The Finance World Magazine| Edition: February 2023

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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
Dubai is ranked as the best city in the world for investing
and living, and it is putting in the most effort to rank among
the top three global economic hubs and the top four global
financial centers. As the UAE endeavors to boost the dominant
sectors of the nation, His Highness Sheikh Mohammed bin Rashid
Al Maktoum, Vice President and Prime Minister of the United Arab
Emirates and Ruler of Dubai, launches the Dubai Economic Agenda
(D33) on his 17th anniversary as the ruler of the emirate, with the aim
of increasing foreign investment to AED 650B by 2033.
In line with this vision, a 10-year plan for growing the sports industry
in the emirate has been approved by the Dubai Sports Council to
organize 3,000 local, regional, and international events, as well as
1,000 international training camps. Our cover story sheds light on
one of the many success stories of business people who made it in
the UAE. Chairman Rajender Jhawar and MD & CEO Mukund Jhawar
of Vision Recycling & Reprocessing Industry LLC share their journey
to success in the UAE recycling industry, highlighting the major
obstacles they overcame along the way. They also discuss how they
managed to preserve the company’s legacy while passing it on to the
next generation of the family.
In this edition, we shed light on topics such as Dubai rapidly growing
as a destination for medical tourism, Saudi Arabia promoting fintechs
in unprecedented ways, global M&A recovering with the Middle East
expecting a spike, and many more. As our readers always expect, our
latest edition delves into the world of finance and business, carefully
picking for them the latest trends and updates from the finance sector,
such as corporate results, corporate tax, startups, banking, funding
and investment, fintech, digital assets, sports, and many more.
Our goal as a publication is to align with the vision of the UAE’s
wise leadership to continue the development path, focusing on
social, economic, investment, and development aspects. In line with
the UAE’s effort to enhance its position as a global partner and an
attractive and influential economic hub, we ceaselessly provide our
readers with latest and credible finance news, as we strive to raise
financial literacy and be a part of Dubai’s journey to be among the
world’s most advanced and futuristic economies.
- Ambrish Agarwal, Editor in Chief
- Ambrish Agarwal, Editor in Chief
Editor’s Note
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September 2022 3

Contents February
2023
PERSONAL FINANCE
P08 | 15 Common Mistakes to
Avoid When Seeking Private
Investors for Business Capital
UAE BANKING
P10 | Wio Bank inks MOU with
Flat6Labs and partners with FAB
P12 | UAE Banking News
CENTRAL BANK OF UAE
P14 | CBUAE’s Latest Trends &
Decisions
FINTECH
BUSINESS
P22 | Grand Opening of Prime
View Properties LLC. by Female
Founders
P24 | Business News
COVER STORY
P28 | Chairman Rajender Jhawar
and MD & CEO Mukund Jhawar of
Vision Recycling & Reprocessing
Industry LLC unfold the story of
their success in the UAE
FEATURE
START-UP
P34 | The 50 most-funded startups
in MENA have received $3.2 billion
since their founding
P38 | Start-up News
ENERGY
P40 | Dubai’s Clean Energy
Capacity Keeps on Rising
P44 | Energy News
HEALTHCARE
P48 | Dubai is Rapidly Growing as
a Destination for Medical Tourism
P52 | Healthcare News
MERGERS AND
ACQUISITIONS
P16 | Saudi Arabia is Promoting
Fintechs in unprecedented ways
P18 | Fintech News
P20 | Fintech Application
P32 | Indian Finance Minister
Nirmala Sitharaman unveiled a
$549.14B spending budget for the
next fiscal year
P54 | Global M&A to See Recovery
with Middle East Expecting Spike
P56 | Mergers & Acquisitions News
6 www.thefinanceworld.com February 2023

CRYPTOCURRENCY
DIGITAL ASSETS
INTERVIEW
P58 | $12 billion vanished from
Binance’s assets in less than 60
days
P62 | Cryptocurrency News
REAL ESTATE
P78 | The Metaverse to Add $15
B Annually to GCC Economies by
2030
STOCK MARKET
P84 | David Allan, Cluster General
Manager at Radisson Hotel Group,
UAE
TRAVEL
P64 | Dubai’s Real Estate to Hit
a New Peak as Off-Plan Property
Launches Reach a Record
P67 | Global News
P68 | Real Estate News
FUNDING & INVESTMENT
P80 | UAE and Saudi stock
markets open 2023 account in
green
CORPORATE TAX
P88 | UAE and Saudi Travellers’
Spending to Increase in 2023
P90 | Travel News
SPORTS
P72 | Dubai Targets $177B Foreign
Investment and Ranks the World’s
Best City for Investment
P74 | Funding & Investment News
P82 | UAE Corporate Tax & Next
Steps for Businesses
P86 | Corporate Results
P96 | Dubai to Expand the Scale of
Its Sport Industry with a 10-Year Plan
P98 | Sports News
P76 | Local News
P21 | P37 | P43 | Launch Express
P26 | P46 | P70 | P92 | Wheels
P51| P61 | Tech My Money
February 2023 www.thefinanceworld.com 7

Personal Finance
15 Common Mistakes to Avoid When
Seeking Private Investors for Business
Capital
Many entrepreneurs need a
large amount of money to
launch or grow their startup
businesses. When you are
passionate about the potential of your
idea, pitching to outside investors
can seem like a simple and obvious
way to obtain that much-needed cash.
However, obtaining the necessary
capital can be a challenge for many
entrepreneurs. Don’t be discouraged
if securing funding is difficult. Many
startups achieve great success after
overcoming significant challenges. Be
prepared to work hard and show your
investors why your business is worth
investing in. There are a number of
ways to obtain funding for your startup
business. Some entrepreneurs choose
to pitch their idea to outside investors,
while others find funding through
other means, such as crowdfunding
or angel investment. No matter the
route you choose, be prepared to
offer a compelling case for how your
startup can benefit from the investment.
Many first-time entrepreneurs make
mistakes when trying to raise money
from private investors. For example,
they may not ask for enough money,
or give up too much control of their
businesses. These tips from Forbes
Finance Council members can help
you avoid these mistakes and improve
your chances of getting the funding you
need to grow your business.
Not directly addressing the
important information in your
pitch
According to Karl Rogers, Elkstone
Private, entrepreneurs need to focus
on how to make their deck and story
as impactful as possible in just 90 to
300 seconds. Don’t get caught up in
what makes you excited—focus on the
areas that will get investors excited.
Is the market large enough? Do you
have the right team with the necessary
skills and knowledge? Do you have
strategic relationships that can help
you get started?
Lacking a schedule for the use
of funds
According to Karla Dennis,
Karla Dennis and Associates Inc.,
entrepreneurs sometimes misjudge the
amount of time needed to transition
from revenue to profitability and to have
enough cash flow to pay back investors
by the predetermined deadline. A strong
business strategy and a detailed Use
of Funds Schedule are essential for
an entrepreneur seeking finance. In
order to grow the company profitably
and avoid capital waste, a use of funds
schedule is essential.
Too much “pure” equity being
distributed
Christopher Hurn, Fountainhead,
says that it’s a mistake to offer too
much “pure” equity rather than a smaller
amount of equity with repayment terms
(also known as “preferred equity”).
Preferential equity investors typically
accept a smaller ownership interest
than real equity investors because you’ll
v
8 www.thefinanceworld.com February 2023

e providing them with a repayment
stream while they invest or until you
buy them out. Preserve as much equity
as you can since it always costs more
than debt does.
Not doing preliminary research
on private investors
According to Jaclyn Foroughi, Brazen
Impact, the biggest error entrepreneurs
make when trying to acquire finance
is neglecting to research the private
investors from whom they are receiving
funds. It is crucial to match your firm
with investors that will support you in
achieving goals that are beneficial for
the business as a whole and current
stakeholders, not simply the new
investors (especially if there are impact
goals).
Erroneously estimating the
fundraising deadlines
Andrew Glaze, Wealth Stack, states
that when predicting fundraising
timescales, entrepreneurs frequently
overestimate their abilities and lack
appropriate precision. Although
estimated fundraising deadlines are
almost always overly short, revenue
forecasts can occasionally be quite high.
Investors may take their time, request
further research, or have problems
with other investments that cause
delays. Entrepreneurs should double
their estimated fundraising deadlines.
Underestimating the time
value of money
According to Kacey Butcher,
Adaptation Financial, entrepreneurs
frequently underestimate the time value
of money and the overall cost of capital
when seeking to raise money for their
companies from private investors. The
length of time it takes to obtain capital,
the total cost of the capital, and whether
the time value of money corresponds
with anticipated milestones are all
important factors to consider. Any
error in judgement risks undermining
the original goal.
Money priority over investor
experience
According to Neil Anders, Trusted
Rate, Inc., the prospect of financing
from private investors might easily
thrill one. Many business owners
make the error of prioritising financial
gain over investor experience. To
persuade investors that they have
something worthwhile to contribute
and that their commitment will pay
off—financially and emotionally—you
must be able to clearly articulate your
company’s objective, its solutions, and
its development.
Not understanding the expectations
of an investor
According to Neil Anders, Trusted
Rate, Inc., the prospect of financing
from private investors might easily
thrill one. Many business owners
make the error of prioritising financial
gain over investor experience. To
persuade investors that they have
something worthwhile to contribute
and that their commitment will pay
off—financially and emotionally—you
must be able to clearly articulate your
company’s objective, its solutions, and
its development.
Too soon to give up control
Ben Jen, Ben Jen Holdings SLLC,
says that many first-time entrepreneurs
give up power to early investors and
consultants. This makes seeking
subsequent funding rounds harder.
Furthermore, it is critical for
entrepreneurs to seek the correct
sort of investor, particularly in early
stages. They want an investor that can
provide value and strategic counsel to
help the firm expand.
Using a business plan as the
only guide
According to Angelo Ciaramello,
The Funded Trader, entrepreneurs
can adopt a more comprehensive
strategy by giving potential investors
more evidence that their firm will be
lucrative and successful rather than
just relying on a business plan to
attract investors. Showing prospective
investors indicators like revenue growth
over time or a client base that is growing
quickly, for instance, can help establish
the legitimacy of your firm.
Giving investors control of
the company
Todd Sixt, Strait & Sound
Wealth Management LLC, says that
entrepreneurs may place more
emphasis on what they get than what
they forfeit. At other times, growth is
only possible with outside funding.
However, relinquishing ownership of
a company to investors can drastically
alter an entrepreneur’s life. Make sure
it’s worth it by being aware of what
you’re sacrificing. Think carefully
about different options whether there
are any other methods to reach your
objectives. Reflecting carefully today
might spare you sorrow tomorrow.
Undervaluing Yourself
According to Sean Frank, Cloud
Equity Group, one common blunder that
entrepreneurs make is undervaluing
their abilities. Not all money is good
capital, and while a financial influx
may be appealing, don’t sell yourself
or your company short. If the terms
don’t seem acceptable to you, or if the
investor’s ask is too expensive, don’t
be afraid to say “no”—it might save
you from troubles later on.
Thinking you ‘need’ external
investment
Austin Mac Nab, VizyPay, says that
the first error is believing that outside
financing is absolutely required to
get a firm up and going. There are
several options for financing a
company, including self-funding. This
type of entrepreneurship, known as
bootstrapping, ensures that firm owners
will not have to answer to stakeholders
and will be free to make crucial choices
without outside influence.
Not requesting the appropriate
amount of money
According to Jared Weitz, United
Capital Source Inc., when seeking to
obtain financing for their enterprises,
one error entrepreneurs make is not
asking for the appropriate amount. In
many circumstances, an entrepreneur
will not ask for enough, resulting in
their inability to manage the firm. On
the other side, many businesses seek
excessive funds, which wind up sitting
idle in a bank account, putting investor
pressure on.
Failure to look at alternative
financing options at first
For Justin Goodbread, WealthSource
Partners, LLC, the more you rely on
private investors, the more you lose
control of your company. Investigate
all of your financial sources before
turning to private investors. Although
payback is required for lender funding,
it could be worthwhile to keep complete
operational control over your business.
Although your growth may be slower,
you will still receive the full return.
February 2023 www.thefinanceworld.com 9

UAE Banking
Wio Bank inks MOU with Flat6Labs and
partners with FAB
SMEs, freelancers, and start-ups can easily access financial services
through Wio Business, Wio Bank’s first digital banking application,
while also having the option to advance with cutting-edge beyondbanking
services.
A
Memorandum of
Understanding has been
inked between Wio Bank
and Flat6Labs, a seed-stage
programme and early-stage venture
capital business, to improve banking
services for entrepreneurs in Abu
Dhabi. Wio Business, the bank’s digital
banking application designed to satisfy
the unique needs of startups and SMEs,
will be beneficial to start-ups from
Flat6Labs Ignite, a specialised seed
programme operated by Flat6Labs in
collaboration with DisruptAD.
“There is potentially no other
factor that more heavily decides
the fate of a startup than its ability
to effectively manage its finances.
These organisations need banking
partners that have a start-up ethos —
centred around agility, flexibility, and
innovation,” said Ryaan Sharif, the GM
at Flat6Labs UAE.
“Our long-standing expertise in
empowering start-ups to establish
themselves in the UAE and raise the
funding they need to fuel their ambitions
By 2024, Abu Dhabi will
support up to 60 startups,
with 27 disruptive
companies having been
invested successfully
in the three cycles that
have already ended.
10 www.thefinanceworld.com February 2023

aligns perfectly with Wio Bank’s vision
of not only providing world-class
banking services, but serving as a
holistic banking management platform
for the modern SME,” he added.
By 2024, Abu Dhabi will support
up to 60 start-ups, with 27 disruptive
companies having been invested
successfully in the three cycles that
have already ended. Through their
partnership with Wio Bank, Flat6Labs
has made sure that the companies
chosen for this programme will
take advantage of Wio Business’
accelerated processing of account
opening applications and 24/7 access
to specialised support services.
This is especially advantageous
for the start-ups drawn from abroad
because it allows them to establish
their headquarters in Abu Dhabi
without causing any disturbance to
their financial activities, according to
Sharif. Additionally, Wio Bank will offer
mentors and subject-matter experts to
ignite programme businesses.
Prateek Vahie, chief commercial
officer of Wio Bank said, “Being a
disruptor in the financial sector, we
believe we have a critical role to play
in supporting the start-up ecosystem
and fostering entrepreneurship in the
UAE. We are committed to ensuring
that our SME customers find the most
viable options for the support they need,
be it through funding via traditional
credits or loans, peer to peer lending,
angel investments, or incubators. As
we develop our offerings tailored to
the SME sector, we will benefit from
the insights and expertise of other
major players in the ecosystem, such
as Flat6Labs.”
In order to provide small and mediumsized
businesses (SMEs) in Abu Dhabi
with access to essential financial
services, Wio Bank, Abu Dhabi Islamic
Bank (ADIB), and RAKBANK teamed
up with Abu Dhabi Global Market
(ADGM) in November 2022.
Moreover, the FABePay portal and the
Wio Business app have been integrated
to allow users to initiate cash or check
deposits easily and conveniently within
the app. Each deposit transaction will
now have its own unique reference
number. The code can then be used
to finish the transaction at any FAB
cash deposit machine (CDM) by
using the “Wio deposit” service. A
secure transaction is guaranteed by
an automated match between the
reference number’s generating data
and the deposit.
FAB believes in the revolutionary
power of technology to create a simpler,
more practical, and more intelligent
experience for consumers while also
serving specialised banking demands,
according to Sanjay Sethi, head of
Global Transaction Banking at FAB.
“We’re thrilled to work with Wio
Bank to provide a practical and easy
option for cash and check deposits.
We are eager to collaborate with Wio
Bank to support its expansion because
it has introduced a fresh and cuttingedge
approach to banking. This is a
landmark partnership in our quest to
strengthen our product and service
suite under the Wio Business umbrella”,
said Jamal Al Awadhi, chief operating
and experience officer at Wio Bank.
“As one of the key shareholders of
Wio, FAB helps provide Wio customers
the benefit of utilitising their wide scale
of reach and operations in the UAE. We
are very grateful to be partnering with
FAB to enhance our service offering
and deliver on our promise to bring
easy and simplified banking solutions
to our customers,” he added.
Embedded finance, digital banking
apps, and banking-as-a-service solutions
were the three main features that Wio
Bank offered when it first went live
in September. SMEs, freelancers, and
start-ups can easily access financial
services through Wio Business, Wio
Bank’s first digital banking application,
while also having the option to advance
with cutting-edge beyond-banking
services.
Some of the most prestigious startup
initiatives in the MENA region are
presently being managed by Flat6Labs.
Every year, Flat6Labs invests in more
than 100 cutting-edge, technologically
advanced start-ups, enabling thousands
of determined businesspeople to
realise their audacious goals and
ultimately become their institutional
co-founders. With an AUM above $85M,
Flat6Labs oversees a variety of seed
funds. The Flat6Labs managed fund is
supported by more than 25 prestigious
institutions. Along with investments,
Flat6Labs’ start-up programmes,
designed specifically to meet the
needs of innovative entrepreneurs,
aid in accelerating their growth by
giving them access to a wide range
of support services and connecting
them to opportunities through an
extensive network made up of hundreds
of business mentors, investors, and
corporates. Flat6Labs was established
in Cairo in 2011 and has offices all
throughout the region.
Twenty-seven organisations made
successful investments in the three
most recent cycles. According to
the announcement, Flat6Labs has
partnered with Wio Bank to guarantee
that entrepreneurs chosen for the
programme receive Wio Business’
prioritised processing of account
opening applications as well as access
to specialised support services. Startups
will be able to easily establish
headquarters in Abu Dhabi as a result,
attracting attention from global markets
without interfering with their financial
operations.
The technology specialists from
Wio Bank will be available to the
entrepreneurs as subject-matter
experts and mentors. According to
the statement, the Wio Business app
aims to offer startups, independent
contractors, and small and mediumsized
enterprises (SMEs) easy access to
banking services, streamline business
banking services, and integrate payment
information and services, allowing
businesses to manage everything in
one location.
February 2023 www.thefinanceworld.com 11

UAE Banking News
First Abu Dhabi Bank
has considered a
StanChart bid
First Abu Dhabi Bank (FAB), the
biggest lender in the United
Arab Emirates, disclosed
that it had initially thought
about making a bid for London-listed
Standard Chartered but had now
altered its mind. As part of a strategy
to establish an emerging markets bank,
FAB was considering making an offer
for Standard Chartered, which caused
StanChart shares to increase by as
much as 20%. After FAB announced
that it was no longer looking into a
prospective deal, the shares partially
recovered their gains and ended up
with 7%.
2023 sees signals firm stance for Abu Dhabi Securities
Exchange
The largest lender in Abu Dhabi,
First Abu Dhabi Bank (NBAD),
and Abu Dhabi National Energy
(TAQA), which closed the last
day of the year with 0.580% and 2.330% at
AED 17.200 and AED 3.510 respectively,
contributed to Abu Dhabi’s main stock
index’s solid start to 2023 with a gain
of 0.408%. Other significant lenders
ADCB and ADIB did the same, ending
0.560% and 0.330% higher at AED 9.050
and AED 9.140, respectively. When
compared to its GCC competitors, the
Abu Dhabi index did better in 2022,
finishing the year with a gain of more
than 20% after hitting an all-time high
in early November.
Mubadala and Alpha Dhabi to join the credit markets
Mubadala Investment Co.
of Abu Dhabi and the
UAE conglomerate Alpha
Dhabi intend to use a new
joint venture to invest up to AED 9B
($2.5B) in the credit market. The two
businesses stated in a joint statement
with Apollo that they will take advantage
of Mubadala’s connections to American
asset manager Apollo “to access highquality
private credit investment
opportunities.” The business will
have its headquarters in the financial
freezone of the emirate, Abu Dhabi
Global Market, and Mubadala will
hold 80% of it. Alpha Dhabi will own
the remaining 20%.
NBF releases an innovative online fraud protection
tool
The National Bank of Fujairah
(NBF) has announced the
introduction of “CVVkey,”
a tried-and-true remedy for
online card fraud that can be used
across all credit and debit cards issued
by the bank. This is a first for the
entire country. In order to increase
cybersecurity throughout its operations
and safeguard its consumers from
fraud and other online risks, CVVkey
will be a crucial component for NBF.
While fraudulent card details can be
obtained via point-of-sale devices and
ATMs, over 90% of payment card fraud,
according to fraud research, occurs
online. Furthermore, over 90% of the
time, stolen credit and debit cards are
used online, where the card PIN is not
necessary, to conduct fraud.
D33: Dubai to become
a major global financial
centre
The Dubai Economic Agenda
will improve the emirate’s
standing as a major global
financial centre. According to
economic experts, the Dubai Economic
Agenda D33 will propel the emirate’s
economic growth and entice foreign
direct investment, high net worth
individuals, and billionaires to enjoy
a top-notch lifestyle in one of the
best modern cities in the world. The
Dubai Economic Agenda, according to
Saad Maniar, senior partner at Crowe
UAE, is feasible and will improve the
emirate’s standing as a major global
financial centre.
12 www.thefinanceworld.com February 2023

SAMA establishes
the Open Banking Lab
to promote financial
innovation
The Saudi central bank recently
announced the opening of a
new lab where companies may
test their products against a
pre-established framework, which is
expected to increase open financial
services in the Kingdom. A brand-new
idea, the service enables customers
of financial institutions to safely
exchange their data with a third-party
supplier, enabling customers to access
cutting-edge services and goods. The
bank, also known as SAMA, made
the announcement in response to its
Open Banking Framework, which was
published in November 2022. Its goal
with this move is to support innovation
and hasten the sector’s growth.
ADIB purchases
additional shares in its
Egyptian subsidiary
Abu Dhabi Islamic Bank
(ADIB), the largest shariacompliant
lender in the
emirate, has increased its
ownership of the firm to more than
52% by purchasing additional shares
in its Egyptian affiliate. According to
an announcement made by ADIB Egypt
to the Abu Dhabi Securities Exchange,
where its shares are traded, the UAE
bank bought 9.6 million shares from
National Investment Bank, representing
2.4% of ADIB Egypt’s share capital.
ADIB operates in Saudi Arabia, the
UK, Sudan, and Iraq and had assets
worth over AED 147B ($40B) at the
end of September.
UAE Central Bank issues SVF and RPS licences
to Astra Tech
The Central Bank of the UAE
has given permission to the
Astra Tech subsidiary PayBy to
operate Stored Value Facility
(SVF) and Retail Payment Services
(RPS) activities. Soon to be released
app from Astra Tech, the fintech pioneer
will be able to provide international
money transfers, frictionless payment
options, wallet top-ups, and more. Astra
Tech’s PayBy is now able to change the
national fintech scene with its payment
solutions, thanks to the licences, which
represent some of the highest levels of
financial services approvals in the UAE.
Wio and FLAT6LABS signe MoU to improve SME
banking services
Flat6Labs, the top early-stage
venture capital and seed
programme in the MENA
region, and Wio Bank, the
region’s first platform bank, have signed
a Memorandum of Understanding
in an effort to further develop Abu
Dhabi’s entrepreneurial environment.
According to the agreement, start-ups
from Flat6Labs Ignite, a specialised
seed programme run by Flat6Labs in
collaboration with DisruptAD, will have
the chance to utilise Wio’s cutting-edge
banking services and products through
Wio Business, the bank’s first digital
banking application, which is created
UAE commercial transactions law “to strengthen
Islamic banking services”
UAE Banks Federation (UBF)
states that the Commercial
Transactions Law 2022,
which was put into effect
by royal decree last year, will reinforce
the UAE’s banking industry’s position
as a global leader and enable Islamic
finance and banking services grow. The
to provide a seamless and innovative
experience tailored to the particular
needs of start-ups and SMEs.
Federation, which speaks on behalf
of all UAE banks, claimed that the
new law supports the significant and
quick development of Islamic banks
and financial institutions and expands
access to sharia-compliant financial
services, enhancing the UAE’s position
as a global leader in Islamic banking.
February 2023 www.thefinanceworld.com 13

Central Bank of UAE
CBUAE’s Latest Trends & Decisions
According to the Central Bank of the UAE (CBUAE), the credit extended
by Islamic banks in the country rose by 5.7% compared to the previous year,
reaching AED 399.1B by the end of October 2022, which is an increase from
AED 377.5B in October 2021.
Deposits in Islamic banks also
saw a slight increase of 1%
year-on-year, with a total of
AED 424.3B in October 2021.
Meanwhile, the total investments made
by Islamic banks reached AED 102B,
a growth of 22% or AED 18.5B from
AED 84.1B in October 2021.
In addition, CBUAE reported that the
overall assets of banks in the country,
including bankers’ acceptances,
increased by 0.9% from AED 3.583T
at the end of September to AED 3.615T
at the end of October 2022.
The Central Bank of the UAE also
reported that the assets of banks
following Sharia laws in the UAE
increased to AED 607.8B by the end of
October 2022. This represents a 2.1%
increase from the previous year, when
the assets were around AED 595.3B in
October 2021.
The IPOs in the UAE have had a
positive impact on the region, as they
have attracted a total demand of AED
1.454T. This has helped the UAE and
the region become a bright spot in an
otherwise bleak global IPO market.
CBUAE has published new antimoney
laundering guidelines
The Central Bank of the UAE has
released new rules for financial
institutions to follow regarding
anti-money laundering and the
prevention of financing terrorism.
These institutions, such as banks,
finance companies, exchange houses,
and insurance companies, must now
use digital identification methods for
continually checking their customers.
These guidelines are effective
immediately and must be followed
by all licensed financial institutions.
The guidelines also require financial
institutions to comply with the central
bank’s requirements for customer due
diligence obligations. This includes
ensuring that customers are true to
their identity provided, and that they
are not involved in any illegal activities
v
14
www.thefinanceworld.com February 2023

such as money laundering or terrorism
financing. These new rules aim to
strengthen the overall financial system
in the UAE.
The guidelines also mandate that
financial institutions use data generated
by digital identification systems, such
as IP addresses, to monitor customer
behaviour and transactions for signs
of suspicious activity, particularly
those involving high-risk or sanctioned
jurisdictions. This is to ensure that
financial institutions have the means
to identify and prevent illegal activities.
The Central Bank of the UAE has
given permission for licensed financial
institutions to rely on customer
identification and verification done by
a third party at the time of onboarding,
as long as certain conditions are met.
These institutions must obtain all
necessary information from the third
party, take steps to ensure that they will
provide copies of customer documents
and information used for customer due
diligence, and ensure that the third
party is compliant with the customer
due diligence and record-keeping
requirements outlined in the Cabinet
Decision No (10) of 2019 Concerning
the Implementing Regulation of
Decree-Law No (20) of 2018 on Anti-
Money Laundering and Combating
the Financing of Terrorism and Illegal
Organisations.
The Central Bank of the UAE expects
licensed financial institutions to take
the necessary measures to address the
potential technology and security risks
associated with digital identification
systems. This includes implementing
and enforcing safeguards to reduce
identity proofing and enrolment
risks, such as cyberattacks, security
breaches, and the use of stolen, falsified,
or synthetic ID details. Given the
increasing complexity and severity
of cyber breaches, these measures
are crucial for ensuring the security
of digital ID systems.
In addition, financial institutions
are required to conduct appropriate
assessments of the digital ID systems
they choose, and to implement and
enforce protocols to ensure the
accuracy of these systems. This can
include performing assurance reviews
directly or obtaining audit or assurance
certification details from an expert
body. By taking these steps, financial
institutions can ensure that they are
using digital ID systems that are reliable
and secure.
H.E. Khaled Mohamed Balama,
governor of the CBUAE, said: “The
Central Bank is working closely with
the LFIs to ensure their full compliance
and understanding of the guidance that
we issue regularly. This guidance on the
use of digital ID for CDD obligations
will enhance the AML/CFT framework
and will mitigate the potential risks in
order to safeguard the UAE’s financial
system.” The CBUAE released updated
AML/CFT guidelines for LFIs in the
insurance industry, including insurance
and re-insurance companies, agents,
and brokers, in December. The rules
become operative on December 22.
H.E. Khaled Mohamed Balama,
Governor of the CBUAE
During Q4 2022, demand for
credit cards and Islamic loans
increased
The UAE Central Bank’s quarterly
Credit Sentiment Survey showed that
there was a high demand for credit cards
and Islamic loans among households in
the UAE during the last quarter of 2022.
Additionally, the demand for personal
loans increased in most categories,
except for non-housing investments.
The survey also revealed that
loan demand in the corporate sector
continued to grow. Factors such
as customers’ sales, fixed asset
investments, economic, financial and
housing market outlooks, and changes
in income were noted as key drivers
of credit demand.
However, the survey also indicated
that the growth rate of consumer
appetite for credit slowed down notably
since mid-2022. Banks and finance
companies anticipate that credit
conditions will remain strong for the
personal lending segment in the next
quarter, as stated in the report.
Demand for Personal loan is
expected to remain high
The report indicated that the growth
in loan demand was due to a moderate
increase in all emirates, particularly
in Dubai. The survey found that the
positive impact of better housing and
financial market prospects and changes
in income surpassed the negative effects
of seasonal factors, competition from
other banks, and higher interest rates
in shaping credit demand during the
past quarter. The survey participants
were senior credit officers from banks
and financial institutions in the UAE.
Corporate Sector Loans
The December data revealed a strong
growth in business loan demand for the
corporate and small business sectors,
with solid growth in all emirates. The
report stated that the demand for
loans was strong across all categories,
particularly among large firms, local
companies, and government-related
entities. The retail and wholesale
trade industries experienced the most
significant growth during this quarter.
UAE Central Bank’s holdings
of foreign assets increase by
AED 1.73B
The foreign assets of the Central
Bank of the UAE experienced a small
increase of 0.41% in October 2022. This
resulted in an additional AED 1.73B,
bringing the total to AED 426.03B at
the end of the month. The reason for
this growth was the 2.2% rise in bank
balances and deposits held with foreign
banks. These assets reached AED
246.42B during the same period. The
Central Bank attributed the monthly
increase in foreign assets to the growth
in bank balances and deposits with
banks abroad.
The foreign assets held by the Central
Bank of the UAE saw an uptick in
securities, reaching AED 121.49B at the
end of October 2022, a monthly increase
of 1.44%. This was in contrast to the
AED 119.76B recorded in September
2022. CBUAE data also revealed that
other foreign assets, such as cash
and deposits, decreased by 8.3% on a
monthly basis to AED 58.12B in October
2022. However, this still represents a
22.7% increase compared to the same
month in the previous year, where it
stood at AED 47.36B.
February 2023 www.thefinanceworld.com 15

Fintech
Saudi Arabia is Promoting Fintechs in
unprecedented ways
The Kingdom’s transition to a digital economy was accelerated by the
licencing of D360 Bank, its third digital bank, in February 2022.
Every industry in the Middle
East has benefited from
the rise of technology, with
financial technology emerging
as a symbol of innovation. The Fintech
Industry has grown to be one of the most
significant in the world, attracting the
interest of businesspeople, financiers,
and governments. The number of
investments and investors entering
the Fintech Market each year doubles,
resulting in an unprecedented growth
for the business.
This year, the region saw nationallevel
development policies, innovation
programmes for the masses, and start-up
investment in the millions. Due to its
unprecedented support for financial
technology, Saudi Arabia is one of the
most active nations in the Middle East
and the entire world. The government of
the Kingdom has decided on its fintech
objectives to align with Saudi Vision
2030 and position itself as a regional
financial technology centre.
The Financial Sector Development
Program, which is expected to transform
the whole business in Saudi Arabia, was
authorised by the Saudi Cabinet, putting
the country halfway there. According to
the growth plan, “Fintech development
will harness a more internationally
integrated Saudi economy, with a
larger range of international financial
products and services being offered by
businesses and enjoyed by individuals.”
By 2030, the strategy hopes to grow
the number of fintech businesses in
the Kingdom to 525, bring in 18,000
By 2030, the strategy
hopes to grow the number
of fintech businesses
in the Kingdom to 525,
bring in 18,000 new
employees, contribute
$3.5B more to the GDP,
and attract $3.2B more in
venture capital.
16 www.thefinanceworld.com February 2023

new employees, contribute $3.5B more
to the GDP, and attract $3.2B more in
venture capital.
The plan also included the
establishment of an open banking
programme in the sector in 2023, so
the Kingdom’s lofty aspirations are
now becoming a reality. All banks and
financial institutions in the Kingdom
will be prepared to begin open banking
in the first quarter of 2023, according
to the Saudi Central Bank (SAMA),
which also released the open banking
regulatory framework.
Through the creation of data
transparency, open banking enables
third-party developers to connect
applications and services to financial
institutions. In 2022, SAMA’s regulated
environment sandbox licenced more
than a dozen fintech startups, and there
are still over 80 applications pending.
The Kingdom’s transition to a digital
economy was accelerated by the
licencing of D360 Bank, its third digital
bank, in February 2022. Launching
numerous innovation programmes and
accelerators, SAMA’s Fintech Saudi
initiative has significantly contributed
to the ecosystem’s change.
According to Fintech Saudi’s 2022
annual report, there are now 147 active
companies in the Kingdom, which is
just three short of the 150 companies
the development plan had as its target
number. This represents a 79% increase
in fintech firms over the previous year.
With the introduction of the Fintech
Strategy, which will propel Saudi
Arabia to become a worldwide fintech
powerhouse, this year has been
significant for the development of
the fintech industry in the Kingdom,
according to Nezar Alhaidar, director
of Fintech Saudi. As the Kingdom
is ready to offer open banking, the
research noted that fintech companies
in the infrastructure sector had grown
by 600%.
Additionally, businesses have raised
an all-time high of $400 M in 2022, an
increase of 11% from the previous year,
with 20 investment agreements going
to start-ups in Saudi Arabia. Tamara’s
$100M fundraising round in August
and Foodics’ $170M funding round in
April were two of the biggest funding
rounds in the area in 2022.
As fintech firms set up offices and
develop into the market, regional
players have taken notice of the
Kingdom’s efforts. The UAE-based
fintech firms YAP, Qashio, Pyypl, and
The number of investments and investors
entering the Fintech Market each year
doubles, resulting in an unprecedented growth
for the business.
baraka have all declared intentions to
enter the Saudi market in 2022.
According to Feras Jalbout, CEO and
founder of Baraka, “The Kingdom has
accepted the world’s leading standards
for equity investing, and we look
forward to becoming a long-term
partner to investors here in the future.”
Tarabut Gateway has expanded its
presence in Saudi Arabia by setting up
shop there and appointing a local staff.
Additionally, Saudi Arabia’s financial
institutions are being supported by
M2P, an Indian fintech enabler, as part
of its efforts to expand regionally. The
fintech companies Zywa and FOO raised
money in 2022 to accelerate their entry
into Saudi Arabia, while Egypt’s ValU
entered the market through a regional
cooperation with Alhokair.
In order to promote Saudi Arabia’s
Vision 2030, these businesses have
been eager to facilitate economic and
digital development. The co-founder of
the fintech business FlapKap, Ahmed
Coucha, said that “the Kingdom has 10
times the potential for growth compared
to Egypt and 5 times compared to the
UAE as he revealed the company’s
plans to join the Saudi market.”
Saudi Arabia is finally prepared to
implement digital payments, according
to Muhannad Ebwini, the founder of
the Jordan-based fintech HyperPay.
They are far ahead of everyone in the
area because of this. Other businesses,
including Egypt’s Paymob and the
UAE’s Pemo, have declared their intent
to formally enter the Kingdom by
2023. CEO & Founder of Pemo, Ayham
Gorani, said, “We feel wonderfully
welcomed and really encouraged by
the remarkable commitment that
Saudi Arabia has exhibited toward
strengthening the fintech sector.”
In addition, the international
powerhouses Visa and Mastercard
claimed that Saudi Arabia had
experienced one of the largest digital
transformation curves in history, with
a penetration rate of over 90% in digital
payments.
Given that more fintech businesses
are entering the market to take part
in the historical transformation,
recognition on a global and regional
scale is an important milestone for
the Kingdom. The Kingdom’s fintech
industry is barely getting started with
its lofty ambitions to foster financial
literacy and technological growth for
its citizens in line with Vision 2030.
Beginning 2023 on a promising note
in keeping with the country’s economic
forecast, while the other main markets
in the region were closed and many
investors were not present due to
year-end festivities. The Kingdom
approved a 2023 budget totalling SAR
1.114 T ($296.39B), which projected a
0.4% GNP surplus.
The oil giant and index heavyweight
Saudi Aramco increased 0.9%,
contributing to a 0.7% increase in
Saudi Arabia’s benchmark index, while
Sulaiman Al-Habib Medical Services
increased 1%. In Oman, on the other
hand, the stock index rose 0.8% as
Bahrain Telecommunications (Batelco)
rose 3.2% and Aluminium Bahrain
(Alba) rose 3.8%. Separately, Oman’s
Sultan approved a 2023 budget with
OMR 3.38T ($1.3B) deficit, or 3% of
GDP, according to the Finance Ministry.
On the other hand, SMEs in Saudi
Arabia are anticipated to emerge as the
driving force that will change the face of
the Kingdom in the future years as the
country works to fulfil the objectives
defined in Vision 2030.
February 2023 www.thefinanceworld.com 17

Fintech News
LuLu Exchanges and Mercury to offer the UAE’s
first digital native payroll card
In collaboration with Mercury, the
UAE’s domestic payment network,
Lulu Exchange has launched the
country’s first digital native WPS
payroll solution. The ‘Lulu Money
Salary Card’ provides an app-first
payroll process and functions similarly
to a digital WPS account. The card
is equipped with NFC technology
for additional layers of protection,
and it can be used as a debit card
to tap and pay at thousands of retail
outlets, restaurants, pharmacies, and
convenience stores. Customers will
have greater control over their spending
because of the card’s connectivity with
their LuLu Money payroll account.
Al Fardan Ventures to bring a Japanese FinTech
startup to the MENA region
Bahrain: BENEFIT looks
into establishing business
links with a Singapore
bank
BENEFIT, Bahrain’s premier
fintech services provider,
recently received a delegation
from Singapore’s Grow Digital
Bank to discuss cooperative initiatives,
creating better ties and exchanging
knowledge. This visit represents a
significant milestone in the parties’
joint efforts to enhance the sharing of
information emphasising milestones
and achievements in Fintech solutions
and services. This is consistent with the
Kingdom’s continued drive to stimulate
financial sector innovation, further
consolidating Bahrain’s position as a
financial hub and boosting prospects
for financial institutions and FinTech
businesses in the Kingdom and
Singapore.
Tokumasa Yamashita, a finance
and technology expert with more
than 18 years of professional
working experience in real
estate, private equity, management
consulting, and software development,
created Canaan Advisors, a Japanese
FinTech business. Canaan Advisors will
provide the essential financial knowhow
as well as the technical solution
for this enterprise. This venture will
be led by Mr. Mohammed Ebrahim Al
Fardan, a global technology leader
from the Arab world with more than
33 years of experience ranging from
major multinational technology firms
to investment firms, and with a strong
and solid global network in gaming,
artificial intelligence, Mixed Reality,
FinTech, Blockchain, Internet-of-Things,
and metaverse.
BPC expands its relationship with Bahrain-based
fintech IPS
BPC, a leading provider of
payment solutions, has
expanded its partnership with
Bahrain-based International
Payment Services (IPS), a leading
third-party payment processing and
payment organisation. BPC will extend
the use of its open system e-payment
platform ‘SmartVista’ to IPS as part
of the arrangement. IPS is a Bahrainbased
company that helps banks and
financial institutions manage their endto-end
payment processing functions.
It is licenced by the Central Bank of
Bahrain. BPC has been working with
IPS since its inception in 2017 to assist,
create, and certify solutions to enable
banks, fintechs, government agencies,
and merchants with its cutting-edge
digital payment platform.
18 www.thefinanceworld.com February 2023

UAE’s new virtual assets law to attract a large number of worldwide
enterprises
Following the approval of a new
rule to manage virtual assets
in the country, the UAE is
positioned to emerge as the top
choice for global firms in the digital asset
market for their worldwide expansion,
according to sector experts. The
introduction of blockchain technology
has resulted in the development of a
new regulatory framework. According
to industry sources, several global and
regional enterprises in the blockchain,
crypto, and NFT (non-fungible token)
categories are rushing to finalise plans
to launch or expand their operations
in the country in the coming months.
The first UAE’s India UPI payment integration opens the door to NRIs
The introduction of the Unified
Payments Interface (UPI),
payment gateway to NRIs
(non-resident Indians) in
several Gulf and other countries, has
sparked interest among remittancesfocused
fintech ventures in the UAE,
with Dubai-based user-generated
finance platform Xare getting a
head start with the acquisition of an
Indian venture specialising in the UPI
payment segment. Xare has agreed
to buy Bengaluru-based Rive, which
bills itself as India’s first platform
that allows credit card customers,
including international cardholders,
to scan and pay instantaneously at 63
million QR codes around the country
with no charges to the merchant. Xare
would be able to provide UPI access to
millions of NRIs visiting India, foreign
tourists, and business travellers with
international cards.
Qatar is seeing more interest from international fintech firms
Over the last year, Qatar’s
fintech industry has
continued to flourish and
attract foreign enterprises
due to regulators’ ongoing support and
a number of measures introduced by
stakeholders to stimulate innovation.
One of these initiatives is the awarding
of licences to creative fintech firms.
QCB approved its first licences for
digital payment services in August,
delivering the regulatory greenlight to
Ooredoo Money and iPay by Vodafone
Qatar. 2022 also saw the central bank
establish mobile payment provider
Google Pay in the country, underlining
that all worldwide digital wallet services
including Apple Pay, Samsung Pay are
now accepted in Qatar.
February 2023 www.thefinanceworld.com 19

Fintech Application
Xpense
The world of finance today has
become increasingly complex
and time-consuming, with the
added challenge of managing
multiple accounts and investments.
For this reason, many businesses have
turned to Fintech applications, such as
Xpense, to help simplify their financial
transactions and operations. Xpence
is a spend and expenses management
platform built for business owners to
empower them and their employees to
manage business expenses through an
integrated prepaid visa card. Xpence
eliminates hectic and manual expense
reporting, reducing the reimbursement
process, and simplifying business
expenses.
Xpense is a powerful and flexible
financial management platform that not
only helps businesses streamline their
financial operations but also provides
a range of features and services that
help businesses increase their efficiency
and profitability. At its core, Xpense is
a cloud-based accounting software that
enables businesses to create accounts,
set up budgets, track expenses, manage
bills, and more. Xpence is now active in
Bahrain, the United Arab Emirates and
Saudi Arabia. Egypt, Pakistan, Kuwait,
Oman, and Qatar will soon be arriving.
It also incorporates an intuitive
dashboard with customizable widgets
and charts to help users easily visualize
their financial information.
Emirates ID, a trade license,
a memorandum of association (if
applicable), proof of address (DEWA or
Du or Etisalat bill), and your company
logo (acceptable format: PNG, JPG,
or JPEG) are all required paperwork
for business owners in the UAE. Ideal
Size: 1:1 square) and a certificate of
VAT registration (If Applicable). In
addition, Xpense integrates with more
than 100 third-party applications,
such as Dropbox, Google Drive, and
QuickBooks, making it easy to sync data
across multiple platforms. Xpense also
provides users with a range of features
designed to help them optimize their
financial operations. It’s quite easy to
open an Xpence account. It is a business
solution that you may use to manage
your business spending, whether you
are an authorized freelancer, SME, or
corporate.
All you have to do to get started is
download the Xpence App from the
Apple Store or Google Play Store if
you own a business in the United Arab
Emirates or Bahrain.
20
www.thefinanceworld.com February 2023

Aqara Presence Sensor FP2
The FP2 is a revolutionary
addition to the Company’s
wide-ranged sensor lineup.
Based on the millimeter wave
(mmWave) radar technology, the FP2
detects human presence even when the
person is sitting still. It enables zone
positioning, which allows users to define
different zones within a room such as the
bed, the dresser, or the sofa area, and
the presence in each of these individual
zone can trigger different automations
for a more customized experience. Other
features include multi-person detection,
fall-detection and a built-in light sensor.
Samsung S95C Quantum Dot OLED TV
The S95C, Samsung’s newest
Quantum Dot OLED TV, is a
resounding response to calls
for larger and brighter displays.
Introducing a larger 77-inch model is
the first significant alteration to Samsung’s
QD-OLED TV portfolio. There will be two
since the S95C and S90C will be offered
in sizes 55, 65, and 77 inches. The second
is the inclusion of a second model, the
S90C, which Samsung seems to have
created to make QD-OLED technology
more accessible to buyers. In other words,
and without going into too much detail, the
S90C is designed to be an alternative to the
S95C that is more reasonably priced while
offering equivalent high-end functionality.
The Samsung S95C is still powered
by Tizen, Samsung’s smart operating
system, and Tizen 7.0 this year has some
changes and improvements over Tizen
6.0. It provides more gaming support,
and Samsung’s Gaming Hub has superb
cloud gaming support. In addition, the
S95C has a few new gaming capabilities,
like MiniMap Sharing 3, which lets players
view small maps of their games on any
monitor.
February 2023 www.thefinanceworld.com 21

Business
Grand Opening of Prime View Properties
LLC. by Female Founders
Prime View Properties LLC’s, a real estate brokerage firm, was inaugurated
on 20th December 2022 in Business Bay, Dubai by the Chief Guest
Mr. Rizwan Sajan - Founder & Chairman of Danube Group, CA Dinesh
Kothari - Founder & Chairman of Delhi Private School (DPS), and Mr.
Devendra Vishnoi, President of “All India Vishnoi Maha Sabha”.
22 www.thefinanceworld.com February 2023

The three shareholders of Prime
View are women, including
Mrs. Dhruvshri Rankawat, a
Homemaker for the last 22
years and appreciates the support
of her partners, an Indian Chartered
Accountant Mrs. Richa Gupta, and an
Indian Company Secretary Mrs. Janisha
Rawka to help her take a leap into the
corporate life, as well so this is a true
example of Women Empowerment.
Prime View is
a new-age real
estate consulting
firm that is setting
new standards
of excellence
through its
personalized
service.
The firm’s team is a group of
experienced real estate professionals
with rich industry experience so that
they can always give the best solutions
to customers. What they bring is a new
level of sophistication to the market, by
providing solutions in buying, selling,
or leasing residential and commercial
properties, having customers covered
in all aspects with full transparency
and honesty.
Professionally qualified team of Prime
View, including their General Manager
Himanshu Jain, will ensure excellent
customer service and deliverables
while maintaining the integrity,
professional ethics, and standards.
They will handhold the client right from
selection of the property, arranging the
mortgage from the bank and ensuring
the smooth transfer of the property.
Mr. Rizwan Sajan, Founder and
Chairman of Danube Group, mentioned
that the opening of Prime View
Properties was an opportunistic
decision as the real estate market in
the UAE for the year 2023 will be better
than the year 2022.
Furthermore, CA Dinesh Kothari,
Founder and Chairman of Delhi
Private School (DPS), also praised
the determination of all three female
founders of the company for taking
this step into the real estate industry,
and he also quoted that the best way
to make your dreams come true is to
wake up and work hard for that dream
until you achieve it.
An organization that’s well-versed with
Dubai’s neighbourhoods, understands
the requirements of the customers,
and strives to deliver an exceptional
experience for its customers and all
stakeholders.
February 2023 www.thefinanceworld.com 23

Business News
US business school
students have interest
to open businesses in
the UAE
Ivy League college students have
expressed an interest in starting
firms in the UAE and learning
what type of help is provided to
start-ups in this country. This comes
after a group of 25 marketing students
from Iowa State University’s prestigious
Ivy College of Business became the
most recent group to be awed by the
innovation-driven ecosystem of Sharjah
Research, Technology and Innovation
Park (SRTIP), which is regarded as
one of the region’s most active hubs
for start-up incubation. The college
students travelled to the UAE with
faculty members to learn more about
how a global innovation hub establishes,
advertises, and markets itself.
Business Activity in the UAE slumps Due to Slower
Output and Job Growth
As a result of slower gains
in output, new orders, and
employment as a result of
declining demand, business
conditions in the United Arab
Emirates finished last year with the
worst improvement in 11 months.
The slowdown in activity caused S&P
Global’s UAE Purchasing Managers’
Index to fall to 54.2 in December, a
modest decline from November and
below the peak of 56.7 in August last
year. The difference between growth
and contraction has been greater than
50 for more than two years.
Dubai Chamber Launches Medical Labs & Diagnostic
Centers Business Group
The formation of the Medical
Labs and Diagnostic Centers
Business Group was
announced by the Dubai
Chamber of Commerce recently in
order to “help the vibrant health care
sector in Dubai and the wider UAE.”
In order to reinforce the significance
of medical labs and diagnostic centres
within the healthcare industry, the
new business organisation aims to
create collaborative partnerships
between its members and pertinent
stakeholders. The annual market value
for healthcare in Dubai exceeds $4.63B.
The largest medical free zone in the
world, Dubai Healthcare City, is located
in the United Arab Emirates and has
160 clinical partners representing over
150 specialties and specialists from
over 90 different nations.
$10.6B trade surplus between the UAE and Pakistan is anticipated
According to Pakistan’s top
diplomat in the UAE, trade
between the two countries
will more than quadruple
from the $10.6B level it reached in
2021–2022. The Middle East and North
Africa (MENA) region’s greatest volume
of commerce, according to him, was
$10.6B in the past calendar year. “There
is a lot more potential. The political
leadership of my nation has given me
the duty of promoting commercial
possibilities, investment, and enhancing
cultural exchanges between Pakistan
and the UAE,” said Faisal Niaz Tirmizi,
Ambassador of Pakistan to the UAE.
24 www.thefinanceworld.com February 2023

The UAE makes the
Unemployment insurance
programme mandatory
The start of a new insurance
programme for unemployed
employees of the public and
private sectors was announced
by the UAE last year. Employees will
get 60 percent of their base pay for a
maximum of three months following
the date of unemployment under
the proposal. The programme has a
monthly maximum of 20,000 AED.
Every employee in the UAE is required
to participate in the programme, which
went into effect on January 1, 2023.
Demand for diamond
jewellery is rising in
Dubai among youthful
buyers
Even though conventional
jewellery is still in high demand,
young consumers now choose
diamond jewellery and other
metals like platinum, silver, rose gold,
and white gold, according to gold
jewellers in Dubai. Dubai gold jewellers
say that customers are increasingly
favouring customised designs in the
wake of the pandemic. The rebound of
the economy and the dramatic rise in
visitor arrivals in 2022 led to a pickup
in jewellery sales, as many merchants
reported double-digit growth in sales,
and sales of gold jewellery returned to
pre-pandemic levels last year.
Emirates Business Setup is providing premium
business services
Emirates Business Setup is
gradually becoming the
leading provider of businessrelated
services, particularly
in Dubai and Germany. As a provider
of visa services, business and company
creation, and the top consultancy
services in the UAE, the organisation
is currently becoming recognised as a
leader in the global market. Emirates
Business Setup was established in
2022. Young businessman Elliott has
been challenging rivals since 2016.
His career began with a wealth of
experience, as seen by a carrier graph
line peaking from 2016 to 2022. But
despite his successes, he continues
to work hard and remain positive in
order to achieve more.
Market capitalization of Arab exchanges reached
$4 trillion at the end of 2022
According to the Arab Monetary
Fund (AMF) the market
value of Arab stock markets
surpasses $4T at the end of
2022. The Saudi Stock Exchange had
a market value of $2.63T, whereas
the Qatar Stock Exchange had one at
$167.09B. The market capitalization
of the Boursa Kuwait was $152.7B,
compared to $61.6B for the Muscat
Stock Exchange. According to a
statement from the AMF, the market
capitalization of the Casablanca Stock
Exchange was $53.6B, $38.8B for the
Egyptian Exchange, and $30.2B for the
Bahrain Bourse.
Orient Insurance and Mashreq unveil innovative
Savings Plan
Orient Insurance Company,
which is part of Al-Futtaim
Group, has teamed up with
Mashreq, a prominent financial
company in the UAE, to introduce Orient
Educare, a new savings and insurance
plan with guaranteed returns. This
product is intended for individuals and
families seeking a secure financial future.
Executive vice-president and head of
Mashreq Gold, Aladdin AL Deesi, said
that the development of Orient Educare
sets out to provide customers with an
investment solution that offers peace of
mind, financial security, and guaranteed
returns; Orient provides both standard
and custom products for both businesses
and private customers.
February 2023 www.thefinanceworld.com 25

Wheels
2023 Rolls-Royce Spectre
The 2023 Rolls-Royce Spectre is
an ultra-luxury car that is sure
to make an impression. From
its exquisite exterior design
to its powerful engine and top-notch
interior amenities, the Spectre is an
amazing vehicle. The exterior is sleek
and modern, featuring a long hood and
low profile. The 20” wheels provide
an imposing and luxurious look. The
interior is equally impressive, boasting
a range of high-end features such as a
21-speaker premium audio system, a
12-inch digital instrument cluster, and
ambient lighting. The powertrain is
where the Spectre really shines, with a
6.6L V12 engine producing 624 hp and
890 lb-ft of torque. The Spectre is also
equipped with an 8-speed automatic
transmission and an adjustable air
suspension. All of these features
make the 2023 Rolls-Royce Spectre
an incredible vehicle that is sure to
turn heads.
26 www.thefinanceworld.com February 2023

Specifications
Horsepower: 600 horsepower
Torque: 890 lb-ft of torque
Acceleration: 0 to 100kmph in 4.5 seconds
February 2023 www.thefinanceworld.com 27

Cover Story
Rajender Jhawar,
Chairman
Mukund Jhawar,
Managing Director & CEO
28
www.thefinanceworld.com February 2023

Chairman Rajender Jhawar and MD &
CEO Mukund Jhawar of Vision Recycling
& Reprocessing Industry LLC unfold
the story of their success in the UAE
Rajender Jhawar, a seasoned trader of used oil since 1993, founded Vision
Recycling & Reprocessing Industry FZC in the Fujairah Freezone. In 2008,
Mukund Jhawar, Rajender’s son and current CEO, established a company with
the aim of collecting used engine oil in the Emirate of Fujairah. This company
underwent a major transformation, which included partnerships with 1 Local
and 5 Expats from the same family, resulting in the formation of the current
Vision Recycling & Reprocessing Industry LLC.
Exclusive to The Finance World Magazine
Q. Can you share your experiences
during the early stages of setting
up your business in the UAE?
Rajender Jhawar: I came to the UAE
in 1993 and started trading activities
with 20-25 products of various lines,
such as children readymade garments,
auto parts, G.I. Pipes and then fresh
flowers and fresh vegetables. Gradually,
I was always doing oil exports from this
country to India because there was a
lot of used oil available here. In 1997,
The Basel Convention Act came into
effect, which led to the banning of oil
exports. Thus, there was a lot of used
oil in this country, so I planned to start
up an industry here. I had a background
about industries because when I was in
India, my maternal uncle had various
We were able to
adopt the latest
technologies, and
this become of the
reasons we are
today the oldest
plant that is still
running sed oil
recycling.
kinds of Industries, and edible oil was
one of them.
Hence, I got an idea about oil recycling
and set up an industry in 2000 in the
Fujairah Free Zone. We started with a
capacity of around 50 tonnes a day, and
this kept going well until 2010. After
2010, we shifted our plant outside the
free zone and increased the capacity
from 50 tonnes to 200 tonnes per day.
That was a time when my son came
with me and started looking into the
business. Until 2015, we were running
the same thing, but after that, my
son had new ideas to explore, and he
wanted to start the distillation column
as well, so we set up the distillation
column in the factory, and from there
onwards, he was the one who has been
February 2023 www.thefinanceworld.com 29

Cover Story
mainly looking into the business, and
I started to take a back seat. He was
the one who continued what we have
been doing.
Mukund Jhawar: We have started
the distillation column wherein we distil
oils and cut them and make them into
specialised industrial oils. We have a
capacity of doing about 180 tonnes as
of today. Additionally, the capacity of
200 tonnes of used oil is always there.
Q. Mukund Jhawar, can you describe
your experience when you joined
and had to build what was already
there for you?
Mukund Jhawar: We were primarily
into used engine oil, but the problem
with used engine oil is that you can
only expand that product to an extent
because the collection of used engine
oil is a big issue. Additionally, with
competitions coming into the market
every day, we decided to get into raw
material where supply would not be
an issue. That was the reason behind
our decision to shift to the distillation
column where we can distil any type
of oil, the raw material will not be an
issue, and expansion is endless.
Q. What challenges have you faced
in the recycling industry and how
did you overcome them?
Rajender Jhawar: In the very
beginning when we started with this
industry, people used to recycle oil
with acid treatments, but in the country
being modern, we were not supposed
to do that. So, we had to start the clay
treatment process, but even in this
process there was a lot of solid waste
coming out, so we had to keep on making
sure that we go with the latest trends
that were happening worldwide. From
the clay treatment, we gradually got
into the distillation column treatment,
and then from there onward, there were
further more changes. Today, we are
running a plant with zero emissions of
waste from the factory, which means
that we take the used oil and, except
30 www.thefinanceworld.com February 2023
for a little bit of water, there is no
other waste left out in the factory.
Everything is a sellable product; we
sell out each and every product from
whatever is there, and we even treat
the water and reuse it in our plant for
the cooling systems. These are the
basic changes that we had to come
The major
thing for any
recycling
industry
is not to
generate
any kind
of waste,
which is
considered
to be a big
achievement.
across because every now and then
when a new process was introduced,
we had to keep on improvising, but
we were very happy about getting the
full support and cooperation from the
government; they helped us to come
out with the best technologies available
worldwide.
Mukund Jhawar: There were a
lot of changes that actually started
happening from 2010-2015 when the
industry itself got in a lot of new methods
of recycling used oil because many
different technologies were not proven
yet. So, we had to make sure first
that the technology is successful and
environment-friendly. That was one of
the biggest challenges that we could
face. Accepting a new technology and
running it successfully was the biggest
challenge that we had to face.
Rajender Jhawar: We were able to
adopt the latest technologies, and this
become of the reasons we are today
the oldest plant that is still running
sed oil recycling with the latest which
is the solvent extraction technology.
Q. How are you passing on your
legacy to the next generation of
your family?
Rajender Jhawar: I remember when
my son was doing his final schooling
days, that was the time when I asked
him what he would like to do next, and
he always showed keen interest in the
same industry. So, I started making him
work right from the collection centres
to other small things to understand
how hard it is going to be because for
me the journey was not very easy, and
I made sure that he could take up all
the hardships. With that, he slowly and
gradually kept on improving himself,
and today he is where he should be. I
feel quite proud about my son because
he has taken his things very honestly,
and he is running a good show. I would
love to see that moment where my
grandchildren come to see what they
would like to do.
Q. How is the next generation
preserving the company’s values
and supporting its growth?
Mukund Jhawar: My father’s basic
principles of business were not to cheat
anybody, be always at your word, and
always ensure the best quality of the
product you supply to the market. These

Irrespective of how high the demand is or
how volatile the market is, we ensure that our
commitments are done irrespective of the profits
or the losses that we have to make.
are the three standard principles of my
factory; irrespective of how high the
demand is or how volatile the market
is, we ensure that our commitments
are done irrespective of the profits
or the losses that we have to make.
We always take care of our staff as
extensive family members of ours.
Q. What are Vision’s goals for the
future, and how do you plan to
achieve them?
Mukund Jhawar: As far as the
recycling oil is concerned, I would like
to start with Lubricants Manufacturing;
that is where I would want to put my
foot forward. In terms of the fractional
distillation, we are currently achieving
targets of 200 tonnes per day, but I would
want the plant to have a capacity of
around 400-500 tonnes per day, which
is a sizable business in my opinion.
Q. How does Vision keep up with
advancements and trends in the
recycling industry?
Rajender Jhawar: What we are
looking at is hydrogenation, and for
that we have already been in touch
with our consultants, trying to see
what possibilities are there. At present
the implementation of Hydrogenation
technology is not here in UAE as the
economics of this technology does
not work, so to run an industry, any
technology to be adopted has to be
profitable. As of now, the technology
which we are running is good enough
because it does not emit any waste.
The major thing for any recycling
industry is not to generate any kind
of waste, which is considered to be a
big achievement.
Q. What is your advice for those
interested in starting a business
in the UAE?
Rajender Jhawar: To those
genuinely interested in coming, I
would like to emphasize that Dubai
has provided a home for many and the
key to thriving here is hard work and
honesty. As long as you don’t conduct
any mischievous activities, and run your
business with integrity, the government
will be cooperative and supportive of
your success. Dubai offers the best of
both Eastern and Western cultures,
making it an unparalleled place to
raise children.
Q. What is the key to success in
the UAE?
Rajender Jhawar: The key to
success is hard work and honesty. If you
put in the effort at the start, you won’t
regret it. When starting a business in the
UAE, you may encounter challenges,
but if you continue to work hard, you
will be well-rewarded. Additionally,
perseverance and determination are
also important qualities for success.
Don’t give up when faced with
difficulties, instead, approach them as
opportunities for growth and learning.
Embrace challenges and continue to
work hard, and you will eventually see
the rewards for your efforts. The UAE
is a place that values hard work and
recognizes those who put in the effort,
so keep that in mind as you navigate
your journey towards success.
Q. Do you have any final words for
our readers, especially those in the
recycling industry?
Mukund Jhawar: : I personally
feel that the UAE itself is a land for
opportunities, and it welcomes you
with both hands open. When it comes
to the recycling industry in particular,
there are many products that are still
available here which you can start up to
recycle. If you have the right knowledge
and the right background, you should
definitely try your luck here.
February 2023 www.thefinanceworld.com 31

Feature
Indian Finance Minister Nirmala Sitharaman
unveiled a $549.14B spending budget for the
next fiscal year
On Wednesday 1 Feb, 2023,
the Indian Finance Minister
Nirmala Sitharaman has set
out in her speech seven key
priorities for India’s development and
growth. These priorities reflect the
government’s commitment to building
a more inclusive, sustainable, and
prosperous future for India and its
citizens. In order to boost economic
growth, while aiming to lower fiscal
deficit before elections due next year,
the Indian Finance Minister Nirmala
Sitharaman has unveiled a $549.14B
spending budget for the next fiscal year
starting April. The goal, according to
Finance Minister Nirmala Sitharaman,
is to have solid public finances and a
thriving financial sector for the benefit
of all segments of society.
32 www.thefinanceworld.com February 2023

GDP Growth/Deficit
According to Nirmala Sitharaman’s
announcement speech, nominal GDP
for 2023/24, which includes real GDP
and inflation, is estimated to grow
10.5% YoY to $3.69T in 2023/24.
• Federal government of India will
target a fiscal deficit of 5.9% of
GDP for 2023/24 compared to 6.4%
for the current fiscal year.
• The government will be maximising
efforts to achieve fiscal deficit of
4.5% of GDP by 2025/26.
• The nation is expecting 6-6.8%
economic growth in 2023/24, which
is slightly lower than the 7% expected
in the current fiscal year.
Spending
Nirmala Sitharaman announced that
the total federal budget spending target
is raised 7.5% to about $549.14B for
2023/24, compared to the revised about
$500.9B for the current fiscal year.
• Spending in real terms will rise
less than 3% considering estimated
around 5% retail inflation for next
fiscal year.
• Capital spending to rise 33% to
about $122B for 2023/24.
• Nirmala Sitharaman proposed to
hike capital outlay for railways by
48% to about $30B in 2023/24 from
the revised $20B in 2022/23.
• She also proposed to hike outlays
for road transport by 24.4% to about
$33B in 2023/24 from the revised
$27B in 2022/23.
• Total defence outlays are raised to
about $74B, compared to the revised
$71B for 2022/23.
Social Sectors
Indian Finance Minister Nirmala
Sitharaman emphasized the Focus on
Education, healthcare, energy, and
social programs.
• Education budget is raised to about
$14B for 2023/24 compared to about
$12.20B in 2022/23.
• Health budget is raised to about
$10.90B for 2023/24 compared to
about $8.70B in 2022/23.
• Allocations for rural job guarantee
programme is cut to about $7.40B
compared to the revised $10.90B
outlays for 2022/23.
• Budget allocations is raised to about
$9.70B for affordable housing in
2023/24.
• Allocations for energy transition is
raised about $4.30B.
Receipts/Govt Borrowing
Nirmala Sitharaman stated in her
speech that the Indian government
targets gross borrowing of about $188B
in 2023/24.
• Total revenue receipts to be at about
$321B in 2023/24 compared to the
revised $286B in 2022/23.
• Total tax receipts to rise 12% to
about $284B in 2023/24 from the
revised $286B.
• Net market borrowings to be at
about $144B.
• Pegs receipts from the government
stake-sale in state-run companies
to be at about $6.25B in 2023/24
compared to the revised $6.08B
in 2022/23.
Individual Tax Proposals
Indian Finance Minister Nirmala
Sitharaman gave in her speech some
proposals for individual tax:
• Promoting new income tax regime
with higher threshold limit.
• Cutting highest surcharge rate to
25% from 37.5% under new income
tax regime.
• Raising rebate limit to about $8,517
under personal income taxes.
Industry Tax Proposals
In addition to individual tax proposals,
Nirmala Sitharaman highlighted her
proposals regarding industry tax:
• Considering a cut in customs duty
on lab-grown diamonds.
• Higher import duties on silver dores.
• Increasing duties on items made
from gold and platinum.
• Customs duties on compounded
rubber being raised.
• Extending custom duty exemption
to EV batteries.
February 2023 www.thefinanceworld.com 33

Start-up
The 50 most-funded startups in MENA
have received $3.2 billion since their
founding
In 2022, Fintech companies were the most popular recipients of
funding, with 21 companies attracting a total of $1.3B.
The latest reports revealed that
the 50 most-funded start-ups
in the Middle East and North
Africa raised a total of $3.2B
since their inception, with 18 companies
from the UAE, 12 from Saudi Arabia
and 11 from Egypt making the list. Rain
Management, a Bahrain-based start-up
that ranked sixth on the list, raked in
$118M in fundraising.
To be considered for the list of the
top 50 start-ups in the world, a startup
must have been founded no earlier
than 2015 and have raised at least $20M
in total funding. Start-ups that were
acquired, merged, went public on stock
markets, or did not provide sufficient
data on funding and investors were
excluded from the list. The cut-off date
for funding was November 10, 2022.
In 2021, Pure Harvest Smart Farms
was the second-place finisher in the list
of the top ten Agri-tech businesses in the
UAE. However, this year, the company
has managed to secure the top spot,
thanks to the $387M in total funding it
has raised. In addition, the UAE-based
start-up formed an alliance with Al
Dahra Group in June 2022, increasing
the total operating capacity under
its management to over 22 hectares.
Meanwhile, buy-now-pay-later Fintechs
Tabby and Tamara retained their top
five positions at second ($275M) and
third place ($216M), respectively.
In 2022, Fintech companies were the
most popular recipients of funding,
with 21 companies attracting a total of
$1.3B. E-commerce (ten) and delivery
and mobility (four) were the top three
most popular sectors, raising $576.7M
and $299.6M, respectively.
34 www.thefinanceworld.com February 2023

The startups on the 2022 list represent
nine MENA countries. For the third
consecutive year, the UAE was the
country with the most active start-up
ecosystem, with 18 start-ups raising
$964M in total funding. On the other
hand, Saudi Arabia is home to 12
start-ups raising $946.7M, while 11
start-ups are headquartered in Egypt,
raising $508.5M.
The 112 founders of the top 10 startups
in the world are evenly distributed
between solo founders and co-founders.
Out of these 10 startups, 5 are led
by solo founders, and Noureddine
Tayebi’s ride-hailing, delivery, and
payment platform, Yassir, ranks fifth
with $193.25M in total funding.
One newcomer to the crypto-asset
exchange market made the top 10 this
year, with Rain Management ranking
sixth after raking in $118M. Beyond
securing millions in capital, many
new entrants also cemented valuable
partnerships, future-proofing their
offerings in the market.
The list includes start-ups that were
founded between seven and seven and
a half years ago, excluding companies
like Saudi Arabia’s fintech Foodics,
which raised a total of $198M, and
the UAE’s cloud kitchen Kitopi, which
raised $804 M in total funding.
According to Forbes, the most funded
fintech companies were those that
received the most investment, with
21 start-ups raising a total of $1.3B.
Following this was e-commerce, with
10 start-ups raising $576.7M. Finally,
four mobility startups raised a total
of $299.6M.
Many new entrants secured millions
in capital and cemented valuable
partnerships in the market. For
example, Egyptian digital payment
solutions platform PaySky partnered
with Visa to launch the Yalla Card and
Yalla Super App in the Middle East.
Meanwhile, proptech Huspy acquired
three brokerages on its home turf of the
UAE: Home Matters, Just Mortgages,
and Finance Lab. Here are some of
the companies in MENA, that shared a
large number of funding to expand their
ventures as well as their exposures:
Letswork
Letswork, a UAE-based stage for
shared spaces, brought $2.1M up in
a seed subsidizing round to grow its
tasks to Saudi Arabia. The company,
which was founded in 2019 by Omar
Almheiri and Hamza Khan, provides a
marketplace where users can directly
rent out co-working spaces like private
offices, creative studios, and meeting
rooms.
With its flagship product, the Letswork
Pass, a subscription service that grants
access to a distributed network of
workspaces, it helps businesses that
use a hybrid or remote work model. In
addition to an investment from Saudi
activist and media presenter Ahmed Al
Shugairi, the company has received a
strategic investment as part of its plans
to expand into the Kingdom.
“The Space is one of the largest
operators of co-working spaces in the
country. Saudi Arabia is the biggest
market in the Center East, and Riyadh
is one of the primary business sectors
where Dubai-based organizations
venture into; Therefore, many of
our corporate clients requested that
Letswork be utilized there,” Khan,
Letswork’s CEO, stated in a statement.
The business is present in Bahrain,
Portugal, and Spain in addition to
Dubai and Riyadh. DTEC Ventures,
500 Global, and other angel investors
joined the funding round.
Morningstar Ventures
UAE-based venture capital firm
Morningstar Ventures has invested
over $5M in the first interactive and
immersive digital art gallery called
37xDubai. Located in Dubai’s Burj
Daman Tower, the gallery will become
Dubai’s business and lifestyle hub and
will open in the first quarter of next year.
With 23% of the UAE population
owning non-fungible tokens, the UAE
art gallery is one of the best places in
the region to buy and sell digital art. The
gallery’s Web3-enabled education, digital
and traditional artistry, entertainment
and communication will bridge the gap
between art and technology. “The design
and architecture of our gallery are
highly sophisticated, filled with stateof-the-art
equipment, interior, sound,
and lighting infrastructure,” stated
Clemence Cazeau, CEO of 37xDubai.
“We hand-picked and meticulously
selected every element of the space to
ensure that the 37xDubai gallery and
its exhibitions could be presented in
an unforgettable fashion to every one
of our visitors,” added Cazeau.
February 2023 www.thefinanceworld.com 35

Start-up
Qatar Investment Authority
Qatar’s sovereign wealth fund, Qatar
Investment Authority, led a $196.5M
series G funding round in Bostonbased
cybersecurity start-up Snyk Ltd.
Founded in 2015, the company provides
a solution to find and fix vulnerabilities
and license violations in open-source
dependencies and container images.
QIA, whose asset valued around
$450B, has invested in a start-up Snyk
Ltd., that develops security solutions.
The investment is valued at $7B, down
from its previous round that put the
company’s value at $8.5B. QIA plans
to use its investment to drive product
innovation and expand its team through
strategic acquisitions. This will maintain
Synk’s position as a leading developer
security platform.
“We are confident that Snyk’s
approach will position the company
for a successful future, and that it
is aligned with QIA’s track record of
supporting innovative companies. This
funding round saw new investors like
Evolution Equity Partners, G Squared,
Irving Investors, Sands Capital, and
Tiger Global invest,” said Mansoor
Ebrahim Al-Mahmoud, CEO of QIA.
Moove
In order to expand into the United
Arab Emirates, the mobility fintech
start-up Moove, based in Nigeria, is
issuing its first sukuk to raise $30 M.
The company, which was established
in 2020, provides vehicle financing to
mobility entrepreneurs worldwide.
By developing a fleet of electric ridehailing
vehicles, the company intends
to fuel its expansion into the Middle
East and North Africa.
The issuance of the first sukuk
demonstrates the global expansion
and sustainability of the company. In
a statement, Moove co-founder and
co-CEO Ladi Delano said, “This is
equally important because it advances
our mission to build the largest EV
ride-hailing fleet in the region, to drive
forward mobility electrification, and
to enable cities to reach their net-zero
targets.”
In order to create long-term economic
opportunities, the company will use its
fund to expand to 2,000 electric vehicles
in the UAE over the next year. Moove
Charge, the company’s electric vehicle
charging app, will be made available
to drivers of ride-hailing services as
part of its expansion into the United
Arab Emirates.
For the third
consecutive year,
the UAE was the
country with the
most active startup
ecosystem,
with 18 start-ups
raising $964M in
total funding.
36 www.thefinanceworld.com February 2023

Dell G-series gaming laptops
Normally, Dell’s Alienware
division gets most of the
attention when it comes to
gaming notebooks. However,
the new G15 and G16 show you don’t
need to spend much money to acquire
an awesome-looking system, thanks to
their updated designs.
The Dell G15 is a budget gaming laptop
with Intel 12th Gen CPUs and NVIDIA
dedicated GPUs. The 5520 model uses
Intel 11th Gen processors to replace
the Dell G15 5511 from 2021. The main
difference between it and its predecessor
is the new hybrid architecture of Intel’s
12th Gen Alder Lake CPUs, which
combine performance and efficiency
cores. Among the additional upgrades
are a QHD 240Hz display, an NVIDIA
GeForce RTX 3070Ti GPU option, and
Thunderbolt 4 connectivity for models
with an RTX 3060 and 3070Ti. A special
edition Obsidian Black colour with an
aluminium cover is among the other colour
choices. The Dell G15 5525 is a variation
that uses AMD Ryzen 6000-series CPUs
in place of the AMD Ryzen 5000-series
CPUs found in the Dell G15 5515.
February 2023 www.thefinanceworld.com 37

Startup News
InvestSky opens in the UAE following a $3.4M
pre-seed investment
To make investing more accessible,
understandable, and informed
for a younger generation of
investors in the GCC, InvestSky
is introducing a social investing platform
that is commission-free. Users of the
platform can purchase fractional shares
of stock starting at $1 (AED 3.67) and
have access to a social network where
they can interact. Additionally, it will give
investors access to market intelligence
data that will enable them to make better
investment decisions that are in line
with their investment philosophies,
whether they be shariah-compliant or
centred on having a beneficial social and
environmental impact.
MENA startups to receive
13% more funding despite
a decrease in December
According to MENA entrepreneurship
platform Wamda,
funding for startups in the
Middle East and North Africa
concluded 2022 on a negative note,
despite the total amount raised in the
year increasing from the previous 12
months. New businesses raised $125M
in December across 38 agreements, a
reduction of 72% from the same month
last year and a 40% decline in capital
overall. Although across 628 projects,
the total investment for 2022 was
$3.6B, an increase of 13% from 2021.
Fintech, HR, and foodtech raised a total
of $79.5M in funding, while agritech
startups received $38M, making them
the most well-funded sector overall.
Foodtech was also the most active
sector, with 10 deals.
Dubai launches a $8.7T
economic plan and hopes
to have 30 unicorns by
2025
A
ccording to Helal Saeed Al
Marri, Director General of
Dubai’s Department of Economy
and Tourism, Dubai is
moving quickly to implement the D33
plan to build a $8.7T economy. Al Marri
stated that the ambitious ambition to
increase foreign trade and investment
by 2033 will begin right away. Sheikh
Mohammed bin Rashid Al Maktoum,
vice president and prime minister of
the United Arab Emirates and the ruler
of Dubai, recently unveiled the D33
plan, which is expected to significantly
impact the city. The emirate hopes to
rank among the top four global financial
hubs by attracting more than AED 700B
($191B) in foreign direct investments
over the course of the next ten years.
It will consist of 100 projects and have
an economic target of AED 32T ($8.7T).
Hub71 startup Deal is
secured by Ostaz with
Aldar Education
In order to provide tutoring services
and after-school support to nearly
35,000 children in the capital of the
UAE, Ostaz, the top online private
tutoring platform in the Middle East and
North Africa (MENA) region, has teamed
with Aldar Education. The collaboration
between Ostaz and Aldar Education
was started by Hub71, a significant
corporate and governmental partner in
Abu Dhabi, as part of its initiatives to
provide startup founders with business
development prospects. Ostaz provides
high-quality tutoring services in a wide
range of academic subjects, languages,
and practise exams.
Over 250 businesses
operating in DIFC hold
$450B in assets
CEO of the Dubai International
Financial Centre (DIFC)
Authority Arif Amiri
confirmed that the centre,
which accounts for around 5% of the
nominal GDP of the emirate of Dubai,
has grown into a significant economic
growth engine for Dubai and the UAE.
According to Amiri in an interview with
the Emirates News Agency (WAM),
the centre is the largest in the area for
wealth and asset management, with
more than 250 businesses in charge
of more than $450B in assets under
management, as well as more than 100
foreign funds operating locally.
38 www.thefinanceworld.com February 2023

UAE’s tech sector is expanding and securing significant contracts
The UAE’s technology sector
has chance of experiencing
what the US is experiencing in
terms of a “tech winter,” since
local businesses continue to hire and
new digital startups are established. In
addition, 2023 will see a continuation of
high levels of technology spending, with
larger corporations and governments
setting the pace. In order to allay
any worries that the tech sector in
the UAE and other Gulf countries
will likely experience a significant
contraction as a result of picking up on
the pessimistic feelings emanating from
what’s occurring in the US, analysts and
industry sources are eager to dismiss
such fears.
UAE to be MENA start-up’s landscape in 2023
UAE leadership’s dedication to
ensuring that the country has
the most cutting-edge, highly
linked infrastructure, access
to a broad, multitalented talent pool,
and readily available financial options,
the UAE has emerged as a refuge for
entrepreneurs. Particularly Abu Dhabi
has made a name for itself as a global
centre for entrepreneurship. Every
modification made by authorities and
regulators reflects the times and aims
to insulate new enterprises from local
and international externalities. The
UAE provides unmatched mentoring
for startups. Business executives are
directed toward the appropriate trends,
contacts, and programmes through support
functions in this context. For founders
to be able to foresee any changes, it is
critical that they have the appropriate
training and mindset.
AEs national digital economy to exceed $140billion in 2031
His Excellency Omar Sultan Al
Olama, Minister of State for
artificial intelligence, digital
economy, and remote work
applications, chairman of Dubai Chamber
of Digital Economy, said that doubling
the contribution of the digital economy
to the UAE’s GDP from 9.7% to over 20%
by 2031, reflects Dubai’s endeavours to
establish itself as a key tech hub and
leading global destination for digital
companies. According to the analysis,
the national digital economy would
exceed $140B in 2031, up from over
$38B in 2023. This is due in great part to
the region’s startups. The analysis also
emphasized the significance of the Dubai
Chamber of Digital Economy’s efforts,
as well as the participation of numerous
stakeholders and digital entrepreneurs,
in firmly positioning Dubai as the world’s
next digital economy center.
February 2023 www.thefinanceworld.com 39

Energy
Dubai’s Clean Energy Capacity Keeps
on Rising
The UAE is constructing the five-gigawatt Mohammed bin Rashid
Solar Park in Dubai and the 1.5-gigawatt Al Dhafra station, the world’s
largest single-site solar power plant.
Emirates Water and Electric
Company (EWEC), the water
and electricity company in
the UAE, says that, thanks
to the country’s goal of becoming
completely energy independent by
2050, clean energy now accounts for
more than 60% of the company’s total
power generation. This is in line with
the UAE’s broader goal of becoming
a fully sustainable society.
On December 20, 2017, solar and
nuclear energy stations produced a
combined 5.5 gigawatts of the total
8.6 gigawatts generated by the utility.
This represents a significant milestone
in the development of renewable
energy sources and underscores the
importance of developing innovative
technology to ensure the continuation
of progress in reducing the UAE’s
dependence on fossil fuels.
40 www.thefinanceworld.com February 2023

“The development is a testament
to EWEC’s strategic initiatives that
prioritize carbon-free technologies
in support of the UAE’s sustainable
and economic objectives,” said CEO
Othman Al Ali.
The UAE is prioritising the
construction of clean energy plants
to reduce emissions and hit its net-zero
target by 2050.
Othman Al Ali,
CEO of EWEC
The UAE is constructing the fivegigawatt
Mohammed bin Rashid Solar
Park in Dubai and the 1.5-gigawatt
Al Dhafra station, the world’s largest
single-site solar power plant. The solar
parks will provide clean, renewable
energy to residents and businesses in
Dubai and the surrounding area.
In May last year, EWEC invited
developers to submit expressions of
interest for the development of a new
solar photovoltaic plant in the Ajban
area of Abu Dhabi. The plant will be
the largest of its kind in the UAE and
provide energy for the local community
and the national grid. It will be similar in
size and generation capacity to the one
in Al Dhafra, said EWEC. On the other
hand, the Noor Abu Dhabi solar plant,
one of the world’s largest single-site
solar power plants, started commercial
operations in 2019; it generates about
one gigawatt of electricity.
The UAE plans to invest over $163B
in clean and renewable energy sources
over the next three decades, which
will help the country become more
environmentally friendly and reduce its
reliance on fossil fuels. EWEC forecasts
that its solar projects and Barakah
nuclear energy plant contributions will
reduce carbon emissions by about 20
million tonnes by 2025. This will be a
significant reduction from emissions
levels in 2020, when emissions were
around 40 million tonnes.
The first nuclear plant began
commercial operations in April 2021,
while the second became operational
in March 2022; the third unit was
connected to the UAE grid in October
2022, and the fourth is set to become
operational in the coming years.
Construction of the Dubai Electricity
and Water Authority’s (DEWA) Hatta
pumped-storage hydroelectric power
plant is proceeding at a rapid pace,
with 58.48% of the project completed.
The plant is the first of its kind in the
GCC, with investments totalling up to
$381.1M. The project is planned for
completion by the end of 2024. The
power plant will be able to produce
up to 250 megawatts of electricity
and have a storage capacity of 1,500
megawatt-hours. It is also expected to
have a lifespan of 80 years.
Saeed Mohammed Al Tayer, MD &
CEO of Dubai Electricity and Water
Authority (DEWA), recently inspected
the construction site of the Hatta
hydroelectric power plant, where he
was briefed about the work progress.
The visit also included the inspection
of the power generators site and the
upper dam, where the water intake in
the Hatta Dam connected to the power
generators has been completed.
The construction of the 72-meter
main Roller Compacted Concrete (RCC)
wall of the upper dam at the Hatta
hydroelectric power plant has been
completed. Work is also progressing
well on the water tunnel, which is 1.2
kilometres long and connects the two
dams. The concrete lining of the water
tunnel is complete.
The Hatta hydroelectric power plant
is a part of DEWA’s efforts to achieve the
Dubai Clean Energy Strategy 2050 and
the Dubai Net Zero Carbon Emissions
Strategy 2050, which aim to provide
100% of Dubai’s total power production
capacity from clean energy sources by
2050. The project is a part of a larger
effort to improve the social, economic,
developmental, and environmental
conditions in Hatta. It also provides
opportunities for citizens in Hatta to
find new jobs.
In addition, it is part of the projects
and initiatives launched by Dubai
Electricity and Water Authority (DEWA)
to diversify energy production from
renewable and clean sources, including
different technologies, such as solar
photovoltaic panels, concentrated solar
power, and green hydrogen production
using renewable energy.
Moreover, the plant will be a
massive energy storage facility with an
incredibly high turnaround efficiency.
The water stored in the upper dam
will be converted to kinetic energy
The UAE plans to invest over $163B
in clean and renewable energy
sources over the next three decades,
which will help the country become
more environmentally friendly and
reduce its reliance on fossil fuels.
during the flow of water through the
1.2km subterranean tunnel, which will
then rotate the turbines and generate
electrical energy. This energy will
be sent to the DEWA grid within 90
seconds in response to demand, which
will be a major breakthrough in energy
storage, as it will help to meet the
increasing demand for electricity in
the Middle East.
February 2023 www.thefinanceworld.com 41

Energy
The Mohammed bin Rashid Al
Maktoum Solar Park will generate
clean energy and use it to pump water
through a tunnel back to the upper dam,
which will make the whole project
100% renewable.
Al Tayer visited the fourth phase of
the Dubai solar park and was pleased
to see that work was progressing well.
417 MW of solar power have been
connected to the grid, including 217
MW from photovoltaic panels and 200
MW from CSP using parabolic basins.
The fourth phase of the solar park is
92% complete. Al Tayer met with DEWA
employees who are trained on clean
energy projects and learned more about
the fourth phase of the solar park,
which is being implemented by Noor
Energy. The majority of the company,
51%, is owned by DEWA, with ACWA
Power owning 25% and the Silk Road
Fund owning 24%.
Al Tayer also visited the fifth phase of
the Mohammed bin Rashid Al Maktoum
Solar Park, where DEWA has connected
600 MW to the grid. The fifth phase
has a total capacity of 900 MW and
investments of AED 2.058B. The 300 MW
third project of the fifth phase is 52.9%
complete and will be commissioned in
2023. It uses the latest solar photovoltaic
bifacial technologies with Single Axis
Tracking to increase energy production.
It will provide clean energy for more
than 270,000 residences in Dubai and
reduce 1.18 million tonnes of carbon
emissions annually.
Waleed Bin Salman, executive vice
president of business development
and excellence at DEWA, said that
both projects in phase 5 of the Solar
Park are on schedule and are near
completion. The second project is now
57% complete, and the first project is
now 73% complete.
Since its launch, Mohammed
bin Rashid Al Maktoum Solar Park
has received a lot of interest from
global developers, which reflects the
confidence of investors in DEWA’s
major projects in collaboration with
the private sector. Through this model,
DEWA has attracted around AED 40B
of investments and received the lowest
global solar energy prices (levelized
costs) five consecutive times, making
Dubai a global benchmark for solar
energy prices.
The 4th phase of the solar park, with a
capacity of 950 MW, is the largest singlesite
solar CSP plant in the world. This
phase uses three hybrid technologies:
600 MW from a parabolic basin complex
(three units of 200 MW each), 100 MW
from the world’s tallest solar power
tower at 262.44 metres (based on
Molten Salt technology), and 250 MW
from photovoltaic solar panels.
The project is set to have the world’s
largest thermal storage capacity, with
enough energy to last for up to 15
hours. This will help to ensure energy
availability around the clock, and it is
anticipated that the fourth phase of the
project will provide clean energy for
around 320,000 residences. This will
reduce 1.6 million tonnes of carbon
emissions each year.
42 www.thefinanceworld.com February 2023

BMW I Vision Dee
The BMW I Vision Dee is the
‘digital’ preview of the 2025
BMW Neue Klasse cars (‘Dee’
stands for ‘digital emotional
experience’). A future concept will
highlight how BMW thinks about batteries
and electric motors; the BMW I Vision
Circular presents fresh perspectives on
sustainability and recyclable materials.
The concept car combines a digital and
electric future with BMW’s fundamental
legacy by taking on the form of a
small, three-box sedan. It has athletic
characteristics like flared wheel arches
and creases in the bonnet design, large
glass surfaces that also serve as displays,
and smooth, clearly defined lines.
The I Vision Dee’s ability to project
images across the width of the windscreen
opens up new opportunities for a drivercentric
digital experience. As soon as it
is turned on, the windscreen transforms
into a head-up display, improving the
integration of educational images, updates,
and augmented reality capabilities.
The colour-changing body panels
of the BMW I Vision Dee are its most
distinctive feature. It changes through
various hues, with distinct areas of the
car’s body exhibiting multiple hues.
Additionally, the wheels’ colours differ.
The concept EV has a streamlined side
profile without the typical door handles
or mirror caps.
February 2023 www.thefinanceworld.com 43

Energy News
Clean energy accounts for 14% of Dubai’s overall
power generating capacity
Saeed Mohammed Al Tayer, MD
and CEO of Dubai Electricity
and Water Authority (DEWA),
recently said that the ability
of the city to produce clean energy
has expanded to 2,027 MW utilising
concentrated solar power (CSP) and
photovoltaic solar power (PV) (CSP).
This is equivalent to about 14% of Dubai’s
overall capacity for power generation,
which is 14,517 MW. He announced
it while touring the “Mohammed bin
Rashid Al Maktoum Solar Park.” Using
the Independent Power Producer (IPP)
model, this is the biggest single-site
solar park in the world. By 2030, it will
be able to produce 5,000 MW, thanks to
the use of CSP and photovoltaic solar
technology.
Cop28 was introduced
during Abu Dhabi
Sustainability Week
Masdar to create
renewable energy
projects in Kyrgyzstan
Borouge secures
significant polyolefins
supply contracts in
UAE
Leading cable manufacturer
Ducab and Abu Dhabi-based
Union Pipes Industry (UPI) are
two of the partner customers
of Borouge, a leading petrochemical
company that offers innovative and
distinctive polyolefin solutions. The two
new contracts have a combined value
of AED 55M ($15M). Both businesses
plan to build Borouge 4 using the
resources from the Borouge to create
energy and infrastructure. Borouge 4
will be powered by low-voltage and
medium-voltage cables made by Ducab,
one of the leading locally developed
energy solution providers and industrial
manufacturing companies in the UAE.
Globally, the goal of Abu Dhabi
Sustainability Week is to
advance economic, social,
and environmental progress
while driving sustainable development.
It is one of the biggest environmental
events ever held and serves as a
representation of the UAE’s ongoing
dedication to climate change. Collaboration
is the only way to address the
global climate crisis, and ADSW, which
Masdar has hosted since 2008, is based
on this idea. This year’s event proved
to be one of the most significant as
Masdar has been getting well ready
to host the 15th edition of ADSW. The
event aimed at furthering the global
climate conversation by building on
the momentum generated at the UN
climate conference Cop27, and it acted
as a gateway to the critical Cop28
conference, which will be hosted by
the UAE later this year.
The energy ministry of Kyrgyzstan
and Abu Dhabi’s Masdar have
agreed to collaborate on the
development of clean energy
projects with a 1-gigawatt capacity (GW).
A 200-megawatt solar photovoltaic plant
will serve as the first project in the pipeline
and is expected to start operating by 2026,
according to a statement from Masdar.
The company, which was founded by the
sovereign wealth fund of the United Arab
Emirates, Mubadala, in 2006, recently
revealed a new shareholding structure in
which Taqa holds a 43% share, Mubadala
retains its 33% investment, and Abu
Dhabi’s National Oil Company (ADNOC)
holds a 24% share.
Dubai becomes the
regional headquarters
of Israel’s IDE
To take advantage of expansion
potential in the Middle East
and North Africa (MENA)
region, the Israeli company
IDE Technologies, which provides
water treatment systems, has created
a new regional office in Dubai.
The decision furthers IDE’s goal of
supplying saltwater desalination
plants, comprehensive water treatment
options, and water reclamation and
purification in the region, the firm
said in a statement. Daily high-quality
water delivery from IDE is about three
million cubic metres.
44 www.thefinanceworld.com February 2023

EWA of Bahrain anticipates
awarding EPC
contracts for water distribution
facilities in Q1
By the first quarter of 2023,
Bahrain’s Electricity and
Water Authority (EWA) hopes
to award the Engineering,
Procurement and Construction (EPC)
contract for its project involving the Al
Ezzel and East Sitra Water Distribution
Stations. According to a source with
knowledge of the specifics, the primary
contract tender was reissued on July 19,
2022, with a deadline for bid submission
of December 11, 2022. Early March
2023 is when the major contract is
anticipated to be granted, and the third
quarter of 2025 is when the project’s
total completion and commissioning
will be planned.
Saudi Arabia’s energy transition to be multiplied
five times 2050
The World Bank (WB) predicted
that the energy transition will
expand five times by 2050 with
the usage of contemporary
technologies, according to Minister of
Industry and Mineral Resources Bandar
Alkhorayef. In Riyadh, Alkhorayef
delivered these comments at a meeting
related to the International Mining
Conference’s events. Minerals and
metals must be produced in order to
boost commitment levels, enhance
the trade balance between nations,
and encourage involvement in zerocarbon
emissions. According to the
minister, the Kingdom has attracted
significant investments totalling more
than $33M for the year 2020, and it has
also launched the first auction for this
sector, in which numerous nations are
taking part. According to Alkhorayef,
the involvement of 60 countries in
the International Mining Conference
demonstrates that Saudi Arabia has
captured the world’s attention, and that
the world is in desperate need of mining
for industry. He also emphasized the
importance of providing the minerals in
adequate quantities and at reasonable
costs.
DEWA completes 76.8% of Hatta water reservoir
project
The building of the 30 million
imperial gallons (MIG) water
reservoir project in Hatta is
76.8% finished, according to
a statement made recently by the
Dubai Electricity and Water Authority
(DEWA). The utility, which is listed
on the DFM, stated in a news release
that the structural foundation work for
all facilities and reservoirs is entirely
finished. Nearly 98% of the pipes have
been installed, and it stated that aboveground
construction is 85% complete.
The two water reservoirs are part of a
$23M project that will cost AED 86M
when it is finishes in April 2023.
ADNOC Gas starts operations
and remains on
pace for ADX listing
The creation of ADNOC Gas,
a new global gas processing,
operations, and marketing
organisation, has been recently
announced by the Abu Dhabi National
Oil Company (ADNOC) and took
effect on January 1, 2023. The flagship
firm unifies the operations, upkeep,
and marketing of the ADNOC Gas
Processing and ADNOC LNG industries
into a single, global, market-leading
consolidated enterprise. The combined
size and capabilities of ADNOC Gas
will maximise value and open up new
opportunities for ADNOC, its partners,
and the UAE as it increases its capacity
for producing and processing gas.
February 2023 www.thefinanceworld.com 45

Wheels
Bentley Batur
The Batur, a brand-new coupe
with a limited production
run from Bentley’s Mulliner
coachbuilding division, has
been presented. This coupe, according
to Bentley, marks the beginning of a new
chapter in the brand’s design language,
which will also be used in its upcoming
electric vehicles. At the same time, the
Batur will be the final Bentley to have
the 6.0-litre W12 engine, which is 20
years old. Mulliner’s two-door coupe
is built using the same computerized
chassis system as Bentley’s Continental
GT. Similar to the Bacalar, which it
replaces, the Batur will be constructed
in Crewe, UK, by Mulliner.
The engine is a 6.0-litre twinturbocharged
W12 from Bentley that
has been modified to produce roughly
740 horsepower and 1,000 Nm of torque,
an increase of 80 horsepower over the
Continental GT Speed. An automatic
transmission with eight gears and two
clutches is used to transfer all the power.
The Batur will then be the most potent
road vehicle that the British automaker
has ever made. Bentley says that the
Bentley being displayed right now is a
prototype named Car Zero that will be
built and tested on a racetrack.
46 www.thefinanceworld.com February 2023

Specifications
Horsepower: 740 horsepower
Torque: 1,000Nm of torque
Acceleration: 0 to 100kmph in 3.5 seconds
February 2023 www.thefinanceworld.com 47

Healthcare
Dubai is Rapidly Growing as a Destination
for Medical Tourism
The flow of medical tourists has changed due to the epidemic, and the
UAE has a fantastic opportunity to take advantage of that.
The practice of medical
tourism has been around for
decades, especially among
citizens of underdeveloped and
developing countries. They travel to
developed countries around the world
for treatment. If medical tourism can
be afforded, it is imperative for citizens
living in countries whose healthcare
services are inadequate.
Some of the most popular medical
treatments in developing countries
are weight loss treatments, fertility
treatments, cardiovascular treatments,
cosmetic treatments, orthopedic
treatments, and cancer treatments.
These treatments can’t be adequately
provided in the home country because
there needs to be more quality medical
infrastructure, and the treatments are
expensive.
According to the International
Healthcare Research Centre (IHRC),
Dubai has been steadily growing as a
medical tourism destination among
international travellers over the past
three years. It is essential to consider
how the UAE has changed from being
a market for outbound referrals to one
of the top locations drawing medical
tourists. In the last decade, the UAE
has begun to spend on healthcare,
research, and medical education,
which has made it easier for medical
professionals to reside there.
48
www.thefinanceworld.com February 2023

With its spectacular skyline,
spectacular buildings, sophisticated
malls, mouth-watering cuisine,
luxurious hotels, stunning beaches,
and dazzling nightlife, Dubai has become
the latest trend in medical tourism. Over
the years, the country has invested in
healthcare infrastructure to provide
top-notch medical care to its residents.
This has helped it quickly surpass
countries like France and Brazil, which
have a more expensive system.
The Dubai Health Authority (DHA)
oversees the healthcare system in Dubai,
which is designed to help tourists and
improve the city’s economy. As the
medical tourism market continues to
grow in Dubai, it has attracted patients
worldwide, and it is now the number
one medical destination in the Arab
region.
Dr. Zuhair Al Fardan,
President of the prestigious EPSS
Despite the global effects of
COVID-19, the event will highlight
current trends in the global cosmetic
learning and advancing best practices.
They said that Dubai is a great place
to hold the Congress because it is
hospitable and has excellent event
infrastructure; ICOPLAST is a program
managed by DXB LIVE (a part of DWTC),
which helps to run the Congress.
What encourages medical travel?
For some, it’s the lack of medical
care in their home country, the high
cost of medical care, and the long
waiting times. For others, it is simply
privacy or the reason they can afford
anything in the world. Consider the
examples of the US and India - a patient
from the US travels abroad to take
advantage of the cost of services that
are either not covered by insurance
or are prohibitively expensive in the
US. On the other hand, there are
Dubai to host the world’s largest
gathering of plastic surgery
societies
In May 2023, Dubai will host an
annual world congress in conjunction
with the Annual World Congress of the
International Confederation of Plastic
Surgical Societies (ICOPLAST). The
global surgery event will be held in
Dubai for the first time. This event will
be co-hosted by the Emirates Plastic
Surgery Society (EPSS) and the Arab
Association of Surgical & Medical
Aesthetics (AASMA). The extensive
schedule of the congress’ includes
workshops and lectures on critical and
essential topics in plastic, aesthetic
and reconstructive surgery.
According to Dr. Jamal Jomah, “the
event caters to the immense demand
from both start-ups and established
national and international businesses in
the sector for professional networking
platforms and opportunities to interact
with the public. The event will discuss
the high-calibre research being done
by renowned plastic surgeons and
leaders in plastic surgery and aesthetic
medicine.”
Topics to be discussed include
facial aesthetic surgery, breast surgery
updates, body contouring procedures,
and advances in regenerative medicine.
Dr. Zuhair Al Fardan, President of the
prestigious EPSS, says, “This event will
attract more than 150 exhibitors from
all over the world, who will showcase
the latest technologies and advances
in the field of aesthetic and plastic
surgery.”
The fact that Dubai offers highquality
healthcare at reasonable
prices is a crucial factor in its existing
condition as one of the most popular
medical tourism destinations.
surgery market, which is expected to
increase from $46.02B in 2021 to $58.78B
in 2028. In recent years, there has been
a considerable demand for cosmetic
operations in the UAE. A significant
increase in the number of patients from
abroad and within the region, along
with to the growth of the local pool of
qualified industry professionals with
international credentials, has made
the aesthetics industry one of the
most significant contributors to the
expansion of medical tourism in the
United Arab Emirates; one of the top five
treatments medical tourists choose to
have in the emirate is cosmetic surgery.
Reports have mentioned that the
Presidents of EPSS and AASMA are
pleased to partner with other plastic
surgery societies to create a platform for
wealthy Indians who fly out of India
for privacy reasons. The fact that
these two locations draw a sizable
number of foreign patients implies that
some people seek treatment overseas
even when a nation has a top-notch
healthcare system.
Moreover, the flow of medical tourists
has changed due to the epidemic, and
the UAE has a fantastic opportunity to
take advantage of that. The continuous
arrival of medical tourists will conserve
foreign currency and motivate the UAE’s
healthcare organizations to invest more
in new service offerings, technology,
and innovation. It will increase the
number of foreign patients entering
the country, significantly boosting the
local economy.
February 2023 www.thefinanceworld.com 49

Healthcare
Only experienced medical professionals are granted licenses to
practice medicine in Dubai, thanks to the supervision of the Dubai
Health Authority.
What Makes Dubai a Preferred
Medical Tourism Destination?
1. Outstanding facilities and
infrastructure:
Dubai is a sophisticated country
that has succeeded in luring tourists
from around the world with its
magnificent real estate, from the Burj
Khalifa skyscraper to the magnificent
beaches, opulent hotels, booming
food and beverage industry, and
many more. International visitors
are drawn to the emirate because
of its first-rate infrastructure and
noteworthy tourism sites. It is one of
the factors contributing to Dubai’s
significant growth in the medical
tourism sector, for the emirate has
grown to be one of the most soughtafter
locations for medical tourism
because of its beautiful surroundings
and convenient location.
2. Access to healthcare services
promptly:
Dubai has established a productive
healthcare system that allows
travellers from other countries to
obtain medical treatment quickly
and easily. It is one of the main
draws of Dubai as a destination for
medical tourists who cannot stand
the long wait times in their home
countries. The medical procedure,
50 www.thefinanceworld.com February 2023
which typically takes months in
other countries because of a lack
of trained doctors and nurses, is
shortened to a day or two in Dubai.
3. Inexpensive Medical Care:
The fact that Dubai offers highquality
healthcare at reasonable
prices is a crucial factor in its
existing condition as one of the
most popular medical tourism
destinations. Healthcare facilities in
Dubai are required to maintain fair
rates due to the price restrictions
and policies established by the
Dubai Health Authority. Compared
to countries like the United States
of America and the United Kingdom,
medical care can be obtained for
a lower and more acceptable price
in the UAE, which makes it the
ideal destination for tourists who
do not have insurance coverage
for procedures like orthopaedic
surgery, dental work, or skin care.
4. No Communication Barrier:
The United Arab Emirates is
home to nearly 200 nationalities.
With 80% of the population being
immigrants, Dubai is probably one
of the world’s most multicultural and
diverse cities. Many medical experts
who are fluent in the language of
their home country are present due
to the country’s diverse population,
which aids in removing the language
barrier for foreign visitors seeking
medical care. In Dubai, English
is the most used language for
communication, and as most
residents are multilingual, there are
no communication issues. Moreover,
international patients might use
translators and interpreters to help
them throughout their medical
tourism if communication is
challenging.
5. Trained Medical Personnel:
Dubai’s healthcare system
employs highly skilled medical
professionals who receive their
education at some of the best
colleges in the world. They are well
knowledgeable in their professions,
which enhances the healthcare
infrastructure.
Only experienced medical
professionals are granted licenses to
practice medicine in Dubai, thanks to
the supervision of the Dubai Health
Authority. The medical professionals
perform their numerous tasks with
professionalism and outstanding
efficiency. Additionally, they are
accessible around the clock to
give patients prompt, efficient
medical care.
6. Introduction of the Medical
Tourism Portal:
Unquestionably, one of the
elements influencing the growth
of medical tourism in Dubai is
government initiatives. To offer
visitors the most effective medical
tourism services, the government
developed the Dubai Health
Experience (DXH) platform in
2016. International travellers can
access various services through
the site, including information
on licensed healthcare providers,
the ability to schedule medical
appointments, access medical
insurance, reserve lodging, learn
about visa requirements, and
schedule transportation.

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The ProArt StudioBook 16 arrives in an
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February 2023 www.thefinanceworld.com 51

Healthcare News
Unlicenced Health practitioners will face a punishment
of up to AED 100,000
According to a new federal
regulation, anyone caught
practising as a healthcare
practitioner in the UAE
without a licence faces a punishment of
up to AED 100,000. The Federal National
Council (FNC) approved two draught
laws governing the practise of specific
health professions in the country and
revising numerous elements of Federal
Law No.4 of 2015. According to the new
law on the practise of certain health
professions, anyone who provides
healthcare without obtaining a licence
under the provisions of this law, or
who does not meet the conditions that
entitle them to get a licence, will be
imprisoned and fined between AED
50,000 and AED 100,000, or will face
one of the two penalties.
Saudi Hajj travellers
will require Covid-19
shots
According to the Saudi Gazette,
Hajj travellers will need to
be fully vaccinated against
Covid-19. According to the
report, travellers must have finished
all doses of the Covid-19 immunisation,
according to a representative for the
Ministry of Hajj and Umrah. According
to the media, pilgrims must also have
a seasonal influenza vaccination as
well as a meningitis vaccination. The
holy pilgrimage’s health requirements
indicate that participants should not
have chronic or contagious ailments.
The announcement comes after Saudi
Arabia stated that it will no longer
set quotas on the number of pilgrims
allowed this year.
Mubadala acquires
Dental Care Alliance
Mubadala Investment Company,
Abu Dhabi’s sovereign
investment arm, has
purchased Dental Care
Alliance, a US support organisation
for around 390 associated practises
in 22 states. Mubadala announced the
investment in collaboration with funds
managed by Harvest Partners, a private
equity firm focused on middle-market
enterprises. The alliance, situated in
Florida, offers a very diverse range of
services, a solid management team with
a proven track record, and a scalable
platform with a large growth trajectory.
Mubadala controls more than $284B in
assets abroad and is at the centre of the
UAE’s efforts to diversify its economy.
Deals of $1.7B were inked at Dubai’s DUPHAT 2023
His Highness Sheikh Ahmed
bin Mohammed bin Rashid
Al Maktoum, Chairman of
the Dubai Media Council,
inaugurated the 28th edition of the
Dubai International Pharmaceutical
Technologies Conference and
Exhibition, DUPHAT 2023. According
to organisers, Dubai’s DUPHAT finished
a good week for pharmacy enterprises
with $1.66 (AED 6.12B). The 28th
edition of the Dubai International
Pharmacy Technologies Conference
and Exhibition, DUPHAT 2023, drew
a lot of attention from players in the
pharmaceutical business. The total
number of business transactions has
increased by 20% over the previous
year. DUPHAT has been running
for 28 years and is one of the most
important scientific and medical events
in the Middle East and Africa region.
This year’s edition featured 1,147
companies from 82 nations displaying
pharmaceutical and medical products.
DUPHAT 2023, which drew over 26,000
visitors from all around the world, also
featured a wide range of pharmaceutical
innovation.
52 www.thefinanceworld.com February 2023

More than 10,000 people
in the UAE have
registered to be organ
and tissue donors
Following the commencement of
an Abu Dhabi-wide campaign
to support Hayat – The National
Programme for Organ and
Tissue Donation and Transplantation,
the Department of Health – Abu Dhabi
announced that over 10,000 people
had registered as organ donors in
the UAE. Donors who have agreed to
donate organs and tissue after death
come from a variety of nations and
backgrounds, and they have confirmed
their confidence in the value of organ
donation as a noble humanitarian
gesture. A single person has the ability
to save the lives of eight people who
are in severe need of organ transplants,
including patients suffering from cancer,
heart disease, lung failure, cirrhosis,
renal failure, and other diseases.
Sharjah Police ambulances
will travel to all
locations in the UAE
His Highness Sheikh Dr. Sultan bin
Muhammad Al Qasimi, Supreme
Council Member and Ruler of
Sharjah, has directed Sharjah
Police to build an ambulance system
capable of delivering injured and sick
persons to any location in the UAE for
free in the case of a delay by the emirate’s
National Ambulance. Major General Saif
Al Zari Al Shamsi, Commander-in-Chief
of Sharjah Police, stated that Sharjah
Police’s ambulances, in collaboration
with the Social Services Department,
are responsible for transporting sick
and elderly individuals to any hospital
in the UAE.
Mubadala and Resilience to construct Abu Dhabi
biopharma manufacturing plant
Mubadala Investment is
collaborating with National
Resilience of La Jolla,
California, to create a new
biopharmaceutical production plant in
Abu Dhabi that will help cure problems
such as cancer, infectious diseases,
and inflammatory and autoimmune
disorders. Resilience will run and
produce biopharmaceutical-related
goods from the facility, which will be
Dubai Chamber
establishes a Business
Group for Medical Lab
and Diagnostic Centres
The Dubai Chamber of Commerce
announced the formation
of the Medical Labs and
Diagnostic Centres Business
Group to help the vibrant healthcare
sector in Dubai and the wider UAE
healthcare sector. The new business
organisation aims to establish collaborative
partnerships among its members
and essential stakeholders in order to
reinforce the role of medical labs and
diagnostic centres in the healthcare
sector. The Dubai healthcare market
is valued more than $4.63B every year.
Dubai and the UAE are fast growing as
major healthcare hubs with significant
prospects. The UAE is home to the
world’s largest medical free zone, Dubai
Healthcare City, which has 160 clinical
partners from over 150 specialties and
specialists from over 90 countries.
the first Goods Manufacturing Practice
(GMP) biopharma facility in the UAE
and the first of its kind in the region
to manufacture vital life sciences
components for advanced biologics.
Mubadala is at the forefront of the
UAE’s healthcare industry, supporting
the growth of the country’s life sciences
sector in order to strengthen national
capacities and increase national drug
security.
4th Angel: How cancer
survivors will help UAE
patients through a new
programme
Cancer survivors will assist
cancer patients in a new initiative
at the Cleveland Clinic
Abu Dhabi. The ‘4th Angel
Programme,’ which is currently in
place at the Cleveland Clinic in Ohio,
USA, has been brought to the UAE as
part of its first international expansion,
according to the Abu Dhabi hospital.
The mentoring programme will be free
of charge, and the Cleveland Clinic Abu
Dhabi is currently urging cancer survivors
and patients to sign up. Cancer
is the third leading cause of mortality
in the United Arab Emirates. The 4th
Angel Program, which will initially
be offered to breast cancer patients,
pairs them with trained volunteers of
a similar age and cancer experience.
February 2023 www.thefinanceworld.com 53

Mergers & Acquisitions
Global M&A to See Recovery with Middle
East Expecting Spike
The MENA Region’s robust economy continues to provide a strong
base for investment activity.
Goldman Sachs bankers are
optimistic about the future of
global M&A, despite the slow
economic growth and weak
credit market. They believe that the market
will rebound in the second half of 2023,
despite a slowdown in both economic
growth and deal volumes.
Executives at the Wall Street powerhouse,
including Dan Dees and Jim Esposito,
who jointly run its global banking and
markets division, say they are confident
about a future recovery, which could
come as early as the second half of
2023, when financing markets ease up.
Regardless of the outcome, the Wall
Street powerhouse is confident that a
future recovery will eventually happen,
said The National News. This outlook is
based on the assumption that the current
financial crisis will eventually end and that
the economy will then start to rebound.
However, this is not a certainty, and
there is a risk that the economy could
stay weak for longer than anticipated.
On the other hand, global merger
and acquisition values were projected
to decline by 36% in 2022, from 2021’s
record value of $5.91T. This is likely
due to the decrease in activity seen in
the banking sector, as well as layoffs
by banks themselves. However, there
are many reasons why the global deal
market is expected to rebound in the
coming months. Some of the top Goldman
alumni who have been working at the
firm for over two decades say that there
are many reasons for this, including
increased demand from institutional
investors, a recovering global economy,
and a tightening market.
Large investors are sitting on piles of
cash, and many companies that are currently
doing well are looking to diversify their
businesses but are waiting for economic
uncertainty to dissipate. The bankers
said this is because large investors are
confident that the economy will recover
54
www.thefinanceworld.com February 2023

Large investors are sitting on piles of cash, and many companies
that are currently doing well are looking to diversify their businesses
but are waiting for economic uncertainty to dissipate.
soon, and companies that are looking to
diversify their businesses are waiting for
the right time to invest. “I remain quite
bullish, maybe not on the first quarter,
but certainly as we go forward,” said
Stephan Feldgoise, global co-head of
M&A. Still, there are “clear headwinds
in the first part” of 2023, he added.
Mark Sorrell, Mr. Feldgoise’s counterpart
in London, observes that corporate
clients are very keen to take advantage
of financing opportunities when available
because their underlying motives remain
the same - gaining new customers, new
products, or geographic expansion.
Companies are staying on the side-lines
because their creditors are not making
riskier loans for buy-outs as interest
rates rise, but that could change rapidly.
“When the financing market comes back,
we don’t know when it will happen, but
it will happen because of the amount of
liquidity in the system, we think transaction
volumes and activity will recover,” said
Scroll. According to the latest reports,
the resurgence in the world economy
may be happening a little bit faster than
was initially thought.
If the leveraged loan market reawakens,
it will provide a new source of funding
for Wall Street’s dealmaking activity.
If the market does not reawaken, then
dealmaking activity will likely be limited,
as there will be little available funding for
Leveraged Buyouts (LBOs). The fortunes
of Wall Street’s dealmakers hinge on
whether the leveraged loan market will
reawaken after a lull last year. Some
observers have drawn parallels with the
global financial crisis, when plunging
corporate valuations and a recession
triggered by a collapse in the housing
market froze the LBO market.
The current stress in the credit market
is nowhere near as severe as it was during
the 2008 financial crisis, according to
Michael Esposito, Goldman Sachs cohead
of global banking and markets. Back
then, the banking industry had more than
$700B of stalled LBO exposure, which took
12 to 18 months to clear. Consequently,
the current stress in the credit market
is much more manageable.
“There’s probably between $100B and
$125B... it’s an almost inconsequential
number compared to 2008, and equally
importantly, the credit markets are so
much deeper,” said Esposito. The market
stress is causing lenders to be less willing
to finance deals, because they are carrying
tens of billions of dollars of “hung debt”
that they can’t sell to investors.
Despite the recent market volatility, many
Goldman veterans remain confident. They
believe that the market will eventually
stabilize and return to a more normal
state. According to Dees, when markets
are volatile, this is an opportunity to invest
in good companies that will survive and
thrive during these times.
Despite the economic uncertainty that
has gripped the region in recent months,
the M&A market in the Middle East and
the insurance industry are still very active.
This is due in part to the high demand for
new businesses and the large number of
investors looking to make investments in
these sectors. Additionally, the region’s
robust economy continues to provide a
strong base for investment activity.
The Central Bank of the UAE recently
merged and incorporated the Insurance
Authority, and as a result, the CBUAE is
now pushing for higher standards and
regulation across the industry. This is
impacting all those in regulated sectors,
as they are likely to come under more
scrutiny in order to ensure a more reliable
and compliant market that attracts further
investments and guarantees stability and
consumer protection.
The insurance industry is continuing
to consolidate, with players looking to
make acquisitions in order to expand
their operations without having to go
through the licensing process. Insurance
brokers and Third-Party Administration
(TPA) providers have been particularly
attractive targets for international groups
in the past year, as they enable them to
operate in the region without having to
worry about regulatory requirements.
Many foreign companies have pulled out
of the general insurance market in some
countries, as they look for opportunities in
other jurisdictions. This will make it more
likely for local and regional companies
to enter the market and acquire these
businesses.
The Central Bank of the UAE and
the Saudi Central Bank have signed a
memorandum of understanding to cooperate
on the supervision and regulation of the
insurance sector. This MoU will reinforce,
improve, and harmonize the regulations
and approach of the authorities with
regard to regulated businesses such
as insurance companies and insurance
brokers. As a first step, CBUAE has issued
new corporate governance regulations
and standards for insurance companies
that are conceptually aligned with the
SAMA corporate governance regulations.
CBUAE is also expected to issue specific
regulations for insurance brokers in the
future. This general trend is expected
to lead to better, clearer, and more
pervasive regulation across the industry
and supposedly have a positive impact
on the volume and size of M&A deals.
M&A activity in the Middle East and
North Africa is returning to pre-pandemic
levels, according to consultancy BCG.
There has been a significant increase in
green M&A in industries that are related
to the energy transition and in emerging
markets. The Middle East is seeing a
boom in sustainable investment due to
national transformation programs aimed
at reducing emissions.
February 2023 www.thefinanceworld.com 55

Merger and Acquisition News
Astra Tech acquires BOTIM, bolstering the push to create a super app
Astra Tech, an Abu Dhabi-based
technology development
firm, has bought BOTIM,
the Middle East and North
Africa’s top Voice over Internet Protocol
solution, in order to relaunch it as
an Ultra app. This comes after the
company raised $500 million in finance,
spearheaded by G42, to speed the
relaunch of BOTIM as a super app
serving the region’s daily needs. The
Beyon unit acquires
majority share in DTS
Solutions
Beyon Cyber, a division of the
Beyon Group, has agreed
to purchase a controlling
investment in DTS Solution,
a prominent regional Cyber Security
Advisory, Consulting, and Engineering
firm based in Dubai. The agreement
was inked at the Beyon Campus in
Hamala, Bahrain, by Beyon Chief Digital
Growth Officer Shaikh Mohamed bin
Khalifa Al Khalifa and DTS CEO Vahe
Daghlian. DTS Solution, founded in
2011, is a major cybersecurity company,
providing a wide range of innovative
services and solutions to combat cybercrime
and improve compliance
through its team of highly certified
cybersecurity specialists. Beyon Cyber
is a cybersecurity firm that operates
Bahrain’s largest private sector CSOC
(Cybersecurity Operations Centre) and
provides advanced end-to-end cybersecurity
solutions, managed services,
and consultancy to enterprises across
the country.
acquisition will allow customers to use
the app to pay bills, access government
services, and order food and supplies.
This significant addition to Astra’s
portfolio is the most recent in a series
of major purchases in 2022. Astra will
continue to seek strategic acquisitions
for BOTIM while collaborating with its
architectural, research, development,
and technology teams to accelerate
design and development.
Solutions signs agreement with Saudi’s STC to
acquire CCC for $120M
Arabian Internet and Telecommunication
Services
Company (Solutions) has
reached an agreement with
Saudi Telecom Company (STC) to
buy the latter’s 49% stake in Contact
Center Company (CCC). According
to a recent exchange filing, Solutions
intends to purchase all of CCC’s shares
for SAR 450M. Solutions stated that
the transaction is scheduled to close
in the second quarter (Q2) of 2023,
and that any subsequent developments
relating to the deal would be disclosed
Macquarie AirFinance to acquire Kuwait’s Alafco
for $2.2B
Alafco Aviation Lease & Finance
Co. (Alafco) of Kuwait has
signed a framework agreement
under which an order
for 20 Boeing 737 Max 8 jets would be
transferred to Macquarie AirFinance,
potentially clearing the way for the
Australian aircraft leasing firm to make
a $2.2B acquisition. According to a
regulatory disclosure on Wednesday
in due course. It is worth noting that
the two parties signed the contract
for the potential acquisition on 11
January 2023, following a binding offer
with ESM Holdings announced on 10
November 2022.
on the Kuwait stock exchange, Alafco,
which is backed by the Kuwaiti
government, said it has completed the
novation of the Boeing order book to
Macquarie AirFinance by executing
the agreement in respect of the Max
purchase agreement dated October
2012. Its shares were trading 2% higher
at 204 Kuwaiti fils.
56 www.thefinanceworld.com February 2023

Saudi firm Jahez has
completed its acquisition
of Marn Business
Jahez International Company for
Information System Technology
has fully bought the shares of
Marn Business Information
Technology Company for SAR 60
million. According to a bourse report,
Jahez completed the deal on January
4, 2023, after completing all relevant
procedures and getting regulatory
clearances. The Tadawul-listed firm
stated that the acquisition is self-funded,
and that it will begin to appear on its
financial statements in the first half
(H1) of 2023. In 2022, Jahez agreed
to a potential transaction with Marn
Company, which coincided with the
former’s objectives and aspirations
to expand its business base through
acquisitions.
GFH Financial Group
acquires Big Sky Asset
Management
Bahrain-based Big Sky Asset
Management, a US-based
real estate asset management
focused on the attractive and
conservative healthcare industry, has
been purchased by GFH Financial
Group. GFH, a significant regional
financial organisation with operations
in key sectors such as real estate and
asset management, stated that this deal
expands its presence in the United
States and builds on its thematic focus
on attractive and defensive markets.
It follows the earlier acquisition of
SQ Asset Management, a top expert
in student housing in prime US states
and cities, in May of last year. The
organisation is looking for superior
medical facilities where it can create
value immediately through active and
increased asset management.
UAE President and South Korea President attend
the announcement of an MoU
His Highness Sheikh Mohamed
bin Zayed Al Nahyan, the
President of the United
Arab Emirates and Ruler
of Abu Dhabi, and Yoon Suk Yeol
President of South Korea, attended
the exchange and announcement of
multiple agreements and Memorandums
of Understanding (MoUs) to promote
cooperation in various fields in light
of the two countries’ valued strategic
ties. Among the agreements and MoUs
revealed was one between the UAE
Ministry of Energy and Infrastructure
and the Korean Ministry of Land,
Infrastructure, and Transport on the
use of hydrogen energy in cities, as well
as its production, transmission, and
storage. The UAE Ministry of Energy
and Infrastructure and the Korean
Ministry of Environment signed an
MoU on water resource cooperation.
FAB considered acquiring Standard Chartered to
build a $1.1T bank
First Abu Dhabi Bank said it considered
an offer for Standard
Chartered in a convoluted deal
aimed at creating an emerging
markets lender with more than $1T
in assets. According to a regulatory
filing, the Middle East’s largest bank
was previously in the “very early stages
of examining a prospective offer for
Standard Chartered,” but is no longer
doing so. FAB had been evaluating
Standard Chartered for more than six
months as it considered a bid for the
London-based lender, according to
Bloomberg News. According to persons
familiar with the subject, the Abu Dhabi
bank was exploring a full takeover of
Standard Chartered. FAB, as the firm is
called, has been working with advisers,
though no formal approach has been
made, according to the latest reports.
February 2023 www.thefinanceworld.com 57

Cryptocurrency
$12 billion vanished from Binance’s
assets in less than 60 days
Although Binance is still the largest cryptocurrency exchange by volume,
it has been hurt by the nearly-year-long decline in digital assets.
There has been a steady decline
in the number of investors on
Binance, with many leaving
the exchange or reducing their
exposure to it. This decline is happening
at a pace without much notice from the
media or from the market, and it is likely
only a matter of time before this downward
spiral intensifies. This is significant
because Binance is slowly but surely
approaching a point where it could fall
into a more serious decline. Customers
recently withdrew a net worth of $360M
from Binance. Defillama data showed that
this trend was continuing, with investors
pulling their money out of the exchange at
an alarming rate. If this trend continues,
Binance may not be able to hold onto its
assets and could face serious financial
problems. Binance, the world’s largest
cryptocurrency exchange, is struggling
to keep its assets; in the wake of the
collapse of rival FTX, investors have
been withdrawing their crypto in recent
weeks, and despite assurances from CEO
Changpeng Zhao that the situation had
stabilized, outflows were accelerating.
58 www.thefinanceworld.com February 2023

A separate crypto data firm broke the
news on December 13 that the company
had lost $3B of assets over the previous
week. Forbes investigation revealed that
Binance had lost 15% of its assets since a
Twitter posting by Zhao (widely known
as CZ) on the same day as he downplayed
the Nansen report withdrawals. Still,
nearly a quarter of Binance’s assets left
the exchange in less than two months.
Investors are not trusting the Binance
exchange, as evidenced by the falling
prices of BNB and BUSD tokens – BNB
has lost nearly 30% of its value in the
past two months, and BUSD stable coins
have decreased by 40%. This lack of trust
is likely because the exchange has not
been transparent about the number of
BNB and BUSD tokens it has, leaving
many of them with less than they thought.
There are several reasons why Binance
seems to be losing trust and influence
amongst its users. Firstly, the company’s
net assets have decreased by 24% since
November, while the assets in wellknown
tokens like Matic, Ape, and Gala
have all been reduced by around 40-50%.
Additionally, the exchange’s overall
trading volume has been decreasing
steadily since the beginning of the year.
Although Binance is still the largest
cryptocurrency exchange by volume,
it has been hurt by the nearly year-long
decline in digital assets. This has caused
the BNB token to decline by almost 37%,
and the exchange’s decision to stop
charging fees for spot Bitcoin trading as
the market faltered cost it about $3B a
year in lost revenue as Forbes estimates.
According to CoinMarketCap, the total
value of cryptocurrencies has shown
an even greater decline, falling by 56%
over the past year to $848.7B. CZ himself
contributed to the collapse of FTX in
November when he announced on Twitter
that he plans to sell his holdings of FTX
tokens to a rival exchange, which were
worth about $580 M at the time, citing
“recent revelations that have come to
light.” He then quickly withdrew the rescue
offer, stating “FTX’s issues are beyond
our control or ability to help,” implying
that an initial review of the company’s
books revealed a more serious situation
than previously thought.
Crypto Wallets
Cryptocurrencies are still in their early
stages, and there are no established rules
for categorizing assets held in crypto
wallets. This makes it difficult to come up
with an accurate estimate of how much,
or which, cryptocurrencies are worth.
Investors are not trusting Binance,
as evidenced by the falling prices
of BNB and BUSD tokens – BNB has
lost nearly 30% of its value in the
past two months, and BUSD stable
coins have decreased by 40%.
There is also disagreement about what
should be included in the assessment,
with some firms estimating the value of
cryptocurrencies at over $37B and others
believing they are worth $56B. Trying
to put all of this together is a difficult
task. It’s not clear when or if anything
will be done to standardize the process.
Binance has been losing money on its
wallet holdings for a while, but recently
there has been a few sharp rises in two
stablecoins, USD coin (USDC) and tether
(USDT), which suggests that Binance is
also using these coins to buy other assets.
BNB
There is controversy about whether
Binance’s BNB tokens are real assets that
can meet external obligations in times
of distress, with some arguing that the
token does not have any real value and
others saying that the token’s value is
difficult to determine. Data firms differ on
how much value to attribute to Binance’s
BNB holdings. Binance has released a
public transparency statement disclosing
select information about its holdings
in cryptocurrencies, including $17B
denominated in BNB, which represented
nearly a quarter of its assets at the time.
According to Forbes, BNB’s price is
now $262, which is a third lower than
it was on November 4. According to
CoinMarketCap, Binance’s January 4 BNB
figure was equivalent to 57 million BNB
tokens, which was 31% of the exchange’s
total assets. This figure is higher than any
other data firm, which suggests that a
large portion of Binance’s wealth comes
from IOUs. In terms of dollar value,
Glassnode places Binance’s value at zero,
while Nansen and Arkham put it closer
to $6B and Defillama and Messari see it
near $10B. Messari, however, bundles
the value of Binance’s holdings on three
chains- BNB, ETH, and TRON- which
suggests that the almost $10 B in the
BNB grouping consists of many other
tokens, not just Binance.
Bitcoin
Forbes found large discrepancies
in the estimated value of Binance’s
bitcoin holdings, ranging from $4.8B
(CoinMarketCap) to $9.6B (CER.LIVE).
The number of tokens held thus varied
sharply from 287,000 BTC to 577,000
BTC. This may be due to faulty queries
on the part of some data companies, not
searching all Binance wallets. Even so,
shrewd observers can well wonder how
CER.LIVE has identified $9.6B of BTC
assets in Binance wallets, more than
twice the amount shown by Glassnode
and CoinMarketCap.
BUSD
Between November 4 and January
4, the quantity of BUSD tokens were
decreased by $8,724 (40%). Four data
suppliers (Nansen, Glassnode, Defillama,
and Arkham) agreed on how much BUSD
tokens Binance owned in its wallets as of
January 4, around $13,468M, which is an
average of the four data organisations.
CoinMarketCap showed that the value of
BUSD on January 4 was $9.58B, which was
lower than the $13.1B and $13.2B values
that Nansen and Defillama estimated. This
is bad news for Binance because if the
average value of BUSD is lower, people
might not want to invest in it.
ETHER
According to Forbes, Binance holds
February 2023 www.thefinanceworld.com 59

Cryptocurrency
4.49 million Ether tokens, worth $5,498M,
based on an average of ETH statistics
from the four previously stated data
businesses. CoinMarketCap’s significantly
lower estimate of $3.3B, on the other
hand, means that Binance only possesses
2.58 million ETH tokens. The Messari
ETH estimate (equal to $28.6B) is out
of this world, representing not just the
ETH owned but also all tokens held at
Binance that operate on the Ethereum
blockchain. This disparity is substantial
and one in which CoinMarketCap indicates
that Binance has 2.6 million Ether tokens,
contrasted to 4.48-4.85 million tokens
according to all other data sources
including Binance itself.
STABLECOINS
The Defillama data shows that BUSD
has been dropping steadily over the past
few months. On November 25, the day
after CZ (the CEO of Binance) tweeted
a message of calm, BUSD holdings
fell by $1B. On December 14, the day
after CZ’s tweet, BUSD holdings fell
by another $3.46B. This was also the
day when Binance saw a simultaneous
doubling of USDT and USDC tokens,
which together amounted to $6.27B. A
group of large investors swapped BUSD
for rival stablecoins USDT and USDC.
These changes suggest that someone
or something is trying to destabilize the
BUSD currency.
The background to the massive dumping
of BUSD and pick up in USDC and USDT
holdings involves a number of crypto
market makers (including Jump Crypto
and Wintermute) withdrawing large sums
of money from Binance before December
12. After that date, other large players
started to quietly do the same.
Arkham Research saw warning signs
when Justin Sun, inventor of Tron and
owner of the Huobi exchange, said on
Twitter on December 13 that he had
deposited $200M to demonstrate to others
that investing in Binance was secure,
but did not reveal big withdrawals that
followed. In a tweet the next day, Arkham
Research concluded: “Over the past 24
hours, this Paxos deposit address has
seen $200M BUSD of inflows, all from
Binance.” It added that “this suggests
that this entity is likely moving funds off
of Binance, rather than on to Binance.”
Sun Huobi, CEO of Huobi, reportedly
fired 20% of his employees and required
the remaining ones to accept payment
in USDC and USDT. Arkham Research
looked into Sun’s unusual transactions
on the ledger and concluded that he may
have lost a key banking relationship,
making it hard to move large sums or
even make payroll to foreign employees.
Sun’s stablecoin USDD has been falling
this week, but is still trading at 97.6 cents,
which is admittedly below its dollar peg
but still within a level of deviation it has
seen multiple times during the past year.
Since June 2021, Binance has been
without a CFO, and this has created fear
that CZ may be buying and attempting to
buy assets with money that no one has
certainty is his own. It is also notable that
the lack of key financial personnel may
have contributed to the abrupt decision by
audit firm Mazars to call off on December
19 the proof-of-reserves analysis it had
been performing for Binance. Blockchain
records show that a Binance wallet sent
$232M of BUSD tokens to a Binance U.S.
wallet on December 31, sharply boosting
available funds at Binance U.S. and
conceivably to show unconvinced U.S.
regulators that Binance U.S. is able to
acquire Voyager assets.
Etherscan website has identified wallets
that it believes are owned by Binance,
including “Binance 8” and “Binance:
Binance Peg-Tokens.” Binance 8 had $100
M of assets in early 2021 and grew to as
much as $15B in mid-November 2022, but
has haemorrhaged BUSD tokens in the
past three weeks. The Binance: Binance
Peg-Token wallet had $32.4M of assets in
early 2021 and grew to as much as $1.5B
in mid-November 2022, but has recently
bled out almost 9 billion BUSD tokens.
Asset Changes Elsewhere
It can be argued that the asset decline
Binance is experiencing is similar to
those at most exchanges, but data from
Defillama showed that recently there
was only one of 23 rivals with proof of
funds information publicly available –a
low-profile exchange called MaskEX– that
lost a greater percentage of assets than
Binance’s 15%. This suggests that Binance
is experiencing a small decline in assets,
relative to the rest of the exchanges, and
that it is likely benefiting from the overall
market trend. There are some trust issues
concerning Binance, which could lead to
contagion if they’re proven well-founded,
but that’s not necessarily a bad thing for
digital assets; in fact, activity could easily
shift to other markets around the world.
60
www.thefinanceworld.com February 2023

TECH
MY
Lenovo ThinkPhone
Just like the designated name for
this smartphone, ThinkPhone
comes with a few different and
unique features. It is the first
smartphone that Motorola and Lenovo
collaborated on. The phone is rumoured
to include a 6.6-inch OLED screen and a
Snapdragon 8 Plus Gen 1 CPU. In addition,
it might be powered by an Octa-core CPU,
an Adreno 730 GPU, and Android v12.
MONEY
5000 mAh Li-Polymer battery life, 67W
fast charging, and 15W wireless charging
might all be features of the ThinkPhone.
For dust and water resistance, IP68 is
recommended. Along with MIL-STD
810H, which often offers defence against
vibrations and cold conditions, Because
the outside is aramid fibre, which tends
to connect with ThinkPad ethos, it has
a reminiscent design of ThinkPads. This
is said to be more powerful than steel.
Display: 6.60-inch
Rear Cameras: 50 MP + 13 MP + 2 MP
Front Camera: 32 MP
Processor: Octa-core
Fast charging: 67W Turbo Charge
February 2023 www.thefinanceworld.com 61

Cryptocurrency News
Ethereum whales anticipate a bloodbath if ETH
prices drop below $400
Ethereum, the second-largest
asset by market capitalization,
may see a decline in value.
Options data predicts that
ETH’s value will decrease in the first
half of 2023. The fact that analysts are
still gloomy about the asset implies
that whales expect the price of the
alternative coin to fall sharply in the
first half of 2023. The belief among
traders is that crypto whales practise
this tail management. Ethereum has
allegedly been testing resistance regularly
for eight months, according to
analyst and trader @TeddyCleps. The
present climb is unsustainable, and
since ETH has repeatedly failed to
break it, an altcoin is sure to surpass
it. There are two potential results in
Ethereum; in the first case, the price
of ETH hits $1,280, whereas $1,480 is
the desired price in the second.
Binance’s assets lost $12 billion in less than 60
days
Ripple is positive on its
MENA growth and the
boom of cryptocurrency
payments
According to a senior executive
at Ripple, a leading provider
of enterprise blockchain and
cryptocurrency solutions, as
more institutions in the MENA region
consider implementing a crypto strategy,
demand in the region is increasing for
more cross-border remittance services
that are enabled by cryptocurrencies.
Customers of Ripple can use the digital
asset (XRP) for cross-border payments
directly through a cryptocurrency
wallet over Ripple’s payments network
RippleNet, allowing for less expensive
transactions and quick settlement.
The native token of Ripple is XRP, a
cryptocurrency. Ripple’s cross-border
payments technology is utilised by
businesses, and its main customers
include banks, payment service providers,
and other fintech companies.
Customers recently withdrew
$360M in net worth from Binance.
Defillama data demonstrates
that this pattern is still
present, with investors withdrawing
funds from the exchange at a startling
rate. If this pattern keeps up, Binance
might not be able to hold onto its assets
and might have severe financial
difficulties. The biggest cryptocurrency
exchange in the world, Binance, is
having trouble holding onto its assets;
investors have been selling their cryptocurrency
since rival FTX collapsed, and
despite claims from CEO Changpeng
Zhao that things had calmed, outflows
were accelerating. On December 13,
reports announced that the company
had lost $3B in assets.
Orient Finance improves the cryptocurrency trading experience for investors
Investors now have access to a wide
range of crypto assets that are
traded through Orient Finance as
CFDs, thanks to the expansion of
the services offered by Orient Finance,
a reputable and well-known “Global
Investment Partner” institution in the
United Arab Emirates. Bitcoin, Ethereum,
Litecoin, Ripple, Stellar, Cardano, and
many other cryptocurrencies are among
these digital assets. This development
is consistent with the company’s goal
of enhancing cryptocurrency trading
in light of the market’s growth and
the increase in investors. Industry
projections predict that by 2028, the
global cryptocurrency market would
be worth over $1.9B.
62 www.thefinanceworld.com February 2023

Ex-IT director in Dubai
loses more than AED
650.000
After losing his entire life’s
savings to a sophisticated
crypto-romance scam, a
citizen of Dubai was left
penniless and heartbroken. It turned
out the cryptocurrency trading platform
he was using was a scam. “It was made
to execute simulated trades in which
I appeared to be earning enormous
profits. But now that I know better”,
Pratik, who was upset, has hired a
firm to assist him find the money and
perhaps reclaim it. The Dubai Police
has often issued alerts about the danger
presented by online predators using
dating services to ensnare unsuspecting
victims.
MO:ME:NT collaborates with Crypto Oasis
MO:ME:NT has joined Crypto
Oasis Ventures’ portfolio
of disruptive and creative
blockchain companies after
the two parties signed a strategic
collaboration. By providing simple
access to web3, MO:ME:NT ingeniously
connects the physical and digital worlds.
MO:ME:NT is prepared to introduce
its outstanding product to the UAE,
which continues to be the worldwide
capital of cryptocurrency. Moments
of public interest are instantaneously
converted into Non-Fungible Tokens
(NFTs) through the innovative
MO:ME:NTs service, which uses an
entirely automated API trigger. The
MO:ME:NTs’ heroes provide their
support to these priceless moments
from, athletic events, creating a unique
collectable object. Users now have the
option to purchase, possess, amass, and
exchange these unique NFTs.
Bitcoin prepares for a challenging new year
After the devastation of 2022,
cryptocurrencies have quietly
slipped into the new year.
Although the total market
capitalization of all cryptocurrencies
has increased by 5% to $871B since
January 1, it is still down by more than
57% from this time last year. Although
it is restricted to a small range between
$16,500 and $17,300, the price of Bitcoin
has increased by 4.3% since the
beginning of 2023. According to data
from Refinitiv Eikon, the volatility
of the biggest cryptocurrency in the
world has dropped to levels unseen
since October 2018. CryptoCompare
statistics shows that cryptocurrency
spot trading volumes are still very low
after falling by around 48% in December
compared to the prior month to $544B,
its lowest level since December 2019.
Nearly 1,000 jobs to be
lost at cryptocurrency
exchange Coinbase
The cryptocurrency exchange
Coinbase Global Inc. announced
on recently that as
part of a reorganisation strategy,
it will lay off around 950 staff. A
number of cryptocurrency businesses
have recently sought bankruptcy
protection as they grappled with an
industry-wide decline that was made
worse by the failure of significant
exchange FTX. In early trade, shares
of Coinbase increased by 2.9%. The
adjustments were implemented by
Coinbase “in reaction to the prevailing
market conditions influencing the cryptoeconomy,
as well as ongoing business
prioritisation initiatives,” After laying
off 1,100 employees, or 18% of its staff,
in last June, Coinbase reduced the
size of its recruiting and institutional
onboarding teams by more than 60 in
November of last year.
February 2023 www.thefinanceworld.com 63

Real Estate
Dubai’s Real Estate to Hit a New Peak
as Off-Plan Property Launches Reach a
Record
Last November saw a record number of new off-plan development
projects debut, with 7,161 new units available for sale.
The Dubai property market is
on the rise and is expected to
reach a new peak in 2023 due to
an increase in property prices
and rental values, as well as increasing
demand from high-net-worth individuals
and foreign investors.
Prices in 2023 are expected to rise by
about 20%, while luxury properties will
see a more than 13.5% increase in prices.
Ata Shobeiry, CEO of Zoom Property,
believes that the property market is
continuing to experience strong demand
from both end-users and foreign and local
investors. He believes this will continue
as the market continues to rebound.
The Dubai property market has
cemented its position as a leading real
estate destination, with 2022 proving to
be a remarkable year for the sector. It is
expected to end on a strong note, paving
the way for an even stronger 2023,” said
Shobeiry. “I believe popular communities,
such as Palm Jumeirah, Downtown Dubai,
Dubai Marina, JBR, etc., will continue
attracting buyers and investors in the
next year as well,” he added.
v
64 www.thefinanceworld.com February 2023

Prices are expected to increase by
an additional 13.5% in 2023, driven
by increasing interest from foreign
buyers and high-net-worth individuals in
Dubai, as the city continues to grow in
popularity. According to a recent report,
Dubai and neighbouring areas are among
the top destinations for tourists in the
coming years. Miami is forecast to see
a 5% annual increase in visitors, while
Dublin, Los Angeles and Lisbon are also
expected to see a significant increase in
tourist traffic.
According to Knight Frank, Dubai
is one of the most affordable luxury
residential markets in the world, with
prices for homes averaging around
$800 per square feet. This makes Dubai
a great place to live if you are looking
for a luxurious lifestyle without having
to spend a lot of money. As per a recent
report by the Financial Times, Dubai’s
luxurious lifestyle, generous visa schemes,
impressive real estate market, and other
notable attractions have drawn in a large
number of investors, especially the elite.
This has resulted in a thriving economy
for the city, which is attracting more and
more people every day.
This year, a three-floored penthouse
at Atlantis the Royal in Dubai was sold
for AED 180M. “2020 and 2021 have been
incredible years,” said Philippe Zuber,
CEO of Kerzner International. Dubai has
always been a popular destination for
millionaires and billionaires, but “now
they’re moving here full time and they
want the biggest and best homes.” Leign
Borg, executive partner at Luxhabitat
Sotheby’s International Realty, agrees
that Dubai has never had a shortage
of wealthy people, but he believes that
now there is a new level of demand for
luxury homes. He says that many of the
millionaires and billionaires are moving
to Dubai specifically to buy properties
here, and they are not content with
anything less than the best.
High-end properties in Dubai will
have another remarkable year, with
an anticipated 13.5% increase in prices
next year. This is the highest increase
among the top 25 foreign destinations.
Zoom data indicated that Palm Jumeirah
experienced the highest price increase
of 5.0% in the apartment sector over the
past few months. It was followed by MBR
City, Meydan City, and Living Legends.
All of these communities had average
property prices increase by 4.7%.
The Zoom report found that Palm
Jumeirah, Meydan City, and Living
Legends are popular areas for buying
apartments, Emirates Hills, Mudon,
JVC, and MBR City are popular areas for
buying villas, the Old Town, Dubai land
Residence Complex, Green Community
(DIP), and Downtown Dubai are popular
areas for renting apartments, and the
Sustainable City, DAMAC Hills (Akoya),
The Villa, and Reem are popular choices
for renting villas.
Dubai is a leading tourist destination
that has had success reforming its
policies. This has helped to make it
a more welcoming environment for
expats. Additionally, visa rules have been
relaxed, which has helped make Dubai
a top destination for travellers. All of
these factors will continue to contribute
to the Dubai property market’s success
in the future.
“Dubai has become a destination for
billionaire companies in the world, a
destination for small and medium companies,
and a destination for individuals wishing
to work and reside, as it has become
attracting thousands of people coming
from Europe, America, Canada, Russia,
and Asia, all of whom want to work and
reside,” said Ismail Al Hammadi, founder
and CEO of Al Rowad Real Estate, which
specialises in real estate consulting
and marketing. He also pointed at the
formation of businesses in light of the
extensive government assistance and
facilities available to them, as well as the
importance of Dubai in the trade sector
and conducting business.
“The facilities and benefits launched by
Dubai to attract talents and specialised
and qualified human cadres attracted
and attracted thousands of these cadres,
especially in light of the escalation of
economic and political crises in the world,
such as Europe, the inflation crisis and the
rise in prices,” added Al-Hammadi. “With
the Covid crisis in a way that preserved
the safety of society at the same time,
it affected the growth of companies’
work and the economic performance
that stopped in many countries,” he
Prices are expected to increase
by an additional 13.5% in 2023,
driven by increasing interest from
foreign buyers and high-net-worth
individuals in Dubai.
February 2023 www.thefinanceworld.com 65

Real Estate
continued. The real estate supply, which
prompted developers to return to create
new projects that fulfil market demands.
November saw a record number of new
off-plan development projects debut, with
7,161 new units available for sale. This
increase marks a turnaround from the
previous month, when the number of new
projects was down by 8%. According to the
volume of the new inventory, apartments
make up a majority of the housing stock,
at 63.7%. Villa and townhouse properties
make up a smaller percentage, at 22.8%
and 13.5%, respectively.
New off-plan launches and sales were
on the rise, reaching a new high last
November as Dubai’s real estate market
developed in the wake of the epidemic.
Developers were anticipating a rebound in
demand after the market saw a slowdown
in sales due to the pandemic. According
to Property Monitor’s latest November
report, new off-plan development project
launches reached a record monthly high
in November, adding a further 7,161 units
to the market for sale at an anticipated
combined gross sales value of AED
28.2B. This figure is up from 6,927 units
in October and is expected to continue
to increase in December as developers
ramp up their launches in preparation
for the Christmas holiday rush.
The study found that apartments
New off-plan
launches and sales
were on the rise,
reaching a new high
last November as
Dubai’s real estate
market developed
in the wake of the
epidemic.
make up 63.7% of the new inventory,
while villas and townhouses account for
22.8% and 13.5% respectively. After the
establishment of a real estate committee
in September 2019, property launches
in Dubai declined. The committee was
designed to ensure a balance between
supply and demand in the property
market, which may have caused the
decline. Since the market has gradually
recovered from the pandemic, more
off-plan launches have been happening.
This is because Dubai property demand
has grown substantially due to the city’s
successful handling of the virus.
Dubai’s real estate market is expected
to continue growing in the next few
years, with key decision-makers keeping
in mind the lessons of past cycles. “We
remain positive on the health of the
Dubai market moving into 2023 and
predict that growth will continue, the
lessons of the past market cycles will
need to stay at the forefront of decisionmakers
across developers, investors, and
consumers,” said Zhann Jochinke, chief
operating officer, property monitor. “The
big gains are probably behind us for the
foreseeable future and some months of
price stability look in prospect with small
gains and losses evening out as we get
into 2023,” he said
In last November, transaction volumes
rose 18.1% from the month before, setting
a new monthly record and marking the
sixth highest ever recorded. This growth
indicates that the market is continuing to
recover from the global financial crisis.
The aforementioned study found that
the split between off-plan and completed
property transactions reversed the trend
for the first time in five months in last
November and was in favor of the latter
with title deed registrations accounting
for 54.8% of all transactions, up 7.9%
month-on-month.
66 www.thefinanceworld.com February 2023

Google and Porsche are
discussing access to
Google Apps
AIt was widely reported that
Google and Porsche are in
negotiations over a potential
agreement that would permit
the use of Google Apps in Porsche
cockpits. Access to Google Maps would
be a key component of the agreement,
the article stated. The agreement,
which is only being evaluated for
the Porsche brand and not the entire
Volkswagen Group, would provide
Porsche customers access to Google
programmes like Google Maps and
Google Assistant without requiring
them to connect their cars to Android
phones.
Google Announces Plans
to Cut 12,000 Jobs
Google has revealed its
intention to let go of 12,000
employees as part of its
workforce reduction plan.
This move comes as other leading
tech firms in the United States are
also downsizing their workforce amid
concerns of an impending economic
downturn. The CEO of Google and
Alphabet, Sundar Pichai, communicated
in an email to the company’s staff that
the layoffs will begin immediately
in the United States, while in other
countries, the process will take longer
as it is subject to local regulations and
customs. Technology companies are
currently facing a range of obstacles,
including the negative impact of rising
interest rates and inflation in recent
times which has caused a decline
in the value of technology stocks
and a reduction in online advertising
expenditure.
Global News
UAE and India are in
discussions to resolve
non-oil trade in rupees
The United Arab Emirates is
in talks with India and China
to conduct trade in non-oil
goods using the Indian rupee
and Chinese yuan as the currencies of
exchange. The shift towards non-oil
commodity trading in the rupee and
yuan is expected to have a significant
effect on the bilateral trade between
the UAE and both India and China. This
follows the Comprehensive Economic
Partnership Agreement that was signed
between the UAE and India in 2022
which aims to increase two-way trade
to $100B by 2027. This pact, which
became effective in May, has reduced
tariffs on a majority of goods and
grants zero-duty access to a majority
of Indian exports.
ECB must raise rates further
at upcoming meetings
In order to reduce inflation, which
has been much too high, the
European Central Bank must still
hike interest rates “substantially”
throughout the course of its upcoming
sessions, according to Olli Rehn, the
head of the Finnish central bank. In a
webinar with the Peterson Institute
for International Economics, Rehn,
a member of the ECB’s rate-setting
Governing Council, said, “This predicts
considerable rate hikes at this winter’s
remaining sessions.” Since July, the
ECB has increased rates a total of 2.5
percentage points, and it has pledged
to continue raising rates at “a steady
pace” during the ensuing months.
Australian Senator Tim Ayres requests China to
eliminate trade barriers
During a meeting at the World
Economic Forum, Assistant
Minister for Trade in Australia,
Tim Ayres, requested the
elimination of any obstacles that China
has placed on Australian exports.
Relations between the two countries
have been improving, as seen in the
meeting between Prime Minister
Anthony Albanese and President Xi
Jinping at the G20 summit in November.
However, Australia’s Foreign Minister
Penny Wong stated that the process
of improving relations is ongoing
and gradual. The unofficial ban on
Australian products from China, which
was implemented in 2020, was due to
Australia’s call for an investigation into
the origins of COVID-19 and their ban
on Huawei’s 5G network.
Genesis Holds Liabilities Totalling Over $5B
According to bankruptcy
filings, crypto lender Genesis
reported a total of $5.1B in
liabilities after it prevented
its customers from withdrawing funds
from the platform in November. Genesis
Global Holdco LLC and two of its lending
subsidiaries, which filed for bankruptcy
protection in New York, are among the
latest crypto companies to experience
financial difficulties as the fallout from
the collapse of digital asset exchange
FTX continues to spread. Genesis
halted withdrawals soon after FTX filed
for bankruptcy in November, citing
“abnormal withdrawal requests” that
exceeded its liquidity as the reason for
the action. Recently, The Securities and
Exchange Commission (SEC) has taken
legal action against Genesis and its
previous lending partner, Gemini Trust,
accusing them of selling securities that
were not registered. As a result, some
users of Gemini’s Earn program who
lent out their cryptocurrency through
Genesis to earn interest, have been
unable to access their funds.
February 2023 www.thefinanceworld.com 67

Real Estate News
Dubai’s Business Bay
is expected to prosper
after a record $72.4B
year
According to Zoom Property
Insights, Dubai’s Business
Bay took the lead in city real
estate sales in 2022 with more
than 10,300 transactions. According
to specialists from the top property
specialist, the prestigious area of Dubai
real estate, together with Dubai Marina
and Downtown Dubai, is predicted to
have another great year.
Dubai real estate transactions reach new heights
in 2022
According to a CBRE research,
Dubai saw 90,881 real estate
sales in total in 2022, surpassing
the 81,182 transactions
that marked the previous record high.
There were more than 8000 transactions
in just December 2022, up 63% from the
previous month. Property sales off-plan
increased by 92.5%, while sales of secondary
homes increased by 32.4%. The
average price of a home increased by
9.5% from January 2022 to December
2022. Prices for apartments jumped by
9%, while villas rose by 12.8%.
Bahrain’s Investcorp
will put $1B into GCC
real estate
According to a statement released,
private equity firm
Investcorp will spend up to
$1B in the GCC real estate
market over the next five years. The
move comes after the business purchased
its first property in Saudi Arabia,
which includes a 215,000 square foot
temperature-controlled warehouse in
Dammam. The company is currently
evaluating real estate assets in the
Kingdom of Saudi Arabia totaling
$100M, with this being the first.
Indian expatriates in
GCC rush to purchase
real estate
Industry insiders reported that
non-resident Indian (NRI) residential
property transactions in larger
cities like Delhi-NCR, Mumbai,
and India’s IT capital Bengaluru have
increased by up to 30% throughout the
course of the current holiday season by
Indian expats living in the Gulf. Since
the declining value of the rupee and alluring
developer discounts offer greater
purchasing power, luxury residences
have become a popular commodity with
NRIs this season. Senior executives at
developers and real estate brokerage
businesses reported that although Tier
2 and Tier 3 cities had a rise of 15-20%
this season compared to the previous
one, larger cities saw an increase of
up to 30%.
Dubai Recorded $593M
Real Estate deals
On Monday 9 January, 2023,
the Dubai real estate market
saw 505 sales transactions
totaling $425M (AED 1.56B),
98 mortgage agreements totaling $78.4M
(AED288.26 million), and 19 gift deals
totaling $90M (AED 330M). The sales
included 45 property plots at $81.3M
and 460 homes and apartments worth
$344M (AED 1.26B) (AED 298.77M).
The mortgages included 77 homes
and flats for $55M (AED 202.3M) and
21 land plots worth $23.4M (AED
85.97M), bringing Monday’s total real
estate transactions to more than $593M
(AED 2.17B).
68 www.thefinanceworld.com February 2023

Yas Island sales will begin in Abu Dhabi by 2025
A
sustainable community on
Yas Island in Abu Dhabi will
begin selling properties. By
2025, the construction is
anticipated to be finished, and it will
include a green spine that runs the length
of the neighbourhood, including parks,
lakes, and biodomes where vegetables
will be produced and delivered to
residents. When built, Sustainable City
– Yas Island will contain communal
amenities such an equestrian centre
with stables, a track and two arenas,
a gym, many swimming pools, cycling
and jogging trails, football, basketball,
and padel courts, as well as other
amenities.
Dubai real estate deals totaling $2.7B in the first week of 2023
Sales of luxury beachfront property in the UAE started recently
Sales began for a brand-new
beach resort in the UAE, whose
completion is anticipated
for 2025.At the company’s
headquarters on Maliha Road in
Sharjah, ASAS Real Estate, the real
estate division of Sharjah Islamic
Bank (SIB), announced that sales for
the Khorfakkan Resort project would
start on, January 9. The first project of
its kind in Khorfakkan offers opulent
residences with a private beach and
the benefit of freehold ownership to all
nationalities. The project was created
using the most cutting-edge coastal
living principles, making the most of its
advantageous location that serves as a
transition zone between the mountain
and the beach.
In the first week of the year, Dubai
saw deals involving real estate and
properties worth $2.7B (AED 10B).
There were 2,702 transactions
total. 270 plots were sold for $613M
(AED 2.25B), and 1,903 homes were
sold for $1.3B (AED 4.89B). The top
three deals involved a land sale in
Marsa Dubai for $170M (AED 623.07M),
followed by a land sale in Al Thanyah
Fifth for $21M (AED 77.23M). The top
three transactions for flats and villas
were an apartment in Island 2 that
went for $32.3M (AED 119M), a villa
in Island 2 that went for $31.3M (AED
115M), and an apartment in Island 2
that went for $20.4M (AED 75M).
February 2023 www.thefinanceworld.com 69

Wheels
Lamborghini Huracan Sterrato
The Lamborghini Huracan
Sterrato is a stunning car that
oozes luxury and power. It
features an all-wheel-drive
system, a powerful V10 engine, and a
dynamic interior. The exterior design is
aggressive and sporty, with a low-slung
profile and sharp angles. The interior
is equally impressive, with an intuitive
infotainment system, comfortable
seating, and plenty of features.
Performance-wise, the Huracan
Sterrato is no slouch. It accelerates
from 0-60 mph in just 3.2 seconds and
has a top speed of 201 mph. The V10
engine provides plenty of power and
the all-wheel-drive system ensures that
you have plenty of grip in all conditions.
The car also features advanced driver
assistance systems, including adaptive
cruise control, lane keeps assist, and
traffic sign recognition. Overall, the
Lamborghini Huracan Sterrato is a
powerful and luxurious car that is sure
to turn heads wherever you go.
70 www.thefinanceworld.com February 2023

Specifications
Horsepower: 630 horsepower
Torque: 600 lb-ft of torque
Acceleration: 0 to 100kmph in 3.2 seconds
February 2023 www.thefinanceworld.com 71

Funding & Investment
Dubai Targets $177B Foreign Investment
and Ranks the World’s Best City for
Investment
The Resonance Consultancy’s report analyses 133 cities across six continents,
and Dubai has been ranked first regionally and fifth best city in the world.
The top five cities in the Resonance
Consultancy’s report are Dubai,
Tokyo, Singapore, London
and Paris. The report looks at
factors such as quality of life, transport,
food and drink, cultural attractions and
environment. It rates global cities according
to their statistical performance and the
opinions of locals and visitors in 24 areas.
These areas are: place (e.g., quality of
infrastructure, liveability), product (e.g.
economic strength, nightlife), programming
(e.g. arts and culture, sports), prosperity
(e.g. housing affordability, job security),
people (e.g. diversity, social life), and
promotion (e.g. attractiveness of city,
climate).
Dubai was ranked number one in
the category of “places,” where factors
such as weather, safety, landmarks and
outdoor activities were evaluated. Chris
Fair of Resonance Consultancy pointed
out the increasing trend of city building
over the past two years in Dubai. He
said that this trend is likely to continue
in the near future, as the city continues
to grow and develop.
The report praised Dubai as a unique
mix of over-the-top experiences, Arab
heritage and luxury shopping. “Dubai is
a city of superlatives: you can ride the
elevator to the top of the world’s tallest
building for a bird’s-eye view, and bet on
the ponies at the world’s richest horse
race,” the report said.
Dubai is home to many attractions,
including the world’s deepest pool, the
Dubai Mall, the Burj Khalifa, the Museum
of the Future, the Mohammed Bin Rashid
Library, Dubai Creek, The Palm, Ain
Dubai, City land Mall, and the Aura
Sky pool - the world’s first and highest
360-degree infinity pool.
In the overall rankings of cities around
the world, the top ten cities are London,
Paris, New York, Tokyo, Dubai, Barcelona,
Rome, Madrid, Singapore and Amsterdam.
For the record, Doha was ranked number
27 on the list of most prosperous cities,
followed by Abu Dhabi. “While Dubai
has the world’s biggest, tallest and most
expensive things, Abu Dhabi is quietly
focusing on heritage and a rich cultural
tapestry. It invests in bringing artists and
creators as guests for residencies and
multi-show dates,” the report mentioned.
The 100 best cities on this list reflect
v
72
www.thefinanceworld.com February 2023

the wide variety of urban experiences that
are available on the planet today. From
metropolises with soaring skyscrapers
and bustling streets to small towns
with charming downtowns, each city
on this list offers its own unique set of
attractions and opportunities. Whether
you’re looking for a bustling metropolis
with world-class cultural attractions, a
thriving business district with plenty of
opportunities for professional growth,
or a relaxing beach town that offers a
relaxed pace of life, there is a city on
this list that is perfect for you.
To compile a list of the 100 best cities,
extensive research was conducted on the
rise of cities, the key trends propelling
their growth, and the factors that
shape the perception of urban centres
as desirable places to live, work, visit,
and invest in a new global reality. This
research was conducted by consulting
with a variety of experts in the field,
as well as surveying a wide range of
population and consumer data to come
up with a definitive list. Since the turn of
the century, cities have been on the rise
around the world, as people increasingly
seek out urban areas for their economic,
social, and environmental benefits. This
shift has been fuelled by a number of key
factors, including the growth of global
cities, the increased demand for urban
services, and the emergence of new,
innovative urban planning strategies.
His Highness Sheikh Mohammed bin
Rashid Al Maktoum, Vice President and
Prime Minister of the United Arab Emirates
and Ruler of Dubai, has announced a
new economic plan designed to increase
foreign direct investment to over $176B
by 2033. The plan calls for increasing
foreign investment to AED 650B by 2033.
His Highness launched the Dubai
Economic Agenda (D33) on his 17th
anniversary as ruler of the city, one of
seven emirates making up the federation.
Seen as the commercial and tourism
hub of the Gulf region, the D33 aims to
promote growth and prosperity in Dubai
and the other emirates. The plan’s aim
is to attract an average of AED 60B in
foreign direct investment each year over
the next decade. His Highness points that
this amount is higher than the amount
of foreign direct investment that was
attracted in the last 10 years.
The plan envisages increasing trade by
AED 25.6T in the next decade, up from
AED 14.2T in the past decade. Sheikh
Mohammed said the plan is to launch
100 projects over the next ten years to
We know our economic position during the
next decade... the world makes way for those
who know what they want.
(H. H. Sheikh Mohammed bin Rashid Al Maktoum)
His Highness Sheikh Mohammed bin
Rashid Al Maktoum,
Vice president, prime minister, and
minister of defence of the United
Arab Emirates as well as the ruler
of Dubai.
double the size of Dubai’s economy. The
projects include things like increasing
the size of the economy by AED 32T, or
almost $9T.
Dubai is aiming to become one of the
top three economic cities in the world,
and one of the top four global financial
centres. The details of this goal are still
somewhat vague, but it seems likely that
Dubai will make significant progress in
this direction. “We know our economic
position during the next decade... the
world makes way for those who know
what they want,” said Sheikh Mohammed.
Dubai’s economy has been recovering
rapidly from the COVID-19 pandemic,
with GDP growing 4.6% on the year for
the first nine months of 2022. Tourist
numbers grew more than 180% in the first
half of 2022 over the corresponding 2021
period. This expansion is likely being
helped by the fact that many people
are now returning to the city after the
pandemic passed.
The city-state is vulnerable to global
economic shocks, but it doesn’t have the
advantage of oil revenue like neighbouring
Abu Dhabi. Dubai will look for money
from America and the UK to help it grow,
because these two countries are its biggest
sources of foreign investment. Over the
next ten years, it is anticipated that this
investment will almost double.
The US and UK will be “the key
markets,” Helal Al Marri, the head of
Dubai’s Department of Economy and
Tourism, said in an interview with
Bloomberg Television. “In addition to that,
we see bilateral agreements with over
200 countries really driving the trade.”
Dubai, one of the seven United Arab
Emirates, announced this week plans to
raise FDI by AED 650B ($177B) by 2033.
According to the most recent official
estimates, the United States and the United
Kingdom accounted for more than half
of overall FDI in the first half of 2022.
D33 initiative outlines goals for the
following decade, including a target for
international trade of AED 25.6T. The
emirate also intends to become the world’s
third-largest tourism destination by 2033.
“Tourism continues to grow,” Al Marri
said. “We have already hit 12.8 million
tourists in November, we are already on
a run rate to pre-Covid levels.”
The Middle East’s business hub is
deepening trade routes and working to
attract global firms as it faces increasing
competition from neighbouring Riyadh.
To keep its edge in the region, the UAE
changed its work week to Monday-
Friday a year ago, overhauled laws on
cohabitation between unmarried couples
and announced a corporate tax that is
set to go into effect this year. These
changes are designed to make the UAE
more attractive to businesses and keep it
at the forefront of regional competition.
“The government announced last year
that with corporate tax coming in midway
through this year, there will be adjustment
piloted and reviewed across all types of
government fees,” said Al Marri. “You’re
going to see that going on through the
year,” he added. Amid speculation that
the introduction of an income tax could
follow a 9% corporate tax, officials have
repeatedly said it was not on the table, Al
Marri reiterated. “The federal government
has made it clear: corporate tax is where
we are focused,” he said.
February 2023 www.thefinanceworld.com 73

Funding and Investment News
Alaan in UAE secures a pre-series investment round
for $4.5 million
Alaan, A UAE-based all-in-one
spend management platform,
has secured $4.5 million in
pre-series A funding from
angel investors as well as Presight
Capital and Y Combinator. Alaan has
so far received $7M in equity, which
includes the $2.5M seed round from
last year. Alaan, which has more than
100 firms signed up in the UAE and
was founded by former McKinsey
employees Karun Kurien and Parthi
Duraisamy, intends to use the fresh
funding for growth throughout the
GCC. Alaan stated in a statement that
in addition to expanding internationally,
it has ambitions to improve its product
with fresh elements like automatic
invoice payments to domestic and
foreign vendors.
UAE venture capital firms
open a $1B joint fund for
the Web3 ecosystem
To encourage innovation in
the Web 3 ecosystem, Venom
Foundation and Iceberg Capital
have partnered to offer a
new fund. The Venom Ventures Fund
(VVF) fund will give priority to businesses
using blockchain technology.
According to a news release from
both organisations, the fund would put
money into blockchain initiatives with
a particular emphasis on decentralised
applications (DApps), decentralised
finance (DeFi), blockchain-based
games, and other payment services.
The fund, which is worth $1B and will
be accessible to businesses in the preseed
and Series A stages, aims to be
the link where “old money meets the
new.” In addition to cash, Venom Ventures
affirms that selected enterprises
will also receive support for technical,
legal, and marketing matters.
Launching InvestSky in
the UAE after $3.4M in
pre-seed funding
A
pre-seed investment round
of $3.4M was raised by the
investing platform InvestSky,
which will soon debut in the
UAE. Leading investors S3 Ventures, the
Al-Romaizan Family Office, Mishal-Al-
Mishari, the deputy CEO of Jahez, as
well as angel investors participated in
the investment round that was organised
by Emkan Capital. The commission-free
social investment platform, which aims
to make investing inclusive, simple,
and informed for the next generation
of investors in the GCC, is designed
just for this purpose. The portal offers
market intelligence data, a social
community for users to interact, and
the ability to buy fractional equities
for as little as AED 3.67.
Saudi Arabia’s venture
capital investment in
startups increases by
72% in 2022
According to a survey from
the sector, Saudi Arabia’s
venture capital investments
in startups increased by 72%
in 2022 to $987M. In comparison to
other Middle Eastern and North African
nations, Saudi Arabia experienced the
largest growth rate in venture capital in
2022, according to a research released
by MAGNiTT, a platform that specialises
in venture capital data for startups.
Although 2021 was a record year for
venture capital in the kingdom, the
research, which was produced with
assistance from the Saudi Venture
Capital Company (SVC), stated that
2022 saw exceptional growth, setting
a new record.
US and UAE claim a $20
billion investment will
finance 15 gw of new
clean energy
According to state news agency
WAM, the United States and
the United Arab Emirates
announced that the first $20
billion of their $100 billion clean energy
cooperation would be used to finance
15 new gigawatts of renewable energy
projects before 2035. According to
WAM, the investments would be led by
Masdar of the United Arab Emirates
and a group of US private investors, and
funded with $7 billion in private sector
cash equity and $13 billion in US debt
financing, among other instruments.
74 www.thefinanceworld.com February 2023

Adaptation Investment
would increase GDP in
the UAE by more than
AED 100B
The introduction of Standard
Chartered’s newest research
paper, The Adaption Economy,
which examines the need for
climate adaptation, was announced.
According to the study, a AED 10B
investment in adaptation to survive
anticipated climate harm may boost
the nation’s GDP by more than AED
100B by 2030. The study focuses on
10 markets, including the UAE, India,
China, and Pakistan and emphasises
how inaction could result in billiondollar
climate damage costs and lost
GDP growth this decade. Without a
minimum investment of AED 110B,
the study’s markets are anticipated to
suffer losses in GDP growth totalling
over AED 1T.
Dubai Buy-Now, Pay-
Later start-up Tabby
valued $660M in a
funding round
In a funding round that placed the
buy now, pay later business at
close to $700 million, Dubai-based
Tabby garnered $58M from investors
including Sequoia Capital India.
In addition to Mubadala Investment
Capital, Saudi venture capital firm
STV, Arbor Ventures, and Endeavor
Catalyst, Tabby stated in a statement
that PayPal Ventures also participated
in the Series C capital fundraising. In
the round, Tabby was valued at $660M.
The fund will help Tabby with its expansion
aspirations and product offering.
Saudi Crown Prince establishes Event Investment
Fund to boost infrastructure
The Events Investment Fund
(EIF), which aims to build
a sustainable infrastructure
for the culture, tourism,
entertainment, and sports sectors
across the Kingdom, has been launched,
according to Crown Prince Mohammed
bin Salman, the Kingdom’s Prime
Minister and Chairman of the Events
Investment Fund (EIF). The fund also
aspires to establish strategic alliances
to advance local business, boost foreign
investment, and support the goal of
a vibrant society set forth in Vision
2030. By 2030, EIF will design, fund,
and manage the construction of more
than 35 venues. EIF aims to establish
the Kingdom as the leading global hub
in these many event sectors, to offer
top-notch sustainable infrastructure
for the implementation of an ambitious
national events calendar, and to produce
sustainable financial returns to aid the
Kingdom’s economic diversification
initiatives.
Dubai Future District Fund investments boost the
economic impact of future start-ups
The analysis of DF2’s first full
year of operations emphasised
the quick advancements being
made, with more than a dozen
funds and start-up investments having
been completed from the initial capital
commitment of AED 1B. The Chairman
of the DF2 Oversight Committee, His
Excellency Omar Sultan Al Olama,
Minister of State for Artificial Intelligence,
Digital Economy and Remote
Work Applications, stated that Dubai
and the UAE are eager to provide the
best ecosystem to produce the newest
generation of start-ups and global
unicorns, reflecting the visions and
directives of the UAE leadership in fostering
a robust growth in the economy
and boosting the nation’s international
competitiveness. As a result of the
development of cutting-edge systems
and technological infrastructure, he
continued, Dubai has improved its
standing as a leading economy globally
and enabled start-ups to realise their
full potential.
February 2023 www.thefinanceworld.com 75

Local News
Innovation is DEWA’s top priority
Dubai’s hospitality sector has a positive outlook
for 2023
A
survey
revealed that Dubai’s
hospitality sector has had a
significant post-pandemic
recovery, with leisure and
business travel, particularly MICE
(meetings, incentives, conferences,
and events) on an upward development
trajectory in FY22. According to the
most recent KPMG Dubai Hospitality
The MD&CEO of Dubai Electricity
and Water Authority
(DEWA), Saeed Mohammed
Al Tayer, recently paid a visit
to the DEWA Innovation Center in the
“Mohammed bin Rashid Al Maktoum
Solar Park”. He was given a tour of the
center’s departments and informed of
its most recent initiatives and projects
to encourage innovation in clean
and renewable energy as well as to
train and equip the next generation of
clean energy entrepreneurs. Al Tayer
was also given information about the
ground-breaking experiences that
will be unveiled on the fourth level
of the Innovation Centre, including
the Metaverse Experience, the digital
telescope, and the expansive view of
the solar park.
report, by the end of Expo, Dubai’s hotel
occupancy rate reached 96%. With 1.4
million visitors arriving in the emirate
in the first 10 months of the year, India
continued to be the top source market
for Dubai tourism. Oman, Saudi Arabia,
the UK, and Russia rounded out the
top four source markets.
The new Jebel Jais road
will cut travel time by 75%
In order to significantly shorten the
time it takes for drivers to reach
the nation’s highest mountain,
a new road has been opened to
Jebel Jais. The new Jebel Jais route
from the Ring Road travels through
the Wadi Haqeel region and joins
Emirates Road, according to the
Public Services Department in Ras Al
Khaimah. Compared to the previous
route from Wadi Al Beeh to the point
of connection at Wadi Shiha Road, the
new 8.6-kilometer road takes just four
minutes to complete, a reduction in
travel time of 75%. According to the
agency, LED lights have been installed
throughout the road to provide drivers
and adventurers with a safe and secure
journey.
Etisalat and Huawei provide portable private network connectivity
As part of a partnership with
world-renowned Huawei
Technologies, Etisalat UAE,
doing business as Etisalat
by e&, announced today that the 5G
Portable Private Network MEC (Multiaccess
Edge Computing) feature was
successfully deployed and tested. This
effective demonstration, which is a
part of the Stand-Alone 5G and MEC
commercialization effort, enables
Etisalat by e& to provide a 5G-based
substitute for existing VPNs, improving
remote work experiences (access
workspace anywhere, anytime) for
UAE businesses. Global developments
like remote work and distance
learning have a big impact on user
experience, network dependability,
and accessibility.
76 www.thefinanceworld.com February 2023

Fines imposed on private
companies failing
to achieve new Emiratisation
goals
According to His Excellency
Dr. Abdulrahman Al Awar,
Minister of Human Resources
and Emiratisation, there would
be a bigger fine for businesses that don’t
achieve the Emiratisation goals for this
year. The annual punishment will be
AED 84,000, up from AED 72,000 that
was levied on corporations for failing
to reach last year’s targets. Companies
with 50 skilled personnel or more are
required to have 4% Emiratis on staff
by the end of this year. Companies will
be subject to a AED 84,000 penalties for
each unemployed Emirati. The Ministry
of Human Resources and Emiratization
(MoHRE) stated on Wednesday that it
has fined private businesses that didn’t
adhere to certain standards with a total
of AED 400M.
Aluminium Bahrain choses Advanced United
Systems to build its solar farm
One of the biggest aluminium
smelters in the world,
Aluminium Bahrain (Alba),
has chosen Advanced United
Systems (AUS) to build its solar farm,
which will include the installation of
solar photovoltaic (PV) panels covering
37,000 square metres with a capacity
of more than 6 Megawatts (MW). The
solar farm project’s estimated 11,300
solar panels will be mounted on the
roofs of Alba’s parking garages and a
few of its buildings, including its Spent
Pot Lining Treatment (SPL) Plant.
According to a statement from Alba,
the project will produce something in
the neighbourhood of 10,539 MWHr
year and will cut carbon emissions by
about 7,591,760 kilos annually, for a total
reduction of 189,794,000 kilogrammes
over a 25-year period.
Saudi National Bank issues bonus shares and a
6% dividend
The board of Saudi National
Bank, the largest lender in the
kingdom, has suggested raising
the bank’s capital by 33.99% by
issuing bonus shares to shareholders
at a share-to-bonus-share ratio of 1:3.
In a regulatory notification posted on
the Tadawul exchange in Riyadh, where
its shares are traded, SNB stated that
the bonus release will capitalise RAS
15.2B riyals ($4B) from the bank’s
retained earnings. The bank’s capital
will rise from its existing level of SAR
44.8B after the issuance to SAR 60B.
It was emphasised that the goal of the
capital increase was to improve the
bank’s financial standing. In Q3-2022,
the bank, which is partially owned by
the government, reported a net profit
of SAR 4.7B, an increase from SAR 4B
in the previous quarter.
Emaar opens a new
walkway at Dubai
Creek Harbour
Emaar has announced the
opening of The Viewing Point,
a new promenade at Dubai
Creek Harbour that offers
some of the emirate’s most breath-taking
views. It gives both locals and guests
a great view of the Dubai Creek and
neighbouring areas because it is 11.65m
above sea level. A 26-meter-long cantilever
that extends out over Dubai
Creek provides unimpeded views
across the Creek towards Downtown
Dubai and back inland between the
Address Grand twin towers, according
to Emaar, which unveiled the striking
70-meter structure. According to the
Dubai developer, the new focal point
has been created to easily blend in
with its surroundings and is one of the
main components of the Dubai Creek
Harbour concept.
February 2023 www.thefinanceworld.com 77

Digital Assets
The Metaverse to Add $15B Annually to
GCC Economies by 2030
The travel and tourism industry in the metaverse is predicted to generate
over $3.3 B across the GCC by 2030.
The Middle East, especially by the
Gulf Cooperation Council (GCC),
could be significantly altered by
the Metaverse. According to a
report by Strategy&, a member of the PwC
network, the Metaverse might provide
about $15B to the GCC economies by 2030.
The metaverse is a technology convergence
that enables communities of people
to share in the experience of a virtual
environment. The metaverse’s potential
to alter how we view the world and utilise
the internet has emerged in the past
year, despite the fact that it is still in its
infancy and its fundamental structures
are still being created.
Corporates, entrepreneurs, and investors
have made significant investments in the
metaverse. By 2024, the global worth of
the metaverse is anticipated to reach
$800B; a research titled “A Middle East
viewpoint on the metaverse” claims that
the GCC nations, particularly the UAE
and Saudi Arabia, are active participants
in this field.
Middle East’s metaverse approach
Dubai’s metaverse strategy was formally
introduced in July 2022 with the goal
of becoming a major global metaverse
economy. This is anticipated to boost
Dubai’s economy by over $4B and add
over 40,000 new employments over the
course of five years.
To create early-stage metaverse and
Web3 solutions, the UAE established the
first metaverse incubator in the Middle
East. By giving construction workers,
engineers, architects, designers, and
others access to information and
opportunities for collaboration and
customization, the metaverse is also
used to establish the $500B Saudi
Arabian city of NEOM.
Key industries where the Metaverse
is experiencing growth
Tourism and travel
“The travel and tourism industry in
the metaverse is predicted to generate
over $3.3 B across the GCC by 2030”
According to the analysis, the travel
and tourism industry has the greatest
potential to profit from the metaverse;
by 2030, it is predicted to generate over
$3.3B across the GCC. The Saudi Arabian
To create early-stage metaverse and Web3 solutions, the UAE
established the first metaverse incubator in the Middle East.
78 www.thefinanceworld.com February 2023

government’s Vision 2030 programme
for economic diversification places a
high priority on increasing travel and
tourist opportunities. By 2030, the
nation hopes to bring in 100 million
tourists—domestic and foreign—
per year. The paper claims that the
metaverse, which is expected to boost
Saudi Arabia’s economy by $7.6B, can
help the country achieve its 2030 Vision
of bringing in SAR 388B ($103.5B) in
annual foreign direct investment.
The main goal of the metaverse is
to provide experience, which is what
most travellers long for. According
to the analysis, the historical city of
AlUla, which is also the first UNESCO
World Heritage Site in the nation, can
be visited by scholars, historians, and
tourists from all over the world via the
metaverse.
In terms of scale, Qiddiya will be
roughly three times bigger than Walt
Disney World in the United States
and will be the largest entertainment
city in the world. Offering immersive
entertainment and leisure options
that integrate extended reality and
the metaverse for participation in live
events may nearly treble its annual aim
of attracting 14 million visitors.
Web3 solutions, the UAE established
the first metaverse incubator in the
Middle East. By giving construction
workers, engineers, architects,
designers, and others access to
information and opportunities for
collaboration and customization, the
metaverse is also used to establish the
$500B Saudi Arabian city of NEOM.
Financial services
The banking sector in the region might
gain $1.8B because of the metaverse.
The metaverse may have a big future
because the Central Bank of the UAE
intends to launch its digital currency
in the near future. According to the
research, “the development of fintech
will require blockchain technology
and crypto currencies, which are
fundamental to metaverse transactions
and potentially enable innovation in
lending (including crowdsourcing) and
secure payment systems.”
Real Estate
According to the analysis, the GCC
region might gain $1B from real estate
metaverse by 2030. NEOM, a futuristic
metropolis on the Red Sea in northwest
Saudi Arabia, has limitless potential.
In a recent survey, 41% of participants
The travel and
tourism industry in
the metaverse is
predicted to generate
over $3.3 B across the
GCC by 2030.
identified NEOM as the “world’s most
attractive giga project” (a project valued
at more than $10B). NEOM is already
a significant fixture on the global real
estate market. The paper claims that
the metaverse is perfectly suited to
improve the project and reinvent the
experiences it gives.
Towards creating value
The Middle East has undoubtedly
begun to adopt the metaverse, but there
is still a long way to go. The report
draws attention to the fact that the
metaverse’s underlying technologies
are intricate, underdeveloped, and
operate in perplexing ways. Various
regulatory challenges, particularly
those pertaining to data privacy and
data storage, must be resolved by
governments and businesses. There
are other hazards, both anticipated
and unforeseen, that might result in
failures or disappointment.
The fact that there are more and more
metaverse programmes in the GCC,
however, shows that none of these
problems are preventing the metaverse.
The report concludes that when the
theoretical and practical challenges of
the metaverse are resolved, the promise
of value creation may only increase.
At the inaugural Dubai Metaverse
Assembly in September, the government
also unveiled a brand-new economic
output indicator called “gross metaverse
product.” While the GCC is in the midst
of a metaverse renaissance, Strategy&
has warned that regulators should
take the proper precautions, such as
developing a solid digital infrastructure,
handling user data responsibly, and
guaranteeing the technology’s security
and dependability.
The UAE Ministry of Economy will
have a presence in the metaverse
The third address from the UAE
Ministry of Economy will soon be live,
this time in the Metaverse. According
to the UAE’s Minister of Economy, H.E.
Abdulla Bin Touq Al Marri, a service
site in the virtual world is being “put
up” and would “provide the whole
experience.”
At a panel at the Dubai Metaverse
Assembly, he stated, “We have one
physical facility in Dubai, one in Abu
Dhabi, and we are building up the
third in the metaverse”. The minister
noted that the new facility features
an auditorium and can host meetings,
contract signings, and more.
Al Marri added that the new service
centre will be an immersive setting
where people can move around,
socialise with other people, and access
services exactly like they could in
actual places. H.E. Abdulla Bin Touq Al
Marri participated in a panel discussion
alongside Mark Zaleski, managing
director and partner at BCG Digital
Ventures, and Bashar Kilani, managing
director at Accenture. The discussion
topic of the panel was the metaverse’s
business potential.
The road ahead is probably going to
be long and twisting. Leaders should
concentrate on the metaverse’s potential
of value creation while organisations
work to tackle its theoretical and
practical difficulties. They should start
making technological and strategic
preparations right away so that they
can benefit from the potential of the
metaverse in the future.
February 2023 www.thefinanceworld.com 79

Stock Market
UAE and Saudi stock markets open 2023
account in green
IPOs were having a tough time in 2022, and the number of listings was the
lowest in a long time because investors were less interested in companies
that were growing quickly, as prices for goods and services were going up.
The UAE and Saudi stock
markets opened the New Year
in good spirits, with stock
indexes in both countries
rising modestly on the first day of
trading despite worries that trade
problems between the United States
and China would have a negative impact
on the global economy.
Monday 2 Jan 2023 saw the Abu
Dhabi stock market rise by 0.41%, with
First Abu Dhabi Bank (NBAD) leading
the way. Abu Dhabi National Energy
(TAQA) ended the day up 2.33%, and
Abu Dhabi Commercial Bank (ADCB)
was up 0.58%, which also makes it the
top performer on the regional market.
Several large lenders raised their rates
in the recent session, with ADCB’s rate
going up to AED 9.050, and ADIB’s rate
going up to AED 9.140.
Abu Dhabi’s stock market
outperformed its GCC counterparts
in 2022, rising more than 20% in the
year’s final months. This performance
was likely due to the region’s strong
economic growth and increased
investor confidence.
In Dubai, Emaar stocks edged higher
by 0.68% to close at AED 5.900, while
Al Firdous Holdings was the best
performer after increasing 8.53% to
close at AED 0.140. The emirate’s
main stock index closed down 0.15%
at 3,330.900.
The Saudi Stock Exchange’s main
index ended trading higher on Monday
2 Jan 2023, gaining 31.67 points to close
at 10578.34 points, which resulted in
a total value of trading of SAR 3.6B.
On the other hand, the Saudi Parallel
Market Index (NOMU) ended the day
strongly increasing by 245.54 points,
closing at 19,434.51 points, which
resulted in a valuation of SAR 21M.
In 2022, UAE’s financial markets saw
11 initial public offerings, which raised
AED 51.2B and increased the depth of
the country’s bourses, enhancing their
investment potential and attracting a
new segment of investors.
The IPOs in the UAE have had a
positive impact on the region, as they
have attracted a total demand of AED
1.454T. This has helped the UAE and
the region become a bright spot in an
otherwise bleak global IPO market.
v
Abu Dhabi’s stock market outperformed its GCC counterparts
in 2022, rising more than 20% in the year’s final months.
80 www.thefinanceworld.com February 2023

Dubai Electricity and Water Authority
(DEWA) generated a revenue of AED
22.3B in its public offering, which was
more than any other company. DEWA’s
shares were available to the public at
a price of AED 22.3B, representing
18% of the company’s total capital.
Borouge, on the other hand, generated
a revenue of over AED 7.34B in its
public offering, which was also more
than any other company.
Americana raised $6.62B in gross
proceeds in its historic IPO on the
ADX and Saudi Arabia’s Tadawul,
while Abu Dhabi Ports succeeded in
attracting new capital from the IPO
with returns of $4B.
Meanwhile, Dubai’s toll operator
SALIK raised over AED 3.7B from its
IPO on the DFM, while Empower raised
AED 2.7B. TECOM Group raised AED
1.7B, Burjeel AED 1.1B, Taaleem AED
750M, and Bayanat AED 628M.
According to Bloomberg, there have
been a lot of sales in the region this
year, totalling $22.6B, and the number of
regional IPO listings in the Middle East
has increased recently because of high
oil prices and increased investment.
However, IPOs were having a tough
time in 2022, and the number of listings
was the lowest in a long time because
investors were less interested in
companies that were growing quickly,
as prices for goods and services were
going up. The US IPO market has been
doing poorly recently, with volumes
decreasing by a lot and being down
93% from last year. This is because
a lot of the “blank check” deals that
were popular in the past have stopped
happening. Some bankers are predicting
that investors will be more hesitant to
invest in flotations next year, because
there are a lot of stable companies that
are available. Bankers say that two
markets that did well in 2022 - China
and the Middle East - are likely to
continue to do so in 2023.
The FADX 15 Index (an indicator
of the performance of the Abu Dhabi
stock market) grew by 0.39% this week,
thanks to increases of 1.6% and 1.65%
in First Abu Dhabi Bank and Abu Dhabi
Islamic Bank, respectively. While other
markets were dropping, Dubai’s main
stock market index (DFMGI) was
falling because two other companies’
stocks were dropping too. The Gulf
stock markets continued to go up on
Wednesday, mainly because China
repealed most of its tough COVID-19
restrictions.
On Wednesday, 28 December, 2022,
the stock market in the United States
and around the world fell because the
yield on U.S. Treasury bonds went up,
meaning that the money that investors
are getting paid to hold these securities
is higher than the amount of money
they were paying a few weeks ago.
This made the growth stocks (stock
prices that are rising) more expensive,
while the energy sector (stock prices
that are related to oil) fell because oil
prices went down.
The Abu Dhabi stock market started
the year off well, with the main index
advancing 0.408%. This was mainly due
to First Abu Dhabi Bank (NBAD) and
Abu Dhabi National Energy (TAQA),
which ended the year up by 0.580%
and 2.330%. The other banks ended the
session higher by 0.560% and 0.330%.
The IPOs in the UAE
have had a positive
impact on the
region, as they have
attracted a total
demand of AED 1.454T.
The Abu Dhabi stock market
outperformed other GCC markets in
2022, increasing in value by more than
20% in the final months of the year.
Emaar and Al Firdous Holdings (a
company that makes and sells goods)
both rose in value on Thursday, 29
December, 2022, but the overall market
trend was down. The Dubai Index (a
measure of the overall stock market)
ended the day down 0.155%.
The stock markets in the Gulf
ended up going up on Wednesday, 28
December, 2022 because people were
optimistic about the news that China
was scrapping most of their stringent
COVID-19 curbs. However, there were
still some concerns about infections in
China, so the gains were not completely
permanent.
The Saudi stock market rose by 1.2%
on Thursday, 29 December, 2022, thanks
to strong performances by two different
companies. Riyad Bank (an investment
bank) saw its stock prices rise by 4.3%,
while Dr. Sulaiman Al-Habib Medical
Services (a healthcare company) saw
its stock prices go up by 2.5%.
The Saudi bourse continued to
rebound in April thanks to better
prices for oil and a steady stream of
initial public offerings. Although the
stock market was down overall, some
stocks were still falling in price due
to uncertainties in the energy market.
Shares of Saudi Aramco’s base oil
subsidiary, Luberef, closed 4% lower on
Wednesday, 28, December, 2022, below
the listing price of SAR 95 in Riyadh.
In Abu Dhabi, the stock market index
(FTFADGI) increased by 0.4%, thanks
to a 1.6% rise in First Abu Dhabi Bank
(FAB.AD). On Sunday, 1 January, 2023,
the Saudi Arabian stock market rose,
starting the year off on a positive note
in line with the country’s economic
forecast. Meanwhile, other major
markets were closed for the year-end
holidays, giving many investors an
opportunity to take a break.
Reuters reported earlier that Saudi
Arabia expects to have a budget surplus
in 2023, though this is down 84% from
the previous year due to the uncertain
global economic outlook and lower
crude prices. The kingdom approved
a budget of SAR 1.114T for the year
2023; the budget is forecast to have a
surplus of 0.4% of GDP, down from an
expected 2.6% in 2022. In 2022, oil prices
remained highly volatile, due to the
war in Ukraine and on weaker demand
from China, the region’s top importer.
Meanwhile, growth in the region was
largely fuelled by crude prices.
The Saudi Arabian stock market
rose by 0.7% on the day, with oil giant
Saudi Aramco and Sulaiman Al-Habib
Medical Services leading the charge.
Saudi Aramco rose by 0.9% while
Sulaiman Al-Habib Medical Services
surged by 1%.
However, Dubai’s main stock index
eased 0.1% Tuesday, 3 January, 2023,
with losses seen in top lender Emirates
NBD. Egypt’s blue chip stock market
index finished the day 0.6% higher,
with local investors continuing to be
net buyers. Outside the Gulf, Egypt’s
economy continued to improve, with
both consumer prices and industrial
production increasing. Meanwhile, the
Euro area continued to struggle with
its debt crisis, with Spain’s borrowing
costs rising and Italy’s borrowing costs
reaching new heights.
February 2023 www.thefinanceworld.com 81

Corporate Tax
UAE Corporate Tax & Next Steps for
Businesses
Prior to the implementation of
the corporate tax later this
year, the UAE has begun early
corporate tax registration for
several types of operational businesses.
Selected businesses will receive invites
from the Federal Tax Authority to
register using the EmaraTax platform for
digital services. The FTA will open the
process for additional businesses and
companies after the early registration
phase, which is accessible until May.
The nation passed a law governing
federal corporation taxes last year
that included businesses with annual
revenue over AED 375,000 ($102,000)
in the tax net. A 0% rate will apply to
taxable profits that fall below that mark.
“When registration opens, priority will
be given to companies and businesses
that have a financial year starting on
June 1, 2023,” the FTA said.
According to the Ministry of Finance,
there would be no corporate tax on
wages or other personal income earned
through employment, whether it be
in the public, semi-public, or private
sectors. The FTA will make sure to
allow enough time for organisations
to submit registration applications and
fulfil their legal requirements. When
compared to other financial centres
and developed economies, the UAE’s
typical statutory corporate tax rate of
9% puts it in a competitive position.
According to the Tax Foundation
in Washington, DC, the average top
corporate tax rate for EU countries
is 21.3%, compared to 23.4% for OECD
nations. Corporate tax rates have
decreased over the past 40 years,
with the global average dropping from
more than 40% to between 25% and
30%, according to data from the Tax
Foundation.
“Since the announcement of
corporate tax in the UAE, the FTA has
intensified its efforts, in collaboration
with the competent authorities, to
develop procedures to implement
it in accordance with the highest
standards,” said H.E. Khalid Ali Al
Bustani, FTA’s director general. “The
authority prioritises supporting all
82 www.thefinanceworld.com February 2023

usiness sectors to comply with tax
regulations and procedures through
flexible mechanisms that align with
international best practices.” The FTA
will provide more information about
registration for corporate tax “in due
course,” and for the foreseeable future,
the UAE intends to maintain the current
corporate tax rate.
Federal Decree Law No 47 of
2022 Issued on 9 December 2022
Any Taxable Person (resident or
they engage in a Relevant Activity)
2. derive Qualifying Income (as to be
determined by a Cabinet decision)
3. not have elected to be subject to CT
4. adhere to transfer regulations; even
if they completely benefit from
the 0% CT rate, people who live
in free zones must file tax returns.
The UAE CT does not apply to
certain individuals or entities, including
government and government-controlled
pricing adjustments, the FTA will
make corresponding adjustments to
the taxpayer and its connected parties
(either automatically or in response to
an application).
A taxable person is required to file a
disclosure form along with their annual
tax return, which records information
about transactions they have had with
connected or related parties. They
must also keep a local and master file,
which may need to be submitted to the
authority upon request. The CT law
The authority prioritises supporting all
business sectors to comply with tax regulations
and procedures through flexible mechanisms
that align with international best practices.
non-resident) conducting business
in the UAE and having a Permanent
Establishment or nexus there will
be taxed. Aside from the 0% rate for
companies with taxable income up to
AED 375,000, “small firms” with revenue
below a specific threshold and satisfying
other prescribed conditions can elect
to be classified as not having taxable
income and be subject to simplified
compliance duties. There is still more
information to be mandated on the
revenue level and other requirements.
The fact that all UAE tax residents
are liable for paying taxes in the UAE
(whether they are legal persons or
natural persons operating a business
that must be approved by the cabinet)
must be emphasised. To qualify for
the 0% CT rate, a Qualifying Free
Zone Person must fulfil the following
requirements:
1. maintain sufficient substance in
the United Arab Emirates (possibly
related to the Economic Substance
Regulations, but it may now apply
to all entities in free zones seeking
exemption regardless of whether
entities, extractive businesses, nonextractive
natural resource businesses,
qualifying public benefit entities, public
or private pension and social security
funds, and qualifying investment
funds. This exemption may be granted
automatically or upon submission
of an application to the authority.
A declaration may also need to be
submitted to the FTA, and some exempt
categories of exempt people may also
need to register for CT.
Although branches of foreign banks
that are taxed under pertinent Emiratelevel
decrees and are also subject to
taxation are still subject to UAE CT
and are not included in the exempt
categories of persons, extractive
and non-extractive natural resource
businesses that are currently subject
to Emirate level taxation are eligible
for exemption.
Both domestic and international
related party transactions should
be conducted on an arm’s-length
basis when dealing with connected
persons (owners, directors, or related
parties of owners or directors). For
transactions that are subject to transfer
takes into account the Action Plan 7
of the OECD’s BEPS Project on antifragmentation
when a non-resident
or a related party conducts activity
in the UAE through another PE in
the UAE and on a combined basis the
otherwise auxiliary activities form a
cohesive business operation of the
non-resident in the UAE, even though
there is an exemption from PE for
preparatory and auxiliary activities.
Due to the fact that UAE investment
managers are regarded as independent
agents, the PE provisions of the CT law
do not apply to them when they work
on behalf of non-resident investors
(subject to certain criteria). The CT
law makes it clear that a natural person
operating in the UAE will not create a
PE if: The non-resident does not get
revenue from the UAE’s state coffers
as a result of their non-resident status
or because their presence is temporary
or related to an unusual circumstance.
February 2023 www.thefinanceworld.com 83

Interview
David Allan,
Cluster General Manager at Radisson
Hotel Group, UAE
84 www.thefinanceworld.com February 2023

David Allan has been working in hospitality since 1995. He studied Hospitality & Tourism at the
University of Strathclyde and graduated with a BA Joint Honours. He has worked all across the
UK and Ireland starting off in Food & Beverage and has been a General Manager since 2008,
then he moved to the UAE in 2014. David Allan has been the Cluster General Manager at Radisson
Hotel Group, UAE, for over six years.
Exclusive to The Finance World Magazine
Q. How is it financially rewarding
to invest in hospitality in Dubai?
It can be particularly lucrative, but
that of course depends on many factors.
Your location, the hotel branding,
what type of contracts (management/
franchise), your property and
construction costs to name a few. As
with most other industries, you need
to get a lot of aspects correct in order
to achieve your goal and succeed.
Q. Could you tell us how Radisson
Hotels are coping with the constantly
rising operational costs, and what
is the right move to attract more
customers despite that?
Increasing operational costs are
an occupational hazard for hoteliers,
and we work hard to try and not pass
these directly on to our guests. Value
is always key to attracting guests in
addition to offering a fair price for
the right service and a solid product,
and I believe we continue to do that
very well.
Q. Has the hospitality industry
completely recovered from the
effects of COVID-19?
We’re getting there, definitely. We’re
aiming to hit 2019 levels for 2023 and
anticipate growth on that from 2024
onwards.
Q. What is your take on the corporate
tax law, and what impact will it have
on the hospitality industry?
As I’d mentioned earlier, we aim
not to pass any costs directly on to
our guests, but we are also mindful
of providing the best returns for our
owners too. As for an impact on the
hospitality industry, it’s a little early
to say.
Q. What was the biggest hurdle in
your career that you overcame to
be where you are right now?
I’ve been particularly fortunate to
work with a significant number of
supportive people and can honestly
state that I’ve been helped all the way.
That said, in-line with many, I found
the pandemic a particular challenge
professionally, but here we are on
the other side, and our hotels are
performing well.
Q. Do you foresee hotels in Dubai
accepting crypto payments soon?
We’re mindful of this but aside from
a few PR exercises, this doesn’t look
likely any time soon.
Q. Any advice for those considering
investing in the hospitality industry?
Go for it! Work hard, have fun, meet
lots of people and learn every day. I
truly believe there is no better industry
to work in and regard myself as lucky
to be part of it.
Q. Do you have any words for our
readers?
Don’t be afraid of anything new that
comes your way. Balance in all walks
of life and work is important, and you
don’t need to change things for the sake
of change. Value people and take care
of them; if you can do that, they’ll help
you every step of the journey.
Rapid fire questions:
Q. What is one characteristic that
you believe every leader should
possess?
Empathy. Without it, you can’t get
the best of your team.
Q. Do you prefer sales promotion
or public relations?
I’d err towards PR for the simple
reason that it tends to be more
interesting and creative.
Q. Will the growth of the hospitality
industry surpass pre-pandemic
levels?
Absolutely! Watch this space.
Q. Is a hotel’s success measured by
its occupancy or guest satisfaction?
Without happy guests, you can’t
sustain your occupancy.
Q. What is the most critical pillar
for near-perfect guest service?
Personality. It can make up for a
world of ills, and we’re a people industry
after all.
Q. What is your number one priority
for the business right now?
Caring for our teams as this then leads
to success in all areas of our hotels.
Q. Where do great ideas come from
in your business?
Me….no, seriously they come
from everyone. If you can create an
environment whereby people are
comfortable to put forward suggestions,
then you’ve cracked it.
Q. What is one mistake you witness
leaders making frequently?
Not listening properly. Many give the
impression of listening, but in actual
fact, they’re not concentrating fully,
and it is harmfully obvious when this
is the case.
Q. What is the most important thing
you learned this year as a general
manager?
One of our team members showed
me a technique for how he prepares
our beach equipment every morning
in the most efficient way. I’m not
going to give his secret away, but I
can say that necessity is certainly the
mother invention. That’s the beauty of
hospitality, there’s always something
new to learn.
February 2023 www.thefinanceworld.com 85

Corporate Results
RAK Properties
Q3 net profit (AED 27.55M)
RAK Properties is a real estate
development company based in the
United Arab Emirates (UAE). It was
established in 2005 and is headquartered
in the emirate of Ras Al Khaimah.
According to RAK Properties’ report,
the third quarter of 2022 saw a net profit
of AED 27.55M. The business generated
AED 289.58 million in income during
this time, and in the third quarter, total
assets were valued at AED 6.24B, up
from AED 6.21B in December 2021. In
the first half of 2022, RAK Properties
recorded revenue of AED 193.99M, a
decrease from AED 265.10M in the
comparable period of the previous year.
ADCB
Q3 net profit (AED 1.591B)
The third quarter of 2022 saw a 25%
increase in net profit for Abu Dhabi
Commercial Bank (ADCB), which came
in at AED 1.591billion. During the period
of July through September, the bank’s
operating income increased by 21% to
AED 3.510B, while its operating profit
before impairment charges increased by
20% to AED2.269B. The bank reported
AED 952M in non-interest income, up
31%, and AED 2.558B in net interest
income, up 17%.
First Abu Dhabi Bank
Q3 net profit (AED 2.9B)
First Abu Dhabi Bank (FAB), the largest
lender in the UAE, reported a Q3 2022
net profit of AED 2.9B ($790M), a 24%
decrease as the institution foresaw
impending global economic challenges.
Earnings per share for the quarter
were AED 0.25, down from AED 0.34
in the corresponding time last year.
However, figures gathered by Refinitiv’s
Eikon show that the net profit above
analysts’ average forecast by a little
bit, coming in at AED 2.86B. According
to a regulatory statement on the Abu
Dhabi Securities Exchange, the banks’
impairments for the quarter were AED
694M, 13% less than they had been a
year earlier (y-o-y), but 19% more than
they had been the previous quarter.
Borouge
Q3 net profit ($308M)
Borouge is a leading provider of
advanced plastic solutions in the Middle
East, Africa, and Asia. Established in
1998 as a joint venture between the Abu
Dhabi National Oil Company (ADNOC)
and Borealis, a leading provider of
chemical and innovative plastics
solutions, Borouge is headquartered
in Abu Dhabi, United Arab Emirates.
The polyolefin business Borouge, with
headquarters in Abu Dhabi, reported
a 22% decline in Q3 2022 net profit to
$308M (pro forma), from $397M the
year before. The speciality chemicals
business reported in a bourse statement
that revenue (pro forma) in the quarter
was $1.67B, an increase of 8% from
$1.55B in the prior period. Borouge
stated that it was committed to paying
shareholders $975M in dividends for
FY due to a favourable outlook for Q4.
Air Arabia
Q3 net profit (AED 209M)
Air Arabia is a low-cost airline based
in the United Arab Emirates. It was
established in 2003 and is headquartered
in Sharjah. The airline operates flights
to over 170 destinations in the Middle
East, Africa, Asia, and Europe, from
its main hub at Sharjah International
Airport. In the third quarter of 2022,
Air Arabia reported earnings of $113M
(AED 416M), demonstrating a good
performance in the face of resurgent
demand and network expansion. The
top low-cost carrier in the Middle
East posted earnings that were 99%
higher than the $57M (AED 209M)
reported in Q3 of the previous year.
When compared to the same quarter
last year, Air Arabia’s $436M (AED 1.6B)
in revenue is a 100% increase, which is
a sign of regaining confidence.
Dubai Aramex
Q3 net profit (AED 39.9M)
According to data source Refinitiv,
the logistics company Aramex, based
in Dubai, reported an 18% increase in
net profit from continuing operations
in Q3 2022 to AED 36.9M ($10M), far
below the analysts’ mean estimate of
AED 60M. According to a statement
released by the Dubai Financial Marketlisted
firm, net profit, including from
ceased operations, which includes
earnings from the sale of InfoFort in Q3
2021, was AED 39.6M. Despite a great
performance in the freight-forwarding
business, revenue for the quarter
decreased by 2% year over year (YoY)
to AED 1.42B, it was stated.
86 www.thefinanceworld.com February 2023

Anghami
Q3 net profit ($31.7M)
In Q3 2022, Anghami, a streaming service
that caters to the Middle East and
Africa, reported total revenue jumping
29% year over year from $24.5M to
$31.7M, while cutting its personnel by
a fifth. Despite a 15% growth in music
traffic in Q3 2022, the Abu Dhabi-based
business claimed that maintaining a
focus on profitability needed stringent
measures such as a 22% reduction in
workforce and a 19% savings in cloud
computing costs. Anghami is the goto
location for Arabic and worldwide
music, podcasts, and entertainment
as the first and top music streaming
technology platform in the Middle East
and North Africa.
UAE Julphar
Q3 net sales (AED 415.7M)
Gulf Pharmaceutical Industries
(Julphar) posted AED 415.7M in net
sales for Q3 2022, a 12.9% increase
from AED 368.2M in Q3 2021, and
reported both quarter-over-quarter
and year-over-year growth. This rise is
related to organic growth from Julphar’s
segment activities and reflects the
company’s increasing emphasis on its
Middle Eastern and North African core
regions, enhanced market access, and
fresh product introductions. EBITDA
(earnings before interest, taxes,
depreciation, and amortisation) from
continuing operations for the company
increased from Q2 2022 to Q2 2023 to
AED 47.5M.
Deyaar
Q3 net profit (AED 36.3M)
Dubai’s Deyaar Development generated
a net profit of AED 36.3M ($9.9M) in
Q3 2022 as opposed to AED 8.2M at the
same time previous year. According to
a regulatory statement on the Dubai
Financial Market by the developer,
revenue for the quarter totalled AED
207.7M as opposed to AED 120.7M
during the same period in 2021. The
developer reported a net profit of AED
103M for the nine-month period, up
from AED 30.8M in the same time last
year. Deyaar, which is majority owned
by the largest Sharia-compliant lender
in the UAE, Dubai Islamic Bank, had
previously stated that the settlement
offer consists of both money and land.
Abu Dhabi Yahsat
9-month revenue (AED 1.2B)
Al Yah Satellite Communications
Company (Yahsat), a provider of
satellite solutions, reported doubledigit
revenue growth and stated it
is on target to enhance its full-year
2022 dividend by at least 2%. The third
quarter’s total sales increased 15.8%
year over year to $109M. A year ago,
adjusted EBITDA was $55.2M; this year
it was over $66.9M. Revenue for the
first nine months of 2022 were AED
1.2B ($315M), an increase of 11% year
over year. According to the corporation,
adjusted EBITDA for the time period
increased 10% to AED 694M, resulting
in a “excellent” margin of 60%.
RAK Ceramics
Q3 net profit (AED 90.1M)
Leading global manufacturer of ceramic
living solutions, RAK Ceramics, has
reported a 42.0% increase in Q3 2022
net profit to AED90.1M ($20.53M),
and a 32.4% increase in year-over-year
growth in total revenue to AED 906.4M.
Despite rising input costs, supply chain
issues, KLUDI Group consolidation, and
most recently, disruption in Bangladesh
operations, the total gross profit margin
declined by 3.2% YoY to achieve 35%
for Q3 2022 and remained practically
stable YoY at by 36.8% for 9M 2022. The
revenue from tiles increased by 12.2%
YoY in Q3 2022 to AED 527.0M and by
12.0% YoY in 9M 2022 to AED 1.63B.
Volume and selling price increases were
the main drivers of growth.
Amlak
Q3 revenue (AED 504M)
Amlak Finance PJSC has released its
third quarter 2022 financial results.
Amlak recorded a net profit of AED 390M
in the first nine months of 2022. The
corporation concentrated on managing
its balance sheet and operations
sensibly. A one-time arbitration
settlement excluded, Amlak’s overall
revenue for the third quarter of 2022
fell from AED 604M to AED 504M, a
16% decline. The financial sector’s
revenues fell by 20% to AED 100M
in the first nine months of 2022 from
AED 126M in the corresponding period
of 2021. During the time period, the
corporation continued to be successful
with its asset and cash debt settlement
arrangements.
February 2023 www.thefinanceworld.com 87

Travel
UAE and Saudi Travellers’ Spending to
Increase in 2023
Travellers from Saudi Arabia and the United Arab Emirates will spend more
on travel in 2023 as the industry maintains its robust post-COVID rebound.
A
Marriott International survey
showed that travellers from
the UAE and Saudi Arabis
will spend more on travel
in 2023, a trend that will be mostly
driven by flexible and remote working
possibilities. 93% of those surveyed in
both markets by hospitality powerhouse
Marriott International said they
were planning trips, with about 66%
anticipating more vacations than in
2022.
“Travel trends for 2023 are more
interesting than ever due to the unique
situation we are in, as we look ahead to
the way consumers plan to travel this
year. What comes across very clearly is
a resurgence in the sector based in large
part on increased confidence amongst
travellers, with most planning to spend
more than last year and the demand for
luxury with travellers in the UAE and
Saudi Arabia remaining strong,” said
Neal Jones, Chief Sales and Marketing
Officer of Marriott International in
Europe, the Middle East and Africa,
according to Al Arabiya English. “This
clearly shows great optimism, but also
that people will be ring-fencing holiday
spending,” added Jones.
This is likely due to the rise of hybrid
and remote work after the pandemic, as
well as the desire of customers to feel
like they’re taking care of themselves
and doing something positive while
away from home.
“We know that travel means so
much more to people now. Beyond
visiting destinations, travel can now
be purposeful, educational, and
regenerative. We’ve seen a continued
trend in our guests’ desire to travel better
– being more proactive, progressive,
and wanting to affect positive change,
and all the while still indulging in global
exploration,” said. “Travelers are taking
a more considered and intentional
approach to where and how they travel.
They want a deeper connection to the
places they visit, getting to know the
people, history, food, and the culture of
a place. They’re shifting from a desire
of being ‘well-travelled’ to ‘travelling
well’,” he continued.
Authentic Travel
As the demand for unique and
meaningful travel experiences grows,
Some of the most
popular travel
trends expected
to dominate
the market in
the near future
include luxury
accommodation,
authentic travel,
workations, and
sustainability.
88 www.thefinanceworld.com February 2023

the concept of authentic travel is
gaining popularity. Authentic travel
is all about immersing oneself in the
culture and way of life of a destination,
rather than just seeing it as a tourist
destination. This type of travel is
especially beneficial for those who
want to learn more about the culture
and way of life of a destination, rather
than just experiencing it through tourist
activities. Authentic travel is becoming
more popular because it allows people
to experience the local culture and
environment in a different way, without
the preconceptions and stereotypes
of tourism. It’s not just about luxury
or exclusivity, but about having a
meaningful and human experience of
the place you are visiting.
According to recent research, many
people are looking to travel in an
authentic way this year, experiencing
a complete change of culture. In both
the UAE and Saudi Arabia, over half of
respondents said they were hoping to
explore new destinations and cultures.
“The freedom and flexibility of being
able to live and work while traveling the
globe is more appealing and achievable
now than it was prior to the pandemic,”
Jones explained.
‘Workations’ and ‘Bleisure’
Jones saw a rise in digital nomads
looking for opulent “workation”
experiences. “Flexible and remote
working patterns are set to continue”,
Jones said. “We need to ensure that we
can cater to changes in travel patterns
where people look to blend work
and leisure travel more or travel for
extended periods,” he added.
In 2020, the world began to shift
away from traditional full-time jobs in
favor of remote work. This change was
made especially necessary during the
early days of the pandemic when the
majority of the world was forced into
lockdown. As a result of this trend, the
number of digital nomads has grown
dramatically – people who choose to
work remotely, traveling the world in
order to do so.
With the increased interest in traveling
the world after the COVID-19 pandemic,
digital nomads are continuing to explore
new places. This has led to an increase
in demand for travel, especially among
those who are looking for an escape
from the aftermath of the pandemic.
The 2023 Marriott Bonvoy Travel Trends
report shows that a large number of
people from the United Arab Emirates
and Saudi Arabia are taking extended
holidays, indicating that being able to
work remotely allows them to take a
longer break without having to take
annual leave for the whole break. This
trend is likely to continue in the future,
as more people gain access to remote
work opportunities.
Many people are working remotely
and hybrid jobs in order to take short
trips instead of taking annual leave. In
2023, this trend will continue as 31%
of people from the UAE and 23% of
people from Saudi Arabia plan to take
a “work-away holiday” – where they
will continue to work whilst travelling,
thus allowing them to experience a
new place without taking traditional
vacation time.
Luxury Travel
The riches and grandeur of the Middle
Eastern area have a long history, and
this is strongly reflected in the culture
and way of life of many people. Luxury
travel is viewed as a means to splurge on
life’s better things and to take advantage
of all that the planet has to offer. When
compared to pre-pandemic levels,
reservations for premium properties
in the Middle East have increased
13% since April of last year, according
to booking statistics from Marriott
Bonvoy. “The collective mindset has
changed from viewing travel as a luxury
commodity to an activity vital to overall
well-being,” said Jones.
Sustainability
According to Marriott International,
sustainability is now a crucial
component in many people’s travel
plans, with 85% in the UAE and
80% in Saudi Arabia admitting that
environmental concerns now have an
influence on their arrangements.
“I’m delighted to see the priority
that so many travellers are putting
on sustainability, with most taking it
into consideration and many shaping
their holidays around this.” In the
UAE, 43% of people say environmental
considerations are important when
planning travel, while in 38% of people
Saudi Arabia say so.
Air travel is a big source of climate
change. The aviation industry is
projected to be a big driver of global
warming in the future. Moreover, air
travel is a major source of pollution;
noise pollution is especially harmful
because it can disturb the quality of life
for people living near airports, and it
can also harm wildlife and biodiversity.
The average spend per
person will be around
AED 3,000 on a holiday
in 2023, compared to
AED 2,500 in 2020.
Some people are also thinking about the
environmental impact of travel because
tourism can lead to the overconsumption
of resources in a destination area. This
can damage natural habitats, displacing
local communities, and use up water
and other resources.
The average spend per person will
be around AED 3,000 on a holiday in
2023, compared to AED 2,500 in 2020.
This is because airfares are going to
go up by around 15-20% over the next
few years. The UAE’s online travel
agency, Musafir.com, predicts that
the “International Travel” category
will grow faster in the next year than
it did in the previous one.
Sachin Gadoya, co-founder and
CEO of Musafir.com and Musafir
Business, says, “The travel sector
constitutes nearly 10% of global GDP
and authorities across countries have
been collaborating synergistically to put
in place the levels of safety, hygiene,
and comfort required for the sector to
regain its lost ground.”
Gadoya adds, “Consequently, FY
2022 witnessed a steady recovery for
leisure as well as business travel, on
the back of a significant reduction in
pandemic-related risk, eased travel
regulations worldwide, enhanced
traveller confidence and the desire at
corporate levels to resume productive
in-person engagements. The trend will
only strengthen in 2023. Overall, these
holiday destinations provide customers
with extremely good value for their
money.”
“Additionally, leisure travellers from
the UAE prefer visiting countries that
offer hassle-free easy visas, which could
be e-visas, visa-on-arrival or visa-free
destinations,” said Gadoya. “With
considerably eased travel regulations
these days, the average annual business
travel spend of SMEs in the UAE is
expected to grow by 15-20% in 2023 –
from AED 185,000 ($50,300) (2022) to
AED 220,000 (2023), which is indeed
very close to the pre-pandemic figure
of 2019 i.e. AED 250,000.”
February 2023 www.thefinanceworld.com 89

Travel News
UAE’s passport remains the world’s most powerful
UAE begins 2023 by maintaining
its position as the nation with
the most powerful passport in
the world, according to Arton
Capital’s global passport power index.
The passports are graded according to
how many countries their holders can
enter with a visa on arrival or without
one. 122 of the 181 countries that UAE
In ten months, about
150,000 Israeli visitors
travelled to the UAE
In the final 10 months of 2022, more
than 150,000 Israeli tourists travelled
to the UAE. This year looks
to be a promising one for tourism
growth between the UAE and Israel as
the two nations hope to increase flight
frequency. After the Abraham Accord
was signed in September 2020, the two
Middle Eastern states opened their
borders, which led to a flowering of
people-to-people exchange between the
two countries. Israel will provide entry
to any foreigners who have received
the Covid-19 vaccination as of March
1, 2022. In the final 10 months of 2022,
over 1,600 Emirati nationals travelled
from the UAE to Israel, according to
Pini Shani, senior vice president of the
Israel Ministry of Tourism.
citizens can visit without a visa. 79 out
of the total 181 nations will grant UAE
passport holders visas upon arrival.
Only 17 of the countries on the index
are visa-required for UAE citizens. The
highest-ranking passports add to the UAE’s
list of accomplishments, which already
includes the tallest skyscraper, deepest
pool, and tallest hotel in the world.
UAE embassy in China:
COVID-19 travel regulations
have changed
According to a statement
made by the UAE Embassy
in China, all nationals and
visitors departing China for
the UAE must have a COVID-19 PCR
test that is negative no more than 48
hours prior to their departure. The UAE
no longer requires “all persons upon
entry” to undergo quarantine, and it
now requires visitors from China to
fill out a health declaration form at the
Chinese customs port before arriving.
Recently, China relaxed its strict antivirus
regulations, which caused a spike
in COVID-19 cases among its 1.4 billion
people, many of whom have only weak
natural resistance to the virus.
UAE changes its visit
visa extension regulations
The UAE has suspended the
ability for travellers with visit
visas to renew their documents
from within the nation. The
action is a part of the government’s
efforts to reinstate the prior visa
conditions that were in force before the
pandemic, which required individuals
with visit visas to leave the country
and then travel back on a newly issued
visa. On the basis of humanitarian
considerations, the UAE has loosened
these regulations as travel became
challenging because of the Covid-19
outbreak, allowing people already
present to extend their visa. Citizens
of the Gulf Cooperation Council (GCC)
do not require a visa to enter the UAE
and may do so by presenting a passport
issued by a GCC nation.
Etihad and Emirates among
the most punctual airlines
in 2022
In 2022, Etihad Airways and
Emirates from the UAE ranked
among the top 20 most punctual
airlines in the world. Etihad and
Emirates were placed 19th and 20th,
respectively, in terms of on-time
performance (OTP), according to
statistics made public by the worldwide
data platform for the travel industry
OAG. Flights that arrive or depart within
15 minutes of their scheduled timings
are considered to be operating on time.
With cancellation rates of 0.55% and
0.02% respectively last year, Etihad and
Emirates had two of the lowest rates.
They were the only Gulf airlines to be
in the top 20 list for 2022.
90 www.thefinanceworld.com February 2023

BFC Payments
introduces a cuttingedge
travel card
BFC Payments, the Fintech
division of BFC Group
Holdings, has partnered with
M2P Fintech, the leading API
infrastructure provider in Asia, to
introduce an innovative multicurrency
card. As it enables quick top-ups,
immediate currency conversion, global
shopping, eating, and much more,
the new BFC Pay Travel Buddy gives
international travellers significant
convenience. M2P Fintech, a network
partner of Visa Platinum, and the
technology stack for issuing the card
are both supported by this. The currency
conversion rate can be secured using
the exchange rate lock feature.
Emirates will start flying again to Tokyo-Haneda
in April
Emirates will start operating
flights to Tokyo-Haneda
once more on April 2, 2023,
re-establishing its Japanese
network and giving passengers additional
options and flexibility. Flight
EK312 will leave Dubai at 07:50 and
arrive in Haneda at 22:35, and it will be
operated by one of Emirates’ newest
Boeing 777 “Game Changer” planes.
At 00:05, the return flight EK313 will
leave from Haneda and land in Dubai
at 06:20. Along with its daily A380
service to Tokyo-Narita and a daily
Boeing 777 service to Osaka, Emirates’
return to Haneda will help the airline’s
operations in the market.
Destination Bahrain
“needs a fresh tourism
strategy”
Legislators have urged the development
of a new tourism plan
that will maximise Bahrainis’
potential and promote the nation
as a family-friendly vacation spot.
It comes in response to MP Mohammed
Olaiwi’s assertion that numerous
foreigners with tourist permits were
“begging on streets” all around the
nation. During weekly meeting, he
said that the kingdom was “extending
its arms to the wrong individuals.” Al
Dar Island, which has just seven cabins
and nothing else, serves as an example
of how the country lacks sufficient
attractions and effective marketing
to draw tourists.
Ras Al Khaimah received
a record 1.13 million visitors
in 2022
Ras Al Khaimah welcomed over
1.13 million overnight guests
in 2022, a rise of 15.6% over
2021, according to the Ras
Al Khaimah Tourism Development
Authority (RAKTDA), marking the
Emirate’s highest-ever yearly tourist
numbers. The scores are higher than
pre-pandemic levels, demonstrating
recovery and toughness in a stressful
year. The Emirate also played home
to a large number of conferences and
events, such as the Arab Aviation
Summit for the second year in a row
and the inaugural Pacific Asia Travel
Association Annual Summit in the
Middle East. Additionally, it obtained
a three-year agreement to work with
the Global Citizen Forum to conduct
its esteemed annual summit.
Saudia opens Jeddah airport’s
operations building
At King Abdulaziz International
Airport (KAIA) in Jeddah, the
national airline of Saudi Arabia,
Saudia, has announced
the opening of a new operations building.
It also has a large operations
control centre, the largest of its kind
in the Middle East and the 12th largest
in the world. It was constructed
entirely by Saudi Airlines Real Estate
Development Company (SARED) over a
50,000 sqm area. The centre, according
to Saudia, coordinates between the
group’s business divisions, communicates
with planes via its cutting-edge
infrastructure to ensure control over its
operating plans, and tracks air traffic
across all national and international
airports in real-time.
February 2023 www.thefinanceworld.com 91

Wheels
2023 New Range Rover
The 2023 Range Rover is the
latest addition to the Range
Rover lineup, and it comes with
some impressive features. The
Range Rover has always been known
for its luxury and performance, and the
2023 model does not disappoint. The
exterior design is sleek and modern,
with a more aerodynamic shape that
helps it slice through the air with
ease. Inside, the interior is plush and
comfortable, with plenty of high-tech
features that make for an enjoyable
ride. The engine is a powerful 3.0-litre
V6 engine, which produces a healthy
amount of horsepower and torque. The
2023 Range Rover also comes with a host
of safety features, including airbags,
ABS brakes, and traction control.
Overall, the 2023 Range Rover is a great
addition to the Range Rover lineup.
It has all the luxury and performance
expected from a Range Rover, and
the new features make it even better.
The exterior is stylish and modern,
while the interior is comfortable and
feature-packed. The engine is powerful
and capable, and the safety features
make it a great choice for any driver.
If you’re looking for a luxury SUV that
can handle any terrain, the 2023 Range
Rover is a great option.
92 www.thefinanceworld.com February 2023

Specifications
Horsepower: 523 horsepower
Torque: 406 lb-ft
Acceleration: 0 to 100kmph in 4.3 seconds
February 2023 www.thefinanceworld.com 93

GROW YOUR
BUSINESS
We make Short / Long Term
Investments in Growing Businessess
www.wasayainvestments.com
94 www.thefinanceworld.com February 2023

February 2023 www.thefinanceworld.com 95

Sports
Dubai to Expand the Scale of Its Sport
Industry with a 10-Year Plan
A 10-year plan for growing the sports industry in the emirate has been
approved by the Dubai Sports Council. As part of the plan, 3,000 local,
regional, and international events as well as 1,000 international training
camps will be organised.
The strategy is supported by the
goals of the Dubai Economic
Agenda (D33) and aims to double
the contribution of the sports
sector to the emirate’s GDP. It was
approved by His Highness Sheikh Mansoor
bin Mohammed bin Rashid Al Maktoum,
Chairman of the Dubai Sports Council
(DSC). In keeping with the leadership’s
vision for the UAE and His Highness
Sheikh Mohamed bin Zayed Al Nahyan’s
orders, who declared 2023 to be the
“Year of Sustainability,” His Highness
emphasised the significance of putting
sustainability measures into action in
the sports sector.
“The declaration by Sheikh Mohamed
bin Zayed Al Nahyan to declare 2023 the
‘Year of Sustainability’ reflects the UAE
leadership’s commitment to implementing
sustainability-focused initiatives that
seek to ensure a better tomorrow for
future generations,” His Highness Sheikh
Mansoor said as he presided over the DSC
meeting. “We continue to be dedicated
to advancing sustainability in the sports
industry in accordance with the President
of the UAE’s orders,” His Highness added.
Lieutenant General Abdulla Khalifa Al
Marri, Commander-in-Chief of the Dubai
Police and Member of the DSC Board of
Directors, Mattar Mohammed Al Tayer,
Vice Chairman of the DSC, and Board
Members Hala Badri, Sami Al Qamzi,
Moaza Al Marri, Saeed Hareb, Secretary
General of the DSC, and Nasser Aman Al
Rahma, Assistant Secretary General of
the DSC all attended the meeting, which
was held at the Council headquarters.
According to His Highness Sheikh
Mansoor, a number of initiatives will
start in 2023 with the goal of improving
the sector’s performance and its GDP
contribution. These measures will further
strengthen Dubai’s position as a major host
city for international athletic competitions
and training camps. His Highness said,
“The year 2023 will build on the success
96
www.thefinanceworld.com February 2023

His Highness Sheikh Mansoor bin
Mohammed bin Rashid Al Maktoum,
Chairman of the Dubai Sports Council
of 2022, which saw the inauguration of
numerous major international competitions,
including the Dubai Super Cup and the
World Tennis League”.
Additionally, he gave orders to hold
500 more sporting events in Dubai each
year. As directed by His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of
the UAE and Ruler of Dubai, this will
gradually be increased to 1,000 events
per year. The Council’s newly unveiled
2023-2033 strategy aims to strengthen the
role of the sports industry in achieving
H.H. Sheikh Mohammed bin Rashid Al
Maktoum’s vision and the goals of the
Dubai Economic Agenda (D33). According
to His Highness Sheikh Mansoor, the plan
will also help Dubai become known as a
major talent magnet and a top athletic
destination worldwide. The plan involves
a number of initiatives and programmes
that aim to keep up with regional and
worldwide trends in the industry.
The strategy’s main goals include
organising 3,000 local, regional, and
worldwide events as well as 1,000
international training camps, increasing
the sports sector’s annual contribution
to Dubai’s GDP from 2% to 4%, and more.
Additionally, he continued, “the policy
intends to organise 90% of sporting events
in collaboration with the private sector”.
Additionally, His Highness Sheikh
Mansoor gave instructions to create
incentives for encouraging sports
in coordination with the Knowledge
and Human Development Authority
(KHDA) and the Dubai Health Authority
(DHA). He also gave instructions for the
establishment of an award programme
to honour schools that have taken steps
to improve kids’ health and wellness
through sports. The panel also reviewed
The Council’s newly unveiled 2023-2033
strategy aims to strengthen the role of the
sports industry in achieving H.H. Sheikh
Mohammed bin Rashid Al Maktoum’s
vision and the goals of the Dubai
Economic Agenda (D33).
the calendar of competitions and events
that Dubai will hold in 2023 as well as
measures intended to entice sportsmen
to Dubai clubs.
The new strategy includes five pillars:
• Constructing a new sports future
through the creation of e-sports,
metaverse, and AI-focused solutions.
• Highlighting the economic impact
of sports on the local economy and
Dubai’s viability as a worldwide
sports hub.
• Ensuring that everyone in the community
has access to sports.
• Creating an environment that will
draw athletes.
• Establishing a digital institutional
structure that is fully interconnected
and integrated to ensure the sports
industry is fully governed.
All eyes are on the Gulf region as a centre
for global sport following the success
of the FIFA World Cup Qatar 2022. The
Gulf states are rapidly rising to the top
of the table in this area, hosting events
like the World Tennis Championships, F1
Grand Prix races, and the ambitious UAE
Sports Sector Strategy 2032. Therefore,
it should come as no surprise that His
Highness Dubai’s Crown Prince Sheikh
Hamdan bin Mohammed bin Rashid Al
Maktoum will extend a cordial welcome
to “all the stars, clubs, and teams who
select our nation”. The growth of sport in
the Gulf is evident. There will therefore
be many business opportunities related
to tourism.
The Gulf nations have been actively
increasing their involvement in professional
sport for some time now through strategic
investments in some of the biggest football
clubs, most notably Qatar’s ownership
of Paris Saint-Germain (PSG), the UAE’s
acquisition of Manchester City, and more
recently Saudi Arabia’s acquisition of
Newcastle United. Control of these wellknown
football brands, together with a
number of high-profile sponsorship deals
over the past ten or so years, have made
the Gulf region a genuine competitor in
the field. The success of the Qatar World
Cup serves as more evidence of the Gulf
governments’ steadfast commitment to
professional football.
Mixed Martial Arts (MMA) is a more
recent addition to the line-up in the Gulf
states. The UAE has hosted prestigious
mixed martial arts (MMA) events for more
than ten years and joined the International
Mixed Martial Arts Federation (IMMAF)
in 2021. The UAE Mixed Martial Arts
Federation (UAEMMAF) serves as the
region’s official MMA governing body
and supplier. It has its headquarters in
Abu Dhabi, which is frequently regarded
as the Jiujitsu world capital. As part of
the Jiujitsu World Championship in 2022,
the emirate welcomed more than 7,000
athletes from 100 different nations.
The region is well-positioned for
tourism expansion as a result of the
UAE’s expanding status as a centre
for international sport. It goes without
saying that this creates a plethora of
commercial opportunities for sportssavvy
investors, from greater demand
for internal and external transportation
linkages to increased customer traffic
for food and beverage vendors. Major
occurrences also result in an increase
in short-term rentals, some of which
unavoidably increase real estate sales.
Along with tourism in general, retailers and
the lodging industry benefit from sports
tourism, for it acts as a springboard for
other types of travel in the future, such
as upscale cruises as well.
February 2023 www.thefinanceworld.com 97

Sport News
Asia cup to be hosted by Saudi Arabia
The Asian Football Confederation
(AFC) is holding its most
prestigious football tournament,
the Asian Cup, in Saudi Arabia
for the first time. The Gulf country will
be the host of the 2027 edition of the
Asian Cup. Sheikh Salman bin Ebrahim Al
Khalifa retained his role as the president
of the AFC for a final four-year term. Saudi
Arabian Yasser Al Misehal was elected
Tickets for the F1 Abu
Dhabi Grand Prix on sale
Tickets for the 15th edition of
the Formula 1 Etihad Airways
Abu Dhabi Grand Prix is on sale
now. The 23rd and final race of
the season will take place from November
24 to November 26 at Yas Marina
Circuit, closing out the longest season
in the sport’s history. Organizers have
confirmed that early ticket purchasers
will receive a discount of up to 20% off
selected tickets while availability lasts.
The tickets for the 2022 edition of the
event sold out quickly, in spite of the high
prices. This year there is an exciting finish
to the F1 season and some surprising
twists in the Formula 2 and Formula 4
support categories. There is also a line-up
of global music superstars and a range
of world-class hospitality experiences.
Saif Al Noaimi, CEO of Abu Dhabi Motorsports
Management, said that the 2023
edition of the Abu Dhabi Grand Prix will
be different from past editions because
of the new location.
to the FIFA Council alongside Japanese
Kohzo Tashima, Sheikh Hamad Khalifa
Al Thani from Qatar, Mariano Araneta
of the Philippines, and Malaysian Haji
Hamidin bin Haji Mohd Amin. Laos’
Kanya Keomany was elected to take the
FIFA Council seat reserved for female
representation, making her the first
woman to hold this position.
Dubai welcomes Padbol
Gulf Cup
The EmiratesPadPro will be
hosting the Padbol Gulf Cup
in Dubai from February 10 to
February 12 for the first time in
the Middle East. The UAE will compete
against neighbouring Gulf countries in
the Gulf Cup. Padbol is a sport that is
a fusion of football, tennis, volleyball,
and squash. It has been growing rapidly
and is now being recognized around
the world. In particular, it is popular
in the Middle East. The Gulf Cup will
be hosted at EmiratesPadPro’s 10,000
sqft. sports complex in Al Quoz, with
each country competing with 10 players,
divided into 5 teams. 3 of the 5 UAE
teams will be made up of Emirati
players who will be trained by Gonzalo
Martin Maidana, a renowned player of
the Argentina National Padbol team,
who recently joined as Head Coach at
EmiratesPadPro.
Golf Saudi names Noah
Alireza as its new CEO
Golf Saudi has announced that
Noah Alireza has been appointed
CEO, replacing Majed Al Sorour.
Alireza is a former member of
the Saudi Arabian national team who has
experience in strategic advisory work
with various entities within the Saudi
government and private sector. He is also a
golfer and a graduate of Brown University.
Alireza will be responsible for activating
and accelerating Golf Saudi’s mandate
of creating and serving new demand for
golf in Saudi Arabia by conducting mass
participation programmes and increasing
access to the sport for all. Al Sorour will
continue to serve on the boards of Golf
Saudi, the Saudi Golf Federation, and the
Arab Golf Federation Golf Saudi has been
working to get more people interested
in golf, through a variety of activities.
In the last year, over 50,000 individuals
have been introduced to the sport. The
organization has put a lot of effort into
creating a sustainable golf ecosystem, and
has worked closely with the United Nations’
Sport for Climate Action Framework and
the Club Managers Association of Europe.
Teams from the UAE and
the AM triumphed at the
IFZA Silver Cup
The fourth day of the IFZA Silver
Cup 2023 tournament consisted
of two exciting matches at Al
Habtoor Polo Club. The IFZA
Habtoor Polo team lost to the UAE Polo
team in a match. The UAE team had a 3-goal
lead at the end of the first chukker, but
the IFZA team managed to close the gap
in the next chukker. At the half, Habtoor
Polo trailed UAE Polo 3-0, but the Dubai
team was able to match each of Habtoor
Polo’s attempts by the end of the fourth
chukker. The last round of the tournament
saw a flurry of goals from both teams,
but ultimately, the significant lead of the
UAE Polo team gave them their second
victory in the competition. The first two
chukkers of the next game saw the AM Polo
team take the lead. The excitement level
increased as Ignacio Negri from Bangash
Dodson & Horrell Polo tied the scores at
halftime. The two teams were neck and
neck at the penultimate chukker, with
Tomas Llorente Jr. and Isidro Strada each
scoring two goals.
98 www.thefinanceworld.com February 2023

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