The Finance World Magazine| Edition: April 2023

The UAE To Extend the Prospects of the 5-Year UAE Tourist Visa
UAE Boosts Sporting Events for Sports Tourism and Business Opportunities
ADNOC Gas makes record-breaking market debut in ADX
M&A Deals in the MENA Region Hit Unprecedented Leve
April 2023
Disruptive Investment
Reshapes the Market
Hadif Abdullah Zamzam, Senior Associate – Value Creation,
Disruptive Investments, Mubadala Investment Company
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P22 | UAE and Turkey CEPA
Agreement Sets the Ground for
Novel Business Opportunities
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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
Disruptive investment is an emerging trend in the UAE,
focusing on innovative technologies and business models.
The government’s support of entrepreneurship and the
country’s business-friendly environment have facilitated
distinguished growth, with fintech, healthcare, logistics, and
e-commerce as the primary domains for investment in startups and
emerging companies. In this edition, our cover story delves into the
world of disruptive investment and its potential to transform markets,
featuring an exclusive interview with Hadif Abdullah Zamzam, Senior
Associate – Value Creation, Disruptive Investments at Mubadala, who
shares his insights on this topic.
In addition, we feature interviews with prominent CEOs, including
Nilay Ranjan Singh of State Bank India, DIFC, Raman Thiagarajan, CEO
& Founder of Zenda, and Naveen Bharadwaj, Group CEO of Trescon.
They provide valuable insights on various topics related to business
and investments, particularly in the fintech area.
The articles in this edition cover a diverse range of topics, such as
the UAE and Turkey CEPA agreement that sets the ground for novel
business opportunities, cryptocurrency adoption in the UAE and
how it is expected to disrupt trade and payment systems, buying and
selling properties in Dubai and strategies to boost profitability, and
many more articles that offer critical analysis and insights on current
trends and issues in the business and investment domains.
With regard to the news segments, we have compiled a condensed
compendium of the most notable advancements in the field of finance.
We have meticulously sifted through the latest trends and updates,
spanning an array of pertinent topics such as corporate results,
corporate tax, startups, banking, funding, investment, fintech, digital
assets, and beyond.
We aim to espouse the vision of the UAE’s wise leadership on the
nation’s development path, highlighting the social, economic, and
developmental aspects shaping this dynamic nation. To that end, we
tirelessly curate the latest and most credible finance news for our
readers, with the aim of advancing financial literacy and contributing
to Dubai’s journey to becoming one of the world’s most pioneering
economies.
- Ambrish Agarwal, Editor in Chief
- Ambrish Agarwal, Editor in Chief
Editor’s Note
Advertisers advertised in this guide are included on a sponsored basis.
Details are correct at the time of going to press, but offers and prices
may change.
April 2023 www.thefinanceworld.com 5
September 2022 3

Contents March
2023
PERSONAL FINANCE
P08 | Understand Your Credit
Score and Why It Matters
UAE BANKING
BUSINESS
ENERGY
P36 | EWEC’s Mirfa 2 Project:
Another Ground-breaking Initiative
Propelling UAE to the Forefront of
Sustainable Development
P40 | Energy News
HEALTHCARE
P10 | UAE residents get a chance
to improve their credit score
P12 | UAE Banking News
UAE REFORMS
P22 | UAE and Turkey CEPA
Agreement Sets the Ground for
Novel Business Opportunities
P24 | Business News
COVER STORY
P44 | The UAE’s Healthcare sector
to see significant growth and
expansion in 2023
P46 | Healthcare News
Interview
P14 | Central banks of UAE
and India join forces to boost
financial products
FINTECH
P28 | Hadif Abdullah Zamzam,
Senior Associate – Value
Creation, Disruptive Investments
at Mubadala, speaks about
Disruptive Investment and its
potential to revolutionize markets
START-UP
P48 | Nilay Ranjan Singh, CEO of
State Bank India, DIFC
MERGERS AND
ACQUISITIONS
P16 | Eight UAE-Based Fintech Startups
to Watch in 2023
P18 | Fintech News
P20 | Fintech Application
6 www.thefinanceworld.com April 2023
P32 | Four Promising Dubai-Based
Agritech Startups to Watch in 2023
P34 | Start-up News
P50 | M&A Deals in the MENA Region
Hit Unprecedented Levels
P52 | Mergers & Acquisitions News

CRYPTOCURRENCY
FUNDING & INVESTMENT
TRAVEL
P54 | Cryptocurrency Adoption in
UAE: How Will This Disrupt Trade
and Payment
P58 | Cryptocurrency News
Interview
P70 | The UAE Diversifies Investment
Options to Boost Its Position as a Global
Investment Hub
P72 | Funding & Investment News
DIGITAL ASSETS
P74 | Are NFTs Digital Assets?
What Should You Know Before
Investing in NFTs?
STOCK MARKET
P84 | Six Lavish Destinations to
Escape from Business-Related
Pressure
P87 | Travel News
SPORT AS A BUSINESS
P60 | Naveen Bharadwaj, Group
CEO, Trescon
P62 | Raman Thiagarajan, CEO &
Founder of Zenda
REAL ESTATE
P64 | Buying and Selling
Properties in Dubai: How to Boost
your Potential for Profit
P67 | Real Estate News
P76 | ADNOC Gas makes recordbreaking
market debut in ADX
CORPORATE TAX
P80 | UAE’s Federal Tax Authority
Sets the Ground to a Seamless
Corporate Tax System
P82 | Corporate Results
P90 | UAE Boosts Sporting Events
for Sports Tourism and Business
Opportunities
P92 | Sports News
P94 | Tourism
P96 | Investing in Art
P98 | Global News
P102 | Investing in Tourism
P104 | Local News
P21 | 39 | 57 | 69 |
Launch Express
P26 | P42 | P78 | P100 | Wheels
P49 | P69 | Tech My Money
April 2023 www.thefinanceworld.com 7

Personal Finance
Understand Your Credit Score and Why
It Matters
Credit score is a numerical representation of an individual’s creditworthiness
based on their credit history. It is a crucial factor that lenders and financial
institutions consider when deciding to approve or deny credit applications. A high
credit score indicates a good credit history and responsible financial behaviour,
making it easier to obtain credit with favourable terms and lower interest rates.
Conversely, a low credit score can lead to difficulty in obtaining credit or result
in higher interest rates and less favourable terms. Continue reading if you want
to know more about your credit score and why it matters.
Lenders rely on a credit score,
which is a number consisting
of three digits, to assess the
level of risk involved in lending
money to a borrower. Different types of
lenders, such as credit card issuers, car
dealerships, and mortgage lenders, use
this score to determine the amount they
can lend and the interest rate they will
charge. Additionally, insurance companies
and landlords may also consider your
credit score to evaluate your financial
responsibility before providing insurance
coverage or renting out an apartment.
What is credit?
Credit provides the option to borrow
money for necessary or desired purchases
and pay for them later or in instalments.
Examples of credit include personal
loans, mortgages, car loans, and credit
cards. Among these, credit cards are
the simplest form of credit, providing a
predetermined credit limit that can be
used to make purchases. When utilized
responsibly, credit enables individuals
to make significant purchases, such as
buying a car, that they may not have been
able to afford upfront.
However, using credit recklessly can
result in accumulating excessive debt,
increased debt payments, higher interest
rates, and a diminished credit score,
which can hinder one’s ability to obtain
credit. Moreover, it can have a detrimental
impact on one’s overall finances and lead
to stress. It is, therefore, crucial to use
credit only for purchases that can be
paid off in a timely manner.
Consolidate your debts?
Having good credit could increase your
chances of obtaining lower interest rates
8 www.thefinanceworld.com April 2023

when applying for a loan to purchase a
car or a house. Lenders take into account
your credit score and payment history,
and if they are satisfactory, you may
qualify for a lower interest rate, which
means you would pay less over the
course of the loan. On the other hand, a
poor credit score or unreliable payment
history could lead to higher interest rates
and less favourable financing options.
Your credit history could also impact
your ability to get approved for a rental
application. Some landlords or rental
companies may review your credit report
to assess your likelihood of paying rent
on time.
In addition, when seeking employment,
your credit report may be examined by
potential employers, particularly for roles
involving finances or management. This
is because employers want to ensure that
you are responsible with money.
What are the factors that affect your
credit score?
The first factor that affects your credit
score is payment history, which makes
up 35% of the total score. It determines
whether you pay your bills on time or
not. Late payments negatively impact
your score, and the later you pay, the
more it affects your score. If you’ve had
issues like bankruptcy, foreclosure, or
collections, other lenders may see this
as a warning sign and may be less likely
to lend to you.
The second factor is debt, which
accounts for 30% of your score. Even if
you pay your bills on time, having too
much debt compared to your credit limit
can harm your score. If you’ve reached
your credit limit but have a balance of $0,
this can still negatively affect your score.
Credit history is the third factor,
making up 15% of your score. This factor
considers how long you’ve been using
credit; a longer credit history with active
accounts improves your score. However,
having a short credit history with ontime
payments can still be favourable
for your score.
New credit accounts for 10% of your
score. Applying for several accounts
within a short period can hurt your score
temporarily, as lenders may check your
credit information, leading to a slight
decline in your score. Lastly, the types of
credit you use make up the final 10% of
your score; having a variety of accounts
like credit cards, store accounts, and
mortgages can be beneficial to your score.
What should you do when you have
a bad credit score?
It takes time to increase your credit
score, but the payoff in the long run is
worth it. To start improving your score
today, you can take certain actions,
although it’s recommended to allow
3 to 6 months before making a major
purchase. Here are some suggestions
that may aid in boosting and maintaining
a good credit score:
• Examining your credit report for
errors: Any inaccuracies, such as
a reported late payment that never
occurred, can result in a significant
reduction in your score.
• Paying your bills on time: It is one of
the most effective ways to enhance your
credit score. You may make it simple
for yourself by setting up payment
reminders or enrolling in automatic
drafts through your bank or lender.
• Reducing your debt: It is another
essential step in improving your score.
Start by paying off your highest balances
first, and if feasible, pay more than
the minimum payment. Stop using
high-interest credit cards, if possible.
• Avoid new credit card purchases
or card applications: Keeping your
balances low will help improve your
credit utilization ratio, which can have
a negative influence on your score.
Don’t cancel any loan accounts or credit
cards because credit age contributes
to your score.
• Seek credit counselling if necessary:
If you require assistance, various
agencies are available to help you.
With a positive
credit score and a
consistent payment
history, you could
be eligible for a
reduced interest
rate and save a
significant amount
of money in the
long run!
What the risks of using credit?
Making impulsive use of credit can harm
your credit score, making it harder for
you to qualify for credit in the future or
leading to higher interest rates on loans.
It’s also easier to spend more than you
can afford with readily available credit,
which may result in larger debt payments
that could be challenging to manage.
However, by paying your bills on time,
maintaining low account balances, and
using credit sensibly, you increase your
likelihood of obtaining a loan with a
competitive interest rate, but if your
credit score requires enhancement, it’s
advisable to allow sufficient time before
applying for a loan to allow for any
modifications to take effect.
April 2023 www.thefinanceworld.com 9

UAE Banking
UAE residents get a chance to improve
their credit score
The Al Etihad Credit Bureau
is considering a proposal to
implement a program that
offers a chance for UAE
residents with low credit scores caused
by bounced cheques or payment delays
to improve their ratings. The plan aims
to reward individuals with positive
points rather than solely penalizing
them. If the program is approved, people
with average credit scores will have an
opportunity to reset their credit history,
increasing their chances of securing
loans or engaging in transactions that
require cheque submission.
According to Marwan Ahmad Lutfi,
CEO of AECB, missing a few payments
due to job loss should not negatively
impact an individual’s credit history
for five or more years. He proposes a
new system that rewards individuals
for positive behaviour instead of solely
penalizing them for non-payments.
The current credit rating system takes
6-12 months of consistent payments
to recover from non-payments, but
Lutfi wants to implement a scheme
that offsets any shortcomings with
positive actions. He suggests that this
10 www.thefinanceworld.com April 2023
system would be unique to the UAE
and not currently in place anywhere
else in the world.
In the UAE, credit scores are based
on a person’s history of defaulting on
payments, including checks, utility
and phone bills, and court judgments
involving financial obligations. The Al
Etihad Credit Bureau scores people
on a scale of 300-900, and delayed or
missed payments result in lost points,
affecting their chances of obtaining
loans or other services. These credit
ratings have become crucial for the
banking industry, as they immediately
determine the eligibility of applicants.
If the proposed plan is approved, the
AECB could include positive attributes
that offset negative ones, allowing
individuals to earn points for good
credit behaviour. This system would
differ from the current one, which only
punishes those with poor credit scores.
A reward scheme for good credit
behaviour may be introduced by AECB
as early as next year. To implement this
scheme, the credit bureau will require
extensive analysis, consumer behaviour
modelling, and testing with banking
The system would
be ground-breaking,
exclusively
implemented in
the UAE, and not
replicated anywhere
else globally, offering
a distinctive approach
to the country’s
operations.
partners. The aim of this change is to
improve the credit scoring model and
reward good credit behaviour, rather
than solely penalizing individuals.
However, the bureau clarified that
they do not have any influence over
a bank’s decision to lend money to an
individual or business.

UAE Banks Federation organises workshop
on combating money laundering
UBF, which represents banks
in the UAE, recently held
an online workshop to
address the issue of trade
and credit document-based money
laundering. The workshop is part of
the federation’s continuous initiative
to enhance frameworks and processes
that promote compliance and risk
management at its member banks.
Under the guidance of the Central
Bank of the UAE, the workshop aimed
at improving the banking and financial
system’s ability to prevent economic
crime. It emphasized the important
role played by banks in combatting
money laundering that is based on
trade and credit documents, which
aims to disguise illegal proceeds as
legitimate business transactions. Such
practices negatively affect the global
trading system, reduce financial system
efficiency, and pose significant risks to
the economic and social landscape. The
workshop also highlighted the severe
consequences of money laundering,
which often funds criminal and terrorist
organizations that harm individuals
and communities globally.
“The UAE Banks Federation strives
to enforce top compliance standards
in banks and financial institutions
through various initiatives.”
The UAE Banks Federation is
committed to maintaining the UAE’s
position as a leading financial centre
that upholds high standards of
transparency and compliance with
international agreements. In this regard,
the Federation has organised various
events and discussions to promote
awareness and equip stakeholders
with the tools to identify, prevent, and
prosecute illegal activities. With the rise
of financial crimes that exploit global
trade, the Federation acknowledges the
growing risks facing the banking and
financial sector and is taking measures
to update legislation and introduce
new laws to ensure safe banking for
customers.
The Federation is making efforts
to ensure that banks and financial
institutions adhere to high compliance
standards by taking multiple steps and
initiatives. One of these initiatives is
to educate customers and the public
to create the necessary conditions for
compliance. The federation organizes
various events such as the annual
Regulatory Compliance Conference
and several seminars to ensure that
banks comply with the Financial Action
Task Force (FATF) requirements and
national anti-fraud campaigns.
Jamal Saleh, Director-General of UAE
Banks Federation, said, “The banking
sector plays a critical and decisive
role in detecting money laundering
based on trade and documentary
credits, as banks represent the first
line of defence against financial crimes
through several procedures, including
due diligence through effective risk
assessments, monitoring of traderelated
suspicious transactions, and
comprehensive and regular training of
staff to combat money laundering and
other financial crimes. Furthermore,
by sharing information within the
banking sector and with regulators and
law enforcement agencies, assisting in
identifying and mitigating risks and
promoting investment in cutting-edge
technology that helps fight financial
crime to promote a safer financial
system.”
April 2023 www.thefinanceworld.com 11

UAE Banking News
UAE Banks’ Investment
Portfolio Surges to
$144B in 2022
The UAE’s banking industry
experienced impressive
growth by the end of
December 2022, with a new
record high of AED 528B, reflecting
an 11.5% year-on-year increase or AED
54.5B in comparison to the same period
in 2021. The data also highlights a
monthly growth rate of 3.25% or AED
16.6B in UAE banks’ investments, rising
from AED 511.1B in November 2022 to
AED 527.7B in December 2022. The
report reveals that bonds made up 49%
or AED 258.5B of banks’ investments,
while the investments in securities
held to maturity accounted for 39.6%
or AED 208.9B, and other investments
amounted to AED 48.3B.
Edmond de Rothschild establishes MENA Hub in
Dubai’s DIFC
Edmond de Rothschild, a
Swiss private bank and
asset management company,
has opened a Middle East
and North Africa (MENA) hub in the
Dubai International Financial Centre
(DIFC). The hub aims to meet the
growing demand for sustainable and
innovative investments in the region,
and provide clients with a range of
wealth management and advisory
services. The DIFC’s strategic location,
regulatory framework, and connectivity
to global financial centres make it an
ideal destination for financial institutions
looking to expand in the MENA region.
Edmond de Rothschild’s MENA hub is a
significant addition to Dubai’s financial
landscape, which is rapidly growing as
a global financial hub.
UAE’s Naqd Bank receives Preliminary Approval
from Central Bank
The Central Bank of the UAE
has granted preliminary
approval to Royal Strategic
Partners (RSP) for launching
NAQD Community Bank (Naqd), a
digital banking solution for companies
operating in various sectors, with a
focus on eCommerce and omnichannel
entities. Naqd will provide financial
offerings to the banked and unbanked
population, micro-SMEs and start-ups
in the UAE, using machine learning –
artificial intelligence ecosystem (ML-AI)
technology and others. The bank aims
to promote the development of digital
banking in the country and support the
strong regulatory frameworks being
established. It will offer customers a
unique, secure and seamless banking
experience to aid the UAE’s digital
transformation goals.
e& money partners with Mastercard to launch digital-first prepaid card
e& money, the financial services
arm of e&, has partnered with
Mastercard to launch a digitalfirst
pre-paid card, enabling
users to make international fund
transfers, peer-to-peer payments and
more. The move aims to drive financial
inclusion and accessibility for all
segments of UAE society, with the
company already offering integrated
point-of-sale payments. Customers
can make online or in-store payments
instantly from anywhere in the world,
initially using virtual cards before
receiving physical cards for offline
payments. With digital payments,
such as e-wallets, increasingly popular
among UAE consumers, the pre-paid
card could see cash-based payments
lose further ground.
12 www.thefinanceworld.com April 2023

Shareholders of FAB greenlight $1.56B dividend payout for 2022
First Abu Dhabi Bank (FAB),
the largest lender in the UAE,
has announced the approval
of a dividend payout of AED
5.74B ($1.56B) for the fiscal year ended
December 31, 2022. The full-year cash
dividend stands at AED 0.52 per share,
according to a statement by the bank.
The announcement comes after FAB
reported a 7% rise in its net profit for
2022, largely driven by higher interest
income and the strong performance of its
core business. The bank also elected its
board of directors for the next three-year
term, including Mariam Al Mheiri as the
first-ever female member.
EDB approves $1.66B in
financing during 2022
Emirates Development Bank
(EDB), a state-owned lender
that focuses on financing
the UAE’s priority sectors,
has approved AED 6.1B ($1.66B) in
financing during 2022 to drive the
country’s industrial growth. The funding
represents an almost eightfold increase
compared to the previous year. EDB
approved AED 1.8B in loans to small
and medium-sized enterprises, which
is a 387% YoY increase. EDB’s credit
guarantee programme with partner
commercial banks provided AED
611M in indirect financing while
loans disbursed through the EDB
micro-lending platform, powered by
Beehive, exceeded AED 100M. Loans
approved for large corporates surged
to AED 4.3B, mainly for projects
in national priority sectors such as
data centres, desalination plants,
hospitals, transport, manufacturers,
and specialised logistics.
ICBC launches $2.2B Green Bonds on Nasdaq Dubai
Industrial and Commercial Bank
of China (ICBC) has listed four
green bonds worth $2.2B on Nasdaq
Dubai, making it the first Chinese
bank to start the year with a multicurrency
capital markets transaction.
The carbon-neutral themed bonds, with
tenors of two and three years, were
issued by ICBC’s branches in Dubai,
According to data from
the Central Bank of the
UAE, excluding interbank
deposits, the amount of
money saved in the UAE banking
system increased to AED 245.867B at
the end of December 2022, showing
a YoY growth of approximately AED
4.00B or 1.7% from AED 241.82B in
November 2021. The Central Bank’s
records demonstrate that there has
been a significant increase in savings
deposits in recent years, rising from
AED 152B at the end of 2018 to AED
Hong Kong, Singapore, and Sydney.
The listing was marked by the ringing
of the market opening bell by Zhang
Yiming, Ambassador of the People’s
Republic of China to the UAE, and was
accompanied by top executives from
ICBC and Nasdaq Dubai. The offering
saw strong and diverse demand from
international investors.
$67B saving deposits in UAE Banks by end of
December 2022
172.2B in 2019 and AED 215.2B in
2020. The bank’s statistics further
reveal that demand deposits grew to
AED 907.35B by the end of December
2022, exhibiting a YoY growth of 7%
from AED 533.57 in December 2021.
April 2023 www.thefinanceworld.com 13

UAE Reforms
Central banks of UAE and India join forces
to boost financial products
The UAE Central Bank and
the Reserve Bank of India
have recently entered into an
initial agreement to enhance
cooperation and facilitate creativity
in financial offerings and facilities.
This agreement, which was signed
in Abu Dhabi, involves both banking
regulators collaborating on various
emerging aspects of FinTech, such as
Central Bank Digital Currencies, and
investigating compatibility between
their CBDCs, as stated by the UAE
Central Bank in a statement. According
to the agreement, they will carry out
trials and initial implementations of a
reciprocal CBDC bridge to allow for
cross-border CBDC transactions of
remittances and trade.
With the increasing acceptance of
cryptocurrencies as an asset class
among individual and institutional
investors, central banks are exploring
the creation of digital currencies. Last
month, the UAE Central Bank announced
a programme to accelerate the digital
transformation in the financial services
sector, with initiatives spanning open
finance and a new digital currency.
14 www.thefinanceworld.com April 2023
The new CBDC will be used for both
cross-border payments and domestic
usage to “address the problems and
inefficiency of cross-border payments
and help drive innovation for domestic
payments, respectively”, the regulator
said at the time. The UAE Central Bank’s
latest agreement with the Reserve
Bank of India also includes technical
collaboration and knowledge-sharing
on matters related to FinTech and
financial products and services.
“This bilateral engagement of testing
cross-border use case of CBDCs is
expected to reduce costs, increase
efficiency of cross border transactions
and further the economic ties between
India and UAE,” the statement said.
In the previous year, India’s primary
bank introduced its initial test program
for the e-rupee, which authorized
certain banks to employ the digital
rupee to resolve secondary market
transactions concerning government
bonds. The bank intends to begin trials
of retail applications for the digital
version of the Indian rupee.
Furthermore, Fitch Ratings stated
that the swift advancement of CBDCs
As
cryptocurrencies
gain acceptance
among investors,
central banks
are exploring
digital currency
creation.
could enhance financial inclusion
and stability. According to a recent
report by the Boston Consulting
Group, CBDCs will continue to gain
ground as regulators customize them
to supplement cash with digital central
bank currency.

DIFC hosts the official launch of the world’s
first dedicated centre for family wealth
Dubai International Financial
Centre (DIFC) inaugurated
the world’s first exclusive
centre for family wealth,
consistent with the UAE’s goal of
assisting family businesses in optimizing
their economic contributions. The DIFC
Family Wealth Centre will play a crucial
role in helping family businesses attain
growth and success for generations
to come. The recently introduced
UAE Family Business Law and DIFC
Family Arrangements Regulations will
aid the DIFC Family Wealth Centre’s
operations.
His Highness Sheikh Maktoum bin
Mohammed bin Rashid Al Maktoum,
Deputy Ruler of Dubai, Deputy Prime
Minister, Minister of Finance of the
UAE, and President of DIFC, praised
DIFC’s commitment to boosting family
businesses’ economic contribution.
He emphasized the significance of
family businesses in expanding the
UAE’s economy and how DIFC’s
experience and knowledge will enhance
their capacity to accomplish future
aspirations as the younger generation
takes over their family wealth. By
The Centre provides
certification
programs that cover
various aspects such
as governance, ESG
standards, and other
best practices for
family businesses.
utilizing DIFC’s expertise, family
businesses in Dubai will prosper,
which will benefit the economy and
generate new job opportunities.
The UAE Minister of Economy
and Cabinet Member, His Excellency
Abdullah bin Touq Al Marri, stated in
his speech that the introduction of
the Family Wealth Centre in the Dubai
International Financial Centre aligns
with the vision of His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of
the UAE and Ruler of Dubai, to maintain
and promote the family business sector
sustainably.
Arif Amiri, Chief Executive Officer of
DIFC, commented: “The DIFC Family
Wealth Centre provides a holistic
solution for family businesses and
enables them to grow their legacy for
generations to come. As demonstrated
through today’s inaugural event, the
Centre is a key part of DIFC’s longterm
commitment to offering quality
private wealth management services
at par with global standards.”
DIFC has established a distinctive
proposition for family businesses,
making it the first financial centre in
the world to do so, at a crucial period
when around AED 3.67T (USD 1T) of
assets are anticipated to be passed
down to the next generation in the
Middle East over the next ten years.
The Centre offers certification for
family businesses in areas such as
governance, ESG standards, and other
best practices.
April 2023 www.thefinanceworld.com 15

Fintech
Eight UAE-Based Fintech Startups to Watch
in 2023
The UAE has been experiencing rapid growth in its FinTech sector over the past few years,
with a growing number of startups entering the market. Fintech startups in the UAE offer a
wide range of innovative solutions in areas such as payments, lending, wealth management,
insurance, and digital banking. In this article, we shed light on eight of the promising fintech
startups poised to accelerate the growth of the UAE’s FinTech landscape in the years to come.
Huspy
Tabby
Tabby is a Dubai-based FinTech
startup that was established in
2019 by Daniil Barkalov and
Hosam Arab. The company
offers consumers the ability to defer
payments for their purchases, allowing
them to pay off their balances over four
monthly interest-free installments. With
a team size of 101-250 employees, Tabby
has quickly become a major player in
the financial technology industry in the
United Arab Emirates. The company
has successfully completed several
rounds of funding, including a recent
$58M investment, which has pushed
its valuation to over $660M.
Huspy is a Dubai-based FinTech
startup that was founded in
2020 by Jad Antoun and Khalid
Ashmawy. The company aims
to help consumers make better mortgage
choices and get on the property ladder
by providing fairly priced loans. With a
team of 101-250 employees, Huspy has
rapidly become one of the key players in
the UAE’s financial technology market.
Since its inception, the company has
attracted significant investment, with
its latest funding round in June 2022
raising an impressive $37M. The funding
has enabled the company to expand its
operations and reach more customers
in the UAE and beyond.
Zenda
Zenda is a FinTech startup that
was founded in 2021 by Haseed
Ahmed and Raman Thiagarajan.
The company is headquartered in
the city of Dubai, United Arab Emirates,
and currently employs between 51-100
staff members. Zenda has developed
a platform that is aimed at families
who are looking for a more convenient
way to pay for their children’s school
fees. The platform offers an innovative
“Buy Now, Pay Later” (BNPL) solution
that allows families to spread their
payments over a longer period of time.
Since its inception, Zenda has enjoyed
significant success, attracting several
investors in its early stages. In April
2022, the company raised $9.4M in a seed
funding round, indicating the confidence
investors have in the company’s vision
and potential for growth.
16 www.thefinanceworld.com April 2023

NymCard
NymCard is a FinTech startup
that was founded in 2018
by Ayman Chalhoub and
Omar Onsi. The company is
headquartered in Abu Dhabi and currently
employs between 11-50 staff members.
NymCard has developed an innovative
solution that provides businesses with
the building blocks they need for their
card-issuance projects. The platform
allows businesses to issue digital-first
bank cards and other payment solutions,
helping to streamline the card-issuance
process and improve efficiency. Since
its inception, NymCard has garnered
significant interest from investors,
resulting in several successful funding
rounds. In June 2022, the company
raised $22.5M in its most recent funding
round, signaling investors’ confidence
in its vision and potential for growth.
Tarabut Gateway
Tarabut Gateway is a dynamic
UAE startup that was founded
in 2018 by Abdulla Almoayed.
The company is based in Dubai
and currently employs between 51-100
staff members. As an innovative FinTech
company, Tarabut Gateway uses a range
of open-banking APIs to help banks and
other financial institutions process the
flow of money and information securely
and quickly. By providing cuttingedge
solutions to streamline financial
services, Tarabut Gateway is one of the
fintechs driving the industry forward
and bringing it into the modern world.
Since its founding, Tarabut Gateway
has secured significant startup funding,
with the total raised by the company
currently standing at $25M.
Ziina
Ziina is a small yet innovative
company with a team size of
1-10 people. It was founded by
three individuals: Andrew Gold,
Faisal Toukan, and Sarah Toukan. The
company’s headquarters are located in
Dubai, United Arab Emirates, where
they have been actively operating in
the fintech market since 2020. Ziina’s
main focus is on creating a social
P2P payment solution. The company
also offers payment solutions for
businesses to make it easier for them
to send and receive payments. Their
services are user-friendly, making it
easy for users to manage their finances
and transactions. Since its inception,
Ziina has been able to attract funding
from a number of investors. In total,
the company has raised $8.5M, which
it has used to improve its growth and
development. Like other promising
startups, the company is poised to make
a significant impact on the FinTech
industry in the UAE and beyond.
Qashio
Qashio is a FinTech startup that
was founded in 2021 by Armin
Moradi and Jonathon Lau. The
company is based in Dubai,
and has a team of 11-50 employees.
Qashio specializes in providing virtual
and physical corporate cards, expense
management solutions, and complete
spending tracking for businesses in
the Middle East. Since its inception,
Qashio has gone through several funding
rounds, and to date, the company has
raised a total of $12.5M in funding.
The most recent funding round was
a seed round, which raised $10M in
November 2022. The company tries
to simplify financial management for
businesses in the Middle East. With its
innovative solutions and commitment
to customer satisfaction, it is poised to
become one of the major players in the
FinTech industry in the years to come.
April 2023 www.thefinanceworld.com 17

Fintech News
DIFC’s Fintech and
Innovation Sector
Attracts $615M in
Investments in 2022
A
recent report predicts that the
fintech and innovation sector
in the region will double in
size to almost $300M in the
next few years. The Dubai International
Financial Centre’s (DIFC) fintech and
innovation community received over
$615M in investments in 2022, while
the number of active DIFC companies
in the sector rose by 36% to 686. Dubai
is currently home to 60% of all fintech
companies in the GCC. The Middle East,
Africa, and South Asia (MEASA) region’s
market value was estimated to be worth
$135.9B in 2021 and is expected to reach
$266.9B by 2027. According to Mohammad
Alblooshi, Head of DIFC Innovation Hub
and FinTech Hive, Dubai’s government’s
collaborative approach with the industry
has made it an attractive destination for
fintech companies, securing its economy
for the future.
National Bank of Kuwait launches Google Pay for
its customers
National Bank of Kuwait
(NBK) has announced the
launch of Google Pay for its
customers, marking the first
bank in Kuwait to offer the mobile
payment service. With this move, NBK
customers can now make fast, secure,
and convenient contactless payments
using their smartphones at millions
of stores globally. In addition to that,
users can also use Google Pay to send
and receive money to family and friends
instantly. The launch of Google Pay
complements NBK’s digital strategy
aimed at providing innovative payment
Zywa, a fintech company based in
the UAE, has formed a strategic
partnership with Mastercard to
provide its community-based app
and card to young adults between 10 to 25
years old. The partnership aims to provide
Gen Z users with a smooth payment and
money management experience, allowing
them to save for their financial goals,
pay bills, shop online, and split bills
with friends. The partnership also offers
parents the ability to transfer money to
their children’s accounts, monitor their
spending and saving habits, and improve
their financial literacy. Zywa’s collaboration
with Mastercard was initiated by Hub71,
solutions and meeting the evolving needs
of its customers in the digital era.
Hub71 startup Zywa partners with Mastercard to
empower UAE youth
Abu Dhabi’s global tech ecosystem, as
part of its initiative to support startups
with commercial opportunities.
HDFC and Lulu Exchange partner for Cross-Border Payments
HDFC Bank and UAE-based
financial services company
Lulu Exchange have signed a
partnership agreement to boost
cross-border payments between India and
the GCC region. The deal will launch a
digital inward remittance service, called
‘RemitNow2India’, in its first phase. It
will allow residents of the UAE to send
money to any bank account in India via
IMPS and NEFT through HDFC Bank’s
digital banking channels. The partnership
aims to leverage each other’s goodwill,
trust, regulatory tech and vast service
network through a series of online and
offline initiatives to ease money transfers
for thousands of Indian expats living in
the UAE.
18 www.thefinanceworld.com April 2023

Halo Investing Comes to Abu Dhabi
Halo Investing expands to
Abu Dhabi, bringing its
innovative investment
platform to the United
Arab Emirates (UAE) for the first
time. The Chicago-based fintech
company has partnered with Abu
Dhabi Investment Company (ADIC) to
offer its unique investment products
Areeba Brings Biometric Authentication to
Online Payments in MENA
Areeba, a leading payment
processing service provider in
the Middle East, is partnering
with Swiss payment expert
Netcetera to introduce Out-of-Band
authentication (OOB) with biometric
reading for e-commerce transactions.
This enables Areeba to offer its issuers’
customers (banks and fintechs) a
tailored authentication experience
through mobile apps using fingerprint
or facial recognition instead of
passwords or text messages. Areeba
CEO Maher Mikati said the partnership
to UAE investors. Halo’s platform
allows investors to create customized
portfolios of structured notes, a type
of investment typically only available
to institutional investors. By leveraging
technology and automation, Halo aims
to democratize access to structured
notes and make them more accessible
to individual investors.
recognised the potential for improving
customers’ lifestyles while keeping
them competitive, adding that the
technology was already widely used
in the West.
Liquidity Group Launches
Global Initiative ‘Twenty
Chairs’ in ADGM
Liquidity Group, an Israeli fintech
unicorn and asset manager, has
launched its global initiative
‘Twenty Chairs’ – a series of
events aimed at bringing together
key players in the financial services
industry to discuss the latest trends and
challenges. To mark the launch of the
special edition of the series at Investopia
X SALT 2023, a VIP welcome dinner
was held in partnership with SALT and
iConnections in Abu Dhabi. A group of
industry luminaries attended the event,
with speakers discussing topics such
as venture capital, entrepreneurship
and technology transfer. Liquidity
Group aims to provide fast and flexible
capital to entrepreneurs to support
their growth ambitions.
Namshi partners with Tabby to introduce greater payment flexibility
Namshi, the Middle East and North
Africa’s (MENA) leading online
fashion and beauty platform,
has partnered with Tabby,
the region’s top shopping and financial
services app, to offer customers flexible
payment solutions. Namshi shoppers can
now choose to pay for purchases in four
interest-free installments at checkout, as
part of Namshi’s ongoing commitment to
provide a seamless shopping experience.
The partnership is the latest of several
agreements that Tabby has signed with
the region’s leading retailers and reflects
the company’s goal of providing users
with more payment options that are both
flexible and user-friendly.
April 2023 www.thefinanceworld.com 19

Fintech Application
OG Pay
OG Pay is an innovative icon
of technology progress
transforming how people
think about personal money
management.
OG Pay is a fintech application
that provides online payment and
international money transfer services.
The app is designed to make it easy for
users to send and receive money from
around the world, pay bills, and make
purchases online.
OG Pay offers a range of features
and services, including:
• Money transfers: Users can transfer
money to other OG Pay users, as well
as to non-OG Pay users around the
world. The app supports multiple
currencies, so users can send and
receive money in their local currency.
• Bill payments: OG Pay allows users
to pay bills online, including utilities,
mobile phone bills, and more.
• Virtual cards: Users can create virtual
cards within the app, which can
be used to make online purchases
securely.
• Rewards program: OG Pay has a
rewards program that allows users to
earn points for using the app. These
points can be redeemed for discounts,
cashback, and other rewards.
• Security features: OG Pay has
multiple security features to protect
users’ transactions and personal
information, including two-factor
authentication, encryption, and
fraud detection.
You can use your OG Pay mobile
wallet to manage cash while earning
2% APY interest on your average daily
balance. Request funds from others
one time or on a recurring basis. Pay
your bills one time or through recurring
scheduled transactions. Add your bank
accounts, and credit and debit cards
to your OG Pay account knowing your
cash is FDIC insured and your personal
and financial information is secure.
20 www.thefinanceworld.com April 2023

TCL NXTWEAR S - XR Glasses
The TCL NXTWEAR S XR glasses
are a wearable device that uses
micro OLED displays to provide
a personal viewing experience.
The device is designed to be lightweight
and portable, making it easy to use on the
go. It connects to compatible smartphones,
laptops, tablets, and gaming consoles via
USB-C and can display content in both
2D and 3D.
Engineered with a 130-inch screen at
4 meters distances, FOV 45°, and dual
Micro OLED display with 1920 x 1080
at 2D, 3840 x 1080 at 3D content, and
ultra-large screen, NXTWEAR S provides
a cinematic visual experience. With 49
PPD (Pixel per Degree), the glasses offer
a private, high-quality screening space.
TCL NXTWEAR S transforms personal
admin and works while it becomes an
everyday adventure for gamers and
streamers anywhere, anytime.
April 2023 www.thefinanceworld.com 21

Business
UAE and Turkey CEPA Agreement Sets the
Ground for Novel Business Opportunities
The UAE and Turkey recently signed a Comprehensive Economic Partnership
Agreement (CEPA) with the aim of boosting trade and investment between the two
nations. This agreement opens up new avenues for businesses in both countries
to expand their operations and explore novel opportunities for growth.
22 www.thefinanceworld.com April 2023

With the UAE and Turkey
being two of the fastestgrowing
economies in the
world, the CEPA agreement
promises to bring mutual benefits for
both nations, for it covers a wide
range of areas with a great potential
for achieving significant growth; it is
evident that the CEPA will pave the way
for enhanced cooperation between the
UAE and Turkey, creating a conducive
environment for businesses to thrive
and contribute to the economic growth
of both nations.
According to H.E. Dr. Thani bin
Ahmed Al Zeyoudi, the Minister of State
for Foreign Trade, the trade partnership
between the UAE and Turkey has grown
by 40% in 2022 compared to the previous
year, making Turkey the UAE’s sixthlargest
trading partner. Last year, the
non-oil foreign trade between the two
countries reached $18.9B.
Furthermore, the UAE-Turkey CEPA
agreement will eliminate tariffs from
83% of the goods traded between
the two countries, and liberalize
non-oil trade by 93%. This move will
create new business opportunities
in sectors such as agriculture, food
security, telecommunications, logistics,
renewable energy, and real estate.
Dr. Al Zeyoudi predicts that the
partnership will result in an annual trade
volume of over $40B within five years,
and generate more than 25,000 jobs,
particularly in skilled labor sectors, in
the UAE by 2031. Moreover, the UAE’s
exports to Turkey are anticipated to
increase by 20% during the next phase.
He announced that the UAE-Turkey
CEPA is expected to be approved by
the end of the second quarter of 2023.
He mentioned that with the addition of
Turkey to the list of countries with which
the UAE has signed CEPA agreements,
along with India, Indonesia, and Israel,
the UAE will have access to new markets
that reach over 2.2 billion people,
including the Greater Arab Free Trade
Area Agreement signed more than 15
years ago.
These agreements are projected to
increase the UAE’s GDP by over 2.4% by
2031, and boost UAE exports by $120B
over the next decade, creating more
economic and trade opportunities. Dr.
Al Zeyoudi explained that after signing
the agreement with Turkey, the UAE’s
economy will be linked to over 10% of
the global economy, ensuring significant
growth in the UAE’s economy.
The UAE’s trade expansion creates ideal
environment for foreign investors, unlocking
thousands of new business opportunities.
Dr. Al Zeyoudi also mentioned that
the UAE is making rapid progress in
establishing comprehensive economic
partnerships. He stated that the UAE is
finalizing agreements with Cambodia
and Georgia in the next 3 to 4 weeks,
as well as two agreements with Kenya,
which are 85% complete, providing a
crucial gateway to Africa. Additionally,
he hinted at a forthcoming agreement
with Colombia, noting that negotiations
were postponed until after the elections
and would resume soon.
He added that the UAE intends to
use CEPAs as a means of expanding
partnerships with ASEAN countries,
with negotiations already in progress
with Thailand and Vietnam. He also
stated that the UAE is also looking to
expand in Africa and South America,
which would have a positive impact
on the country’s trade growth.
Furthermore, he disclosed that the
UAE is in the process of developing
comprehensive economic partnership
agreements with two economic blocs in
the Eurasian region, with negotiations
commencing soon and concluding
within 6 months.
The UAE has been committed to
enhancing its economic standing on a
global scale, and the recently signed
Comprehensive Economic Partnership
Agreement with Turkey serves as a
crucial milestone in achieving this
objective, for it aims to strengthen trade
and investment relations between the
two nations, with a particular focus
on increasing bilateral cooperation
in the areas of industry, agriculture,
and tourism.
Moreover, the UAE’s proactive
approach to engaging in strategic
economic partnerships has been
instrumental in paving the way towards
becoming a mega economy. The CEPA
with Turkey is an example of the UAE’s
efforts to create a diversified and
resilient economy that can withstand
external shocks and sustain long-term
growth.
By expanding its trade relations
beyond traditional partners and
embracing new markets, the UAE
is well-positioned to emerge as a
key player in the global economic
landscape, attracting more foreign
investors and creating thousands of new
business opportunities. The country’s
commitment to creating a businessfriendly
environment has been a key
driver of its success in attracting foreign
investors, as the country offers a range
of incentives and benefits to foreign
investors, including tax exemptions,
access to advanced infrastructure,
and streamlined regulatory processes,
resulting in the emergence of a vibrant
startup ecosystem, attracting some
of the world’s most promising new
businesses.
April 2023 www.thefinanceworld.com 23

Business News
UAE-Turkey non-oil trade to reach $40 billion in five years
The UAE’s non-oil sector saw an
increase in business activity
in February, according to the
S&P Global UAE Purchasing
Managers’ Index. The index rose slightly
to 54.3, following a 12-month low in
January, indicating strengthened business
expectations and well-performing
supply chains. However, there were
indications of softening demand trends
as new business rose to the smallest
degree since September 2021. Purchase
prices also increased for the first time
since November 2022, with some firms
reporting rising shipment fees. While jobs
were added at a marginal pace, backlog
volumes rose modestly. Non-oil firms
expressed stronger confidence for the
next 12 months, but remained subdued
by historical standards.
UAE’s Non-Oil Economy
Gains Momentum with
Increased Business Activity
The UAE’s non-oil sector saw an
increase in business activity
in February, according to the
S&P Global UAE Purchasing
Managers’ Index. The index rose slightly
to 54.3, following a 12-month low in
January, indicating strengthened business
expectations and well-performing
supply chains. However, there were
indications of softening demand trends
as new business rose to the smallest
degree since September 2021. Purchase
prices also increased for the first time
since November 2022, with some firms
reporting rising shipment fees. While jobs
were added at a marginal pace, backlog
volumes rose modestly. Non-oil firms
expressed stronger confidence for the
next 12 months, but remained subdued
by historical standards.
Dubai’s Fajr in talks to buy Aster’s Gulf business
Dubai-based healthcare
provider Fajr Healthcare is
reportedly in talks to acquire
Aster DM Healthcare’s Gulf
business, which includes clinics,
pharmacies, and hospitals in the United
Arab Emirates, Oman, Qatar, and Saudi
Arabia. The deal, which is still in its
early stages, could be valued at up
to $300M. Fajr Healthcare, which is
backed by Dubai’s sovereign wealth
fund, has been expanding its healthcare
portfolio in recent years and currently
operates hospitals and clinics in the
UAE and Saudi Arabia. The acquisition
of Aster’s Gulf business would further
Alpha Dhabi Holding, the
Abu Dhabi-based investment
company, has reported a
104% increase in net profit,
reaching AED 40B ($10.9B) in 2022.
The significant growth was driven
by its strategic investments across
various sectors, including healthcare,
infrastructure, and technology. The
company’s revenue also increased by
73% to AED 94B ($25.6B), reflecting its
successful investments in key markets
around the world. Alpha Dhabi has been
aggressively expanding its portfolio,
recently acquiring stakes in various
high-growth companies such as the
strengthen its position in the regional
healthcare market and provide new
growth opportunities.
Alpha Dhabi’s 2022 Net Profit Jumps 104% to Dh40B
American fintech company, Stripe,
and the global online fashion retailer,
Farfetch. The company’s strong financial
performance further highlights Abu
Dhabi’s growing reputation as a global
hub for investment and innovation.
24 www.thefinanceworld.com April 2023

UAE Corporate Tax Implications in Focus
Over 200 businessmen and
professionals attended a joint
session organized by India Club,
Dubai, Indian Business and
Professional Council (IBPC) and Taxation
Society to discuss the forthcoming UAE
Corporate Tax (CT). The event featured
a panel of experts who discussed various
topics related to the new tax law, including
taxable persons and income, impact
on free zone companies, exemptions,
deductions, tax grouping, reliefs, transfer
pricing, and general anti-avoidance rules
GAAR. The session was moderated by
Nimish Makwana and included speakers
such as Malavika Kolera, Amit Mehta,
Nirav Shah, Prateem Sengupta, Rishi
Chawla, and Rajiv Hira. The Taxation
Society plans to conduct more knowledgesharing
sessions in the future.
UAE Launches Its
First ‘Foodverse’ to
Revolutionize the Food
Industry
The UAE has launched its first
‘foodverse,’ a digital platform
that aims to transform the
food industry by connecting
consumers, producers, and suppliers
on a single platform. The foodverse provides
a wide range of services, including
online ordering, payment, and delivery
options, making it easier for consumers
to access quality food products. The
platform also provides valuable insights
and data to food producers and suppliers,
enabling them to better understand
consumer trends and preferences. The
UAE’s foodverse is part of the country’s
broader efforts to promote innovation
and digital transformation in various
sectors, including the food industry.
UAEIIC and Japanese JOIN sign MoU for infrastructure
and transport investment in MEA
The UAE International Investors
Council (UAEIIC) and Japanese
infrastructure investment
agency Transport and Urban
Development (JOIN) have signed a
memorandum of understanding (MoU)
aimed at increasing cooperation and
investment in infrastructure and transport
sectors. The agreement will facilitate
partnerships between business communities
and private sector companies from
both sides, encouraging bilateral and
multilateral investments, particularly
in the Middle East and Africa region.
The MoU was signed at the UAEIIC’s
headquarters at the Ministry of Economy
in Abu Dhabi. Jamal bin Saif Al Jarwan,
Secretary-General of UAEIIC, said the
deal with JOIN will stimulate growth,
create new projects and investment
opportunities, and establish new economic
partnerships.
Dubai Derma 2023 generates $600M of deals
Dubai Derma 2023, the largest
scientific dermatology event
in the Middle East, North
Africa, and the Indian Subcontinent,
concluded with over $600M
(AED 2.2B) worth of deals signed. The
event attracted over 24,000 visitors
and participants from 114 countries,
making it the largest edition to date.
The exhibition showcased the latest
breakthrough scientific research and
findings in the field of dermatology
and cosmetics. It also featured several
new product launches from over
480 regional and global companies,
including prominent specialists and
experts in the dermatology and cosmetics
sector, industry leaders, and
key decision-makers from the region
and across the world.
April 2023 www.thefinanceworld.com 25

Wheels
FERRARI F8 TRIBUTO
The Ferrari F8 Tributo is a highperformance
sports car that
offers an exhilarating driving
experience. With its sleek and
aerodynamic design, powerful engine,
and advanced technology, the F8 Tributo
is one of the most impressive vehicles
in Ferrari’s line-up.
At the heart of the F8 Tributo is a
3.9-liter V8 engine that produces a
whopping 720 horsepower and 770Nm
max torque. This engine is paired with
a seven-speed dual-clutch transmission
that delivers lightning-fast gear changes
and helps the car achieve a top speed of
340 km/h. The F8 Tributo can accelerate
from 0 to 60 mph in just 2.90 seconds,
making it one of the fastest cars on the
road. The exterior of the F8 Tributo is
characterized by its aggressive lines,
sculpted curves, and aerodynamic
features. The car’s front end features a
prominent grille, sleek headlights, and
a low-slung nose that helps reduce drag
and improve downforce. The sides of the
car are dominated by massive air intakes
and muscular haunches, while the rear
features a prominent diffuser and quad
exhaust pipes. Inside the F8 Tributo,
you’ll find a driver-focused cockpit
that’s designed to deliver a thrilling
driving experience. The car’s seats are
supportive and comfortable, while the
steering wheel is wrapped in leather and
features paddle shifters for manual gear
changes. The dashboard is dominated
by a large digital display that provides
information on the car’s performance
and other important data. the Ferrari
F8 Tributo is an exceptional sports car
that delivers thrilling performance,
breath-taking style, and advanced
technology. Whether you’re looking to
race on the track or cruise down the
highway, the F8 Tributo is a car that
will leave you breathless.
26 www.thefinanceworld.com April 2023

Specifications
Horsepower: 720 Hp
Torque: 770Nm Max Torque
Acceleration: 0 to 60 mph in 2.9 seconds
April 2023 www.thefinanceworld.com 27

Cover Story
Hadif Abdullah Zamzam,
Senior Associate – Value Creation, Disruptive Investments
Mubadala Investment Company
28 www.thefinanceworld.com April 2023

Hadif Abdullah Zamzam, Senior
Associate – Value Creation, Disruptive
Investments at Mubadala, speaks
about Disruptive Investment and its
potential to revolutionize markets
Hadif Abdullah Zamzam is a Fellow at UAE National Experts Program
and Senior Associate – Value Creation, Disruptive Investments at
Mubadala Investment Company. He has worked in several sectors,
including healthcare, real estate, hospitality and tourism, and retail.
Exclusive to The Finance World Magazine
Q. Can you give us a brief
introduction about yourself?
Hadif Zamzam: I’ve had the
opportunity to work in multiple sectors
over the past decade, including real
estate, hospitality and tourism, retail,
and healthcare. My skills in navigating
socio-economic forces and trends
have been recognized, and I’ve been
fortunate enough to build an equitable
skill set in strategy and business
management. Right now, I’m part of
Mubadala’s Value Creation Team (under
the Disruptive Investments Platform),
where I’m helping leading organizations
achieve their goals and implement
new initiatives. It’s a demanding and
innovative environment that focuses
on economic development, and I love
the challenge of working out of my
comfort zone.
I’m also a father of three - two girls
and a boy. They are my biggest source
of motivation and inspiration, and I
work hard every day to create a better
future for them. Balancing work and
family life can be challenging, but I’m
fortunate to have a supportive team at
work and an amazing partner at home.
Q. How would you define “disruptive
investment”, and what makes
it different from traditional
investment forms?
Hadif Zamzam: Disruptive
investment refers to an investment
strategy that seeks to identify and
invest in companies or technologies
that have the potential to fundamentally
change the way a particular industry
operates. The goal is to identify
disruptive technologies or business
models that have the potential to
displace established players and create
entirely new markets.
Disruptive investments are different
from traditional investment forms in
several ways. Firstly, they often involve
investing in companies or technologies
that are still in their early stages of
development and have not yet proven
their viability. Secondly, disruptive
investments tend to focus on innovation
and cutting-edge technologies that
have the potential to revolutionize
an industry, or multiple industries.
Lastly, disruptive investments often
require a different investment approach
compared to traditional investments,
such as actively participating in the
development of the technology or
business model, as well as being willing
to tolerate higher levels of risk and
uncertainty.
Q. How do you identify opportunities
for disruptive investment, and what
criteria do you use to evaluate
potential investments in this space?
Hadif Zamzam: It all starts with
identifying an industry or market that
is ripe for disruption, which involves
understanding the current state of the
industry and identifying areas where
there is potential for significant change
in the status quo. This is only possible
after an in-depth analysis of trends,
consumer behaviour, and regulatory
environment. The next step is to build
knowledge of emerging technologies
and innovations in and around the
space you’ve identified, as well as the
impact they will have on the market.
These parameters generally provide
a potential investor with an initial
April 2023 www.thefinanceworld.com 29

Cover Story
Industries
slow to adopt
tech or meet
consumer
needs are
at risk of
disruption by
companies
that bridge the
gap and solve
consumer
pain-points.
business case for the “theory” behind
an investment.
When it comes to putting theory in
practice, though, there is no step more
important than the assessment of the
management team and their business
model. This involves assessing the
experience and track record of the
management team, as well as the
potential for scalability and profitability
of the business model.
Q. Could you describe a project
or initiative you are particularly
proud of in your work at Mubadala,
and how your skills and experience
were instrumental in its success?
Hadif Zamzam: One project that I
am particularly proud of during my time
at Mubadala was when I was part of
the Healthcare Unit and helped create
a program to ensure the continuity of
medical care for at-risk, chronically ill,
and elderly patients in the emirate of
Abu Dhabi during the early stages of full
lockdown during the Covid Pandemic.
As someone who has more diabetic
family members than I can count,
this project was especially fulfilling
for me. Despite not being a medical
professional, my skills and experience
were instrumental in the success of
this initiative. I worked closely with
multiple stakeholders, including
healthcare providers, insurers, and
government agencies, to ensure that
patients received the care they needed
during a time of crisis.
I am proud to say that the program
was adopted by the Department of
Health in Abu Dhabi and ensured that
even in the midst of a global pandemic,
care was being delivered to those
who needed it most. Knowing that I
played a role in improving the lives
of vulnerable individuals and families
during a difficult time is one of my most
rewarding experiences at Mubadala.
Q. Could you describe a project
or initiative you are particularly
proud of in your work at Mubadala,
and how your skills and experience
were instrumental in its success?
Hadif Zamzam: One project that I
am particularly proud of during my time
at Mubadala was when I was part of
the Healthcare Unit and helped create
a program to ensure the continuity of
medical care for at-risk, chronically ill,
and elderly patients in the emirate of
Abu Dhabi during the early stages of full
lockdown during the Covid Pandemic.
As someone who has more diabetic
family members than I can count,
this project was especially fulfilling
for me. Despite not being a medical
professional, my skills and experience
were instrumental in the success of
this initiative. I worked closely with
multiple stakeholders, including
healthcare providers, insurers, and
government agencies, to ensure that
patients received the care they needed
during a time of crisis.
I am proud to say that the program
was adopted by the Department of
Health in Abu Dhabi and ensured that
even in the midst of a global pandemic,
care was being delivered to those
who needed it most. Knowing that I
played a role in improving the lives
of vulnerable individuals and families
during a difficult time is one of my most
rewarding experiences at Mubadala.
Q. What are some of the main
challenges or risks associated
with disruptive investment, and
how can we mitigate these risks?
Hadif Zamzam: Disruptive
investments are often made in
emerging technologies or new markets
that are untested, and they rely on
emerging technologies that are still in
development. This means that there is
a risk that the market will not develop
as expected, or the technology may
not work as expected. To mitigate
this risk, investors should conduct
thorough market research and assess
the potential demand for the technology
or innovation as well as the strength of
the company’s development team. There
is also a risk that, after investments
have been made, the management team
may not be able to execute on the plan
or that the plan may not be successful,
which is another reason it is important
to place a huge emphasis on getting
familiar with the management team
and their ability to make it out of a
tough situation.
Q. What makes industries ripe for
disruption and how do you identify
potential investment opportunities
based on these characteristics?
Hadif Zamzam: While there is no
clear-cut method, there are some
symptoms an investor can look out
for. Industries that have been slow
to adopt new technologies or have
not kept up with changing consumer
needs are inherently at risk of being
disrupted by companies that find a
way to bridge the gap and address a
consumer pain-point. Another sign is
an industry which has, historically,
had high barriers to entry, and is made
up of a handful of large players with
significant market power. Small startups
with significantly higher levels of
30 www.thefinanceworld.com April 2023

Investing in early-stage ventures comes
with inherent risks, which makes it crucial
to spread your risk by diversifying your
portfolio across various investments.
agility, grit, and drive have been able to
punch above their weight, leveraging
technology and smooth user interfaces
to meet the needs of the masses.
Q. How do you see the field of
disruptive investment evolving
in the future, and what do you
think will be the key drivers of
this evolution?
Hadif Zamzam: Disruptive
investments are only disruptive, until
they’re not. Apple and Microsoft,
once considered to be extremely
disruptive choices for the traditional
investor, are now considered bluechip.
Personally, I believe disruptive
investing is a tendency, or an ethos,
rather than a specific field with clear
cut lines. That being said, though, there
are certain ideas that are beginning to
gain momentum, such as the concept
of impact investing, which seeks to
generate social or environmental
benefits in addition to financial returns.
This could include investments in
companies that are addressing social or
environmental challenges through their
business activities. This is especially
true when it comes to the growing focus
on sustainability, and there is likely to
be an increased in investments that
directly address the challenges that
our planet faces. This could include
investments in renewable energy,
sustainable agriculture, and green
transportation, as well as countless
other areas.
Q. What suggestions do you have
for early-stage investors?
Hadif Zamzam: Before making any
investment, it is important to conduct
thorough due diligence to assess the
potential risks and returns of the
investment. This includes assessing the
market opportunity, the management
team and business model, and the
potential financial returns. Investment
is not about being sentimental and try
to avoid falling in love with the idea
of an investment if your due diligence
tells you otherwise.
Early-stage investments are
inherently risky, so it is important to
diversify your portfolio across different
investments to spread your risk. This
can help to minimize the impact of
any individual investment that doesn’t
perform as expected. These investments
also typically take longer to mature than
more traditional investments, so it is
important to be patient and take a longterm
view. This means being prepared
to wait for several years before seeing
a return on your investment.
Lastly, don’t underestimate the fact
that you can provide valuable support to
the companies you invest in by offering
your expertise and connections. This
can help to accelerate the growth of the
company and increase your chances of
a successful return on your investment.
Q. What was the role and influence
of NEP program in your career
progress?
Hadif Zamzam: The program has
had a significant impact on my career
progress, and I am incredibly grateful
for the opportunity to have been a
part of it. The chance to interact with
individuals from so many different
backgrounds and of such a high calibre
was extremely beneficial for my
personal and professional development.
The program provided a platform for
me to expand my knowledge, exchange
ideas and collaborate with a diverse
group of individuals.
One of the most valuable aspects of
the program was the exposure to new
ideas and paradigms. Being able to
engage with experts from various fields
and learning about their perspectives
and approaches has helped me to
broaden my horizons and develop new
ways of thinking.
Overall, the program has been an
inspirational experience, and it has
had a profound impact on my career
trajectory. I feel honoured to have been
a part of such a transformative program
and believe that it has equipped me with
the skills and knowledge necessary
to make meaningful contributions to
society.
Q. Do you have any final words for
our readers?
Today, being open to taking calculated
risks and exploring new ideas is crucial.
By staying curious and seeking out
innovative opportunities, you can
position yourself to make a positive
impact on the world through your
investments. Keep an open mind, do
your research, and stay focused on
your goals. With perseverance and a
willingness to take calculated risks, you
can achieve great things. Thank you.
April 2023 www.thefinanceworld.com 31

Start-up
Four Promising Dubai-Based Agritech
Startups to Watch in 2023
Agritech startups in Dubai are using technology to revolutionize the way food is grown, harvested,
and distributed, with the aim of increasing efficiency, sustainability, and productivity in agriculture.
These startups are using a range of cutting-edge technologies such as artificial intelligence, IoT,
robotics, and vertical farming to address challenges such as water scarcity, limited arable land,
and changing consumer demands. With the support of the government and investors, agritech
startups in Dubai are poised to transform the agriculture sector in the UAE and beyond. In this
article, we introduce four of the promising agritech startups in Dubai.
Meat-O-Door
Rashid Khan and Ambreen Khan,
Founders
Meat-O-Door is an innovative
marketplace platform based
in Dubai, founded in 2021 by
Ambreen Khan and Rashid
Khan. The company currently employs
11-50 individuals and has secured $500K
in Pre-seed funding as of April 29, 2022.
Meat-O-Door specializes in cold
chain technology and food service,
catering to the HoReCa industry. Its
product catalog features a wide range
of high-quality meat products, including
beef and veal, mutton, poultry, lamb,
seafood, and organic meat. The platform
offers scheduled delivery, online and
cash-on-delivery payment options, and
order tracking with push notifications.
Meat-O-Door is available on both Android
and iOS platforms, providing a userfriendly
experience for all customers.
It is committed to creating an ecosystem
for the meat industry by combining
technology and data intelligence to
make efficient local and cross-border
trade possible. Its mission is to provide
a trusted trade community for buyers
and suppliers to connect, interact,
negotiate, and do business with each
other seamlessly through its Reverse
Auction Technology. As the company
continues to grow, it remains committed
to delivering high-quality meat products
and excellent service to its customers.
FarmUnboxed
FarmUnboxed, founded in
2020 by CEO and Founder
Kuruvilla Varghese Chalishery,
is a digital marketplace based
in Dubai. The company connects
agricultural commodity buyers and
sellers, and its primary goal is to help
farmers obtain the right price for
their produce while providing quality
assurance to buyers.
FarmUnboxed offers a wide range
of services, including crop financing
and insurance, end-to-end logistics
and tracking solutions, crop quality
inspections, and current market prices
of agri-commodities.
The company’s innovative digital
platform provides live wholesale
rates for commodities in international
markets, along with data-backed
analytics and forecasting, making it
easier for farmers to find the right
price and for buyers to obtain quality
produce at competitive prices.
With a team of 2–10 employees and
undisclosed pre-seed funding received
on November 30, 2022, FarmUnboxed
is one of the companies dedicated to
transforming the agricultural industry
through technology and data-driven
solutions.
Kuruvilla Varghese Chalishery,
CEO and Founder
32 www.thefinanceworld.com April 2023

Greener Crop
Greener Crop is a Dubai-based
company that was founded in
2020 by Alexander M. Kappes.
With a team of 11-50 employees,
the company provides hydroponic farm
management services to farmers. As
of March 31, 2022, the company has
secured $100K in Pre-seed funding.
Greener Crop specializes in vertical
farming, hydroponics, aeroponics, agtech,
agriculture, sales, business development,
and startup. The company offers customized
farm planning and setup, as well as
plant growth management solutions
via sensor-connected dashboards that
monitor and adjust the temperature,
humidity, lighting, and nutrition levels
of the crops. Greener Crop also provides
assistance to farmers in selling their
produce to restaurants, hotels, grocers,
and supermarket chains, along with
procurement solutions.
The mission of Greener Crop is
to enable the deployment of more
hydroponic farms and support clients
with the design, set-up, and daily
operation of their hydroponic farms.
By utilizing cutting-edge technologies
and data-driven farm management,
the company promises to operate
profitable farms in areas not suited
for conventional agriculture. As the
company continues to grow, it remains
committed to supporting farmers and
promoting sustainable agriculture
practices.
Alexander M. Kappes,
Founder
Right Farm
Elie Skaf,
Co-Founder and CEO
Right Farm is a B2B e-commerce
and supply-chain company
based in Dubai, founded in
2021 by Elie Skaf who serves as
the co-founder and CEO. The company
currently employs 51-200 individuals
and has recently secured $2.8M in Seed
funding in April 2022.
Right Farm’s mission is to simplify
and improve the food supply chain
by utilizing data and technology. It
sources fresh produce directly from
local farmers and connects them with
foodservice businesses such as hotels,
restaurants, caterers, cloud kitchens, or
cooking schools. The company offers
a seamless and convenient end-to-end
process from farm to kitchen, with the
ability to place orders on the website
or via its mobile application, available
on iOS and Android platforms.
Right Farm is committed to reducing
waste across its supply chain, supporting
local farmers, and building a restorative
and regenerative value chain. The
company’s control of the supply chain
and use of predictive technology facilitate
routing, operations, and purchasing,
making it smarter and more sustainable.
Its commitment to the environment
is a core value, and it aims to lessen
its carbon footprint while providing
high-quality produce to its clients.
With its innovative use of technology,
commitment to sustainability, and
focus on customer satisfaction, Right
Farm is well-positioned for continued
success in the years ahead.
April 2023 www.thefinanceworld.com 33

Startup News
Saudi Arabia start-ups boosted by bumper Biban
$1.5B deals
Saudi Arabia’s start-up ecosystem
is set to receive a major boost
as Biban, the kingdom’s premier
entrepreneurship platform,
announced a series of deals worth
$1.5B. The funding will be directed
towards early-stage start-ups and
small and medium-sized enterprises
(SMEs) across a variety of sectors,
including technology, healthcare, and
renewable energy. The initiative is
part of the country’s ongoing efforts
to diversify its economy and reduce
its dependence on oil revenues. Biban
has been instrumental in promoting
entrepreneurship in Saudi Arabia and
has already supported the creation
of more than 300 start-ups since its
launch in 2016.
ADIA invests $500M
into Lenskart for 10%
Stake
India-based eyewear e-commerce
portal, Lenskart, has reached a
definitive agreement with the Abu
Dhabi Investment Authority (ADIA)
to secure a 10% stake in exchange for
a $500M investment. The valuation of
Lenskart will be set at $4.2B, and ADIA’s
investment will include both primary
and secondary deals, positioning the
investment firm as one of Lenskart’s biggest
shareholders. Following this transaction,
Lenskart will have raised nearly $750M
in capital over the past year, which will
mark it as one of the most substantial
growth-stage financing efforts.
Digital content creation hub blinx launches in Dubai
Dubai-based start-up Blinx has
launched as the first digital
native storytelling hub in the
Middle East and North Africa
(MENA) region. The platform aims to
produce news and short-form storytelling
content that will target Gen Z and
millennials in the region and beyond.
Blinx will be based in Dubai Media City
and led by Arab journalist Nakhle Elhage.
The platform will focus on producing
relatable content that is both honest and
engaging, delivered by a network of the
region’s best storytellers. By providing
news, entertainment and infotainment,
blinx aims to inspire the youth and build
a better tomorrow through spectacular
storytelling.
Spanish FoodTech startup
Burger Index raises
$1.3M to drive expansion
in GCC
Spanish food technology start-up
Burger Index has raised $1.3M
in seed funding to expand in
the Gulf Cooperation Council
(GCC) region. The funding round was
led by Cairo-based venture capital firm
Flat6Labs, which accelerated the startup
through its Ignite programme, in
collaboration with DisruptAD, the Abu
Dhabi-based venture capital platform.
F Capital and Cosmin Manea, founding
partner at Instashop, also participated
in the funding round. Burger Index
provides food and beverage data analytics
for restaurants, cloud kitchens,
food brands and distributors, helping
F&B businesses go to market faster by
providing them with real-time market
data to minimise risk.
34 www.thefinanceworld.com April 2023

Telr bolsters GCC’s digital payments transition
Dubai-based start-up Telr
is making headway in the
Gulf Cooperation Council
(GCC) region, providing a
localised payment gateway service. The
company offers a cost-effective payment
service for businesses operating in the
region, which previously had to rely on
European or US payment platforms at
a high cost. Founded in 2014 by Elias
Ghanem, Telr handles payments in more
than 120 currencies and 30 languages,
counting Visa, Mastercard, American
Express, UnionPay, Apple Pay, PayPal,
Sadad, Mada and STC Pay among the
platforms it offers users.
Start-ups enrolled in Dubai’s in5 incubator raised more than AED 2.4B in 2022
Start-ups incubated under Dubai’s
in5 have raised more than AED
2.4B ($653M) since the incubator’s
inception until the end of 2022,
with fintechs dominating funding rounds
last year, accounting for over half of
total investments, according to in5. The
incubator welcomed 160 start-ups last
year, an annual growth of 31%, bringing
the total number of companies under its
fold to more than 750. The number of startups
led by women more than doubled in
2022, with over half in the tech sector. In5
is part of Dubai’s Tecom Group, which
aims to diversify the country’s economy
by supporting start-ups and innovation.
April 2023 www.thefinanceworld.com 35

Energy
36 www.thefinanceworld.com April 2023

EWEC’s Mirfa 2 Project: Another Groundbreaking
Initiative Propelling UAE to the
Forefront of Sustainable Development
The Mirfa 2 project is a significant undertaking in the United Arab Emirates aimed
at advancing the country’s sustainable development objectives. The Emirates
Water and Electricity Company (EWEC) is responsible for the project, which is
expected to be one of the largest solar power plants ever constructed. Located
in Abu Dhabi, the project will have a capacity of 2 GW, and its development
will consist of more than 5 million solar panels spread across an area of
approximately 8 square kilometres. Once operational, it is predicted to generate
enough electricity to power 160,000 UAE households and reduce yearly carbon
dioxide emissions by 3.6 million tonnes.
The Mirfa 2 initiative marks
a notable milestone for the
UAE’s energy sector as it
demonstrates the country’s
commitment to transitioning to a more
sustainable energy mix. Additionally,
it aligns with the UAE’s objective of
reducing its carbon emissions and
emerging as a global leader in renewable
energy. By investing in renewable
energy projects like Mirfa 2, the UAE
is positioning itself as a key player in
the global shift towards cleaner and
greener energy.
It is expected that the project will
not only promote sustainability but also
bring significant economic benefits.
During the construction phase, the
initiative is predicted to create job
opportunities for thousands of workers
in the UAE while also fostering the
growth of the local solar energy sector.
The UAE’s leadership in renewable
energy is likely to attract more
investment, supporting the country’s
broader economic diversification goals.
The project’s capacity of 2 GW and
more than 5 million solar panels will
make it one of the largest solar power
plants globally. It is expected to produce
clean and renewable energy, capable
of powering approximately 160,000
homes in the UAE and reducing yearly
carbon dioxide emissions by 3.6 million
tonnes. Along with the solar power
With its capacity
of 2 GW and
over 5 million
solar panels,
the project will
rank among the
world’s largest
solar power
plants.
plant, the initiative also incorporates
a separate reverse osmosis (RO) water
project, which aims to enhance the
water supply stability in Abu Dhabi
Emirate by utilizing RO technology
to desalinate saltwater, generating
up to 150 million imperial gallons of
water per day.
In addition, the Mirfa 2 initiative will
make a considerable contribution to the
ongoing cost-reduction efforts in the
water industry by adopting economical
and efficient RO water desalination
technology. The project’s location will
be approximately 110 kilometres to the
west of Abu Dhabi, in close proximity
to the existing Mirfa Plant.
The Mirfa 2 project features stateof-the-art
equipment such as Siemens
SGT5-4000F gas turbines, Siemens
SST5-4000 steam turbines, and a 120
MW solar field consisting of over
880,000 photovoltaic panels. Moreover,
the development of the M2 RO water
desalination project has enabled EWEC
to make significant strides towards its
strategic objective of separating water
desalination operations from power
production. This project is expected
to play a crucial role in achieving the
objectives of the UAE Net Zero by 2050
strategic initiative and the UAE Water
Security Plan 2036.
The primary source of fuel for the
power plant is natural gas, which
is procured from local suppliers
in the UAE. During daylight hours,
the solar field generates renewable
energy, thereby decreasing the plant’s
reliance on fossil fuels. The Mirfa 2
project is designed to comply with
global environmental regulations,
including the Equator Principles and
the Performance Standards of the
April 2023 www.thefinanceworld.com 37

Energy
International Finance Corporation.
Through the implementation of energysaving
technology and the use of
renewable energy sources, the power
plant’s carbon footprint is reduced,
promoting sustainable development
and safeguarding the environment.
The Mirfa 2 project is expected to
contribute to the economic growth
of the UAE by providing a reliable
source of electricity, attracting
foreign investment, and creating
job opportunities. The construction
and operation of the power plant
have already created employment
opportunities for people in the UAE,
thereby boosting the country’s economy.
EWEC plans to make substantial
investments in developing RO projects,
using advanced techno-economic
modeling to strategically assess the
sector’s capacity needs. By 2030, EWEC
anticipates that over 90% of its water will
be generated through RO technology,
resulting in a significant reduction
in carbon emissions associated with
water production. This would lead to
a decrease in overall carbon emissions
from 14.6 million tonnes in 2020 to 2.1
million tonnes in 2030.
According to TAQA Group, a
significant stakeholder in the M2 RO
project, the project is anticipated to
enhance the UAE’s decarbonization
initiatives and ensure long-term water
security. To minimize carbon emissions
from water desalination, TAQA has made
a commitment to raise the utilization of
exceptionally efficient reverse osmosis
technology and segregate electricity
and water generation.
The collaboration between ENGIE
and TAQA has been chosen to execute
the Mirfa 2 desalination project in Abu
Dhabi. ENGIE, French multinational
utility company specialized in reverse
osmosis technology, expressed
enthusiasm for including the M2 RO
project in its portfolio. After a rigorous
technical and commercial evaluation
process, the most outstanding proposal
was selected before the project was
awarded and the WPA was signed.
The Independent Water Project
(IWP) intends to use reverse osmosis
(RO) technology with minimal carbon
footprint to generate as much as 120
million imperial gallons (or 550,000
cubic meters) of potable water daily.
The M2 RO project will be 60% owned
by TAQA, while the remaining 40% will
be owned by ENGIE. The project’s water
production is expected to commence
in the summer of 2025 and peak in
Q3 2025.
Boosting sustainable development:
• Renewable energy: The Mirfa 2
facility is a combined-cycle gas
turbine (CCGT) power plant that
primarily uses natural gas as its
fuel source. It also includes a solar
field that produces clean electricity
throughout the day, decreasing
the plant’s carbon footprint. By
reducing greenhouse gas emissions
and maintaining a reliable supply of
electricity, this hybrid power system
is highly effective.
• Efficiency in terms of energy
use: The Mirfa 2 initiative aims
to improve energy efficiency by
utilizing advanced technology such
as high-tech gas turbines and heat
recovery steam generators. This
approach enhances fuel efficiency
and decreases greenhouse gas
emissions.
• Efficiency in terms of energy
use: The Mirfa 2 initiative aims
to improve energy efficiency by
utilizing advanced technology such
as high-tech gas turbines and heat
recovery steam generators. This
approach enhances fuel efficiency
and decreases greenhouse gas
emissions.
• Employment creation: The
construction of the power plant
and solar field has created job
opportunities for UAE nationals,
leading to increased income and
boosting the nation’s economy. Skilled
professionals such as engineers,
technicians, and other qualified
personnel can now explore more
employment possibilities.
• Economic expansion: To reduce
its dependence on oil and expand
its economy, the UAE is striving for
diversification, and the Mirfa 2 project
is an integral part of this initiative.
By providing a consistent power
supply, attracting foreign investment,
and creating job opportunities, the
project contributes to the growth of
the nation’s economy.
• Environmental protection: The
Mirfa 2 project is designed to comply
with worldwide environmental
guidelines, such as the Equator
Principles and the Performance
Standards of the International
Finance Corporation. Through the
implementation of renewable energy
and energy-efficient technology, the
power plant’s carbon emissions are
reduced, resulting in the protection of
the environment and the promotion
of sustainable development.
Overall, the Mirfa 2 project is
anticipated to play a crucial role in
the UAE’s economic and environmental
progress in the coming years. By
diversifying the economy and
reducing the country’s reliance on
oil, the project is likely to attract more
foreign investment and create more
employment opportunities for UAE
nationals. The steady supply of power
from the power plant is also expected
to meet the growing energy demands
of the country, further boosting its
economic growth.
38 www.thefinanceworld.com April 2023

JBL Endurance Peak 3 earbuds
The JBL Endurance Peak 3 earbuds
are a pair of truly wireless in-ear
sports headphones designed for
active individuals who want
high-quality sound and a secure fit.
The Endurance Peak 3 earbuds are IPX7
rated, making them water-resistant and
sweat-proof, which makes them ideal for
use during intense workouts or outdoor
activities. They also have a long battery
life, offering up to 30 hours of total
playtime with the charging case and a
quick charge feature that provides one
hour of playback with just 10 minutes
of charging.
Internally, 10mm dynamic drivers deliver
a frequency range of 20Hz to 20 KHz with
an impedance of 16 ohms. The earphones
are compatible with Bluetooth 5.2 and
work with just the AAC and SBC codec’s,
not AptX. Android users get Google Fast
Pair functionality.
April 2023 www.thefinanceworld.com 39

Energy News
ACWA Power signs deal for 1GW wind and
battery storage plant in Kazakhstan
Saudi Arabian energy firm, ACWA
Power has signed an agreement
with the Kazakh government to
develop a 1GW wind energy and
battery storage plant. The project will
be located in the Zhambyl region of
southern Kazakhstan and is expected
to start operations in 2024. The plant
will include 300 wind turbines and
200MW of battery storage capacity. The
development is part of Kazakhstan’s
plan to increase its renewable energy
capacity to 50% by 2050. The country’s
first wind farm began operations in 2019
and generated approximately 3.3% of
the country’s electricity in 2020.
Abu Dhabi Clean
Energy Powers 80% of
the City’s Electricity
Needs
Abu Dhabi’s achievement of
generating 80% of its electricity
from clean energy is a significant
step towards a sustainable
future. The Emirates Water and Electricity
Company’s (EWEC) contribution of 6.2
GW of the total 7.7 GW power demand
from renewable and clean energy is
commendable. This achievement is
in line with the UAE’s future vision
to develop world-class systems and
energy infrastructure. By 2030, EWEC
aims to raise Abu Dhabi’s solar power
generation to approximately 7GW and
produce more than 90% of its water
using RO plants.
Marubeni and PIF to Explore Clean Hydrogen
Project in Saudi Arabia
Marubeni Corporation has
entered into a memorandum
of understanding (MoU) with
Public Investment Fund (PIF)
of Saudi Arabia to create a framework
for developing a clean hydrogen project
in the kingdom. The two entities will
begin by conducting a feasibility study
to produce clean hydrogen, with the aim
of supplying both local and international
markets. PIF is spearheading Saudi Arabia’s
economic transformation by working
on projects to achieve the country’s net
zero greenhouse gas emissions goal by
2060. Marubeni already has ownership
stakes in four projects in Saudi Arabia
and plans to use its expertise in business
development and operations to push
forward with the hydrogen project.
ADNOC Makes Strategic
Investment in Sustainable
Technology
ADNOC Drilling Company has
agreed to purchase 10 new
hybrid power land drilling rigs
for a total cost of $252M. The
purchase is part of ADNOC Drilling’s
decarbonization strategy, which is aimed
at reducing greenhouse gas intensity
by 25% by 2030 and contributing to the
UAE’s Net Zero by 2050 initiative. The
hybrid power rigs will use a combination
of a high-capacity battery and engine
automation alongside traditional diesel
generators to reduce greenhouse gas
emissions intensity by 10%-15%. The
rigs can also be connected to the
electrical grid, which will further
reduce emissions.
40 www.thefinanceworld.com April 2023

Barakah nuclear power
plant considering Mars
Mission Powered by
Nuclear Energy
The UAE’s burgeoning nuclear
energy program has the potential
to power upcoming space
missions, as nuclear power
has the ability to propel spacecraft
further and for longer durations. The
Barakah nuclear power plant in the
UAE is considering future opportunities
in space exploration. The country’s
Peaceful Nuclear Energy Programme
is not only focused on generating clean
energy, but could also serve as a driving
force for the UAE’s space exploration
ambitions for years to come. Emirati
astronaut Sultan Al Neyadi set to spend
180 days on the International Space
Station alongside crew members from
NASA and Roscosmos.
EDF Renewables eyes UAE energy tenders, says CEO
EDF Renewables, which is a
part of the French utility company
EDF, intends to increase
its presence in the UAE by
participating in future energy tenders
in the country, according to the company’s
CEO, Bruno Bensasson. EDF
Renewables was previously involved
in the third phase of the Mohammed
bin Rashid Al Maktoum Solar Park in
Dubai as part of a consortium led by
Masdar, and it currently holds a 20%
stake in the Al Dhafra solar project in
Abu Dhabi. The UAE is heavily focusing
on renewable energy as part of its
Net Zero by 2050 initiative, and EDF
Renewables aims to double its net capacity
of global renewable energy to
60 gigawatts by 2030.
Eni and ADNOC join forces: Italy-UAE
cooperation agreement signed
Masdar project portfolio
in clean energy hit
$30B
Renewable energy company
Masdar, based in the UAE,
has reached a significant
milestone by surpassing
$30B in its global portfolio of clean
energy projects. The projects have
a combined gross capacity of more
than 20 GW and could reduce carbon
dioxide emissions by up to 30 million
tonnes annually, according to a Green
Finance Framework (GFF) statement.
Moody’s Investors Service gave the
statement its highest rating, SQS1
(Excellent), making it a credible source
for investors. Masdar plans to issue its
first green bond in 2023, guided by its
Green Finance Framework, which will
comply with the best practices in the
sustainable finance industry.
Italian energy company Eni has
partnered with Abu Dhabi National
Oil Co (ADNOC) to accelerate the
energy transition. The two companies
aim to reduce new emissions, enhance
energy security, and promote low-carbon
economic and industrial growth. The
accord was signed during a visit to
the UAE by Italian Prime Minister
Giorgia Meloni, who also met with His
Highness Sheikh Mohamed bin Zayed
Al Nahyan, President of the UAE and
Ruler of Abu Dhabi. The Italian and UAE
governments signed a declaration of
intent on strategic cooperation, while
Italian Foreign Minister Antonio Tajani
signed a declaration of intent on climate
strategy with UAE climate envoy Sultan
Ahmed Al Jaber.
April 2023 www.thefinanceworld.com 41

Wheels
BMW 7 SERIES
The 2023 BMW 7 Series is a
luxury sedan that combines
comfort, performance, and
cutting-edge technology. As the
flagship model for BMW, the 7 Series
sets the standard for excellence in the
luxury car market.
The BMW 7 Series is available in
several different trim levels, each of
which offers a unique set of features and
specifications. The standard features
of the base 740i Sedan model include a
3.0-liter inline six-cylinder engine that
produces 375 horsepower and 383 lb-ft
of torque. This engine is paired with an
eight-speed automatic transmission and
rear-wheel drive. The car can accelerate
from 0 to 60 mph in just 5.3 seconds.
One of the standouts features of the
BMW 7 Series is its luxurious interior.
The car features premium materials
and craftsmanship, including Nappa
leather upholstery and fine wood
trims. The seats are comfortable and
supportive, with plenty of legroom
and headroom for both front and rear
passengers. The car also features a
high-tech infotainment system with a
large touchscreen display, Bluetooth
connectivity, and a premium sound
system. The BMW 7 Series is also
known for its advanced technology
features. The car includes an array
of driver assistance systems, such as
blind spot monitoring, lane departure
warning, and forward collision warning
with automatic emergency braking. The
car also features a 360-degree camera
system that provides a comprehensive
view of the car’s surroundings. The
2023 BMW 7 Series is an exceptional
luxury sedan that offers a winning
combination of performance, comfort,
and technology.
42 www.thefinanceworld.com April 2023

Specifications
Horsepower: 375 Hp
Torque: 383 lb-ft
Acceleration: 0 to 60 mph in 5.3 seconds
April 2023 www.thefinanceworld.com 43

Healthcare
The UAE’s Healthcare sector to see
significant growth and expansion in 2023
The healthcare industry in Dubai is expected to undergo significant growth in
the coming years. The Dubai Chamber of Commerce and Industry has predicted
a 7.5% yearly increase in revenue for the entire UAE healthcare sector, leading to
a total of $10.7 billion by 2025. Moreover, healthcare expenses are estimated to
increase to 4.6% of the GDP by 2026 and 5.1% by 2029.
The healthcare industry in
the UAE is experiencing
remarkable growth due to
increasing efforts by the
government. The government is actively
enhancing and expanding the healthcare
system to establish a high-quality worldclass
infrastructure. Additionally, the
private sector is being encouraged to
participate in upgrading the current
infrastructure and providing services
that are on par with those offered in
developed nations.
Recent healthcare events held in
the UAE demonstrate the country’s
unwavering commitment to expanding
and enhancing this critical sector. The
UAE government has been actively
supporting healthcare events and
implementing initiatives aimed at
attracting foreign investment and
expertise to the healthcare industry.
These efforts include the opening of the
Arab Health Exhibition and Congress
2023 in Dubai by His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of
the UAE and Ruler of Dubai.
Speaking on the occasion of the
event’s inauguration, His Highness
Sheikh Mohammed bin Rashid said,
“Consistent with our unwavering drive
for excellence, we continue to transform
44 www.thefinanceworld.com April 2023

the sector by bringing together the
globe’s leading healthcare expertise,
talent and institutions and opening new
avenues for innovation to flourish.” His
Highness also emphasized that the aim
is “to create a vibrant global healthcare
hub that serves not only the needs of
the people of our nation but also caters
to the growing requirements of our vast
region,” which indicates the potential
of the sector for achieving significant
growth in the near future.
As a testament for the UAE’s efforts
to expand the healthcare sector, Arab
Health, the MENA region’s biggest
gathering of healthcare companies,
technology, and products took place
from 30th January to 2nd February at
the Dubai World Trade Centre, centered
around the theme of “innovation and
sustainability in healthcare.” The
event drew over 51,000 attendees and
featured over 3,000 exhibitors from over
70 countries, displaying their latest
innovative healthcare technologies.
The four-day conference included nine
Continuous Medical Education (CME)
conferences, featuring keynote speeches,
scientific lectures, and industry briefings
from over 300 regional and international
speakers.
On the other hand, Dubai Derma 2023,
The largest scientific dermatology event
in the MENA region and the Indian
Subcontinent region, was held from
1st March to 4th March and gathered
prominent dermatology specialists,
industry leaders, and key decisionmakers
from the region and across
the world. The three-day conference
and exhibition attracted over 24,000
By investing in
state-of-the-art
medical facilities
and promoting
world-class
medical tourism,
the UAE’s
healthcare sector
is driving growth
and prosperity
across the region.
visitors and participants from 114
countries, featuring 480 regional and
international companies presenting
over 1,400 products. The conference
concluded with $600m (AED 2.2B) of
deals.
Moreover, the government has been
investing in cutting-edge medical
technologies and state-of-the-art
healthcare infrastructure, including
hospitals, clinics, and specialized medical
centers, to provide top-notch healthcare
services to residents and visitors alike.
This has led to an increase in medical
tourism, as the UAE has become a
preferred destination for patients
seeking high-quality and affordable
medical treatments.
Furthermore, the government has been
focusing on enhancing the skills and
expertise of healthcare professionals
by offering specialized training and
education programs, ensuring that
the healthcare workforce is equipped
with the latest knowledge and skills to
provide world-class healthcare services
to patients.
In his latest visit to HMS Mirdif
Hospital and Barraquer Eye Hospital,
His Highness Sheikh Hamdan bin
Mohammed bin Rashid Al Maktoum,
Crown Prince of Dubai and Chairman
of The Executive Council of Dubai,
emphasized that the development of
the health sector is a top priority for the
Dubai government. His Highness also
stressed that the healthcare industry
contributes to the expansion of Dubai’s
economy, not only by investing more in
medical facilities but also by promoting
medical tourism.
His Highness added that the healthcare
industry plays a crucial role in promoting
the welfare of the community and
positioning Dubai as a worldwide leader
in health and wellness, consistent with
the guidance of His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of
the UAE and Ruler of Dubai.
April 2023 www.thefinanceworld.com 45

Healthcare News
UAE Residents Embrace Technology for Health
Management: Philips Study
According to the latest Philips
Health Trends Report, UAE
residents are increasingly
relying on technology to
manage their health and well-being. The
survey revealed that 82% of respondents
use wearable technology to track
their fitness and health, while 61%
use mobile apps to monitor their diet
and nutrition. Additionally, 47% of
respondents use telehealth services to
consult with their healthcare providers,
and 42% use virtual health assistants to
manage their medication schedules. The
report indicates that UAE residents are
becoming more proactive in managing
their health, and technology is playing
a vital role in this transformation.
Dubai-based Math Professor
to Run 77.2km
in 48 Hours to Raise
Funds for Education
Haitham Solh, a mathematics
professor at the American
University of Dubai, is
pushing himself to the limit
by attempting the David Goggins
challenge. The challenge involves
running four miles every four hours for
48 hours straight, and Professor Solh
is doing it to raise funds for the Smile
Train Foundation. This charity aims to
provide cleft lip and cleft palate repair
surgery to children in need. Professor
Solh has set a target of AED 5000, and
he hopes to inspire others to contribute
to this worthy cause. He completed a
similar challenge last year and raised
AED 10,000 for Al Jalila Children’s
Hospital.
Cleveland Clinic Abu Dhabi
Named UAE’s Top Hospital
for Second Consecutive
Year
Cleveland Clinic Abu Dhabi
(CCAD) has once again been
named the best hospital in
the United Arab Emirates,
according to the 2021 rankings
released by Newsweek Middle East.
The hospital has been recognized for
its excellence in patient care, advanced
medical technologies, and world-class
physicians. This is the second year
in a row that CCAD has been ranked
number one in the UAE, a testament
to its unwavering commitment to
providing exceptional healthcare
services. CCAD is a multi-specialty
hospital that offers a wide range of
medical services, including cardiology,
neurology, orthopedics, and more.
Dubai: Visionary medical group celebrates 25 years
of operations
Dubai-based medical group,
Visionary, marks 25 years
of providing exceptional
healthcare services to
patients in the UAE. Since its inception
in 1998, Visionary has been at the
forefront of delivering innovative
and specialized medical treatments in
various fields, including orthopedics,
neurology, cardiology, and more. With
state-of-the-art facilities, world-class
physicians, and advanced medical
technologies, the group has earned
a reputation for excellence in the
healthcare industry. In its 25 years
of operations, Visionary has treated
over a million patients and continues
to expand its services to cater to the
growing healthcare needs of the region.
46 www.thefinanceworld.com April 2023

Dubai Derma 2023 generates $600M of deals
Dubai Derma 2023, the
renowned dermatology
and skin care conference,
has been an incredible
success, generating deals worth
$600M. The event was a three-day
affair that brought together some of
the world’s leading dermatologists,
skin care professionals, and plastic
surgeons from over 100 countries.
The conference included scientific
sessions, workshops, and keynote
lectures by renowned experts in
the field, making it a major platform
for the global dermatology industry.
The exhibition showcased the latest
innovations and breakthroughs in the
field of dermatology and featured
over 700 exhibitors from around
the world.
GCC ambassadors to Korea discuss K-health
promotion in the Middle East
The GCC ambassadors to
Korea recently met to discuss
the promotion of K-health
(Korean healthcare) in the
Middle East. The meeting was held
at the Korean embassy in Seoul and
was attended by ambassadors from
Saudi Arabia, Kuwait, the United Arab
Emirates, Qatar, and Bahrain. The
discussion focused on ways to promote
Korean healthcare technology and
medical services in the GCC region.
The ambassadors praised the quality
of Korean medical technology and
expressed their willingness to cooperate
with Korea to improve healthcare in
the Middle East.
Scientific & Medical
Equipment House wins
$18.4M project award
in Saudi
Saudi’s Scientific & Medical
Equipment House Company
has announced an SAR 68.84M
($18.4M) project award for the
operation of the Border Guard Medical
Centre in Riyadh, according to a bourse
filing. The Tadawul-listed company
anticipates the project will reflect in
its income statements during Q2 2023.
The company plans to disclose further
developments regarding the contract
in due course. In January, Scientific &
Medical Equipment House obtained a
SAR 265M loan from Alinma Bank to
support its awarded projects and fund
its working capital.
Crown Prince H.H. Hamdan bin Mohammed explores healthcare
facilities in Dubai
As part of his commitment to
improving healthcare in Dubai,
Crown Prince His Highness
Hamdan bin Mohammed bin
Rashid Al Maktoum visited HMS Mirdif
Hospital and Barraquer Eye Hospital.
During his visit, the Crown Prince learned
about the latest medical advancements
and technologies being used to enhance
patient care. At HMS Mirdif Hospital,
he interacted with medical staff and
patients and observed how the hospital
is addressing the ongoing COVID-19
pandemic. At Barraquer Eye Hospital,
His Highness was briefed on the latest
procedures and treatments for eye
diseases and vision correction.
April 2023 www.thefinanceworld.com 47

Interview
Nilay Ranjan
Singh,
CEO of State
Bank India, DIFC
Nilay Ranjan Singh is the CEO of State Bank India, DIFC. He has
great experience in credit, syndication, international banking,
trade finance, treasury, risk, customer services, HR, and IT.
He is also experienced in administration, developmental and rural
banking, branch administration, as well as Financial planning and
General Banking.
Exclusive to The Finance World Magazine
Q. What do you think are the
biggest challenges facing the fintech
industry today, and how can they
be addressed?
Nilay Ranjan Singh: In the fintech
area, what is going on is the transition
of banking, which is normally the tip
of the iceberg; either “Know Your
Customer” (KYC) or the beginning of
things. It is more for the consumer
banking, credit card, and the starting
of things, but then what is required is
that they have to go forward and come
to the field of corporate banking and
trade finance, which is having a very
large scope. Besides that, they have
to address the risk and other areas
because they are daring, but this area
is very limited with a limited scope,
which is the internet. So, they have
to enlarge the scope and move further
beyond the consumer banking.
Q. In your opinion, what is the
most exciting fintech innovation
that’s come up over the past year,
and why?
Nilay Ranjan Singh: The most
exciting fintech innovation is that
we have just come into a sort of risk
management. I think the blockchain will
be able to help banks a lot in this area.
So, there will be more collaboration,
an area into which the fintech has
started coming.
Q. How do you think regulators
will strike a balance between
protecting consumers and affecting
innovation?
Nilay Ranjan Singh: What is
happening today is that all those are
converging; the regulatory world,
the banking and other regulators
are all converging and learning from
each other, from various countries,
geographies, and cases. Hence, they are
becoming wise and trying to protect
customers. At the same time, they
don’t want to stifle the innovation.
For instance, they are now giving you
a startup wherein you can work upon
and include the technology to serve the
customer and meet compliance at the
same time. So, we are going towards
compliance and sticking into it. In this
way, innovation is helping both the
costumers and the banks at the same
time in the fintech area.
48 www.thefinanceworld.com April 2023

ChatGPT
ChatGPT is a powerful artificial
intelligence bot developed by
OpenAI. Its makers, Altman,
Musk, and other Silicon Valley
investors, created an artificial intelligence
research non-profit organization in 2015
and unveiled it to the world on 30th
November 2022. ChatGPT is short for Chat
Generative Pre-Trained Transformer. It is a
powerful AI bot capable of understanding
human speech and producing in-depth
writing easily understood by humans.
The question-answer format used in
ChatGPT makes it interesting.
OpenAI’s ChatGPT has garnered the
attention of the whole world with its
unique feature to answer the public’s
questions.
Recently, the hype around ChatGPT has
TECH
MY
MONEY
accelerated to such a great extent that
this tool has a huge potential soon. With
so many uses of ChatGPT in daily life,
it has garnered the attention of people
of every age group. ChatGPT generates
human-like responses through texts. It
holds the capability of answering questions
in a lucid and conversational tone. It can
generate codes, write stories, poems,
etc. It gives natural answers to generate
responses like a human would provide.
Google search helps you to get
suggested answers to your questions
by giving you a list of websites that are
relevant to your questions. On the other
hand, ChatGPT gives you to-the-point
answers in a natural flow. It is like using
a guidebook.
Much comparison has been made
between ChatGPT vs. Google searches
since ChatGPT was launched. However,
one should always do a deep analysis
when using ChatGPT to get answers.
Getting an answer through ChatGPT
is getting a raw text with no credible
source of information, citation, or link
attached. One is advised to verify the
answers when using it.
Every answer you get on google search
works on its own large language models
and algorithm and uses extensive AI to
bring you the most credible information.
One can say that ChatGPT creators will
modify it soon with more features to
compete against google search.
April 2023 www.thefinanceworld.com 49

Mergers & Acquisitions
M&A Deals in the MENA Region Hit
Unprecedented Levels
According to the EY MENA M&A Insights 2022 report, the Middle East and
North Africa region, which typically sees 500-600 deals annually, experienced
a significant increase in mergers and acquisitions, with a total of 754 deals in
2022. This represents a 13% increase from the previous year’s 661 deals, with
Dubai leading this activity in the region. However, the total value of these deals
declined from $99B in 2021 to $82.5B.
EY’s MENA M&A Insights 2022
report revealed that there
was a 13% annual increase in
the number of mergers and
acquisitions (M&A) in the Middle East
and North Africa region last year, with a
total of 754 transactions. The UAE was
the leading country in M&A activity in
the region.
According to the London-based consultancy,
this region saw an “unprecedented” surge
in M&A activity due to several factors,
including higher oil prices, reforms
that attract investors, and governments
easing Covid-related travel restrictions,
all of which have led to improved market
conditions.
Three of the biggest M&A deals in
the region were recorded in the UAE,
according to reports. Caisse de Depot et
Placement du Quebec, a Canadian fund,
led the way with a $5B acquisition of a 22%
stake in three of DP World’s Dubai-based
assets. The second-largest deal was made
by Abu Dhabi-based telecoms company
e&, which acquired a 9.8% stake in the
UK’s Vodafone Group for $4.4B. Finally,
ADNOC made the third-largest deal with
the acquisition of a 24.9% stake in OMV
from Mubadala Investment Company
for $4.1B.
According to Brad Watson, EY Mena’s
Strategy and Transactions Leader, M&A
The biggest
three M&A
deals in the
MENA region
in 2022 were
recorded in the
UAE.
50 www.thefinanceworld.com April 2023

activity in the Middle East hit new highs
in the previous year, indicating that
businesses have effectively adapted their
M&A strategies to the changing market
requirements.
The report said the rise in M&A activity
was fueled by an increase in investor
confidence, which was due to the positive
impact of high oil prices, favorable business
reforms, and the relaxation of travel
restrictions. George Traub, managing
partner of Lumina Capital Advisers, who
served as the lead financial adviser in the
Dulsco deal, stated that significant M&A
activity in the energy and related sectors
between the Middle East and the UK was
ongoing, “backed by bilateral trade and
investment initiatives.”
Strong investor demand and high
oil prices have fueled a flurry of M&A
activity in the UAE, the second-largest
economy in the Arab world, and the
wider GCC region, as they recover from
the economic slowdown caused by the
pandemic. According to EY, the UAE
was the top target and bidder country by
value, followed by Saudi Arabia.
The proposed acquisition of a 51% stake
in STC’s Tawal by the Public Investment
Fund aligns with Saudi Arabia’s Vision
2030, which aims to diversify the economy.
In addition, Saudi Aramco’s purchase of
Valvoline’s global products business for
$2.7B was deemed a strategic transaction
in the oil and gas sector. The M&A report
Global M&A
activity has
experienced a
very sluggish
start this year,
reaching a low
point not seen
since 2010.
also revealed that Egypt and Oman climbed
into the top five rankings of target and
bidder countries in the MENA region.
According to the EY MENA M&A
Insights 2022 report, the US had the
most significant number of deals in the
MENA region, with 35 transactions, of
which 19 were in the technology sector.
The report indicated that domestic deals
accounted for slightly over half of the
total M&A deal volume in MENA, with
388 transactions, representing 34% of
the total value at $28.4B.
The highest disclosed value was
attributed to outbound deals at $40.1B,
which accounted for a total of 201
transactions. Meanwhile, inbound deals
amounted to $14B, with a total of 165
transactions. The report also highlighted
that the number of government-related
entities (GREs) involved in deals was
the highest since 2017, with 137 deals
recorded, accounting for 49% of the total
disclosed deal value at $40.3B.
The MENA region is aiming to become
a center for tech start-ups by making it
easier to do business, reforming laws and
facilitating investment. This is reflected
in the fact that technology comprised
25% of the total deal volume in the
region in 2022.
According to a report by Goldman Sachs
in March 2023, global M&A activity has
had a very slow beginning this year and
is currently at its lowest level since 2010.
Year-to-date, the activity is down 65%
compared to the same period last year. The
report suggests that this slowdown is due
to ongoing macroeconomic uncertainty
and the potential for increased pressure
on earnings, causing companies to be
cautious and remain in “defence mode”.
April 2023 www.thefinanceworld.com 51

Merger and Acquisition News
Egis and Omrania merge to become leading engineering and architecture
firm in Saudi Arabia
Egis Group has reached an
agreement to acquire Saudi
Arabian architectural and
engineering consultancy firm,
Omrania, marking a significant step for
both companies. With a shared vision
of designing sustainable and contextual
environments, the acquisition will allow
Egis to establish a leadership position
in high-end design and architecture
services in Saudi Arabia. Omrania,
with its interdisciplinary approach to
architecture, master planning, urban
design, landscape, and engineering
services, has built a strong reputation
for its work with government entities,
cultural institutions, and the private
sector. The acquisition will enable both
firms to leverage their joint footprint and
client base to reach significant scale in
Saudi Arabia.
Qatar utility giant QEWC
acquires 24% in Bangladesh
power company
Qatar Electricity and Water
Company (QEWC) has
expanded its international
footprint with the acquisition
of a 24% equity stake in Unique
Meghnaghat Power Ltd. in Bangladesh.
The deal was carried out by QEWC
subsidiary, Nebras Power Investment
Management B.V. The stake was
purchased from Unique Hotel & Resorts
Limited and Strategic Finance Limited,
with General Electric retaining a joint
76% stake. The 584 MW combined
cycle power plant, which is currently
under construction, has a 22-year
power offtake agreement with the
Bangladesh Power Development Board.
The acquisition will serve as a “strategic
foundation” for Nebras’s entry into the
Bangladeshi power sector, according
to Nebras Power Chairman Mohammed
Nasser Al-Hajri.
UAE’s FAB sells 60% stake in Magnati to Canada’s
Brookfield Business Partners
First Abu Dhabi Bank (FAB),
the largest lender in the UAE,
has sold a 60% stake in its
payments firm Magnati to
Canada’s Brookfield Business Partners
for up to $1.15B, implying a valuation
of the company. FAB will retain a 40%
stake in Magnati after the transaction,
which is subject to regulatory approval.
UAE telecoms group e&
(formerly Etisalat) is
eyeing expansion into new
markets in Africa, Europe
and Asia, as well as areas outside of
telecoms such as financial technology,
according to CEO Hatem Dowidar. The
company is considering potential joint
ventures, acquisitions and listings of
subsidiaries, with a focus on retaining
control of all its units. The telecoms
arm of the company, Etisalat, is the
world’s seventh largest by market
capitalisation. The company has
separated its business into e& life,
e& enterprise, and e& capital to drive
acquisitions and mergers. Total revenue
The bank plans to use the proceeds
from the sale to support its growth
and transformation plans. Magnati
was launched by FAB in 2020 as a
fully-owned affiliate. Morgan Stanley
& Co. International is acting as the
sole financial advisor to FAB, while
Freshfields Bruckhaus Deringer is
acting as its legal advisor.
UAE’s e& looks to expand in telecoms and other
areas
growth at e& was 3% in 2021, while e&
enterprise grew by 17%.
52 www.thefinanceworld.com April 2023

Dulsco Group acquires Advance Global Recruitment Ltd
Dulsco Group has acquired
Advance Global Recruitment
(AGR), a Scotland-based
firm specializing in energy
recruitment. The acquisition brings
specialist oil, gas and renewables
expertise, international reach, and
builds on Dulsco Group’s capabilities in
this space. Dulsco Group, with a history
of nation-building services in the UAE
dating back to 1935, is a leading provider
of integrated People, Environment,
and Talent solutions. The purchase
of AGR will accelerate growth in the
UAE and new international markets.
Lumina Capital Advisers acted as the
lead financial adviser to Dulsco LLC
during the acquisition process. AGR
will continue to be led by Stuart Hunter
as CEO, along with their management
team in all locations.
Abu Dhabi’s IHC completes
acquisition of 70% stake
in Arena Events
Abu Dhabi’s International
Holding Company (IHC) has
completed the acquisition
of a majority stake in
Arena Events Group, an event and
entertainment services business, for
$65M. The company was previously
listed on the AIM market of the
London Stock Exchange, IHC said
in a statement. The acquisition is
part of IHC’s strategy to increase its
portfolio through mergers, acquisitions
and strategic investments in sectors
such as property, agriculture, health
care, food and beverages, utilities,
and manufacturing. The CEO and
managing director of IHC said there
is an opportunity for rapid growth
in the events sector as the industry
begins to reopen.
GCC Banks Set to Ride Consolidation Wave Pursuing
Expansion and Revenue Growth
The consolidation trend in
the financial industry across
the GCC is expected to
persist as banks strive to
create institutions with greater scale.
This move will help boost revenue,
achieve cost synergies, and support
the diversification of Gulf economies
away from oil. Moody’s Investors
Service noted that large GCC lenders
are also looking to increase their
market dominance to drive mergers and
acquisitions. These banks are aiming
to capture large-scale transformation
project finance business in the GCC,
while also competing more aggressively
outside their domestic markets. These
strategic objectives will continue to
drive banks to seek consolidation
opportunities to increase their scale.
M&A deal volume in MENA up 13% in 2022 on
higher investor confidence
The Middle East and North
Africa (MENA) region saw a
13% increase in merger and
acquisition (M&A) deals in
2022, primarily driven by the UAE, according
to the EY MENA M&A Insights
2022 report. The report attributed the
“unprecedented” 754 deals to higher
investor confidence brought about by
improving market conditions, elevated
oil prices, business-friendly reforms,
and easing government travel restrictions.
Domestic deals represented
51% of the total M&A volume, while
outbound deals led in value at $40.1B
The technology sector accounted for
25% of the total deal volume, and the
UAE dominated the lists of target and
bidder countries by value.
April 2023 www.thefinanceworld.com 53

Cryptocurrency
Cryptocurrency Adoption in UAE: How
Will This Disrupt Trade and Payment
Cryptocurrency adoption in the UAE has been increasing in recent years, with
the government actively establishing a regulatory framework to support it. One
potential benefit of cryptocurrency adoption in the UAE is the diversification of
its economy. It also has the potential to disrupt trade and payment systems, as it
is poised to streamline financial transactions and reduce costs. In this article, we
explore the details of this adoption to analyse its pros and cons.
Traditionally, the economy of the
UAE has been heavily reliant on
oil and gas exports. However,
with the decline in oil prices and
the shift towards renewable energy, the
UAE has been looking for new ways to
diversify its economy. Cryptocurrency
presents an opportunity to develop a
new industry and attract investment
and talent from around the world, and it
has the potential to streamline financial
transactions and reduce costs.
Cryptocurrency transactions are fast and
inexpensive, which could be particularly
advantageous for businesses operating in
the country. In addition, cryptocurrency
could help to reduce the dependence on
traditional banking systems and improve
financial inclusion for individuals and
businesses. According to the “Digital
Lifestyle” 2022 report published by the
United Arab Emirates Telecommunications
and Digital Government Regulatory
Authority (TDRA), about 11.4% of
UAE residents own or have invested in
cryptocurrencies.
Overall, cryptocurrency adoption in
54 www.thefinanceworld.com April 2023

Cryptocurrency can potentially
revolutionize e-commerce in the UAE by
offering a secure and efficient payment
method that can be used globally.
the UAE has the potential to disrupt
trade and payment systems in several
ways, some of which are the following
scenarios:
International Trade: Cryptocurrency
can potentially simplify international
trade transactions by eliminating the
need for intermediaries such as banks
and currency exchanges. This can
reduce transaction costs and speed up
the settlement process. Additionally,
cryptocurrency can help to mitigate
the risks associated with cross-border
payments such as currency fluctuations,
geopolitical risks, and fraud.
Remittances: The UAE has a large
population of expatriate workers who
frequently send money back to their
home countries. Cryptocurrency can
provide a cheaper and faster alternative
to traditional remittance channels, which
are often costly and slow. This can be
particularly advantageous for low-income
workers who depend on remittances as
a significant source of income.
E-commerce: Cryptocurrency can
potentially revolutionize e-commerce in
the UAE by offering a secure and efficient
payment method that can be used globally.
This can enable businesses to expand
their reach and access new markets
without dealing with the complexities
of traditional payment systems.
Financial Inclusion: Cryptocurrency
can provide an alternative means of
payment for individuals and businesses
who are not served by traditional financial
institutions. This can help to promote
financial inclusion and enable people
to participate in the economy.
However, the cryptocurrency scene
in the UAE has witnessed some changes
recently, one of which is what happened
with FTX and Kraken, two of the world’s
biggest cryptocurrency exchanges; FTX
became embroiled in an international
scandal and declared bankruptcy before
it could establish a presence in the area
last fall, while Kraken revealed this month
that it would halt its AED services.
Since Abu Dhabi and Dubai have high
ambitions to make the UAE a global crypto
hub, how can the latest changes affect the
overall cryptocurrency landscape in the
country? Jehanzeb Awan, Chairman of
the Crypto and Blockchain Association,
Middle East, Africa & Asia (MEAACBA),
said that “There will always be change
in crypto blockchain because it is a new
and developing sector; however, it is
very important not to focus on cryptoexchanges,”
because they are “just a
small part of the overall ecosystem.”
Awan also stressed that the UAE is a hub
of innovation for the crypto-blockchain
ecosystem, covering everything from
regulation and education to assistance,
which helps to “stimulate the sector
across the region.”
In that sense, the departure of FTX and
Kraken may create a larger opportunity
for those that have stayed, with Binance
being the most apparent example. Binance
acquired its initial license in Dubai in
March 2022 and obtained its Financial
Services Permission from Abu Dhabi in
November.
H. E. Thani Al Zeyoudi, UAE Minister
of State for Foreign Trade, talked about
cryptocurrency during an interview with
Bloomberg in Davos, Switzerland. He
stressed that “Crypto will play a major
role for UAE trade going forward,”
and he emphasized that the country is
“attracting some of the companies,” with
aim of building “the right governance
and legal system.”
From his side, H. E. Omar Sultan Al
Olama, UAE Minister of State for Artificial
Intelligence, Digital Economy, and Remote
Work Applications, reemphasized that
“The UAE has not issued a single licensed
crypto exchange in UAE, neither Binance
nor FTX.” The Dubai Virtual Assets
Regulatory Authority (VARA) is responsible
for licensing and regulating the crypto
April 2023 www.thefinanceworld.com 55

Cryptocurrency
sector in the Emirate of Dubai and its free
zone territories (excluding DIFC) under
UAE law. A number of cryptocurrency
exchanges, including Binance, FTX, Okx,
Bitoasis, and Coinmena, have received a
provisional license from VARA, clarifying
that these crypto trading platforms are in
stage one of a four-stage approval process.
The partnership between Ripple and
Dubai-based Joyalukkas Exchange is a
recent example of the rapid development
of the crypto scene in the UAE and
MENA region as a whole. Joyalukkas
Exchange is affiliated with Joyalukkas
Group, a prominent global conglomerate
with a multi-billion-dollar valuation and
an internationally recognized name in
jewelry commerce.
The exchange provides a diverse
selection of remittance options to each
customer and has developed a series
of collaborations to enable “rapid and
effortless transfers to any location across
the globe at the most competitive prices,”
according to their website.
Punnoose Mathew, managing director of
Joyalukkas Exchange, reported on LinkedIn
that he met with representatives from
Ripple, “the market leader in enterprise
blockchain and crypto solutions,” Mark
Your crypto
business plan
should detail your
organization’s
objectives,
tactics, and the
actions you will
undertake to
ensure adherence
to the DFSA’s
regulations.
Johnson, William Cooley, and Nick Taplin.
Matthew penned. Mathew said that they
discussed “how Ripple could be a great
enabler for money transfer entities to scale
up for affordable cross-border payments,
instant settlement, and continuous liquidity
access with their On-Demand Liquidity
using the XRP platform.”
Moreover, the CEO of Ripple, Brad
Garlinghouse, recently compared the
regulatory progress made worldwide to
the challenges the US market is currently
experiencing. The MENA region is one
where crypto is considered a promising
innovation and where the company has
already been able to establish high-profile
collaborations.
However, there are also risks associated
with cryptocurrency adoption, including
volatility, regulatory uncertainty, and
security concerns. Cryptocurrency is still
a relatively new and untested technology,
and there are ongoing debates about how
it should be regulated and managed. As
such, it is important for businesses and
individuals to carefully consider the
risks and benefits of cryptocurrency
before adopting it as a payment method
or investment.
56 www.thefinanceworld.com April 2023

CORSAIR TBT200 Thunderbolt 4 Dock
The CORSAIR TBT200 Thunderbolt
4 Dock is a powerful docking
station designed to expand
the connectivity options of
your Thunderbolt 4 enabled laptop or
desktop computer. With the ability to
deliver up to 94W of power, this dock can
also charge your laptop while providing
fast data transfer speeds and additional
ports for peripherals.
Besides the dock and the power
supply, Corsair also bundles a small 0.8m
Thunderbolt 4 capable USB-C cable, a
1m USB-C to Display Port cable, and a
1m USB-C to HDMI cable. Remember
that the HDMI standard offered is HDMI
2.0, which means you’re restricted to a
maximum of 60Hz over a 4K display.
April 2023 www.thefinanceworld.com 57

Cryptocurrency News
Dubai Crypto Centre and TDeFi partner to Launch Web3 Accelerator Program
The Dubai Crypto Centre (DCC)
and TDeFi have partnered to
launch a Web3 accelerator
program in the region. The
program is aimed at supporting the
growth of blockchain-based startups and
decentralized finance (DeFi) projects. The
initiative will provide funding, mentorship,
and other resources to early-stage startups
working on Web3 technologies, such
as blockchain, smart contracts, and
decentralized applications. The DCC
is a leading blockchain and crypto hub
in Dubai, while TDeFi is a global DeFi
ecosystem that provides access to liquidity
and other financial services.
Ras Al Khaimah Launches
First Free Economic Zone
for Virtual Assets in UAE
Ras al-Khaimah (RAK), one of
the seven Emirates of the UAE,
is set to launch the world’s
first free zone exclusively for
digital and virtual asset companies. The
RAK Digital Assets Oasis (RAK DAO) is
expected to attract global crypto players
and support non-regulated activities
related to virtual assets. The free zone,
which is set to launch in the second
quarter of 2023, will provide a space
for companies working with emerging
technologies such as blockchain, Non-
Fungible Tokens (NFTs), decentralized
applications (dApps), and decentralized
autonomous organizations (DAOs).
Entrepreneurs will operate under their
own tax and regulatory systems.
Dubai’s Crypto Industry Boosts with New Licensing
Regime amid Global Uncertainty
Dubai is set to launch a new
licensing regime for crypto
firms, aimed at boosting the
growth of the industry in the
region. The Dubai Financial Services
Authority (DFSA) announced that it
will create a new framework for crypto
asset trading platforms, custodians,
and other intermediaries. The new
rules will also cover security tokens,
which are digital tokens backed by
real-world assets. Dubai is one of the
leading fintech and blockchain hubs
in the world, and the new licensing
regime is expected to attract more
crypto firms to the region. The DFSA
said it had been working on the new
framework for some time, and had
consulted with industry stakeholders.
Al Dana Resort first in region to allow Crypto
Payments
Novotel Bahrain Al Dana
Resort has made history by
becoming the first hotel in the
region to accept payments in
cryptocurrency. This innovative move
has been made possible by partnering
with Eazy Financial Services, which
will provide a range of electronic
payment services to improve the hotel’s
operations and offer an enhanced
experience for customers. In addition
to standard debit and credit cards, the
hotel will also accept payments using
crypto assets via the Binance app,
making it the first hotel in Bahrain and
the wider region to accept premium
payments in a secure and regulated
manner.
58 www.thefinanceworld.com April 2023

UAE’s Cryptocurrency Landscape achieves Major
Milestones
The Cryptoverse, based in
Dubai, is a cryptocurrency
exchange where individuals
and businesses can buy and
sell cryptocurrency within minutes. It
has achieved new heights in the UAE
and has successfully completed over
15,000 client exchanges, making it a
trusted and well-known exchange in
Dubai for buying and selling Bitcoin,
Ethereum, Binance, and Tether,
according to reports. The Cryptoverse
offers instant transactions, ensuring
clients receive their crypto or fiat
(AED) immediately after payment. It
has facilitated significant payments for
real estate purchases and worked with
luxury car dealerships, watch brands,
and hotels. The Cryptoverse aims
to become one of the leading global
cryptocurrency exchanges, offering
reliable and hassle-free services.
DMCC Crypto Centre
and DWF Labs Partner
to Attract Crypto Companies
to Dubai
DMCC, the Dubai-based free
zone and commodities trade
authority, has teamed up with
Digital Wave Finance (DWF)
Labs to offer a $5M growth platform for
blockchain and web3 firms at the DMCC
Crypto Centre. DWF will establish
the DWF Ventures Studio to support
start-ups using the Crypto Centre and
Dubai as a hub for scaling operations
locally, regionally and globally. The
DWF Venture Studio will offer services
including consultancy, venture capital
connections, workshops, market
making services and direct investments.
DWF aims to invest in 50 web3 start-ups,
with additional investments for best
performers and a $500,000 investment
for the cohort’s most prominent firm.
ABO Digital to Introduce
Alternative Financing
Structures to Regional
Crypto Market
ABO Digital, a new investment
company, has been launched
by Alpha Blue Ocean, which
operates in the Bahamas
and Dubai. ABO Digital will use
Alpha Blue Ocean’s experience as
a structured Private Investments in
Public Equity (PIPE) investor, which
has executed more than $2B in financing
commitments globally over the past five
years. The company will offer innovative
and flexible funding solutions to give
blockchain projects greater access
to capital. The move comes at a time
when many venture capitalists will
have suffered losses due to the recent
crypto credit contagion, reducing the
pool of available growth capital.
Crypto.com chief praises UAE as ideal
environment for digital assets
Eric Anziani, President and
COO of Crypto.com, has stated
that the UAE has a conducive
environment for cryptocurrencies
due to a fit-for-purpose regulatory
framework, strong government
willingness to invest in blockchain and
Web3, and a fertile environment for
digital assets. Speaking at Investopia,
a UAE-based investment conference,
Anziani noted that emerging markets
such as Latin America and Turkey are
actively pursuing stablecoins due to
hyperinflation. He added that these
assets are playing a critical role in preserving
value in such markets. FinTech
startups led in both funding and number
of deals in the Middle East, Africa,
Pakistan, and Turkey region in 2022,
with $2.25B raised across 351 deals.
April 2023 www.thefinanceworld.com 59

Interview
Naveen Bharadwaj,
Group CEO, Trescon
Naveen Bharadwaj is the Group CEO of
Trescon, which is managing the Dubai
Fintech Summit organized by DIFC. He
has got 14+ years’ corporate growth experience,
encompassing strategy, partnerships, alliances,
divisional leadership, new market/business
development, marketing, as well as full-cycle
event production & management.
Exclusive to The Finance World Magazine
Q. In your opinion, what has been
the most exciting fintech innovation
in the past year, and why?
Naveen: I think pretty much
everything in the fintech space is
exciting. Fintech as an industry or as
a segment in itself is quite innovative,
but if I were to pick a few innovations
that have either come into the front
in the last year or so, or have started
reaching the maturity curve, I would say
open banking, blended finance, digital
payments and also a lot of sustainabilityrelated
fintech innovations are gaining
popularity.
Q. How can regulators strike
a balance between protecting
consumers and promoting
innovation in the fintech space?
Naveen: I think people often speak
about this area, which is regulation
vs. innovation. I don’t want to talk
about this in general or globally, but
more specifically here in Dubai. I
think the regulators are innovationfocused,
which actually helps the
industry thrive. Take for instance
DIFC, the DIFC Innovation Hub, and
the regulatory sandbox that DIFC
has set up. So, they are creating safe
boundaries for innovation to thrive
without bringing innovation down in
the name of regulation.
Additionally, regulators are working
closely with the entire ecosystem, so
the banking and financial institutions,
startup and mature fintechs, investors,
innovators, and the academia are all
brought together to see what the need of
the hour is and how they can accelerate
the industry. At the same time, they are
brought together to see how they can
also be mindful of the legal boundaries
and the regulations within the country,
which is something happening in this
city. I think this is just an example of
how regulators can protect consumers’
interests on one side, but also make
sure that innovation is thriving on the
other; it is to balance both sides.
Q. What are you most excited for
about the upcoming Dubai Fintech
Summit?
Naveen: The Dubai Fintech Summit
is going to be arguably the best fintech
event to be ever launched, with 5000
– 7000 participants, who are all CEOs
of banking and financial institutions,
founders and owners of startups, people
leading venture capitals, private equity
firms, investors, people representing
institutional investors, as well as
high-net-worth individuals. Equally
important, there is the incredible
lineup of speakers that we have. There
are three stages, across which we
have speakers like Bill Winters, the
Global CEO of Standard Chartered,
Piyush Gupta, the Group CEO of DBS
Singapore, Michael Shaulov, CEO of
Fireblocks, in addition to ministers and
governors. The lineup is so magnificent
that you have people that are thinkers,
doers, and shapers on the regulatory,
governmental, banking, investment,
innovation, and the startup fronts. You
have got the whole ecosystem coming,
in addition to the representation of
the ecosystem on the agenda. So,
I think these are just some of the
things that excite me, but of course
everything about the Dubai Fintech
Summit excites me.
60 www.thefinanceworld.com April 2023

Interview
Raman Thiagarajan,
CEO & Founder of Zenda
Raman Thiagarajan is the CEO and Founder of Zenda, a fintech app for families, with a mission to
reimagine financial services for the education ecosystem. Raman has over 20 years’ experience in
strategic advisory and financial services. Before becoming an entrepreneur, Raman worked as a
banker, running P&L for a global bank, then he spent more than ten years in a leading consulting firm,
running its banking practice.
62 www.thefinanceworld.com April 2023

Exclusive to The Finance World Magazine
Q. How do you see blockchain, AI,
and machine learning continuing to
change the finance industry over
the next 5-10 years?
Raman: If I want to talk from our
company’s point of view, maybe we are
not yet there to harvest the power of
these technologies, but more broadly,
I would say that the power of data and
data-led insights coming from ML and
AI is going to be significant. In our
case, Zenda has got a parent-facing app
on one side, and we integrated it into
the educational institution system on
the other. Through this in a simplistic
way, we have a closed-loop ecosystem
where we have got full visibility on
every payment, every bill that is raised,
and the dollar and dirham amount on
it; every payment that is collected,
identifying the person who paid, the
time of the payment, and the nature of
the payment (on-time payment or not).
We also have a lot of insights about
the background of the parents and the
economic context of the education
institutions.
With this, we have the benefit of the
big amount of insight and data that
we think we can use in a much more
meaningful way tomorrow, leveraging
the power of ML and AI technologies
to really find insights and to custombuild
products and services.
Q. What are the most promising
emerging markets for fintechs, and
what are some unique challenges
that you think they will pose?
Raman: From my personal point
of view as a fintech founder, the first
thing you hear is when you look, you
will find that the largest fintechs in the
world today are from the west and the
USA. So, this is really seen as the large
market out there that has deep revenue
pools. However, we believe that this
is just a start. We Started Zenda in the
UAE, and we are based here. We also
started in India earlier last year, and
now we are expanding in the GCC. We
are live in a school in Qatar, and we are
looking at Saudi Arabia, Egypt and other
parts of Africa. Southeast Asia is also
massive in terms of opportunities. So,
if you look into the revenue pool just
between GCC and India, that’s about
$100B of payments that are made by
parents to private-sector education.
There is also a similar large number
in Southeast Asia, so we see that these
markets between the Middle East,
India, some parts of Africa, and some
markets in Asia are very exciting
for us personally. That’s where we
are going to focus, and my view is
that many of the fintechs that I know
here or from the region, including
Southeast Asia, are also very excited
about the opportunities in this region
because I think the type of problems
that customers are facing in this region
is different, and the type of the solutions
and services to come up with to address
these problems in a meaningful and
sustainable manner is also going to
be very different. I feel that most of
the opportunities for us are going to
be on this side of the world.
Q. What do you think are the most
important ethical considerations
in the design and development of
fintech products and services?
Raman: I think there are many things
that one can talk about and keep in
mind, but giving the context of our
geographies, our customer base, and
the nature of our customers, I would
say three things that come to mind.
First, it is the transparency on pricing.
If today people take traditional financial
products, such as a credit card product,
very few people really understand that
they are paying interest rates with
APRs of 40% to 60%. So, transparency
on pricing in terms of what you are
getting into, the prices you are going
to pay, the overall cost, particularly if
the customer base is somebody who is
in the mass segment, the mass affluent
segment, or in the segment where
they have not taken the effort from
their side to understand all of this in
detail. I think that telling them about
this upfront is a major responsibility
that all fintechs carry.
The second thing is the simplification
of documentation because terms and
conditions are complex, and nobody
sees them; they just keep clicking and
sign very easily, particularly in the digital
era. I think it is important that you tell
customers what they are getting into
and give them bullet points about the
legality or the structure of the product
to make sure it is well-understood.
The third ethical consideration is one
of the big benefits fintechs can bring
about and one of the things we are very
inspired about, which is hopefully to
be able to bring transformative change
across different economic segments
in the society. Our customers are not
going to be only parents paying high
fees to affluent schools or colleges, but
there are equally going to be parents
whose kids are going to budget schools
or coming from less affluent segments.
So, one of the responsibilities we carry
and think deeply about is the way we
can modify our products to make them
relevant to the context; somebody who
is in a particular segment of society
where we can have a broader reach or a
higher impact, and how we think about
these products differently compared
to those we are creating and selling
to those in more affluent categories.
Q. What advice would you give to
aspiring fintech innovators and
entrepreneurs?
Raman: I jokingly say that I’m on
my third career. I spent a large chunk
as a banker, running P&L for a global
bank, then more than ten years in a
leading consulting firm, running its
banking practice, and then six years
as an entrepreneur. One might think
that with all this experience, I would
not make some of the mistakes that
first-time founders make, but I made
many of these as well.
You would want to bear in mind three
things. First, be deeply passionate
about what you are trying to build
and the problem you are trying to
solve. Second, startup ideas look very
appealing from the outside, but when
you start building your MVP and start
thinking about the business model and
the economics, it is very important
to ensure that you have a very strong
grasp of your product market fit and
your economics because markets
can be up and down; markets can be
volatile as we see them. If you are truly
building something that you think can
stand its ground in a few years, then
it is going to be much easier for you.
Third, be very thoughtful about whom
you surround yourself with, whether
these are investors, mentors, or anyone
else, particularly when it comes to
funding. All dollars are not the same;
raising money is important, but be a
little bit thoughtful about where the
money is coming from and ensure that
this money is going to support you in
the long term.
April 2023 www.thefinanceworld.com 63

Real Estate
Buying and Selling Properties in Dubai:
How to Boost your Potential for Profit
Dubai is a lively and swiftly expanding metropolis that boasts a varied economy,
making it an appealing destination for investors seeking to purchase and sell
real estate. The Dubai real estate market is widely viewed as one of the most
competitive globally, with an abundant supply of properties accessible to buyers
and sellers alike. Nevertheless, with such intense competition comes the obstacle
of distinguishing oneself and earning substantial profits. In this article, we will
examine the factors to take into account when buying and selling properties in
Dubai, as well as strategies to enhance your potential for profit.
When putting your property up
for sale in Dubai, it is crucial
to market it in a way that will
attract potential buyers. This
could entail staging the property to enhance
its attractiveness, setting a competitive
price, and utilizing online listings and
social media platforms to reach a wider
audience. However, it is essential to have
a comprehensive understanding of the
market conditions and trends in Dubai’s
real estate sector. This encompasses
monitoring property values, the number
of vacant properties, and the demand
for properties in particular regions. By
doing so, you can make well-informed
choices when it comes to purchasing or
selling your property.
To guarantee a hassle-free and prosperous
experience, you may require some useful
pointers. Whether your aim is to purchase
real estate or sell your current property
in Dubai, there are certain measures you
must undertake to attain your objectives;
you may consider the following effective
tactics for buying or selling property
in Dubai.
v
64 www.thefinanceworld.com April 2023

v
Finding a Reputable Real Estate
Agent is the key
To achieve a prosperous sale of your
property or investment in Dubai, it is
essential to locate a reliable real estate
agent. Verifying that the agent is registered
with the Real Estate Regulatory Agency
(RERA) in Dubai is crucial. RERA-approved
agents are obligated to comply with ethical
standards set forth by the Dubai Land
Department (DLD), ensuring that their
transactions are conducted with integrity
and professionalism. To verify if an agent
is approved by RERA, ask to see their
RERA card. However, it is not enough
to simply find a RERA-approved agent;
you should also consider the following
factors when selecting an agent:
• Are they knowledgeable and proficient
in the specific region you are interested
in? For instance, if you are planning to
sell your (Jumeirah Lake Towers) JLT
apartment, seek out an agent who has
a history of successful transactions in
that locality.
• Do you share a positive professional
relationship with them? Selecting
an agent who can furnish you with a
truthful evaluation of your property’s
strengths and drawbacks is crucial.
Furthermore, you should be able to
converse about any apprehensions
and receive expert guidance.
• Once an agent satisfies the aforementioned
requirements, you can work with them
with confidence. They can assist you
in navigating the process, establishing
Conduct thorough
research and
analysis of the
real estate market
before making
any investment
decisions.
a practical selling price, devising a
marketing plan, and facilitating the
sale of your Dubai property.
Factors to Consider When Buying a
Property in Dubai
Location: The location of a property
is one of the most important factors to
consider when buying. It is crucial to
research the area’s demographics and
proximity to amenities and transport
links. Properties located in prime areas
are more expensive, but they are more
likely to have a higher resale value in
the future.
Property Type: Dubai has a diverse range
of properties, including apartments, villas,
and townhouses. Each type of property
has its advantages and disadvantages, so
it is important to consider the purpose
of the investment and the target market.
Developer Reputation: Dubai has
many reputable developers, but there
are also some with a history of issues.
Researching the developer’s reputation
is essential to ensure that you are buying
a high-quality property that meets safety
standards.
Payment Plan: Dubai has various
payment plans, including installment
plans and post-handover payment plans.
It is essential to choose a payment plan
that is affordable and suits your budget.
Legal Requirements: It is important
to comply with legal requirements when
buying a property in Dubai. Ensure that
the property is registered with the Dubai
Land Department (DLD) and that the
seller has the legal right to sell.
Factors to Consider When Selling a
Property in Dubai
Price: Setting the right price is essential
to attracting potential buyers. Research
the market to determine the price range
for similar properties in the area and set
a competitive price.
Property Condition: The condition
of the property can significantly impact
the sale price. Ensure that the property is
in good condition, including the interior,
exterior, and any appliances or fixtures.
Marketing: Marketing is crucial
to attracting potential buyers. Utilize
various marketing channels, including
social media, property listing websites,
and real estate agents.
Timing: The timing of the sale can
impact the sale price. Research the
April 2023 www.thefinanceworld.com 65

Real Estate
market to determine the best time to sell.
Real Estate Agent: A reputable real
estate agent can assist with the sale
process and ensure that the property is
marketed effectively. Choose an agent
with a good reputation and extensive
experience in the Dubai real estate
market, as mentioned above.
Tips to Boost Your potential for profit
Research the Market: Researching
the market is essential to determining
the right price for buying and selling
properties. It is also crucial to stay upto-date
with market trends to identify
investment opportunities.
Invest in Up-and-Coming Areas:
Investing in up-and-coming areas can
yield high returns in the future. Research
areas with new developments and
infrastructure projects.
Improve the Property: Improving
the property can significantly increase
its resale value. Consider upgrading the
interior, exterior, and any appliances or
fixtures.
To sum up, Dubai’s real estate market
is highly competitive and attractive
to investors looking to buy and sell
Set a clear
and effective
investment
strategy,
taking into
account your
budget, goals,
and risk
tolerance.
properties. Whether you are a buyer or
seller, there are specific steps you need
to take to ensure a successful process.
To buy a property in Dubai, you need
to consider factors such as location,
property type, developer reputation,
payment plan, and legal requirements.
On the other hand, to sell a property, you
should focus on setting the right price,
property condition, marketing, timing,
and hiring a reputable real estate agent.
To boost your profit potential, it is
essential to research the market, invest
in up-and-coming areas, improve the
property, choose the right payment plan,
and hire a professional. Additionally, finding
a reputable real estate agent is crucial
in both buying and selling a property
in Dubai. Overall, Dubai’s real estate
market offers numerous opportunities
for investors to make profits, but it also
requires careful planning and execution.
By following the tips mentioned above,
you can increase your chances of success
and make a profitable investment.
66 www.thefinanceworld.com April 2023

Real Estate News
Inside Tria Tower:
$140M Deyaar project
coming to Dubai Silicon
Oasis
Deyaar Development has
appointed the main
contractor for its new luxury
residential tower, Tria, in
Dubai Silicon Oasis. The 32-storey
project, set for completion in 2025,
will offer studios, one-, two- and threebedroom
apartments, townhouses,
duplexes, and penthouses. With a total
cost of AED 515M ($140M), Tria will
also include smart-home automation,
energy-efficient solutions, and brandnew
appliances. The project boasts
exceptional features such as swimming
pools, a clubhouse, a gym, a yoga
pavilion, steam and sauna rooms, squash
and paddle courts, and an outdoor
cinema, with stunning views of the city
skyline. Tria is the latest addition to
Deyaar’s impressive project portfolio.
Dubai’s Off-Plan Property demand soars in first
two months of 2023
Dubai’s real estate market is
witnessing a surge in off-plan
property sales, as reported by
Allsopp & Allsopp. The report
shows a 42.1% increase in off-plan sales
compared to the same period last year,
driven by demand. This surge in demand
is seen as a positive indication of the
city’s future economic prospects, as well
as a preferred destination for real estate
investors. The government’s efforts
to diversify the national economy,
including the Golden Visa scheme
for foreign investors, have helped
transform Dubai’s property market.
The report also highlights that the
increase in off-plan sales is a sign of
the real estate market’s continued
growth, comparable to other major
centers in the world.
Expo City Dubai announces Mangrove Residences
Expo City Dubai’s latest offering,
the “Mangrove Residences,”
launched on March
15, marking the venue’s first
residential community. The project
is part of the city’s long-term goal of
becoming a smart, sustainable, and
people-centric city of the future. The
eco-friendly and luxurious residences
offer stunning views of Al Wasl Plaza and
easy access to Expo City Dubai’s various
amenities, including educational,
cultural, and entertainment offerings.
The city’s car-free design promotes
safety and air quality, and it is the
first community in the region to be
registered under the WELL Community
Standard pilot, prioritizing the health
and well-being of its inhabitants. Expo
City Dubai’s green urban planning is
exemplified by retaining 80% of Expo
2020’s built infrastructure, showcasing
the highest levels of sustainable design,
construction, and operations.
Dubai’s Residential Market sees surge in demand in 2023
Dubai’s residential property
market is experiencing a
surge in demand this year,
according to a recent report.
With the emirate’s positive economic
outlook for 2023, the report suggests
that significant end-user demand
and investor confidence in Dubai’s
property market are driving this trend.
Additionally, the report points out that
Dubai’s population is expected to reach
5.8 million by 2040, leading to a rise in
demand for residential properties. The
report also reveals that prime locations
such as Downtown Dubai, Dubai Marina,
and Arabian Ranches are among the
most popular areas for residential
property purchases. Overall, this growth
in demand indicates a promising outlook
for Dubai’s residential property market
in 2023.
April 2023 www.thefinanceworld.com 67

Real Estate News
Dubai boosts the real estate sector with 6 new
industry bodies
Business groups provide
a valuable platform for
stakeholders in the private
and public sectors to engage
in constructive dialogue and address
policy issues that impact the real estate
industry. According to Mohammad Ali
Rashed Lootah, President and CEO of
Dubai Chambers, the real estate sector
continues to be a vital contributor to
Dubai’s economy, with a share of over
9% in the first nine months of 2022 and
a 2.5% year-on-year growth rate. The
positive economic outlook for 2023
and substantial end-user demand and
investor confidence in Dubai’s property
market are expected to keep the real
estate sector strong.
Alabbar launches $3.5B Mega-Island with Villas
starting at $1.75N
Emaar Properties Chairman
Mohamed Alabbar has unveiled
a $3.5B mega-island
development, called “Island
74”, off the coast of Dubai. The development
will include 10,000 villas
priced between $1.75M and $4.4M.
The island, which will be accessible by
boat or seaplane, will feature hotels,
marinas, restaurants, and shops. The
project is expected to be completed
in 2025 and will offer residents an
exclusive island lifestyle with access
to a range of luxurious amenities.
The development is part of Alabbar’s
plan to transform Dubai’s real estate
market by offering unique, high-end
developments to attract global buyers
and investors.
ROSHN unveils plans
for Riyadh real estate
development
ROSHN, a leading real estate
developer in Saudi Arabia,
has announced its plans
for a massive real estate
development in Riyadh. The project will
feature a mix of residential, commercial,
and leisure facilities spread across
20 million square meters of land. The
development will include over 30,000
residential units, 7,000 hotel rooms,
and 1,000 retail outlets. It will also have
numerous parks and green spaces, a
theme park, and a national landmark
tower that will be among the tallest
in the world. The development is
expected to create over 200,000 jobs
and contribute significantly to the
growth of Riyadh’s economy.
UAE Real Estate
Investors willing to pay
more for Sustainable
‘Green’ Buildings
According to a recent survey,
70% of UAE-based real estate
investors are willing to pay
more for sustainable, ecofriendly
buildings. The survey also
revealed that 80% of investors consider
sustainability to be an important factor
in their investment decisions. With
a growing demand for sustainable
properties, developers are increasingly
incorporating green building practices
into their projects. These practices
include the use of solar panels, watersaving
systems, and recycled building
materials. The UAE government has
also launched various initiatives to
encourage sustainable development in
the real estate sector. This trend toward
sustainability in the UAE’s real estate
market is expected to continue, with
investors prioritizing environmentallyfriendly
properties.
68 www.thefinanceworld.com April 2023

TECH
MY
MONEY
Apple M2 Max MacBook Pro 16 inch
Apple’s update to the 16-inch
MacBook Pro adds the M2
Max to an already fantastic
notebook, a change to satisfy
creators and power users.
The 16-inch MacBook Pro is the
powerhouse in the portable Mac range.
Its position as the largest notebook in the
catalog and its ability to be configured
with a powerful chip makes it desirable
for creators and power users.
With the introduction of the M2 Max
edition, Apple’s following a tried-and-true
formula of a specification bump while
ironing out the kinks that come with a
radical new design. With the previous
generation being so good, there’s little
that it can change to improve things for
consumers, so it didn’t attempt to break
what wasn’t already broken.
Instead, the M2 Max version can be
characterized simply as a performance
boost to a high-performance notebook.
It has a 12-core CPU, a built-to-order
38-core GPU along with 64GB of unified
memory, and 1TB of SSD storage.
M2 Max comes with a 16.2-inch
Liquid Retina XDR display with mini-
LED backlighting. This screen offers a
massive 1,000 nits of sustained full-screen
brightness, with 1,600 nits at a peak for
HDR content.
The M2 Max base configuration includes
a 12-core CPU with eight performance and
four efficiency cores. It also includes a
16-core Neural Engine, improved from last
time, and a massive 400GB/s of memory
bandwidth for its unified memory.
Also, M2 Max has a trio of three
Thunderbolt 4 ports, with two on the right
and one on the left. These can handle
40Gbps Thunderbolt 4 and USB 4 and
act as a DisplayPort or HDMI connection
with the right cabling. You can also use
the Thunderbolt ports for charging, which
is handy if you have a dock with power
delivery and don’t want to use MagSafe
3. Speaking of MagSafe, Apple includes
a color-matched Space Gray cable with
the darker laptop this time. MagSafe 3
can deliver up to 140W with Apple’s 140W
GaN USB-C PD 3.1 power brick.
The introduction of Apple Silicon
brought a new low-power way of working,
with a considerable increase in battery
run time. That’s gone through a slight
improvement to become even better.
Apple claims the integrated 100-watthour
lithium polymer battery can last
up to 22 hours of Apple TV app movie
playback, up from 21 hours in the previous
generation. Meanwhile, wireless web
surfing reaches up to 15 hours, up from
14 hours.
April 2023 www.thefinanceworld.com 69

Funding & Investment
The UAE Diversifies Investment Options
to Boost Its Position as a Global
Investment Hub
The United Arab Emirates has long been known as a global investment hub,
with its strategic location, business-friendly policies, and robust infrastructure
attracting investors from around the world. Recently, the UAE has been actively
diversifying its investment options to further enhance its position as a global hub
for investment. This article delves into the recent initiatives and strategies that
the UAE is implementing to broaden its investment portfolio and attract more
foreign investment.
The Marketplace
platform marks
a new chapter in
the UAE’s efforts
to promote global
collaboration
among investors,
business leaders,
and governments.
70 www.thefinanceworld.com April 2023

His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice
President and Prime Minister
of the UAE and Ruler of Dubai,
has recently launched Investopia, a novel
investment platform designed to promote
global collaboration among investors,
business leaders, and governments. The
platform aims to identify and launch new
investment opportunities, foster economic
growth, and incubate future economies,
both regionally and worldwide. The
latest initiative of Investopia was the
announcement of its newly innovative
investment platform “Marketplace” on 1st
March, 2023, with the aim of enhancing the
UAE attractiveness to foreign investments
in various economic and commercial
sectors, especially the new economy
sectors, and with the aim to position the
UAE as a leading investment destination
on the regional and global level.
“Marketplace” Platform was launched
during the 2nd edition of the Investopia
Conference in Abu Dhabi on March 2nd
and 3rd. H. E. Abdullah bin Touq Al Marri,
Minister of Economy and Chairman of
Investopia, highlighted that the UAE’s
competitive and flexible investment
policies, directed by the country’s wise
leadership, have helped to improve its
investment climate and establish its
position as a significant player in the
global investment arena.
According to Al Marri, the “Marketplace”
platform aligns with the UAE’s ambitious
“We the UAE 2031” vision, which aims
to position the country as a preferred
global partner and a highly influential
economic center. The platform will
provide business communities with a
single portal for accessing new investment
opportunities and enablers, boosting the
country’s appeal to potential investors.
Moreover, this initiative will support
the national goal of doubling the gross
domestic product to AED 3T by 2031.
Investopia has partnered with industry
leaders, including the International Finance
Corporation (IFC), SALT, Crypto.com,
and iConnections, to develop its newly
launched platform, and plans to work
closely with them. The platform aims to
provide opportunities for public and private
companies, institutions, governments, and
investors from around the world to invest
and explore potential opportunities. It will
feature investment options from various
cities, including New York, Milan, Rabat,
New Delhi, Mumbai, Cairo, Havana, and
others, that have hosted Investopia’s
Global Talks, as well as the UAE’s strong
bilateral economic relationships with
these cities. The process for registering
and participating in the platform will be
announced at a later stage.
The platform functions by allowing
companies, institutions, and governments
to showcase their investment projects
and opportunities, including information
on sectors, locations, stages, goals, and
required capital. Investors and partners
from Investopia communities can then
review and select projects that fit their
investment strategies and portfolios.
Furthermore, Investopia is actively
seeking partnerships from all over the
world to attract additional investment
projects that can have a significant and
strategic impact on the global economy.
Additionally, the platform is providing
investor communities with the opportunity
to view project evaluations that align
with their investment strategies and
portfolios. By creating a comprehensive
and readily available source of information,
“Marketplace” aims to become the preferred
platform for investment projects.
The “Marketplace” at present consists
of a range of investment projects put forth
by multiple nations across the globe, with
a focus on the energy sector, including
hydroelectric power projects, as well as
agricultural ventures from Kyrgyzstan.
Additionally, there are electricity and
energy-related initiatives from Romania
and other sectors. Investopia aims to
achieve a lofty objective of speeding up
the investment attraction process in the
country and garnering AED 550B worth
of foreign direct investments by 2031,
which is set to reach AED 1T by 2051.
In 2021, the UAE attracted foreign direct
investments valued at $20.7B, representing
a 4% increase from the previous year, and
making it the top recipient in West Asia,
the Middle East, and North Africa. The
Institute of International Finance has
predicted that foreign direct investment
inflows to the country will continue to
grow, with an expected value of $22B in
2022, accounting for 4.3% of the country’s
gross domestic product (GDP). This reflects
the trust and confidence of investors and
business people in the UAE as a global
hub for investment and trade.
Diversifying investment options in the
United Arab Emirates has the potential to
double its GDP. For instance, Khaldoon
Al Mubarak, Co-Chief of Mubadala
Investment, suggested that increasing
investments in non-oil sectors could
lead to a doubling of the UAE’s GDP
and accelerate economic growth. He
recommended investing in fields such
as life sciences, clean energy, aerospace,
and healthcare to ensure sustainable
development. Al Mubarak made these
comments the Investopia Conference
in Abu Dhabi.
On a global scale, the primary challenge to
development is the absence of collaborative
efforts to tackle shared problems,
particularly the most critical danger to
the planet, which is the climate crisis.
Al Mubarak emphasized the need for
individuals to recognize that climate
change is the most significant threat to
humanity, stressing the need to “prepare
ourselves and our children for what’s
to come,” because “future generations
would be living in a world that is very
different.” According to Al Mubarak,
the UAE government is dedicated to
addressing this challenge by promoting
collaboration and finding solutions. Al
Mubarak added that the government is
already in the process of implementing
plans to boost economic growth.
According to Al Mubarak, the UAE’s
GDP increased by 7.6% in 2022, and the
non-oil foreign trade saw significant
growth, reaching over AED 2T, a 17%
increase from 2021. He cited the UAE’s
achievements such as the Mission to
Mars, the Abraham Accords, and CEPA
deals with India, Indonesia, and Israel
as examples of how collaboration can
help tackle complex challenges.
In conclusion, the launch of Investopia’s
“Marketplace” platform marks an exciting
new chapter in the UAE’s efforts to promote
global collaboration among investors,
business leaders, and governments. The
platform’s launch during the Investopia
Conference in Abu Dhabi emphasizes
the country’s competitive and flexible
investment policies that have helped
to improve its investment climate and
establish its position as a significant
player in the global investment arena.
By creating a comprehensive and
readily available source of information,
the “Marketplace” aims to become the
preferred platform for investment projects,
providing investor communities with the
opportunity to view project evaluations
that align with their investment strategies
and portfolios. This initiative is set to
achieve a lofty objective of speeding
up the investment attraction process in
the country.
April 2023 www.thefinanceworld.com 71

Funding and Investment News
Abu Dhabi Invests in
World’s Largest Cargo
Drone for UAE Headquarters
Dronamics, the world’s largest
cargo drone airline, has
secured funding from the
Strategic Development Fund
(SDF), backed by Abu Dhabi, in a preseries
A funding round. The funding,
which raised $40M from venture capital
funds and angel investors across 12
countries, will enable Dronamics to
expand its capacity and establish
operations in the UAE as one of the
main hubs for the Middle East and North
Africa region. The SDF’s investment
is the first step in creating a joint
venture with Dronamics to establish
a manufacturing and operations base
in the UAE, with additional significant
investment to follow.
Ruwad Increases Direct Financing Ceiling by Over
100%
Ruwad, a Sharjah-based foundation
that supports entrepreneurship,
has increased its
funding for pilot projects by
more than 100% for the current year.
The funding has been raised from AED
2.5M in 2022 to AED 6M, with the aim of
enabling entrepreneurs to expand their
projects and take advantage of available
opportunities in various fields. This
move is in line with Ruwad’s objective
of supporting citizens of the emirate
to enhance their contribution to the
national economy. The decision was
taken during a meeting of the Foundation’s
Project Finance Committee,
attended by senior officials including
Sultan Abdullah bin Hadda Al Suwaidi
and Hamad Ali Abdullah Al Mahmoud.
Hub71 and Investible team up to expand venture
capital access for startups
Start-up Funding in
Smaller MENA Countries
Reaches $468M
in 2022
According to a report by Magnitt,
start-up funding in smaller
Middle East and North
African (MENA) countries
has surged to $468M in 2022, compared
to $176M in 2021. The report
identified several factors contributing
to the growth, including increased
interest from international investors,
the emergence of new incubators and
accelerators, and more favourable government
policies. Among the smaller
MENA countries, Lebanon saw the
most significant increase, with funding
rising from $11M in 2021 to $116M in
2022. Other countries seeing significant
growth include Oman, Bahrain,
and Kuwait.
72 www.thefinanceworld.com April 2023
Abu Dhabi’s tech ecosystem,
Hub71, has teamed up with
Asia-Pacific venture capital
firm Investible to expand the
access to venture capital for early-stage
startups and tech companies in the
UAE capital. Startups at Hub71 will
get access to Investible’s Early-Stage
Funds, worth approximately AUD180m
under management, as well as its global
network of over 130 high-net-worth
investors in Club Investible. The partnership
will also provide mentorship
programmes and events for founders
scaling early-stage startups. Additionally,
ClimateTech startups will benefit
from Investible’s Climate Tech Fund
and Global Climate Tech Strategy, and
will work with a team of investment,
climate, and sustainability experts.

Peninsula Real Estate in talks with Abu Dhabi firm
over pre-IPO funding
Peninsula Real Estate is reportedly
in discussions with Yas
Holding, an Abu Dhabi-based
investment group, to secure
funding before its planned IPO, according
to anonymous sources. The
IPO is expected to take place in Abu
Dhabi during the first half of 2023,
and the sources suggest it could raise
around $550M. The potential size of Yas
Holding’s investment is unknown, and
the discussions are ongoing. Peninsula
had previously considered listing a real
estate investment trust in London but
abandoned those plans in favour of an
IPO in Abu Dhabi due to a variety of
factors, including the strength of the
local market and government initiatives.
Sheikh Mohammed bin
Rashid approves $100B
Asian Infrastructure Investment
Bank Office in UAE
The Asian Infrastructure
Investment Bank (AIIB) is
set to establish an office in the
UAE. The AIIB, which has 57
member countries and an initial capital
of $100B, aims to drive infrastructure
investments and promote accelerated
development in Asia. The UAE was
unanimously chosen by the AIIB’s Board
of Directors. The Cabinet also approved
the UAE Circular Economy Policy 2031,
which includes 22 policies related to
sustainable transport, food production
and consumption, manufacturing, and
green infrastructure. Additionally,
the Cabinet passed four international
agreements and approved the ‘UAE
Award for Market Leadership’.
UAE’s Mubadala & Stone
Point to Acquire 20% of
Truist Insurance for $1.95B
Abu Dhabi’s Mubadala
Investment Company and
private equity firm Stone
Point Capital are set to
acquire a 20% stake in Truist Insurance
Holdings for $1.95B. The subsidiary
of Truist Financial Corporation is
the sixth-largest insurance broker
in the US and operates more than
240 offices through its subsidiaries.
The deal, which includes other coinvestors,
values the broker at $14.75B
and is expected to close in Q2 2023.
After the transaction, Truist Financial
Corporation will retain an 80% stake in
Truist Insurance Holdings. Mubadala’s
portfolio spans various sectors and asset
classes with a total value of $284B.
Saudi Arabia provides a $5B deposit to the Central
Bank of Turkey
Saudi Arabia has agreed to deposit
$5B in the Central Bank
of Turkey, as per an agreement
signed by the Saudi Fund for
Development (SFD). The announcement
follows Saudi Minister of Finance
Mohammed Bin Abdullah Al-Jadaan’s
statement in December about the
country’s plan to make the deposit.
While Turkey’s net foreign exchange
reserves had improved since last summer’s
low of just over $6B, the reserves
lost $8.5B since a deadly earthquake
hit the country in February, leaving
over 45,000 people dead and millions
homeless. The deposit was signed by
SFD Chairman Ahmed Aqeel Al-Khateeb
and Turkish Central Bank Governor
Sahap Kavcioglu.
April 2023 www.thefinanceworld.com 73

Digital Assets
Are NFTs Digital Assets? What Should
You Know Before Investing in NFTs?
Non-Fungible Tokens (NFTs) are digital tokens that indicate possession of unique
assets or content, such as tweets, music, movies, and virtual real estate. These tokens
are stored on the blockchain, which is a decentralized digital ledger that records
transactions and confirms the validity and ownership of an asset. Are NFTs classified
as digital assets? What factors should you take into account before investing in NFTs?
Continue reading to learn more.
NFTs are digital assets
that represent Internet
collectibles like art,
music, and games with
an authentic certificate created by
blockchain technology that underlies
Cryptocurrency. NFTs are typically
generated using the same programming
methods as cryptocurrencies and
are based on blockchain technology.
Unlike other cryptographic assets, they
cannot be exchanged or traded in the
same manner.
The term NFT implies that it is
distinct and cannot be substituted
or swapped out because it possesses
special characteristics. Unlike physical
currency and cryptocurrency, which
are fungible and can be traded or
exchanged for each other.
An NFT is a non-fungible token,
implying that it possesses distinct
characteristics that prevent it from being
replaced or traded interchangeably.
It is a digital asset that represents
collectibles on the internet, such as art,
music, and games, and is authenticated
by blockchain technology, which
is the underlying technology for
cryptocurrency. It is unique and cannot
be counterfeited or manipulated. NFTs
are exchanged on specialized sites
using cryptocurrencies like Bitcoin.
How NFTs Work
Most NFTs are found on Ethereum’s
blockchain, a decentralized public
database that documents transactions.
NFTs are tokens containing valuable
data, and like physical artwork, they
can be purchased and sold based on
market value and demand. Their distinct
data allows for simple validation of
ownership and transfer of ownership
between individuals.
NFTs are generated by a procedure
called minting, which entails recording
the NFT data on a blockchain. The
NFTs have the
potential to simplify
investment processes,
such as tokenizing
real estate and
dividing a property
into several parts,
each with different
characteristics.
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74 www.thefinanceworld.com April 2023

v
minting process involves creating a new
block, verifying the NFT information
by a validator, and closing the block.
Smart contracts are often employed in
this minting process to assign ownership
and regulate NFT transferability.
When tokens are minted, they are
allocated a distinct identifier that
corresponds directly to a blockchain
address. Every token has an owner,
and the ownership details, such as the
address where the minted token resides,
are publicly accessible. Even if several
identical NFTs are minted, each token
has a unique identifier, and they can be
distinguished from one another. This
is analogous to how general admission
tickets to a movie are issued.
Examples of NFTs
The NFT market began with a focus
on digital art and collectibles, but it
has since expanded. OpenSea, a wellknown
NFT marketplace, now offers
various NFT categories, such as:
Photography: Photographers can
create tokens for their work and sell
either full or partial ownership.
Sports: Collections of digital
art featuring celebrities and sports
personalities.
Trading cards: Tokenized digital
trading cards that can either be
collectibles or traded in video games.
Utility: NFTs that can serve as proof
of membership or provide access to
exclusive benefits.
Virtual worlds: NFTs that grant
ownership of items ranging from avatar
wearables to digital property.
Art: An all-encompassing category
that includes everything from pixel to
abstract art.
Collectibles: Examples of NFTs in
this category include Bored Ape Yacht
Club, Crypto Punks, and Pudgy Panda.
Domain names: NFTs that signify
ownership of domain names for your
website(s).
Music: Artists can tokenize their
music, giving buyers the rights that
the artist wishes to provide.
How to Buy NFTs and Start Investing
Once you have comprehended the
applications and unique benefits of
NFTs, you might consider investing in
them. To do so, you will require certain
essential items:
Prospective
investors must
carry out thorough
research before
making any
investment
decisions regarding
NFTs.
• A digital wallet that permits you
to store both your NFTs and
cryptocurrencies.
• You must buy cryptocurrencies,
such as Ether, depending on which
currencies your NFT provider
accepts.
• Once you have purchased your
cryptocurrency, you can transfer it
from the exchange to your wallet.
• Keep in mind that several exchanges
charge a small percentage of your
cryptocurrency purchase transaction
as fees.
NFTs have the potential to simplify
investment processes. For instance,
real estate can be tokenized. A property
can be divided into several parts, each
with different characteristics, such as
being closer to the lake or the forest.
Each piece of land can be unique, priced
differently, and represented by an NFT.
With relevant metadata incorporated
into a unique NFT associated with
each section of the property, real
estate trading can be simplified. This
is a significant advantage since real
estate trading is often a complicated
and bureaucratic process.
NFTs can also represent ownership
in businesses, just like stocks. Stocks’
ownership is already tracked through
ledgers that contain information such
as the stockholder’s name, date of
issuance, certificate number, and the
number of shares. Using blockchain
and NFTs to represent shares provides
the same function as stocks. The
primary advantage of using NFTs and
blockchain over a stock ledger is that
smart contracts can automate the
transfer of ownership. Once an NFT
share is sold, the blockchain can take
care of the rest.
Prior to making any investment
decisions, prospective investors
should be aware of the advantages and
disadvantages of investing in NFTs. It
is essential to consider the following:
Advantages of Investing in NFTs:
1. Unique ownership: NFTs provide
exclusive ownership of a single
digital asset or data, which can have
significant financial and sentimental
value.
2. Possibility of big returns on
investment: The potential for
substantial investment gains exists,
as evidenced by the multi-milliondollar
sales of certain NFTs.
3. Diversification: Investing in NFTs
allows for portfolio diversification
beyond conventional assets such as
stocks and bonds.
4. Support for creators: By investing
in NFTs, investors can support artists
and content creators, potentially
helping them advance in their careers.
Disadvantages of Investing in NFTs:
1. Volatility and risk: NFTs can
be subject to unpredictable price
fluctuations and speculative
behaviour.
2. Lack of regulation: The NFT market
is largely unregulated, which could
expose investors to uncertainty and
potential risks.
3. High transaction costs: Purchasing
and selling NFTs on certain blockchain
networks can be expensive due to
high transaction fees.
4. Low liquidity: NFTs may not be
easy to sell quickly due to their low
liquidity.
Before investing in NFTs, potential
investors should consider the benefits
and risks associated with them. In
addition, consumers should thoroughly
research the specific NFTs they are
interested in, as well as the blockchain
technology that supports them and the
legal and regulatory issues associated
with NFT ownership. It is also essential
to avoid investing solely based on hype
or speculation and to only invest what
can be afforded to lose. While NFTs can
offer exciting investment prospects,
investors should approach them with
caution and conduct adequate research
before investing.
April 2023 www.thefinanceworld.com 75

Stock Market
ADNOC Gas makes record-breaking
market debut in ADX
ADNOC Gas, a top-notch gas processing company, has listed its shares and started
trading on the Abu Dhabi Securities Exchange (ADX), after finishing the most massive
IPO ever done on the ADX and the most extensive global IPO in 2023 so far.
According to ADX’s press
release, Abu Dhabi National
Oil Company PJSC (ADNOC)
raised around $2.5B
(equivalent to approximately AED
9.1B) by selling approximately 5% of
ADNOC Gas’ total issued share capital
in an IPO. The offering garnered an
overwhelming response, with total
demand exceeding $124B (equivalent
to over AED 450B), oversubscribed by
more than 50 times.
The international institutional
investors (excluding UAE) also showed
remarkable interest, with orders
amounting to about $25B (equivalent
to approximately AED 92B), which
is approximately 10 times the total
offering size.
The ADNOC Gas IPO has given both
local and global investors a chance to
own a share in a top-tier, large-scale gas
processing company, which operates
along the entire gas value chain. ADNOC
Gas has access to almost all of the
UAE’s natural gas reserves, which
are the seventh largest worldwide,
The Abu Dhabi capital market has remained highly
active, building on the strong IPO and listing momentum
garnered over 2022, despite the muted global outlook.
(H.E. Hisham Khalid Malak, Chairman of ADX)
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76 www.thefinanceworld.com April 2023

according to the press release.
Moreover, it supplies over 60% of
the UAE’s sales gas demand, has a
diverse customer base in more than
20 countries, and earned an adjusted
revenue (as defined in the International
Offering Memorandum) of $21.1B and
net income of $4.2B for the ten months
ended on 31 October 2022. The company
is strategically positioned to benefit
from the growing global demand for
natural gas and is committed to future
ADX continues to
showcase its ability
to deliver value as
both a leading market
for issuers and a
global destination for
investor capital.
(Saeed Hamad Al Dhaheri, CEO &
MD of ADX)
dividend payouts, the PR says.
The Company plans to distribute
dividends of $1.625B in Q4 2023 for
the first half-yearly period ended 31
December 2023 and an additional
$1.625B in Q2 2024 for the second
half-yearly period. It aims to boost its
annual dividend target of $3.25B (equal
to the yearly dividend for 2023) by 5%
per year on a per-share basis between
2024 and 2027.
His Excellency Hisham Khalid Malak,
Chairman of ADX, said: “ADNOC
Gas’ highly successful IPO is not only
testament to the company’s strong
growth and value proposition, but also
speaks to the strong confidence in the
Emirate’s robust market fundamentals
and status as a premier investment
destination.”
ADNOC Gas is the fifth company
that ADNOC has successfully brought
to market, and the IPO’s outstanding
achievement is the result of its ongoing
value creation initiative. ADNOC has
played a significant role in supporting
the growth and development of the UAE
economy and its capital markets. As
part of this growth program, ADNOC
will continue to find ways to expand its
investor base and access to capital, as
the PR states. This approach will give
both domestic and foreign investors the
chance to invest in ADNOC’s top-notch
energy assets.
Ahmed Alebri, Acting Chief Executive
Officer of ADNOC Gas, added: “As
ADNOC Gas moves into life as a listed
company, we remain focused on our
clear growth strategy, underpinned by
upstream capacity expansion, which
will allow us to process and deliver
increased volumes to customers, further
enhancement of our product mix and
ensuring we deliver for our growing
number of international customers as
demand for gas continues to increase.”
According to the aforementioned
PR, ADNOC and ADNOC Gas have
a steadfast dedication to achieving
sustainable growth and long-term
advantages for Abu Dhabi, the UAE,
and their investors. Trading of ADNOC
Gas’ shares on the ADX began at 10:00
AM (GST) on March 13, 2023, using
the ticker symbol “ADNOCGAS” and
ISIN “AEE01195A234”. Following the
Admission, ADNOC controls about 90%
of ADNOC Gas’ issued share capital.
Moelis & Company UK LLP DIFC
Branch acted as the Independent
Financial Advisor to the Company.
First Abu Dhabi Bank PJSC and HSBC
Bank Middle East Limited served as
the Joint Global Coordinators for the
ADNOC Gas IPO. Joint Bookrunners
were Abu Dhabi Commercial Bank
PJSC, Arqaam Capital Limited, BNP
PARIBAS, Deutsche Bank AG, London
Branch, EFG-Hermes UAE Limited
(working in conjunction with EFG
Hermes UAE LLC), and International
Securities L.L.C.
Additionally, First Abu Dhabi Bank
PJSC acted as the Lead Receiving Bank,
while Abu Dhabi Commercial Bank
PJSC, Abu Dhabi Islamic Bank PJSC,
and Al Maryah Community Bank served
as the Receiving Banks. Moreover, the
Offering has received a confirmation
from the Shariah Supervision Committee
of First Abu Dhabi Bank PJSC that it is
in compliance with Shariah principles.
April 2023 www.thefinanceworld.com 77

Wheels
BENTLEY CONTINENTAL GT
The Bentley Continental GT
is a grand touring coupe that
offers an exceptional blend
of performance, luxury, and
style. It is a flagship model from the
renowned British automaker Bentley
Motors.
Under the hood, the Continental GT
features two powerful turbocharged
variants, a 4.0-liter V-8 engine that
delivers an impressive 542 bhp and
568 lb-ft of torque and a 6.0-litre W-12
engine that delivers an impressive 650
bhp. With the 4.0-litre turbocharged
engine variant, the car can accelerate
from 0 to 60 mph in just 3.9 seconds
and has a top speed of 318 km/h,
making it one of the fastest cars in its
class. One of the standouts features
of the Bentley Continental GT is its
luxurious interior. The car features
premium materials and craftsmanship
throughout the cabin, including highquality
leather upholstery, real wood
veneers, and metal accents. The seats
are comfortable and supportive, with
ample legroom and headroom for both
front and rear passengers. The Bentley
Continental GT also offers a wide range
of advanced technology features. The
car includes a high-tech infotainment
system with a large touchscreen display,
Bluetooth connectivity, and a premium
sound system. It also features a suite
of driver assistance systems, such as
blind spot monitoring, lane departure
warning, and adaptive cruise control.
The car also has a 360-degree camera
system that provides a comprehensive
view of the car’s surroundings.
The Bentley Continental GT is a
truly exceptional grand touring coupe
that offers a winning combination of
performance, luxury, and technology.
It is a perfect car for those who seek a
high-end driving experience and want
to make a statement wherever they go.
78 www.thefinanceworld.com April 2023

Specifications
Horsepower: 542 bhp
Torque: 568 lb-ft
Acceleration: 0 to 60 mph in 3.9 seconds
April 2023 www.thefinanceworld.com 79

Corporate Tax
UAE’s Federal Tax Authority Sets the
Ground to a Seamless Corporate Tax
System
The Federal Tax Authority (FTA) in the UAE has recently announced measures to
establish a seamless corporate tax system in the country. The new system aims to
streamline tax administration and improve compliance, making it easier for businesses
to meet their tax obligations. In this article, we will highlight the FTA’s latest efforts,
which are part of the UAE’s ongoing efforts to diversify its economy and reduce its
reliance on oil revenue, while also ensuring that the country’s tax regime is aligned
with international standards.
80 www.thefinanceworld.com April 2023

The Customer Councils initiative aims to
improve government services by aligning with
customer needs, improving communication,
and streamlining service access.
The FTA recently introduced a
new feature to the EmaraTax
platform that allows tax system
registrants to use their UAE
PASS digital identity for all procedures
and services. The FTA collaborated
with relevant authorities to ensure
the highest standards of security,
confidentiality, and accuracy of
information and procedures.
The primary goal of the new feature
is to improve user experience, speed up
processes, and meet the aspirations of
customers. Moreover, the introduction
of the new feature is part of the UAE’s
wider digital transformation initiative.
Abdulla Al Bastaki, Executive Director
of the Information Technology Sector at
the FTA, has urged all FTA customers
to activate their UAE PASS accounts
and utilize the new feature to access the
Authority’s services easily and quickly
from their devices and smartphones
without the need to create new login
details.
Al Bastaki explained that launching
the single sign-on feature using UAE
PASS forms part of the continuous
development and upgrading of
government services, using the UAE’s
advanced digital infrastructure, which is
among the most developed not only in
the region but also internationally. “All of
this was made possible by the forwardlooking
vision of our wise leadership,
which aims to forecast the future with
strategies and initiatives designed to
enhance the efficiency of government
systems, improve quality of life for
individuals, establish a sustainable
environment, and promote happiness
and wellbeing in the community,” he
said. “The agreement also aims to offer
an added value for users, allowing them
to save time, cost, and effort, while
offering them faster processing time
for services and increased flexibility
of data communication.”
On the other hand, The FTA has
initiated a ‘Customer Council’ program
to enhance the quality of government
services by engaging customers in
the process of designing innovative
experiences around their own ideas and
suggestions. As part of this initiative,
the FTA convened a Customer Council
meeting at Majlis Umm Suqiem in Dubai
to discuss ways to bolster tax culture
and meet customers’ expectations.
The session brought together
representatives from various business
sectors and stakeholders from the tax
sector. During the meeting, FTA experts
provided an overview of the UAE tax
system and its advanced procedures
that encourage voluntary compliance
among businesses with easy and quick
processes that are in accordance with
best practices.
During the Customer Council
organized by the FTA, various issues
related to the tax system, procedures,
and legislation were discussed. These
included procedures for submitting
requests for reconsideration, requests
to pay administrative penalties in
installments or be exempt from them,
procedures and required documents
for registration and deregistration,
procedures for submitting voluntary
declaration requests, and documents
required to submit refund requests.
The council also discussed the services
provided by the Authority and its future
directions. It was emphasized that all
requirements must be adhered to and
that the Authority-approved forms
should be used.
Furthermore, the FTA discussed
typical mistakes that people make during
registration, tax return submission, and
payment of taxes, and provided tips on
how to avoid them. FTA experts also
fielded questions from representatives
of various business sectors and listened
to their opinions and suggestions for
improving FTA services and procedures,
which is a key objective of the FTA’s
Customer Council initiative. The FTA
reiterated its commitment to holding
these meetings regularly in order to
promote tax awareness across all
business sectors and to provide them
with the necessary information and
support to overcome any challenges
they may face.
The Customer Council initiative
aims to align government services
with customer needs, improve
communication, and streamline the
process for accessing services. It
also seeks to identify innoVATive
ways to enhance government services
and establish effective and direct
communication channels with
customers from different segments,
providing opportunities to present ideas
and initiatives that serve them, as well
as explore ways to improve services.
Additionally, the initiative provides a
platform to present key projects that
were developed based on feedback
and suggestions received during the
Customer Council meetings.
April 2023 www.thefinanceworld.com 81

Corporate Results
Yanbu Cement
FY22 Net Profit: $57.46M
Yanbu Cement Company, a Saudi-based
firm, recorded a net profit of SAR 215.41M
($57.46M) after Zakat and tax in 2022,
a 35% YoY increase from SAR 159.56M.
The company’s revenues also rose by
5.05% YoY to SAR 981.17M from SAR
934.03M in 2021. Additionally, earnings
per share increased from SAR 1.01 in
2021 to SAR 1.37 in 2022. In December
2022, Yanbu Cement paid SAR 118.12M as
cash dividends for H2 2022. The company
had a net profit of SAR 156.24M in the
first nine months of 2022, up 4.38% YoY
from SAR 149.69M.
FAB
Q4’22 Net Profit: 26%
First Abu Dhabi Bank (FAB), the UAE’s
largest lender, reported a net profit of
AED 2.46B in Q4 2022, down 26% YoY
due to higher impairment charges and
operating expenses. The full-year net
profit of AED 13.41B was 7% higher
YoY but missed Refinitiv’s analysts’
estimates for both the quarter and
year. The bank’s impairment charges
were 55% higher YoY at AED 1.1B,
while operating expenses increased
by 35% YoY to AED 2B. FAB’s board
recommended a cash dividend of 52
fils per share for FY 2022, up from 49
fils in 2021. CEO Hana Al Rostamani
warned of global inflation and economic
slowdown impacting the region.
MoF (Preliminary State-Level
Government Finance Statistics)
Q422 State-Level
Revenues: AED 143.1B
The Ministry of Finance (MoF) in
the UAE has released its preliminary
government finance statistics report for
Q4 2022, indicating positive growth in
various areas. The report is based on
the standards set by the Government
Finance Statistics Manual issued by the
International Monetary Fund. The open
data policy of the UAE has allowed for
the transparency and accessibility of
these results. The state-level revenues
increased from AED 133.9B in Q4 2021
to AED 143.1B in Q4 2022, with the
value of tax revenues increasing from
AED 58.0B to AED 75.0B. Expenditures
reached AED 120.3B in Q4 2022, with a
significant increase in the value of net
lending/borrowing from AED (-2.2)B
in Q4 2021 to AED 22.8B in Q4 2022.
DP World
FY22 Net Profit: $1.23B
DP World, the Dubai-based global port
operator, announced a 37% rise in its
2022 net profit, amounting to $1.23B, on
the back of strong revenue growth. The
company’s revenue increased by 59%
to $17.13B, supported by acquisitions
and like-for-like growth driven by solid
performance in ports and terminals, and
marine services. DP World’s adjusted
EBITDA grew 31% to $5B, with an
adjusted EBITDA margin of 29.3%. The
company’s capital expenditure guidance
for 2023 is approximately $1.7B, which
will be invested in various locations.
However, DP World CEO Sultan Ahmed
Bin Sulayem warned that growth rates
may soften in 2023 due to the more
challenging macro and geopolitical
environment.
Damac
FY22 Net Profit: $382M
Damac, a Dubai-based real estate
developer, has announced a 2022 profit
of $382M after going private last year.
The company was de-listed from Dubai
Financial Market following a takeover
by its chairman and founder’s vehicle,
Maple Invest Limited. Despite posting
a loss of AED 528M in 2021, Damac’s
revenue for 2022 increased to AED
3B from AED 2.967B the previous
year. The financial results documents
posted on Nasdaq Dubai by Cayman
incorporated Alpha Star Holding V
Limited reported Damac’s assets to
be at AED 21.6B, slightly down from
AED 22.318B in 2021.
Multiply Group
FY22 Net Profit: $5B
Abu Dhabi’s Multiply Group has
announced impressive financial
results for 2022, reporting a net profit
of AED18.56B ($5B). This growth
was primarily driven by the strong
performance of the Group’s investments
and the expansion of its operating
portfolio. Despite global economic
challenges, most of its subsidiaries
recorded growth in operating profits,
reflecting the strength of their industries
and businesses. Notably, Emirates
Driving Company saw a 51% increase
in growth, while Viola Communications
experienced a significant 203% surge,
supported by the post-COVID-19 event
and media spending and the expanding
economy. The Group invested over
AED 12B ($3.3B) in 2022, strategically
targeting high-growth industries such
as energy, which resulted in sustained
increases in shareholder value.
82 www.thefinanceworld.com April 2023

TECOM
Q4 Net Profit: $24M
TECOM Group, the Dubai-based
business park operator, has reported
strong Q4 2022 earnings, with a net
profit of AED 87M ($24M) due to
increased demand for its commercial
and industrial properties. Full-year
earnings for 2022 rose by 28% YoY
to AED 725.6M, driven by growth in
occupancy rates and an increase in
new customers. However, Q4 profits
missed analysts’ median estimates of
AED 185.6M, according to Refinitiv
data. Despite this, TECOM’s board of
directors has recommended a dividend
payment of AED 200M (4.0 fils per
share) in April 2023, bringing the total
for H2 to AED 400M.
Dubai Islamic Bank
FY22 Net Profit: AED 5.6B
Dubai Islamic Bank (DIB) has announced
its impressive financial results for FY
2022, showcasing a record-breaking net
profit of AED 5.6B, up by 26% YoY. The
bank’s total income also saw a significant
increase of 20% YoY to AED 14B, with
a notable improvement in its Return on
Tangible Equity (RoTE) by 17%, up by
400 bps YoY. DIB’s growth was attributed
to rising core revenues, effective cost
management, and lower impairments.
The bank’s proposed dividend of 30%
is subject to shareholder approval in
the AGM. DIB’s strong performance
highlights its position as the largest
Islamic bank in the UAE.
e&
Q422 Net Profit: $730M
The United Arab Emirates’ leading
telecommunications company,
e& (formerly Etisalat), has seen a
significant increase in net profit in the
fourth quarter, with a rise of nearly 25%.
The surge in the number of subscribers
has been a key factor in driving this
growth, with consolidated net profit
after royalty attributed to the company
owners totalling AED 2.7B ($730M) in
the period from October to December.
This increase has been attributed to
higher income from associates and
lower depreciation and amortisation
expenses. As a result, e& has continued
to strengthen its position as a major
player in the UAE’s telecommunications
sector.
Aramco
FY22 Net Profit: $161.1B
Saudi Aramco has announced its fullyear
2022 financial results, reporting
a record net income of $161.1B – its
highest annual profits as a listed
company. The results were driven
by stronger crude oil prices, higher
volumes sold, and improved margins
for refined products. The company
continues to strengthen its oil and gas
production capacity and downstream
portfolio to meet anticipated future
demand. Aramco also declared a fourthquarter
dividend of $19.5B to be paid in
the first quarter of 2023. The CEO Amin
H. Nasser highlighted the company’s
commitment to long-term strategy,
energy security, and sustainability,
including investment in new lowercarbon
technologies.
SEC
FY2022 Net Profit:
SAR 15.13B
Saudi Electricity Company (SEC)
recorded a net profit after Zakat and
tax of SAR 15.13B in 2022, up by 5.17%
from SAR 14.39B in 2021. The company’s
earnings per share also rose from SAR
1.62 in 2021 to SAR 1.79 in 2022. SEC
generated revenues of SAR 72.07B in
2022, a 3.95% increase from the previous
year. The company’s board members
have recommended a cash dividend of
SAR 0.70 per share for 2022, totalling
SAR 2.91B or 7% of the capital. SEC
will announce the distribution date at
a later time. However, the company’s
net profit during the first nine months
of 2022 fell by 10.08% to SAR 13.39B
from SAR 14.89B in 9M-21.
Gulf International Bank
Q4 Net Profit: $28M
Gulf International Bank, which is
supported by the Public Investment
Fund of Saudi Arabia, has reported
a net profit for the fourth quarter of
2022, driven by strong revenue growth
across all categories in the previous
year. The bank reported a net income of
$28M for the quarter ended December,
a significant improvement compared to
a loss of $1M for the same period the
previous year. The bank’s total income
during the quarter was over four times
higher than the same period in 2021,
standing at $12.9M. The CEO of GIB,
Abdulaziz AlHelaissi, attributed the
positive results to the bank’s prudent,
diversified and solid balance sheet,
well-managed risk, and strong culture.
April 2023 www.thefinanceworld.com 83

Travel
Six Lavish Destinations to Escape from
Business-Related Pressure
Taking a luxurious vacation to get away from your business allows you to rest and recharge, both
physically and mentally. When you work hard day in and day out, it’s easy to become burnt out and
overwhelmed. A vacation gives you the opportunity to step back, relax, and regain your energy
so that you can return to work feeling refreshed and reinvigorated. In this article, we suggest six
lavish destinations for you to escape the business-related pressure and gain new experiences that
can benefit you both personally and professionally.
Turtle Island, Fiji
Turtle Island gained worldwide
recognition as a result of its
appearance in the 1980 movie
“The Blue Lagoon,” and since
then it has been renowned for its clear
blue waters and stunning beaches. It has
become an exclusive tourist destination,
with room for only 14 couples at a time,
offering the perfect representation
of South Pacific romance through its
peaceful scenery, exotic cuisine, and
luxurious Bures. These are traditional
Fijian huts made of wood and straw, and
they offer stunning views of the Blue
Lagoon. Visitors can enjoy 14 private
beaches, romantic dinners by the sea,
picnics for two, and horseback riding
at sunrise. The island also provides
various water activities such as diving,
snorkelling, and swimming. Each
private dwelling, spanning 1,500 square
feet, is equipped with a fully stocked
refrigerator.
Hôtel de la Cité - Carcassonne, France
Carcassone is a picturesque
city that resembles a fairytale
and is well-known for being
one of France’s most famous
medieval walled cities, steeped in history
84 www.thefinanceworld.com April 2023
and legend. The Hôtel de la Cité is the
only accommodation located within
this UNESCO World Heritage Site and
offers breath-taking panoramic views of
the walls, which date back to 333 AD.
What better way to enjoy a luxurious
vacation than staying here, where you
can have the entire place to yourself
once the day-trippers have departed.
Your experience begins with a warm
welcome at the foot of Carcassone,
followed by a walk across the Pont
Levis and through the grand entrance
with a stunning wooden fresco depicting
the area’s historic and influential
figures. You can watch an enchanting
sunset while sipping an aperitif before
indulging in a feast fit for royalty at the
Michelin-starred restaurant. The hotel
boasts beautiful gardens, an outdoor
pool, and an on-site wine cellar for
tastings, and the lavish rooms offer
modern amenities such as Wi-Fi, iPod
docking stations, flat-screen satellite
TVs, and plush robes and slippers.

Ultima Thule Lodge - Anchorage, Alaska
If you’re looking for a vacation that
involves immersing yourself in a
secluded natural setting, with plenty
of exciting outdoor activities and
opportunities to observe wildlife, all
while indulging in luxurious amenities,
then the Ultima Thule Lodge might be
the perfect choice for you. This high-end
lodge offers an all-inclusive package
in the heart of the Alaskan wilderness,
located 100 miles away from the nearest
road, making it accessible only by
plane. Despite its remote location,
you’ll have access to a wood-fired cedar
sauna and gourmet dining experiences
featuring fresh fish and game, as well
as homemade bread and pastries. The
package includes flights over Wrangell-
St. Elias National Park, with the chance
to land on glaciers and spot grizzly
bears from above. Additionally, hiking,
fishing, and kayaking activities can be
arranged upon request.
Gleneagles - Auchterarder, Scotland
This expansive sporting hotel
is situated on 850 acres of
Perthshire’s Ochil Hills and
offers the ideal location for a
refreshing outdoor retreat. In addition
to housing three championship golf
courses, the hotel serves as a base for a
diverse range of countryside activities,
including horseback riding, hiking,
fly fishing, and archery, all of which
are accompanied by skilled guides.
The hotel itself is grand, refined, and
reminiscent of its early glory days in the
1920s when it first opened. There are
205 rooms and 28 suites, all of which are
luxurious and feature grandiose decor,
such as heavy curtains, large windows
offering panoramic views, freestanding
bathtubs, and beds fit for royalty. You
can indulge in the enormous spa and
choose from a range of eight bars and
restaurants, including the Century Bar,
which boasts over 100 single malts on
its menu, and the Art Deco Strathearn
restaurant. Additionally, if the Scottish
weather turns sour, the hotel provides
guests with complimentary Barbour
jackets and wellies.
April 2023 www.thefinanceworld.com 85

Travel
Adare Manor - Co. Limerick, Ireland
Adare hotel has traditional
elements such as heavy velvet
and armour, well-polished
floors, and a well-maintained
gravel driveway, but it’s been reinvented
for a modern country escape, with
no draft excluders and plenty of hot
water in the bathtub that overlooks the
River Maigue’s waterfall. A fascinating
falconry session, which includes an
introduction to captivating owls of all
sizes, is accompanied by an open-faced
grilled-prawn sandwich. The Gallery’s
stained-glass fireplace is the perfect
setting for this experience. Despite
the understated lobby and check-in
area, the hotel is a welcoming place
without any pretension, frequented
by a friendly mix of world travellers.
The manor recently added an indoor
pool, two paddle tennis courts, a yoga
studio, and a steam room and sauna.
The hotel can organize a day trip to the
Cliffs of Moher on the Atlantic coast,
but the recommendation is to visit
the Foynes Flying Boat & Maritime
Museum, which is nearby. The museum
was the first point of entry to Europe
for transatlantic flights from the U.S.
in the 1940s and is the birthplace of
Irish coffee.
Four Seasons Resort Langkawi - Malaysia
86 www.thefinanceworld.com April 2023
In 2006, the Four Seasons opened a
luxurious resort on the Langkawi
archipelago in Malaysia. The resort
is designed like a traditional
Malay village, but with more luxurious
accommodations and a blend of Indian,
Balinese, and Middle Eastern influences.
The beachfront villas are particularly
opulent, featuring private plunge pools
and spa rooms, while even the pavilion
rooms are quite impressive. Notable
features include the infinity lap pool
with cabanas and Moroccan tents for
private dining on the beach. The resort’s
staff, who are mostly trained in Balinese
hospitality, are exceptional, and the
bathrooms are particularly noteworthy.
Although it may be tempting to stay on
the resort’s grounds, taking a boat trip
to explore the Kilim River’s mangroves
and the uninhabited outlying islands
is well worth it.

Travel News
Aviation Industry in Middle
East to see significant
growth by 2030
The Middle East’s aviation industry
has a promising future, with
significant growth projected in
the coming years. Oliver Wyman’s
recent study indicates that the regional
fleet is expected to expand by 5.1%
annually over the next ten years, while
the MRO sector is forecast to grow at a
CAGR of 4.9% during the same period.
Although the industry depends heavily
on international travel, the region’s air
traffic increased around events such
as the World Cup in Qatar last year.
The report also reveals that the Middle
East’s share of the global fleet will rise
from 4.9% in 2023 to 6% in 2033, with
narrowbodies driving the fleet’s growth
in the next decade.
Saudi Arabia’s $550B
Tourism Plan sets
sights on new heights
Saudi Arabia’s tourism industry
has seen a significant boost, with
a record 93.5 million domestic
and international visits in 2022,
marking a 121% increase in international
tourism compared to pre-pandemic levels.
As the world’s fastest-growing tourism
destination in the G20, Saudi Arabia has
committed $550B to developing new
destinations by 2030. At this year’s ITB
Berlin, a record number of partners are
promoting trips, hotels, packages, and
cruises in Saudi Arabia. The country aims
to increase international air connectivity
from 140 to 250 cities by 2030 to attract
more visitors. The preservation of heritage
and history is one of the highlights of the
Saudi tourism experience, with a master
plan to transform Diriyah, a 300-year-old
city and birthplace of the nation.
UAE Winter Tourism
Campaign Spurs $490M
in Hotel Revenue
The UAE’s “World’s Coolest
Winter” campaign has proven
successful, with a recorded 1.4
million domestic tourists, an
8% increase from the previous edition.
The campaign, which received positive
interaction from 100% of the global
audience, also saw over 5.8 million
social media interactions and more
than 18,000 photos and videos on social
media using the #WorldsCoolestWinter
hashtag. The campaign’s success in
enhancing the national economy and
supporting domestic tourism aligns
with the UAE Tourism Strategy 2031,
which seeks to attract AED 100B as
additional investments for the tourism
sector and raise its contribution to the
GDP AED 450B in 2031.
Abu Dhabi airport named
world’s best for arrival
experience by passenger
surveys
Abu Dhabi International Airport
has been named the best airport
for arrival experience in the
annual Airport Service Quality
Awards. The awards, organized by the
Airports Council International, are based
on live surveys of the experience and
overall satisfaction levels of travellers
departing and arriving at airports.
Hartsfield-Jackson Atlanta International
Airport in the US and Kempegowda
International Airport in India were also
recognized for their customer experience.
Jamal Salem Al Dhaheri, managing director
and chief executive of Abu Dhabi Airports,
said the award was a testament to the
team’s hard work and dedication in
making the airport a welcoming and
comfortable space for all.
April 2023 www.thefinanceworld.com 87

Travel News
Oman offers visa-free entry to tourists from over
100 countries
Oman has opened its doors to
tourists from over 100 countries
with visa-free entry for
up to 14 days, according to
reports. Tourists from Portugal, Italy,
Germany, Spain, the US, China, and
Australia, among others, are allowed
visa-free entry. Some Indian tourists
can also obtain a visa on arrival,
provided they have an entry visa of
the US, Canada, the United Kingdom,
Schengen countries, Japan, or have
a resident permit of one of the GCC
countries, and work in a profession
approved by the Oman government.
The move is expected to boost the
country’s tourism industry, which has
been hit hard by the pandemic.
GCC countries first to get
UK’s new ETA scheme
The UK government has announced
that visitors from the Gulf
Cooperation Council (GCC)
states and Jordan will be the
first to benefit from the new Electronic
Travel Authorisation (ETA) scheme. The
scheme will expand worldwide through
2024, with Qatari visitors being the first
to apply for an ETA in October 2023. By
applying for an ETA in advance, visitors
can benefit from a smooth and efficient
travel experience. The application process
is quick, light-touch, and digital, with
most visitors applying via a mobile app
and receiving a swift decision on their
application. The ETA is not a visa but
authorizes an individual to travel to the
UK. On arrival, visitors will still need to
obtain leave to enter by seeing a Border
Force Officer or using an eGate.
Seed Group partners with BizAway to revolutionize
business travel
Seed Group has announced that
it has partnered with BizAway,
an Italian scale-up, to bring its
business travel solutions to
the UAE and the region. BizAway is a
corporate travel agency and technology
company that simplifies every aspect of
business travel by providing a single,
quick solution to book and manage
business trips. With Seed Group’s
guidance, BizAway aims to reach the right
audience, access top decision-makers in
the government and private sectors, and
make business travel easier and more
seamless. The strategic partnership is
designed to empower and revolutionize
business travel experiences for customers
in the UAE and the region.
Emirates airline to
introduce multilingual
check-in robots to cut
travel time
Emirates is set to introduce
multilingual robots to speed
up passenger check-in at
Dubai airport, with plans
for over 200 units over the next two
years. The locally developed robots
will be introduced within the next two
months after production reaches the
commercial scale. They will complete
all check-in processes including issuing
boarding passes, which will be sent to
registered numbers or email addresses,
and facial recognition through passport
scanning. Emirates is the first airline
globally to introduce portable check-in
robots. The robots will be particularly
useful in cases of flight disruptions or
changes, and for passenger transfer
and transit halls.
88 www.thefinanceworld.com April 2023

LG OLED evo C3 series 4K smart TV
The LG OLED evo C3 series 4K
smart TV is a high-end television
with OLED (Organic Light
Emitting Diode) technology to
produce stunning picture quality. OLED
displays have individual pixels that can be
turned on and off independently, providing
perfect blacks and vibrant colors.
The bracket is mounted to the TV
rather than the wall, and it turns with the
TV whilst also matching the TV design,
making it a perfect fit for the 55-inch and
65-inch models based on the soundbar’s
compact size.
On the back of the LG C3, you’ll find
four HDMI 2.1 ports, supporting up to
4K at 120Hz, along with VRR and Auto
Low Latency Mode (ALLM).
A feature called AI Super Upscaling Pro
is designed to enhance sub-4K content
and reduce noise levels, while OLED
Dynamic Tone Mapping Pro enables
the C3 to break up an image into 20,000
zones compared to the 5,000 zones that
the C2’s processor was capable of.
April 2023 www.thefinanceworld.com 89

Sport as a Business
UAE Boosts Sporting Events for Sports
Tourism and Business Opportunities
The UAE’s drive to boost sports tourism has led to an acceleration of sporting
events, creating new business opportunities in the sports industry. By enhancing
its offerings to sports enthusiasts from around the world, the UAE aims to
establish itself as a premier destination for sports tourism while also boosting
its economy.
The UAE has already established
itself as a destination for various
sports events and activities,
with world-class facilities and
infrastructure, and this has helped to
attract visitors from across the globe.
On March 2, 2023, the eighth edition
of the National Sports Day was held in
various emirates of the UAE under the
slogan “The Emirates Unite Us.” Over
70,000 people took part in 500 activities
throughout the day. Nasser Khamis Al
Marri, the Director of the Local Events
Department at the Abu Dhabi Sports
Council, expressed his pride in the
council’s involvement in the National
Sports Day. The event aims to promote
the principle of “sports for all” through
various activities, including community
sports, fitness sports, and challenges.
The goal is to increase awareness of
sports, promote a culture of interest in
physical health, and encourage regular
engagement in sports activities as a part
of one’s daily routine.
On the other hand, the significant
celebration of the National Sports Day
Focusing on sports tourism can help the UAE build on
its reputation and provide a one-of-a-kind experience for
sports enthusiasts and businesses.
90 www.thefinanceworld.com April 2023

Sports infrastructure
investments can create a
talent pool, boost participation,
and attract global sports
organizations to invest.
represents an opportunity to showcase
the country’s progress and achievements
in the sports industry, including the
development of state-of-the-art facilities,
the establishment of world-class sports
events, and the nurturing of local talents.
It is also a testament to the UAE’s vision of
becoming a leading sports destination in
the world. Through strategic investments
in the sports industry and the creation
of an enabling environment for sporting
businesses, the country aims to attract
more sports tourists and generate
economic growth.
Numerous sports organizations in the
UAE have been implementing creative
methods to align with this vision. For
instance, with the assistance of EA Sports,
the UAE Pro League (UAEPL) has recently
announced the launch of the third season
of the UAEPL eSports Championship, with
formal qualifications beginning in April.
Individuals who are at least 16 years old,
including UAE citizens and residents,
are eligible to register and take part in
the PlayStation 5 tournament, with the
chance to represent the UAE in the EA
Sports FIFA 23 Global Series Middle
East Play-Ins. Valuable rewards have
been assigned by the UAE Pro League,
dependent on ranking, with the highest
three finishers to receive AED 15K, AED
10K, and AED 5K respectively.
The eUAEPL tournament will be conducted
with 14 distinct online qualification stations
for each professional club to participate
in the finals, which will be hosted in a
location to be announced at a later time.
The preliminary stage will take place
from 4th to 19th April, and an indefinite
number of players may participate. The
second stage, on 2nd May, will include
the draw, while the third stage will be
played on two days, 13th and 14th May,
with 14 players distributed among two
groups competing on the first day, and
eight players who qualified from the
group stage competing on the second
day. The fourth and final stage will also
be held on 14th May, featuring winners
who qualified for the grand finale.
Furthermore, the Abu Dhabi Cycling
Club has recently announced a new
initiative aimed at drawing sports tourists,
particularly cyclists and their families,
from all over the world. The objective of
this initiative is to enhance the position of
Abu Dhabi as a worldwide cycling tourism
destination, especially after receiving the
“Bike City” designation from the Union
Cycliste Internationale (UCI).
To encourage sports tourism, the Abu
Dhabi Cycling Club has entered into a
Memorandum of Understanding with Wilver,
a leading European firm specializing in
sports tourism, particularly in the field
of cycling. The agreement will offer
tour packages and programs to attract
athletes and champions from around the
world to the UAE in accordance with Abu
Dhabi’s goal of providing advanced sports
tracks and facilities, as well as tourist,
entertainment, and hospitality venues.
This effort will also help to support the
club’s efforts to promote sports tourism.
By focusing on sports tourism, the UAE
can further build on its reputation as a
sports hub and offer a unique experience
to sports enthusiasts. The country has also
made significant investments in its sports
sector, with initiatives like the National
Sports Day and the establishment of the
UAE Pro League eSports Championship,
highlighting its commitment to developing
the industry.
Moreover, sports tourism can have
a positive impact on the country’s
economy by creating job opportunities
and increasing revenue. Investing in
sports infrastructure and facilities can
have long-term benefits by developing
a talent pool of athletes and coaches
and increasing participation in sports
activities among the local population,
with the aim of creating a businessfriendly
environment for global sports
organizations and business to invest in
the country.
April 2023 www.thefinanceworld.com 91

Sport News
Saudi Arabia, Morocco
battle for World Cup
2030
Saudi Arabia and Morocco are both
vying to host the FIFA World Cup
2030, with each planning to submit
their own individual bids. While
Morocco has announced a joint bid with
Spain and Portugal, it has also expressed
interest in launching its own bid for the
tournament. Meanwhile, Saudi Arabia’s
Crown Prince Mohammed bin Salman
has said that the country is ready to host
the World Cup on its own, following its
successful hosting of the Dakar Rally and
the Italian Super Cup. The two countries
will be in competition with other potential
bidders, including the United Kingdom
and Ireland, Argentina, Uruguay, and
Paraguay, and a joint bid from Greece,
Bulgaria, Serbia, and Romania.
Ras Al Khaimah hosts
UAE Minifootball
World Cup
The United Arab Emirates
hosted the 2023 Minifootball
World Cup in Ras Al Khaimah,
with thousands of fans and
players attending. The tournament,
which ran from March 31 to April 9,
featured 48 teams from around the
world, including the United States,
Brazil, and Mexico. Minifootball, also
known as 6-a-side football, is played
on a smaller pitch with smaller goals
and fewer players than traditional
football. The event was a celebration of
sports, with music, entertainment, and
cultural experiences for visitors. The
UAE is rapidly emerging as a leading
destination for sports events, having
previously hosted the FIFA Club World
Cup, the Abu Dhabi Grand Prix, and
the Dubai World Cup.
Lionel Messi Visits Saudi Arabia as Tourism Ambassador
Lionel Messi, the PSG star and
World Cup winner, visited Saudi
Arabia last month in his role as a
brand ambassador for the Saudi
Tourist Board. The announcement of
his visit was made by the Kingdom’s
Minister of Tourism, Ahmed al-Khateeb,
on social media. Messi’s visit was his
second to the Kingdom, after attending
events in Jeddah in May of last year. As
a tourism ambassador for Visit Saudi, he
is contracted to promote the Kingdom’s
attractions and travel reforms.
Skyexch.net named title sponsor for LLC Masters
2023 in Doha
Sports goods platform Skyexch.
net has been named as the
title sponsor of the Legends
League Cricket (LLC) Masters
tournament, held in Doha from March
10-20. LLC features T20 format matches
played between retired international
cricketers. As part of the sponsorship
deal, Skyexch.net was part of all
communications and campaigns
around the LLC Masters. LLC CEO
and co-founder Raman Raheja said the
partnership helps the tournament reach
new heights, and that Skyexch.net
shares a vision of assisting cricket in
all formats to reach a global audience.
92 www.thefinanceworld.com April 2023

The Dubai Sports Council approves new development guidelines
The Dubai Sports Council, under
the leadership of H.H. Sheikh
Mansoor bin Mohammed bin
Rashid Al Maktoum, has given
its approval to a series of guidelines
that have been created to improve
the processes involved in scouting,
recruiting, and signing football players
for clubs and companies within
Dubai. These guidelines include the
use of contracts that follow globally
recognized standards and practices.
H.H. Sheikh Mansoor has stated that
these guidelines form a key part
of Dubai’s strategic plan for sports
development, which aims to enhance
the performance of sports teams and
promote Dubai as a leading sporting
destination. The Dubai Sports Council
has been directed to ensure that these
guidelines are implemented across all
football clubs and companies within
Dubai, and will regularly review them
to ensure they remain aligned with
the evolving priorities of the sporting
sector in Dubai.
Sharjah Labour Sports Tournament concludes and honours winners
The Sharjah Labour Sports
Tournament featured 40
football teams, 35 cricket
teams, 25 basketball teams,
20 volleyball teams, and 20 hockey
teams all competing for trophies.
The tournament was organized by
the Labour Standards Development
Authority (LSDA) in partnership with
Sharjah Sports Council and Reach
Target. The winning teams received
gifts and financial awards totaling AED
200,000 as recognition. The winners
were announced by LSDA Chairman
Salem Youssef Al Qaseer, who also
thanked the participants for their
enthusiasm and large turnout. Almost
1,600 sports fans, divided among 140
teams, participated in a three-monthlong
sporting event for employees and
residents of labour camps in the UAE
that came to a successful conclusion
at the Sharjah National Park.
Abu Dhabi Schools
Sports Cup 2023
promotes a culture of
physical exercise
The Abu Dhabi Schools Sports
Cup promoted significant
values like sportsmanship,
collaboration, resilience, and
leadership with the goal of encouraging
students to participate in a variety
of sports, increase their levels of
physical activity, and improve their
overall physical health within the
school community. The tournament’s
second iteration saw more than 8,000
children from 200 Abu Dhabi schools
participate in the largest interschool
school sports programme in the area.
In January, over 600 teams began their
ascent to victory by participating in the
regional qualifying competitions held
in Abu Dhabi, Al Ain, and Al Dhafra.
The Under 13, Under 17, and Under
19 playoffs for boys’ and girls’ teams
in the Abu Dhabi Schools Sports Cup
were held on February 25 and 26 at
the Abu Dhabi Cricket & Sports Hub
in Khalifa City.
Dubai to host permanent headquarters of the International
Federation for Falconry Sports and Racing
Dubai will host the permanent
headquarters of the
International Federation
for Falconry Sports and
Racing. The agreement was signed
between the General Authority of
Sports and the newly established
International Federation for Falconry
Sports and Racing. H.H. Sheikh
Ahmed bin Mohammed bin Rashid Al
Maktoum, President of the International
Federation for Falconry Sports and
Racing, has hailed the UAE’s efforts
to promote the traditional sport of
falconry and raise its global profile.
He congratulated the UAE’s leaders
for signing an agreement to host
the permanent headquarters of the
International Federation for Falconry
Sports and Racing in Dubai. The move
is part of the UAE’s strategic plan
to reinforce its status as a hub for
global sports governance bodies and
reflects the leadership’s commitment
to revive and promote heritage sports
like falconry.
April 2023 www.thefinanceworld.com 93

Tourism
The UAE To Extend the Prospects of the
5-Year UAE Tourist Visa
Dubai’s growth has exceeded both global and regional tourism recovery levels,
and this progress aligns with the Dubai Economic Agenda D33, a plan launched
by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President
and Prime Minister of the UAE and Ruler of Dubai. As the plan aims to solidify
Dubai’s position as one of the leading cities in the world for travel and business,
the UAE has been reforming visa rules and offering more incentives for tourists
and investors alike, one of which is the 5-year tourist visa.
The visa program has been instrumental in fostering
a significant rise in both tourism and business activity
within the UAE.
94 www.thefinanceworld.com April 2023

The Federal Authority for Identity,
Citizenship, Customs & Port
Security (ICP) has introduced
the provision of multiple-entry
tourist visas for families. In the past,
individuals had to apply separately for
each family member, which involved
submitting identical documentation
for each application. However, the ICP
website has now made it possible for
families to apply collectively as a unit,
thereby simplifying the process.
The UAE’s announcement of the new 5-year
UAE tourist visas has several objectives,
including facilitating the entry process
and improving convenience for visitors
as well as enhancing the attractiveness
of the destination and augmenting the
tourism sector’s contribution to the
nation’s economy.
According to reports, the CEO of the
Dubai Corporation for Tourism and
Commerce Marketing, Issam Kazim, has
stated that the response to the five-year
tourist visa has been positive, although it
has been implemented gradually so far.
Kazim has expressed a desire to expand the
program more extensively in collaboration
with the authorities, as it would help to
attract more tourists, particularly from
the neighboring region. The availability
of a multi-entry visa is expected to be
advantageous in this regard.
However, the UAE is in the process of
developing a plan to broaden the scope
of its five-year multiple-entry tourist visa,
which enables visa holders to travel to
and from the country multiple times,
provided they spend a minimum of 90
days during each visit and do not exceed
180 days of stay per year.
Introduced in March of the previous
year by His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Prime Minister
and Vice-President of the UAE and
Ruler of Dubai, the visa initiative aims
to strengthen the UAE’s status as a
prominent global economic hub. The
visa program has played a critical role in
increasing tourism and business activity
in the country, as it allows individuals
to spend extended periods of time with
their families in the UAE without having
to repeatedly apply for a visa.
How to Apply for the 5-Year Visa:
The extension of
the five-year visa
has the potential
to attract a greater
number of tourists
and significantly
stimulate the
economy of the
UAE.
You can apply for a visa through various
online platforms such as the GDRFA
website, the ICP portal, or the GDRFA-
Dubai Smart Application. To complete the
application process, you need to upload
the necessary documents and make the
payment of the fees.
Required Documents: The following
documents are necessary for the visa
application:
• A bank statement from the past six
months to demonstrate a minimum
balance of $4,000 or its foreign currency
equivalent.
• Proof of UAE health insurance.
• A recent colored passport-sized photo
with a white background.
• A photocopy of the front and last page
of the passport.
Additional documents required are a
flight ticket copy, hotel booking or lease
agreement, and proof of residence like
an invitation letter from friends or family
residing in UAE.
How Much it Costs:
According to the details provided on
the GDRFA website, the cost of a five-year
multiple entry visa is Dh1500 (USD 408).
Furthermore, there will be a collection
commission charged by the Commercial
Bank of Dubai, which amounts to Dh20
per transaction for individuals and Dh50
for companies, and Dh15 for Emaratech
companies. If applying through Amer
Centers, the application process fee
will be Dh100.
April 2023 www.thefinanceworld.com 95

Investing in Art
Art As Collateral: A Way to Get the Best
Out of Your Collection
The market for fine art is thriving, with new auction records for the highest
prices being set almost every day. Industry insiders refer to a growing sector
that involves using art collections to access liquidity, as the worlds of finance
and art continue to merge. The sector is made up of two main groups of players:
specialist lenders who offer loans using art and other assets as collateral, and
banks that provide loans to their clients while using their art collections and
other assets as collateral.
Wealthy art collectors are capitalizing on the current low
interest rates by leveraging their valuable art collections.
v
96 www.thefinanceworld.com April 2023

v
If you are a collector of fine art, you
likely have a clear understanding
of what attracted you to each piece
in your collection. You may even
possess detailed knowledge about
the artists’ personal histories and
creative inspirations. However, you
may not be aware that you can use your
artwork as collateral to obtain a loan,
which can provide liquidity to pursue
various financial opportunities. These
opportunities may include acquiring
additional artwork, financing business
objectives, or taking advantage of other
prospects.
While you may have purchased fine
art primarily for your deep aesthetic
interest and passion, your collection
may also hold significant financial
value. The art market has experienced
fluctuations in recent years, and
collector interest has grown in both
established and emerging segments,
meaning the value of your collection
may have changed over time. Utilizing
a fine art loan may be a beneficial
approach to release capital that can
be utilized to achieve other objectives,
such as acquiring more art or investing
in cash flow assets.
Increasingly, affluent art collectors
are taking advantage of low interest
rates by borrowing against their
valuable art collections, including
pieces by renowned artists such as
Picasso and Basquiat. However, this
trend also increases the potential for
a leveraged boom and bust in the art
market. Although the larger banks
currently dominate the art lending
sector due to lower interest rates, art
finance firms and auction houses are
expanding their loan services to draw
in more clients.
According to sources, Sotheby’s is
leading the non-bank category’s efforts
to provide art loans. The company’s
art loan portfolio is estimated to be
approximately $1B, and it claims that
this figure increased by 50% between
2021 and 2022, which is impressive
considering the challenges faced in
2021.
Additionally, the firm promotes its
business by providing high-end buyers
with a loan equivalent to 50% of the
hammer price on purchases exceeding
$2M at its auctions, with the entire
process - from application to funding
- taking only 30 days.
It appears that Sotheby’s may soon
provide clients with the option to
securitize personal loans secured by
their art collections. According to
Bloomberg, discussions about this
service are still in the early stages.
Meanwhile, Yieldstreet, an alternative
asset investment company that acquired
the specialist art-secured lender Athena
in 2019, announced that its members
invested $1B on the platform in 2022,
which is their highest ever total. Athena
reports that it has funded over $500M
in the art-lending sector to date.
There are various types of loans
available in the art financing industry,
and different players offer different
services. One type of loan is nonrecourse,
which means that if the
borrower fails to repay, the lender
cannot seize other assets belonging
to the borrower. Borro is an example
of such a lender, and it specializes in
short-term financing for artworks and
other assets. Borro’s interest rates vary
depending on the size of the loan, with
larger loans attracting lower interest
rates. On average, the interest rate is
between 3% and 4% per month.
By borrowing against your fine art
You may unlock the
value of your art
collection to buy
more art or invest
in appreciating
assets and
diversify your
portfolio.
collection, you can use the funds to
purchase additional art or invest in
other assets that have the potential to
appreciate, which can help diversify
your portfolio. Borrowing against a
potentially appreciating asset, like fine
art, can provide positive leverage to
achieve asset diversification.
Additionally, art-related loans
generally have lower interest rates
compared to unsecured loans. Selling
artwork at an inopportune time, such
as when you are exhibiting your
collection, can be avoided by taking
out a loan instead. Furthermore, you
may have a strong personal attachment
to certain pieces in your collection and
prefer not to sell them at auction. By
taking out a loan instead of selling,
you can avoid paying taxes on art sales
that are not as tax-favorable as other
asset classes. You retain ownership
of the art and can still display it as
usual. It may even be loaned out to
galleries or museums, provided there
are appropriate insurance, guarantees,
and other agreements in place.
April 2023 www.thefinanceworld.com 97

Global News
Saudi Arabia to allocate $800M in loans to least developed countries
Saudi Arabia has announced that it
will allocate $800M in loans to the
least developed countries in an
effort to support their economies
and development projects. The initiative
was launched by Saudi Arabia’s King
Salman Humanitarian Aid and Relief
Centre and is aimed at supporting
countries in need, particularly those
affected by conflict, natural disasters, or
other crises. The loans will be provided
through the Saudi Fund for Development
and will focus on funding projects in
areas such as infrastructure, health,
education, and agriculture. This move
is part of Saudi Arabia’s ongoing efforts
to contribute to global development and
address humanitarian issues around
the world.
Jerome Powell
previews tougher rate
hike path starting soon
Federal Reserve Chair Jerome
Powell has hinted at a halfpoint
increase in interest rates
at the upcoming rate-setting
meeting, and updated forecasts that
feature a high point for rates above
the 5.1% projected in December. Since
the last meeting, economic data has
consistently surprised on the upside,
suggesting that the 4.5 percentage points
of rate hikes since March 2022 have
yet to sufficiently slow the economy
to beat back inflation. Powell stressed
that the data shows the Fed still has
work to do, and just how high and how
fast rates will increase will depend
on several key reports ahead of the
meeting.
Saudi Arabia chairs WTO Trade Policy Review Body
The World Trade Organization’s
General Council has approved
Saqer bin Abdullah Al-Moqbel,
the Kingdom’s Permanent
Representative, as president of the
organization’s Trade Policy Review
Body for the 2023-2024 term. This makes
Al-Moqbel the first Arab permanent
representative to hold the position,
which works to enhance integrity
in national trade policies through
review mechanisms based on each
member state’s economy. The Kingdom’s
presidency of the TPRB reinforces its
The French government
expects a “quarter of antiinflation”
in food prices,
aiming to slow down rising
inflation and address the increasing
cost of living. The measures include
increasing market surveillance and
the reinforcement of competition
authorities, alongside creating an
online price comparison tool for
products sold in supermarkets. The
French agriculture minister suggested
the period of lower food prices could
last until the end of June 2023. The
move comes as inflation across the
eurozone hit 4.4% in February, the
highest level since 2008, fuelled by
leading role within the WTO and other
global organizations.
France expects a quarter of lower food prices
to fight inflation
rising energy costs and supply chain
disruption due to the pandemic.
98 www.thefinanceworld.com April 2023

Pakistan to receive $1.3B financing from China’s ICBC
Pakistan is set to receive
$1.3B in financing from the
Industrial and Commercial
Bank of China in three phases,
according to Finance Minister Ishaq
Dar. The funding is vital for the country,
which is dealing with a balance of
payment crisis, with the foreign
exchange reserves of the central bank
only sufficient to cover three weeks
of imports. The bank has already lent
Pakistan $700M to boost its forex
reserves. Dar stated that Pakistan
requires $5B in external financing to
close the financing gap for the year
ending June 2022. He added that further
funding would only come from the
International Monetary Fund after a
deal is agreed.
Sheikh Tahnoun bin Zayed is the chairman of
UAE’s $790B wealth fund ADIA
The reconstitution of the Board
of Directors of Abu Dhabi
Investment Authority (ADIA)
is a significant development
for the UAE’s biggest sovereign wealth
fund. With assets worth $790B, ADIA
has a highly diversified portfolio that
spans across multiple asset classes
and subcategories. The appointment
of H.H. Sheikh Tahnoun bin Zayed Al
Nahyan as the new chairman of the
board brings extensive experience and
expertise to the role. He is currently
the chairman of the wealth fund, ADQ,
and the country’s largest bank, First
Abu Dhabi Bank (FAB), in addition to
being UAE’s national security adviser.
The new board is poised to guide ADIA’s
investment strategy towards continued
growth and success.
Britain’s Tullow plans
sale of Kenya oil stake
for $252.6M
Tullow Oil, a British oil and
gas exploration company, has
valued its Kenya operation at
over $252.6M as it considers
a potential stake sale to a strategic
investor, according to Business Daily
newspaper. The company’s financial
report for 2022 states that the book
value of its Kenyan assets is $252.6M, but
uncertainties surrounding the project,
such as finding an acceptable investment
offer and government approval, may
lead to the entire asset value being
written off if not resolved. Tullow Oil
and its joint venture partners, Africa Oil
Corporation and TotalEnergies, have
submitted an updated field development
plan for the Turkana oil fields after
being asked to revise it by regulators.
U.S. bank loan plan provides Fed rate hike path
amid SVB fallout
The Bank Term Funding Program
(BTFP) launched by the Federal
Reserve aims to prevent
deposit outflows following
the collapse of Silicon Valley Bank.
This program offers one-year loans to
banks at the rate of a one-year overnight
index swap (OIS) plus 10 basis points
(bps), backed by eligible government
securities like Treasuries and agency
mortgage-backed debt. The ability to
pledge these securities at par rather
than at mark-to-market, which contributed
to SVB’s collapse, is expected
to help banks considerably. The BTFP
provides the Fed with the flexibility
to continue raising interest rates to
combat inflation without worsening
bond losses for banks.
April 2023 www.thefinanceworld.com 99

Wheels
2023 LEXUS ES
The 2023 Lexus ES is a mid-size
luxury sedan that offers a
comfortable ride, impressive
fuel economy, and a range of
advanced features. It is a popular choice
among drivers who value reliability,
comfort, and performance.
Under the hood, the 2023 Lexus
ES features a 3.5-liter V6 engine that
delivers 302 horsepower and 267 lbft
of torque. The car can accelerate
from 0 to 60 mph in just 6.6 seconds,
making it one of the fastest cars in its
class. The car also has an estimated
fuel economy of 22 mpg in the city
and 33 mpg on the highway. One of the
standouts features of the 2023 Lexus
ES is its comfortable and spacious
interior. The car features high-quality
materials and a range of amenities,
including standard dual-zone automatic
climate control, power-adjustable
front seats, and a power-adjustable
steering column. The rear seats are also
spacious, providing plenty of legroom
and headroom for passengers. The
2023 Lexus ES also offers a range of
advanced technology features, including
a standard 8.0-inch touchscreen display,
Bluetooth connectivity, and a premium
sound system. The car also features
a suite of driver assistance systems,
such as lane departure warning,
adaptive cruise control, and automatic
emergency braking. The 2023 Lexus ES
is a reliable, comfortable, and featurepacked
midsize luxury sedan. It offers
a comfortable ride, impressive fuel
economy, and a range of advanced
features that make it a top choice
for drivers who value performance,
comfort, and technology.
100 www.thefinanceworld.com April 2023

Specifications
Horsepower: 302 Hp
Transmission: 267 lb-ft
Acceleration: 0 to 60 mph in 6.6 seconds
April 2023 www.thefinanceworld.com 101

Investing in Tourism
Ajman Tourism Maximizes Efforts to
Elevate Ajman’s Position as a Global
Tourist Destination
The Ajman Tourism Development Department (ATDD) has been entrusted with
the responsibility of devising a comprehensive plan to transform Ajman into a
preferred tourist destination, attracting visitors from all corners of the globe.
The department is actively engaged in formulating and implementing strategies
aimed at enhancing the appeal of the emirate to potential tourists. Additionally,
it oversees the process of grading and certifying hotels and hotel apartments,
as well as the licensing, classification, and performance monitoring of tourism
and travel agencies. In this article, we will delve into the most recent initiatives
undertaken by the ATDD to promote tourism in Ajman.
Ajman is attracting global tourists through its beaches,
mountains, upscale hotels, museums, historic sites,
and local markets.
102 www.thefinanceworld.com April 2023

The Ajman Department of Tourism
Development is focused on
promoting Ajman’s unique
attractions as a leading travel
destination in the UAE. To achieve
this, the department implements global
tourism campaigns, participates in
events, regulates the tourism industry,
and improves the services provided by
local tourism facilities and businesses.
The Department has been recently
showcasing its leading strategic plans
at the Berlin Travel Trade Show (ITB),
the world’s leading travel trade show,
taking place in the German capital
Berlin from the 7th until 9th of March.
During its participation in the exhibition,
the Department entered into several
memorandums of understanding with the
objective of enhancing the emirate’s tourism
potential and investment opportunities.
Ajman Tourism’s objective in participating
is to exhibit its newest tourism ventures
and highlight the emirate’s sophisticated
infrastructure, as well as inform visitors
about its primary tourism initiatives and
exceptional services. In this regard, the
department intends to emphasize the
popular attractions and tourist spots, which
span from prominent landmarks such as
unspoiled beaches, rugged mountains,
and natural reserves, to upscale hotels
along the coastline, and the rich cultural
diversity, such as museums, historic sites,
and local markets.
To this end, the Ajman Department
of Tourism Development and Bespoke
Modular Solutions & RAW Hotels &
Resorts, a prominent company offering
modular products and services as well
as hotel management in the Middle East,
signed a memorandum of understanding.
It was signed by His Excellency Mahmood
Khaleel Alhashmi, the Director General
of the Ajman Department of Tourism
Development, and Jamal Wick, the CEO
and Co-Founder of Bespoke Modular
Ras Al Khaimah is
at the forefront
of implementing
a novel method
of promoting
sustainable
tourism, as the
world moves
towards more
sustainable forms
of tourism.
Solutions & RAW Hotels & Resorts.
The main objective of this MOU is to
create investment prospects that will
improve the tourism sector in Ajman.
Furthermore, it endeavors to strengthen
the means of collaboration between the
parties and harmonize their collective
endeavors in boosting the allure of the
destination. As per the terms of the
MOU, both entities will endeavor to
entice investors to invest in tourismrelated
undertakings within the emirate.
Additionally, they will concentrate their
efforts on promoting the Raw Resort
Alzorah beach project.
In spite of the worldwide political and
economic challenges encountered in the
year 2022, the tourism sector in Ajman
made remarkable strides, as indicated
by a 9% increase in the overall revenue
generated in the hospitality industry, a
26% upsurge in international visitors,
and a 14% increase in the average room
rates in comparison with the previous
year. As per the STR reports, Ajman
attained the topmost rank in terms of
hotel occupancy rate in the UAE during
2022, averaging 80%, which was 7% higher
than the closest emirate.
H.E. Alhashmi remarked: “ITB constitutes
an important opportunity to promote
Ajman’s leading position on the global
trade and tourism map and which comes
in line with the country’s national agenda
to boost the economic and tourism
sectors. This year, we aim to focus on
highlighting the attractiveness of the
destination with its remarkable features
and potentials which have transformed
the emirate into a preferred destination
for tourists”.
He added that Ajman’s exceptional
offerings and services have drawn a
multitude of visitors from various parts
of the globe, and they are dedicated to
continuing their endeavors in launching
additional initiatives and projects that
attract more tourists from diverse markets
to Ajman. His Excellency also emphasized
the significance of the German market
and other European markets as crucial
sources of tourism for Ajman. Moreover,
he expressed a desire to strengthen the
emirate’s connections with its global
partners and enhance collaboration with
other exhibitors via novel agreements
and partnerships.
Over the past few years, Ajman
has made substantial investments in
bolstering its infrastructure, promoting
notable projects, and developing crucial
regions, transforming it into a compelling
destination for tourism that provides
visitors with a distinctive cultural, natural,
and recreational experience.
April 2023 www.thefinanceworld.com 103

Local News
Saudi Arabia expands
tourism visa to all GCC
residents
The expansion of Saudi Arabia’s
tourism visa scheme to include
all GCC residents is a significant
move by the country’s Ministry
of Tourism. The move allows more
individuals to visit the country’s various
tourist destinations, attend entertainment
events, and experience the Kingdom’s
rich heritage and historical depth. The
ministry is encouraging interested
applicants to apply for the tourist visa
online through the designated platform.
The ministry’s regulations also require
tourists to comply with all instructions
and carry identification documents at all
times while in the Kingdom.
Dubai Chamber of
Commerce Unveils
Six Business Groups
to Boost Real Estate
Sector
Dubai Chamber of Commerce
and Industry has launched
six new business groups,
aimed at supporting growth
and development within Dubai’s
real estate sector. The groups will
focus on key areas such as property
management, real estate brokers,
developers, contractors, engineers and
architects, and facility management.
The move is part of the Chamber’s
ongoing efforts to promote economic
diversification, and to provide more
targeted support to businesses in the
emirate. By bringing together experts
from across the industry, the business
groups will facilitate knowledge sharing
and collaboration, while also providing
a platform for networking and business
development opportunities.
Presidents of UAE and Iraq’s Kurdistan Region
review advancing relations
During the meeting, His Highness
Sheikh Mohamed bin Zayed
Al Nahyan, President of
the UAE, and Nechirvan
Barzani, President of Kurdistan
Region, discussed several areas of
collaboration, including economic and
investment opportunities, as well as
cultural and educational exchanges.
They highlighted the importance of
enhancing trade relations and exploring
new avenues for mutual benefit. Both
Saudi Arabia’s finance ministry
has announced a budget surplus
of SAR 103.9B ($27.7B) for the
year 2022, surpassing earlier
projections of SAR 102B. This surplus
was primarily driven by the country’s
strong oil revenues, which totalled
SAR 857.272B in 2022. The positive
budgetary figures reflect the Kingdom’s
ongoing efforts to diversify its economy
and reduce its reliance on oil exports.
The Saudi government has launched a
number of initiatives to promote nonoil
sectors, attract foreign investment
and create employment opportunities
for its citizens. These measures have
helped to strengthen the country’s
leaders expressed their commitment
to strengthening cooperation in the
fight against terrorism and extremism,
and stressed the need for continued
efforts to maintain regional security
and stability. The visit of President
Barzani to Abu Dhabi underscores the
close ties between the UAE and Iraq,
and highlights the UAE’s ongoing efforts
to support Iraq’s stability, development,
and prosperity.
Saudi Arabia posts a 2022 budget surplus of
$27.68B
fiscal position, despite global economic
challenges.
104 www.thefinanceworld.com April 2023

Oman’s Banking Sector Plays Key Role in Supporting
Country’s Economic Growth
Oman’s banking sector is
playing a critical role in
supporting the country’s
economic growth and
development, according to experts.
The sector has undergone significant
transformation in recent years, with
increased digitization and innovation
helping to improve efficiency and
Sharjah Chamber
of Commerce and
Industry Signs MoU
with Japan External
Trade Organization
Sharjah Chamber of Commerce
and Industry (SCCI) has signed a
Memorandum of Understanding
(MoU) with Japan External
Trade Organization (JETRO) aimed
at strengthening bilateral trade and
investment ties between Sharjah
and Japan. The MoU will facilitate
knowledge sharing, collaboration,
and the exchange of expertise in key
sectors such as healthcare, renewable
energy, technology, and innovation.
The agreement also seeks to boost
investment opportunities and promote
trade and investment missions between
the two sides. The signing of the MoU
highlights Sharjah’s growing stature as
a regional business hub, and underlines
its commitment to expanding its
international trade relations.
accessibility. Banks have also ramped
up lending to key sectors such as
construction, infrastructure, and
SMEs, supporting job creation and
diversification. Additionally, the
Central Bank of Oman has implemented
a number of regulatory reforms aimed
at strengthening financial stability and
enhancing risk management practices.
UAE’s Ministry of Finance and Dubai Statistics
Centre to Enhance Government Financial
Statistics
The UAE’s Ministry of
Finance (MoF) and Dubai
Statistics Centre (DSC) have
signed a Memorandum of
Understanding (MoU) to enhance
collaboration and information sharing
in the field of government financial
statistics. The partnership aims to
strengthen the quality and accuracy of
financial data, improve reporting and
analysis, and support evidence-based
decision-making. The MoU reflects
the UAE’s commitment to driving
efficiency and transparency in public
financial management, and underlines
the importance of data-driven decisionmaking
in achieving national goals.
The collaboration will also help to
align financial reporting standards
with international best practices, and
facilitate the adoption of emerging
technologies in data management and
analysis.
Saudi Arabia’s Economy Grows 5.5% in Q4 2022,
Driven by Non-Oil Activities
The Saudi economy grew 5.5%
in the fourth quarter of 2022,
with non-oil activities being
the main driver of growth,
according to estimates from the
General Authority for Statistics. The
non-oil sector grew 6.2% in the quarter
year-on-year, outpacing the growth
of oil activities which expanded by
6.1%. The government has increased
investments in mega projects and
initiatives to achieve its Vision 2030
goals, aiming for non-oil GDP growth
of 6% or higher over the next three
to five years. Despite lower expected
output, the IMF expects non-oil growth
to remain robust, supporting the Saudi
economy in the long term.
April 2023 www.thefinanceworld.com 105

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