor your interest 

rates so that you are aware of which 

accounts to prioritise. 

Early planning for college costs 

Traditional four-year institutions 

are frequently out of reach for many 

students without incurring significant 

debt—and they don’t always offer a 

better education. Middle-class families 

should think about enrolling their 

children in a community college, 

in-state public institution, military 

academy, or prestigious private 

college. They won’t take on as many 

student debts, which might take a very 

long time to repay. College savings 

come after retirement savings. Don’t 

make saving for your child’s college a 

priority just now if you can’t afford to 

do so. 

Plan your home purchase carefully 

Another crucial personal financial 

advice to think about is making rapid 

progress on a mortgage. Your down 

payment amount is the best indicator 

Think about making a small investment 

in target-date funds or inexpensive 

index funds to lower your risk of 

suffering a significant financial loss 

of how ready you are to purchase a 

home. Even when using a government 

loan programme, be cautious when 

making a down payment below 

20%. Stretching yourself to buy a 

bigger property than you can afford 

can frequently result in costly and 

preventable financial hardship. 

Utilize the resources available for 

budgeting 

Budgeting does not have to be done 

by yourself. It might be overwhelming 

and frustrating to keep a close 

eye on your finances on your own. 

Fortunately, there are several tools 

available that can make it easier for 

you to keep track of your income and 

expenses and make wise financial 

decisions. You can also ask for advice 

from a financial advisor of your 

choice. 

The 50/30/20 Budgeting Rule 

We have discussed this rule in our 

previous edition. Sometimes all you 

need is some direction to create a 

solid and sustainable budget. You 

spend 50% half of your salary on 

necessities including shelter, food, 

transportation, and utilities. You 

spend 30% of your money on wants 

like latest smartphone, entertainment, 

and travel. 20% of your income should 

be allocated to savings and debt 

reduction, including school, medical, 

and auto loans. 

Tips for Saving Money 

Managing your finances can be 

difficult, particularly if you have 

significant outgoings like rent, student 

loans, electricity, groceries, and so 

on. There are numerous ways to save 

money while still being able to pay 

for your essentials and indulge in 

your favourite activities. For example, 

there is Early Saving; using deception 

to save money is perfectly acceptable: 

• Use a variety of savings accounts. 

• In the freezer, place your credit card. 

• Create automatic transfers. 

• Consider your next rise as an 

opportunity to increase your savings 

(not an opportunity to spend more). 

Make wise investment decisions 

Investing can be an excellent 

strategy to increase your savings and 

generate additional income that can 

be used to pay for important costs. 

Despite being conceivable, beating the 

market is frequently so unlikely that 

it may not be worthwhile to attempt. 

Instead, think about making a small 

investment in target-date funds or 

inexpensive index funds to lower your 

risk of suffering a significant financial 

loss. Never invest in anything that 

offers outstanding returns with little 

to no risk, as this is always a bad idea. 

Putting Family Finances First 

Couples can combine their finances 

in a variety of ways. It’s critical to find 

common ground when it comes to 

handling family finances, regardless 

of the nature of your relationship. 

You will be able to prepare for future 

purchases such as a new vehicle, 

home, or college fund for your kids. 

Be Prepared for the Unexpected 

Emergency 

You should always have a strategy 

in place in case of an emergency 

because the unanticipated is 

something that is impossible to 

forecast. Because of the coronavirus 

outbreak, a lot of people discovered 

today just how crucial emergency 

savings are. Savings are more crucial 

than ever, especially with millions of 

workers out of job. 


UAE Banking 

New Partnerships Enrich 

UAE’s Banking Ecosystem 

and Offer Help to SMEs 

Ajman Bank and 

KMMRCE Pay agree to 

a strategic alliance. 

Ajman Bank, a prominent 

Shariah-compliant bank in the UAE, 

and PaaS enabler KMMRCE Pay have 

entered a strategic partnership. By 

introducing new payment options, 

the cooperation will enable Ajman 

Bank to quicken the process of its 

digital transformation and improve its 

clientele. Ajman Bank’s compliance 

and regulatory frameworks will assist 

KMMRCE Pay’s operations across the 

UAE as a result of the agreement. 

Mr. Mohamed Amiri, Chief 

Executive Officer, Ajman Bank, said, 

“We are continuously innovating 

and developing new capabilities to 

meet our customers’ expectations 

and requirements. Our partnership 

with KMMRCE will enable us to 

leverage our current technology 

to accelerate the delivery of better 

payment solutions in an ever-evolving 

market. It is another significant step 

in enhancing our payment services 

with simple, secure, fast and reliable 

solutions for a seamless customer 

experience.” 

By combining issuing, acquiring, 

and direct-to-scheme processing 

into a single turnkey PaaS tech 

stack, KMMRCE Pay can not only 

empower Ajman Bank but also other 

financial institutions and Fintechs 

with a full suite of digital solutions. 

Their strengths include quick issuing 

kiosks, access to cutting-edge 

technology, enhanced issuing, APIbased 

solutions, POS and e-commerce 

acquisition services, and enhanced 

issuing. Ajman Bank may boost its 

influence in a fiercely competitive 

market by reaffirming its position as a 

full-service provider, which will allow 

it to add more accounts from Fintech 

clients. 

Justin Henry, Executive Director, 

KMMRCE Pay, added: “The strategic 

partnership represents a powerful 

collaboration between a tier one 

bank and an innovative PaaS enabler 

driving change for the industry as 

a whole. Working closely together 

with Ajman Bank, we can now offer a 

one-stop-shop to digitally onboard and 

propel Fintech payment companies 

launching a financial program in the 

UAE. This is a critical moment, as we 

demonstrate the impact of KMMRCE 

Pay’s unique single-contract, single- 

API approach bringing everything 

together under one comprehensive 

payments’ ecosystem.” 

Ajman Bank is an Islamic bank 

with a vision based on the principles 

of integrity, trust, and transparency, 

and it aims to offer a broad range of 

high-quality, Sharia-compliant banking 

services to clients from individuals, 

businesses, and governmental 

organisations throughout the UAE. It 

is also eager to stay current with the 

most cutting-edge technology, which 

will guarantee consumers a unique 

experimental banking experience 

with the restoration of the human 

touch that is lost in the modern era of 

banking applications. The government 

of Ajman is very supportive of the 

bank, which has its headquarters 

there and is an important part of the 

emirate’s economic growth plan. 

On the other hand, KMMRCE 

Pay is a fully functional platform 

for payments as a service that has a 

licence from the Dubai International 

Financial Centre. They design custom 

solutions that are suited to specific 

requirements, giving public and 

private sector businesses the tools 

needed to improve the financial 

future of their stakeholders. It also 

provides issuance, direct processing 

for schemes, direct integration with 

Visa, Mastercard, Amex, and JCB, as 

well as acquiring for both online and 

offline transactions as a payments and 

systems enabler (through a fully EMVcompliant 

POS terminal). 

IFZA collaborates with Wio 

Bank to offer online banking 

services 

In order to give businesses 

operating in the IFZA Free Zone easy 

access to digital banking services and 

financial solutions, Wio Bank, the 

region’s first platform bank, and IFZA 

Dubai, the UAE’s most vibrant and 


The latest government data shows SMEs 

represent more than 94 percent of all 

companies operating in the country, with 73 

percent in the wholesale and retail sector. 

truly international Free Zone, have 

partnered. 

Through this collaboration, 

businesses located in the IFZA Free 

Zone will be able to easily and quickly 

open a business account using Wio 

Business, Wio Bank’s first mobile 

banking application. IFZA Dubai 

Chairman Martin G. Pedersen and 

Wio Bank Chief Commercial Officer 

Prateek Vahie signed the contract. 

Commenting on the announcement, 

Pedersen says: “At IFZA, we are 

constantly evolving our offerings and 

expanding our business eco-system 

to ensure our Licensees are able to 

efficiently set up their business with 

peace of mind. We are pleased to 

announce our partnership with Wio 

Bank, providing our Partners and 

Licensees with an additional layer 

of support that is tailored to assist 

them in efficiently setting up their 

AED international current accounts in 

Dubai.” 

Vahie added: “We are delighted to 

be partnering with IFZA to provide 

its Partners and Licensees with 

cutting-edge banking services. With 

our curated financial solutions, we 

aim to support them in their business 

journeys and accelerate seamless 

transactions for customers.” 

In a recent IFZA study, 50% of the 

participants named obtaining a bank 

account as one of the major obstacles 

to starting a business because of 

drawn-out application procedures, 

complex compliance requirements, 

or a lack of information. Recognizing 

the difficulties faced by business 

owners, IFZA continues to place 

a high premium on assisting its 

Professional Partners and Licensees 

through customised services designed 

to streamline the business process. 

IFZA Licensees can sign up for 

Wio Business and gain access to 

simple and user-friendly digital 

banking solutions by using a special 

link. Businesses that have registered 

with IFZA will be able to quickly 

and conveniently open a fully digital 

corporate bank account without 

having to go somewhere in person. 

The latest government data shows 

SMEs represent more than 94 per 

cent of all companies operating in 

the country, with 73 per cent in the 

wholesale and retail sector. Wio gives 

start-ups, independent contractors, 

and SMEs effortless access to 

banking services as well as the 

chance to advance with cutting-edge 

beyond-banking services. It offers 

personalised options and seamlessly 

integrated services that are tailored 

to meet each client’s needs. This 

enables clients to automate their 

administrative tasks, keep track of 

their spending with limitless virtual 

cards for their team, create various 

Saving Spaces for VAT, rent, etc., and 

more. 

In order to support start-ups and 

entrepreneurs in their efforts to 

grow globally, IFZA Dubai will soon 

introduce new services and solutions. 

This will help to build an ecosystem 

that offers a variety of resources and 

opportunities for holistic business 

development. Using FinTech makes it 

easier to help finance-seeking SMEs 

connect with potential investors, 

which in turn supports economic 

growth and solidifies the local 

entrepreneurial industry. 

FAB Global partnership with 

Swiss Fintech Komgo 

First Abu Dhabi Bank (FAB), the 

largest bank in the UAE and among 

the largest and safest financial 

institutions in the world, has joined 

Komgo, a fintech that provides digital 

network, trade, and working capital 

workflow solutions for businesses 

and financial institutions. This makes 

FAB the first bank in the Middle East 

to do so. 

The major clients of FAB are able 

to start trade finance transactions 

across numerous worldwide locations 

and receive reasonable pricing 

through the Komgo Network. Further 

enhancing FAB’s trade secondary risk 

distribution capabilities, Komgo’s 

Market solution for FIs is being 

developed with FAB as a key player. 

Anirudha Panse, MD & Head 

of GTB Trade Finance Product 

Innovation at FAB, said: “At FAB our 

approach to digital technology is all 

about combining multiple solutions, 

embracing emerging technology, 

adopting evolving business models, 

and innovating in what we do. Our 

partnership with Komgo will have an 

immediate benefit for our clients. By 

working together with Komgo, FAB 

is strengthening its offerings for our 

investment and corporate banking 

clients.” 

Souleïma Baddi, CEO of Komgo 

added: “We’re very proud to work 

with forward-thinking financial 

institutions like FAB. Thanks to their 

support we are building a common 

digital framework for trade finance 

operations, which will modernize 

the entire industry and ensure the 

ongoing availability of liquidity which 

underpins all global trade.” With 

this partnership, FAB delivers on its 

commitment to building relevant and 

scalable fintech partnerships that 

better serve customers. 


UAE Banking News 

CBUAE to increase efficient supervision and 

regulation of insurance companies 

In Abu Dhabi, Khaled Mohamed 

Balama, Governor of the 

Central Bank of the UAE 

(CBUAE), presided over the 

Insurance Sector CEO Forum. 

The CBUAE conference aimed to 

enhance communication between the 

CBUAE and the insurance sector by 

working with the CEOs of insurance 

companies to address the aims of 

the sector. The CBUAE also looked 

at the objectives for increasing 

efficient supervision and regulation of 

insurance companies in accordance 

with the fundamental principles of 

insurance, as well as the execution 

of comprehensive corporate 

governance criteria for insurance 

enterprises. Additionally, the CBUAE 

unveiled a series of proposals that 

would increase Emiratization in 

the insurance sector to 30% by 2026 

and provide 1,500 new jobs for UAE 

citizens, demonstrating the nation’s 

goal for the ensuing fifty years. 

Saudi PIF receives the first 

corporate loan worth $17 B with 

a seven-year term 

Saudi Arabia’s Public Investment Fund (PIF) received the largest selfarranged 

term loan ever financed for general corporate purposes for $17 B 

over a seven-year term. The new loan is a component of PIF’s 2022 Annual 

Capital Raising Plan and medium-term capital raising plan. The transaction 

was more than twice oversubscribed and supported by a large, international 

syndicate of 25 financial institutions from Europe, the US, the Middle East, and 

Asia. 15 financial institutions took part in PIF’s initial 11 B credit facility in 2018. 

PIF will pay off its current $11 B, five-year debt earlier than expected. 

GCC banks post 

Q3 interest 

income of 

$18.6 B 

Net interest income for listed 

banks in the GCC increased 

to a record quarterly high 

in the third quarter (Q3) of 

2022, jumping to $18.6 B from Q2’s 

$17.2 B, according to a report. In 

contrast, non-interest income fell to 

a four-quarter low of $7.4 B during 

Q3 2022 as compared to Q2 2022’s 

$7.8 B, reflecting a decline in the 

quarter’s global and regional financial 

markets. Data on listed banks also 

demonstrated increase, with total 

GCC gross loans setting a new high 

of $1.93 T, up 1.2% or $23.5 B over 

the course of the third quarter. At 

the end of Q3-2022, total quarterly 

growth in client deposits was at a sixquarter 

low of 1.0%, reaching $2.19 T. 

Customer deposits’ quarterly change 

remained unchanged. 


The UAE is 

a “global 

leader” in 

financial 

services 

innovation 

According to Finastra study, 

Open Banking is considered 

as unquestionably crucial 

in the UAE, with 4 in 5 

financial institutions (80%) calling it 

a “must have,” up from 68% last year. 

In the context of data sharing, its 

extension, open finance, is viewed as a 

“must have” by 71% of respondents, up 

significantly from 50% last year. Both 

numbers are significantly greater than 

any other market that was studied. 

According to 94% of respondents, it 

is already encouraging collaboration 

and having a beneficial effect in the 

United Arab Emirates, indicating the 

industry’s growing interest in adopting 

an ecosystem approach. 

Manafa receives approval from 

SAMA to begin Saudi activities 

The Saudi Central Bank 

(SAMA) has announced 

that it has granted Manafa, 

a finance company 

that specialises in debt-based 

crowdfunding, a licence to begin 

operating in the kingdom. With SR40 

M in capital, Manafa is a closed jointstock 

company. After a successful trial 

period in SAMA’s Regulatory Sandbox, 

an experimental setting dedicated 

to cutting-edge financial goods and 

services in Saudi Arabia, the licence 

was awarded to the company. This 

programme is part of the crucial role 

SAMA plays in bolstering the finance 

sector by supporting innovative 

activities and luring a larger pool of 

investors and businesses that can 

generate value, according to SPA. 

CBUAE financially penalises an 

exchange company operating in 

the UAE 

The exchange house was 

fined AED 1,050,000 by the 

CBUAE for failing to comply 

with its obligations to carry 

out exchange activities 

only in the permitted premises, to 

utilise an authorised Cash-in-Transit 

Agent when carrying cash, and to 

notify violations to the CBUAE right 

away. The CBUAE works to ensure 

that all exchange houses, their 

owners, and staff adhere to the UAE 

laws, regulations, and standards 

adopted by the CBUAE to protect 

the transparency and integrity of the 

exchange houses’ business and the 

UAE financial system. It does this 

through its supervisory and regulatory 

mandates. 

Dubai Islamic Bank offers its $750 M debut 

sustainable Sukuk on Nasdaq Dubai 

In honour of the listing of its first 

sustainable Sukuk, which has a 

$750 M value, on Nasdaq Dubai, 

Dubai Islamic Bank (DIB) rang 

the market opening bell. The Sukuk 

was issued in accordance with the 

Sustainable Finance Framework of 

DIB, which was developed to make 

it easier to finance green and social 

initiatives and projects, and is the first 

sustainable Sukuk ever issued by an 

entity in the United Arab Emirates. 

With a profit rate of 5.493 percent 

annually, DIB has successfully priced 

the five-year senior issuance. This 

spread over five-year US Treasury 

notes is 155 basis points. The value 

of all of DIB’s Sukuk listed on Nasdaq 

Dubai as part of this initiative has 

increased to $5.55 B, and the value of 

all DIB’s securities has increased as 

well. 


UAE Banking News 

Goldman Sachs 

relocates 

bankers to Dubai 

F 

ollowing the hiring of 

a bankers from Societe 

Generale in June and 

several wealth advisers 

for the Dubai office in late 2021 to 

expand its Islamic finance offering 

for the Middle East and North Africa, 

Goldman has now added more 

employees in the region. The Middle 

East, which is home to a considerable 

number of extremely rich families, 

businesspeople, and royalty, is where 

this conflict is increasingly taking 

place as international banks compete 

to take a larger share of the wealth 

management industry. Particularly 

since the Ukraine conflict started, 

Dubai has grown into a popular 

destination for financial professionals 

leaving Europe or Hong Kong, as 

well as for Russian money. Due to 

this massive wealth movement, the 

UAE alone will welcome 4,000 new 

millionaires this year, the largest as 

compared to the past decade. 

Emirates NBD announces 

strategic managerial team 

changes 

Emirates NBD recently 

announced that after 

working for Emirates NBD 

for ten years, Suvo Sarkar, 

Group Head of Retail Banking and 

Wealth Management, would retire. 

Marwan Hadi would succeed him 

in office. In order to take on the 

post of Group Head of Wholesale 

Banking, Ahmed Al Qassim, who 

is currently the Group Head of 

Corporate and Institutional Banking 

and a member of the bank’s Group 

Executive Committee, would also 

assume responsibility for Global 

Markets, Treasury, and Research. 

Head of Global Markets and Group 

Treasurer, Ammar Al Haj, has been 

appointed. DenizBank has appointed 

Aazar Ali Khwaja, who formerly held 

the position of Group Head of Global 

Markets & Treasury, to the position 

of Group Head of International & 

Advisor to the Group CEO. 

Kuwait’s central bank declares 

an increase in discount rates of 

0.5% to 3.5% 

The Central Bank of Kuwait 

recently declared that the 

discount rate would rise 

by 50 basis points to 3.5 

percent. Given that it represents the 

cost of borrowing money for the 

majority of big commercial banks 

and other depository institutions, a 

high discount rate typically causes 

an increase in other interest rates. 

According to a statement by Kuwait’s 

governor of the central bank, Basel 


Al-Haroon, the action is in line with 

the bank’s objectives of encouraging 

a growth-friendly environment, 

maintaining financial and monetary 

stability, and maintaining the 

attraction of the national currency as 

a store of wealth. Compared to other 

Gulf Arab nations, Kuwait is freer 

to deviate from Fed policy since the 

Kuwaiti dinar is tied against a basket 

of currencies that includes the dollar.

Central Bank of UAE 

CBUAE Announces New Initiatives to 

Promote Transformation and Digitalization 

The CEOs of the UAE banking industry and leaders of the Foreign Exchange and Remittance 

Group in the UAE met under the chairmanship of Khaled Mohamed Balama, Governor of the 

Central Bank of the UAE (CBUAE). 

The new Instant Payment 

Platform will be 

implemented gradually and 

will be unveiled in the first 

quarter of 2023 with a test group 

of regulated financial institutions, 

according to the meeting, which 

focused on the financial sector’s 

ambitious digitalization goals. Realtime 

payments and financial transfers 

will be made possible in the UAE 

round-the-clock thanks to the Instant 

Payment Platform. 

The new platform will make it 

possible to provide customers and 

financial institutions in the UAE 

the newest generation of payment 

services. Financial institutions and 

other eligible providers of payment 

services must be prepared to deploy 

the Instant Payment Platform in 

accordance with the authorised action 

plan, the CBUAE emphasised. 

The CBUAE further reviewed 

supervisory expectations and 

programme progress with the officials 

of UAE banks. As of Q3 2022, the 

percentage of UAE citizens working 

in banks climbed to 32%. By the end 

of 2026, the UAE banking system is 

expected to be 45% more emiratized. 

In order to better support financial 

consumers, transform financial 

infrastructure, and modernise national 

payment systems, the CBUAE also 

emphasised the crucial role exchange 

houses play in the financial system 

of the United Arab Emirates and 

encouraged cross-sector cooperation 

with the banking industry. 

The CBUAE has set out to pursue 

ambitious projects in financial 

infrastructure transformation and 

national payment systems in close 

collaboration with the financial 

industry officials, according to Khaled 

Real-time 

payments and 

financial transfers 

will be made 

possible in the 

UAE round-theclock 

thanks to the 

Instant Payment 

Platform. 


Central Bank of UAE 

Balama. It pushes the financial 

industry to adopt cutting-edge 

features and pass the advantages 

along to financial customers. 

Before making the necessary 

choices, the CBUAE Board reviewed 

the meeting’s agenda, looked over 

the concerns raised by the various 

CBUAE divisions, and assessed how 

effectively projects and plans were 

developing in relation to the country’s 

economic and future goals. 

The Board discussed the nation’s 

financial and insurance sectors’ 

financial infrastructure reform agenda. 

The meeting looked at statistics 

and initiatives aimed at boosting 

Emiratisation rates in these sectors, 

particularly in exchange and financing 

companies, and covered a number of 

topics, including the development of 

the Central Bank’s initiative regarding 

the Emiratisation programme in the 

banking, financial, and insurance 

sectors. 

The Board of Directors approved 

the creation of the “Union Payments 

Company” as a Central Bank 

subsidiary and discussed the 

company’s goals and services while 

also reviewing the most recent 

changes to the National Payment 

Systems Strategy Programme. 

They looked through the latest 

changes pertinent to the domestic 

payment plan and made the requisite 

judgments. The Board also approved 

the issuance of pertinent regulations, 

such as the updated Takaful insurance 

system, the insurance company 

governance system and standards, the 

insurance company risk management 

system and standards, and the 

insurance company internal controls, 

all of which are meant to support the 

financial and insurance industries. 

The Board authorised the 

establishment of an independent unit 

to address complaints involving the 

banking and insurance sectors and 

to create policies and procedures for 

them. It also considered the requests 

from several banks and financial 

institutions during the meeting with a 

view to maintaining financial stability. 

The Board then made the necessary 

decisions within the parameters and 

rules established by the Central Bank. 

Sheikh Mansour praised the 

CBUAE’s initiatives and strategy for 

changing the financial architecture of 


The Central Bank 

of the UAE has 

launched a new 

corporate website 

with a variety 

of interactive 

digital services 

to augment the 

development 

of digital 

transformation. 

the financial and insurance sectors, as 

well as the measures taken to ensure 

monetary and financial stability and 

integrity, at the meeting’s conclusion. 

He also urged maintaining these 

initiatives in order to realise the 

Central Bank’s goals and vision for the 

financial industry. 

Board members Younis Al Khoori, 

Sami Dhaen Al Qamzi, Ali Mohammed 

Bakheet Al Rumaithi, and Assistant 

Governor Saif Al Dhaheri were 

present, as well as Deputy Chairmen 

Abdulrahman Saleh Al Saleh and 

Jassem Mohammad Al Zaabi and 

CBUAE Governor Khaled Mohamed 

Balama. 

A pilot group of authorised financial 

organisations will take part in the 

progressive rollout of the IPP. Khaled 

Mohamed Balama, governor of the 

CBUAE, stated: “The CBUAE has set 

out to pursue ambitious measures in 

the transformation of the financial 

infrastructure and national payment 

systems in close coordination with 

the financial industry officials. We 

encourage the financial industry to 

adopt the cutting-edge features and 

pass the benefits on to the financial 

customers.” 

According to the central bank’s 

Annual Report 2021, CBUAE began 

preparing to introduce IPP as a 

component of the National Payment 

Systems Strategy (NPSS), which aims 

to make digital transactions easier 

to aid UAE’s transition to a cashless 

economy. 

CBUAE and the group of companies 

selected to implement IPP came to 

an agreement in October of last year. 

IPP’s first phase was supposed to be 

introduced by CBUAE in October of 

this year. 

The CBUAE stated in the report 

that it had “launched numerous 

fintech initiatives, including the 

mBridge Platform to improve 

processing cross-border money 

transfers, the National Payment 

System Strategy (NPSS) to modernise 

the payments infrastructure, an SME 

funding platform, and the Financial 

Services Cloud Infrastructure with the 

objective of making the UAE a centre 

of excellence in MENA financial cloud 

services.” 

“The Central Bank of the UAE has 

launched a new corporate website 

with a variety of interactive digital 

services to augment the development 

of digital transformation.” 

A new corporate website with a 

variety of interactive digital services 

has been launched, according to the 

Central Bank of the UAE (CBUAE). 

The launch of the new website in line 

with the banks’ efforts to realise its 

objective of being “among the top 

central banks globally in fostering 

monetary and financial stability,” 

according to a statement from WAM. 

Visitors will have access to a range 

of digital services, including the 

ability to arrange museum visits, buy 

commemorative coins, and use other 

interactive platforms. 

Additionally, the website will offer 

readers the most recent financial 

and monetary news, analysis, and 

statistics regarding UAE and CBUAE 

rules. According to a statement 

from WAM, “it [the website] reflects 

CBUAE’s commitment to the next 

fifty years’ development plan, which 

includes digital transformation and 

the adoption of modern financial 

technologies, and promotes its 

regulatory and supervisory role 

that will increase confidence in the 

financial services sector in the UAE. 

The most recent website has parts 

specifically created for the Museum 

of Coins and Notes, the Cyber 

Security Center of Excellence, which 

is building a safe infrastructure for 

the UAE’s financial industry, and the 

Consumer Education Center, which 

encourages financial literacy.

A Fintech Boom in Africa is Attracting 

International Investments 

Fintech 

The term “Fintech” refers to a quickly expanding sector that benefits both consumers 

and companies in various ways. Fintech has a huge array of applications, spanning from 

cryptocurrency and investment apps to mobile banking and insurance. 

Different financial technology 

products and services have 

different internal workings; 

some of the most recent 

developments use machine learning 

algorithms, blockchain, and data 

science to handle everything from 

processing credit risks to managing 

hedge funds. Regtech is a whole 

subset of regulatory technology 

created to help businesses in the 

fintech sector navigate the intricate 

web of compliance and regulatory 

requirements. 

As the fintech sector has expanded, 

so have worries about cybersecurity. 

Fintech infrastructure has become 

more vulnerable and a target for 

cybercriminals due to the enormous 

growth of fintech businesses and 

marketplaces on a global scale. 

The African 

fintech industry 

is booming, 

as fintechs 

in Africa are 

creating financial 

inclusiveness 

for undeserved 

communities. 

Fortunately, technology is constantly 

improving to reduce current fraud 

risks and neutralize emerging threats. 

Fintech and cryptocurrency and 

blockchain mingle in a variety of 

ways. To begin with, a number of 

cryptocurrency trading platforms 

have appeared in recent years 

that enable users to trade various 

cryptocurrencies and benefit 

from decentralized exchanges. 

Numerous crypto wallets have also 

emerged to protect people’s digital 

currency. Additionally, a number of 

fintech businesses use blockchain 

technology for secure digital identity 

management, money transfers, 

and payment processing. Fintech 

businesses using cryptocurrencies 

include Coin-base, Blockfi, and SALT, 

to name a few. 


Fintech 

The fintech sector in Africa is 

maturing. Fintech is booming on the 

continent in spite of the political, 

economic, and pandemic difficulties it 

is facing. The next step is as follows. 

The number of tech start-ups in 

Africa tripled between 2020 and 2021 

to reach about 5,200 businesses. 

About half of these are fintech 

companies, whose goal is to replace 

and improve conventional financial 

services. 

According to a McKinsey analysis, 

African fintechs have already 

significantly increased their market 

share, with projected 2020 revenues 

of between $4 B and $6 B and average 

penetration rates of between 3 and 

5 percent (excluding South Africa). 

These numbers were consistent with 

market leaders around the world. 

The analysis demonstrates that 

fintech players are significantly 

enhancing customer value. In 

comparison to the services offered 

by traditional players, their 

transactional solutions can be up to 

80% less expensive, while the cost of 

remittances can be up to six times less 

expensive. 

If, as expected, African fintech 

markets follow the trajectory of 

more established markets like 

Vietnam, Indonesia, and India, this 

combination of factors, along with 

an influx of funding and increasingly 

accommodating regulatory 

frameworks, could indicate that the 

continent’s fintech sector is beginning 

to experience exponential growth. 

However, there won’t be a 

consistent increase in financial 

services across all 54 of Africa’s 

nations. While the majority of market 

value (roughly 40% of revenues) 

is currently concentrated in South 

Africa, which has the continent’s 

most developed banking system, 

francophone West Africa and Ghana 

are anticipated to grow at the fastest 

rates, at 15% and 13% per year, 

respectively, until 2025. 

Nigeria and Egypt follow, each with 

an expected growth rate of 12 percent 

per annum over the same period. 

Overall, it is anticipated that the 

growth opportunity in fintech is likely 

to be concentrated in 11 key markets: 

Cameroon, Côte d’Ivoire, Egypt, 

Ghana, Kenya, Morocco, Nigeria, 

Senegal, South Africa, Tanzania, and 

Uganda, which together account for 


70 percent of Africa’s GDP and half of 

its population.” 

The African fintech industry is 

booming, as fintechs in Africa are 

creating financial inclusiveness for 

undeserved communities. From 

the number of fintech to the size of 

funding, African fintech is the newest 

investment magnet. 

Sector studies show that the African 

fintech industry has almost tripled 

in just one year (2020-2021). The 

estimated number of tech start-ups 

in Africa is now at 5,200; no surprise, 

almost half of these are fintechs. 

According to the study, as of 2020, 

African fintechs are reeling in annual 

revenues in excess of $6 B, enough to 

describe the industry as booming. The 

African fintech story only makes sense 

as the financial services sector on the 

continent has moved from reliance on 

traditional funding options like banks 

to smaller, more accessible and less 

stringent funding options. 

There is a lot of opportunity for 

financial technology firms in Africa 

to grow, but the path to sustainable 

profit remains elusive. At a maximum 

average penetration rate of 5% in 

2020 — excluding South Africa — the 

report estimated that some African 

fintechs would be generating revenue 

of about $4 B to $6 B per annum by 

2025 — in line with global market 

leaders. 

African fintech has a significant 

impact on day-to-day life on the 

continent and with its current upward 

trend it can be perfectly poised 

to rapidly advance Africa’s global 

competitiveness with an increase 

in the exporting of fintech services 

globally. 

New technologies are being 

developed and implemented in sub- 

Saharan Africa with the potential to 

change the competitive landscape 

in the financial industry. While it 

raises concerns on the emergence of 

vulnerabilities, FinTech challenges 

traditional structures and creates 

efficiency gains by opening up the 

financial services value chain. Today, 

FinTech is emerging as a technological 

enabler in the region, improving 

financial inclusion and serving as 

a catalyst for the emergence of 

innovations in other sectors, such as 

agriculture and infrastructure. 

On the western part of the 

continent, too, in places like Ghana, 

growth is at 15 percent per annum and 

will only get higher all through 2025. 

Then you have the larger economies 

coming in; Nigeria and Egypt are both 

expected to enjoy annual growth rates 

of 12 percent over the same period. 

While growth rates at these early 

stages are higher in less developed 

East African countries, economies 

with more mature financial systems 

and digital infrastructure, the likes of 

South Africa stand a greater chance 

of executing more innovation in the 

fintech industry and implementing 

security measures such as regulatory 

technology including anti-money 

laundering. 

However, in these younger East 

African markets, where financial 

systems and digital infrastructures 

are still in their infancy, fintech 

services will continue to reign in 

large amounts offering services 

ranging from underwriting, insurance, 

banking-as-service, and buy now, pay 

later services in retail and lending for 

SMEs. 

Investors eyeing an opportunity 

in Africa will do well to venture into 

the fintech industry that is creating 

financial inclusion. That said, 

regulators in Africa should also put 

more effort towards empowering 

local investment in fintech, including 

placing favourable policies for 

domestic investors entering the 

sector and fostering overall digital 


Bizzamm, for example, offers an 

electronic signature, on completion 

of a document it is anchored to the 

blockchain, providing an immediate 

unique digital fingerprint, with a 

permanent record of creation and 

making it tamperproof. Regulations 

around the safe gathering and storing 

of sensitive client information and 

how information is processed are 

becoming more robust, encompassing, 

and enforceable worldwide. Bizzamm 

assesses businesses to become 

compliant, providing absolute control 

with an all-in-one tamper-proof, 

end-to-end document management 

solution on blockchain, offering 

management, solutions, and control 

over the increasing regulatory 

demands discussed here, most 

importantly, with an emphasis on 

customer convenience.

Moove raises 

$30 M from its 

first sukuk for 

its UAE growth 

In order to fund the construction 

of the largest EV ride-hailing 

fleet in the MENA area, Moove, 

the first mobility fintech in the 

world and Uber’s largest vehicle 

supply partner in EMEA, is seeking 

$30 M via a debut sukuk issuance 

handled by Franklin Templeton 

Investments (ME) Ltd. The successful 

closing of this company’s first 

sukuk will give Moove access to 

the vast pool of Islamic investors 

who are especially keen on making 

investments that are socially and 

environmentally responsible. It 

will also undoubtedly open up 

new financing options for Moove’s 

ambitious expansion plans. In order 

to accelerate the electrification of 

mobility and improve the ride-hailing 

passenger experience in the region, 

Moove will use the funding to scale 

to 2,000 EVs in the UAE over the next 

year. 

Jordan becomes 

a new market 

for UAE-based 

fintech Ziina 

Ziina, a start-up with offices 

in the UAE with YC backing, 

is travelling to Jordan 

with the goal of bringing 

financial freedom to everyone in the 

Middle East. The fintech company’s 

entry into Jordan is the most recent 

development after the debut of their 

digital wallet in February 2022 and 

their own payment platform, the 

Ziiboard, just this month. The debut 

of Ziina as a worldwide brand serves 

as a sort of homecoming for its cofounders 

Faisal and Sarah Toukan. 

Before continuing their academic 

education in the US, both of the 

founders were Amman natives. Their 

ambition to improve and strengthen 

their native country by enhancing 

access to financial services led them 

to choose Jordan before any other 

Middle Eastern nation. 

Fintech News 

Emirates NBD 

opens a cuttingedge 

branch in 

Jeddah 

With the inauguration of 

its brand-new Jeddah 

Tahliah branch, Emirates 

NBD, the largest banking 

organisation in the MENAT (Middle 

East, North Africa, and Turkey) 

region, has taken another significant 

step toward expanding access to topnotch 

banking services for individuals 

and communities throughout the 

Kingdom of Saudi Arabia. Importantly, 

it expands on Emirates NBD’s 

ongoing initiatives to provide Saudis 

and locals with a superior quality 

and cutting-edge range of financial 

services assistance. The location 

provides customers with access to 

the bank’s cutting-edge solutions 

and products, including salaried 

community members and company 

owners. The company’s specialised 

Priority Banking, Private Banking, 

Business Banking, and Corporate 

Banking teams will offer customers 

specialised, superior services that 

meet their demands. 

FAB Global Transaction Banking partners with Swiss 

Fintech Komgo 

First Abu Dhabi Bank (FAB), the largest bank in the 

UAE and one of the biggest and safest financial 

institutions in the world, has joined Komgo, a 

fintech that offers digital network, trade, and 

working capital workflow solutions for businesses and 

financial institutions. Komgo is the first bank in the Middle 

East to do so. The primary clients of FAB can initiate 

trade financing transactions across numerous worldwide 

locations and can also get competitive pricing through the 

Komgo Network. Additionally, Komgo’s Market solution 

for FIs, which will improve FAB’s trade secondary risk 

distribution capabilities, is being developed with FAB as a 

key player. 


www.thefinanceworld.com 19

Fintech News 

IFC opens a 

new platform 

for venture 

capital 

investments in 

tech startups 

Anew US$225 M venture 

capital platform has 

been established by the 

International Finance 

Corporation (IFC) to invest in earlystage 

businesses in Pakistan, the 

Middle East, Africa, and Central Asia. 

The IFC estimates that fewer than 2% 

of the US$643 B in worldwide venture 

capital funding was allocated to these 

regions in 2021. Additionally, digital 

ecosystems outside of the region’s 

more developed economies, including 

Egypt, Kenya, Nigeria, Pakistan, 

Senegal, and South Africa, are either 

developing slowly or do not exist. 

Through the new platform, the IFC 

will fund digital firms with equity 

or investments that resemble equity 

in order to help them develop into 

scalable businesses that can draw in 

conventional equity and debt finance. 


Wio Bank and the IFZA Free Zone 

collaborate to offer digital banking 

services 

The first platform bank in the area, Wio Bank, and IFZA Dubai, an international 

free zone in the United Arab Emirates, have partnered to give IFZA Free Zone 

businesses easy access to digital banking services and financial solutions. 

Through this collaboration, businesses located in the IFZA Free Zone will be 

able to easily and quickly open a business account using Wio Business, Wio Bank’s first 

mobile banking application. The agreement was signed by Martin G. Pedersen, Chairman 

of IFZA Dubai. In a recent IFZA poll, 50% of respondents listed obtaining a bank account 

as one of the major obstacles to starting a business because of drawn-out application 

procedures, difficulty complying with regulations, or a lack of knowledge. 

UAE’s Rapidly Growing Crypto 

Ecosystem has more than 1400 

Stakeholders 

The Crypto Oasis Ecosystem 

Report 2022, a yearly report 

by the industry trade group 

created in collaboration 

with Roland Berger, offered 

insights into the current state of 

the cryptocurrency and blockchain 

industry in the United Arab Emirates. 

It explored the sector’s dynamism 

and took a close look at some of 

the most significant blockchain 

initiatives and organisations. The 

report claims that the UAE is 

home to a thriving blockchain and 

cryptocurrency ecosystem that 

includes top exchanges like Binance, 

Kraken, and Crypto.com, as well as 

Web 3.0 businesses, startups focused 

on decentralised finance (DeFi), 

and experts in non-fungible tokens 

(NTF). These global protocols include 

Bitcoin, Ethereum, and Cardano. 

UAE Consumers share Interest in 

Embedded Finance 

According to a new survey 

released recently in 2022 and 

commissioned by provider 

of digital finance solutions 

Additiv, embedded finance is a booming 

trend that is spreading across the globe. 

This phenomenon is only anticipated to 

grow in the future as consumer demand 

for financial services to be delivered at 

their point of need in an easy and quick 

manner continues to rise. The study 

found that consumers are not very loyal 

to traditional financial services providers 

and are willing to switch to non-financial 

service providers if more cutting-edge 

services are offered. It surveyed 3,512 

consumers from the United Arab 

Emirates (UAE), the UK, Germany, 

Sweden, Indonesia, and the Philippines.

Transworld Group invests in SAM Corporate 

The strategic investment 

aims to create synergies 

for SAM Corporate to offer 

specialised and complex 

FinTech implementation services as 

well as to introduce new FinTech 

products and services to the market 

by combining the deep domain tech 

expertise of SAM Corporate with 

the long and successful business 

experience of Transworld Group. 

Ramesh Ramakrishnan is one of the 

top businessmen in India who started 

from nothing and built the Transworld 

Group empire, which R. Sivaswamy 

founded in 1977. Using the UAE as its 

headquarters, the conglomerate has 

since expanded to include the USA, 

KSA, Oman, Qatar, Kuwait, Pakistan, 

and Sri Lanka. 

Fintactics attends the World Fintech Show in Saudi 

Arabia 

Fintactics debuted its new 

businesses Holoul and 

Leza’am at the World 

Fintech Show, along with 

cooperation agreements with Aion 

Digital and Bitfy Holdings. According 

to a press release, the event, which 

got under way on December 5 in 

Riyadh, also saw the founding of 

Fintactics Studio, which will help 

determine the direction of fintech in 

the Kingdom. In keeping with Saudi 

citizens’ Vision 2030, Fintactics has 

introduced Holoul, a digital mortgage 

platform that supports and facilitates 

homeownership. Saudi Arabia’s 

mortgage sector is developing quickly, 

and the outcomes are seen favourably. 

Along with Haitham Al Sahafy, CEO 

of Fintactics, Basil Al Shamlan, 

founder and CEO of Holul Venture, 

participated in the signing. 



Business 

Saudi Arabia’s Construction Sector 

Remains the Strongest Across MENA 

With 33 percent of the 

world’s proven petroleum 

reserves, Saudi Arabia 

has the largest market 

economy in the Middle East and North 

Africa and is the largest exporter of oil 

globally. There are approximately 33.4 

million people living there, and 39% of 

them are under 25. 

Private and public sector 

businesses in Saudi Arabia have 

been focusing on reforms as part of 

the country’s large-scale economic 

overhaul, which is furthering Vision 

2030. To innovate and diversify the 

Kingdom’s landscape, the government 

of Saudi Arabia is planning extensive 

reforms in the economy, education, 

and related fields. 

The National Transformation 

Project (NTP), a plan of action to 

raise three significant and important 

national pillars—economic 

enablers, citizen living standards, 

and government operational 

excellence—has been developed 

by the government to achieve these 

objectives. 

For four years running, the kingdom 

has maintained its dominance as 

the MENA region’s strongest market 

with the highest overall value of 

project awards. Saudi Arabia has a 35 

percent market share as of October 

2022, according to MEED Projects, 

with contract awards totalling $31 B, 

compared to a total MENA value of 

$87 B. 

Crown Prince Mohammed bin 

Salman has begun work on a $500 B 

megacity project called NEOM that 

will reach into Egypt and Jordan. 

The New Administrative Capital, a 

new city with enormous structures 

and hotels, is being built by Egypt’s 

Abdel Fatah Al-Sisi. However, a study 

by the Dubai-based MENA Research 

Partners found that the construction 

sector in the GCC alone experienced 

a 30 percent growth in 2017, bringing 

the sector’s current projects to a 

staggering $2.6tn. 

Due to reduced government 

spending brought on by low crude 

oil prices and the cancellation of 

numerous large-scale construction 

projects, the market for construction 

equipment in Saudi Arabia has 

experienced a decline over the 

past few years. However, the 

rising government infrastructure 

spending underpinned by initiatives 

such as Saudi Vision 2030 and 

National Transformation Program 

coupled with rising FDI, and private 

sector investment would drive the 

construction equipment market in the 

Kingdom. The spread of the COVID-19 

pandemic has resulted in a slowdown 

of the overall economy leading to a 

temporary halt in many construction 

projects across the region, thereby 

impacting the construction equipment 

market in Saudi Arabia, which was 

expected to regain momentum in the 

year 2021. 

Reports projected Saudi Arabia 

Construction Equipment Market 

size to grow at a CAGR of 4.2% in 

terms of revenues during 2021-2027. 

Growing economic growth coupled 

with increasing investment in the 

development of the construction 

sector is accelerating the Saudi Arabia 


Construction Equipment Market 

Growth. The rising shift toward smart 

cities along with the partnership 

of private firms with government 

authorities is driving the development 

of the industry. 

The majority of Saudi Arabia’s 

megaprojects will develop into 

significant tourist destinations, which 

will have additional multiplier effects 

on spending in the construction 

sector on amenities, lodging, and 

other infrastructure. The large-scale 

projects will therefore boost the 

tourism, construction, and real estate 

industries, among others, and are 

in line with the kingdom’s goal of 

revenue diversification. 

The challenge for the construction 

outlook in the kingdom is the 

availability of construction workers, 

especially skilled personnel, and 

rising construction material prices. 

Both factors are likely to be mitigated 

by further inflows of construction 

workers, predominantly from 

countries in south Asia and east 

Africa, and by the current fall in 

construction material costs following 

a commodity price peak in the 

aftermath of the war in Ukraine. 

The sheer demand could still lead 

to shortages for both materials and 

workers in the kingdom in the near 

term. 

Saudi Arabia’s 2030 vision is set to 

mark one of the most radical changes 

in the nation’s history as it represents 

a major transformation of the 

economy, built environment, appeal 

to tourists and more. On 29th October 

2021, Saudi Arabia announced the 

capital city of Riyadh’s intention to bid 

for hosting the World Expo 2030 to the 

Bureau International des Expositions 

(BIE), World Expo organising body. 

Furthermore, a new airport for Riyadh 

for a cost of USD 147 B has already 

been planned by the government. 

In addition, the construction of 

eight new cities totaling 1.3 million 

new homes, 100,000 hotel rooms, and 

three million square meters of topnotch 

office space has been budgeted 

at $575 B along the western coast of 

the country facing the Red Sea. 

On the other hand, government 

spending on construction activities is 

expected to support market growth 

in the UAE. Several government 

initiatives such as the Energy Strategy 

2050, the Sheikh Zayed Housing 

Program, and the Dubai Tourism 

Saudi Arabia’s 2030 vision is set to 

mark one of the most radical changes 

in the nation’s history as it represents 

a major transformation of the economy, 

built environment, appeal to tourists and 

more. 

Strategy are expected to support the 

growth of the construction sector in 

the UAE over the next four to eight 

quarters. Moreover, the government 

is also focusing on the development 

of smart cities, digitisation of up 

to 1,000 government services, and 

installation of 2,000 Wi-Fi hotspots in 

the country. The liberal trade policies 

of the government are also attracting 

foreign investors, thereby propelling 

the growth of the construction market 

in the country. 

The growth in the UAE’s residential 

construction sector has been assisted 

by the high national vaccination rate, 

improving mobility trends, company 

ownership rules, and government 

reforms. All of these, paired with 

more flexible residency visas, have 

also supported the sector growth in 

the country. The latest reports expect 

the trend to continue from the short 

to medium-term perspective, which 

will subsequently assist the overall 

growth of the construction industry in 

the UAE. 

All in all, the regional construction 

industry has over the last decade 

made meaningful strides in ensuring 

the adoption of sustainable 

processes, in addition to delivering 

environmentally-friendly projects. 

As part of the participation in this 

year’s international building and 

construction show in the UAE - 

The Big 5 - the regional leader in 

construction chemicals Al Muqarram 

Industry (Dolphin Products) 

showcased how the regional 

construction sector’s commitment to 

sustainability is delivering sustainable 

yet functional projects. 

Residential construction accounted 

for 33.1% of the industry’s total value 

in 2018 and was the largest market 

in the UAE during the review period. 

Residential construction will continue 

to dominate the market during the 

forecast period, accounting for 33.1% 

of the total industry value in 2023. 

Furthermore, government initiatives 

to balance housing demand and 

supply by building new homes are 

anticipated to support this market 

output. 

The second-largest market in the 

UAE’s construction sector during the 

review period, accounting for 26.7% 

of the sector’s total value in 2018, 

was energy and utilities construction. 

The energy and utilities construction 

market is anticipated to exhibit a 

similar trend over the course of the 

forecast period, accounting for 26.3% 

of the industry’s total value in 2023. 

The government’s plan to spend 

AED600.0 B ($163.0 B) to develop 

renewable energy projects in the 

nation by 2050 would also support this 

industry. 

Major international players are 

present in the fiercely competitive 

Saudi Arabian construction market. 

During the anticipated time frame, 

it offers growth prospects, which 

is anticipated to increase market 

competition. The Saudi Arabian 

construction market exhibits a 

discernible degree of consolidation, 

with a small number of players 

controlling a sizeable portion of the 

market. JGC Corp., SNC-Lavalin, 

Fluor Corp., Van Oord Dredging & 

Marine Contractors BV, and VINCI are 

a few of the major players. 



Business News 

Founder of Emaar: Dubai real 

estate is “still a great deal” 

The founder of Emaar, Mohammed Alabbar, said that there was still “great 

potential” for development in Dubai real estate prices and that these 

values should be compared to those in other significant cities across the 

world. According to an analysis by Knight Frank, prices were predicted to 

increase by an average of 2% across the cities surveyed in 2023. After the emirate, 

the cities of Miami and Los Angeles are in second and third place. The predicted 

rate has, however, decreased over the last six months as recessionary fears have 

grown. In the US, fixed mortgage rates have surpassed 7 percent, and Los Angeles 

was recently considering imposing a mansion tax on properties worth more than 

$5 M. 

Abu Dhabi’s private food and 

beverage industry is rapidly 

growing 

Abdulla Mohamed Al 

Mazrui, the chairman of 

the Abu Dhabi Chamber of 

Commerce and Industry 

(ADCCI), asserts that throughout the 

preceding few years, Abu Dhabi’s 

food and beverage (F&B) and 

hospitality industries have already 

seen substantial growth. According 

to a press statement issued, this 

growth was supported by the tourism 

sector’s good performance as well 

as the emirate’s real estate stock’s 

quick expansion. “The first Abu 

Dhabi International Food Exhibition 

(ADIFE) plays a significant role 

The value of UAE exports to 

reach $272.26 B in 2022 

The UAE’s foreign trade is 

expected to increase by 

almost 16% by the end of this 

year, from Dh1.9 T last year 

to Dh2.2 T this year. His Highness the 

Vice-President and Prime Minister of 

the UAE and Ruler of Dubai, Sheikh 

Mohammed bin Rashid Al Maktoum, 

posted on Twitter that the UAE’s 

commerce increased by 19 percent 

in the first nine months of 2022. The 

World Trade Organization’s most 

in promoting the development of 

the F&B sector in Abu Dhabi and 

enhancing its competitiveness,” 

said Al Mazrui. From December 6 

to December 8, 2022, the Abu Dhabi 

National Exhibition Centre hosted 

the inaugural Abu Dhabi International 

Food Exhibition (ADNEC). Numerous 

influential companies with a focus on 

the food, beverage, and hospitality 

sectors were represented at the 

event, together with many specialists, 

professionals, and decision-makers in 

this essential field. 

recent prediction indicates that trade 

growth would likely decline in 2022’s 

final months and into 2023. “We are 

optimistic that the UAE economy 

will grow stronger and faster, God 

willing. May God protect the UAE 

and its people,” said the UAE’s Vice- 

President. After the epidemic, the 

economy of the UAE has strongly 

recovered, with all the major indices 

pointing higher. 


ADNOC and Petronas sign a 

historic concession contract 

His Highness President 

Sheikh Mohamed bin 

Zayed Al Nahyan and 

His Majesty Seri Paduka 

Baginda the Yang di-Pertuan Agong 

Al-Sultan Abdullah Ri’ayatuddin 

AlMustafa Billah Shah Ibni Almarhum 

Sultan Haji Ahmad Shah Al-Musta’in 

Billah were present when the 

Abu Dhabi National Oil Company 

(ADNOC) and PETRONAS signed a 

historic concession agreement. The 

unprecedented grant from Malaysia’s 

national oil and gas corporation 

has enabled the opening of the first 

unconventional oil concession in 

the Middle East. This strengthens 

the close bilateral ties between the 

UAE and Malaysia and is the first 

time a Malaysian company would 

invest in and conduct hydrocarbon 

exploration in Abu Dhabi, in addition 

to demonstrating the belief in Abu 

Dhabi’s significant unconventional 

recoverable oil resources. 

Saudi ACWA Power signs 

deals with 9 Chinese firms on 

renewable energy 

In order to lay the groundwork 

for the financing, investment, 

and development of the utility 

provider’s international clean 

and renewable energy projects in 

Saudi Arabia and in nations taking 

part in the Belt and Road Initiative, 

nine Chinese organisations have 

signed agreements with Saudi Arabian 

ACWA Power. The agreements 

were made at the first China-Arab 

Summit, which also happened to be 

the same time that Chinese President 

Xi Jinping visited the kingdom. 

Other agreements between Saudi 

Arabia and China have been made 

in a variety of fields, including green 

energy, information technology, cloud 

services, transportation, and logistics. 

Although no figures were given, Saudi 

official media said that agreements 

worth a combined $30 B were 

anticipated to be completed. 

Saudi Arabia: 

$27 B budget 

surplus 

and $328 B 

forecasted in 

revenue 

Saudi Arabia expects revenues 

of $328 B (SR1.234 T) next 

year and has a budget surplus 

of $27.13 B (SR102 B) this 

year. According to Al Arabiya TV, 

the budget surplus is greater than 

anticipated. Due to a better-thanexpected 

economic performance, 

it was marked up by SR12 B ($3.2 

B). Saudi Arabia’s GDP is expected 

to increase by 8.5%. In a pre-budget 

statement released in September, 

the Kingdom projected growth to 

be in the neighbourhood of 8%, up 

from its prediction of 7.5% growth 

at the same time last year. The GDP 

estimate for the coming year is a more 

reasonable 3.1 percent. The rate of 

inflation for 2022 was 2.6 percent, 

and it is predicted that in the coming 

year it would drop to 2.1 percent. The 

Kingdom has created a budget for 

2023 and projects spending of SR1.32 

T ($352 B) and revenue of SR1.234 

T ($328 B). 2.6% of GDP would be in 

surplus as a result. 

UAE’s Etisalat signs a contract with Bespin Global 

of South Korea 

The UAE telecom company 

Etisalat (e&) and South 

Korean multi-cloud solution 

provider Bespin Global have 

signed a binding contract to establish 

a joint venture (JV) with an initial 

capital of $10 M. According to a report 

made by the telecom business to 

the Abu Dhabi Securities Exchange 

(ADX), Bespin Global would control 

35% of the JV, which would be known 

as Bespin Global MEA, while e& 

enterprise would own 65% of it. The 

capital contributions would be made 

proportionately. By making a primary 

investment of $60 M in Bespin Global 

in exchange for a stake of around 

10%, the UAE telecom company can 

possibly open up new opportunities 

for collaboration with current Bespin 

Global owners. 



Cover Story 

Agile policy making 

increases investor 

confidence, which 

was already strong 

and, as a result, 

investment in Dubai 

Healthcare City, 

and the industry in 

general, will continue 

growing. 

Allae Almanini 

Chief Financial Officer 

Dubai Healthcare City Authority 

26 26 www.thefinanceworld.com 

January 2023

Allae Almanini, Chief Financial 

Officer of Dubai Healthcare City 

Authority 

Allae Almanini is the Chief Financial Officer of Dubai Healthcare City Authority, 

Government of Dubai, where he leads, implements and evaluates fully-integrated 

Investment and finance strategies. Almanini is experienced in Business Optimization & 

Efficiency Improvement, Preparation of Consolidated Accounts, Stakeholder & Board 

Level Management, Process Improvements & Digital Transformation, and many more. 

Exclusive to the Finance World Magazine 

Please brief us on your 

journey heading the group 

operations and investment 

activities in Dubai 

Healthcare City Authority. 

It has been one of the most 

interesting journeys in my career. 

I joined Dubai Healthcare City 

Authority back in March 2020, right at 

the start of the COVID-19 pandemic, 

which triggered many challenges 

both personally and professionally 

for the entire world. For those of us 

working in the healthcare sector, 

those challenges were multiplied as 

we strived to stay at the forefront of 

navigating through the pandemic and 

mapping out a recovery. 

Despite those challenges, we were 

still able to amplify our efforts as an 

enabler, attracting and retaining bestin-class 

regional and international 

healthcare businesses into the Dubai 

Healthcare City community while 

maintaining our focus of giving 

patients access to quality healthcare 

in a safe environment. 

While challenging, it was also 

exciting working with the senior 

management team to understand 

the needs of our business partners. 

This has enabled us to provide them 

with the best business environment 

in which to thrive and achieve their 

goals. 

Looking back, the way we adapted, 

with great agility and efficiency, to be 

able to offer relief packages to our 

community gives me great pride, and 

it is one of the highlights of my career. 

Managing change and business 

transformation have been at the core 

of my time with Dubai Healthcare City 

Authority. Joining the organization 

at such a challenging period has 

taught me many things, learnings 

and knowledge I can put to great use 

as we look ahead with big plans for 

DHCA in line with Dubai’s vision and 

health strategy. 

Q. In a post-pandemic world, what 

is your take on investing in the 

healthcare sector in Dubai? 

We are fortunate that Dubai’s 

visionary leadership has always 

acknowledged a high-quality & 

efficient healthcare system, that 

could be a key driver for economic 

development. Dubai, and the UAE, 

were at the forefront of the global 

post-pandemic recovery, in large 

part thanks to that desire from the 

leadership for a quality healthcare 

sector, along with agile policy making 

across all sectors. 

Agile policy making increases 

investor confidence, which was 

already strong and, as a result, 

investment in Dubai Healthcare 

City, and the industry in general, 

will continue growing. Within Dubai 

Healthcare City Authority, we mirror 

that agility with numerous investment 

options and seamless, efficient set-up 

for partners, allowing them to focus 

on their objectives. 

Since I joined the organization 

almost three years ago, we have 

been working in line with the Dubai 

Health Strategy 2021. One of the six 

objectives of the strategy is “creating 

an effective ecological system for 

the healthcare sector in Dubai in 

collaboration with the private and 

public sectors, which will enhance the 

investment opportunities in sector in 

Dubai.” 

Working to encourage and foster 

public-private partnerships has been 

a key strategic focus for us in the 

expansion of Dubai Healthcare City 

Phase 2. We have signed a number 

of agreements over the past few 

years, and quite a few in the past 12 

months alone, with leading healthcare 

providers to set up operations within 

our freezone. Dubai Healthcare City 

Phase 2 has become a blueprint for 

how public-private partnerships can 

drive growth. 

In November 2022, the UAE 

launched ‘We the UAE 2031,’ a 10-year 

plan to see the UAE ranked as one of 

the top 10 countries globally in the 



Cover Story 

quality of healthcare. The drive to 

achieve this will be through continued 

development of the industry including 

updating its services and providing 

the best healthcare to the community 

in the UAE. We have a pivotal role 

to play helping reach this goal by 

continuing to attract best-in-class 

healthcare providers to Dubai, 

fostering public-private partnerships 

and enabling quality care. 

Another positive for business 

partner investment is Dubai’s 

growth in medical tourism. In 

2021, the emirate rose to become 

one of the top 10 medical tourism 

destinations in the world, according 

to the Medical Tourism Index. With 

more people seeking out Dubai as 

a healthcare destination, there are 

more opportunities for healthcare 

businesses to engage new and varied 

audiences. At Dubai Healthcare City 

Authority, we are here to enable that 

connection. 

Q. What is your advice to 

efficiently maintain the company’s 

financial records? 

Maintaining the company’s financial 

records is a must, irrespective of 

the company size. Keeping financial 

records is a regulatory requirement, 

but even if it were not, maintaining 

financial records is key to ensure 

business continuity and growth. 

Possessing the ability to shift and 

adapt to economic changes is 

important for a sustainable business. 

Furthermore, a major role of a finance 

department is how fast those financial 

records can be made available and 

in what format they are required to 

enable decision makers to navigate 

the company in the right direction. 

Q. Do you believe investors in the 

healthcare sector should worry 

about the corporate tax law? 

On the contrary, the new corporate 

tax law will further enhance the UAE’s 

development and transformation. 

The new corporate tax law based on 

international standards, together with 

the double taxation treaties the UAE 

has with 137 countries, will further 

cement the country’s position as 

leading destination for Investment. 

Additionally, investors in healthcare 

may also benefit further from the 

0% corporate tax rate applicable 

under the new law to a qualifying 

income of free zone-registered entity 

by setting up and operating within 

Dubai Healthcare City freezone. 

In my opinion, the introduction of 

corporate tax in UAE strengthens 

and further diversifies government 

finances, which could increase capital 

spending, especially in infrastructure. 

This will further enhance domestic 

and foreign investments. 

Q. Do you envision a significant 

change in the healthcare sector in 

2023? 

Healthcare is one of the world’s 

most rapidly evolving sectors and 

has been further accelerated by 

the need for post-pandemic 

recovery. Increased demand 

for quality healthcare 

creates opportunities for 

established operators, 

investors and startups. 

One key area of 

development is Artificial 

intelligence (AI), 

which will increase its 

applications in healthcare 

sector and will continue 

to be adopted throughout 

2023, considering the 

importance of big data 

analytics in healthcare. AI will 

also play a role beyond medical 

equipment applications, 

including in analysis 

of medical imagery, 

which involves using 

computer algorithms 

to detect early signs 

of disease in x-rays 

or MRI scans. It will 

be used further in 

analyzing patient 

data, processing 

insurance claims 

and management of 

medical records. 

The best 

investment 

opportunities for 

AI in healthcare 

over the next few 

years are the 

hybrid models, 

where physicians 

are supported 

in diagnosis, 

treatment planning, and identifying 

risk factors, helping to enhance 

operational efficiency. 

Q. How will digital transformation 

impact the CFO’s responsibilities, 

and what challenges do you think 

are ahead? 

With their role sitting at the center 

of the strategic-planning, CFOs 

are well positioned to become key 

adopters of digital transformation. 

The combination of the strategicplanning 

process and the financial 

disciplines become a main enabler of 

how to drive digital transformation 

with CFOs required to incorporate 

digital analytics thinking into the 

corporate strategy. Additionally, 

one of a CFO’s primary 

responsibilities is to ensure 

appropriate financial 

disciplines and resource 

allocation, which is 

also one of the biggest 

challenges for digital 


Some organizations 

tend to overinvest in 

reinventing the core and 

underinvest in inventing 


The new corporate tax law will further 

enhance the UAE’s development and 

transformation and further cement 

the country’s position as leading 

destination for Investment. 

new business models. Hence, CFOs 

and their associated C-Suit teams 

need to get a sense of where the value 

is in digital-analytics transformation 

and be thoughtful about resource 

allocation. The second challenge that 

organizational digital transformation 

could face is the need to have 

technology savvy senior leaders. 

Q. How does Dubai Healthcare 

City Authority assist startups and 

SMEs in the healthcare industry? 

We believe startups and SMEs 

have an essential role to play in the 

development of economy, so we 

created a tailor-made and innovative 

business offering to enable startups 

and SMEs as well as individual 

doctors. DHCX is an accelerator 

center offering startups and SMEs an 

opportunity to get direct access to a 

network of health-focused businesses. 

The co-working space creates an 

environment for collaboration, an 

opportunity to gain insight and expert 

advice from established operators 

within the DHCC ecosystem and share 

knowledge on new trends and ways of 

working. 

From a financial and regulatory 

perspective, DHCX not only provides 

start-ups and SMEs with the best 

advice from the dedicated team at 

DHCA it also gives them access to 

sector leaders who know what it takes 

to grow and succeed in this rapidly 

changing sector. 

DHCX adds further support to 

startups and SMEs and to help drive 

homegrown healthcare businesses, 

SMEs owned by UAE nationals can 

also benefit from reduced commercial 

license fees and 20% discount on rent 

in Dubai Healthcare City in addition to 

priority in procurement. 

We have also developed C37, 

a first-of-its-kind private medical 

workspace in the UAE, designed for 

overseas and UAE-based doctors 

seeking to establish an independent 

practice without taking on the initial 

investment risk. This means the 

doctors can pass on the regulatory 

and set-up burden to the team at 

C37 allowing them to put their full 

focus on what truly matters to them – 

providing patients with quality care. 

Financing business set-up can be a 

stressful time and it certainly isn’t for 

everyone. C37 takes that stress away 

from the healthcare providers and 

hopefully the doctors who set up in 

C37 will share their experiences with 

their networks, incentivizing peers to 

join them. 

Q. What advice can you give to 

healthcare startups? 

First, we need to remember 

and acknowledge that healthcare 

is a heavily regulated sector. 

Understanding the requirements, 

communicating with the relevant 

government institutions and time 

taken for approvals can be difficult 

and have an opportunity cost. My 

advice to overcome this is to find 

the right people who can provide the 

required expertise, particularly in 

navigating the regulatory landscape. 

Second, when it comes to funding 

required for growth, typically startups 

struggle in their second round. My 

advice is to consider having an 

advisory board which can provide the 

required investor trust and help the 

founders get connected with the right 

people through their networks. 

Third, is about building strategic 

partnerships. Startups in many cases 

fail because they try to do it alone. A 

partnership with a reputed healthcare 

company can boost reputation and 

increase credibility when networking. 

The larger healthcare company can 

invest in the startup and share its 

supply chain, technology and industry 

expertise. 

Q. Will hospitals, in your opinion, 

accept cryptocurrency payments 

in the near future? 

Yes, we already know that many 

hospitals in USA are now accepting 

digital coins as payment options. In 

the UAE, there are schools, law firms, 

hotels and cafes that have already 

started accepting cryptocurrency and 

digital coins. Al Jalila Foundation, 

a nonprofit healthcare organization 

dedicated to transforming lives 

through medical innovation, and 

a member of the Mohammed Bin 

Rashid Al Maktoum Global Initiatives, 



DHCX is an accelerator center offering 

startups and SMEs an opportunity 

to get direct access to a network of 

health-focused businesses. 

recently announced that it has been 

granted approval to receive charitable 

donations in cryptocurrencies, making 

it the first healthcare charity in the 

UAE to accept donations in digital 

money. It is clear hospitals in UAE, 

among other businesses, will indeed 

start accepting cryptocurrency 

payment in the future. 

Q. What is one mistake that you 

believe CFOs should avoid in 

business strategy and planning? 

Ignoring a customer’s needs; 

any business strategy and planning 

should start with understanding 

your target audience, and what their 

needs are, then build your strategy 

and relate your value proposition 

to provide innovative solutions 

addressing simultaneously your 

competitors and market trends. 

Follow that with a business plan and 

a monitoring mechanism to ensure 

on-time implementation and to avoid 

losing relevancy. We must start with 

customer experience and work 

backwards to the business strategy. A 

good way to discover those needs will 

be by conducting market research, 

customer surveys or by welcoming 

feedback. This approach allows 

companies to quantify the potential 

value of a proposed offering, making it 

possible to anticipate which strategic 

plan will succeed in the market in 

advance of the implementation stage. 

Q. Can you tell us about a 

challenge you overcame to be 

where you are right now? 

After 24 years of extensive 

experience in the private sector with a 

main focus in family business groups 

around the GCC, my role with Dubai 

Healthcare City Authority is my first 

position in a government entity, a 

whole new career experience for 

me. Adding to the fact I joined at the 

beginning of the lockdown and I had 

to interact with all my colleagues, 

who I had never met before, through a 

14-inch screen, I needed to learn and 

adapt fast to be able to achieve our 

business goals. Working in a highly 

regulated entity and understanding all 

applicable laws and regulations both 

from local and federal governments 

and operating within such governance 

framework was an enriching 

experience, and I cannot thank our 

leadership enough for giving me the 

opportunity to apply my skills, learn 

and be part of the organizational 

success we have achieved as a team. 

Q. You have recently completed 

your masters in international 

business law (LLM) and 

graduated from Paris 2 

Panthéon-Assas University, 

what motivated you to go back 

to study? 

As H.H. Sheikh Mohammed bin 

Rashid Al Maktoum said: “A true 

leader does not derive power from 

his position, but from his ethics, from 

people’s love for him, and from his 

knowledge, education and excellence 

in his field of work.” I have always 

been eager to learn new things, I 

graduated back in 1996, and ever since 

been constantly going back to study, 

gaining my international diploma in 

2001, then my MBA from University 

of Wales in 2012, and recently went 

into master’s in international business 

law programme driven by the need 

to understand global governance 

framework in today’s economic 

globalization. I would like to express 

my gratitude to The University 

Leadership Council (ULC) chaired 

by HH Sheikh Nahayan Mabarak 

Al Nahayan for the distinguished 

opportunity extended to me to study 

at Paris 2 Panthéon-Assas University. 

Q. Do you have any words for 

the readers of The Finance 

World Magazine? 

In today’s dynamic and fast-paced 

economy, your ability to change, adapt 

and transform your business model to 

stay relevant will determine how you 

sustain and grow a business. It is no 

longer about doing it as per the book, 

we need all to think ahead, anticipate 

and be prepared. There are no better 

words to reflect this idea than H.H. 

Sheikh Mohammed bin Rashid Al 

Maktoum, Ruler of Dubai, who said: 

“The future belongs to those who can 

imagine it, design it, and execute it. It 

isn’t something you await, but rather 

create.” 

30 30 www.thefinanceworld.com 

January 2023

Emirates restarts services to its pre-pandemic 

network locations 

Travel News 

Emirates announced that 

95% of its pre-pandemic 

network destinations had 

flights resumed. The largest 

international airline in the world has 

been expanding operations since the 

epidemic to keep up with demand for 

growth in the travel industry. In order 

to improve connectivity between the 

two gateways and provide passengers 

more options, the airline announced 

a fourth route between Bangkok 

and Dubai beginning on January 1, 

2023. Given the rapid recovery of 

Thailand’s travel and tourist industry, 

the increased frequency will help meet 

the growing demand for international 

travel to and from Bangkok. The 

Airbus A380, the airline’s flagship 

aircraft, will fly the additional 

Emirates service. 

Travel businesses in UAE now provide choices for 

visa renewal with vacation packages 

Due to a recent change in the 

UAE’s visit visa renewal 

rules, travellers must 

now leave the country 

before submitting an application for 

a renewal or extension. Agencies 

have begun providing packages for 

travellers to travel and renew their 

visa at the same time as the holiday 

season gets underway. Packages 

with nations that grant many 

nationalities e-visas and visas-onarrival 

are available through travel 

agents. It costs between AED1,800 

and AED2,000 to travel to places 

like Armenia, Kazakhstan, Sri Lanka, 

Maldives, Bhutan, and Thailand 

without renewing your UAE visa. 

The cost might rise to AED3,000 with 

an extension of the UAE visa. The 

package includes airfare, lodging, 

sightseeing and excursion trips, 

activities, an inbound country visa, 

and more. 


Start-up 

The Cost of Starting a Business in Dubai 

Entrepreneurs and investors 

from all over the world 

frequently travel to Dubai 

because as the economic 

centre of the Middle East, the city 

can boast of first-rate international 

connectivity and entrepreneurfriendly 

business policies. Due to its 

favourable demographics, launching 

a business in Dubai is therefore 

quite beneficial. However, knowing 

the initial fees for a firm is a crucial 

consideration when it comes to 

company creation in Dubai, for 

undesirable overheads may result 

from lack of information. 

Which free zone you want to 

operate in must be chosen before you 

begin your organisation. The many 

legal forms your firm will take and 

how much cash you’ll need to start 

a business in Dubai depends on the 

location you select. 

Launching a new company 

in Dubai is rewarding, but fast 

acclimatisation to a new environment 

and understanding of the global 

market are challenging task. Different 

laws and ordinances apply in Dubai 

Mainland and Dubai Freezone, which 

has an impact on how much it costs to 

start a business there. By separating 

the anticipated expenses before and 

after your company is founded, let’s 

take a closer look at how much it 


will cost to start up and operate your 

business in Dubai. 

During the initial phases of 

registering your business, you must 

pay a one-time charge to the free 

zone authority. The exact fee will 

depend on the company’s legal 

structure. Writing a corporation in 

a Dubai-free zone does not come at 

an exceptionally high or low cost; it 

normally costs between AED 9,000 

and AED 10,000. 

In order to operate in one of Dubai’s 

free zones, choosing a business 

licence is the most important step. 

Trading, services, and manufacturing 

are the three types of company 

licences that are most frequently 

obtained. Unlike fees for registering a 

corporation, licence fees are ongoing 

expenses that can cost between AED 

10,000 and AED 50,000 annually. 

Depending on the business 

activities and permits, each free 

zone has a different minimum share 

capital requirement that can range 

anywhere between AED 1,000 and 

AED 1,000,000. For Dubai free zones, 

the standard share capital minimum is 

AED 50,000. 

A company licence in Dubai must 

be obtained before renting an office 

space. For your business’s needs, each 

free zone in Dubai offers a choice 

of desk spaces, including service, 

innovation, and flexible workstations, 

which normally cost between AED 

15,000 and AED 20,000. 

Dubai Mainland and Dubai free 

zone 

The cost of starting a business in 

mainland Dubai is higher than in other 

free zones in Dubai, but because to 

the value-added services and business 

assistance offered to members, the 

mainland has been ranked as the top 

free zone in the world for the previous 

six years. 

The government has supported 

entrepreneurs over time and worked 

to streamline the company formation 

procedure to make it simple and quick 

for enterprises to launch in Dubai. 

Your business will be completely 

operating in 2 to 4 weeks, with 50% of 

knowing the initial fees 

for a firm is a crucial 

consideration when 

it comes to company 

creation in Dubai, for 

undesirable overheads 

may result from lack of 

information.

the work being done remotely. 

With over 900 distinct business 

activity covering 20 industries, Dubai 

offers an almost endless array of 

business options. The mainland has 

made itself known with a recordbreaking 

2025 new enterprises 

registered in 2020. 

Costs of Free Zone Company 

Formation 

A company can benefit from 

being incorporated in a free zone, 

especially in terms of cost. However, 

it is important to keep in mind that 

there are different free zones, and 

incorporation fees will differ between 

them. Aside from the location, a lot 

of other criteria, like the business’s 

structure, nature, infrastructure 

needs, number of required visas, 

access to suppliers and raw materials, 

etc., will affect how much it will cost 

to operate the company. 

Rent and office setup costs 

The Free Zone where the business 

is located determines the rent for 

the building that is necessary for 

the operation. The total number of 

visas need will also depend on the 

business’s location and type. There 

can also be a service fee that is based 

on a percentage of your lease. These 

are all yearly charges for forming a 

business in Dubai. 

License for a Free Zone issued 

annually 

Every company is required to get a 

license before beginning operations 

in one of the Free Zones. Trading 

businesses, service businesses, and 

industrial businesses that establish 

themselves in the Free Zone will all be 

required to pay the license fee. 

Free Zone Business Registration 

Fees 

This charge is made when the 

necessary Free Zone Authority 

registers the business and confirms 

that it is situated in the Free Zone. The 

type of firm launched—such as a Free 

Zone Establishment (FZE) or Branch 

Company—as well as the Free Zone in 

which it is founded, such as Hamriyah 

Free Zone, DMCC, etc.—determine 

this cost. 

Visa Extension 

Depending on the office location 

the management of the company 

chooses, the Free Zone must get Visas 

for its personnel. The cost of the visa 

may differ depending on whether 

the employees are nationals of other 

countries or UAE citizens, but it 

will be paid for. The fee for a visa is 

returned when it expires. 

Financial Security 

Every Free Zone business is 

required to offer a bank guarantee 

to each of its employees. This 

demonstrates that the business is 

indeed employing and will not be 

running a con. This might consist of 

a one-way ticket home and 45 days’ 

worth of pay, for instance. 

Setup Fees for Mainland 

Businesses 

Similar to starting a business in a 

free zone, starting a business on the 

mainland involves fees that depend 

on the type of business, the number 

of visa permits needed, and the 

location of the enterprise. It should 

be mentioned that the expenses for 

business setup in Dubai that are 

listed here are simply estimates and 

could change depending on a range of 

variables like the nature of the firm, 

the type of business, the location, and 

the specific needs of the business. 

There are some other expenses as 

well, and they accumulate over time. 

Initial Business License Approval 

The management must acquire 

a business license, which is a 

requirement for opening a firm in 

mainland Dubai. The Department of 

Economic Development (DED) offers 

this license. The organisation will be 

able to start all business operations 

right away, thanks to this licence. 

Depending on the kind of license 

needed by a firm, the price of a Dubai 

Mainland license may change. 

Reservation for Trade Name 

Before starting operations, it is 

essential to get the business name 

approved. Some payments also must 

be paid in order for the business name 

to be approved. 

Affirmation of the Memorandum 

of association (MoA) 

Discussion among the partners 

or owners of a corporation results 

in the creation of the Memorandum 

of Association (MOA). Depending 

on the amount of capital that the 

shareholders have contributed or 

the share that has been allotted to 

them in accordance with the parties’ 

agreement, the cost of attestation may 

change. 

Creating Court Agreement 

Attestation and Contract Drafts 

The cost of contract translation 

may be passed on to the business as 

this agreement must be written in 

both Arabic and English. The Court 

Agreement Attestation must be signed 

in court by each partner or by one of 

their attorneys. 

Ministry of Economy Fees 

The management of the company 

must annually pay this charge to the 

relevant authority in order to conduct 

business in Dubai Mainland. 

Trade License Company 

In order to start a business in 

Dubai, you must pay a Trade License 

Fee, the amount of which will depend 

on the type of enterprise you plan to 

launch. You can also be required to 

provide documentation for a security 

deposit for trade license fees. 

Chamber of Commerce 

Paying a fee to the Chamber of 

Commerce After paying the required 

cost, the company will receive a 

certificate from the Chamber of 

Commerce that will permit the 

recognition of goods and help with 

the calculation of customs taxes. A 

general trade firm’s cost could be 

different from that of an industrial or 

manufacturing company. 



Start-ups News 

KBW Ventures 

funds Black 

Sheep Foods 

Black Sheep Foods, a US 

company that makes plantbased 

alternatives to meat, 

has received funding from 

Saudi Arabia’s KBW Ventures, which 

was established by Prince Khaled 

bin Alwaleed Al Saud. The start-up’s 

$12.3 M in funding was obtained 

over several rounds. An investment 

round led by Unovis, a pioneer in the 

plant-based industry and a supporter 

of Beyond Meat and Oatly. According 

to KBW Ventures, Bessemer 

Venture Partners, AgFunder, and 

other investors participated in the 

financing round. Black Sheep Foods 

has received more than $18 M in 

investments overall since the business 

was founded in 2019. 

UAE Corporate Tax: Early-stage 

startups have sufficient payout 

flexibility 

Early-stage companies and 

startups in the UAE have 

enough time to start paying 

the newly implemented 

corporate tax (CT), which is set to 

take effect in June 2023. According 

to the CT revisions, early-stage 

businesses that incur costs and 

experience startup losses in the first 

few years can “carry forward their 

losses indefinitely” and “set off their 

losses with revenues in the following 

years.” It is obvious that the UAE 

authorities want to reduce the CT 

burden on newly established or 

market-operating firms as much as 

feasible. According to consultancies 

and other sources, there will likely be 

an increase in company relocations to 

the UAE in 2023, and GDP growth in 

the wider Middle East and the Gulf is 

predicted to remain above average. 

Shams Valley to assist businesses 

in media and technology 

Calo startup 

signs 

agreements 

to expand its 

markets 

P 

re-series A investment round 

co-led by venture capital 

companies STV and Nuwa 

Capital netted $13 M for 

Bahrain-based company Calo. Founded 

in 2019, Calo is a foodtech startup that 

offers customised meal subscriptions 

for people who are busy through its 

healthy and regularly-updated menu of 

more than 500 choices. The company, 

which has operations in Saudi Arabia, 

Bahrain, the UAE, and Kuwait, intends 

to use the funding to expand regionally 

while doubling down on current 

markets. 


Anew venture builder 

named Shams Valley has 

been established in the 

freezone, Sharjah Media City 

(Shams). The project seeks to create 

an integrated system to introduce a 

new generation of media businesses 

and assist in determining the 

direction of media in Sharjah and the 

surrounding area. The business will 

act as a platform that integrates media 

specialists, entrepreneurs, and talent 

to create media initiatives that are 

supported by cutting-edge technology. 

The plan, which was introduced in 

partnership with the UAE-based 

venture building studio Grow Valley, 

builds on Shams’ innovative work 

in fostering entrepreneurship and 

advancing innovation and growth in 

the media industry.

Well-funded start-up ecosystem 

drives GCC’s Metaverse market 

According to a report by 

Chalhoub Group, the value 

of the metaverse business 

will be at $13 T by 2030, with 

$50 B going to fashion and luxury 

goods. The industry is currently 

valued between $40 B and $65 B, 

according to estimates. The potential 

is especially great in the GCC, where a 

mix of a young tech-savvy population, 

a favourable regulatory environment, 

and a well-funded start-up ecosystem 

has attracted about $553 M in 

investments, according to the 

Dubai-based luxury retail company; 

Web3 is one of the key underlying 

technologies of the metaverse. 

Right Farm collaborates with The Waste Lab to 

advance sustainability in UAE 

The Waste Lab, an impactdriven 

startup that helps 

divert food and organic waste 

from landfills and uses them 

to create healthy compost and other 

byproducts that benefit the UAE’s 

soil, farms, food, and create jobs, 

has announced its partnership with 

Right Farm, a disruptive Businessto-Business 

(B2B) digital platform 

based in the UAE that sources fresh 

produce from local and international 

farms for the food service sector. The 

relationship will significantly help 

the UAE realise important projects 

including the Ne’ma Pledge, UAE Net 

Zero 2050, and the National Food 

Security Strategy 2051. Additionally, 

it will be in line with the UNSDGs to 

support the elimination of hunger, 

the development of sustainable 

cities and communities, responsible 

consumption and production, the 

fight against climate change, and the 

preservation of terrestrial life. 

Pakistani startup ABHI intends to enter the UAE 

market 

According to its top official, 

the Pakistani financial 

platform ABHI is looking 

to expand to the United 

Arab Emirates in order to compete 

in that nation’s fintech sector. CEO 

of ABHI Omair Ansari stated, “UAE 

is our first market as the nation is 

enabling new exciting entrepreneurs 

with exceptional capabilities. Hub71 

has chosen us, and we intend to 

seize this chance and maximise it”. 

As ABHI prepares for international 

development, Ansari anticipates that 

2023 will be an incredible year for 

the company. In less than two years, 

the company raised $109 M in three 

phases from investors in the USA and 

the UAE. This start-up has received 

Series “A” funding for about eight 

months. 



Energy 

UAE Reinforcing its Position as a Beacon 

of Sustainable Energy 

The availability of energy 

resources in a nation 

affects its position in the 

world. The UAE is wellpositioned 

to ensure a stable energy 

future. The UAE has long invested in 

clean energy even though it heavily 

depends on fossil fuels to support 

its superior economic growth and 

prosperity. The UAE plans to clean 

up three-quarters of its energy supply 

before 2050 because the nation has 

already realized that nothing in life is 

permanent, including oil and gas. 

Through its policies and 

investments in this region, the UAE, 

led by the wise leadership of H. H. 

Sheikh Mohammed bin Zayed Al 

Nahyan, President of the UAE, and 

H. H. Sheikh Mohammed bin Rashid 

Al Maktoum, Vice President and 

Prime Minister of the UAE and Ruler 

of Dubai, leads international efforts 

in clean and renewable energy. The 

UAE announced its Net Zero by 2050 

Strategic Initiative in 2021, with over 

AED 600 B in clean and renewable 

Investments in 

natural gas today 

are assisting in 

the creation of a 

clean hydrogen 

ecosystem that 

will support further 

decarbonization in 

the future. 

energy investments made through 

2050. It now holds the distinction of 

being the first nation in the Middle 

East and North Africa to introduce 

such a program. 

The UAE consistently backs 

international efforts to combat climate 

change by announcing practical 

solutions that support low-carbon 

industries and by taking the lead on 

initiatives that advance the nation’s 

long-term plans and goals, like Masdar 

City in Abu Dhabi and the Mohammed 

bin Rashid Al Maktoum Solar Park in 

Dubai. 

Among other notable organizations, 

the UAE is home to specialized 

international institutions in the green 

economy, including the International 

Renewable Energy Agency (IRENA) 

in Abu Dhabi and the World Green 

Economy Organization in Dubai. 

“The UAE, under the leadership 

of His Highness Sheikh Mohammed 

bin Zayed Al Nahyan, President of 

the UAE, and His Highness Sheikh 

Mohammed bin Rashid Al Maktoum, 


Vice President and Prime Minister 

of the UAE and Ruler of Dubai, is 

committed to promoting energy 

sustainability and diversifying its 

sources because of its pivotal role 

in enabling a sustainable economic 

growth. The World Energy Day, which 

was launched from the UAE, raises 

awareness about the importance 

of diversifying energy sources and 

increasing the share of clean and 

renewable energy, in addition to 

developing national policies and 

strategies that support the sustainable 

development and contribute to 

enhancing the efficiency of energy 

production and use. This achieves a 

balance between development and 

environmental protection to combat 

climate change and protect the right 

of future generations to live in a 

clean, healthy and safe environment,” 

said HH Sheikh Ahmed bin Saeed 

Al Maktoum, Chairman of the Dubai 

Supreme Council of Energy. 

Furthermore, the new gas 

processing and marketing company, 

ADNOC Gas, will begin operations on 

January 1, 2023, the company said in a 

statement. “The flagship company will 

combine the operations, maintenance 

and marketing of ADNOC Gas 

Processing and ADNOC LNG into one 

consolidated entity,” it said. “ADNOC 

will proceed with an initial public 

offering of a minority stake in the new 

company on the ADX in 2023, subject 

to applicable regulatory approvals.” 

The announcement came as President 

Sheikh Mohammed presided over the 

annual meeting of the ADNOC board 

of directors, in his capacity as its 

chairman. 

The group’s strategy to accelerate 

growth across its value chain in order 

to meet rising energy demand and 

support global energy security was 

also recently approved by the ADNOC 

board. ADNOC will establish a low 

carbon solutions and international 

growth vertical with a focus on new 

energies, gas, LNG, and chemicals as 

part of the strategy. In accordance 

with the accelerated growth strategy, 

the board also approved plans to push 

back ADNOC’s expansion of its 5 

million barrels per day oil production 

capacity from its original target date 

of 2030 to 2027. 

According to the company, ADNOC 

produces some of the least carbonintensive 

oil in the world, and this 

new goal will give it more flexibility to 

meet the rising global energy demand. 

The UAE’s substantial hydrocarbon 

reserves, which have grown by 2 

billion stock tank barrels (STB) of 

oil and 1 trillion standard cubic feet 

(TSCF) of natural gas this year, serve 

as the foundation for the accelerated 

production capacity target. 

With the addition of these reserves, 

the UAE’s base of reserves has 

increased to 113 billion STB of oil and 

290 TSCF of natural gas, solidifying 

the nation’s position as the holder 

of the sixth- and seventh-largest oil 

and gas reserves, respectively, in the 

world. Due to the UAE’s abundant gas 

reserves and rising global demand, 

gas and gas-derived products are a 

growing market for ADNOC and a key 

factor in the industrial diversification 

of the country. 

Natural gas is a critical bridging 

fuel in the global transition to a lowcarbon 

energy system. Compared 

to other fossil fuels, gas burns with 

fewer carbon emissions. Gas can 

substitute for other fuels to cut 

emissions in addition to ADNOC’s 

low carbon intensity production. By 

addressing reliability issues, it also 

makes renewable energy sources 

more widely available. 

Investments in natural gas today 

are assisting in the creation of a 

clean hydrogen ecosystem that will 

support further decarbonization in 

the future. Natural gas is a fuel that 

can be used to create clean hydrogen 

when combined with carbon capture. 

Additionally, natural gas facilities 

and infrastructure like boilers and 

pipelines can transport or even 

operate on clean hydrogen. 

ADNOC is investing and innovating 

to unlock more gas resources, 

guarantee UAE gas self-sufficiency, 

and expand its export capacity to 

support the global energy transition 

as gas plays an increasingly important 

role in achieving net-zero, according 

to the company. 

With a capacity of 10 billion cubic 

feet per day spread across eight 

onshore and offshore sites, ADNOC 

Gas will be one of the biggest gasprocessing 

companies in the world, 

according to ADNOC. Over 3,250 

kilometers of pipelines will be 

present in the system. To support the 

accelerated growth strategy, ADNOC’s 

five-year business plan and capital 

expenditure budget of $150 B for 

2023–2027 were approved. 

Minister of Industry and Advanced 

Technology Sultan al-Jaber lauded 

the vision and support of Sheikh 

Mohammed, adding that “through our 

Net Zero by 2050 ambition, we are 

placing sustainability at the centre 

of our growth.” Jaber explained that 

the world needs maximum energy, 

minimum emissions, and all the 

energy solutions to ensure global 

energy security. 

“The Dubai Supreme Council of 

Energy seeks, through the World 

Energy Day, to promote the concept 

of saving energy and reducing carbon 

emissions. This achieves carbon 

neutrality, as part of the Dubai Clean 

Energy Strategy 2050 and the Dubai 

Net Zero Carbon Emissions Strategy 

2050 to provide 100% of Dubai’s total 

power production capacity from clean 

energy sources by 2050,” said HE 

Ahmad Al Muhairbi, Secretary General 

of the Dubai Supreme Council of 

Energy. 

“World Energy Day is a key 

opportunity to raise awareness of 

the importance of conserving natural 

resources, advancing renewable and 

clean energy use, and supporting a 

sustainable future for generations to 

come.” Said HE Othman Al Ali, CEO 

of Emirates Electricity and Water 

Company. 

The UAE has taken the helm in 

efforts to safeguard future generations 

from the dangers of resource 

depletion, global warming, and an 

increase in environmental burdens, 

as well as in the areas of clean and 

sustainable energy. 

In order to strengthen the nation’s 

position as the keeper of the sixth 

largest oil reserves and the seventh 

largest gas reserves in the world, 

institutions in the United Arab 

Emirates are working to implement 

the wise leadership’s vision in this 

region. They are putting forth effort 

in energy management techniques for 

water desalination and the provision 

of infrastructure that allows the 

spread of clean energy systems. 



Energy News 

$2 trillion 

will be spent 

globally on 

clean energy by 

2030 

According to the International 

Energy Agency, 

governments around the 

world have raised their 

spending on clean energy by more 

than $500 B since March as a result 

of new regulations aimed at reducing 

dependency on fossil fuels. According 

to the most recent update of the IEA’s 

Government Energy Spending Tracker, 

which includes 1,600 government 

financial measures from 67 countries 

passed, this increase brings the total 

amount of investment support that 

governments have allocated to clean 

energy since the start of the COVID-19 

pandemic to $1.215tn. According to 

the most recent policy settings, this 

government spending is expected to 

stimulate significant flows of private 

investment, increasing global clean 

electricity investment by another 50% 

to more than $2 T yearly in 2030. 

OPEC+ to maintain its output targets despite 

falling oil prices 

In spite of the declining trend in 

oil prices, OPEC+, the alliance 

of oil-producing countries led by 

Saudi Arabia, recently decided 

to maintain its oil output targets. The 

decision, made at a virtual meeting 

of the grouping, was viewed by many 

as a rejection of efforts to halt the 

decline in prices through reductions in 

the global oil supply. The participating 

countries reiterated their readiness to 

meet at any time and take immediate 

additional measures in accordance 

with the decision made by OPEC and 

non-OPEC participating countries, 

which was solely motivated by market 

considerations and recognised in 

retrospect by the market participants 

as having been the necessary and 

appropriate course of action towards 

stabilising global oil markets. 

Bahraini Nogaholding agrees 

to purchase AI oil drilling 

equipment 

In order to incorporate and 

implement artificial intelligence 

(AI) and digital solutions into 

its upstream operations, the 

Bahrain-based Oil and Gas Holding 

Company (Nogaholding) established 

a collaborative agreement with UAE 

technology pioneer AIQ. To improve 

Tatweer Petroleum’s operational 

effectiveness, a Nogaholding 

subsidiary, the energy investment 

professionals will make use of 

the most recent AI technology 

given by AIQ under the terms of 

the collaboration agreement. The 

digitalization project will modernise 

the current field architecture using 

machine learning and data science to 

optimise and improve performance 

while lowering operational risk. 


Saudi Arabia 

lowers oil 

prices for Asia 

In a warning that the demand 

outlook is still uncertain because 

of China’s ongoing Covid 

lockdowns, Saudi Arabia cut 

the majority of its oil prices for Asia, 

its largest market. For sales to Asia 

in January, Saudi Aramco reduced 

the price of its essential Arab Light 

grade by $2.20 to $3.25 a barrel over 

the regional benchmark. According 

to a Bloomberg survey, refiners and 

dealers expected a $2.10 decline, 

and the price has now dropped to 

its lowest point since March. To 

roughly $88 per barrel, Brent crude 

has increased 13% this year. However, 

it has decreased from above $120 a 

barrel in June due to growing investor 

anxiety over rising prices and a 

slowdown in the global economy. 

Saudi Aramco plans a $1.32 B 

IPO for Luberef 

In the Middle East’s most recent 

IPOs this year, Saudi Aramco 

Base Oil Co, also known as 

Luberef, might raise as much 

as SR4.95 B ($1.32 B). According to 

a release, local private equity firm 

Jadwa Investment is selling 50 million 

shares in Luberef, the state-owned 

Saudi Aramco subsidiary, for SR91 to 

SR99 each. That might put the refiner’s 

value at SR16.7 B. Saudi Aramco owns 

70% of Luberef, which operates in the 

industrial hubs of Jeddah and Yanbu. 

Jadwa, which acquired the remaining 

30% from Exxon Mobil in 2007, is 

selling its entire stake. 

Sabic and Saudi Aramco collaborate on a 

petrochemical plant in Poland 

The largest energy company in 

Poland, PKN Orlen, and the 

Saudi diversified chemicals 

giant Sabic have formed a 

three-way joint venture to establish a 

new petrochemical production project 

there. The new plant is expected to be 

built in Poland’s Gdask. According to 

Sabic, it has inked a joint development 

agreement with PKN Orlen and 

Aramco to evaluate the petrochemical 

project’s technical and financial 

viability together. The collaborative 

development agreement, according to 

Sabic’s acting CEO Abdulrahman bin 

Saleh Al-Fageeh, lays the groundwork 

for possible petrochemical production 

collaborations with Aramco and PKN 

Orlen. 



Energy News 

Saudi Arabia to lead the world in 

solar energy and sustainability 

At the international tourism 

summit in Riyadh, experts 

advised attendees that Saudi 

Arabia may develop into a 

solar energy giant that spearheads a 

sustainability revolution and quickens 

the shift to renewable energy around 

the globe. During the 22nd World 

Tourism and Travel Council (WTTC) 

summit in Riyadh, Jeffrey Sachs, 

director of the Centre for Sustainable 

According to the Saudi 

energy minister, Saudi 

Aramco has found two 

new unconventional 

natural gas reserves in the country’s 

eastern region. The newly discovered 

unconventional gas reserves are 

Awtad southwest of Ghawar field 

and AlDahna southwest of Dhahran, 

Development at Columbia University, 

emphasised the area’s potential to 

lead a concerted effort toward netzero 

emissions. “Tourism has clearly 

proved its potential to become a 

significant enabler of both, and the 

Kingdom has continued to illustrate 

how one may add value to the other,” 

Gloria Guevara, chief special advisor 

for Saudi Arabia’s ministry of tourism, 

said at the summit. 

Saudi Aramco discovers two 

new natural gas fields in the 

eastern region 

according to energy minister Prince 

Abdulaziz bin Salman bin Abdulaziz. 

10 million standard cubic feet of gas 

and 740 barrels of condensate were 

produced daily from the Awtad-108001 

well and 16.9 million standard 

cubic feet of gas and 165 barrels of 

condensate were produced daily from 

the Awtad-100921 well, respectively. 

COP28 to 

provide a 

“complete 

picture” of the 

UAE’s future 

in sustainable 

energy 

The director general of the 

COP28 climate conference 

stated that the event will 

aid in the development of 

a trillion-dollar plan to transform 

energy systems. The global energy 

transition will be one of the primary 

areas of focus at the COP28 climate 

conference in the UAE next year. 

Majid Al Suwaidi, director-general of 

COP28 and UAE ambassador, said he 

hoped the event would also show the 

world the “full picture” of the UAE’s 

commitment to decarbonization and 

its goal of uniting the international 

community toward climate action and 

sustainability. He was speaking at the 

Renewables Talk in the capital, which 

was organised by the International 

Renewable Energy Agency (IRENA). 


New Deals and Partnerships Augment the 

Global Position of UAE’s Healthcare Sector 

Healthcare 

The UAE has a thriving 

healthcare sector, with a 

wide range of options and 

services to meet the needs 

of different people, and there are 

ongoing developments that will 

hopefully make the sector even 

more accessible. Since the Covid-19 

pandemic, the most significant public 

health challenge in recent times, with 

a swift and effective response, the 

UAE continues to invest in healthcare 

as a national priority, but where will 

the next wave of modernisation come 

from? As the country’s population 

expands and healthcare needs evolve, 

the sector must move forward with 

them. 

Healthcare expenditure in the 

UAE is growing due to changing 

demographics, availability of better 

healthcare facilities, the positioning of 

the UAE as a destination for medical 

tourism, and many more. The digitalhealth 

market in the United Arab 

Emirates and the Kingdom of Saudi 

Arabia is expected to reach about $4 

B by 2026. 

The region’s healthcare providers 

are receiving a much-needed capital 

infusion. Many hospitals and clinics 

are still dependent on insurance 

claims today, which can take months 

to process and cause significant 

financial repercussions. A medical 

claim purchasing solution developed 

by UAE-based fintech KLAIM is 

assisting healthcare providers in 

maintaining a positive cash flow and 

carrying on with the provision of highquality 

medical services. 

KLAIM offers hospitals and clinics 

a 5% discount on the medical claims 

it purchases in exchange for quick 

access to cash. As more providers 

recognize the advantages of using 

medical invoice factoring as a 

substitute for bank loans, which are 

particularly difficult to obtain for 

smaller clinics and hospitals, the 

demand for this type of cash-in-hands 

capital service is increasing. In fact, 

the growing global invoice factoring 

market’s fifth-largest customer is the 

healthcare sector. 

KLAIM has been at the forefront 

of the embrace of medical invoice 

factoring. In its first twelve months of 

operations, it gathered over 12 million 

claims from 250 healthcare providers, 

a period during which it also formed 

partnerships with Etisalat, Al Khair 

Capital, among others. 


Healthcare 

Healthcare expenditure in the UAE is 

growing due to changing demographics, 

availability of better healthcare 

facilities, the positioning of the UAE as 

a destination for medical tourism, and 

many more. 

KLAIM has recently established 

a partnership with Knuru Capital, 

a UAE-based venture capital firm 

whose mission is to aid fintech firms 

in scaling their businesses through 

access to smart capital, in order to 

maintain the growth of this healthcare 

capital solution. 

Knuru Capital will also provide 

KLAIM with an initial $5 M within 

an innovative securitised financing 

structure. This initial funding is 

expected to be complemented 

with funding from a pool of Shariacompliant 

investors sourced by Knuru 

Capital, taking the total investment to 

$30 M. 

In response to this new partnership, 

Karim Dakki, CEO of KLAIM, said 

“After one year since we did our first 

medical claim purchase transaction, 

we have now proven the business 

model and built a track record that 

institutional investors such as Knuru 

are very comfortable with. We are 

ready to scale with large debt facilities 

or funds structures. The capital 

provided by Knuru Capital will help 

us further contribute to this stability, 

ensuring that people in the UAE and 

across the GCC have access to better 

and diversified healthcare.” 

Moreover, residents of the 

UAE will now be able to access 

a comprehensive digital diabetes 

care programme. As a joint venture 

between AppCorp Global and 

Lal’s Group of Companies, Harley 

International Medical Clinic has 

announced a partnership with GOQii, 

a healthcare innovation company. 

“We would like to support Dubai’s 

vision to become a global centre for 

the metaverse through technological 

advancements in the healthcare 

sector by offering preventative health 

care and improved patient safety to 

diabetic patients,” stated Hala Bhat, 

CEO of Harley International Medical 

Clinic. 

“Together, with Harley International 

Medical Clinic, we will help 

people manage diabetes and take 

accountability of their health with 

expert guidance to improve their 

quality of life and outcomes,” stated 

Vishal Gondal, Founder and CEO of 

GOQii. 

Each user will be onboarded 

through an inclusive digital platform, 

and they will receive technology and 

coaches to change their lifestyles and 

manage their HbA1C values. Each 

user can create a virtual avatar and 

connect that avatar to their GOQii 

Age. Digitally aging users can take 

pleasure in the experience, share 

it with their friends, and remain 

perpetually inspired to maintain 

healthy lifestyles. 

Having addressed the Covid-19 

pandemic, a lesson for the 

healthcare sector overall was that 

it took a substantial collaborative 

effort between governments, 

global and local health authorities, 

biopharmaceutical companies, 

research institutions, medical 

providers, healthcare practitioners, 

manufacturers, transport, and 

logistics players, and many more 

to work together to manage the 

pandemic and to deliver vital 

equipment and vaccines 

Therefore, public and private 

players (public-private partnerships 

or PPPs) will continue to be a vital 

tool towards realising the Vision 2030 

goals of a future-ready, knowledgebased, 

sustainable, and innovationfocused 

economy, which necessitates 

a first-rate healthcare system. 

Developmental goals are achieved 

as PPPs combine private sector talent, 

technology, innovation, and funding, 

with reduced risks, project efficiency 

and access to larger markets, thanks 

to government partners. In the case 

of healthcare, the promotion of 

PPPs comes at a time when driven 

by growing demand; the health 

expenditure is projected to rise to 

$26 B (AED95.5 B) by 2028. With 

these new growth opportunities, an 

increasing number of new healthcare 

players, both established as well as 

startups, are entering the market, 

driving innovation and competition, 

but at the same time encouraging 

more partnerships with local and 

overseas companies. 

PPPs, supported by recent 

regulatory reforms, are likely to 

support more in-country clinical trials 

and the launch of new biopharma 

manufacturing and production 

facilities, which is expected to support 


the healthcare industry’s next stage of 

major expansion, as the UAE places 

a strong emphasis on developing 

domestic research and development 

R&D capabilities. 

Healthcare sector adds more 

players and partnerships, especially in 

R&D; patients will enjoy the resulting 

benefits, some of which are reduced 

costs and greater range of choices. 

Simultaneously, the focus on R&D 

will also support the development of 

a more mature healthcare ecosystem, 

supporting the advancement of 

medical education and critical skills 

while helping to attract global talent. 

The UAE is right now proving that 

cooperation is essential to developing 

the healthcare industry in terms of 

exploring new areas, as well as in 

terms of efficiency and innovation. 

All participants must work together 

wherever synergies can be found 

and utilize one another’s strengths 

to meet tomorrow’s challenges if the 

healthcare industry is to be of the 

highest calibre; PPPs in the UAE are 

offering a framework to accomplish 

that. 

The UAE is right now proving 

that cooperation is essential 

to developing the healthcare 

industry in terms of exploring 

new areas, as well as in terms 

of efficiency and innovation. 



Healthcare News 

Himalaya Wellness global 

research centre opens in Dubai 

The cutting-edge Global 

Research Centre of 

Himalaya Wellness, a 

member of TECOM Group 

PSJC, was officially opened by 

Sheikh Mansoor bin Mohammed 

bin Rashid Al Maktoum in Dubai 

Science Park. The establishment will 

create pharmaceutical-grade herbal 

NMC Healthcare 

appoints a new 

CEO 

David Hadley has been 

named as the new group 

CEO, according to an 

announcement made today 

by NMC Healthcare (NMC). Early in 

2023, he will take over as the group’s 

leader. David joins NMC after serving 

for 13 years as CEO of Mediclinic 

Middle East. He has worked in the 

medical field for 30 years in the UAE 

and South Africa. He is a well-known 

leader in the healthcare sector 

and is renowned for formulating 

bold strategic visions that advance 

corporate objectives. After Mediclinic 

entered the UAE market in 2006, 

David transformed the South African 

company into one of the nation’s 

top private healthcare providers and 

played a crucial role in the successful 

merger of Al Noor Hospitals. 

medicines, dietary supplements, 

and skin, hair, oral, and baby care 

goods for export to more than 100 

nations. Its opening reflects Dubai’s 

development as a major global 

R&D and healthcare hub; Himalaya 

Wellness is a leading herbal personal 

care and health product producer 

worldwide. 

UAE: Medical conference 

discusses strategies to improve 

healthcare quality 

The fourth Abu Dhabi 

Ambulatory Healthcare 

Foreign Congress featured 

more than 300 local and 

international researchers and 

specialists in family medicine and 

primary care. The conference was 

organised by Ambulatory Healthcare 

Services (AHS), a SEHA healthcare 

UAE leads in the adopting 

innovative medical technologies 

The UAE is emerging as a 

regional leader in providing 

top healthcare solutions 

because it is a pioneer 

in using cutting-edge technologies 

that provide patients with the best 

care possible. “The UAE is already 

an established regional leader 

in the provision of world-class 

healthcare solutions, and it has 

demonstrated that it is committed 

to significant investment to maintain 

that international standing,” said Dr 

Nadine Hachach Haram, founder 

and CEO of Proximie, which offers 

a software platform that enables 

doctors to virtually enter any 

operating room from anywhere, 

enabling the top surgeons in the world 

to effectively be present in real-time 

for complex surgeries in clinics and 

hospitals across the nation. 

facility. Its main objective was 

to provide a forum for medical 

professionals to discuss ways to 

enhance the quality and effectiveness 

of healthcare services provided in the 

emirate and elsewhere; according to 

Dr. Noura Al Ghaithi, CEO of AHS and 

conference chair, primary care is the 

cornerstone of any healthcare system. 


NUMR’s Digital Platform 

processes over 4 M insurance 

claims worth AED 1.2 B 

The National Unified Medical 

Record (NUMR) program’s 

digital healthcare platform 

in the UAE has advanced 

significantly, processing more than 

four million insurance claims over 

the course of the previous eight 

months through the portal “Riayati.” 

The platform processed financial 

insurance claims worth more than 

AED 1.2 B in total. On this platform, 

28,000 transactions were processed 

every day on average. 26,000 preapproval 

requests per day have 

been made since the platform’s 

launch on April 1, 2022, according 

to the UAE Ministry of Health and 

Prevention (MoHAP). Averaging 7,000 

prescriptions per day, the platform has 

also provided over 1.4 million digital 

prescriptions. 

Aster expands its medical services 

to Iraq 

Aster DM Healthcare from 

the United Arab Emirates 

has partnered with Faruk 

Medical City, the top 

healthcare provider in Iraq, to provide 

educational and professional training 

programmes for clinical staff and 

healthcare professionals in Iraq. One 

of the biggest investment firms in Iraq, 

Faruk Investment Group, includes 

Faruk Medical City. Through this 

collaboration, medical professionals 

from Aster DM Healthcare will travel 

to Faruk Medical City’s cutting-edge 

facilities to consult with patients and 

perform surgeries that are not offered 

locally and need them to fly abroad. 

A Memorandum of Understanding 

between Faruk Investment Group 

and Aster DM Healthcare was also 

inked in order to investigate possible 

joint venture prospects to increase 

Aster Pharmacy’s services in Iraq, 

including the sale and distribution 

of pharmaceutical and wellness 

products. 

A new hospital in 

Dubai will cost 

AED450 M 

At the groundbreaking for 

Prime Healthcare’s new 

hospital at Dubai Healthcare 

City, Awadh Seghayer Al 

Ketbi, Director General of the Dubai 

Health Authority, laid the cornerstone. 

The AED450 M project will be a ninestory 

building with a 33,000 square 

metre footprint, designed by Stantec, 

a well-known international design and 

consultant firm. It will provide a broad 

range of additional specialisations in 

addition to cutting-edge non-invasive, 

interventional procedures, specialist 

rehabilitation facilities for heart, lung, 

and cancer disorders. He emphasised 

that the authority gives direction and 

support to help promote and expand 

the health sector in accordance with 

the highest quality of internationally 

recognised standards, and that the 

private health sector is a vital partner 

in the emirate’s healthcare journey. 

Abu Dhabi 

Police signs an 

agreement with 

Burjeel Holdings 

Major General Khalifa 

Mohammed Al Khaili, 

Director of the Finance 

and Services Sector, and 

Dr. Shamsheer Vayalil, Founder and 

Chairman of Burjeel Holdings, signed 

the MoU on behalf of the General 

Command of the Abu Dhabi Police. 

The MoU between the General 

Command of the Abu Dhabi Police 

and Burjeel Holdings establishes a 

partnership in the fields of training, 

medical research, and medicine as 

well as the provision of top-notch 

healthcare to Abu Dhabi Police 

personnel. Al Khaili emphasised the 

need to enhance sharing experiences, 

examining advanced practises, 

and monitoring developments that 

improve performance. 



Mergers & Acquisitions 

Multiply Group leads GCC M&A in Q3 

2022 

In Q3 2022, the Gulf Cooperation Council (GCC) completed 59 merger and 

acquisition (M&A) transactions, representing a 23% increase year over year. 

Saudi Arabia had the largest percentage of growth in M&A from quarter to 

quarter, at 175%. The highest rate of growth, at 50%, was seen in the United 

Arab Emirates (UAE). 

I 

n Q3 2022, Multiply Group lead 

the GCC M&A. For a 7% interest 

in Abu Dhabi National Energy 

Company, it had paid $2.7 B in 

investment. Al Salam Bank tallied 

the transaction with the secondlargest 

value. The consumer banking 

operations of Ithmaar Bank were 

acquired for $2.2 B, together with 

a portfolio of sukuk issued by the 

Bahraini government, the group’s 

indirect shareholdings in the Bank of 

Bahrain and Kuwait, Solidarity Group 

Holding, Mastercard Inc., and the 

Benefit Company. 

Third place went to ADES Arabia 

Holding, which paid $628 M to buy 

the shares of seven Seadrill Limited 

firms. The company anticipates 

concluding the agreement in Q4 2022 

while awaiting regulatory approval. 


To become the sole owner of Nebras 

Power, Qatar Electricity & Water 

Company (Qatar Electricity) paid $530 

M for a 40% stake in the business. 

For a total of $413.8 M, the Saudi 

Public Investment Fund and Seera 

Group Holding entered into a nonbinding 

agreement to purchase a 30% 

stake in Almosafer Travel & Tourism 

Company from Seera Group Holding. 

Based on a $998.6 M enterprise value, 

this includes an earn-out component 

worth $102.8 M. 

Overall business activity in Q3 

2022 

Most closed agreements were 

completed by GCC acquirers in Q3 

2022 and Q3 2021. They made up 

74% of all the transactions that were 

completed in Q3 2022, compared to 

19% from overseas acquirers. There 

is no relevant buyer data for the 

remaining 7%. 

In Q3 2022, GCC acquirers 

completed 39 transactions in their 

local marketplaces, compared to a 

total of 23 in Q2 2022. Notably, they 

focused less on regional businesses 

and instead invested mainly in 

businesses operating in their home 

countries and abroad. 

GCC acquirers closed 18 crossborder 

transactions in Q3 2022 

as opposed to 24 cross-border 

transactions in Q2 2022. In these, 

the UAE ranked top in purchases, 

making up over 44% of the total, 

followed by Saudi Arabia with 33% 

and Kuwait with 17%. Additionally, 

compared to Q2 2022 and Q3 2021, 

Q3 2022 witnessed less interest from 

international purchasers. Foreign

Accounting for all the foreign-led deals that concluded 

throughout Q3, the UAE remained to be a desirable 

competitor in comparison to its GCC neighbours. 

purchasers completed 11 buys in the 

third quarter of 2022 as opposed to 15 

and 13 transactions in the second and 

third quarters, respectively. All of the 

closed foreign-led transactions during 

the quarter were led by the UAE. 

The companies targeted in the 

Q3 2022 transactions operated in 

several industries. The financial, 

industrial, consumer discretionary, 

and insurance sectors among them 

had significant activity throughout 

Q3 2022, accounting for 49% of the 

transactions that closed throughout 

the quarter. There were 32 announced 

transactions in the pipeline as of 

the end of Q3 2022 as opposed to 30 

announced transactions in Q2 2022. 

Half of the announced deals (50%) 

came from Saudi Arabia, followed 

by the UAE (25%) and Kuwait (19%). 

Only Saudi Arabia and Kuwait showed 

an increase in pipeline compared to 

the previous quarter. The final 6% of 

transactions involved targets in Qatar 

and Oman. Bahrain had no pending 

transactions at the end of the quarter. 

Additionally, when compared to 

the previous quarter and the previous 

year, the GCC targets saw lower 

levels of interest from international 

buyers, with a total of 11 closed sales 

in Q3 2022, 13 closed transactions in 

Q3 2021, and 15 closed transactions 

in Q2 2022. Indicating a decrease of 

15% and 27%, respectively, from year 

to year and quarter to quarter. It is 

important to note that 11 transactions 

were completed during the quarter 

by international purchasers who only 

targeted UAE companies. 

“Accounting for all the foreign-led 

deals that concluded throughout Q3, 

the UAE remained to be a desirable 

competitor in comparison to its GCC 

neighbours.” 

Foreign Investors 

Compared to Q2 2022 and Q3 

2021, international buyers’ interest 

in the GCC market was marginally 

lower in Q3 2022. Foreign purchasers 

completed 11 transactions in the third 

quarter of 2022 as opposed to 15 in the 

second and 13 in the third. As seen by 

the fact that they accounted for all of 

the foreign-led deals that concluded 

throughout the quarter, the UAE 

remained to be a desirable competitor 

in comparison to its GCC neighbours. 

Al Salam Bank second largest 

transaction 

Al Salam Bank, which completed 

the $2.2 B acquisition of Ithmaar 

Bank’s consumer banking operations 

along with a portfolio of sukuk issued 

by the Bahraini government and 

the group’s indirect shareholdings 

in the Bank of Bahrain and Kuwait, 

Solidarity Group Holding, Mastercard 

Inc., and the Benefit Company, came 

next. This transaction was the secondlargest 

one ever recorded. In the 

aforementioned deal, ADES Arabia 

Holding plc entered into a legally 

binding contract with Seadrill Limited 

to buy the shares of seven of its 

subsidiaries, each of which owns and 

runs a jack up drilling rig, for a total 

sum of $628.0 M. 

In Q4 2022, the business anticipates 

concluding the agreement, subject to 

regulatory approvals. Along with that, 

Qatar Electricity & Water Company 

(Qatar Electricity) completes its 

purchase of a 40% investment in 

Nebras Power for a total of $530.0 

M, making it the sole owner of the 

business. Through its fully owned 

subsidiary, Raslaffan Operating 

Company W.L.L., Qatar Holding L.L.C. 

sold this interest to Qatar Electricity. 

And last, the Saudi Public Investment 

Fund inked a non-binding agreement 

to buy a 30% ownership in Almosafer 

Travel & Tourism Company from 

Seera Group Holding for a total of 

$413.8 M, which includes an earn out 

component for $102.8 M. Based on an 

estimated enterprise value of $998.6M. 

Multiply Group Acquisitions 

For AED10 B, the Group bought 

a 7.3% share in TAQA, the Abu 

Dhabi National Energy Company. 

With activities in 11 nations on four 

continents. TAQA is one of the biggest 

listed integrated utility businesses in 

EMEA. It has made large investments 

in the assets used for the generation, 

transmission, and distribution of 

water and power. 

Additionally, Multiply Group 

bought 80% of International Energy 

Holding. Kalyon Enerji Yatrimlari A.., 

a Turkish firm that produces clean 

and renewable energy, recently saw 

the acquisition of a 50% share by 

IEH. A 1.3GW PV power plant project 

and other renewable energy projects 

in several Turkish cities are among 

Kalyon Enerji’s assets. 

These investments are a part of 

a strategy to expand all verticals 

and represent the group’s belief 

that utilities and energy offer 

stable, recurring revenue as well 

as substantial growth potential as 

the world transitions to clean and 

renewable energy. 

Several of the most recent Dubai 

IPOs included Multiply Group as a 

cornerstone investor. A wise longterm 

plan would be to invest in 

Turkish renewable energy resources. 

Buying an asset when the value of the 

lira relative to the dollar is close to 

multi-year lows will result in returns 

on the capital appreciation front as 

well as on the currency front when 

the lira eventually recovers. With a 

market capitalization of Dh45 B, the 

company’s shares can continue to rise 

given its solid asset basis. In fact, it 

appears to be undervalued given that 

the TAQA stake alone is currently 

worth about AED24 B. 



Mergers & Acquisitions News 

Morni invests 

$10 M in Egypt 

to acquire 

mobility 

businesses 

M 

orni, a platform for 

mobility solutions located 

in Saudi Arabia, plans 

to invest $10 M through 

Exists.me, an M&A consultancy 

company, to explore fresh acquisitions 

in Egypt’s mobility sector. According 

to a press release, Exits.me will 

serve as Morni’s sole advisor under 

the new buy-side mandate, which 

will last until 2023. This role will 

assist Morni in executing its growth 

strategy and meeting its financial 

targets. Morni, which was introduced 

in 2016, markets itself as a superapp 

for towing and emergency roadside 

help. Users can get complete logistics 

services for autos from the startup 

in urgent circumstances. Using a 

network of more than 33,000 service 

providers, it runs throughout Saudi 

Arabia and a number of GCC cities. 

Alpha Dhabi 

purchases 

a stake in 

Nammos 

I 

ncreasing its portfolio in the 

hospitality and food and beverage 

sectors, Alpha Dhabi, a division 

of Abu Dhabi’s International 

Holding Company, has purchased a 

stake in European luxury lifestyle 

company Nammos. Through a joint 

venture with Monterock International 

of Dubai, the agreement was 

completed. Alpha Dhabi stated in 

a filing to the Abu Dhabi Securities 

Exchange, where its shares are 

traded, that the cooperation is 

anticipated to support Nammos’ goals 

for worldwide expansion as well as 

grow the lifestyle and luxury hotel 

sectors in the UAE. 

CrossCountry Consulting is 

majority-owned by Investcorp 

CrossCountry Consulting, a top independent provider of specialist 

financial and accounting advice services in the United States, has been 

acquired by Investcorp, a prominent worldwide alternative investment 

firm, for a controlling share. Along with the founders of the company 

and its current financial sponsor, Investcorp is heading a group of international 

institutional investors. For the Offices of Chief Financial Officers in both public 

and private businesses, CrossCountry offers accounting, finance, risk, operations, 

cybersecurity, and technology-enabled transformation solutions. The company 

today covers clients in a wide range of industries, including private equity, 

financial services, life sciences, real estate, and hospitality, and it employs over 700 

people. 

GCC market 

closes 59 M&A 

deals in Q3 

According to a report 

released by the Investment 

Banking Department of 

Kuwait Financial Centre 

‘Markaz,’ Multiply Group is in the lead 

for GCC M&A in Q3 2022, 59 deals, 

a 23% year-over-year respectively. 

The highest level of increase in M&A 

(mergers and acquisitions) quarter 

over quarter was recorded in Saudi 

Arabia at 175%, while the highest 

level of growth year over year was 

reported in the UAE at 50%. A 7% 

interest in Abu Dhabi National Energy 

Company was purchased by Multiply 

Group for $2.7 B. GCC acquirers 

completed the majority of closed 

agreements in the third quarters 

of 2022 and 2021, accounting for 

74%, while international acquirers 

accounted for 19% of the total number 

of transactions that closed during Q3 

2022, respectively. 

UAE’s e& 

increases its 

ownership of 

Vodafone Group 

to 11% 

In an effort to broaden its 

business activities internationally, 

e&, formerly known as Etisalat, 

the largest telecom provider 

in the United Arab Emirates, has 

boosted its shareholding in Vodafone 

Group. According to a statement 

the telco made to the Abu Dhabi 

Securities Exchange, where its 

shares are traded, the business has 

expanded its stake to “aggregate 

3,015.5 million shares, representing 

11% of Vodafone’s issued share 

capital [excluding treasury shares]”. 

“The rationale of e&’s investment 

in Vodafone is unchanged from the 

original investment, as announced 

on May 14. 2022, which is to gain 

significant exposure to a world leader 

in connectivity and digital service at 

an attractive valuation,” the company 

added. 


Discussions to acquire Telenor Pakistan by an 

Emirati company 

PayTabs acquires Turkey’s Paymes 

PayTabs, the award-winning leader in payments 

across the Middle East, Africa, and South Asia 

(MEASA), recently announced that it has acquired a 

100% share in Paymes, the biggest social commerce 

platform in Turkey. The acquisition announcement comes 

just a few weeks after PayTabs purchased Digital Pay in 

Saudi Arabia in November 2022. According to the terms of 

the acquisition, Paymes will act as PayTabs’ social commerce 

platform, enabling millions of independent contractors, small 

company owners, consultants, personal trainers, and other 

service providers throughout the Middle East and Africa to 

get paid right away. The acquisition is in line with PayTabs’ 

ardent pursuit of tracking merchants throughout their 

lifecycle in order to improve their payment practises. 

Those with knowledge of 

the development claim 

that Telenor Pakistan is 

in discussions to sell its 

operations with an international 

telecom company based in the United 

Arab Emirates. Insiders reported 

that talks between Telenor and the 

Emirati company, which already has 

a significant presence in Pakistan, 

have proceeded to a “advanced stage,” 

despite the fact that a spokeswoman 

for Telenor Pakistan refused to 

comment on the development. The 

existence of an agreement was also 

confirmed by a reliable source within 

the IT ministry, who declined to 

provide any further details on the 

record. 

Marble Point Credit to be acquired by Investcorp 

Leading US-based CLO manager Marble Point 

Credit Management LLC (Marble Point), a 

subsidiary of Investcorp, a prominent worldwide 

alternative investment firm, has agreed to be 

acquired. The transaction’s precise terms weren’t made 

public. In Investcorp’s 40-year trajectory of growth through 

diversification, global expansion, and developing scale, 

the planned acquisition of Marble Point is a critical turning 

point. Investcorp is prepared for the following stage of its 

expansion and development with $50 B in total firm assets 

under management after this transaction is complete, 

according to Mohammed Alardhi, Executive Chairman of 

Investcorp. 



Cryptocurrency 

UAE Ranks Among Top Crypto Job Markets 

in the World 

The United Arab Emirates has one of the fastest-growing cryptocurrency 

ecosystems in the world, and it is home to over 1,400 industry 

stakeholders, including startups, professional services firms, academic 

institutions, and government offices that employ more than 7,000 people. 


The Crypto Oasis Ecosystem 

Report 2022, a yearly report 

by the industry trade group 

created in collaboration with 

Roland Berger, offers insights into the 

current state of the cryptocurrency 

and blockchain industry in the 

United Arab Emirates. It explores 

the sector’s dynamism and takes 

a close look at some of the most 

significant blockchain initiatives and 

organisations. 

Blockchain and cryptocurrency 

ecosystem that includes top 

exchanges like Binance, Kraken, 

and Crypto.com, as well as Web 

3.0 businesses, startups focused 

on decentralised finance (DeFi), 

and experts in non-fungible tokens 

(NTF). These global protocols include 

Bitcoin, Ethereum, and Cardano. 

According to statistics from the 

research, there are over 140 crypto 

and blockchain businesses and 

organisations operating in the nation, 

including 20 crypto exchanges, 25 

digital asset companies, 21 metaverse 

enterprises, and 40 worldwide 

protocols. Decentralized finance 

(DeFi), NFT platforms, and Web 

3.0 are further segments that are 

represented. 

These 140+ businesses are now part 

of the 1,250+ industry stakeholders 

that also include venture capital (VC) 

firms, universities, economic zones, 

news organisations, governmental 

organisations, service providers 

like EY, KPMG, and IBM, legal and 

compliance experts like Baker and 

McKenzie, financial institutions like 

Sygnum, and Seba Bank. 

The biggest blockchain hub in the 

UAE is DMCC 

The greatest blockchain hub in the 

United Arab Emirates is situated at 

the Dubai Multi Commodities Centre 

(DMCC), the largest free-trade zone 

in the nation. At the moment, the 

DMCC is home to 489 blockchain 

stakeholders, including 460 startups 

that are “native” to the sector. The 

other 89 are so-called “non-native,” 

or businesses from other sectors that 

have adopted blockchain technology 

or entered the market. 

“The DMCC crypto Centre has 

attracted over 460 businesses 

operating across the crypto spectrum 

in less than a year and has grown to 

serve as the headquarters for over half 

of the UAE’s crypto companies.” 

The DMCC Crypto Centre is 

a representative of the DMCC’s 

cryptocurrency sector. By providing 

a complete ecosystem for the 

development of blockchain and 

cryptocurrency technologies, 

including access to global capital 

and industry talent, as well as a 

progressive and supportive regulatory 

environment with a range of crypto 

licences, the centre, which was 

launched in 2021, aims to transform 

the free zone into a blockchain 

powerhouse. 

The DMCC crypto Centre has 


operating across the whole crypto 

spectrum in a little more than a 

year and has grown to serve as the 

The DMCC crypto Centre has 


operating across the crypto spectrum 

in less than a year and has grown to 

serve as the headquarters for over 

half of the UAE’s crypto companies.” 

headquarters for over half of the 

UAE’s crypto companies. Today, the 

DMCC Crypto Centre is the greatest 

blockchain hub not only in the nation 

but also worldwide. DeFi, NFTs, and 

the metaverse are just a few of the 

rising trends and categories seen in 

the UAE. 

According to the survey, DeFi has 

grown in popularity in the UAE as 

a result of growing interest from 

cryptocurrency investors and greater 

usage of cryptocurrencies as an asset 

class. Decentralized platforms that 

enable users to store, exchange, or 

use assets, as well as decentralised 

protocols that assist people in 

managing risk and investing in the 

best DeFi protocols in accordance 

with their preferred level of risk, 

are included in the domestic DeFi 

business, the report states. 

Meanwhile, NFTs have permeated 

a number of industries, including 

art, sports, and entertainment. 

Participants in the industry have 

noticed their potential to build new 

collector communities and increase 

access for athletes, entertainers, and 

artists to their fans and customers. 

The NFT startups in the UAE 

include 4ART Technologies, a 

specialist in art security and the 

digitalization of artworks, Elementum 

by dloop, a platform that enables 

artists and art enthusiasts to buy, 

trade, and exhibit art online, and 

Pulse, a social music platform that 

allows artists to manage, control, and 

monetize their data. 

Moreover, Dubai government 

has identified the Metaverse, an 

immersive virtual environment, as a 

crucial area of focus. This recognition 

was made in a manifest in July 2022 

with the introduction of the Dubai 

Metaverse Strategy. The objective 

is to make Dubai one of the top ten 

metaverse economies worldwide and 

a centre for the metaverse community. 

Additionally, it aims to contribute $4 

B and more than 40,000 virtual jobs 

by 2030. 

A growing metaverse industry 

has emerged as a result of this push. 



Cryptocurrency 

Among the notable startups in this 

ecosystem are Everdome, a project 

aiming to create the most hyperrealistic 

metaverse, MetaMall, a virtual 

shopping mall in the metaverse, 

and Virtua, a gamified metaverse 

that offers immersive social, Web 

3.0 gaming, digital collectibles, and 

interactive experiences. 

One of the largest markets for 

anyone looking for a job in the 

space, the UAE’s cryptocurrency 

industry offers some of the greatest 

employment prospects and pay in the 

world. The UAE is the ninth largest 

market internationally, with over 137 

crypto job listings, or around 14.51 

jobs for every million inhabitants, 

according to the research. According 

to CoinJournal, the UAE has more 

jobs in the cryptocurrency industry 

than countries like Germany, Canada, 

Australia, and France. 

Additionally, earnings in the UAE 

are higher, with annual pay packages 

average $132,000, ranking it as the 

fourth wealthiest country in the 

world. Salaries in UAE are higher than 

those in the US, Germany, Australia, 

Portugal, Egypt, and Hong Kong. 

With around 159.14 jobs per million 

inhabitants, or three times as much as 

any other nation, Singapore has the 

most crypto career postings. 

According to the survey, the US 

and the UK have more occupations 

related to cryptocurrencies than any 

other nation in the globe. The survey 

also notes that there are around 1,062 

employments in the UK and close 

to 5,700 in the US that are tied to 

cryptocurrencies. 

The highest average wage for wellknown 

roles in the cryptocurrency 

industry is $1,20,000 per year for 

smart contract developers, lead 

developers, and senior developers. Up 

to 13 blockchain business executives 

can be found among the University 

of California alumni, making it the 

school that has generated the most 

of them. According to the study, 

computer science makes up the 

majority (24.55%) of all courses taken 

by blockchain business executives. 

The UAE had 3,342 cryptocurrency 

searches per 100,000 people, ranking 

fourth among nations with the highest 

interest in cryptocurrencies, behind 

Australia, Ireland, and the United 

Kingdom, which each had 3,472 and 

3,409 searches per 100,000 people, 

respectively. 

52 52 www.thefinanceworld.com January December 2023 2022

UAE welcomes major firms as 

the local cryptocurrency market 

expands 

The UAE is implementing a 

number of measures to make 

the nation a global centre 

for cryptocurrency projects 

as well as projects based in the 

metaverse and on blockchains. The 

Emirati government has made bold 

moves to create modified frameworks 

at a time when other jurisdictions 

continue to be unfriendly to the 

sector. This strategy has led to one of 

the sector’s best growth rates ever in 

2022. The UAE is a setting where an 

increasing number of businesspeople 

from various backgrounds are 

relocating permanently and taking 

The NFT Market to expand by 

45.5% and reach $982.1 M 

In the United Arab Emirates, 

the NFT market is anticipated 

to increase by 45.5% annually 

and reach $982.1 M by the end 

of 2022. Over the projection period, 

the NFT market is anticipated to 

expand gradually, with a CAGR of 

32.1% between 2022 and 2028. By 

2028, the NFT Spend Value in the 

nation will have increased from 

$982.1 M to $4746.3 M. As more and 

more entrepreneurs, businesses, 

advantage of an area that is not only 

well-positioned physically but is also 

experiencing rapid economic growth. 

and celebrities enter the quickly 

expanding market, the non-fungible 

token (NFT) scene is expanding. 

The United Arab Emirates (UAE) 

market is fast embracing NFTs, much 

like the rest of the world. The UAE 

appears to be developing into a major 

worldwide hub in the booming field 

of NFTs because the nation has long 

been regarded as a good location for 

conducting business. 

Cryptocurrency News 

Dubai’s 

cryptocurrency 

drive gains 

more attention 

Many UAE officials pushed 

virtual assets as a gold 

mine for economic growth 

and a key component of 

the country’s diversification strategy 

beyond fossil fuels, while some 

financial centres tightened rules. That 

aided Dubai’s positioning as a centre 

for the cryptocurrency business, 

drawing key figures in the field while 

also inspiring bankers, attorneys, and 

tech executives to change careers. 

Real estate agents recently reported 

seeing a surge in cryptocurrency 

investments in upscale properties. 

However, some people are regretting 

the way things turned out as a result 

of the bull market’s termination. 

In Dubai, the local exchanges Rain 

Financial Inc. and BitOasis have 

reduced staff. Hazem Shish, a former 

banker for Barclays Plc who just 

established a cryptocurrency hedge 

fund in Abu Dhabi, was one of several 

who were reconsidering their entry 

into the industry. 


Real Estate 

Dubai’s Real Estate to Witness the Best 

Year Ever 

The value and volume of real 

estate sales in Dubai are 

expected to reach more than 

AED250 B by the end of 

this year and total more than 100,000 

transactions according to UAE-based 

W Capita Real Estate. According to 

the latest data released by Dubai Land 

Department (DLD), the evaluation 

performed by the Dubai-based 

company revealed that the Dubai real 

estate sales have surpassed AED236bn 

from January to date through about 

87 thousand deals, which is more than 

the total sales recorded during the 

past two years together, when they 

amounted to AED219bn. 

According to the report, November, 

which hasn’t even concluded yet, 

saw the highest monthly total value 

of real estate sales agreements 

ever, surpassing AED27.6 B and 

dispersed across 9,900 deals. With 

8,635 transactions, the previous high 

amount was recorded in October of 

last year and exceeded AED25 B. With 

9,732 transactions, the sales value in 

August exceeded AED24.3 B. 

“The real estate sector in Dubai 


Despite global 

instability that 

could intensify 

recessionary 

pressures 

elsewhere, 

investor 

confidence in 

Dubai real estate 

is still quite high. 

is currently going through a golden 

and historical period, as it continues 

to record exceptional numbers 

and unprecedented rates since the 

beginning of the year, which have not 

been witnessed before in this vital 

and important sector of the emirate’s 

economy,” said Chairman of W Capital 

Walid Al Zarooni. 

According to Al Zarooni, 2022 

was the best year for Dubai’s real 

estate market because it has been 

consistently breaking records and 

reaching previously unheard-of levels 

in terms of volumes and valuations. 

He noted that the value of sales would 

reach AED 260–270 B at the very 

least, and was progressing gradually 

toward concluding the current year at 

a quarter of a T dirhams. 

The chairman stated that real 

estate transactions have increased 

to at least AED 1 B per day, which 

is a clear indication of exceptional 

momentum and performance, and 

that the Dubai real estate sector is 

generally displaying signs of positive 

and sustainable growth this year. 

“This also reflects the maturity of

the market on the one hand, and its 

ability to continue to attract highnet-worth 

investors from all over the 

world on the other hand, while many 

other global markets are facing a state 

of uncertainty,” Al Zarooni continued. 

The government of the emirate 

has continued to support the real 

estate market in Dubai with an 

array of high-quality facilities and 

initiatives, including new residency 

laws, residency for entrepreneurs, and 

residency for investors, in addition to 

the high-quality infrastructure projects 

that have strengthened Dubai’s 

position at the forefront of global real 

estate. 

“The prospects for the real estate 

market in Dubai look very promising 

for the first half of 2023, and it will be 

a matter of time to see if next year will 

be able to break the records currently 

registered, as demand is expected to 

continue to grow, and prices still on 

the onward trajectory, which makes 

the Dubai real estate market a fertile 

environment for investments,” Al 

Zarooni concluded. 

Despite global instability that could 

intensify recessionary pressures 

elsewhere, investor confidence in 

Dubai real estate is still quite high. 

Growing investor confidence in 

Dubai’s residential property market 

is reflected in the increased number 

of new real estate projects that have 

recently been launched. 

This is also demonstrated by 

the rise in real estate and land 

transactions around the emirate, 

which are significantly greater than 

those from the previous year. In 

comparison to the same period last 

year, the total value of 67,000 land 

and property sale and mortgage 

transactions increased by 75.43% to 

AED180 B in the first nine months of 

2022. At this pace, the total number of 

land and property deals will result in 

another record year for Dubai’s real 

estate market. 

The value of real estate transactions 

in Dubai hit AED70 B, confirming 

quarterly increase of 18% and 64.5% 

growth compared to Q3 2021, making 

it the best-performing quarter in 

the industry’s history. 22 residential 

projects totalling more than 5,380 

units were completed in the third 

quarter of 2022. 

It is anticipated that inflation 

would average slightly over 5% this 

year after rising in line with general 

trends. The increasing oil prices and 

the withdrawal of the short-term fiscal 

assistance provided to businesses 

and individuals during the COVID 

crisis as the epidemic gradually 

subsided have both contributed to 

the continued growth of the fiscal and 

external surpluses. Global uncertainty 

increased financial inflows, which 

in turn fuelled some real estate 

segments’ swift price growth. 

According to the latest reports, 

the UAE’s economic outlook is still 

favourable and is being supported 

by domestic activity; with the 

implementation of continuing 

reforms, non-hydrocarbon growth 

is anticipated to be around 4% in 

2023 and to accelerate over the next 

few years. According to projections, 

inflationary pressures will eventually 

lessen as a result of tightening 

financial circumstances. Growth 

will also be supported by more 

domestic capital market development, 

especially by the federal government 

issuing local currency debt. 

The Dubai prime residential 

market is expected to rise at its 

fastest rate in 2023 

According to international real 

estate firm Knight Frank, the 

price growth for prime residential 

properties in Dubai, which includes 

the neighbourhoods of Palm 

Jumeirah, Emirates Hills, and 

Jumeirah Bay Island, is expected to be 

the highest worldwide. 

However, the ‘build it and they 

will come’ mentality of Dubai has 

been a recurring problem since it 

has led to the construction of more 

residences than the market can 

support. Knight Frank said in its 2023 

Prime Predictions that the quantity of 

new luxury residences planned in this 

cycle is not keeping up with demand. 

The majority of the brand-new 

luxury residences being built 

in the city’s most prestigious 

neighbourhoods are found in Bulgari 

Lighthouse on Jumeirah Bay Island 

(31 apartments) and Alpago’s Palm 

Flower on the Palm Jumeirah (11 

apartments). 

“Dubai’s premier residential market 

has and continues to be a global 

outlier, with record price increase in 

2022, even if this has been from a low 

base,” stated Faisal Durrani, Partner – 

Head of Middle East Research. 

“Adding to the city’s appeal is its 

relative ‘affordability’, with prime 

homes transacting for around $800 

per sq. ft, making Dubai one of the 

most ‘affordable’ luxury residential 

markets in the world. By the end of 

2022, prices in Dubai’s mainstream 

residential market are predicted to 

increase by 5-7%, and a similar pace 

of growth is anticipated in 2023, 

according to Knight Frank. Eight 

villas in Dubai’s most prestigious 

neighbourhoods are anticipated to 

be produced by 2025, while supply is 

the other crucial component in 2023 

predictions. 

Knight Frank’s global research 

network now anticipates an average 

increase in prime home prices of 

2.0% across the 25 cities under study 

in 2023, down from its previous 

prediction of 2.7%. In spite of this 

decrease, overall growth in 2023 

would still be larger than it was in six 

of the previous ten years. 

According to Knight Frank, the 

housing market has been transforming 

for the past two years after the 

pandemic fuelled a rise in house 

prices in most major cities around the 

world. Geopolitics are getting trickier, 

money is getting more expensive, and 

China is no longer the engine of the 

global economy. 

The unpredictable effects of 

skyrocketing inflation, the rising cost 

of debt, and greater taxes are issues 

that homeowners must deal with. 

Prime markets are more resistant to 

the effects of increasing mortgage 

rates, but they are not exempt. Many 

prestigious residential markets are 

already in the process of changing 

from a sellers’ to a buyers’ market. 

However, Knight Frank’s analysis 

found that for prices to reach the 

levels they were prior to the pandemic 

in 2019, prime home prices would 

need to decline by 30–40% in several 

areas. 


www.thefinanceworld.com 

55

Real Estate News 

$2.478 B has 

been spent on 

real estate in 

Dubai 

R 

eal estate deals of over 

$2.478 B (AED9.1 B) were 

completed, continuing 

an exceptional trend in 

Dubai real estate. 3,186 transactions 

were reported in the city for the 

week ending December 9, according 

to data compiled by the Dubai Land 

Department. According to the Land 

Department data, 2,241 apartments 

and villas were purchased for $1.263 

B, while 419 plots were sold for $610 

M (AED 2,24 B) (AED4.64 B). The top 

three deals included the sale of land in 

Marsa Dubai for $72.3 M (AED265.69 

M), World Islands for $17.5 M 

(AED64.16 M), and Palm Deira for 

$10.3 M (AED38 M). 

UAE real 

estate sector 

expected to 

grow in 2023 

The real estate market in 

Dubai has risen dramatically 

over the last five years, and 

experts predict that it will 

continue to increase in 2023. As fresh 

supply is just beginning to enter the 

market, real estate prices are likewise 

predicted to climb gradually, by 20 

to 25 percent annually. Dubai still 

has a high demand for real estate; 

therefore, it will take some time 

for the market to take in the fresh 

supply. The demand for luxury villas 

in Dubai has increased significantly in 

recent years. Additionally, prices have 

dramatically increased during the 

previous few years. The market is still 

quite competitive, and it is predicted 

that demand for villas would outstrip 

that for apartments. 

Saudi PIF to build Riyadh’s 

2-km-tall tower 

Saudi Arabia’s Public 

Investment Fund (PIF) is 

considering building a 2-km 

tall tower as part of an 18 sq. 

km development north of Riyadh. 

Contractors who have estimated 

mega-tall skyscrapers in the area 

claim that the tower might cost $5 

B to build. If built, the tower will be 

taller than the 828-meter Burj Khalifa 

in Dubai, which currently holds the 

record for the tallest building in the 

world. According to the latest reports, 

a design competition has been 

launched, and overseas businesses 

have been asked to participate, 

including Killa Design from Dubai. 

The building site is located west of 

the current King Khalid International 

Airport and is anticipated to be 

included in the recently announced 

King Salman International Airport 

project in the nation. 

B1 Properties 

sells six 

opulent villas 

for more than 

$185 M 

B1 Properties recently said 

that this season had seen 

one of its Palm Jumeirah 

property sales set records. 

The meticulously curated portfolio of 

the premium real estate firm includes 

the most sought-after properties 

in the Middle East. B1 Properties, 

which was established in 2021 and 

focuses on purchasing homes on the 

Palm Jumeirah, has swiftly become 

the leader in the luxury real estate 

investment sector. The brokerage is 

well-known for selling the priciest 

penthouse at The Royal Atlantis 

Residences for AED163 M in addition 

to selling other properties in locations 

like Bluewaters Island. 


A new record for residential land sales in Dubai 

The residential real estate 

market in Dubai is still 

experiencing record-breaking 

deals as 2022 comes to a 

close. One such transaction involved 

the staggering sale of a 100,000 square 

foot seafront plot of land in Dubai 

Marina for AED690 M ($187.6 M). This 

acquisition surpasses the AED600 

M purchase of a second property on 

the Palm by Indian tycoon Mukesh 

Ambani as the largest residential 

transaction in Dubai this year. This 

year, beachfront plots and homes 

have been among the most soughtafter 

in Dubai, driving record prices 

at the Jumeira Bay Islands and Palm 

Jumeirah. 

Saudi Arabia 

debuts its first 

luxury island 

resort at NEOM 

Crown Prince and Prime 

Minister Mohammed bin 

Salman, who also serves 

as Chairman of the NEOM 

Company Board of Directors, has 

announced the development of 

Sindalah, the first exclusive island 

resort in NEOM and one of the most 

significant initiatives advancing 

Saudi Arabia’s national tourism 

islands Sindalah, a major entrance 

to the Red Sea that offers unique 

nautical experiences, is anticipated 

to open its doors to visitors in early 

2024 so they may take use of its 

luxurious amenities and upscale 

services. 3,500 new employments in 

the tourism industry, hospitality, and 

leisure services are anticipated to be 

generated by the project. In NEOM, a 

number of islands will be developed, 

each in accordance with its own 

vision and design, covering an area of 

about 840,000 square metres; Sindalah 

is one of these islands. 

Sheikh Mohammed bin Rashid 

attends the largest construction 

expo in the region 

His Highness Sheikh 

Mohammed bin Rashid Al 

Maktoum, Vice-President 

and Prime Minister of 

the UAE and Ruler of Dubai, paid 

a visit to the 43rd Big 5, the largest 

and most important building expo in 

the Middle East, Africa, and South 

Asia, on Tuesday at the Dubai World 

Trade Center. Technology, according 

Alabbar visits Albania to establish 

“the second Monaco in the world” 

Mohamed Alabbar claims, 

“I am accomplishing 

something that has never 

been done before, never,” 

which is a bold statement coming 

from someone who has built Burj 

Khalifa, the tallest structure in the 

world, among many other notable 

accomplishments in the real estate 

sector. His Eagle Hills Group of 

enterprises is building the magnificent 

$2.5 B Durres Yachts and Marina 

project in Albania as the “something.” 

It will completely reshape a portion 

of the Albanian coastline near the city 

of Durres and when finished, will be 

the largest superyacht marina in the 

history of the Mediterranean. 

to Sheikh Mohammed bin Rashid, 

is causing disruption in a number of 

industries, including building. He said 

that the industry had included several 

elements of the fourth industrial 

revolution, including AI and its uses in 

projects. According to His Highness, 

infrastructure initiatives are important 

enablers of all-encompassing 

sustainable growth. 



Funding & Investment 

Sheikh Mohammed bin Rashid approves 

integrated platform for investment in 

vital sectors 

Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister 

and Ruler of Dubai, recently approved the establishment of an integrated national 

platform for investments in sectors like fintech, tourism, manufacturing and 

renewable energy. His Highness chaired the UAE Cabinet meeting at Al Zorah Natural 

Reserve in Ajman, in the presence of H.H. Sheikh Maktoum bin Mohammed bin Rashid 

Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; 

and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and 

Minister of the Interior. 

The UAE Cabinet meeting 

approved the foreign 

investor compass project, 

which represents one of 

the transformative projects of the 

Ministry of Economy, and constitutes 

a qualitative leap in promoting the 

investment environment in the 

UAE, and highlighting the country’s 

capabilities in the targeted sectors. 

According to a statement, the 

goal of this investment is to reduce 

the country’s carbon footprint and 

consumption of natural resources. 

Under the Ministry of Economy, this 

platform will look to promote the 


investment environment in the UAE in 

a number of targeted sectors ranging 

from fintech to and smart cities. 

The platform will highlight the 

nation’s abilities in the targeted 

industries by highlighting each 

one’s most salient characteristics. It 

will also provide opportunities for 

investors from all categories in the 

agricultural technology, healthcare, 

education, communications and 

information technology, media and 

entertainment, e-commerce, space, 

logistics, medical tourism, creative 

industries, smart cities, and other 

strategic sectors. 

The Cabinet also approved a federal 

building regulations policy. It defines 

sustainability standards for roads, 

buildings and houses, among others, 

Sheikh Mohammed tweeted; “The 

aim is to reduce the use of natural 

resources and our carbon footprint, 

and to enhance environmental 

sustainability standards for buildings 

in the UAE.” 

The campaign is a collaboration 

between the Ministry of Community 

Development and the Ministry of 

Climate Change and Environment. It 

aims at cleaning the tourist landmarks 

and destinations in the UAE, in line

Under the Ministry of Economy, this platform will look 

to promote the investment environment in the UAE in 

a number of targeted sectors ranging from fintech to 

and smart cities. 

with International Volunteer Day on 

December 5. The cabinet meeting 

also reviewed a detailed study on the 

monthly income ceiling for requests 

for housing assistance and grants 

within the Sheikh Zayed Housing 

Programme. 

The campaign which started by 

5th December for 10 consecutive 

days and continued until the 15th of 

December, witnessed the participation 

of officials, ministers and work teams 

of federal and local authorities in 

cleaning up tourist destinations in 

the country, in cooperation with the 

Emirates Environmental Group. 

The National Building 

Regulations and Standards, which 

include sustainability guidelines 

for construction of buildings, 

construction of roads, construction 

of housing, and operation and 

maintenance of buildings, were also 

approved by the Cabinet. 

The National Building Regulations 

and Standards will guarantee a 15% 

reduction in material and natural 

resource use, a 5% reduction in 

carbon footprint, a 45% reduction 

in road energy use, a 25% reduction 

in building and housing energy 

use, and a 16% reduction in water 

consumption, all while promoting the 

green economy and the welfare and 

comfort of UAE citizens. 

The initiative target was to enhance 

the role of federal government 

employees in supporting the volunteer 

work process, spreading the culture of 

volunteering in society, supporting the 

environment, and enhancing UAE’s 

efforts to host the COP28. 

Moreover, the UAE Cabinet 

reviewed the suggested requirements 

to support citizens with limited 

income who do not meet the 

conditions of loans in housing grants. 

Also, the meeting approved a number 

of agreements with the Federal 

Republic of Nigeria, the Kingdom of 

Lesotho and the Kingdom of Tonga, 

in addition to approving the UAE’s 

accession to the Beijing Convention 

on the Suppression of Unlawful Acts 

Related to International Civil Aviation 

for the year 2010. 

The Cabinet meeting also approved 

the Smart Health Initiative which 

aims at developing health services 

in the country through partnership 

and cooperation between various 

governmental health entities and 

private sector institutions. This 

initiative will work on developing and 

updating the rules governing the use 

of modern methods and technologies 

to provide advanced digital health 

services, and enhance the efficiency 

of health devices, as well as the 

accuracy of diagnosis, prescription 

and dispense medical products. The 

initiative will encourage telemedicine 

interventions, remote medical followup 

and monitoring, in order to provide 

100% remote health services. 

UAE is known for its investorfriendly 

practices. An investment in 

Dubai attracts no annual property 

tax, income tax, capital gains tax, 

rental revenue tax, or Value Added 

Tax (VAT). This allows an investor 

to dedicate a much larger financial 

portfolio to purchasing property 

and, in turn, get higher returns. 

Interestingly, although investment in 

Dubai is devoid of direct taxes, you 

might be required to pay municipality 

fees and private community charges. 

Indians and other foreign nationals 

can invest, own, lease and sell 

freehold properties in Dubai. Dubai 

has a high expatriate population with 

almost 85 percent share of the total 

residents. Of this, Indians dominate 

over 30 percent of the demographics. 

As per reports, Dubai is trying to 

establish itself as a start-up pioneer. 

Although Indians comprise around 

30 percent of the start-up ecosystem 

in Dubai, the administration wants 

to take it up further by revising 

the Golden Visa program and tax 

policies to promote ease of business. 

Resultantly, over 8,000 affluent 

Indians are expected to migrate out 

of the country in 2022, and Dubai has 

emerged as their primary choice. 

The global city of Dubai is expected 

to continue its dominance as an 

investors’ paradise for the next few 

years at least. With a significant 

number of expatriates making the 

city their ‘home’, a favourable realty 

environment will be maintained. 

However, as is the case with any 

foreign investment, it is recommended 

to duly scrutinise each aspect of the 

deal before signing the documents. 

Investors in the UAE are fortunate 

to have access to a wide range of 

investment companies, each with 

its unique upsides and downsides. 

While there are many good options for 

investors, it can be difficult to know 

which companies to choose from. 

Therefore, it is important to consider 

what investment proposal best meets 

your needs, for investing in a market 

without sufficient research is unlikely 

to yield the results you are seeking. 



Funding & Investment News 

Dubai-based 

fintech startups 

will receive 

$545 M in 

investment in 

2022 

Fintech companies operating 

in Dubai International 

Financial Centre (DIFC) 

got more than AED2 B 

($545 M) in funding in the first nine 

months of the year, according to 

the 2022 FinTech Report from the 

DIFC FinTech Hive. According to 

DIFC, more fintech and innovation 

businesses opened up shop in the 

zone between January and September 

than there were in 2021. Fintech 

funding activity nearly quadrupled 

in 2021, and start-ups in the MENA 

region raised $998 M in 2021, up 78% 

from the previous year. Graduated 

start-ups from the DIFC FinTech 

Hive programme cohort this year are 

included in that amount. Currently, 

more than 3,000 applications from 

around the world have been submitted 

to the region’s first and largest fintech 

accelerator programme. 

UAE funders 

are actively 

seeking India’s 

subsequent 

unicorns 

Indian expats in the UAE are 

heavily investing in gold and 

real estate back home, but 

there are other assets that can 

entice investors. For some NRIs, this 

entails looking for opportunities in 

India’s next big “unicorn” company, 

which has a $1 B valuation. Neelesh 

Bhatnagar, the managing director 

of NB Ventures based in Dubai, 

advises investors to consider all 

potential opportunities. Because of 

the CEPA (Comprehensive Economic 

Partnership Agreement) between 

the UAE and India, investment 

opportunities now actually flow both 

ways. 

EDB and 

ADCB agree 

to a credit 

guarantee 

agreement to 

increase SME 

financing 

Emirates Development Bank 

and Abu Dhabi Commercial 

Bank have signed a 

preliminary agreement for a 

joint credit guarantee programme for 

small and medium enterprises in the 

nation. Emirates Development Bank 

is a state-owned lender that focuses 

on financing businesses in important 

industrial sectors. The agreement is 

anticipated to increase SMEs’ access 

to strategic funding choices and 

increase their financial inclusion in 

the UAE, according to EDB. As part 

of the project, EDB would guarantee 

up to 50% of the financing provided to 

SMEs by ADCB, Abu Dhabi’s thirdlargest 

lender by assets. 

Startups in the HUB71 community raise $1 B in 

venture funding 

The Hub71 community has 

welcomed startups that 

have collectively raised $1 

B (AED 3.7 B) in venture 

capital since its launch in 2019. Hub71 

is Abu Dhabi’s global tech ecosystem. 

The accomplishment was made in 

a year in which Hub71 onboarded 

53 high-growth technology startups, 

each of which had a demonstrated 

history of luring sizable investment 

from top venture capital firms. Nine 

firms that Hub71 onboarded this year 

have collectively raised more than 

$156.7 M (AED 575 M), or more than 

$10 M (AED 36.7 M) per start-up. 

Included in this is Axiom, a start-up 

that aids businesses in monitoring and 

analysing data, which raised $25 M 

(AED 93.6 M), the most of any startup 

Hub71 will onboard in 2022 and 

257% more than the highest-earning 

start-up. 


7.5% of MNT Investments are sold by GB Auto to 

Chimera in the UAE 

According to GB Auto, Chimera purchased a 7.5% 

share in the Dutch business MNT Investment. 

The portion of MNT Investment owned by GB 

Auto will drop to 49.5%GB, and Auto announced 

that the target shares would be sold for $60 M, or $71.3 M 

provided certain criteria were met. Prior to that, GB Auto 

had a binding contract in place to sell a 21.7% interest in 

MNT Investments’ “Chimprop 2 Investment SPV RSC Ltd.” 

At that time, the company announced that it would start the 

selling process for the 7.5% indirect shareholding in MNT 

Investments B.V. that belonged to GB Auto, with a total 

value of $60 M. 

Uolo secures $22.5 M in Series A funding 

The UAE-based VC company Winter Capital led a 

$22.5 M Series-A investment round for the edtech 

start-up Uolo. Existing investors Blume Ventures and 

the brand-new Dubai-based fund Morphosis Venture 

Capital both participated in the investment round. According 

to a statement made by the company, Uolo had earlier raised 

a seed round of INR 20 headed by VC funds Blume Ventures 

in November 2020. The open architectural platform of Uolo 

enables the creation of physical learning programmes for 

K–12 educational institutions and students. According to the 

company’s statement, Uolo has worked with more than 8500 

schools in India and currently touches over 3.7 million kids. 

UAE-Qatar bilateral trade and investment are 

expected to increase 

Following the last visit 

of His Highness Sheikh 

President Mohammed bin 

Zayed Al Nahyan, bilateral 

trade and investments between the 

UAE and Qatar are expected to 

rise significantly. Due to the UAE’s 

promising initial public offering 

(IPO) pipeline, analysts predict that 

expanding links would lead to dual 

listings of the companies. The UAE 

President recently visited Qatar, 

following an invitation from Sheikh 

Tamim bin Hamad Al-Thani, the 

Emir of Qatar. This year, the two 

nations hosted the Fifa World Cup 

and Expo 2020 Dubai, two significant 

international events that will boost 

foreign investment in the two Gulf 

nations. 



Local News 

UAE to the moon: SpaceX’s Falcon 9 ascent and the 

Rashid Rover’s successful launch 

The SpaceX Falcon 9 carrying the UAE’s Rashid Rover launched on its trip to the moon, finally fulfilling weeks of 

anticipation. It marked an important milestone in the history of the United Arab Emirates and the start of the first 

Arab lunar expedition. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE 

and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Sheikh 

Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, were present for the historic launch of Rashid Rover 

at the Mission Control Center inside the Mohammed bin Rashid Space Centre. 

Dubai’s 4.6% 

GDP growth 

is evidence of 

its economy’s 

resilience and 

sustainability 

The Executive Council’s 

Chairman, H.H. Sheikh 

Hamdan bin Mohammed 

bin Rashid Al Maktoum, 

revealed that the first nine months of 

2022 saw a 4.6% increase in Dubai’s 

GDP over the same time in the prior 

year, bringing the total to AED307.5 B. 

H.H. Sheikh Hamdan bin Mohammed 

pointed out that Dubai’s exceptional 

GDP growth was the result of the 

efforts of numerous public and private 

organisations to realise His Highness 

Sheikh Mohammed bin Rashid Al 

Maktoum’s vision of making Dubai’s 

economy a global benchmark for 

sustainability and resilience. He is the 

Vice President and Prime Minister of 

the UAE and Ruler of Dubai. 

Dubai’s DMCC opens a gaming 

centre 

In an effort to capitalise on the 

AED 1.8 B gaming market in 

the region, which is predicted 

to grow to $5 B by 2025, Dubai 

Multi Commodities Centre (DMCC) 

has opened its own gaming centre. 

Jumeirah Lake Towers’ (JLT) DMCC 

said that it is currently home to 

50 gaming companies, including 

producers and developers, as well 

as e-sports teams and tournament 

organisers, and that it is actively 

pursuing the recruitment of further 

firms. According to the free zone, 

businesses registered under the 

DMCC Gaming Centre will have 

access to the larger e-sports 

community through regular events 

and competitions as well as support 

from YaLLa Esports. 

UAE requests state organisations to 

purchase food locally 

According to the minister 

of climate change and 

environment, the United 

Arab Emirates has 

instructed government bodies 

including the military and hospital 

administrators to assist agri-tech 

initiatives in the desert nation by 

purchasing locally grown produce. 

According to Mariam Al Mheiri, who 

spoke at the World Policy Conference 

in Abu Dhabi, the UAE, which imports 

90% of its food, decided last month at 

its annual cabinet meeting to boost 

local production while maintaining its 

support for open trade policies. The 

Gulf Arab oil exporter, which will host 

the COP28 climate conference the 

following year, is actively promoting 

food security both within the region 

and globally. 


Mauritius emerges as a complementing and friendly 

partner for UAE investors 

Mauritius is a beautiful 

island nation in the Indian 

Ocean, with a diversified 

and growing economy. 

After growing by 3.7% in 2021 to 

$10.95 B, its gross domestic product 

(GDP) is estimated to have increased 

by a further 7.2% in 2022, and a further 

5% increase is anticipated for 2023. 

Due to the abundance of prospects 

that have come to the attention of 

GCC 5G 

subscriptions 

will increase 

30% yearly 

According to the most 

recent Ericsson Mobility 

Report, 5G subscriptions 

in the GCC region are 

expected to increase at an average 

annual rate of 30 percent, from 15 

to 71 million up to the end of 2028, 

accounting for 86 percent of all 

connections. “As communication 

service providers explore a variety 

of service offerings, 5G is predicted 

to be the segment with the quickest 

growth,” said Nicolas Blixell, Vice 

President and Head of Gulf Council 

Countries at Ericsson Middle East 

and Africa. The most recent Ericsson 

Mobility Report shows that Fixed 

Wireless Access demand and growth 

are also exceeding estimates. It is 

noteworthy that regional providers of 

communication services have been 

expanding their B2B chances as well. 

UAE investors since the Economic 

Development Board of Mauritius 

launched a representative office in 

Dubai in March, the nation also boasts 

one of the highest foreign investment 

rates in Africa. This should strengthen 

linkages between the two countries in 

high-potential industries like financial 

services, manufacturing, healthcare, 

the ocean economy, and renewable 

energy. 

GMG and Silal to assist 1,100 

UAE farms in accessing the local 

retail market 

A 

Memorandum of 

Understanding was signed 

by GMG, a worldwide 

well-being company, and 

Silal, a division of ADQ, to promote 

cooperation in the food industry 

by putting customers in touch with 

farmers. Through this collaboration, 

the food retail portfolio of GMG 

Consumer Goods division will support 

local farmers (up to 1,100 farms) who 

have contracts with Silal to provide 

consumers with fresh local produce 

that is purchased directly from local 

farms. A 30% local sourcing goal for 

GMG’s fresh food will be accelerated 

by the new relationship, which was 

established during the Abu Dhabi 

International Food Exhibition. Initially 

accessible at Geant supermarkets, the 

first phase will include more than 30 

product categories. 



Digital Assets 

Is Digital Gold a good investment? 

Businesses typically search 

for a safe option that offers 

them guaranteed returns 

when making investments. 

Although the commodity market 

does not guarantee certainty, “gold” 

stands out as a viable option. Gold 

is regarded as a safe bet that will 

protect your investment over the long 

term. How can Dubai be forgotten 

when discussing gold investment in 

the United Arab Emirates? Dubai is 

known as the city of gold, a significant 

hub for trading activities, and 

investing in the gold business there is 

not only safe but also simple. 

In the UAE, businesses view gold 

investment as a lucrative opportunity 

to boost profits. As there are 

The most 

compelling 

advantage of 

digital gold is its 

hassle-free and 

safe storage. 

numerous other ways to invest in 

gold, there are numerous advantages 

to doing so as well. Digital gold is 

one of the new options, which is 

essentially a substitute for purchasing 

the yellow metal in its physical form. 

Gold can be bought online, and an 

equivalent amount is kept as actual 

gold in a vault that is protected. 

Digital gold is a new type of digitalasset 

based on a blockchain that 

promises scarcity, value, easy 

transaction and ease of storage. These 

assets are either digital ones that have 

a 1:1 ratio of real gold stored in a safe 

place or they are mined using the 

same methods as Bitcoin. 

At any time, investors have the 

option of selling all or a portion of 


their gold at the current market rates. 

All of these gold assets are 24K and 

have government certification, which 

guarantees purity and eliminates the 

possibility of fraud. 

People from different countries 

come to UAE to buy gold, but in 

digital gold investment people can buy 

online without any limit. The best part 

of investing in gold is the ability to 

invest as much as possible, for there 

is no limit of purchasing or investing 

in gold. On the other hand, the most 

compelling advantage of digital gold 

is its hassle-free and safe storage. The 

company offering digital gold will 

store one’s purchased gold in secure 

vaults. As the buyer does not possess 

the gold, he also saves locker charges 

and needs not to worry about theft or 

loss of gold. 

There is no minimum investment 

requirement, so anyone can buy any 

quantity of gold. The amount that 

has been invested will be given to 

the person. Digital gold is 24K and 

thus comes with 99.99% purity. Since 

there is little chance of fraud, buyers 

don’t have to worry about purity and 

genuineness and receive what they 

paid for. 

Since the Blockchain revolution 

with Bitcoin, people are seeing the 

rise in digital assets only to make 

quick profits and not in terms of its 

usability till now. Nowadays, people 

are experimenting payments with 

Bitcoin and other online assets. 

Expecting the increase in usage, 

people are looking to turn other 

physical assets into digital (like 

gold, water, images, etc) to increase 

the selection of assets and to 

attract investors for more business 

opportunities for its creators. NFTs, 

digital gold, digital real-estate, and 

digital currency are all a part of this. 

In dubai, DMCC Tradeflow, that 

is Dubai Multi Commodities Centre 

free zone, launches a new blockchain 

network. Through this, many investors 

will be able to buy gold as a Digital 

Asset. DMCC is an online platform 

for registering the ownership of 

commodities stored in UAE facilities. 

DMCC – the world’s flagship free 

zone and Government of Dubai 

Authority on commodities trade 

and enterprise – has announced 

a partnership with Comtech Gold 

to digitize the trading of gold by 

tokenizing the precious metal backed 

by physical gold bars registered on 

DMCC Tradeflow. 

DMCC Tradeflow is an online 

platform for registering the ownership 

of commodities stored in UAE 

facilities. Comtech Gold Tokens 

(“CGO”) will be created on the XinFin 

Protocol (XDC) blockchain network 

based on the deposit of physical 

gold bars located in DMCC-approved 

vaults. Each gold bar will be backed 

by a Tradeflow warrant, meaning 

that the increased ease of trading a 

tokenized asset is combined with the 

additional security, transparency, and 

The best part 

of investing 

in gold is the 

ability to invest 

as much as 

possible, for 

there is no limit 

of purchasing 

or investing in 

gold. 

real-asset allocation provided by the 

Tradeflow warrant. 

With each token representing one 

gram of gold, investors and traders 

will be able to buy as little as one 

gram, democratizing the asset class 

by making it more accessible. The 

tokens are Shariah compliant and fully 

backed by physical gold in the form 

of 1kg gold bars of 999.9 purity from 

globally-renowned brands. 

In line with international best 

practices for transparency in the 

precious metals sector, each bar 

will feature unique ID numbers and 

certificates direct from the refiners. 

Ahmed Bin Sulayem, Executive 

Chairman and Chief Executive 

Officer, DMCC, said: “Recent market 

events have highlighted the need 

for greater transparency and crypto 

tokens backed by underlying, realworld 

assets. Our partnership with 

Comtech Gold to enable the trade 

of tokenized gold bullion backed by 

DMCC Tradeflow warrants addresses 

this need head-on. DMCC firmly 

believes that blockchain solutions will 

drive long-term growth in global trade 

across industries and asset classes, 

and this latest announcement is 

another testament to this core belief.” 

On the other hand, Navin D’Souza, 

Chief Executive Officer at ComTech 

Gold, said: “A partnership with DMCC 

is an exciting moment for us as we 

continue to grow with 122 kgs of 

gold already tokenized. Tradeflow 

warrants add the security, control, 

and transparency to the gold tokens 

necessary to build investor trust 

and confidence. This, along with 

the Shariah certification, makes 

Comtech Gold Tokens (CGO) an ideal 

and robust product developed on 

blockchain technology for regional 

and international investors.” 

This partnership adds to 

Tradeflow’s list of Shariah compliant 

products, given that the tokens are 

backed by physical assets. Tradeflow 

registered over 67,000 Islamic finance 

transactions in H1 2022, reaching a 

total value AED 746 B. This represents 

the highest six-month volume ever 

recorded for the platform. 

DMCC Tradeflow was launched 

in 2012 to address a gap in the 

regional trade finance market and 

has witnessed a substantial year-onyear 

increase in transactions, driving 

the platform’s expansion. DMCC 

Tradeflow now provides a range of 

online services specifically designed 

to facilitate collateral financing, 

jewellery financing, and provide 

Islamic finance solutions. 



Stock Market 

ADX is MENA’s New Hive for Global 

Investors 

The Abu Dhabi Securities 

Exchange (ADX) is the 

second-largest market in 

the Arab world, and its 

strategy of offering steady financial 

performance with diversified 

sources of incomes is in line with 

the objectives of the UAE’s “Towards 

the Next 50” initiative. The national 

plan outlines the UAE’s strategic 

development plan, which aims to 

create a sustainable, diversified, 

and high value-added economy that 

positively impacts the shift to a new 

global paradigm for sustainable 

development. Among the securities 

that can be traded on the ADX 

market are shares of publicly traded 

companies, bonds from governments 

or corporations, exchange-traded 

funds, and any other financial 

instruments deemed suitable by the 

UAE Securities and Commodities 

Authority (SCA). 


World Business Outlook recently 

recognized ADX for its achievements 

since 2021 with awards for “Best 

Trading Securities Exchange - MENA 

2022” and “Best Trading Derivatives 

Exchange - MENA 2022.” Tabadul, 

the first digital exchange hub in the 

region, was also introduced by ADX. 

Based on the mutual market access 

model, Tabadul enables investors to 

trade directly on numerous exchanges 

through authorized brokers in other 

markets while allowing investments 

across ADX and other exchanges. 

The ADX derivatives market, 

despite being the youngest in the Arab 

region, has grown to become the most 

liquid in just a year since its launch in 

November 2021. It achieved AED 1 B 

in traded value and over 1 M contracts 

traded in its first year, exceeding 

peers in the region by over 100%. 

Due to solid alliances and top-notch 

infrastructure, it has quickly become 

one of the most active in the region. 

Abu Dhabi Securities Exchange 

will continue to attract the attention 

of international investors as the 

Arab world’s second-largest bourse 

focuses on new listings, according 

to a top executive from JP Morgan. 

“When you look at the strong stable 

of companies, which are actually high 

class, world-class companies which 

are coming to the ADX market to 

list, we think there is going to be an 

increased focus from international 

investors and there is plenty to go in 

terms of getting that global attention 

to the ADX,” Aloke Gupte, JP 

Morgan’s head of Europe, Middle East 

and Africa equity capital markets, 

said at Abu Dhabi Finance Week on 

Monday. 

As the economy has recovered 

from the coronavirus pandemic over 

the past two years, the number of 

new listings on the Abu Dhabi stock

market has increased. Nine companies 

were listed on the ADX last year, 

including satellite operator Yahsat, 

Fertiglobe, and ADNOC Drilling. This 

year has seen the stock market debuts 

of Bayanat, a provider of geospatial 

data products and services, Borouge, 

Burjeel Holdings, and Abu Dhabi 

Ports Group. 

“Abu Dhabi exchange has increased 

its liquidity in the last two years 

eight times and in terms of stable, 

targeted, strategic governance and 

regulatory framework I don’t think 

anyone is doing as a good job,” Mr. 

Gupte said. The stock market “will 

remain a premium market from an 

operating standpoint, but it also has 

a perfect mix. You have a great set 

of companies and you have a deep 

local pool of demand, which is now 

accentuated by the setting up of the 

IPO fund”, he added. 

Saeed Hamad Al Dhaheri, Managing 

Director and Chief Executive 

Officer of ADX, commented, “We are 

delighted to have been honoured 

by World Business Outlook for our 

performance since 2021. The record 

increase in our market capitalisation 

is a historic achievement for ADX 

and could not have been realised 

without the support of our partners, 

member brokerages, and investors. 

We aim to maintain this momentum 

for the remainder of 2022 and 2023 

with the launch of several high-profile 

initiatives to further the reach of ADX 

and strengthen our collaboration with 

regional markets.” 

H.E. Hisham Khalid Malak, 

Chairman of the Abu Dhabi Securities 

Exchange, said: “These awards 

reinforce the successes of the 

ADX team in achieving several key 

milestones over the last 2 years. Since 

the launch of our new strategy at the 

beginning of 2021, we have witnessed 

a robust listing pipeline and took 

measures to drive the sustainable 

growth and enhance market liquidity, 

which has more than doubled the 

exchange’s market capitalisation. We 

have also launched several groundbreaking 

new products and services, 

including the introduction of a 

derivatives market.” 

Basically, ADX offers opportunities 

for saving and investing money 

in securities to help the national 

economy, ensures the accuracy 

and soundness of transactions, and 

Abu Dhabi Securities Exchange will continue to 

attract the attention of international investors 

as the Arab world’s second-largest bourse 

focuses on new listings, according to a top 

executive from JP Morgan. 

ensures the interaction between 

supply and demand to determine 

prices. It protects investors through 

establishing fair and proper dealing 

standards among investors and 

by imposing strict controls over 

securities transactions to ensure 

proper conduct. In addition to 

promoting financial and economic 

stability and developing trading 

techniques to increase the liquidity 

and stability of prices of all securities 

listed on the market, ADX also 

promotes investment awareness by 

conducting studies to ensure that 

savings are invested in productive 

sectors. 

Following the decline in the world 

stock market in March 2020, the Abu 

Dhabi Securities Exchange Index 

increased by 48% before ending the 

year 0.6% lower at 5,045.332. For the 

first time, the market value of stocks 

listed on ADX exceeded AED 750 

B, up 39.7% from AED533 B in 2019. 

Market capitalization growth for 

stocks listed on the ADX coincided 

with high-profile mergers, such as the 

union of Abu Dhabi National Energy 

Company and Abu Dhabi Power 

Corporation, which established a 

dominant regional utility company. 

Securities traded on ADX saw a 28% 

increase in value from AED56.8 B in 

2019 to AED72.8 B in 2020. In 2020, 

there were 38% more foreign investors 

on ADX, and the value of the shares 

they traded increased by 6.5% to AED 

62.6 B. On the other hand, institutional 

trading of securities saw a 35.6% 

increase in value last year, reaching 

AED 111.1 B. 

On Monday, June 6, the market 

capitalization of the Abu Dhabi 

Securities Exchange (ADX) opened 

above AED 2 T ($545 B) for the 

first time in its history, marking a 

historic milestone that has elevated 

the region’s newest exchange to 

second-largest in the Middle East in 

just two decades. The introduction 

of a derivatives market in the fourth 

quarter of 2021 is just one of the new 

initiatives the exchange has developed 

since the launch of “ADX One” at the 

beginning of 2021 to increase market 

liquidity. An agreement to create cobranded 

indices, including a tradeable 

version of the FTSE FADX 15 Index, 

was then reached with FTSE Russell. 

Following a bumper year in 2021, 

when its market capitalization more 

than doubled to AED 1.6 T from 

AED 750 B, the exchange’s market 

capitalization increased. That was 

followed by a number of new listings 

on the Growth Market, including 

Exchange Traded Funds (ETF) and 

the IHC subsidiaries Palm Sports, 

Zee Stores, and Easy Lease. The 

Growth Market, formerly known as 

the Second Market, underwent a name 

change in April of last year to better 

reflect Abu Dhabi’s rapidly expanding 

ecosystem for start-up businesses. 

However, winning the ‘Best Trading 

Securities Exchange - MENA 2022’ 

award for reaching a record market 

capitalisation of more than AED 2.6 

T makes ADX the second largest 

exchange in the Middle East and 

further augments the acceleration of 

ADX strategy to attract listings and 

diversify its investment products. 


Corporate Tax 

The New Corporate Tax Law and its 

Impact on UAE Businesses 

For every nation, Corporate 

Tax plays a vital role in 

enhancing the development 

of their infrastructure 

and standard of living of their 

residents. On December 9, 2022, UAE 

Government released the Federal 

Decree-Law No. (47) of 2022 on 

the Taxation of Corporations and 

Businesses (CT Law). This law will be 

effective for financial years starting 

on or after 1 June 2023. The tax year 

shall be the Gregorian Calendar Year 

i.e., January to December or any 

other 12- month period for which 

financial statement is prepared by the 

Taxpayer. This article aims to capture 

some key WHAT-YOU-NEED-TO- 

KNOW provisions: 

1. Will corporate tax impact my 

business? 

Corporate Tax is a Federal Level 

tax. It will apply to every business 

except few exempt ones which are 

government owned entities, public 

benefit entities, investment funds, etc. 

It shall be imposed on: 

• Resident persons conducting 

business – natural and juridical 

persons, including free zone 

persons and Non-resident persons 

– Permanent Establishment (PE) 

of foreign juridical person and 

business who derives income from 

sources in UAE or have nexus in 

UAE. 

2. Impact on start-ups or small 

businesses? 

The UAE Government has always 

given importance to SMEs and Startup 

ecosystem, and due consideration 

is also extended in CT regime. As a 

relief, resident taxable persons, who 

do not exceed specified revenue 

threshold and fulfil mandated criteria, 

will be able to declare as not having 

any taxable income for that tax 

period. 

Further, start-ups may also benefit 

from tax loss relief and carry forward 

provisions of CT, as they tend to 

operate in losses in initial years due to 

substantial operating expenses. 

3. Impact on Free Zones? 

There are over 40 multidisciplinary 

free zones in UAE. Each Free Zone 

is designed around one or more 

business industry and offers licenses 

to companies within those categories. 

The major USP for any free zone in 

UAE was the ownership structure 

and the tax holidays provided to the 

licensee. 

Though the Free Zone businesses 

(referred to as Free Zone Persons) are 

covered under the gambit of CT, they 

may continue to enjoy tax benefit, 

subject to certain conditions. As per 

CT Law, Qualifying Free Zone Persons 

can have Qualifying Income which 

will be taxed at 0% and Non-Qualifying 

income subject to 9% tax rate. 

Conditions and definitions 

regarding the qualifying income 

are yet to be emphasized by the tax 

authorities. 

4. Impact on transactions with 

Related Parties and Connected 

Persons? 

If a Taxable Person is conducting 

business or arrangements with 

Related Parties and/or Connected 

persons (within state or outside), 

following shall be considered while 

calculating Taxable Income: 

i. Transactions should meet “Arm’s 

Length” standards (Decree-law 

specifies 5 methods which can be 

adopted to derive the same and are 

in line with OECD guidelines). 


As now the Decree-Law is issued and implementation of CT Law is 

imminent, Businesses and other proposed taxable persons will need 

to re-align their framework in order to meet the compliances. Businesses 

will have to prepare before the law comes into 

effect on 1 June 2023. They need to understand available 

optimization strategies to ensure compliance and minimize the tax 

burden in the long run. 

ii. Transfer pricing related provisions, 

documentation and reporting 

requirements should be complied 

with. 

iii. Payments or benefits provided 

to Connected Persons (Key 

management persons) should be 

deductible only and to the extent 

it corresponds to the Market Value 

of such services. 

5. Criteria for Tax Grouping 

UAE juridical persons will be able 

to form a tax group and file a single 

tax return and make a single tax 

payment, subject to following key 

conditions: 

• Parent entity holds 95% ownership, 

voting rights and right to the assets 

and profit of the group entities. 

• Neither the parent nor the 

subsidiary is an exempt entity. 

• Neither the parent nor the 

subsidiary is a qualifying free zone. 

• Both the parent and the subsidiary 

follow the same financial year and 

prepare their financial statements 

using the same accounting 

standards. 

Detailed rules and provisions 

have been incorporated in CT law 

to deal with how a subsidiary can 

join and leave the Tax Group and the 

circumstances under which the Tax 

Group will cease to exist. 

6. Tax on dividend? 

Dividends and other profit 

distributions received from a resident 

juridical person will be treated as 

Exempt Income. 

Foreign dividends and other profit 

distributions and capital gains from 

sale of shares (domestic or foreign) 

would be exempt subject to key 

participation shareholding conditions. 

7. Importance of accounting/ 

financial statement? 

Preparing accurate and standalone 

financial statements, shall now 

become indispensable. Whether 

the taxable person is a branch, or 

an individual taxable person or 

corporate, financial statements will be 

the ultimate basis of Tax calculation 

and Assessment. 

Also, getting these statements 

audited will add value, since this 

would be a third-party opinion and 

potential safeguard. 

8. How can we help? 

• Detailed impact assessment 

• Corporate restructuring 

• Transfer pricing – Policy and 

implementation 

• Evaluate System readiness for data 

capturing and reporting 

• Have Implementation Plan to be 

ready to be compliant with all 

reporting requirements 

• Maintaining Financial Records in an 

accounting software 

• Review of Accounting process, 

policies and documentation 

• Assistance with External Auditing. 

The information contained herein is in 

summary form and is therefore intended for 

general guidance only. This publication is not a 

substitute of professional opinion. 

Khushboo Agarwal 

Co-Founder and Partner – Tax & Compliance, 

FINCIRC International Management 

khushboo.agarwal@fincirc.com 


Corporate Results 

International Holding 

Company (IHC) 

Net profits: 236% 

International Holding Company (IHC), 

with its headquarters in Abu Dhabi, 

posted a 236 percent increase in 

earnings for the nine-month period 

ended September 30 at AED24 B, the 

company said. In comparison to the 

third quarter of the prior year, revenue 

increased by 87 percent to AED34.3 

B. IHC, one of the biggest corporate 

investment holding companies in 

the Middle East and Africa, reported 

that its total assets increased from 

AED64.4 B in the third quarter of 2021 

to AED198.8 B. 

Salik - Dubai Toll Gate 

Operator 

Net profit: AED242 M 

Salik Company reported a net profit 

of AED242 M for the third quarter 

of 2022. Revenues increased 9.1% 

year over year to AED445 M, and 

EBITDA came in at AED291 M, 

yielding a healthy margin of 65.4%. 

The outcomes demonstrated the 

company’s power as the sole operator 

of Dubai’s road tolls. Salik’s robust 

business strategy places it in the 

centre of Dubai’s efforts to expand the 

roads and transportation industry. 

Eshraq Investments 

Net profit: AED 475 M 

Eshraq Investments released their 

financial information with a 27-fold 

increase year over year, the company 

announced its highest-ever quarterly 

net profits of AED475 M. At the 

conclusion of Q3 2022, Eshraq’s book 

value was AED 0.9238 per share. 

The company’s real estate assets and 

financial investments make up the 

entirety of the book value. Eshraq sold 

three land plots comprising about 27% 

of GFA for AED160 M in the previous 

two months, making quick progress 

toward monetizing its land bank. The 

sales increase the assets that generate 

income and further increase liquidity. 

National Bank of Ras al 

Khaimah 

Net profit: 64.4% 

Total income climbed by 13.6% to AED 

915.1 M in Q3 2022 compared to Q3 

2021, driven by high gains of 19.5% 

in net interest income to AED 652.8 

M and 1.3% in non-interest income 

to AED 262.3 M. Gross Loans and 

Advances reached 36.0 B AED, up 

7.5% YoY and 5.3% YTD. Customer 

deposits increased by 8.8% YoY and 

6.9% YTD to reach AED 40.3 B. A 

47.1% YoY decrease in impairments 

was brought on by well-diversified 

asset growth and ongoing economic 

progress in the UAE. 

Foodco Holding 

Net profit: 20.3% 

According to Foodco Holding PJSC, 

its third-quarter normalised net 

income was 6 United Arab Emirates 

fils per share, up 21.9% from the prioryear 

quarter’s 5 fils per share. On a 

pre- and after-tax basis, normalised 

net income, which excludes 

unexpected profits or losses, was AED 

5.7 M, up 20.3% from AED 4.8 M in the 

same period the previous year. The 

normalised profit margin decreased 

from 10.3% in the prior-year quarter to 

a negative 10.6%. 

ADNOC Distribution 

Net profit: 45% 

The largest fuel retailer in the UAE 

said that ADNOC Distribution saw 

profits of $634 M (AED2.33 B) in the 

first nine months of the year, a 39% 

rise. It stated in a quarterly earnings 

report that the Q3 profit climbed by 

45% year-over-year to $209 M (AED767 

M), driven by higher foot traffic, a 

rising non-fuel sector, and foreign 

development. The fourth quarter 

and beyond are anticipated to see 

continued development for ADNOC 

Distribution, thanks to an increase 

in volume, local and international 

expansion, and a bigger contribution 

from non-fuel retail sales. 

Shuaa Capital 

Net profit: AED20 M 

The region’s top asset management 

and investment banking platform, 

SHUAA Capital psc, has released its 

financial results for Q3 2022. SHUAA 

and its subsidiaries (the “Group”) 

recorded a net profit of AED20 M 

attributable to shareholders in the 

third quarter compared to a net loss 

of AED170 M in the year-ago period. 

The Group generated a net operating 

income of AED14 M (excluding 

one-off events), up from AED6 M 

in Q2 2022, as regular revenues 

continue to create a secure moat and 

previous cost optimization actions are 

beginning to boost profitability. 

Mashreq Bank 

Net profit: AED2.6 B 

In a statement outlining its financial 

results, the bank stated that Mashreq 

reported a net profit of AED2.6 B for 

the third quarter of 2022. According to 

the bank, operational income climbed 

by 24.3% over the prior year to 

AED5.3 B, mostly as a result of higher 

net interest income brought on by 

organic expansion across all business 

activities. The bank’s credit portfolio 

showed healthy growth, with total 

loans and advances rising 12.1% year 

to far to AED91.3bn. 


Tabreed 

Net Income: AED 1.66 B 

District cooling provider in the UAE, 

Tabreed, released its consolidated 

financial results for 2022. The 

company reported EBITDA of AED 

912 M, up 18% from the same period 

last year, and a net profit of AED 

400 M, up 3%. Tabreed officially 

announced that shareholders 

had approved raising the Foreign 

Ownership Limit (FOL) to 100% in 

order to comply with recent changes 

to UAE commercial law. This was 

a strategically significant decision 

that would increase flexibility and 

ensure the highest level of share 

marketability. 

Emirates NBD 

Net Profit: 51% 

By assets, Emirates NBD, Dubai’s largest lender, reported a 51% increase in thirdquarter 

net profit on higher revenue and lower provisioning, while net interest 

income increased. Compared to the same time a year prior, net interest income 

increased 37% to more than AED6 B ($1.67 B) in the three-month period. In 

comparison to the same time the previous year, Emirates NBD’s total operating 

income before impairments increased by 62% to AED6.8 B. 

Majid Al Futtaim 


Majid Al Futtaim is on track to record 

its strongest annual GDP growth 

since 2011 according to the latest in a 

series of quarterly economic reports. 

Oxford Economics predicts growth 

of 6.8%For 2022—a considerable 

improvement over the reported real 

growth of 3.8% in 2021. The oil sector, 

which saw a 13.4% increase in GDP 

due to crude oil prices that stayed 

around USD 100 per barrel for the 

majority of the third quarter, was 

the biggest GDP driver, according to 

the Q3 2022 State of the UAE Retail 

Economy report. 

Dubai Islamic Bank 

Net Profit: AED381 M 

Dubai Islamic Bank (DIB) reported a 

profit of AED 1.4 B ($381 M) for the 

third quarter of 2022, according to the 

bank’s chairman. The bank’s net profit 

for the third quarter increased from 

AED 1.2 B to AED 1.4 B year over 

year. Profits for the first nine months 

of the year increased by 34% to AED 

4.1 B from AED 3 B during the same 

period in 2021. The third quarter’s 

total revenue increased from AED 

3.1 B to AED 3.6 B year over year. 

The first nine months of 2021 saw an 

increase from AED 8.9 B to AED 9.8 B 

in 2022. 

Sharjah Islamic Bank 


The net income attributable to the 

shareholders of Sharjah Islamic Bank 

(SIB) increased by 24.10% annually 

from AED 458.02 M to AED 568.60 M. 

According to the income statements, 

the net income from financing and 

investment products increased to 

AED 885.02 M in the period of January 

to September 2022 from AED 812.26 M 

in 9M-21. The UAE-based lender saw 

net profits attributable to the owners 

increase to AED 206.73 M in the third 

quarter of 2022 from AED 168.53 M in 

the same quarter the previous year. 

Abu Dhabi Commercial 

Bank 

Net Profit: AED1.591 B 

According to a filing with the Abu 

Dhabi Securities Exchange, where 

ADCB’s shares are traded, net income 

attributable to equity investors 

increased to AED1.59 B ($433 M). 

During that time, net interest income 

increased by about 20% to bank 

more than AED2 B, while income 

from Islamic financing and investing 

products increased by more than 17% 

to AED612 M. Trading income, net 

fees and commission income, and all 

three increased within the time frame. 

National Bank of Fujairah 

Net Profit: 155.1% 

NBF reported an operating profit 

of AED 932.5 M for the nine-month 

period, up 25.1 percent from AED 

745.4 M in the corresponding period of 

2021 and up 2.4 percent quarter over 

quarter and 32.9 percent, supported by 

higher net interest income, net income 

from Islamic financing and investment 

activities, fee, and exchange income. 

For the three-month period compared 

to the same time in 2021, the bank’s 

operating income increased by 28.1%. 

In line with the bank’s cautious 

recovery strategy, operating income 

increased by 21.7 percent to AED 1.32 

B for the nine-month period from AED 

1.1 B in the corresponding period of 

2021. This increase can be attributed 

to the environment of rising interest 

rates as well as improved fee income. 



Travel 

Dubai Leads the Globe in Tourist Expenditure 

and Generates $29.4 B 

According to the World Travel and Tourism Council (WTTC), Dubai is the 

city where foreign tourists spend the most money, bringing in $29,4 B this 

year. In the most recent Cities Economic Impact report from the WTTC, the 

Emirate surpassed Doha and London, where visitors spent $16.8 B and $16.1 B, 

respectively. 

Crowding will be a problem 

in some areas in 2022 

when the tourism industry 

returns due to the removal 

of travel restrictions and the increase 

in demand for international travel. 

Therefore, cities must take the 

necessary steps to address it. Such 

steps should be taken before the 

issue even arises, according to 

Julia Simpson, president and chief 

executive of the WTTC. 

The study, which looked at 82 major 

cities around the world and found that 

their tourism industries had recovered 

greatly from the Covid-19 outbreak, 

which had stopped travel for about 

three years, was recently presented 

at the WTTC global conference in 

Riyadh. The report identifies cities 

that will remain the epicentres of 

international tourism and drive the 

industry’s and the world economies’ 

recovery. It showed that major cities 


were well-liked travel destinations 

before the epidemic, accounting for 

about half of all foreign visitors, both 

as standalone travel destinations 

and as entry points to other tourist 

hotspots inside nations. 

Doha, Orlando, Florida, and Antalya 

in Turkey are the cities that have 

recovered the quickest from prepandemic 

levels of foreign visitor 

spending in 2019. Doha saw a 21% 

increase in visitor expenditure, while 

Orlando saw a 19% increase. 

In terms of the direct travel and 

tourist gross domestic product 

contribution to their economies, 

ten of the 82 cities examined are 

anticipated to return to pre-pandemic 

levels this year. With a predicted 

increase of 21% from 2019, Doha is 

predicted to experience the fastest 

growth in the travel and tourism 

sector’s contribution to the city’s GDP. 

Warsaw is predicted to grow by a 

significant 14% in the region, while 

Orlando is predicted to grow by 10% 

over the same time period in the US. 

Paris ($36 B), Beijing ($33 B), and 

Orlando ($31 B) are the three cities 

with the highest anticipated direct 

travel and tourism contributions to 

GDP this year, according to the poll. 

The importance of city tourism in 

promoting economic growth is shown 

by the WTTC’s prediction that the 

travel and tourism sector will directly 

provide up to 8% of all jobs in the 

cities under consideration by 2032, up 

from 6.6% in 2019 and a low of 5.1% in 

2020. 

In November and December, Dubai 

welcomed a huge influx of football 

fans as the FIFA World Cup took place 

in Qatar. During the tournament, the 

emirate was one of the Gulf towns 

that had daily shuttle flights to and 

from Qatar; of the more than 90 new 

planes that arrived daily in Doha,

the tournament’s host city, about 40 

aircraft departed from the UAE. 

With the introduction of “Autism 

Friendly Route” and pre-travel 

planning, Dubai Airports will give 

People of Determination preference 

through check-in, passport control, 

security checks, and boarding. More 

creative solutions, such as connected 

airports, quiet rooms, and an airport 

safari trip, will be implemented in the 

second phase of the roll-out. 

The tourism sector in Dubai is 

recognized all over the world and is a 

key driver of the city’s development 

and success. Dubai draws tourists 

from all over the world, but it also 

entices businesspeople and investors 

who want to profit from the industry’s 

numerous prospects. Thus, it is one 

of the main non-oil sectors boosting 

Dubai’s economy, the United Arab 

Emirates’, and its GDP is tourism. 

Moreover, the UAE’s ambitious 

economic diversification strategy 

has identified the travel and tourism 

sector as a significant development 

industry. The UAE Cabinet approved 

the formation of the Emirates Tourism 

Council to strengthen the tourism 

portfolio by developing a tourist plan 

that acknowledges the goals of the 

country and the UAE Centennial 2071, 

as well as incorporating all pertinent 

local agencies and ministries. 

The council would build a 

comprehensive database of 

information about national tourism, 

and it would work to promote the 

industry, which has been a major 

contributor to Dubai’s and the UAE’s 

overall rapid growth. Additionally, it 

would draft and revise legislations to 

promote tourism. 

Dubai continues to be the top 

location for tourism-related Foreign 

Direct Investment (FDI). Its top 

ranking as an FDI destination for 

tourism serves as a reminder of this 

industry’s importance as a driving 

force in the economy that presents 

significant opportunities for reliable 

and sustained returns to foreign 

investors. Dubai attracted Dh83.5 B in 

foreign investment through 205 FDI 

projects, opening up more than 30,000 

job opportunities. 

Additionally, the UAE has recently 

made a number of legislative changes 

in more than 40 areas, which have 

helped the country become one of 

the most competitive economies and 

the easiest places to do business. 

The introduction of a five-year 

multiple-entry visa for employees 

of multinational corporations, the 

well-known Golden Visa initiative 

targeted at investors, entrepreneurs, 

and specialized talent, and the Virtual 

Working Programmes were some of 

these changes. 

Thanks to new policies and 

regulations being implemented to 

bring the UAE economy into line 

with global developments and the 

long-term residency being granted to 

investors and entrepreneurs, Dubai 

and its tourism industry will maintain 

the FDI momentum in the upcoming 

years. The tourist industry in Dubai, 

a city that is rapidly growing, has 

already attracted a significant amount 

of foreign direct investment (FDI), 

and it is on track to become the top 

global tourism hub. 

The aforementioned research 

also takes into account the busiest 

airports in the world, the top tourist 

destinations, and the top ten countries 

that visit Dubai (data from travel 

companies). The authors of the 

literature review address some of the 

changes that Dubai’s tourism industry 

has brought about, such as physical 

improvements like new roads and 

airports as well as cultural changes. 

The article lists the natural assets 

that Dubai has that support its 

thriving tourism sector. The results 

show that infrastructure, hospitality, 

and cultural and religious variety all 

contribute to the expansion of Dubai’s 

tourism sector. The Sheik Muhammed 

Vision 2020 Awards and Expo 2020 

Dubai are two additional noteworthy 

remarks that are also included. The 

current analysis shows the changes 

that Dubai’s tourism business has 

brought about as well as the sectorimproving 

tactics. The study can also 

be used to advance studies on other 

nations’ tourism industries. 

The land used for hotels and 

tourist attractions will increase by 

134% under the Dubai 2040 Urban 

Master Plan, which was unveiled 

by Sheikh Mohammed bin Rashid 

Al Maktoum, vice president of the 

United Arab Emirates and ruler of 

Dubai. Meanwhile, the area used for 

commercial activities will increase to 

168 square kilometres. By 2040, the 

length of public beaches will also have 

increased by up to 400%. 


Al Maktoum, Vice President, Prime 

Minister, and Ruler of Dubai, 

introduced the third iteration of the 

“World’s Coolest Winter” campaign 

during the UAE Cabinet meeting, 

which was held in Al Zorah Natural 

Reserve in Ajman. The meeting 

was attended by both H.H. Sheikh 

Maktoum bin Mohammed bin Rashid 

Al Maktoum, the deputy ruler of 

Dubai, and H.H. Lt. General Sheikh 

Saif bin Zayed Al Nahyan, the deputy 

prime minister. 


Al Maktoum emphasized that the 

development of the business requires 

cooperation between the federal 

and local governments and that 

tourism is an important component 

of the Emirati economy. Due to the 

cooperation of UAE organizations 

devoted to history and culture, a wide 

variety of programs and activities 

highlighting the uniqueness of Emirati 

heritage will be provided over the 

campaign period. 

The United Arab Emirates’ 

reputation as a popular travel 

destination with a laid-back 

atmosphere is fundamental to its 

values of tolerance, inclusion, and 

respect for every visitor from every 

background. This year’s World’s 

Coolest Winter campaign emphasizes 

the significance of the human element 

in every visit to the country. 

The second version of the 

campaign, which took place last year, 

had noteworthy results. Over 1.3 

million regional tourists visited the 

nation, up 36% over the initial iteration 

of the campaign, while hotel guests 

grew by 50%. In one month, AED1.5 B 

in sales were created. 

Today, Dubai is one of the 

renowned tourist destinations in 

the world. It harbours numerous 

tourist attractions that include 

zoos, recreation facilities, beaches, 

and museums. Thus, the tourism 

sector acts as a primary source of 

employment for local people in the 

city and has led to the growth of 

Dubai city and boosted the city’s 

profile globally. 



Travel News 

Dubai Destinations to promote 

the emirate’s winter attractions 

H.H. Sheikh Ahmed bin 

Mohammed bin Rashid Al 

Maktoum, Chairman of the 

Dubai Media Council, has 

relaunched the “Dubai Destinations” 

winter campaign this year to 

promote the landmark attractions 

and memorable experiences that 

make the emirate a top choice among 

international vacation destinations 

during the cooler months of the 

year. The joint effort, run by Brand 

Dubai, the creative division of the 

Government of Dubai Media Office 

(GDMO), showcases a variety 

of things that people can do and 

see while taking advantage of the 

excellent winter weather. Dubai this 

Demand for 

Middle Eastern 

airlines is rising 

as pandemic 

restrictions fade 

The most current data 

from the International Air 

Transport Association (IATA) 

shows that air travel in the 

Middle East is still recovering as 

demand for passengers increased and 

pandemic restrictions were removed. 

When compared to October of last 

year, passenger traffic on regional 

airlines increased by 114.7%. Over the 

same time span, capacity increased 

by 55.7% and load factor increased 

by 21.8 percentage points to 79.5%. 

Globally, traffic is currently at 74.2% 

of levels from October 2019. In terms 

of revenue passenger kilometres, or 

RPKs, overall traffic increased 44.6% 

from the previous year. The increase 

was mostly the result of 102.4% spike 

in overseas traffic. International RPKs 

increased by 72.1% from October 2019 

levels, with robust growth seen across 

the board, but particularly in the Asia- 

Pacific region, where airlines reported 

a 440.4% increase in traffic. 

season offers residents and visitors 

incredible adventures, entertainment, 

food, art, culture, sporting and fitness 

opportunities, and more. 

Europe: a 

vacation 

destination for 

Emiratis again 

after resuming 

visa processing 

UAE citizens are learning 

how much simpler it will be 

to travel to Europe in the 

coming weeks once their 

visas have started to process again. 

UAE airlines are also participating 

with well-known promotions that 

provide short vacation packages to 

some of Europe’s most well-liked 

and quaintly distant locals. All of this 

represents a significant improvement 

over the summer, when UAE visitors 

with trip intentions to Europe had 

to wait weeks for confirmations of 

their visa interviews. As a result of a 

significant reduction in the processing 

time for a Schengen visa, Europe is 

once again among the most popular 

destinations for UAE travellers. 

Etihad to 

increase its 

cabin crew and 

restart its A380 

fleet 

Etihad Airways is now 

hiring additional people 

as it intends to redeploy 

its A380 fleet as a result 

of the increased demand for travel 

across the airline’s network. As of 

the summer of 2023, at least four 

of the airline’s superjumbo planes 

will be reintroduced, according to 

a statement released by Etihad. 

The airline said that it is also 

actively seeking new employees, 

including pilots, flight attendants, 

and technical ground workers, to 

support the capacity expansion. 

Although the airline did not list all of 

the A380’s destinations, it did state 

that it intended to operate to London 

Heathrow and introduce additional 

flights in other cities. 


Etihad Airways highlights the 

rich history and culture of the 

UAE 

In order to commemorate the 

51st UAE National Day, Etihad 

Airways has teamed up with 

creative Emiratis to reflect the 

country’s rich past, vibrant present, 

and promising future. The initiative 

places a strong emphasis on the 

principles and beliefs of the late 

Sheikh Zayed bin Sultan Al Nahyan, 

who is regarded as the father of the 

United Arab Emirates. The national 

airline of the United Arab Emirates 

debuted a digital booklet that was 

written, translated, and co-authored 

by three Emiratis: Nadia Alnajjar, 

Alya Alhammadi, and Noura Khoury. 

Six runways will be included in 

Saudi Arabia’s enormous airport 

project 

T 

he King Salman International Airport masterplan was launched by Saudi 

Arabia’s Crown Prince, Prince Mohammed bin Salman bin Abdulaziz, in 

an effort to enhance Riyadh’s standing as a significant global logistics 

hub, boost tourism and business, and act as a bridge connecting the 

east and west. Six runways will make the 57 square kilometres airport one of 

the biggest in the world, and it will contain the terminals currently found at King 

Khalid International Airport (RUH), which serves Riyadh. In contrast, Dubai’s 

newer airport to the south of the city, Dubai World Central (DWC), is expected 

to have five runways after completing construction. Dubai’s older airport, Dubai 

International Airport (DXB), has two runways. 

Wizz Air Abu 

Dhabi adds 

new A321 Neo 

aircraft to the 

fleet 

Wizz Air Abu Dhabi is 

extending its cuttingedge 

fleet as it ramps up 

operations and realises 

its ambitious expansion goals. Wizz 

Air Abu Dhabi will be able to increase 

frequency and provide visitors and 

locals with convenient, inexpensive 

travel inside the UAE and to the 

most desirable locations throughout 

the region, thanks to the additional 

aircraft. Wizz Air Abu Dhabi offers 

a wide range of year-round travel 

options to areas that are rich in 

culture, such as bustling cities and 

unspoiled natural paradises. 



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The Finance World Magazine| Edition: January 2023

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