The Finance World Magazine| Edition: May 2023

M&A Activity in GCC Expects a Spike Amid Global Caution 

Abu Dhabi Boosts Business Tourism with Public-Private Partnerships 

The UAE Reinforces Its Business-Friendly Environment with Global Partnerships Promising Investment Opportunities in the UAE Stock Market 

May 2023 

UAE Fintech Arena: A Huge 

Untapped Market to Leverage 

Mohammad Alblooshi, Head of DIFC Innovation Hub & FinTech Hive 

UAE - AED 30 | USA - USD 16.5 KSA - SR 

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Bahrain - BD 6.2 Kuwait - KWD 5 | UK - 

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P72 | The UAE Expands 

Economic and Trade Relations to 

Boost Investment Opportunities 

P82 | The UAE Corporate Tax to 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

The fintech industry in the UAE and the Middle East is undergoing 

rapid expansion, signaling the possibility of a substantial 

transformation in the financial landscape of the region. This 

issue’s cover story highlights this development and presents 

an exclusive interview with Mohammad Alblooshi, the Head Editor’s of Note DIFC 

Innovation Hub & FinTech Hive, whose insights into this exciting field 

provide valuable knowledge for industry stakeholders. 

The UAE has emerged as a preeminent global financial hub and a 

coveted destination for international investors. In light of this, our 

focus in this edition is directed towards the rapidly evolving domain 

of asset management. Through a meticulous screening process, we 

have identified 15 UAE-based asset management companies that have 

demonstrated notable proficiency and excellence in this arena. Our 

compilation furnishes valuable insights into the investment strategies 

and approaches employed by these firms and sheds light on the factors 

that have contributed to their resounding success. 

Focusing on Investment in the UAE as this edition’s main theme, our 

articles provide insights on the various investment options offered by 

the UAE’s different sectors, such as the UAE cryptocurrency market 

promising exciting investment opportunities, different investment 

options in the UAE’s sports industry, investing in emerging artists 

and the importance of risk management, investment opportunities 

and advantages in Dubai real estate market, UAE corporate tax 

creating new investment opportunities, and many more articles that 

offer critical analysis and insights on current trends and issues in the 

business and investment domains. 

Within the news segments, you will find 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 

May 2023 www.thefinanceworld.com 7 

September 2022 3

Contents May 

2023 

PERSONAL FINANCE 

P10 | 10 Things You Should Know 

Before Getting a Mortgage 

UAE BANKING 

P12 | AED 245.5B Saving Deposits 

in UAE Banks by End of January 

2023 

P14 | UAE Banking News 

UAE REFORMS 

COVER STORY 

P26 | UAE’s Fintech Ecosystem 

and the upcoming Dubai Fintech 

Summit 2023: Mohammad 

Alblooshi, Head of DIFC Innovation 

Hub & FinTech Hive 

START-UP 

P50 | Three Promising Investment 

Management Startups in the 

Middle East 

ENERGY 

P52 | Investment Opportunities 

in the UAE’s Sustainability and 

Energy Sector 

HEALTHCARE 

P56 | UAE’s Booming Healthcare 

Industry Offers Lucrative 

Investment Prospects 

MERGERS AND 

ACQUISITIONS 

P16 | The Central Bank of UAE 

Launches CBDC strategy 

FINTECH 

P18 | Three UAE-Based Fintechs 

Attracting Investors’ Attention 

P20 | Fintech News 

P22 | Fintech Application 

P24 | Business News 

P58 | M&A Activity in GCC Expects 

a Spike amid Global Caution 

P60 | Mergers & Acquisitions News 

CRYPTOCURRENCY 

P62 | The UAE Cryptocurrency 

Market Promises Exciting 

Investment Opportunities 

8 www.thefinanceworld.com May 2023 

P31 | Meet the Top 15 UAE-Based 

Asset Managers

REAL ESTATE 

CORPORATE TAX 

TOURISM 

P66 | Investment Opportunities 

and Advantages in Dubai Real 

Estate Market 

P68 | Real Estate News 

FUNDING & INVESTMENT 

P80 | UAE Corporate Tax to Create 

New Investment Opportunities 

P82 | Corporate Results 

TRAVEL 

P90 | Abu Dhabi Boosts Business 

Tourism with Public-Private 

Partnerships 

INVESTING IN ART 

P70 | The UAE Expands Economic and 

Trade Relations to Boost Investment 

Opportunities 

P72 | Funding & Investment News 

DIGITAL ASSETS 

P74 | UAE’s Digital Asset 

Investment Landscape Gaining 

Momentum 

STOCK MARKET 

P76 | Promising Investment 

Opportunities in the UAE Stock 

Market 

P84 | 4 Destinations to Visit in 

May 2023 and Rejuvenate Yourself 

from Work 

SPORT AS A BUSINESS 

P86 | Different Investment Options 

in the UAE’s Sports Industry 

P88 | Sports News 

P92 | Investing in Emerging 

Artists and the Importance of Risk 

Management 

INVESTING IN TOURISM 

P98 | Ras Al Khaimah’s Las-Vegas 

Resort Offers Great Options for 

Investors 

P94 | Global News 

P100 | Local News 

P23 | 64-65 | Launch Express 

P48 | P54 | P78 | P96 | Wheels 

P30 | P47 | Tech My Money 

May 2023 www.thefinanceworld.com 9

Personal Finance 

10 Things You Should Know Before 

Getting a Mortgage 

Ensuring the long-term sustainability and feasibility of homeownership 

necessitates prudent and informed decision-making regarding housing 

finance, be it for a new property acquisition or an existing property refinance. 

Thoroughly evaluating and deliberating mortgage options in advance enables 

individuals to realize significant cost savings and fortify their financial 

resilience against unanticipated adversities. This article elucidates crucial 

aspects that individuals should be cognizant of before pursuing a mortgage. 

Several measures can be implemented 

to augment the probability of 

being granted a mortgage. It is 

imperative to comprehend the 

determinants influencing your eligibility 

for a mortgage, such as your credit 

rating, present liabilities, status as a selfemployed 

individual, and the magnitude 

of your down payment. To optimize your 

likelihood of success in acquiring your 

desired mortgage, consider adhering to 

the following 10 recommendations. 

Your Credit Report: 

Individuals with inferior credit ratings 

are subjected to exorbitant interest 

rates, culminating in inflated mortgage 

expenditures over time. Furthermore, 

those possessing a credit score lower 

than 620 may encounter difficulties 

securing a loan. A superior credit score 

amplifies the prospects of obtaining a 

low-interest mortgage. It is expedient 

to procure a copy of one’s credit report, 

ensuring its accuracy and rectifying 

any discrepancies before submitting a 

mortgage application. 

Set Your Budget: 

Create a budget before seeking a 

mortgage, ensuring that the loan amount 

is sufficient to cover the property’s price 

and associated expenses. Our guide on 

calculating the cost of buying your first 

home may be beneficial. The monthly 

mortgage payments are determined by 

the loan amount, the duration, and the 

interest rate. 

Reducing debts 

pre-mortgage 

application shows 

responsible 

financial 

management 

and enhances 

the chance of 

approval. 

10 www.thefinanceworld.com May 2023

Employment Stability: 

To secure a mortgage, lenders generally 

require evidence of long-term employment 

with the same employer. If considering 

a job switch, it’s advisable to wait until 

after securing the mortgage. A minimum 

of three to six months of tenure with the 

current employer is typically recommended 

before applying. 

Reduce Your Debt: 

When applying for a mortgage, having 

substantial credit card debt or unpaid 

loans is unfavourable to potential lenders. 

Reducing existing debts before submitting 

a mortgage application demonstrates 

responsible money management, increases 

the likelihood of a successful mortgage 

application, and potentially enables 

borrowing more in the lender’s affordability 

evaluation. 

Proof of Income: 

Lenders typically require evidence 

of income, which is provided annually 

by the employer and details the salary 

and tax deductions. Additionally, three 

months’ worth of bank statements and 

payslips are commonly requested to 

assess the borrower’s incoming and 

outgoing expenses. 

The Larger Your Downpayment, the 

High interest 

rates increase 

the borrower’s 

financial 

burden, 

resulting in 

an augmented 

future monthly 

payment 

obligation. 

Better: 

Experts recommend a 20% down 

payment to reduce mortgage size and 

interest paid over time. However, with 

FHA and VA loans offering lower down 

payments, some buyers question the 

need for 20%. A down payment under 

20% on a conventional loan requires 

PMI, adding 1% of the outstanding loan 

balance yearly to the monthly mortgage 

payment. Lower down payments can also 

lead to a higher interest rate, ultimately 

costing more. 

Consider a Co-buyer: 

If saving for a deposit on your own 

is difficult, consider buying a property 

with someone else. This may increase 

your chances of getting a good mortgage, 

especially if the other person has a high 

income and an excellent credit score. 

However, keep in mind that buying with 

someone else is a significant commitment. 

You’ll need to discuss with your co-buyer 

what will happen if one of you wants to 

sell the property in the future. 

Get Some Help: 

If you’re having difficulty locating 

the appropriate mortgage plan or don’t 

know what mortgage options you’re 

eligible for, employing the services of 

a mortgage broker could be beneficial. 

They can conduct market research on 

your behalf and guide you through the 

application process, sparing you the 

trouble of completing everything on 

your own. 

Set Your Target: 

Bear in mind that applying for a 

mortgage or any other loan will result 

in a “hard inquiry” on your credit report, 

which can temporarily lower your score. 

If you apply for multiple mortgages within 

a two-week period, it will only count as 

one inquiry. However, if you spread out 

your applications over a longer period 

and apply to numerous lenders, your 

score may suffer, and you may end up 

with a higher interest rate than expected. 

Be Careful with Your Application: 

It is advisable not to alter the figures 

on your mortgage application once it has 

been submitted as it can delay the property 

purchase process. Any modifications to 

the application will require reassessment, 

which could result in additional delays. 

In conclusion, obtaining a mortgage 

requires careful consideration and 

planning. Before seeking a mortgage, 

it is crucial to assess your eligibility, 

set a budget, reduce debt, and secure 

stable employment. Having a co-buyer or 

enlisting the services of a mortgage broker 

can increase your chances of securing a 

favourable mortgage plan. By following 

these 10 recommendations, individuals 

can optimize their chances of obtaining 

a mortgage that suits their needs and 

fortify their financial resilience against 

unanticipated adversities. 


UAE Banking 

AED 245.5B Saving Deposits in UAE Banks 

by End of January 2023 

Saving deposits in the UAE 

banking system, excluding 

interbank deposits, increased 

to AED 245.537B by the end 

of January 2023, a YoY growth of 

approximately AED 2.023B, or 0.92%, 

from about AED 243.31B in January 

2022, statistics by the Central Bank 

of the UAE revealed. 

Savings deposits in the UAE banks 

have grown remarkably over the recent 

years, from AED 152B at the close of 

2018 to AED 172.2B in 2019 and to 

AE 215.2B in 2020; and AED 241.8B 

in 2021, according to the statistics of 

the apex bank. 

Demand deposits grew to AED 

914.74B by the end of January 2023, a 

YoY growth of 5.6% from AED 866.16B 

in January 2022, added the bank’s 

statistics. Term deposits surged to AED 

611.69B by the end of last January, a 

YoY growth of 19.5% from AED 512.04B 

in January 2022. 

Earlier, the Central Bank of UAE 

declared that deposits of ‘above AED 

20M’ in UAE banks until December 

2022 reached AED 1.31T. Large deposits 

(greater than AED 20M) made up 59% 

the total deposits held by the banks 

based in the UAE that totalled AED 

2.222T until the end of 2022, data from 

the Central Bank of the UAE revealed. 

Deposits of greater than AED 20M 

surged to AED 1.31T by the end of 

December, a growth of 11.4% from 

roughly AED 1.175T by the end of 

December 2021. Deposit accounts of 

more than AED 5M up to AED 20M 

accounted for roughly AED 269.24B, or 

12.1% of all deposits, an 11% increase 

from AED 242.46B in December 2021. 

Deposits from AED 1.00M up to AED 

5.00M made up roughly 13% of the total 

at the end of last December, up 15.2% 


Deposits of more than AED 500,000 and 

up to AED 1M totalled AED 108.5B, 

or 4.9% of all deposits, a rise of 13.5% 

from approximately AED 95.6B in 

December 2021. 

Deposits between AED 250.000 to 

AED 500,000 totalled AED 84.26B, down 


Deposits of up to AED 250,000 amounted 

to about 7.2% or the equivalent of AED 

160.8B at the end of last December, an 

increase of 11.3% compared to about 

AED 144.47B in December 2021. 


ADCB, Al Hilal Bank Partner with Bank of 

London and the Middle East 

ADCB and its Shari’ah compliant 

digital banking subsidiary Al 

Hilal Bank have announced an 

innovative new partnership 

with Bank of London and the Middle 

East (BLME) to bring digital UK banking 

to UAE nationals and residents through 

Nomo. 

Customers in the UAE can now open 

UK-based multi-currency current and 

savings accounts, as well as apply 

for UK home financing, from their 

smartphones using the newly launched 

ADCB-Nomo and Al Hilal-Nomo banking 

apps. This unique proposition, which 

gives UAE consumers a quick and simple 

way to bank in the UK from the UAE, 

demonstrates ADCB Group’s agility and 

commitment to consistently provide 

market-leading customer experience. 

Nomo is part of BLME, a subsidiary 

of Boubyan Bank, one of the leading 

financial institutions in the Middle 

East. Nomo was established to bring 

high-quality, Shari’ah-compliant digital 

banking to non-UK residents in the 

Middle East. 

Ala’a Eraiqat, ADCB Group CEO, 

and Al Hilal Bank Chairman, said, 

“ADCB’s partnership with Nomo is part 

of our strategy to drive digital-enabled 

growth. We are focused on maintaining 

ADCB’s leadership position in customer 

experience and are committed to 

providing customers with innovative 

digital banking solutions and an 

unparalleled banking experience. The 

ADCB-Nomo and Al Hilal-Nomo apps 

will simplify international banking and 

unlock new financing opportunities for 

our customers with interests in the UK.” 

The ADCB-Nomo and Al Hilal- 

Nomo apps will give customers the 

ability to spend fee-free globally in 

six currencies (GBP, USD, AED, EUR, 

KWD and SAR), send money fee-free 

to UK bank accounts, and save in UKbased 

Fixed Term Deposits in GBP 

and USD. Customers will also have 

the opportunity to get finance to help 

them buy properties in the UK as an 

investment or as a second home. 

Adel Abdul Wahab Al-Majed, Vice- 

Chairman and Group Chief Executive 

Officer, Boubyan Group, added, “ADCB 

is a market leader in GCC banking 

when it comes to excellence, security 

and innovation, and it’s a hugely 

exciting prospect to be partnering 

with them. Our collective mission is 

to give customers in the UAE unique 

opportunities to invest and manage 

their wealth internationally, simplifying 

complicated banking processes and 

avoiding high cross-border fees. The 

ADCB-Nomo and Al Hilal Nomo apps 

will make this a reality.” A fully mobile 

service, the ADCB-Nomo and Al Hilal- 

Nomo apps are available on iOS and 

Android operating systems. 


UAE Banking News 

UAE Banks Federation 

hosted lecture by Global 

Risk Management Expert 

The lecture by Professor Edward 

Altman, recently organised by 

the UAE Banks Federation, 

was a valuable opportunity for 

executives and staff from UBF member 

banks and financial institutions to 

learn from a global expert in the 

field of risk management. Professor 

Altman discussed the phenomenon 

of ghost companies, which manage 

to continue operating despite their 

inability to make profits or meet their 

obligations. He also spoke about credit 

risk management models and how 

they can be applied to counter these 

companies. In addition, Professor 

Altman provided an overview of the 

ZValue model, which has been used 

by banks in more than 20 countries. 

He also highlighted the evolution of 

resilient capabilities by companies and 

economic institutions in the current 

credit cycle, and the factors that 

contribute to determining the phases 

of the credit cycle. 

CBUAE cancels Abu Dhabi license of Russia’s 

MTS Bank 

On 31 March, 2023, the 

Central Bank of the UAE has 

announced the cancellation 

of MTS Bank’s Abu Dhabi 

branch license, a Russian bank that 

had obtained a license to operate 

in the UAE in 2022. The bank’s Abu 

Dhabi operations will be wound down 

within six months of the decision. The 

decision was made after considering 

the risks of sanctions associated with 

the bank after its designation by the US, 

UK and EU. During the winding down 

period, the branch will be prohibited 

from opening new accounts and 

conducting transactions, except for 

clearing prior obligations. The bank’s 

use of Central Bank’s payment systems 

will be restricted to this purpose only. 

UAE issues new AED 1,000 banknote for circulation 

The UAE Central Bank has 

launched a new AED 1,000 

banknote, made from ecofriendly 

polymer material. 

The banknote features cultural and 

development symbols that represent the 

UAE’s global achievements, reflecting its 

position as a leader among developed 

countries. The design also highlights 

the UAE’s achievements in space 

exploration, embodying its forwardlooking 

vision and ambitions. The 

banknote will be available at banks and 

exchange houses, in alignment with the 

UAE’s declaration of 2023 as the year of 

sustainability. Khaled Mohamed Balama, 

Governor of the UAE Central Bank, said 

the banknote represents the new phase 

of the UAE’s developmental journey and 

ambitious future. 

UAE set to be a leader in digital finance with CBDC 

The UAE’s leadership has a strong 

vision for digital transformation 

and non-oil production. To 

further diversify its economy, 

the central bank is planning a Central 

Bank Digital Currency (CBDC) - a digital 

version of the UAE’s fiat currency, issued 

and backed by the central bank. Unlike 

decentralized cryptocurrencies, CBDCs 

are created and maintained by a central 

bank, responding to the rise of cashless 

payments and providing greater access to 

financial services. However, challenges 

remain, such as ensuring cybersecurity 

and data privacy, regulatory compliance, 

and bridging the digital divide for 

underserved populations. CBDCs would 

allow for instant, secure transactions 

without intermediaries. 


Blockchain adoption to be driven by central bank digital currencies and 

gaming industry 

Blockchain is a database 

technology that links digital 

transactions using cryptography 

to create a secure and efficient 

ledger, which is behind cryptocurrencies 

like Bitcoin. The Emirates Blockchain 

Strategy 2021, launched by the UAE 

in 2018, aims to shift nearly 50% of 

government transactions to blockchain 

within three years, potentially saving 

AED 11B ($2.99B) in costs and 398 

million printed documents annually. 

The Middle East, Africa, and Asia Crypto 

and Blockchain Association, launched 

in Abu Dhabi, aims to integrate digital 

assets into key economic sectors and 

address challenges facing the industry. 

The UAE Central Bank has also started 

implementing its digital currency 

strategy, Digital Dirham, with the help 

of infrastructure provider G42 Cloud 

and technology provider R3. 

GCC Banks well-equipped 

to withstand Turkish risks 

with ample buffers 

According to Fitch Ratings, GCC 

banks that have subsidiaries 

in Turkey have enough capital 

and profitability buffers to 

withstand any financial risks stemming 

from their operations in Turkey. Even 

in the event of a full write-down of 

the subsidiaries and before factoring 

in pre-impairment operating profit 

buffers, banks’ regulatory capital 

ratios would remain above minimum 

requirements. The banks’ Viability 

Ratings (VRs) already reflect the 

risks from Turkish operations, and a 

downgrade of Turkey would be unlikely 

to trigger VR downgrades due to the 

banks’ strong buffers and declining 

Turkish exposures. ENBD and KFH were 

the most affected, with above-average 

Turkish exposure and a decline in their 

operating profit/risk-weighted assets 

(RWA) ratio by about 60bp when net 

monetary losses were included. 

Dubai Police and Banks join forces to tackle 

Financial Crime 

Dubai Police’s General 

Department of Criminal 

Investigation has teamed up 

with ten banks and financial 

institutions to combat financial 

crime. The signed Memorandums 

of Understanding (MoUs) aim to 

enhance security and cooperation 

between the parties in investigating and 

predicting future economic crimes. The 

collaboration seeks to create predictive 

frameworks that improve performance 

levels and promote preventive planning 

in line with global economic, criminal, 

and technological changes. As Dubai 

is a global economic and investment 

destination, the partnership aims 

to intensify efforts in cooperation 

with internal and external partners 

to strengthen the security system and 

prevent financial crimes in the region. 

Saudi National Bank Chairman steps down following 

Credit Suisse acquisition 

Saudi National Bank’s Chairman, 

Abdul Wahed Al Khudairy, has 

resigned for personal reasons 

and has been replaced by 

Chief Executive Saeed Mohammed Al 

Ghamdi. The bank has also appointed 

Talal Ahmed Al Khereiji as acting CEO. 

The bank, which acquired almost 

9.9% of Credit Suisse for $1.46B last 

November, suffered an 80% loss on its 

investment after UBS forced a takeover 

of the Swiss bank for $3.2B. However, 

the Saudi lender stated that the drop 

in investment value did not impact 

its growth plans and forward-looking 

guidance for 2023. The announcement 

of new appointments followed after 

Abdul Wahed Al Khudairy, the former 

Chairman of Saudi National Bank, that 

the bank, which is the largest in the 

country in terms of assets, would not 

be able to purchase more shares in 

Credit Suisse due to regulatory reasons. 


UAE Reforms 

The Central Bank of UAE Launches CBDC 

strategy 

The Central Bank of UAE 

(CBUAE) jointly held a signing 

ceremony with G42 Cloud and 

R3 to mark the implementation 

of the CBUAE Central Bank Digital 

Currency (CBDC) Strategy, one of 

the nine initiatives of the CBUAE’s 

Financial Infrastructure Transformation 

(FIT) Programme. The CBUAE has 

engaged with G42 Cloud and R3 as 

the infrastructure and technology 

providers respectively for its CBDC 

implementation. 

Following several successful CBDC 

initiatives including Project “Aber” 

with the Saudi Central Bank in 2020, 

which confirmed the possibility of 

using a digital currency issued by two 

central banks to settle cross borders 

payments and was awarded the Global 

Impact Award by Central Banking 

Magazine, in addition to the first realvalue 

cross-border CBDC pilot under 

the “mBridge” Project with the Hong 

Kong Monetary Authority, the Bank of 

Thailand, the Digital Currency Institute 

of the People’s Bank of China and the 

Bank for International Settlements 

in 2022, the CBUAE is now ready for 

entering into the next major milestone 

of the CBDC journey and implementing 

its CBDC Strategy. 

The first phase of CBUAE’s CBDC 

Strategy, which is expected to complete 

over the next 12 to 15 months; comprises 

three major pillars, the soft launch 

of mBridge to facilitate real-value 

cross-border CBDC transactions for 

international trade settlement, proofof-concept 

work for bilateral CBDC 

bridges with India, one of the UAE’s 

top trading partners and finally, proofof-concept 

work for domestic CBDC 

issuance covering wholesale and retail 

usage. 

CBDC is a risk-free form of digital 

money issued and guaranteed by the 

central bank and serves as a secure, 

cost-effective and efficient form of 

payment and a store of value. As part 

of the UAE’s digital transformation, 

CBDC will help address the pain points 

of domestic and cross-border payments, 

enhance financial inclusion and the 

move towards a cashless society. 

It will further strengthen the UAE’s 

payment infrastructure, providing 

additional robust payment channels 

and ensuring a resilient and reliable 

financial system. More importantly, the 

CBUAE aims to ensure the readiness 

of the UAE to integrate the payment 

infrastructures with the future potential 

tokenisation world, the tokenisation of 

financial and non-financial activities. 

Khaled Mohamed Balama, the 

Governor of the CBUAE, said, “CBDC 

is one of the initiatives as part of the 

CBUAE’s FIT programme, which will 

further position and solidify the UAE 

as a leading global financial hub. The 

launch of our CBDC strategy marks a 

key step in the evolution of money and 

payments in the country. CBDC will 

accelerate our digitalisation journey and 

promote financial inclusion. We look 

forward to exploring the opportunities 

that CBDC will bring to the wider 

economy and society.” 


MoF Issues Decision on Small Business 

Relief for Corporate Tax Purposes 

The Ministry of Finance 

(MoF) has issued Ministerial 

Decision No. 73 of 2023 on 

Small Business Relief for the 

purposes of Federal Decree-Law No. 47 

of 2022 on the Taxation of Corporations 

and Businesses (Corporate Tax Law). 

The decision is issued in accordance 

with Article 21 of the Corporate Tax 

Law, which treats the taxable person as 

not having derived any taxable income 

in a given tax period where the revenue 

did not exceed a certain threshold. 

Small Business Relief is intended 

to support start-ups and other small 

or micro businesses by reducing their 

Corporate Tax burden and compliance 

costs. The Ministerial Decision on Small 

Business Relief specifies the revenue 

threshold and conditions for a taxable 

person to elect for Small Business 

Relief and clarifies the provisions of 

the carried forward Tax Losses and 

disallowed Net Interest Expenditure 

under the Small Business Relief scheme. 

The Ministerial Decision on Small 

Business Relief stipulates the 

following: 

1. Taxable persons that are resident 

persons can claim Small Business 

Relief where their revenue in the 

relevant tax period and previous tax 

periods is below AED 3M for each 

tax period. This means that once a 

taxable person exceeds the AED 3M 

revenue threshold in any tax period, 

then the Small Business Relief will 

no longer be available. 

2. The AED 3M revenue threshold will 

apply to tax periods starting on or 

after 1st June 2023 and will only 

continue to apply to subsequent tax 

periods that end before or on 31st 

December 2026. 

3. Revenue can be determined based on 

the applicable accounting standards 

accepted in the UAE. 

4. Small Business Relief will not be 

available to Qualifying Free Zone 

Persons or members of Multinational 

Enterprises Groups (MNE Groups) as 

defined in Cabinet Decision No. 44 of 

2020 on Organising Reports Submitted 

by Multinational Companies. MNE 

Groups are groups of companies 

with operations in more than one 

country that have consolidated group 

revenues of more than AED 3.15B. 

5. In tax periods defined in the decision 

where businesses do not elect to apply 

for Small Business Relief, they will 

be able to carry forward any incurred 

Tax Losses and any disallowed Net 

Interest Expenditure from such tax 

periods, for use in future tax periods 

in which the Small Business Relief 

is not elected. 

6. With regard to the artificial separation 

of business, the Ministerial Decision 

specifies that where the Federal Tax 

Authority (FTA) establishes that 

taxable persons have artificially 

separated their business or business 

activity and the total revenue of the 

entire business or business activity 

exceeds AED 3M in any tax period and 

such persons have elected to apply for 

Small Business Relief, this would be 

considered an arrangement to obtain 

a Corporate Tax advantage under 

Clause (1) of Article 50 regarding 

the general anti-abuse rules of the 

Corporate Tax Law. 


Fintech 

Three UAE-Based Fintechs Attracting 

Investors’ Attention 

Fintech startups are on the rise in the UAE, with several companies 

making waves in the payments and digital banking space. In this article, 

we shed light on Postpay, YAP, and Pyypl, three promising fintechs 

attracting attention from investors and customers alike. With their 

innovative payment solutions, strong funding, impressive user bases, 

and innovative approaches to payment solutions, these three fintechs 

are well-positioned for continued growth and success in the years to 

come. 

Postpay 

Postpay is a fintech startup that 

provides payment solutions for 

customers through its buy now 

pay later (BNPL) service. Founded 

in 2019 by Tariq Sheikh and Dani Molina 

Carmona, Postpay has quickly become 

a leading payment solutions provider 

in the Middle East. Headquartered in 

the UAE, Postpay has a team of 51-200 

employees dedicated to providing topnotch 

payment services. The company 

has received a total funding of $63.5M 

from investors such as Afterpay, Touch 

Ventures Ltd, IMPACT46, and others. 

Postpay’s specialties include BNPL, 

fintech, AI, finance, UI excellence, 

payments, and ecommerce. Its innovative 

payment solutions have earned it a loyal 

customer base of over a million active 

users. The company has partnered 

with more than 1,500 brands, including 

regional merchants such as Ounass, 

Namshi, and Alshaya. 

In 2021, Postpay handled over $500M 

in transactions, demonstrating its strong 

foothold in the payments industry. 

The company’s app has also been 

successful, with 400,000 downloads 

as of July 2022. Postpay operates 

across the GCC, including in the UAE 

and Saudi Arabia, where it has gained 

a reputation as a reliable and userfriendly 

payment solutions provider. 

With its commitment to innovation 

and excellence, Postpay is poised for 

continued growth and success in the 

years to come. 


YAP 

YAP is a financial super app that 

offers a range of digital banking 

services to both individuals and 

businesses. Founded in 2021 

by Marwan Hachem and Anas Zaidan, 

YAP has quickly established itself as 

a leading player in the digital banking 

space. Since its establishment, YAP 

has secured a total of $45M in funding 

from angels and family offices. With a 

current team size of 11-50 employees, 

YAP has been able to offer a range of 

innovative digital banking solutions 

to its customers. 

The company’s headquarters is located 

in the UAE. YAP’s consumer debit 

cards, virtual cards with Apple Pay 

and Samsung Pay, spending analytics, 

money transfers, bill payments, and 

real-time notifications of purchases 

have been well-received by users. 

In the UAE, YAP has partnered with 

RAKBANK for consumers and the 

Emirates Development Bank for SMEs. 

This has enabled the company to 

onboard over 190,000 users and 8,000 

SME partners. 

In July 2022, YAP raised $41M in 

funding to fuel its expansion plans 

in Saudi Arabia, Egypt, Pakistan, and 

Ghana. The company has already 

partnered with Bank AlJazira to launch 

its consumer and business banking 

platforms in Saudi Arabia in 2023. 

YAP’s innovative approach to digital 

banking has made it a standout company 

in the fintech space. With its strong 

partnerships, impressive user base, 

and funding, YAP is well-positioned 

to continue its growth and expansion 

in the years to come. 

Pyypl 

Pyypl is a mobile-led financial services 

app that specializes in fintech, mobile 

payments, mobile technology, blockchain, 

and financial inclusion. Founded in 2017 

by Antti Arponen and Phil Reynolds, 

Pyypl has quickly gained traction 

as a leading provider of innovative 

digital payment solutions. With a team 

size of 51-200 employees, Pyypl has 

been able to offer a range of virtual 

and physical prepaid cards, instant 

domestic and international user-touser 

transfers, and remittances to 38 

currency destinations. The company’s 

headquarters are located in the UAE, 

and it currently operates in the UAE, 

Bahrain, Kenya, Mozambique, Sierra 

Leone, and Kazakhstan. 

Pyypl has secured a total of $40M in 

funding from undisclosed investors. In 

November 2022, the company raised 

$20M in a Series B fundraising round to 

expand the reach of its digital payments 

and financial services across the Middle 

East and Africa. Pyypl claims that its 

user numbers, transaction volumes, 

and revenues have grown over four 

times since its Series A funding round 

in 2021. 

Pyypl’s commitment to financial 

inclusion and innovation has made it a 

standout company in the fintech space. 

The company aims to be fully operational 

in more than 20 countries in the next 

five years. Its focus on expanding its 

reach to underserved populations has 

set it apart from its competitors. With 

its strong financial backing, impressive 

growth, and innovative products, 

Pyypl is well-positioned to continue 

its expansion and make a significant 

impact in the digital payments space. 


Fintech News 

Qatar Financial Centre 

and R3 join forces to 

enhance fintech growth 

The Qatar Financial Centre 

Authority (QFCA) has signed an 

MoU with R3, a global provider 

of enterprise distributed ledger 

technology (DLT) and services, to bolster 

the growth of the fintech industry in Qatar. 

Under the partnership, QFCA and R3 will 

work to establish a lab environment for 

commercial banks and fintechs in Qatar, 

promote education and training on asset 

digitisation and the use of DLT, and create 

working groups to observe emerging 

regulatory paradigms. The agreement also 

supports QFCA’s deployment of DLT on 

a national level. The QFC’s CEO, Yousuf 

Mohamed Al Jaida, said the collaboration 

aims to foster innovation and support 

fintech growth in Qatar. 

Saudi Arabian Fintech Hakbah closes $2M funding 

Saudi Arabia’s Hakbah, a fintech 

savings platform, has secured 

$2M in a pre-Series A funding 

round following regulatory 

approval from the Saudi Central Bank. 

The round was led by Global Ventures, 

a MENA-based venture capital firm, and 

Aditum Investment Management, based 

in the Dubai International Financial 

Centre, which provided Hakbah with its 

first institutional capital. The funds will 

be used to expand Hakbah’s presence 

in Saudi Arabia, improve the user 

journey, and enhance its savings engine 

algorithm. The firm offers an automated 

savings platform that invests user 

Zero Two, a digital assets 

infrastructure company, has 

launched operations in Abu 

Dhabi, aiming to benefit from 

the emirate’s growing interest in Web3 

technology and ecosystem. The company 

offers a comprehensive range of digital 

asset infrastructure solutions, including 

power infrastructure development, latestgeneration 

technology sourcing and testing, 

data centre building and operation, and 

digital assets management services. Zero 

Two’s goal is to become a trusted partner 

for companies seeking to benefit from the 

transformative potential of digital assets. 

funds in Sharia-compliant fixed-income 

instruments, providing users with a 

profit-sharing ratio. 

Digital assets firm Zero Two launches operations 

in Abu Dhabi 

The company will also play a critical role 

in supporting the stability of Abu Dhabi’s 

power grid while contributing to the UAE’s 

Net Zero commitments and transition to 

a sustainable and decarbonized economy. 

MBME becomes first family-owned fintech to go public on ADX Growth 

Market 

MBME Group, the operator 

of the UAE’s largest online 

payment platforms for utility 

and government services, has 

become the first fintech company to list 

on the Abu Dhabi Securities Exchange’s 

(ADX) Growth Market. MBME, which 

is a family-owned business, saw its 

stock open at AED 12.000 and close at 

AED 12.300 on its debut day, under the 

trading symbol MBME. Listing on the 

ADX Growth Market allows MBME to 

expand and develop its digital payment 

solutions at a faster pace and promote 

adoption in the region, with more than 

90 million transactions involving over 

3.2 million clients, 650 APIs, and 4,000 

touchpoints across the UAE. 


Abu Dhabi’s RemotePass introduces physical debit 

card for remote workers 

RemotePass, a leading remote 

work platform based in 

Abu Dhabi, has launched a 

physical debit card to facilitate 

instant payments for remote teams 

in emerging markets, with no fees 

and bypassing international transfer 

delays and Swift fees. The new service 

also allows global remote workers 

to hold funds in USD, granting them 

greater control over their finances. 

The RemotePass card is equipped 

with 3D Secure for enhanced online 

transaction authentication, and offline 

transactions require a PIN for added 

security. RemotePass’s co-founder 

and CEO, Kamal Reggad, expressed 

excitement about delivering on 

the company’s vision of providing 

benefits and financial services to 

underserved workers in emerging 

markets, particularly in the UAE 

where Dubai is ranked as the thirdbest 

city for digital nomads to reside 

according to Savills. 

UAE’s Alaan partners with OpenAI to provide 

live expense insights 

UAE-based fintech Alaan has 

partnered with OpenAI to 

integrate advanced artificial 

intelligence technology onto 

its platform to offer real-time insights 

on corporate spend and improve 

expense management experience for 

its users. Alaan, which participated in 

the latest batch of startup accelerator 

Y Combinator and was given early 

access to ChatGPT-4, can now use 

OpenAI’s natural language processing 

capabilities to provide more intelligent, 

intuitive, and efficient expense 

management for its users. The AIpowered 

system enables users to type 

queries about spending activities and 

receive personalised, context-aware 

responses within seconds, while also 

categorising and analysing expenses in 

real time, detecting spending behaviour 

patterns and trends, and alerting users 

of unusual activities. 

MyFatoorah receives 

license from Qatar 

Central Bank for 

digital payments 

The Qatar Central Bank 

(QCB) has granted a license 

to MyFatoorah Company 

to provide digital payment 

services, making it the seventh company 

in the financial technology sector 

to come under QCB’s supervision. 

The move is part of QCB’s efforts 

to develop and reinforce the fintech 

sector in the country. MyFatoorah is 

a Kuwait-based fintech company that 

provides electronic payment solutions 

to businesses and individuals in the 

Gulf region. The company’s services 

include online payment gateway, 

e-invoicing, and mobile payment 

solutions. MyFatoorah’s expansion 

into Qatar is expected to boost digital 

payment services in the country. 

ADCB & Al Hilal Bank Partner with BLME for UAE-UK Banking 

ADCB and its Shari’ah-compliant 

digital banking subsidiary, Al 

Hilal Bank, have teamed up 

with Bank of London and the 

Middle East (BLME) to launch Nomo, 

a digital UK banking service for UAE 

residents and nationals. Customers 

can now open multi-currency current 

and savings accounts and apply for UK 

home financing using ADCB-Nomo and 

Al Hilal-Nomo mobile banking apps. This 

unique offering showcases ADCB Group’s 

flexibility and dedication to providing 

excellent customer experiences. Nomo is 

a subsidiary of Boubyan Bank, a leading 

financial institution in the Middle East, 

and is designed to provide high-quality, 

Shari’ah-compliant digital banking to 

non-UK residents in the Middle East. 


Fintech Application 

BEAM WALLET 

About 

Beam Wallet is a mobile payment 

and rewards app that allows 

users to make purchases, earn 

rewards, and redeem them at 

participating merchants in the UAE. 

Users can link their credit or debit 

cards to the app to make payments, 

and they can also earn rewards for 

every transaction they make. 

Review 

Beam Wallet is a popular mobile 

payment and rewards app in the UAE 

that provides its users with a variety 

of features and benefits. One of the 

key features of the app is its mobile 

payment functionality, which allows 

users to make payments at participating 

merchants in the UAE using their 

mobile phones. This feature is not 

only convenient but also secure, as the 

app uses state-of-the-art encryption 

technology to protect users’ payment 

information. 

In addition to its mobile payment 

feature, Beam Wallet also offers a 

comprehensive rewards program that 

allows users to earn points for every 

transaction they make using the app. 

These points can then be redeemed for 

discounts, vouchers, and other rewards 

at participating merchants in the UAE, 

giving users even more incentive to use 

the app for their everyday transactions. 

To make the app even more appealing 

to users, Beam Wallet also offers a 

wide range of deals and discounts at 

participating merchants in the UAE. 

Users can find these deals on the app 

and use them to save money on their 

purchases, which is a valuable feature 

for many users who are looking to 

make their money go further. Beam 

Wallet’s user interface is also one of its 

key strengths. The app is designed to 

be user-friendly and easy to navigate, 

with a clean and intuitive interface 

that makes it easy for users to find 

merchants, make payments, and manage 

their rewards and discounts through 

the app. The app is available in both 

English and Arabic, which is a helpful 

feature for users who prefer to use the 

app in their native language. 

Beam Wallet is a comprehensive 

and convenient mobile payment and 

rewards app that provides its users 

with a variety of features and benefits. 

Whether you are looking to make secure 

mobile payments, earn rewards for 

your transactions, or save money on 

your purchases, Beam Wallet is worth 

considering. 

Availability: Google Play Store and 

Apple App Store 

Website: https://beamwallet.com/ 


The Sonos Era 300 Speaker 

The Sonos Era 300 Speaker is a 

high-quality wireless speaker 

that delivers an immersive 

sound and is easy to use. 

This speaker boasts impressive 

features, including WiFi and Bluetooth® 

connectivity, the ability to stream content 

from all your favorite services and devices, 

and an auxiliary cable for connecting a 

turntable or other audio source. What 

sets the Sonos Era 300 apart is its 

ability to deliver mind-bending realistic 

surround sound when paired with Arc 

and streaming spatial audio with Dolby 

Atmos. This makes it ideal for movie and 

TV enthusiasts who want to experience 

immersive sound like never before. 

Setting up the Sonos Era 300 is incredibly 

easy, and controlling it is even easier with 

the Sonos app, next-generation touch 

controls, and your voice. You can use 

your voice to play and control music, 

change the volume, skip tracks, and more 

without using your hands. 


Business News 

UAE Joins G20 Finance Track’s 2nd IFA WG Meeting for 2023 

The International Financial 

Architecture Working Group 

(IFA WG) within the Gp20 

Finance Track for 2023 met in 

Paris, France, on March 30th and 31st. 

Attendees, including G20 members, invited 

countries, and international organizations, 

discussed progress made on the 2023 IFA 

WG work plan. The meeting focused on 

addressing the sustainability of sovereign 

debt, proposing solutions to support 

vulnerable countries, implementing 

recommendations on multinational 

development banks’ capital adequacy 

frameworks, and strengthening these 

banks to tackle global challenges. 

Members also discussed the effects 

of climate change-related policies on 

capital flows. The UAE team stressed 

the need for collaboration with regional 

organizations to promote global debt 

sustainability and encouraged incentives 

for debt transparency. 

Yahsat to invest 

$17.5M in IoT network 

operator 

Yahsat, a satellite communications 

firm based in Abu Dhabi, has 

revealed that its subsidiary will 

invest $17.5M in Astrocast, a 

network operator focused on IoT and low 

Earth orbit. Thuraya Telecommunications, 

which provides mobile satellite services, 

will provide the investment as a convertible 

loan, marking its initial investment in a LEO 

satellite constellation. The companies will 

also extend their technical cooperation 

agreement, which was first established 

between Thuraya and Astrocast in 2019, 

for an additional four years. Astrocast 

operates IoT networks using nanosatellites 

on a global scale and aims to provide low 

power wide area connectivity solutions. 

UAE Tops Kearney’s Emerging Market Index for 

MENA Region 

The UAE has been ranked as the 

third most appealing emerging 

market globally for investors, 

and the top one in the Middle 

East and North Africa (MENA) region, 

according to Kearney’s Global Emerging 

Markets Index. China and India secured 

the first two positions globally. The 

UAE’s business-friendly policies and 

reforms, as well as its initiatives to 

attract talent, have made it an attractive 

H.E. Abdullah bin Touq Al Marri, 

the Minister of Economy in 

the UAE, announced that 

the country had reached an 

impressive milestone of 557,000 small 

and medium-sized enterprises (SMEs) 

by the end of 2022. This achievement is 

in line with the UAE’s ambitious plan to 

increase the number of SMEs to 1 million 

by the end of 2030. Al Marri emphasised 

the significant role that SMEs play in 

the non-oil GDP, accounting for 63.5 

percent of it. The ministry’s vision is 

to establish a globally competitive 

knowledge-based economy, led by UAE 

nationals, by creating an investment 

environment that supports citizens 

who own SMEs. The ministry also aims 

to protect consumer rights, increase 

foreign direct investment (FDI), and 

destination for investors. The country is 

expected to receive a significant chunk 

of the $66B potential foreign direct 

investment (FDI) inflows into MENA 

and Pakistan this year, after logging 

around $22B in FDI inflows in 2022. 

However, investors have expressed 

concerns about commodity price 

increases, heightened geopolitical 

tensions, and political instability in 

emerging markets. 

Minister of Economy: 557,000 SMEs operated in 

UAE at end of 2022 

promote an entrepreneurial culture 

among future generations. 


UAE, Vietnam sign mutual declaration of intent to begin CEPA talks 

The UAE and Vietnam have 

signed a mutual declaration 

of intent to begin negotiations 

for a comprehensive economic 

partnership agreement (CEPA). The 

document was signed by the Minister 

of State for Foreign Trade, H.E. Dr. 

Thani bin Ahmed Al Zeyoudi, and the 

Vietnamese Minister of Industry and Trade, 

Nguyen Hong Dien. The UAE is Vietnam’s 

leading trade partner in the Arab region, 

accounting for 39 percent of Vietnamese 

trade with the region. The two sides 

discussed ways to strengthen cooperation 

in areas including trade, investment, the 

new economy, industry, energy, logistics, 

agriculture, and infrastructure. 

AD Ports Group secures 

$2B corporate facility 

with syndicate of 13 

banks 

AD Ports Group has signed a 

General Corporate Facility 

agreement with a syndicate of 

13 regional and international 

banks, including First Abu Dhabi Bank, 

Citibank, Mizuho Bank, and Société 

Générale. The multi-currency facility is 

worth around $2B and includes three 

tranches with a tenure of up to 2.5 years. 

The demand for the facility was overwhelming, 

with commitments of $7.4B 

in total from participating banks. AD 

Ports Group managed to improve pricing 

compared to the $1B RCF secured in 

2021. The successful funding reaffirms 

AD Ports Group’s strong financial position 

and supports its ambitious strategic 

development plans. 

Abu Dhabi Islamic Bank’s SME financing totalled 

$272.2M in 2022 

Abu Dhabi Islamic Bank (ADIB) 

has released its second 

Environmental, Social, and 

Governance (ESG) report, 

highlighting its progress towards 

ESG goals and commitments for the 

year 2022. The report also introduces 

a new three-year ESG strategy that 

integrates ESG risk considerations 

The UAE’s trade with the rest 

of the world surpassed $1T in 

2022, with exports growing by 

41% and imports accounting for 

22% of the total amount, according to 

the World Trade Organisation. Higher 

crude oil prices were cited as the main 

driver of growth. His Highness Sheikh 

Mohammed bin Rashid Al Maktoum, 

Vice President and Prime Minister of the 

UAE and Ruler of Dubai, said that the 

figures will continue to increase in the 

year ahead. His Highness emphasised 

into the banking framework to support 

the UAE’s transition towards a more 

sustainable economy. The bank invested 

AED 23M in community development 

initiatives and provided AED1 billion 

in SME financing, maintaining a stable 

financial position with 60 percent of 

the bank’s funding portfolio meeting 

low or medium ESG risk standards. 

UAE’s trade surpasses $1Tin 2022 and eyes further 

growth 

the UAE’s economic priorities and its 

commitment to developing its economy 

through international trade. The 

country’s exports accounted for 2.4% of 

the global merchandise exports share. 


Cover Story 

The region 

promises a 

lot of growth 

opportunities, 

and it is the 

right region 

for any fintech 

company. 

Mohammad Alblooshi 

Head of DIFC Innovation Hub & FinTech Hive 


UAE’s Fintech Ecosystem and the upcoming 

Dubai Fintech Summit 2023 

Mohammed Alblooshi is a specialist in FinTech & innovation. He contributes to the 

growth of Dubai International Financial Centre (DIFC) by developing and managing 

its FinTech & Innovation functions in line with the Dubai Vision of a global business 

hub for tech. 

Exclusive to the Finance World Magazine 

Q. Could you give us a brief 

introduction of your experience 

at the DIFC Innovation Hub and 

FinTech Hive? 

I am Mohammad Alblooshi, and my 

role is to lead the DIFC Innovation 

Hub, responsible for advancing its 

innovation agenda. This includes 

overseeing a physical ecosystem that 

is home to around 650 fintech and 

innovation companies, as well as our 

accelerators and a strong network of 

venture capitalists. The ecosystem 

provides a comprehensive platform 

for startups and fintech companies to 

drive the evolution of finance within 

the financial center. Prior to this role, I 

worked in the banking industry, which 

has given me a background in finance. 

Now, my focus is on unlocking the 

potential of innovation and fintech 

companies and the future of finance 

sectors within DIFC. 

Q. What is your outlook on the 

current fintech arena in the UAE 

and the Middle East? 

I think it’s probably at a very 

interesting point because; if you are to 


Cover Story 

compare us now to the fintech outlook 

globally, our market is still very 

nascent and developing very rapidly. 

We are yet to see the real potential and 

real growth, and I think there’s a huge 

opportunity for growth. If you compare 

other markets, I would say a lot of 

them are mature and stagnated, while 

we are in exponential growth mode. 

Q. Which verticals under fintech 

do you think are moving towards 

saturation in the near future? 

There are many business models 

that are yet to see their real potential. 

Fintech is relatively new in our part of 

the world. We could say that payments 

are saturated in some markets, but 

there is a lot more room to grow in 

our markets, and that presents exciting 

opportunities. 

Q. How feasible do you think it 

is for fintech companies to adopt 

advanced AI technology? 

I think that fintech companies 

leverage anything that is cutting edge, 

such as blockchain, to further enhance 

their offerings. Additionally, AI plays 

a crucial role, and we have companies 

that actually leverage AI when it comes 

to solutions around robo-advisory and 

things like that. 

Q. What can visitors expect from 

the DIFC Fintech Summit 2023? 

This is the inaugural Dubai FinTech 

Summit, and the reason we’re doing it 

is really to create a platform where we 

attract the global fintech ecosystem 

to Dubai. We attract policymakers, 

fintech companies, and the banking 

community all under one roof to 

come and discuss the opportunities 

that fintech proposes, the challenges 

that the industry is facing, and how 

all of us can work together to shape 

the industry. The Summit also offers 

an opportunity for startups and 

fintech companies to showcase their 

technology; there’s an exhibition part, 

but it’s very heavy on content and 

policy-making as well. We want to 

make sure that it drives policy-making, 

and that’s why if you look at the agenda 

The UAE and 

Middle East 

fintech arena 

is at a very 

interesting 

point, as 

the market 

is still very 

nascent and 

developing 

very rapidly. 

and some of the speakers that are 

coming in, you will see that it’s very 

heavy, diving deep into the sector, and 

provoking thought leadership. 

Q. What advice would you give to 

entrepreneurs looking to start a 

fintech company in the UAE and 

the Middle East? 

The region promises a lot of growth 

opportunities, and I think it is the 

right region for any fintech company. 

This is the region that even global 

fintech companies should look at. I’ve 

been traveling the world and seeing 

other markets; you can scale very 

quickly, as there is a huge untapped 

market to leverage. The regulators are 

very progressive, and the ecosystem 

is developing rapidly. From a talent 

perspective, I think the UAE is 

emerging as a hot talent hub when it 

comes to attracting tech talent. 

Q. Can you suggest a problem 

statement that requires addressing 

in the near future, but not much 

has been done regarding the same? 

I would say that we’ve done a lot 

of work in terms of regulation, as our 

regulators have been quite progressive. 

However, I still believe there’s more 

that can be done to further enable 

the fintech community. I think on the 

talent side as well, Dubai is a magnet 

for talent in the region, but those are 

also areas where there’s a lot more 

that can be done. 

Q. What is the purpose behind 

curating an event such as DFS? 

The first purpose is to basically 

show the world what Dubai’s fintech 

ecosystem is all about, telling the 

world that we’re here and this is who 

we are. More importantly, we aim to get 

everyone together to address specific 

areas and talk about opportunities and 

challenges. It’s not only fintech; we’re 

looking at the whole future finance 

space. So, getting policymakers, 

regulators, banks, and fintechs all 

together to collaborate and shape 

the future is very important; putting 

a banking CEO and a fintech CEO 

together on a panel to talk is a muchneeded 

collaboration. I think now 

people have kind of accepted that 


fintechs are not competing with banks. 

They’re both complementing each 

other, so we want to make sure that 

kind of understanding and thought 

leadership is provoked and enabled 

by Dubai Fintech Summit. 

Q. What are the key topics DFS 

will address this year? 

Everything that falls under future 

finance and fintech will be discussed, 

but given the UAE’s hosting COP28 

this year, there is a big focus on 

sustainability. Web3 and digital 

assets are going to be quite relevant 

as well; regulating Web3 and its 

impacts on financial services. I think 

the metaverse is going to be a topic; 

Finance and the Metaverse. When 

it comes to regulatory challenges, 

it’s very important that the industry 

gets to hear about the regulatory 

challenges fintechs face, just as it is 

very important for regulators to hear 

from fintechs as well. So, all the key 

topics will be highlighted here. 

Q. What outcomes do you hope to 

see arising from this event? 

We’re expecting about 5000+ 

people to attend the Summit as an 

inaugural summit, which I think is 

quite significant. I think we’re looking 

at 100+ speakers from all over the 

world. If you look at some of the 

names, you will find global leaders in 

the financial world, Jenny Johnson, 

President and CEO of Franklin 

Templeton Investments, Piyush Gupta, 

CEO of DBS Bank, Bill Winters, CEO 

of Standard Chartered PLC, and Brian 

Armstrong, CEO of Coinbase. I think 

it’s very important that people see that, 

and as an outcome, there are about 

100+ fintechs that will be exhibiting, 

which offers a good opportunity for 

fintechs to showcase what they have 

to offer and for the market to see what 

kind of technologies are over there. 

If someone is new and doesn’t know 

much, they could go and learn about 

technologies and hear from people 

about everything that’s happening in 

the industry. We also want to make sure 

that there are business opportunities 

for people who are showcasing and 

attending the event. 

Q. Can you tell us a bit more about 

the speakers and agenda lineup for 

the event? 

The agenda would give a snapshot 

of macro-financial aspects but then 

dive deep into specific areas and 

challenges within the fintech and 

future of finance space. Key speakers 

include Jenny Johnson, president and 

CEO of Franklin Templeton. She runs 

a company that manages about $1.5T. 

We also have Piyush Gupta, who has 

done wonders for DBS in Singapore, 

especially in the fintech space. Bill 

Winters, CEO of Standard Chartered, 

Brian Armstrong, CEO of Coinbase, 

Changpeng Zhao, CEO of Binance, and 

other global CEOs are also coming. 

I go to events and rarely find an 

event that has people from all over 

the world, while here we have fintech 

unicorns coming from India, Europe, 

and the USA, in addition to people 

from the government. People are also 

coming from the region, such as the 

Central Bank of Bahrain and people 

from Saudi Arabia. Our aim is to make 

sure that the event will be seen as 

a global event with the right mix of 

people and companies from different 

jurisdictions. This event carries the 

brand of Dubai and positions the city 

as a global hub for fintech. As it is a 

global hub for many things, we want 

to make sure that it is a global hub 

for business. 

Q. What message do you have for 

our readers? 

I urge everyone to come to Dubai 

Fintech Summit. Attend, learn, 

network, and be part of the future. 

Let’s shape the future of finance 

together. 

In a one-to-one conversation with 

Manoj Sureka 


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ASSET MANAGEMENT 

COMPANIES IN THE UAE 

Special Report

Special Report 



KAMCO Investment 

Company 

Faisal Mansour Sarkhou, 

CEO 

Despite the drop in total revenue in FY 2022 

compared to FY 2021, KAMCO Invest still 

managed to record a net profit of KWD 5.5M. 

KAMCO Investment Company, 

established in 1998 as a 

subsidiary of United Gulf 

Bank, is a regional non-banking 

financial powerhouse that has become 

a prominent player in the Middle East 

and North Africa. The company provides 

a comprehensive range of investment 

products and services, including asset 

management, investment banking, and 

brokerage. It has offices in key regional 

financial markets and operates as an 

independently managed subsidiary of 

KIPCO Group. 

KAMCO Invest’s success is attributable 

to its client-driven experience, which 

focuses on the latest value-adding market 

insights and customized investment 

opportunities to meet the diverse needs 

of high-net-worth and institutional 

clients. The company puts clients at the 

heart of its experience and implements 

an ethical, empathetic, and proactive 

approach to building long-lasting 

relationships while actively managing, 

monitoring, and reporting on portfolios. 

KAMCO Invest provides a variety of 

bespoke asset management solutions 

covering equities and fixed income, 

private equity, real estate, third-party 

solutions, and management of special 

situations. The company’s team combines 

the latest in-house market research with 

innovative investment strategies and 

solutions to suit each client’s unique 

needs. Its investment banking specialists 

have assisted some of the region’s 

top-rated institutions in successfully 

concluding M&As, Debt Capital Market 

and Equity Capital Market mandates. 

One of the key strengths of KAMCO 

Invest is its strong financial position, 

with KWD 62.5M in shareholders’ 

equity as of 31 December 2022, an 

increase of 3.4% compared to the end 

of December 2021. Despite the drop in 

total revenue in FY 2022 compared to 

FY 2021, KAMCO Invest still managed 

to record a net profit of KWD 5.5M. The 

company’s asset under management 

as of 31 December 2022 exceeded 

$13.8B across various asset classes 

and jurisdictions, with investment 

banking credentials exceeding $34.7B 

across equity & debt capital markets 

and mergers & acquisitions. 

KAMCO Invest’s reputation in the 

financial industry is evident from its 

credit rating of “BBB” long-term credit 

rating and “A3” short-term rating with 

a stable outlook, maintained by Capital 

Intelligence in its most recent review 

in May 2022. The company’s brokerage 

arm provides quick and reliable access 

to Boursa Kuwait and several regional 

and international markets, which is 

beneficial for clients who want to 

grow their wealth with the freedom 

to choose the financial markets that 

suit their needs. 

In conclusion, KAMCO Investment 

Company is a well-established financial 

institution in the Middle East and 

North Africa that provides a wide 

range of investment products and 

services to meet the diverse needs of 

its clients. The company’s client-driven 

experience, strong financial position, 

and innovative investment strategies 

have made it a prominent player in 

the financial industry. Its ability to 

adapt to changing market conditions 

and maintain its credit rating despite 

the challenges of the pandemic shows 

that it is a reliable and trustworthy 

partner for investors seeking to grow 

their wealth in the region. 





Shuaa Capital 

Fawad Tariq Khan, 

CEO 

Shuaa Capital’s EBITDA in FY 2022 increased 

significantly from AED 54.7M in FY 2021 to 

AED 135M. 

Shuaa Capital, established in 1979, 

is a leading asset management 

and investment banking platform 

in the United Arab Emirates. 

The company has a strong track record 

and innovative approach to investing, 

offering a diverse range of global 

products focused on public and private 

markets, debt, and real estate. As of 

December 2021, Shuaa Capital manages 

$13.1B in assets under management, 

making it one of the region’s largest 

asset management companies. 

In 2022, Shuaa Capital reported a 

decline in revenue from AED 322.7M 

in FY 2021 to AED 265.7M in FY 2022. 

However, the company’s earnings 

before interest, taxes, depreciation, 

and amortization (EBITDA) increased 

significantly from AED 54.7M in FY 2021 

to AED 135M in FY 2022. Additionally, 

Shuaa Capital’s net profit rose from 

AED 24.2M in FY 2021 to AED 135.2M 

in FY 2022. These figures indicate the 

company’s strong financial performance 

and demonstrate its ability to adapt to 

changing market conditions. 

Shuaa Capital’s recent acquisition 

of a majority stake in Souqalmal, a 

UAE-based fintech company, and the 

launch of three new Shariah-compliant 

funds managed by its wholly-owned 

subsidiary, SHUAA GMC Ltd, further 

demonstrate the company’s commitment 

to innovation and expansion. The 

company’s move into the fintech sector, 

in particular, shows its willingness to 

embrace emerging technologies and 

capitalize on the growing demand for 

digital financial services. 

Furthermore, the recent appointment 

of Fawad Tariq Khan as Group CEO and 

Head of Investment Banking in June 2022 

is expected to further strengthen Shuaa 

Capital’s position in the industry. Khan, 

who has over 25 years of experience in 

investment banking, is well-positioned to 

lead the company’s growth strategy and 

expand its market share in the region. 

In February 2022, Shuaa Capital filed 

a registration statement with the U.S. 

Securities and Exchange Commission to 

set up a SPAC that was listed on Nasdaq 

in March. This move demonstrated the 

company’s ambition to expand its reach 

beyond the UAE and take advantage of 

new investment opportunities globally. 

Shuaa Capital’s SPAC is expected to 

provide a new avenue for the company 

to raise capital and invest in promising 

startups and emerging technologies. 

Shuaa Capital’s recent financial 

performance and strategic initiatives 

indicate that the company is wellpositioned 

to continue its growth 

trajectory and expand its market share 

in the region. Its innovative approach 

to investing, commitment to emerging 

technologies, and expansion into new 

markets are expected to drive its future 

success. As Shuaa Capital continues 

to evolve and adapt to the changing 

financial landscape, it is likely to remain 

a key player in the asset management 

and investment banking sectors in the 

UAE and beyond. 





Emirates NBD 

Asset Management 

Steve Corrin 

CEO 

Emirates NBD Asset Management’s net 

profit of AED 13B in FY 2022 represents 

a YoY increase of 40%, while total income 

increased by 36% YoY to AED 32.5B. 

Since its establishment in 2006, 

Emirates NBD Asset Management 

has demonstrated impressive 

growth and a commitment to 

responsible investing, cementing its 

position as a major player in the UAE’s 

financial industry. The company has 

since become a 100%-owned subsidiary 

of Emirates NBD Bank, one of the largest 

banks in the MENA region. However, 

Emirates NBD Asset Management 

retains a degree of independence with 

its own board of directors, investment 

policies, and regulatory oversight. 

The company’s assets under management 

reached $5.9B as of December 2022, a 

testament to the company’s success in 

managing funds, real estate, and other 

investment products. The firm manages 

both conventional and Shariah-compliant 

funds, and its funds are domiciled in Jersey, 

Luxembourg, and the Cayman Islands. 

This global reach allows Emirates NBD 

Asset Management to offer diversified 

investment opportunities to its clients. 

Emirates NBD Asset Management’s 

commitment to responsible investing 

is also noteworthy. The firm became 

a signatory of the United Nationssupported 

Principles for Responsible 

Investment in October 2021, indicating 

its dedication to environmental, social, 

and governance (ESG) factors in its 

investment decisions. This commitment 

is likely to resonate with investors 

seeking socially responsible investment 

options. 

The company’s impressive financial 

performance in FY 2022 is another 

indication of its growth potential. 

Its net profit of AED 13B in FY 2022 

represents a YoY increase of 40%, while 

total income increased by 36% YoY to 

AED 32.5B. The company’s net interest 

income also increased by 37% YoY, 

largely due to improved loan and deposit 

mixes with higher rates feeding through 

to margins. The balance sheet is well 

positioned to continue benefiting from 

rate rises, and the company’s non-funded 

income increased by 35% YoY, indicating 

growth in local and international card 

transactions, coupled with growth in 

FX and derivative income. 

Despite this impressive growth, 

Emirates NBD Asset Management has 

maintained well-controlled expenses, 

indicating disciplined cost management. 

The increased income has enabled 

accelerated investment in digital and 

data and the international network to 

drive future growth. Emirates NBD 

Asset Management’s launch of its UAE 

Strategic Investment Fund in 2021 is 

another indication of the company’s 

commitment to innovation and growth. 

The fund, which has assets under 

management worth over $630M, allows 

the company to expand its investment 

offerings further and provide clients 

with diversified investment options. 

Overall, Emirates NBD Asset 

Management’s impressive growth, 

commitment to responsible investing, 

and disciplined cost management make 

it a compelling investment option for 

those seeking exposure to the UAE’s 

financial industry. As the company 

continues to expand its offerings and 

capitalize on global market trends, it is 

likely to cement its position as a leading 

asset management firm in the region. 





Alkhair Capital 

Yousef Al-Shelash 

CEO (Dubai & Saudi Arabia) 

Alkhair Capital has signed an MoU with 

KLAIM to launch investment products 

worth $50M to support healthcare service 

providers across MENA 

Alkhair Capital is a prominent 

financial services company 

operating in Saudi Arabia and 

Dubai. Since its establishment 

in 2009, the company has grown to become 

a leading player in asset management, 

advisory, and private equity services 

across regional and international 

financial institutions. Alkhair Capital’s 

significant shareholder is Bahrain’s 

Bank Alkhair, and it has recorded 

assets under management worth $3.6B 

in Q1 2022. 

In 2022, Alkhair Capital made notable 

strides in expanding its services and 

products. For instance, the company 

signed an MoU with KLAIM to launch 

investment products worth $50M to 

support healthcare service providers 

across MENA. Additionally, Ways 

Marketing Solutions Company appointed 

Alkhair Capital as its financial advisor 

to list the company’s shares on the 

Saudi parallel market, Nomu. These 

developments demonstrate Alkhair 

Capital’s commitment to innovation 

and providing tailored solutions to 

its clients. 

Alkhair Capital has a strong presence 

in leading Islamic finance hubs and 

adheres to Islamic Shari’ah standards 

in all of its operations. The company’s 

unique position among Islamic financial 

institutions sets it apart from other 

financial services companies in the 

region. Alkhair Capital is a pioneer in 

Islamic products and has successfully 

advised and structured many transactions 

to date. 

The company’s extensive experience 

in asset management, advisory, and 

private equity services has allowed it to 

deliver exceptional value to clients and 

shareholders. Its strong management 

team is committed to providing clients 

with the best possible services while 

adhering to Islamic finance principles. 

Alkhair Capital’s compliance with all 

laws, regulations, and decisions issued 

by regulators in all the jurisdictions 

where it operates also underscores 

its commitment to transparency and 

ethical business practices. 

Overall, Alkhair Capital is a wellrespected 

financial services company 

with a strong presence in Saudi Arabia 

and Dubai. The company’s focus on 

providing tailored, Sharia-compliant 

solutions to clients, coupled with its 

extensive experience in asset management, 

advisory, and private equity services, 

sets it apart from other financial services 

companies in the region. Its recent 

expansion into investment products that 

support healthcare service providers 

across MENA and its appointment as a 

financial advisor for the listing of Ways 

Marketing Solutions Company’s shares 

on Nomu highlight Alkhair Capital’s 

commitment to innovation and meeting 

clients’ unique needs. 





Gulf Capital 

Dr. Karim El Solh 

Co-Founder & CEO 

Gulf Capital has recently received a Full 

Asset Management License from the Financial 

Services Regulatory Authority in Abu Dhabi 

and established its global headquarters in 

ADGM. 

Launched in Abu Dhabi in 

2006, Gulf Capital has rapidly 

emerged as a leading alternative 

investment firm with $2.5B 

in assets under management (AUM). 

With offices across the UAE, Saudi 

Arabia, Egypt, and Singapore, Gulf 

Capital has been at the forefront of 

investment opportunities in growth 

markets across private equity, private 

debt, and real estate. 

At the heart of Gulf Capital’s success 

is its ability to partner with dynamic 

entrepreneurs and exceptional management 

teams, providing them with growth 

capital, strategic advice, and operational 

expertise to build market-leading 

businesses. Over the past sixteen years, 

Gulf Capital has leveraged its extensive 

network of contacts and deep industry 

expertise to create a portfolio of highly 

successful investments across diverse 

sectors, including technology and 

fintech, healthcare, business services, 

and consumer and sustainability. 

Gulf Capital’s commitment to 

world-class governance, industry 

best practices, and sustainability has 

earned it a reputation as a socially 

conscious alternative investment firm. 

The company’s mission is to generate 

sustainable and superior performance 

for its institutional investors and key 

stakeholders by building value through 

responsible investment strategies and 

thoughtful risk management. 

Recent developments have seen Gulf 

Capital receive a Full Asset Management 

License from the Financial Services 

Regulatory Authority in Abu Dhabi and 

establish its global headquarters in the 

Abu Dhabi Global Market (ADGM). 

The company has also opened new 

offices in Abu Dhabi, Cairo, and Singapore 

to capture the rising growth along 

the West-East Asia corridor. These 

developments underscore Gulf Capital’s 

continued commitment to expanding its 

global footprint and delivering superior 

returns to its investors. 

With 47 employees, including 17 

investment professionals, Gulf Capital 

has a highly experienced and talented 

team of individuals who bring a wealth 

of industry knowledge to the firm. Gulf 

Capital’s thematic investment approach, 

which focuses on identifying and 

investing in key growth sectors, has 

proven highly effective in generating 

attractive returns for investors. 

Overall, Gulf Capital’s success is a 

testament to its disciplined investment 

approach, deep industry expertise, and 

unwavering commitment to responsible 

and sustainable investment practices. As 

the firm continues to expand its global 

presence and identify new investment 

opportunities, investors can expect to 

see continued strong performance and 

attractive returns. 





ADCB Asset Management 

Mark Friedenthal 

Chief Investment Officer 

ADCB Asset Management’s AUM have grown 

steadily since its establishment in 2018, 

reaching $2B at the end of 2021. 

ADCB Asset Management is a 

promising player in the asset 

management space, offering a 

range of investment solutions 

to its clients in the UAE and around 

the world. The company’s assets under 

management have grown steadily since 

its establishment in 2018, reaching 

$2B at the end of 2021. With its focus 

on customer service, innovation, and 

investment expertise, ADCB Asset 

Management has positioned itself well 

for further growth in the coming years. 

One of the strengths of ADCB Asset 

Management is its open architecture 

platform, which provides clients with 

access to a wide range of investment 

opportunities, including global mutual 

funds, international equities and ETFs, 

bonds, private equity, hedge funds, 

and structured products. This allows 

clients to diversify their portfolios 

and benefit from a broad range of 

investment strategies. In addition, 

ADCB Asset Management has a global 

network of market execution and 

custody partners, providing clients 

with access to major developed and 

emerging markets around the world. 

ADCB Asset Management also offers 

a range of advisory solutions, designed 

to identify new investment opportunities 

and proactively help clients make 

investment decisions. The company’s 

specialist advisory team uses complex 

modeling to construct and source 

innovative thematic ideas in global 

financial markets. This allows clients 

to take advantage of short-term market 

momentum and capitalize on long-term 

views. By bridging the gap between fully 

discretionary and self-directed services, 

the advisory proposition provides 

investors with greater control and 

oversight of their investment portfolio 

while benefiting from professional 

research and management. 

For clients who prefer a more handson 

approach, ADCB Asset Management 

offers tailor-made, actively managed 

discretionary portfolio solutions designed 

to meet their unique investment needs. 

The company’s portfolio management team 

uses a carefully selected combination of 

single securities, investment funds, and 

other financial instruments to achieve the 

optimal level of diversification for each 

client’s portfolio. With full consideration 

of each client’s understanding and 

attitude toward risk, the investment 

strategies and restrictions are tailored 

to the level of risk and complexity 

most suitable for them as individuals. 

Overall, ADCB Asset Management’s 

approach to asset management is highly 

client-focused and innovative. With 

its range of investment solutions and 

expertise in global financial markets, the 

company is well-positioned to continue 

growing its assets under management 

and providing value to its clients. As 

a wholly-owned subsidiary of the Abu 

Dhabi Commercial Bank, ADCB Asset 

Management benefits from the stability 

and reputation of one of the largest 

banks in the UAE. This combination 

of expertise, innovation, and financial 

strength makes ADCB Asset Management 

a compelling choice for investors looking 

to grow and diversify their portfolios. 





Mashreq Capital 

Robert Hahm 

CEO & Head of Asset Management 

Mashreq Capital has grown significantly 

since its establishment in 2006 and 

currently manages $1.9B in assets. 

Mashreq Capital, a subsidiary 

of Mashreq Bank, has 

established itself as a leading 

asset management company 

in the UAE, with a focus on delivering 

top-quality investment solutions to its 

clients in the Middle East and North 

Africa region. The company has grown 

significantly since its establishment 

in 2006 and currently manages $1.9B 

in assets. 

One of the key strengths of Mashreq 

Capital is its team of highly skilled 

investment professionals. The company 

has consistently invested in attracting 

and retaining the best talent in the 

industry, with many of its portfolio 

managers boasting a wealth of experience 

from global names. This expertise 

has enabled Mashreq Capital to offer 

world-class investment products and 

solutions that have been recognized with 

several accolades for their exemplary 

performance. 

Mashreq Capital offers a range 

of investment solutions, including 

conventional and Shariah-compliant 

options. The company’s portfolio 

includes the Makaseb family of mutual 

funds domiciled in Bahrain, DFSAregulated 

funds domiciled in DIFC, 

38 www.thefinanceworld.com May 2023 

and discretionary accounts. Mashreq 

Capital has been a leader in fund 

management in the Middle East and 

North Africa, with its mutual funds 

and services becoming the vehicles 

of choice for sophisticated investors 

in the region and beyond. 

The company’s commitment to providing 

the highest level of service is reflected 

in its ‘fiduciary culture.’ This culture 

ensures that Mashreq Capital’s funds and 

portfolio managers are held accountable 

to the highest standards applicable to 

the asset management industry globally. 

Moreover, Mashreq Capital’s accounts 

and funds are benchmarked against 

internationally recognized indices, 

enabling investors to judge the long-term 

performance of the company against 

appropriate benchmarks. 

In 2021, Mashreq Capital launched 

the Mashreq MENA Equity Fund and 

the Mashreq MENA Fixed Income 

Fund, expanding its product offerings 

further. The company also partnered 

with BlackRock to launch the Mashreq 

Global Conservative Fund, the Mashreq 

Global Balanced Fund, and the Mashreq 

Global Growth Fund. These partnerships 

demonstrate Mashreq Capital’s commitment 

to continuously improving the quality 

of its investment products and bringing 

world-class practices to the region. 

Mashreq Capital is positioning 

itself as a long-term business that will 

continue to expand and become a top 

provider of investment management 

services in the region. The company 

is continuously striving to expand its 

product offerings and improve the 

quality of its investment products to 

meet the specific requirements of its 

clients. Its dedication to excellence has 

earned it a reputation as a trustworthy 

and reliable asset manager in the UAE 

and beyond. 

In conclusion, Mashreq Capital has 

established itself as a leading asset 

management company in the UAE, 

with a focus on delivering top-quality 

investment solutions to its clients in the 

Middle East and North Africa region. 

Its commitment to excellence, fiduciary 

culture, and world-class expertise has 

enabled it to become a trusted partner 

for sophisticated investors in the region 

and beyond. With its continuous efforts 

to expand its product offerings and 

improve the quality of its investment 

products, Mashreq Capital is poised to 

become a top provider of investment 

management services in the region.




Waha Capital 

Waleed Al Mokarrab Al Muhairi 

Chairman 

Waha MENA Equity Fund won the EuroHedge 

Awards in 2021 for the best Emerging Markets 

Equity Fund. 

Waha Capital, a leading 

private sector investment 

house based in the United 

Arab Emirates, has made 

significant strides in the investment 

management industry. As of 31 December 

2022, the company managed $1.77B in 

assets, delivering consistent marketleading 

returns for its sophisticated 

investors. Furthermore, Waha Capital 

has a long-standing history of investing 

in public and private markets, deploying 

proprietary capital in alignment with 

the interests of its third-party investors. 

Waha Capital’s Public Markets business 

provides investors with actively managed 

emerging markets credit and equity funds. 

The business implements distinctive 

strategies to deliver consistent marketleading 

returns through a disciplined 

approach to investment. Notably, the 

Waha MENA Equity Fund won the 

EuroHedge Awards in 2021 for the 

best Emerging Markets Equity Fund, 

which demonstrates the company’s 

commitment to excellence and success 

in the investment management industry. 

Additionally, Waha Capital’s Private 

Investments business pursues a multiasset 

investment approach with the 

flexibility to deploy capital across 

diverse sectors and geographies. The 

business leverages extensive international 

business networks to source deals and 

form co-investment partnerships. This 

approach highlights the company’s 

commitment to identifying investment 

opportunities globally and providing 

its clients with access to an extensive 

and diversified portfolio. 

Waha Capital’s key shareholder, the 

Mubadala Investment Company, anchors 

the company in Abu Dhabi’s increasingly 

dynamic and entrepreneurial ecosystem. 

This strategic relationship allows Waha 

Capital to create long-term value for its 

shareholders, fund investors, employees, 

and communities. Furthermore, the 

company’s commitment to aligning 

its proprietary capital with third-party 

investor interests is evidence of its 

fiduciary culture, which is vital in the 

asset management industry. 

Notably, Waha Land, a subsidiary 

of Waha Capital, has recently agreed 

to the sale of 17 leased warehouse 

buildings to Peninsula for AED 555M. 

This transaction highlights the company’s 

commitment to unlocking value in its 

investment portfolio and underscores 

its success in identifying opportunities 

in the real estate sector. 

Overall, Waha Capital’s commitment 

to excellence, fiduciary culture, and 

strategic partnerships has made it a 

leading player in the UAE’s investment 

management industry. The company’s 

ability to deliver consistent market-leading 

returns across its investment platforms 

demonstrates its investment expertise 

and its ability to identify investment 

opportunities globally. With its flexible 

multi-asset investment approach and 

extensive international business networks, 

Waha Capital is well-positioned to 

continue delivering long-term value 

to its clients and shareholders alike. 





Ithmar Capital 

Faisal Bin Juma Belhoul 

Founder & Managing Partner 

Ithmar Capital has a remarkable track record 

of delivering attractive returns to investors, 

with a realized internal rate of return (IRR) 

of 19% since its inception. 

Based in Dubai, United Arab 

Emirates, Ithmar Capital is a 

private equity and alternative 

assets firm that offers a 

multi-asset class investment platform 

with a focus on absolute returns. The 

firm’s investment strategies target 

opportunities primarily operating in 

the MENA region, and it has $1.2B 

in assets under management as of 

December 31, 2022. 

Ithmar Capital’s investment philosophy 

is centered around identifying special 

situations in public equities, particularly 

in healthcare and education, as well as 

niche real estate opportunities. The 

firm has a remarkable track record of 

delivering attractive returns to investors, 

with a realized internal rate of return 

(IRR) of 19% since inception. Even more 

impressive is the 45% realized IRR on 

the firm’s investments in education and 

healthcare since its inception. 

The firm’s investment team is highly 

experienced and dedicated to making a 

difference. With a regional mandate and 

global operations, Ithmar Capital’s focus 

is primarily on private equity growth 

and buyout situations. The company is 

sector-agnostic with extensive expertise 

in healthcare and education. It also 

capitalizes on special situations in 

public equities while utilizing a private 

equity approach to due diligence and 

upside value monetization, and invests 

in niche real estate opportunities. The 

company strives to apply the highest 

standards of integrity, professionalism, 

and governance, and to uphold its 

responsibility to deliver on commitments 

to its investors, people, and stakeholders. 

The firm’s focus on healthcare and 

education is particularly noteworthy, 

as these are two sectors that have 

demonstrated significant growth 

potential in the MENA region. Ithmar 

Capital’s focus on these sectors is also 

aligned with the firm’s commitment to 

making a positive impact. By investing 

in healthcare and education, Ithmar 

Capital is helping to address critical 

societal challenges and support the 

development of these key sectors. 

In conclusion, Ithmar Capital’s success 

is a testament to its disciplined investment 

approach, deep industry expertise, 

and commitment to responsible and 

sustainable investment practices. As 

the firm continues to identify new 

investment opportunities and expand 

its portfolio, investors can expect to 

see continued strong performance and 

attractive returns. Furthermore, with 

a focus on healthcare and education, 

Ithmar Capital is well-positioned to 

make a positive impact on the region 

while delivering strong returns to its 

investors. 





Safanad 

Kamal Bahamdan 

Founder & CEO 

Safanad’s team of investment professionals 

has completed over 40 transactions with an 

aggregate value of $10B since 2009. 

Safanad is a global principal-led 

investment house that has been 

making waves in the world of 

investment since its inception in 

2009. With assets under management of 

$1.2 billion, the company has established 

itself as a major player in the industry, 

known for utilizing flexible capital 

and investment structures to deliver 

differentiated opportunities. 

The company invests with conviction 

around themes and builds and manages 

platforms with an owner-operator mindset. 

Safanad is a real estate and private equity 

investment firm with offices in Dubai, 

New York, and London. It employs 

about 50 investment professionals 

who have completed in excess of 40 

transactions with an aggregate value 

of $10B since 2009. 

What sets Safanad apart from other 

investment firms is its global approach 

and the way it leverages its vast network 

of partners. Although the company 

invests predominantly in the US and 

Europe, it is global in its approach and 

utilizes its network of partners to gain 

access to a broad range of opportunities. 

This approach has allowed Safanad 

to stay ahead of the curve and make 

smart investment decisions that deliver 

superior returns. 

Safanad’s investment professionals 

are known for their rigorous governance 

and their ability to create enduring 

long-term value beyond the life of the 

investment. The company’s board, 

team, and wider ecosystem provide 

preferred access to a broad range of 

opportunities and a network of worldclass 

operating partners. Safanad’s exits 

are value-driven, and it structures each 

deal to ensure that it creates lasting 

value that extends beyond the life of 

the investment. 

Overall, Safanad’s success can be 

attributed to its unique approach 

to investment and its commitment 

to building long-term partnerships 

based on trust and mutual advantage. 

As a global principal-led investment 

house, the firm has established itself 

as a major player in the industry. With 

its flexible capital and investment 

structures, Safanad has been able to 

deliver differentiated opportunities and 

superior returns for its investors. The 

company’s focus on building long-term 

partnerships and creating enduring 

long-term value has set it apart from 

other investment firms and contributed 

to its success over the years. 





NBK Capital Partners 

Yaser Moustafa, 

CEO 

NBK Capital Partners’ success is due in 

part to its focus on the MENA region and 

its deep understanding of the market. 

Exclusive to The Finance World Magazine 

NBK Capital Partners is a pioneer 

in alternative investments in 

the Middle East and North 

Africa (MENA) region, with 

a focus on private equity, mezzanine 

debt, and real estate. Founded in 2005 

as a subsidiary of the National Bank of 

Kuwait, the firm has established itself 

as a leading alternative investment 

manager with over US$1.1B in assets 

under management. 

The firm has a diversified portfolio 

that covers a range of sectors, including 

consumer discretionary, consumer 

staples, education, healthcare, industrials, 

and energy. It invests primarily in midmarket 

companies in the GCC, Turkey, 

and North Africa that have significant 

growth potential and opportunities for 

value creation. The firm’s investment 

approach includes buying family-owned 

businesses, providing growth capital 

for organic growth initiatives, industry 

consolidations, buy-and-build situations, 

and supporting shareholder buyouts. 

NBK Capital Partners has a strong 

track record of sourcing and executing 

successful investments, with over 29 

investments made across a variety of 

sectors since the launch of its first fund 

in 2007. The firm has also executed 11 

mezzanine debt transactions since the 

inception of its first mezzanine fund 

in 2009. These transactions reflect the 

firm’s expertise in advising on regional 

private debt investments and their 

management and exits. 

One of the notable achievements of 

the firm is the recent final close of the 

NBK Capital Partners Shari’ah Credit 

Opportunities Fund, L.P. The Fund 

is the firm’s third-generation private 

credit-focused strategy, which closed 

with approximately $215M of available 

capital, consisting of investor capital 

commitments and co-investment vehicles. 

This achievement is a testament to 

the confidence that investors have in 

the firm’s ability to deliver attractive 

returns. 

NBK Capital Partners’ success is 

due in part to its focus on the MENA 

region and its deep understanding of 

the market. The firm’s presence in 

Kuwait City, Manama, Istanbul, and 

Dubai International Financial Centre 

provides it with an extensive network 

and access to a range of opportunities 

in the region. The firm’s ability to build 

strong relationships with its clients and 

investee companies has also contributed 

to its success. 

The firm’s investment philosophy is 

aligned with the growing demand for 

responsible investing in the MENA 

region. The firm is committed to 

environmental, social, and governance 

(ESG) principles and has integrated 

them into its investment process. This 

approach not only reflects the firm’s 

values but also aligns with the values of 

its clients and the broader community. 

In conclusion, NBK Capital Partners’ 

focus on private equity, mezzanine 

debt, and real estate investments, 

along with its deep understanding of 

the region, has allowed it to execute 

investments successfully and generate 

attractive returns for its investors. With 

its commitment to responsible investing 

and a diverse portfolio of investments, 

the firm is likely to continue driving 

alternative investments in the MENA 

region. 





Fajr Capital 

Iqbal Ahmad Khan, 

CEO 

Fajr Capital’s partnership-centric philosophy 

has been a key driver of the firm’s success. 


Fajr Capital is a Dubai-based 

private equity firm that has 

made a name for itself as a 

leading investor in high-growth 

companies. With $700M in assets under 

management, the company has built a 

reputation as a values-based and impactdriven 

investor that seeks to create 

enduring value for all stakeholders. 

Its investment approach is rooted in 

the principle of investing in what it 

knows, where it knows, and with whom 

it knows. This partnership-centric 

philosophy has been a key driver of 

the firm’s success. 

Founded in 2009, Fajr Capital has 

attracted some of the world’s leading 

sovereign wealth funds as shareholders, 

including the Abu Dhabi Investment 

Council, the Brunei Investment Agency, 

the Government of Brunei Darussalam, 

and Khazanah Nasional, Malaysia’s 

strategic investment arm. This has helped 

the firm to build a solid foundation 

of expertise and experience that it 

leverages to create value for its clients. 

Fajr Capital’s investment strategy 

focuses on channeling strategic investment 

into regional growth companies. These 

are businesses that are led by highquality 

management teams and operate 

in dynamic and growing sectors and 

markets. The firm’s approach is to 

act as a strategic partner rather than 

a passive investor, with a team of 

seasoned investment professionals 

that have a proven track record of 

supporting growth businesses. 

The firm has a successful track record 

of investing in industry sectors that 

exhibit tangible and sustainable growth 

potential. It targets “defensive growth” 

industries that have the fundamentals to 

succeed in both good and bad economies 

and have the long-term potential to 

achieve high valuations and returns 

at exit. These sectors include financial 

services, education, food and beverage, 

healthcare, transportation, logistics, oil 

and gas services, industrial manufacturing, 

and renewable energy, among others. 

Post-investment, Fajr Capital aims 

to strengthen corporate governance 

and sustainability, enhance the capital 

structure, boost operational performance, 

increase product and technological 

innovation, develop distinctive capabilities 

and skills, access global management 

and industry expertise, and expand 

into new markets to become truly 

global players. This approach has been 

successful, with the company winning 

the 2017 award for Best Private Equity 

House in the Middle East at the EMEA 

Finance Achievement Awards. 

Fajr Capital’s focus on values-based 

and impact-driven investment sets it 

apart from many other private equity 

firms. The company’s commitment 

to creating enduring value for all 

stakeholders – from shareholders and 

employees to the communities served 

– is a refreshing approach that is sorely 

needed in today’s business landscape. 

The firm’s success in attracting some 

of the world’s leading sovereign wealth 

funds as shareholders is a testament to 

the strength of its investment approach 

and the quality of its team. 

Overall, Fajr Capital is well-positioned 

to continue its success; with its focus 

on high-growth companies, partnershipcentric 

investment philosophy, and 

commitment to values-based and impactdriven 

investment, the firm is poised 

to create enduring value for its clients 

and all stakeholders. 





Samena Capital 

Shirish Saraf 

Founder & Vice Chairman 

Samena Capital focuses on “defensive 

growth” industries to invest in companies 

that have the fundamentals to succeed in 

both good and bad economic conditions. 


Samena Capital is a principal 

investment group that focuses 

on the Subcontinent, Asia, 

Middle East, and North Africa 

(SAMENA) region. The company has 

raised over $1.5B of capital since 2008 

and has returned $950M to investors 

from over 51 full and partial exits. With 

approximately $390M in AUM, Samena 

Capital currently manages three primary 

investment strategies: private equity, 

direct investment, and credit. 

What sets Samena Capital apart is 

its unique model that brings together 

entrepreneurs and business leaders 

from different industries across the 

SAMENA region as shareholder-investors. 

These shareholder-investors actively 

participate in originating investment 

ideas, supporting portfolio companies, 

sharing insights on markets and sectors, 

and exploring possibilities for increasing 

business collaboration. This approach 

creates a network of contacts and 

relationships that is crucial in a region 

where relationships play an important 

role. 

Samena Capital’s investment team 

leverages this unique network to gain 

an edge in a region that is largely 

opaque. The team sources proprietary 

transactions, gains valuable insights into 

particular markets and industry sectors, 

and provides strategic and operational 

value-added to its portfolio companies. 

This approach has proven successful, as 

evidenced by the company’s impressive 

track record of returns to investors. 

The company’s primary investment 

strategies reflect its focus on the SAMENA 

region. Private equity investments 

focus on companies in the region with 

a track record of strong performance 

and high potential for growth. Direct 

investments are made in companies 

that the investment team believes have 

long-term potential for value creation, 

while credit investments are made in 

companies seeking debt financing for 

their operations. 

Samena Capital’s investment focus 

is on sectors with sustainable growth 

potential, including financial services, 

healthcare, education, energy, and 

infrastructure. By targeting these 

“defensive growth” industries, the 

company is able to invest in companies 

that have the fundamentals to succeed in 

both good and bad economic conditions. 

This approach has enabled Samena 

Capital to build a diversified portfolio of 

investments across a range of industries. 

In summary, Samena Capital’s unique 

approach to investing in the SAMENA 

region has proven successful, as evidenced 

by its impressive track record of returns 

to investors. The company’s focus on 

creating a network of contacts and 

relationships among entrepreneurs 

and business leaders in the region has 

enabled it to gain valuable insights and 

source proprietary transactions. By 

investing in companies in sectors with 

sustainable growth potential, Samena 

Capital has built a diversified portfolio 

of investments that are well-positioned 

for long-term value creation. 





World Investments 

Company 

Zayed bin Aweidha 

Managing Director 

World Investments offers a comprehensive 

wealth management advisory service, 

sophisticated trading capabilities, and a 

wide range of asset management products. 


World Investments Company 

is a private shareholding 

company established in 

2005, based in the United 

Arab Emirates, Dubai. Over the years, 

the company has built a great legacy in 

its field that extends for decades and 

has become a leader in the fields of 

financial intermediation, investment, 

establishment, and management of 

funds in the United Arab Emirates. 

One of the most significant advantages 

of World Investments Company is its 

diverse range of services. The company 

provides an integrated platform for 

investors to implement strategies that 

suit their investment and financial 

requirements, as well as diversify their 

portfolios in the long and short terms. The 

company facilitates investors worldwide 

who trade in stock - whether new or 

seasoned individuals. Consequently, for 

any investors looking to build modern, 

diversified - long or short-term financial 

transactions, World Investments offers 

a comprehensive wealth management 

advisory service, a sophisticated trading 

capability, and a wide range of asset 

management products. 

What sets World Investments apart 

from its competitors is its drive to serve 

a diverse customer base. To that end, 

the company has team members who 

are fluent in many languages, such 

as English, Arabic, French, German, 

Hindi, and others. This level of diversity 

reflects the company’s commitment 

to making its services accessible to a 

broad range of investors from different 

backgrounds and cultures. 

Moreover, World Investments Company 

is a licensed company subject to regulation, 

supervision, and control of the UAE 

Securities and Commodities Authority 

under No. (604092) and also licensed by 

the UAE Ministry of Economy and the 

Department of Economic Development 

under No. 342 The license includes 

two categories: The first category is 

the activity of dealing in securities; 

trading and clearing broker. The second 

category is (dealing in investment); 

investment fund management, and 

securities portfolio management. 

In addition, the company is a member 

of the Dubai and Abu Dhabi Stock 

Exchanges. Being a member of these 

exchanges enables World Investments 

Company to provide its clients with 

timely, accurate, and reliable information 

about the markets, as well as execute 

trades with speed and efficiency. This is 

a critical factor in the highly competitive 

world of financial intermediation and 

investment. 

In conclusion, World Investments 

Company’s diverse range of services, 

commitment to customer service, 

regulatory compliance, and access 

to information and trading platforms 

make it an ideal partner for investors 

looking to diversify their portfolios, 

expand their investment horizons, 

and achieve their financial goals. The 

company’s long legacy and successful 

record attest to its ability to navigate 

the complex and ever-changing world 

of finance and investment, making 

it a reliable and trusted partner for 

investors worldwide. 





ATI Investments 

Essam Al Tamimi 

Founder and Chairman 

ATI Investments’ commitment to creating 

mutually beneficial partnerships with likeminded 

companies and entrepreneurs is a 

key factor in its success. 


Since its establishment in 2006, 

ATI Investments has emerged 

as a key player in the financial 

landscape of Dubai. With a focus 

on a dynamic and decisive approach 

to investment, the company has built a 

reputation for identifying commercial 

potential and translating it into live, 

growing business entities. However, 

what sets ATI Investments apart is its 

vested interest in the people behind its 

businesses. This unique approach to 

investment has allowed the company to 

create mutually beneficial partnerships 

with like-minded companies and 

entrepreneurs, both in the Middle 

East and around the world. 

At the core of ATI Investments’ business 

model is a focus on innovation and 

sustainability. The company evaluates 

every opportunity based on its merit 

and growth potential, welcoming all 

ideas and embracing innovation. While 

ATI Investments’ specialty is start-up 

businesses, it invests in companies 

at all stages of their lifecycle. This 

approach not only allows the company 

to maximize each business opportunity 

presented to it but also ensures that it 

remains at the forefront of emerging 

industries and technologies. 

The company’s portfolio reflects 

this commitment to innovation and 

sustainability, with investments in 

healthcare, hospitality, education, and 

retail. These industries are not only 

critical to the economic development of 

Dubai but also reflect ATI Investments’ 

focus on improving the lives of people in 

the communities it serves. By investing 

in businesses that are making a positive 

impact on society, the company is not 

only generating financial returns but 

also creating long-term social and 

environmental benefits. 

In summary, ATI Investments’ 

commitment to creating mutually 

beneficial partnerships with like-minded 

companies and entrepreneurs, both in 

the Middle East and around the world, is 

a key factor in its success. By investing 

in businesses that are making a positive 

impact on society, ATI Investments is 

not only generating financial returns 

but also contributing to the social 

and environmental well-being of the 

communities it serves. 


TECH 

OPPO Find N2 Flip 

OPPO Find N2 Flip is a powerful 

smartphone with impressive 

specifications. It features a 

6.80-inch primary display with 

a resolution of 2520x1080, providing clear 

and sharp visuals. The device comes with 

a 32MP front camera and a 50MP+8MP 

rear camera setup that captures stunning 

photos and videos. The phone has 12GB 

of RAM and 256GB of storage, providing 

MY 

MONEY 

ample space for all your files and apps. 

One of the standout features of the 

OPPO Find N2 Flip is its Flexion hinge, 

which reduces the crease on the folding 

display, providing a seamless experience. 

Although the crease is still visible from 

certain angles, the hinge has received a 

durability certificate from TÜV Rheinland 

for lasting beyond 400,000 cycles of folding 

and unfolding. The hinge has also been 

engineered to hold its position at angles 

between 45 and 110 degrees. 

OPPO Find N2 Flip is a powerful and 

innovative smartphone that provides a 

unique folding experience with its Flexion 

hinge technology. With its high-end specs 

and advanced features, it’s a device that 

is sure to impress. 


Wheels 

BMW XM 

The BMW XM is the upcoming 

luxury SUV that is designed 

to set a new benchmark for 

performance and style. As 

BMW’s first standalone ‘M’ performance 

model in over four decades, the XM is 

poised to make a big splash, arriving 

in spring 2023. This five-seater SUV is 

a plug-in hybrid that offers impressive 

power and efficiency, with a sleek 

and sophisticated design that’s sure 

to turn heads. 

At the heart of the BMW XM is a 

4.4-liter V8 engine that’s paired with 

an electric motor to create the most 

powerful plug-in hybrid on the market. 

The XM boasts an impressive 644 

horsepower, with a Label Red version 

that will deliver an even more staggering 

735 horsepower. The XM can go from 0 

to 60 mph in under 4 seconds, thanks 

to its powerful engine and 27.5 kWh 

battery pack that provides 30 miles of 

full electric range. The SUV features 

a seven-speed automatic transmission 

that provides smooth and responsive 

shifting, while the advanced suspension 

system delivers a comfortable and 

stable ride. The exterior of the BMW 

XM is characterized by its sleek and 

modern design, with aggressive lines 

and aerodynamic features that give 

it a sporty and athletic look. The XM 

features a bold grille, LED headlights, 

and a sloping roofline that adds to its 

overall dynamic profile. The interior 

of the XM is equally impressive, with 

a spacious and luxurious cabin that’s 

filled with high-quality materials 

and advanced technology. The XM’s 

dashboard features a large digital 

display that provides information 

on the car’s performance and other 

important data, while the infotainment 

system offers seamless connectivity and 

entertainment options. The BMW XM is 

a true halo car, designed to showcase 

BMW’s commitment to performance and 

innovation. This luxury SUV is sure to 

impress even the most discerning car 

enthusiasts, with its combination of 

power, style, and technology. The XM is 

priced at $159,995, with the Label Red 

version starting at $185,995, making 

it a premium offering in the luxury 

SUV market. Whether you’re looking 

to make a statement on the road or 

simply enjoy the thrill of driving, the 

BMW XM is a perfect choice. 


Specifications 

Horsepower: 644 Hp (735 Hp for Label Red 

version) 

Torque: 770Nm Max Torque 

Acceleration: 0 to 60 mph in under 4 seconds 


Start-up 

Three Promising Investment Management 

Startups in the Middle East 

In recent years, the Middle East has become a fertile ground for investment 

management startups, with an increasing demand for accessible and affordable 

investment options. In this article, we will highlight three promising investment 

startups in the region: baraka, Sarwa, and Thndr. The three startups have shown 

impressive growth and raised significant funding from investors, such as Valar 

Ventures, Mubadala Investment Company, and Tiger Global. With their innovative 

approaches and commitment to making investing accessible, these startups are 

poised to disrupt the investment industry in the Middle East and beyond. 

baraka 

Feras Jalbout and Kunal Taneja, 

Founders 

Baraka is a commission-free 

investment platform established 

in 2020 in the United Arab 

Emirates by its founders, Feras 

Jalbout and Kunal Taneja. The startup 

offers users the ability to invest in over 

6,000 U.S. stocks and ETFs without a 

minimum investment amount. With 

plans for expansion across the MENA 

region, baraka has quickly made a 

name for itself as a Robinhood-like 

investment app. 

In November 2022, baraka raised 

$20M in a Series A funding round led 

by Valar Ventures, bringing its total 

funding to $25M. Other participations in 

funding baraka came from Knollwood 

Investment Advisory, Y Combinator, 

FJ Labs, VentureSouq, Class 5 Global, 

Global Founders Capital, and Raptor 

Hold Co LLC. 

baraka’s CEO, Feras Jalbout, was 

previously an investor at a family office 

and worked in banking at Barclays and 

Standard Chartered. Meanwhile, CTO 

Kunal Taneja has experience leading 

several departments at Arab Financial 

Services, a digital payment and Fintech 

solutions company. Currently, baraka 

has 2-10 employees based in its UAE 

headquarters. As a startup that aims to 

fill a gap in the market by serving the 

younger generation who lack access 

to helpful investment apps, baraka’s 

mission is to provide investors with 

the tools and knowledge they need to 

make well-informed decisions on their 

investment journey. With its impressive 

growth and continued funding, baraka 

is poised to become a major player in 

the investment app space. 

50 www.thefinanceworld.com 

May 2023

Sarwa 

Sarwa is an independent investment 

platform that was established 

in 2017 by its founders, Mark 

Chahwan, Nadine Mezher, and 

Jad Sayegh. The startup is based in 

the UAE and has quickly become a 

popular investment and personal finance 

platform in the Middle East. 

Sarwa employs 11-50 people and has 

more than 100,000 registered users. The 

startup offers a hybrid model with access 

to on-demand investment experts and a 

customer support team. Sarwa Trade is a 

commission-free stock trading platform 

that allows investors to trade on all U.S. 

exchanges with zero-transfer fees for 

local AED accounts. Sarwa Crypto is a 

crypto-trading service where users can 

buy and sell cryptocurrencies. Sarwa 

Invest is a hands-off auto-investing 

service with customized passive globally 

diversified portfolios. 

The startup has raised $25M in 

total funding from investors such as 

Mubadala Investment Company, 500 

Startups, Kuwait Projects Company 

(Holding)-KIPCO, Shorooq Partners, 

and Middle East Venture Partners. 

Sarwa’s mission is to provide clients 

with the best possible return by offering 

easy rebalancing, dividend reinvesting, 

and tax optimization through cuttingedge 

technology. They simplify the 

entire investing experience, making 

it accessible to anyone regardless of 

their investment knowledge or wealth. 

Mark Chahwan, Nadine Mezher, 

and Jad Sayegh, 

Founders 

Thndr 

Ahmad Hammouda and Seif Amr, 

Founders 

Thndr is a digital investment 

platform that was founded in 

2020 by Ahmad Hammouda 

and Seif Amr. The startup is 

based in Egypt and has quickly made a 

name for itself as a leading investment 

platform in the region. Thndr has 51- 

200 employees and has raised $22M in 

total funding from a range of investors, 

including Tiger Global, Prosus Ventures, 

BECO Capital, Y Combinator, 4DX 

Ventures, Endure Capital, Rabacap, 

MSA Capital, Global Ventures, JIMCO, 

fristminuite, Base Capital, and others. 

The digital investment platform allows 

users to invest in Egyptian mutual 

funds and publicly listed companies in 

addition to the U.S. stock market. Thndr 

has more than 800,000 downloads and 

has partnered with Fawry and Vodafone 

Cash to expand funding methods for 

customers. Cofounder and CEO Ahmad 

Hammouda is a former general manager 

of Uber in Egypt, bringing his expertise 

in technology and innovation to the 

startup. Cofounder and COO Seif Amr 

is a former operations manager of Uber 

MENA, contributing his extensive 

experience in operational management 

to the platform. 

Thndr’s mission is to democratize 

access to investment opportunities in 

the region, making it easier for anyone 

to start investing and growing their 

wealth. With its user-friendly platform 

and innovative funding methods, Thndr 

is poised to become a leading investment 

platform in the Middle East and beyond. 


Energy 

Investment Opportunities in the UAE’s 

Sustainability and Energy Sector 

The move towards renewable energy sources worldwide has created many 

intricate challenges for policymakers, corporate executives, politicians, and 

financiers. However, it has also developed into a promising prospect for private 

equity firms to provide financial support and facilitate business expansion, which 

is their forte. The shift represents a broad range of investment opportunities in 

various sectors of the global economy. In this article, we explore the investment 

opportunities the UAE offers investors in the energy sector. 

The UAE is one of the leading 

energy producers in the world, 

with its vast reserves of oil 

and natural gas. However, the 

country is also taking significant steps 

towards a sustainable and diversified 

energy future by investing in renewable 

energy sources such as solar and wind 

power. This transformation is creating 

exciting investment opportunities for 

both local and international investors 

interested in the energy sector in the 

UAE. 

The UAE is a promising market 

for investors seeking to capitalize on 

the growing demand for renewable 

energy and the country’s commitment 

to reducing carbon emissions. In this 

context, exploring the investment 

potential of the energy sector in the 

UAE could be a wise decision for those 


looking to diversify their portfolio and 

invest in a rapidly evolving market. 

With a growing focus on renewable 

energy sources and a need for 

diversification, many Emirati energy 

companies are now looking for strategic 

partnerships and joint ventures that 

can help them expand their operations, 

access new markets, and gain valuable 

experience in emerging sectors of 

the energy industry. Emirati energy 

companies bring not only their financial 

resources but also their technical 

knowledge and expertise to the table, 

making them an attractive partner for 

companies looking to break into the 

Middle East market. 

For instance, Abu Dhabi Waste 

Management, which is commonly 

referred to as Tadweer, has recently 

entered into a preliminary agreement 

with the municipality of Amman 

to explore investment possibilities 

in the waste management sector. 

Tadweer, a subsidiary of the ADQ 

holding company in Abu Dhabi, and 

the Greater Amman Municipality will 

assess potential collaboration and 

investment opportunities in the waste 

management sector across the United 

Arab Emirates and Jordan. The media 

office of Abu Dhabi stated on Wednesday 

that both parties will also exchange their 

knowledge, expertise, and research in 

the field of waste management. 

Moreover, UAE’s Masdar is 

considering investing in green hydrogen 

initiatives across Africa, according to 

an agreement it has signed with the 

International Finance Corporation 

(IFC). The partnership aims to explore 

opportunities to establish a green 

hydrogen platform in emerging markets, 

with a particular focus on African 

renewable energy projects and their 

financial feasibility. The IFC’s climate 

expertise across emerging markets 

will support Masdar in achieving 

breakthroughs in sectors such as 

renewable energy, green hydrogen, and 

green finance. Masdar is positioning 

itself as a leader in the sector by 

developing and investing in strategic 

projects, as global demand for green 

hydrogen is expected to increase 

significantly over the next decade. 

Furthermore, Dubai is consistently 

ranked as one of the most affordable 

places in the world to produce solar 

power. The creation of the Mohammed 

The region’s daily average of 8 to 

11 hours of sunshine makes solar 

energy a highly compelling and 

viable investment option. 

bin Rashid Al Maktoum Solar Park, with 

a capacity of 5GW, has also played a 

role in reducing the global cost of solar 

power. The successful bid for the park’s 

fifth phase expansion was less than 

1.7 US cents per kWh, setting a new 

standard for solar energy generation 

in the area. The pursuit of renewable 

energy is critical for sustainability 

and is a top priority for Dubai and 

the UAE. The UAE is leading regional 

efforts to adopt the latest innovations 

in addressing climate change and 

mitigating the effects of global warming. 

In this context, Entrepreneurs 

and investors can find numerous 

opportunities in the renewable 

energy industry. Given the region’s 

average of eight to 11 hours of daily 

sunshine, solar energy is a compelling 

option; by 2030, solar panels will be 

required for all UAE buildings. In 

conclusion, the UAE’s sustainability 

and energy sector presents a wealth 

of investment opportunities for both 

local and international investors. With 

the country’s commitment to reducing 

carbon emissions and its focus on 

renewable energy sources such as 

solar and wind power, investors can 

capitalize on the growing demand for 

sustainable energy. With innovative 

and sustainable initiatives like the 

Mohammed bin Rashid Al Maktoum 

Solar Park and Masdar’s exploration 

of green hydrogen initiatives across 

Africa, the UAE is positioning itself as a 

leader in the renewable energy industry, 

making it an excellent choice for those 

looking to diversify their portfolio and 

invest in a rapidly evolving market. 


Wheels 

2023 LAMBORGHINI URUS 

The 2023 Lamborghini Urus 

is a high-performance SUV 

that delivers the performance 

and luxury expected from the 

brand. The Urus is not just an SUV, but 

rather a fusion of a sports car and an 

SUV. Its design is inspired by the iconic 

Lamborghini supercars, with a sleek 

and aerodynamic body that features 

sharp angles and lines that give the 

Urus a bold and aggressive look. 

Under the hood, the Urus is powered 

by a 4.0-liter twin-turbocharged V8 

engine that generates 657 horsepower 

and 627 lb-ft of torque. This powertrain 

allows the Urus to accelerate from 0 to 

60 mph in just 3.5 seconds, making it 

one of the fastest SUVs on the market. 

The Urus also comes with an eight-speed 

automatic transmission that delivers 

smooth and seamless shifting, while 

the all-wheel-drive system provides 

excellent traction and handling. The 

Performante model is the latest addition 

to the Urus line-up, and it is a lighter 

and more aggressive version of the 

standard Urus. It features a carbonfibre 

body that reduces weight and 

improves performance, along with a 

lowered steel-spring suspension that 

enhances handling and responsiveness. 

Inside, the Urus boasts a luxurious and 

stylish interior that is equipped with 

the latest technology and amenities. 

The Performante model comes with 

unique interior trim and seats that add 

to its exclusivity and sportiness. The 

Urus also features a large infotainment 

screen that controls various functions, 

including the audio system, climate 

control, and navigation. The 2023 

Lamborghini Urus is a perfect blend 

of luxury and performance that is sure 

to turn heads on the road. With its 

unique design, powerful engine, and 

advanced features, the Urus is a true 

reflection of Lamborghini’s commitment 

to excellence and innovation. 



Horsepower: 657 Hp 

Acceleration: 0 to 60 mph in 3.1 seconds 


Healthcare 

UAE’s Booming Healthcare Industry Offers 

Lucrative Investment Prospects 

The United Arab Emirates is rapidly establishing itself as an attractive destination 

for healthcare investment, as it is becoming a growing healthcare center that offers 

significant investment prospects to investors looking to capitalize on the sector’s 

burgeoning growth. With its modern healthcare facilities, innovative healthcare 

technologies, and a favorable regulatory environment, the UAE is fast becoming a 

prime destination for healthcare investment. In this article, we shed light on the UAE’s 

latest efforts to boost its position as a hub for healthcare innovation and investment. 

The UAE’s efforts to enhance the efficiency of the sector and 

contribute to healthcare services driving the growth of the 

market further indicate the potential profitability of this market. 


The UAE has made significant 

investments in the healthcare 

sector, and these efforts are 

now bearing fruit, with the 

UAE emerging as a hub for medical 

tourism, advanced medical procedures, 

and cutting-edge research, captivating 

investors’ attention from all around 

the world. 

Healthtech: 

Dubai is also quickly becoming a 

prominent healthtech hub, offering ample 

investment opportunities. The emirate is 

establishing itself as a digital health hub 

by leveraging cutting-edge technological 

advancements and innovative digital 

health solutions to build a world-class 

healthcare ecosystem that will solidify 

its position as a leading destination 

for both international investors and 

medical tourists. 

The healthcare industry in Dubai is 

valued at over $4.63B per annum and 

is expected to be a key driver in the 

growth of the healthcare sector in the 

MENA region, which is estimated to 

reach $243B this year. The emirate’s 

national strategies, which include 

substantial investments in AI, have 

positioned it as a regional leader in 

healthcare technology and AI. 

Additionally, Dubai boasts an 

exceptional high-tech medical 

infrastructure and is home to an 

increasing number of public and private 

healthcare entities, including renowned 

hospitals, outpatient medical centers, 

and diagnostic labs that have a global 

presence. This creates a favourable 

environment for investors, as these 

factors offer lucrative opportunities 

for investors to capitalize on the 

burgeoning growth of the sector and 

tap into the potential market demand for 

advanced medical procedures, innovative 

technologies, and high-quality healthcare 

services. As a result, investing in Dubai’s 

healthcare industry could be a smart 

move for investors seeking long-term 

returns on their investments. 

Healthtech Startups: 

A report by the Dubai Healthcare City 

Authority reveals that the healthtech 

startup ecosystem in MENA is now 

worth over $1.5B, which marks a 22-fold 

increase since 2016. The growth of 

healthtech is partially driven by the 

increasing demand for healthcare 

software development, in addition 

to AI investment opportunities that 

align with global trends. The Internet 

of Medical Things is expected to 

transform the healthcare industry, 

creating new investment opportunities 

for manufacturers and suppliers in 

connected healthcare technologies 

and services. Dubai’s data-centric 

approach to various economic sectors, 

including healthcare, is expected to 

drive significant healthcare investments 

in the coming years through Big Data. 

Home Healthcare: 

The UAE has experienced a significant 

surge in its home healthcare industry, 

with the government investing in the 

development of home healthcare 

services. This initiative aims to alleviate 

the burden on hospitals and offer patients 

more accessible and affordable care. 

Home healthcare services in the UAE 

comprise a range of medical services, 

such as nursing care, physiotherapy, 

occupational therapy, and other care 

services that are available in patients’ 

homes. Additionally, private companies 

provide home healthcare services, and 

many insurance plans now provide 

coverage for these services. 

The initiatives taken by the government 

act as a major contributor to the growth 

of the market. For instance, in September 

2021, Abu Dhabi Health Authorities 

approved 77 home-care service providers 

in the emirate, which can continue to 

serve more than 4,000 patients. Such 

continuous efforts are undertaken by 

the Department of Health (DoH) to 

update and implement advanced models 

of care that enhance the efficiency of 

the sector and contribute to healthcare 

services driving the growth of the market. 

The growth of the home healthcare 

industry in the UAE presents a promising 

investment opportunity for investors. The 

government’s investment in the sector is 

likely to create a favourable regulatory 

environment for investors, while the 

increasing demand for home healthcare 

services provides a potential market for 

investment. Private companies offering 

home healthcare services also offer 

opportunities for investment, especially 

those with innovative solutions that can 

disrupt the market. The inclusion of 

home healthcare services in insurance 

plans further indicates the potential 

profitability of this market, which is 

likely to attract more investors. 

In conclusion, the UAE’s healthcare 

industry is becoming an attractive 

destination for investment due to 

its modern facilities, innovative 

technologies, and favourable regulatory 

environment. The UAE’s increasing 

geriatric population and dependency 

ratio are expected to drive demand for 

healthcare services, making healthcare 

investment a smart move for investors 

seeking long-term returns. The country’s 

growth in healthtech startups, AI 

investment opportunities, and a datacentric 

approach to healthcare also 

create new investment opportunities 

for manufacturers and suppliers in 

connected healthcare technologies 

and services. 


Mergers & Acquisitions 

M&A Activity in GCC Expects a Spike 

amid Global Caution 

According to a report by the global rating agency Moody’s, it is predicted that there 

will be an increase in merger and acquisition activity in banks located in the Gulf 

Cooperation Council (GCC) region, leading to future synergies and divergences 

in oil revenue within the region. In this article, we explore the expected hike in 

the M&A activity and the latest trends that could affect this hike. 

Moody’s noted that the existing 

alliances among GCC banks will 

play a pivotal role in enabling 

the expansion of banking on a 

larger scale within the region during the 

upcoming decade, increasing the merger 

and acquisition activity among banks in the 

GCC region. This will create opportunities 

for synergies and diversification of oil 

revenues in the future. 

Francesca Paolino, an analyst at 

Moody’s, stated that the consolidation 

of banks in the GCC region will provide 

the necessary scale to support the 

diversification of Gulf economies away 

from oil, resulting in revenue and cost 

synergies. Despite the region’s strong 

bank financial fundamentals and low 

levels of over-banking, the ratings 

agency predicts that this development 

will occur. The concentration of GCC 

banks’ shareholder structure in a pool 

of state-linked entities and groups will 

facilitate tie-ups between lenders, and 

mergers and acquisitions are expected 

to continue, according to Paolino. 

Mergers and acquisitions allow big 

banks to expand their control over 

substantial projects in the GCC region, 

which in turn enhances their ability to 

compete on the global stage. As of June 

2022, the five biggest banks in each GCC 

economy collectively hold a market 


share of 60-90% of sector loans, up from 

50-80% in 2010. 

According to Moody’s, the consolidation 

of banks through mergers and acquisitions 

will provide them with pricing power, 

thereby improving their capacity to attract 

deposits and increasing net interest 

income. The agency further noted that 

the growth in M&A activities will help 

mitigate the impact of rising operating 

expenses, thereby leading to improved 

cost-efficiency. 

Moreover, Moody’s noted that Islamic 

banks have been the primary participants 

in most mergers over the last five years, 

and the growth in M&A activities will 

further promote the expansion of Islamic 

banking in the region. Given that largescale 

economic diversification programs, 

particularly in Saudi Arabia, are entering 

the construction phase, the region’s banks 

will need to expand their operations to 

support these initiatives. 

On the other hand, other reports 

stated that the recent losses incurred by 

Credit Suisse could result in Middle East 

banks becoming more hesitant towards 

engaging in mergers and acquisitions. This 

comes after the recent announcement 

that First Abu Dhabi Bank is interested 

in acquiring Standard Chartered, and 

the unsuccessful investment by Saudi 

National Bank in Credit Suisse, both of 

which have drawn attention to Middle 

East banks as potential acquirers of 

Mergers and 

acquisitions 

help big banks 

in the GCC 

region compete 

globally by 

expanding their 

control over 

major projects. 

international firms. 

Saudi National Bank (SNB) lost over 

80% of its investment value in Credit 

Suisse following the forced weekend 

merger with UBS on March 19. This 

experience is likely to dissuade the 

Jeddah-based lender from pursuing an 

M&A-based growth strategy in the near 

future, which may not necessarily be a 

negative development. 

However, despite suffering a loss of 

$1.2B on its investment in Credit Suisse, 

the situation is not catastrophic for SNB, 

given that it recorded a net income of 

approximately $5B in 2022. The rating 

agencies have declared the losses as 

having a neutral impact on the bank’s 

credit rating, and SNB has stated that it 

will not affect its growth plans or 2023 

outlook. 

It’s worth noting that SNB’s strategy 

has not been reliant on M&A. Although 

the bank’s shares experienced a steady 

decline in value from their high of SAR 

79 in April 2022, reaching around SAR 50 

by year-end, they experienced a sudden 

drop to a more than two-year low of SAR 

41.50 during the Credit Suisse crisis on 

March 16 before rising following the UBS 

deal announcement. 

Overall, Moody’s predicts more mergers 

and acquisitions among banks in the 

GCC region, leading to opportunities for 

synergies and oil revenue diversification. 

Large banks can control major projects 

and compete globally through M&A. 

Islamic banks have been leading in most 

mergers in the last five years. On the other 

hand, recent losses at Credit Suisse may 

make Middle East banks more hesitant 

to pursue M&A. However, the losses 

incurred by Saudi National Bank won’t 

affect its growth plans or 2023 outlook. 


Merger and Acquisition News 

Saudi Arabia sees unprecedented M&A opportunities in 2023 

Global consultancy PwC Middle 

East reported that the Middle 

East recorded 632 M&A deals 

in 2022, with 89% of them taking 

place in Saudi Arabia, UAE and Egypt. 

Saudi Arabia has become a hot market 

for international companies seeking new 

M&A opportunities, thanks to the rising 

global demand for crude oil, ambitious 

Vision 2030 targets and increased focus 

on improving the private sector. PwC 

expects a further uptick in M&A activity 

in Saudi Arabia in 2023, despite a strong 

IPO pipeline. The region is expected to 

continue with its impressive upward 

trajectory, as CEOs prepare for a dynamic 

period ahead, marked by transformation 

to strengthen their long-term resilience. 

PwC predicts Middle 

East to be Global M&A 

hotspot in 2023 

According to PwC’s 2023 Middle 

East report, the Middle East 

is a rare “global sweet spot” 

for mergers and acquisitions 

(M&A) activities despite global headwinds. 

Companies planning transformational 

deals in the region must devise wellthought-out 

strategies and ensure 

sufficient financial resources. While 

boldness is required, thorough research 

is crucial before committing to a deal in 

uncertain times. Saudi Arabia expects 

a further increase in M&A activity in 

2023, with the Saudi sovereign Public 

Investment Fund (PIF) continuing to lead 

outbound cross-border transactions and 

domestic deals. The Middle East benefits 

from deep resources for M&A investments, 

including the region’s sovereign wealth 

funds, due primarily to high oil prices. 

AD Ports completes KEZAD and Al Eskan Al Jamae 

merger 

AD Ports Group has completed 

the merger of KEZAD 

Communities with Al 

Eskan Al Jamae, creating a 

company worth AED 7B ($1.9B) with 

AD Ports holding a 52% controlling 

majority stake. The deal was completed 

through an equity share swap with no 

cash exchange. The merger is fully 

consolidated in AD Ports Group’s 

financials for the full quarter in Q1 

2023. The merger has created the 

largest integrated staff accommodation 

According to data from 

Refinitiv, the value of 

announced M&A transactions 

involving the Middle East 

and North Africa (MENA) reached 

$8.3B during Q1 2023, which is a 

significant decline of 65% from Q1 

2022. The MENA Investment Banking 

Review by the global data provider 

highlighted that the number of deal 

announcements in the region also 

dropped by 26%, marking the slowest 

start to a year since 2020. In particular, 

deals involving MENA targets hit a 

seven-year low and totalled $2.9B in 

Q1 2023, down 75% from a year ago. 

However, Saudi oil giant Aramco’s 

plan to acquire a 10% stake in China’s 

Rongsheng Petrochemical was the 

company in Abu Dhabi, and the deal 

was first announced in December 2022. 

M&A deals in MENA reached $8.3B during Q1 2023 

top deal with MENA involvement, 

followed by the Saudi sovereign wealth 

fund’s investment of $1.3B in four local 

construction firms. 


UAE’s e& to acquire $400M majority stake in Careem’s super-app business 

The UAE-based telecoms 

company e& has announced 

it will acquire a $400M majority 

stake in Careem’s super-app 

business, according to a regulatory 

disclosure. The acquisition of a 50.03% 

stake is expected to accelerate the 

development of the company and create 

a regional “Super App” champion. The 

acquisition is part of e&’s strategy to 

diversify operations and extend its 

reach globally. The telecoms group 

recently became the largest shareholder 

in Vodafone Group after increasing its 

holdings to 14% earlier this year. 

First Abu Dhabi Bank 

open to acquisitions to 

spur growth, CEO says 

First Abu Dhabi Bank (FAB) 

is considering acquisition 

opportunities in the Middle 

East, North Africa, and beyond, 

as long as they make commercial sense 

and create value for the UAE’s largest 

lender by assets, according to its CEO, 

Hana Al Rostamani. FAB is also open 

to acquiring international banks if the 

opportunity arises as it continues to 

expand its footprint in markets across 

continents. Al Rostamani stated that the 

bank only looks at opportunities that 

allow it to quickly build its portfolio, 

enter a new market, or enhance its 

platform. FAB will examine the potential 

acquisition within these three areas and 

how it fits within its overall strategy. 

Mubadala to acquire Bridgepoint’s Diaverum for 

$2.5B 

Abu Dhabi’s Mubadala 

Investment is considering 

buying European dialysis 

clinic chain Diaverum 

from British private investment firm 

Bridgepoint Group for approximately 

$2.5B, according to people familiar with 

the matter. The sovereign wealth fund is 

among final bidders competing for the 

Swedish company, which operates 440 

clinics in 23 countries. Bridgepoint and 

Mubadala did not comment on the news. 

In December 2022, Mubadala’s CEO 

said that 2023 would be a challenging 

year for the global economy but the 

fund would focus on opportunities 

with a longer horizon. Mubadala has 

$284B in assets under management, 

with interests in sectors including 

healthcare, energy and real estate. 

Majority stake in Oman Cement sold to Huaxin for 

$193M 

Oman Cement Company 

has completed the share 

purchase agreement between 

The Investment Authority 

Company SPC, representing the 

government’s stake, and Huaxin (Hong 

Kong) International Holdings. As per the 

deal, Huaxin has acquired a 59.58% stake 

in the publicly-traded Oman Cement 

for $193.1M, subject to adjustment by 

the buyer after completion of the deal 

to account for net cash and working 

capital levels. Huaxin has assigned its 

ownership right to Abra Holdings, a 

wholly-owned subsidiary incorporated 

in the Republic of Mauritius. The board 

of Oman Cement has also appointed 

Li Yeqing and Ian Riley as temporary 

board members, pending approval at 

the company’s next Ordinary General 

Meeting. 


Cryptocurrency 

The UAE Cryptocurrency Market Promises 

Exciting Investment Opportunities 

The United Arab Emirates has emerged as a new hub for the world of cryptocurrency 

and blockchain technology, with an increasing number of global conglomerates 

moving to set up shop in the UAE as the country keeps attracting investors from all 

around the world. In this article, we explore the potential of the UAE cryptocurrency 

market and the investment opportunities it offers to global investors. 

One of the main reasons for 

the increasing movement of 

cryptocurrency investors in the 

UAE is the country’s forwardthinking 

attitude towards cryptocurrency 

and blockchain technology. The UAE 

government has been proactive in creating 

a regulatory framework for digital assets. 

For instance, Dubai has implemented new 

regulations that require all organizations 

intending to provide cryptocurrency 

services within its jurisdiction to obtain 

the necessary licenses and authorization. 

The framework includes four mandatory 

rulebooks for service providers and seven 

rulebooks based on activities that specify 

the requirements depending on the type 

of service provided. 

Issuing crypto regulations means that 

the government has established a legal 

framework to regulate the use and trading 

of cryptocurrencies within its jurisdiction. 

These regulations are intended to protect 

investors and consumers from potential 

risks associated with cryptocurrencies, 

such as money laundering, terrorist 

financing, fraud, and other illicit activities. 

The UAE’s 

forwardthinking 

approach has 

positioned it 

as a magnet 

for the global 

cryptocurrency 

industry’s top 

players. 


Moreover, by implementing clear 

guidelines and requirements for entities 

involved in crypto-related services, the 

UAE aims to promote a safe and stable 

environment for the development and 

growth of the crypto industry, while 

ensuring compliance with international 

standards and best practices. This is 

expected to be a primary factor in enticing 

a greater number of investors, creating 

a more steady market, and presenting 

additional possibilities for investment. 

This progressive approach has attracted 

many of the world’s leading cryptocurrency 

companies to the UAE. Companies like 

BitOasis, which operates a cryptocurrency 

exchange, and Binance, the world’s largest 

cryptocurrency exchange, have set up 

operations in the country. 

On 20 March, 2023, Crypto.com, a crypto 

platform headquartered in Singapore, 

has announced that it has obtained a 

preparatory license for its minimal viable 

product (MVP) from Dubai’s Virtual 

Assets Regulatory Authority (VARA). The 

licensing process consists of three phases, 

which include acquiring a provisional 

permit, a preparatory license, and an 

operating license. 

“Once licensed to be operational, 

Crypto.com will be able to extend its 

approved suite of duly regulated virtual 

assets activities spanning a range of crypto 

exchange services (spot and derivatives), 

brokerage, margin/leverage trading and 

OTC (over-the-counter) offerings around 

settlements for institutional investors,” 

said company’s press release. 

“We are pleased to welcome Crypto. 

com to the MVP Programme preparatory 

phase,” Virtual Asset Regulatory Authority 

(VARA) CEO Henson Orser said in 

the statement. “As such, participation 

from credible players like Crypto.com 

will further our mission of delivering a 

progressive and future-focused regulatory 

framework.” 

On the other hand, DMCC, the world’s 

flagship free zone and Government of 

Dubai Authority on commodities trade 

and enterprise, has signed two Memoranda 

of Understanding with key South Korean 

entities in the blockchain and metaverse 

fields as it seeks to expand Dubai’s leading 

position as a hub for Web3 businesses 

from across the world. The MoUs were 

signed with the Korea Blockchain Industry 

Promotion Association (KBIPA) and 

Seongnam City during DMCC’s Made for 

Trade Live roadshows in South Korea. 

On 22 March, 2023, Sygnum, the world’s 

first digital asset bank, has announced 

the opening of its Middle East hub in the 

Abu Dhabi Global Market international 

financial centre to provide a portfolio of 

Swiss-regulated crypto banking services. 

Sygnum Bank Middle East has received a 

Financial Services Permission (FSP) from 

the Abu Dhabi Global Market (ADGM) 

Financial Services Regulatory Authority 

(FSRA), following its in-principle approval 

in October 2022. 

The bank will offer personal, conciergestyle 

client service, enabling convenient 

local client access to a portfolio of 

Swiss-regulated digital asset banking, 

asset management, tokenisation and 

B2B banking services. With regional 

The UAE’s 

investordriven 

influx of 

cryptocurrency 

conglomerates is 

set to establish 

the emirate as a 

major player in 

the digital assets 

realm. 

demand for regulated crypto services 

on the rise, clients will be drawn from 

a diverse range of sectors, ranging from 

existing local crypto foundations and 

projects to “traditional” institutional 

investors and qualified HNWI looking for 

trusted crypto asset exposure through a 

regulated partner. 

Sygnum Bank Middle East’s Senior 

Executive Officer, Giulia Finkbeiner- 

Bertoni, said, “The UAE has a proactive 

investment programme, a progressive 

crypto regulatory framework and a 

dynamic, tech-driven economy. We look 

forward to leveraging this momentum by 

bringing Sygnum’s trusted digital asset 

services to Abu Dhabi and the region.” 

The UAE’s growing reputation as a 

hub for cryptocurrency and blockchain 

technology has also led to the establishment 

of several blockchain startups in the 

country. These startups are working 

on innovative solutions that leverage 

blockchain technology to create new 

business models and disrupt traditional 

industries. 

As the movement of investors in 

the UAE continues to attract global 

cryptocurrency conglomerates, the 

country is set to become a major player 

in the world of digital assets. The UAE’s 

progressive approach to cryptocurrency 

and blockchain technology, combined 

with its status as a global financial 

center, makes it an ideal destination 

for companies looking to tap into the 

potential of this exciting new industry. 


Apple Beats Studio 4 headphone 

Apple’s upcoming Beats Studio 

4 headphone is set to release 

as early as October 2023, just 

after the annual September 

product launch. While the specific details 

on the Studio 4 are limited, we can expect 

significant improvements in sound quality 

and active noise cancellation (ANC) 

technology. 

ANC has been rapidly evolving in 

the audio industry, with competitors 

like Sony and Bose leading the market 

with their premium headphones, such 

as the Sony WH-1000XM series. We can 

expect Beats to step up their game and 

deliver a product that can stand up to 

the competition. 

Additionally, the Studio 4 will likely 

have a new and distinct design, unlike 

the AirPods Max line. With the success 

of the Beats Solo Pro model, it will be 

interesting to see what new features the 

Studio 4 will bring to the table. 


Google Pixel 8 

The Google Pixel 8 is the latest 

smartphone release from 

Google, set to be launched on 

May 10, 2023. This device is 

equipped with a Qualcomm Snapdragon 

898+ 5G processor, making it incredibly 

powerful and able to handle even the 

most demanding apps and games. The 

phone has a large 6.61-inch display that 

provides crystal-clear visuals, perfect for 

streaming videos or browsing the web. 

One of the standout features of the Pixel 

8 is its camera setup. The phone boasts 

a 64 MP triple rear camera and a 16 MP 

selfie camera, which will allow users to 

take stunning photos and videos with 

ease. With 128 GB or 256 GB of storage 

and 8 GB of RAM, the Pixel 8 has plenty 

of space to store all your media and apps. 

Additionally, the device has a longlasting 

5000mAh battery, ensuring you 

stay connected all day without having 

to worry about running out of power. 

The Google Pixel 8 will be available in 

black and white, with prices starting at 

AED 2,160 in UAE. 


Real Estate 

Investment Opportunities and Advantages 

in Dubai Real Estate Market 

Dubai’s real estate sector is a secure avenue for investment due to several factors, 

one of which is the emirate’s stable political climate that has been stable for 

many years. Dubai has a robust legal framework that protects property owners’ 

rights and ensures that disputes are handled fairly and efficiently. In this article, 

we will highlight some advantages that makes Dubai’s real estate market safe for 

investors, in addition to the promising opportunities it offers to local and foreign 

investors. 

One of the factors that contribute 

to the safety of real estate 

investments in Dubai is the 

emirate’s open real estate market, 

which makes it accessible to both local 

and foreign investors. The market is also 

well-regulated by government bodies to 

prevent fraudulent activities and ensure 

that transactions are transparent. Moreover, 

Dubai’s real estate sector is diversified, 

with a range of properties available for 

investment; investors have the option 

to invest in residential, commercial, or 

industrial properties, depending on their 

preferences and investment goals. 

Hence, the market offers secure and 

diverse investment opportunities, which 

makes it an attractive destination for 

investors from all around the world. 

Add to this the efforts made by The 

Dubai Land Department, for it always 

keeps a record of all property deals that 

is accessible to the public. This makes 

it simple for investors to examine a 

property’s background and ownership. 

Such transparency minimizes the chances 

of fraud and other fraudulent activities. 

Overall, the government has created 

investor-friendly policies, making it 

easier for foreign investors to invest in 

Dubai’s real estate market. 

As Dubai’s population continues to grow, 

the demand for real estate is on the rise, 

leading to higher property prices and an 

increase in short-term rental demand. 

v 


Stable and Lucrative ROI 

In addition, Dubai’s real estate market 

has a well-established reputation for 

delivering profitable investment prospects 

for individuals seeking a stable Return 

on Investment (ROI). The consistent 

increase in property prices over the years 

serves as a clear indication of the market’s 

strength. The Dubai Land Department’s 

data reveals that the real estate market 

in Dubai presents a competitive yearly 

ROI of 5% to 8.4%, comparable to other 

major global cities such as London, New 

York, and Singapore. This presents an 

attractive opportunity for investors to 

earn a dependable and lucrative ROI. 

As the emirate’s population continues 

to rise, the demand for real estate is 

also on the increase, resulting in higher 

property prices. For instance, reports 

revealed that Dubai real estate market 

continued its upward trend as sales 

transaction surged 43% in February 2023 

on high demand from the foreign investors 

and end-users. The Latest data released 

by Property Finder shows that property 

transactions climbed to 9,020 February 

2023 compared to 6,310 in February 

2022, generating sales revenue of more 

than AED 26.7B in February this year, an 

increase of 65%. The emirate recorded 

9,800 sales transactions in January 2023. 

Furthermore, the Dubai government 

has also implemented several initiatives 

aimed at luring foreign investment into 

the real estate market, such as the UAE 

With the influx of 

businesses to Dubai, 

the job market is 

also expanding, 

resulting in an 

upsurge in midterm 

rental leases. 

Golden Visa program, which offers 

long-term residency visas for property 

investors, contributing to the market’s 

growth and resulting in a higher ROI 

for investors. 

High Rental Demand, High Rental 

Yields 

Dubai’s popularity as a top tourist 

destination has resulted in a surge in 

short-term rental demand, creating a 

profitable market for investors. Due to 

hotels being fully booked months ahead, 

short-term rentals have become a viable 

alternative. As a result, many investors 

have shifted their focus from one-year 

leases to short-term rental properties. 

Moreover, Dubai’s job market is 

expanding as more businesses are 

attracted to the city’s financial benefits. 

This growth has led to an increase in 

mid-term rental leases, which will likely 

generate substantial profits for investors. 

The influx of businesses to Dubai serves 

as a clear indication that rental values 

will continue to rise. 

Furthermore, there will be a rise in 

off-plan properties becoming accessible, 

allowing companies to construct even more 

properties to meet the growing demand. 

This implies that we can expect to witness 

the development of several new projects 

in their initial phases, which will provide 

opportunities for investors to enter the 

market at a substantial discount. The 

development of new residential areas 

will also draw in more companies to 

Dubai as they seek to tap into the skilled 

workforce available in the city. 

To sum it up, the real estate market in 

Dubai is a thriving and dynamic sector 

that caters to both local and foreign 

investors. With its stable political climate, 

robust legal framework, and transparent 

market regulations, the market offers a 

secure and diverse range of investment 

opportunities that are unparalleled 

in the region. In fact, the market has 

an excellent reputation for delivering 

profitable investment prospects with a 

yearly ROI that rivals that of other major 

global cities. 


Real Estate News 

Qatar’s Real Estate Sector Shows Promising Prospects, 

Say CEOs 

CEOs of Qatari real estate 

companies and research 

experts have expressed 

optimism for the sector, 

citing a strong Qatari economy, 

extensive construction operations, and 

completion of economic diversification 

plans within Qatar National Vision 

2030. They note high domestic liquidity, 

increased spending on infrastructure 

and transportation, a rise in the GDP, 

and a growing number of tourists as 

driving factors behind the sector’s 

promising prospects. The experts 

also discussed the performance of the 

real estate sector during the current 

period, expectations for return on 

investment, and the possibility of 

mergers to create major real estate 

entities that can compete locally and 

globally. The hosting of the FIFA World 

Cup Qatar 2022 is expected to further 

boost the sector. 

King Abdullah Financial District wins key building 

certification 

Nakheel awards contracts 

for new Jebel Ali 

gated community 

Nakheel, the Dubai-based 

master-developer, has 

awarded a construction 

contract for Jebel Ali Village, 

a gated residential community with 

luxury villas and townhouses. The 

villas and their infrastructure will 

be built by iBuild Construction, 

while the townhouses and their 

infrastructure will be constructed 

by United Engineering Construction 

Company. The development features 

green spaces, water features, cycling 

tracks, sports courts, children’s play 

areas, community parks, a vegetable 

farm, and a recreation club. Jebel Ali 

Village is strategically located near 

Sheikh Zayed Road and Ibn Battuta 

Mall, providing easy access to key 

locations in Dubai. Work is currently 

underway on the project. 

Knight Frank, the global property 

consultancy, has awarded 

the WiredScore and Smart- 

Score building certification 

to the King Abdullah Financial District 

(KAFD) in Riyadh, Saudi Arabia. 

WiredScore is a certification of 

a building’s digital infrastructure and 

connectivity, while SmartScore is given 

to buildings that exhibit advanced 

innovation, market-leading technology, 

and future-proofing measures. Knight 

Frank praised the KAFD’s excellence 

in achieving the certification, noting 

that it followed on from the firm’s Platinum 

SmartScore certification of the 

Brookfield Properties’ ICD Brookfield 

Place in Dubai in November 2021. The 

certifications are a testament to the 

KAFD’s quality, according to James 

Lewis, Managing Director Middle East 

and Africa, Knight Frank. 

Consortium appointed 

for master plan of 

Salalah Smart City 

The Ministry of Housing and 

Urban Planning in Oman 

has enlisted a consortium 

of international consultants 

to develop the master plan for the 

Salalah Smart City project. F&M Middle 

East, Cundall, MIC-HUB, Cavendish 

Maxwell, and Skyne are leading the 

consortium, with HMR Consultants, 

TRM Engineering Consultants, and 

Milcris Oman offering their local 

expertise. The consortium’s focus will 

be on creating a sustainable and livable 

city that prioritizes pedestrian-friendly 

designs, community engagement, and 

environmental stewardship. The plan 

will also emphasize reducing car use, 

increasing transit and mobility services, 

promoting shared and on-demand 

transportation, and integrating digital 

platforms for an efficient and connected 

mobility system. Salalah Smart City is 

expected to present a bold vision for 

the future of the area, with a focus on 

sustainability and innovation. 


Bahrain’s iconic waterfront 

shopping and 

leisure hub set for Q4 

launch 

Eagle Hills Diyar announced that 

Marassi Galleria, a 200,000 

square metre shopping 

and leisure hub located in 

the Marassi Al Bahrain waterfront 

development, is nearly complete and 

set to open in Q4. The entertainment 

centre boasts a gross leasable area 

of 114,000 sq m with over 450 stores 

including prestigious brands, occupying 

three levels. The mall is connected to 

two five-star hotels; the Vida Beach 

Resort and the Address Beach Resort 

as well as luxury serviced apartments. 

Marassi Galleria is expected to 

become a must-visit attraction and a 

destination of choice for both residents 

and tourists who wish to experience 

luxury shopping, al fresco dining with 

uninterrupted sea views. 

Premium luxury project Baccarat Residences 

launched in Dubai 

Lu xhabitat Sotheby’s 

International Realty has 

launched the Exclusive Baccarat 

Residences, an ultra-luxury 

residential complex, in Downtown 

Dubai. The development features 49 

spacious apartments, including two- to 

five-bedroom units, across 24 floors. 

The Baccarat Residences, which is 

owned by Shamal and developed in 

collaboration with H&H Development, 

offers unparalleled service and iconic 

design, while overlooking the Burj 

Khalifa. The branded residence is “a 

visionary real estate development that 

combines elegance and effortless style,” 

the company said in a statement. George 

Azar, chairman and CEO of Luxhabitat 

Sotheby’s International Realty, said the 

project has already seen “exceptional 

interest,” with residences selling for a 

record-breaking AED 14,000 ($3,811) 

per sq ft. 

ZāZEN sells 75% units at Dubai residential 

development 

ZāZEN Properties, a sustainable 

property developer in the UAE, 

has sold 75% of the units in its 

off-plan development in Dubai’s 

Al Furjan community. The development, 

called ZāZEN Gardens, features 159 

apartments ranging from 824 to 1,612 

square feet and is Leed-Gold-certified. 

Construction is over 25% complete, with 

a scheduled handover in April 2024. 

The off-plan sales market has seen 

an increase of 86% since 2021, with a 

42.1% increase in the first two months 

of 2023 compared to the same period 

last year. Developers are innovating 

to attract foreign direct investment 

(FDI) and boost the UAE’s economy, 

with wellness residential developments 

becoming increasingly popular. 

Dubai registers 88 luxury home sales over $10M in Q1 2023 

Dubai’s luxury real estate 

market continues to grow, 

with 88 homes sales above 

$10M registered in Q1 2023, 

worth AED 6B, according to a new 

analysis from property consultant 

Knight Frank. The Palm Jumeirah, 

Emirates Hills and Jumeirah Bay 

Island were the most popular locations 

for luxury home sales, with average 

transacted prices for $10M homes 

reaching AED 8,800 per sq ft in these 

areas during the first quarter. Other 

locations in the city are also fast rising 

prime status. Dubai recorded 219 deals 

above $10M in 2022, making it the fourth 

busiest luxury homes market globally. 


Funding & Investment 

The UAE Expands Economic and 

Trade Relations to Boost Investment 

Opportunities 

The UAE has been expanding its economic and trade relations with countries 

across the globe, including the United States, China, India, and the European 

Union. The government has been implementing various policies and initiatives to 

make it easier for foreign investors to do business in the country. In this article, 

we delve into the UAE’s latest agreements and initiatives to boost investment 

opportunities. 


The UAE’s efforts to boost its 

foreign partnerships have been 

successful in attracting more 

investment to the country, and 

it is likely that this trend will continue in 

the future. Recently, the UAE and China 

discussed investment opportunities in new 

economic sectors, trade, transportation 

& technology. Additionally, the UAE and 

Republic of Congo discussed enhancing 

economic cooperation and boost investment 

exchanges between the two nations. 

Moreover, they UAE is set to invest USD 

30 billion in South Korea over the next 

few years. 

During the recent UAE-China Economic 

Forum in Dubai, H.E. Abdullah Ahmad Al 

Saleh, the Undersecretary of the Ministry 

of Economy, held a bilateral meeting 

with Zhang Xiangchen, the Deputy 

International Trade Representative for 

the People’s Republic of China. They 

discussed joint investment opportunities 

in various economic sectors such as trade, 

logistics, real estate, financial services, 

technology, and insurance activities. 

H.E. Al Saleh highlighted that the 

UAE is China’s top trade partner among 

the Arab and GCC countries, and China 

is the UAE’s top global trade partner. 

The non-oil trade value between the 

two countries exceeded $72B in 2022, 

indicating an 18% growth from 2021. 

Additionally, investment exchanges 

between the two countries are continuously 

growing in sectors such as real estate, 

logistics, storage, financial services, 

insurance activities, manufacturing, and 

information technology. In early 2021, it 

amounted to almost $12B. China is also 

the UAE’s third-largest foreign investor, 

with investments worth $9.3B as of the 

beginning of 2021, showing a 514.5% 

increase compared to 2013. 

Furthermore, H.E. Al Saleh briefed 

the Chinese side about the UAE’s 

economic policies that aim to improve 

its investment environment’s growth and 

competitiveness. These policies include 

providing incentives and enablers to 

encourage the private sector to invest and 

expand in the UAE’s markets, amending 

the Commercial Companies Law to allow 

100% foreign ownership, enhancing labor 

mobility, and modernizing the country’s 

residency system. 

On the other hand, H.E Dr. Thani bin 

Ahmed Al Zeyoudi, Minister of State 

for Foreign Trade, met with H.E. Denis 

Christel Sassou Nguesso, Minister of 

International Cooperation and Public- 

Private Partnership Development of the 

Republic of the Congo, to discuss how to 

enhance economic, trade, and investment 

cooperation between their countries. 

H.E. Al Zeyoudi highlighted the UAE’s 

commitment to strengthen their ties the 

Congo and increase non-oil trade between 

the two countries in order to diversify 

their investments. The two ministers 

explored ways to deepen economic and 

trade partnerships, particularly in the 

areas of transport and warehousing, 

ports and logistics, food security, and 

natural resources, in a mutually beneficial 

way. According to recent data, non-oil 

trade between the UAE and the Congo 

amounted to $2.3B in 2022, with nonoil 

exports from the UAE to the Congo 

totaling nearly $57M. 

Furthermore, H.E. Al Zeyoudi and H.E. 

Dukgeun Ahn, the Minister of Trade of the 

Republic of South Korea, met in Dubai to 

discuss joint investment opportunities in 

various fields, including trade, industry, 

real estate, insurance, health, technology, 

digital transformation, and food security. 

The meeting was attended by the South 

Korean Ambassador to the UAE and 

representatives from various South 

Korean government entities. 

The non-oil trade between the UAE 

and South Korea in 2022 reached nearly 

AED 19.5B, showing a 14% increase 

from the previous year. UAE exports 

to South Korea grew by 17.5% in 2022, 

exceeding AED 2.8B, while re-exports to 

South Korea totaled AED 1.3B. The two 

ministers agreed to enhance trade and 

investment cooperation between the UAE 

and South Korea through joint efforts, 

and to implement the recently signed 

Memorandum of Understanding (MoU) 

between the UAE Ministry of Economy 

and the South Korean Ministry of Trade, 

Industry, and Energy. The MoU aims to 

facilitate import and export procedures 

for exporters and importers in both 

markets to create more investment and 

trade opportunities for the private sector. 

The UAE plans to invest nearly $30B in 

South Korea in the coming years, while 

South Korean FDI in the UAE totaled 

$2.2B up until the beginning of 2021. 

The UAE has been increasing its 

economic and trade links with nations 

worldwide, and the government has 

been introducing diverse measures and 

programs to facilitate the operations of 

overseas investors in the country. 

The UAE has been making tremendous 

efforts to enhance its economic and trade 

ties with nations worldwide to become 

an increasingly prominent player in 

the global economy. The government 

has implemented a variety of measures 

and programs aimed at facilitating the 

operations of foreign investors in the 

country, in addition to signing several 

bilateral and multilateral trade agreements 

with various countries to boost its trade 

relations and promote investment; these 

agreements provide investors with access 

to new markets, increased protection, 

and better trade terms. 


Funding and Investment News 

AD Ports signs funding 

deal worth $2B with 13 

banks 

AD Ports Group has secured 

a $2B funding deal with 13 

banks to improve its financial 

position. The general 

corporate facility agreement includes 

a multi-currency facility with three 

tranches amounting to $656M, $620M 

and $778M. The facility, which has a 

tenure of up to two-and-a-half years, 

was oversubscribed 3.7 times. AD 

Ports Group, which operates industrial 

cities and free zones, said the success 

of the funding reflected its “profitable 

and enduring business” and “strong 

financial position”. Capt Mohamed Al 

Shamisi, managing director and group 

CEO of AD Ports Group, said the deal 

showed the confidence banks had in 

its “long-term financial performance”. 

ADCEB, ADNEC launch fund to develop business 

tourism 

Abu Dhabi Convention and Exhibition 

Bureau (ADCEB) has 

partnered with ADNEC Group 

to boost business tourism in 

the emirate. The newly formed ADCEB 

and ADNEC Group Joint Fund will 

offer financial incentives and support 

to corporate meeting planners and incentive 

houses, and promote Abu Dhabi 

as a safe and fully open destination for 

business tourism. The partnership will 

combine the joint marketing efforts of 

ADCEB and ADNEC Group to attract 

large-scale and high-profile events to 

Abu Dhabi. This move is part of AD- 

CEB’s strategy to use public-private 

partnerships to increase B2B events 

and incentive travel in the emirate, 

and further establish Abu Dhabi as a 

leading global destination for business 

events of all kinds. 

Ajman Chamber explores trade and investment 

collaboration with Bulgarian Embassy 

Abu Dhabi’s Hub71 

startups raised $1B, 

created over 900 jobs 

Abu Dhabi’s global tech ecosystem, 

Hub71, has revealed 

in its Impact Report that the 

startups it onboarded collectively 

raised almost AED 4B ($1B) in 

venture capital and created over 900 

jobs by the end of 2022. The report 

also stated that Hub71’s community 

of startups increased by 102% to over 

200 in 2022, with 51 new early-stage 

companies relocating to Abu Dhabi to 

scale exponentially. The ecosystem’s 

investors include Mubadala Investment 

Company, more than 30 VC firms, family 

offices, and commercial partners. Nine 

out of the 51 startups onboarded in 2022 

raised more than AED 36.7M ($10M) 

each, reflecting AED 575M ($156.7M) 

collectively. 

H.E. Abdullah Al Muwaji, 

the Chairman of the Ajman 

Chamber of Commerce and 

Industry (ACCI), recently 

met with H.E. Ivan Jordanov, the Ambassador 

of the Republic of Bulgaria 

to the UAE. The two discussed the 

possibilities of enhancing trade and 

investment cooperation between the 

two countries and promoting bilateral 

relations. The meeting, held at the 

Ajman Chamber’s headquarters, was 

also attended by other officials. The 

chairman emphasized the importance of 

the meeting in expanding the economic 

network that supports business development 

and attracts more investments 

to Ajman. 


Qatar’s Investment Landscape Goes Digital with 

IPA Qatar’s Invest Qatar Gateway 

The Investment Promotion 

Agency Qatar (IPA Qatar) has 

unveiled Invest Qatar Gateway, 

the first digital platform for 

investors looking to do business in Qatar. 

The free online resource will assist 

foreign investors and companies in the 

country by helping them search for new 

business partners and opportunities 

in the public and private sectors. The 

platform will also provide resources 

for businesses looking to expand in 

Qatar. Investors can explore current 

tenders and connect with other members 

and IPA Qatar’s investor relations 

team for direct support in setting up 

or growing their businesses across 

various sectors. Additionally, IPA Qatar 

will launch Access Qatar, a platform 

to help foreign investors arrive in the 

country, in Q2 2023. 

UAE announces $135.8M 

investment in university 

infrastructure and smart 

clinics 

Investopia has announced the 

launch of “Smart Clinics” in 

the Middle East, with the aim 

of improving life quality and 

establishing wellness pathways using 

technology and precision healthcare. 

The announcement was made during 

the Investopia 2023 conference in Abu 

Dhabi, where the investment platform 

also signed a partnership with Italian 

GKSD Investment Holding Group and 

Gruppo San Donato (GSD), Italy’s 

leading private hospital group. The 

collaboration will see an investment of 

€125M ($141M) in new projects in the 

UAE and the wider region, including 

university infrastructure and smart 

clinics. Investopia aims to drive global 

investments in new economic sectors, 

including healthcare. 

Masdar secures funding for 

Uzbekistan solar projects 

DP World’s overseas logistics investments since 

2012 cross $10B mark 

Abu Dhabi’s renewable energy 

company, Masdar, has 

secured funding from several 

banks for its three solar 

photovoltaic projects in Uzbekistan. 

The funding will be provided by the 

Asian Development Bank, Asian 

Infrastructure Investment Bank, the 

European Bank for Reconstruction 

and Development, and the European 

Investment Bank. The Dutch 

Entrepreneurial Development Bank, 

FMO, and ILX are also participating 

in the funding. The projects, which 

have a combined capacity of around 

900 MW, include the Sherabad Solar 

Project with a capacity of 457 MW, 

and the Samarkand and Jizzakh solar 

projects, each with a capacity of 220 

MW. The projects aim to displace more 

than one million tonnes of carbon 

emissions annually. 

DP World has emerged as a 

significant global investor 

in the logistics sector, with 

investments worth over $10B 

since 2012, according to recent foreign 

direct investment data. The company’s 

investments have placed it among the 

top five foreign investors in the logistics 

sector, along with industry giants such 

as Amazon and AP Moller Maersk. Interestingly, 

DP World is the only company 

in the top five that is headquartered 

outside of Europe and the US. Despite 

a global economic slowdown leading 

to a stall in the demand for logistics 

services, DP World has invested $320M 

(AED 1.18B) in the past year. 


Digital Assets 

UAE’s Digital Asset Investment Landscape 

Gaining Momentum 

The UAE has recently seen a significant increase in investments within the digital 

asset space, a growth that can be attributed to the country’s proactive approach 

towards fostering innovation and modern technology. With supportive regulatory 

frameworks in place, coupled with a favourable business environment, the UAE has 

been able to attract several key players in the digital assets sector. As the trend towards 

digitalization continues to gather pace, the UAE is poised to remain at the forefront 

of this fast-evolving landscape, driving innovation and shaping the future of finance. 

The UAE’s recent initiatives evince its 

dedication to bolstering Web3 start-ups and 

blockchain technologies. 

v 


v 

Several bodies are actively 

supporting and promoting the 

growth of the digital assets’ 

ecosystem in the United Arab 

Emirates. For instance, the Dubai 

Multi Commodities Centre (DMCC) has 

launched a comprehensive regulatory 

framework for digital assets and 

cryptocurrencies, which provides a 

clear and transparent framework for 

market participants. Additionally, the 

Abu Dhabi Global Market (ADGM) 

has set up a regulatory framework for 

digital asset exchanges and custodians, 

creating a conducive environment 

for digital asset businesses to thrive. 

The UAE Central Bank has also been 

actively exploring the potential of digital 

currencies, with plans to launch its 

own digital currency in the near future, 

making the issuance of digital currency 

one of the top priority objectives of the 

country’s 2023-2026 roadmap. 

With such support from key regulatory 

bodies, the digital assets industry in the 

UAE is well-positioned for growth and 

innovation in the coming years. This 

will not only attract global investors an 

key industry player, but will also boost 

the country’s economy and reinforce 

its business-friendly environment. 

Moreover, the influx of global investors 

and key industry players also brings 

with it new technologies, expertise, and 

best practices that can help enhance 

the country’s competitiveness in the 

global marketplace. 

To that end, for instance, H.H. Sheikh 

Saud bin Saqr Al Qasimi, Ruler of 

Ras Al Khaimah, has recently issued 

laws to establish the world’s first 

free zone dedicated to digital and 

virtual assets companies. The Ras 

Al Khaimah Digital Assets Oasis is a 

government authority that operates 

independently and is associated with 

the Department of the Future, created 

under Law No. 2 of 2023. The law 

confers financial, administrative, and 

legislative autonomy to the RAK Digital 

Assets Oasis, enabling it to serve as a 

specialized free zone that promotes 

innovation in the virtual assets industry. 

The RAK Digital Assets Oasis will 

be the first free zone globally that 

is dedicated exclusively to digital 

and virtual asset firms, featuring a 

customized and extensive digital asset 

strategy that fosters innovation. The 

newly-established Department of 

the Future will have a crucial role in 

advancing innovation and propelling 

the Emirate’s economic growth in 

The UAE’s collaborations with prominent 

research centres and digital asset exchanges 

have reinforced its standing as a dependable 

and innovative player in the digital asset 

arena. 

the era of digital technology. Its aim 

is to establish Ras Al Khaimah as a 

pioneering force in entrepreneurship 

and innovation within the digital and 

virtual assets industry. 

Moreover, Hub71, a technology 

ecosystem in Abu Dhabi, has introduced 

a new program known as “Hub71+ 

Digital Assets,” with the aim of 

promoting Web3. With more than 

$2B of funding for Web3 startups and 

blockchain innovations in Abu Dhabi, 

“Hub71+ Digital Assets” gives startups 

access to a comprehensive range of 

resources, projects, and business, 

governmental, and investment partners 

in both local and global markets. 

The program is headquartered at 

Hub71 in the Abu Dhabi Global Market 

(ADGM) and provides Web3 startups 

with a modern regulatory environment 

and advanced blockchain and virtual 

asset infrastructure. FABRIC, the 

research and development centre of 

First Abu Dhabi Bank (FAB), is the 

primary partner of Hub71+ Digital 

Assets, while digital asset exchanges 

and service providers help with the 

discovery, trading, and protection of 

digital assets. 

Furthermore, Dubai’s Virtual Asset 

Regulatory Authority (VARA) has 

released the Virtual Assets and Related 

Activities Regulations 2023, which 

establish a thorough Virtual Asset (VA) 

Framework founded on principles of 

financial stability across borders and 

economic sustainability. The main 

objective of VARA is to position Dubai 

as a regional and international hub for 

Virtual Assets and related services and 

to develop a digital economy in the city 

to boost its competitive edge locally 

and internationally. Additionally, it aims 

to empower investors and increase 

awareness about Virtual Asset services 

and products and encourage innovation 

to promote real opportunity. Moreover, 

VARA promotes the new world of 

Virtual Assets and attract investments 

and businesses to set up their base in 

the Emirate of Dubai. 

Crypto.com, a company with over 

80 million customers globally and 

recognized as the industry leader in 

adhering to regulations, security, and 

privacy, has recently entered Dubai. 

The company has announced that it has 

obtained its MVP Preparatory License 

from Dubai’s Virtual Assets Regulatory 

Authority (VARA). “Once licensed to 

be operational, Crypto.com will be 

able to extend its approved suite of 

duly regulated virtual assets activities 

spanning a range of crypto exchange 

services (spot and derivatives), 

brokerage, margin/leverage trading, and 

OTC offerings around settlements for 

institutional investors,” as mentioned 

in the VARA’s PR. 

The UAE’s recent initiatives 

demonstrate the country’s commitment 

to supporting Web3 start-ups and 

blockchain technologies. With a growing 

regulatory environment and worldclass 

infrastructure, the UAE is wellpositioned 

to attract and accommodate 

digital asset investors from around 

the world. Furthermore, the country’s 

partnerships with leading research 

centres and digital asset exchanges and 

service providers have strengthened its 

reputation as a reliable and innovative 

player in the digital asset space. 


www.thefinanceworld.com 75

Stock Market 

Promising Investment Opportunities in 

the UAE Stock Market 

Investing in the UAE stock market provides investors with access to a wide range of 

investment opportunities in various sectors such as banking, real estate, construction, 

and energy. The DFM, ADX, and Nasdaq Dubai exchanges offer a diverse mix of local 

and international companies that provide investors with exposure to both domestic 

and global markets. In this article, we explore the UAE stock market and the promising 

investment options it offers to investors. 

The stock market of the United Arab Emirates provides a diverse 

range of investment opportunities, which have the potential to yield 

significant returns for investors. 

v 


Investing in the UAE stock market 

can offer attractive returns, as the 

country’s strong economic growth 

and government initiatives have 

supported the development of a dynamic 

and rapidly evolving market. However, 

investors should also be aware of the 

potential risks associated with investing 

in stocks and should carefully consider 

their investment objectives and risk 

tolerance before entering the market. 

Overall, with the right research and 

investment strategy, the UAE stock 

market can provide investors with an 

opportunity to diversify their portfolio 

and potentially achieve long-term 

financial goals. 

The UAE stock market offers investors 

a variety of investment opportunities 

that can potentially generate returns. 

This include subscribing to Initial 

Public Offerings (IPOs), which offer 

investors several opportunities such 

as the access to promising new 

companies; these companies may have 

strong growth potential, innovative 

business models, and competitive 

advantages that could translate into 

long-term value for investors. IPOs also 

present great opportunities for capital 

gains, for investors have the chance 

to make substantial profits through 

IPOs because the stock price of a 

recently-listed company can experience 

significant growth during the initial 

days and weeks after the IPO, offering 

an attractive prospect for short-term 

investment gains. 

Recently, Abu Dhabi Securities 

Exchange (ADX) introduced the 

eIPO Investor Portal, which offers a 

straightforward, speedy, and hasslefree 

approach to completing the IPO 

subscription process. As long as an 

investor has a valid NIN (National 

Investor Number) and an active bank 

account with any UAE bank, they can 

apply for the IPO through the eIPO 

Investor Portal. Investors can also 

subscribe to the IPO through the portal 

or any of the receiving banks that are 

participating in the IPO. 

For instance, ADNOC Gas witnessed 

a significant increase in its gains and 

capital profits, surpassing AED 33.8B 

($9.2B) on its initial day of trading 

following the recent IPO launch at 

Abu Dhabi Securities Exchange. The 

company’s market capitalization 

jumped from AED 181.9B ($50B) to 

AED 215.6B ($58.7B) by the end of the 

trading session, with a closing price of 

AED 2.81 per share, marking an 18.6% 

rise compared to the final offering price. 

In the first trading day, there was a 

high level of activity, with 276.2 million 

shares worth AED 781.9M exchanged 

through 8,921 executed trades. 

Furthermore, Presight AI, a company 

under G42 and a major player in big data 

analytics driven by artificial intelligence 

in the region, has recently revealed that 

its IPO has been fully subscribed. The 

IPO has garnered a gross demand of 

AED 94.9B ($25.8B), and in total, it was 

oversubscribed by 136 times, excluding 

the International Holding Company’s 

commitment as the cornerstone 

investor. Thomas Pramotedham, the 

CEO of Presight AI, expressed his 

pleasure at the great interest shown by 

both retail and professional investors 

in the company’s IPO. 

On the other hand, Nasdaq Dubai’s 

operating region has expanded its 

financing options by accessing the 

global capital markets through various 

types of traditional bonds such as 

Floating Rate Notes (FRNs) and 

Medium-term Notes (MTNs). These 

conventional bonds, including Euro 

Medium Term Notes (EMTN) from 

leading UAE banks and a Medium Term 

Note (MTN) from a significant Dubai 

Government corporate entity, are listed 

with a total nominal value of $4B. 

These bonds offer several benefits to 

investors, such as the regular income 

stream through coupon payments. It is 

also considered a safe investment; if a 

company goes bankrupt, debt holders 

are generally ahead of shareholders in 

the queue to be paid. 

Additionally, Dubai Financial Market 

offers several investment opportunities, 

including investing in assets such as 

company shares, bonds, and futures, 

which can help investors build wealth 

far more effectively than saving alone. 

Moreover, Dubai is ranked number one 

in attracting foreign direct investment 

in the Middle East and North Africa, 

with $3.73B in 2021. It is also a global 

leader in the Islamic economy, with 

$81.2B Sukuk listed as of 2022 and 62% 

of global Sukuk issuances originating 

in the UAE in 2020. 

Overall, the UAE stock market offers 

promising investment opportunities 

to investors with a diverse mix of 

local and international companies 

in various sectors. Investing in the 

market can provide attractive returns, 

but investors should also carefully 

consider their investment objectives 

and risk tolerance. Subscribing to 

IPOs, investing in bonds, and other 

investment opportunities can help 

investors build wealth and achieve 

their long-term financial goals. With the 

right research and investment strategy, 

the UAE stock market can provide a 

valuable opportunity for investors to 

diversify their portfolios and potentially 

earn substantial profits. 


Wheels 

ASTON MARTIN DBS 770 ULTIMATE 

The Aston Martin DBS 770 

Ultimate is an exclusive and 

limited-edition supercar that 

takes the iconic DBS design to 

new heights. It is the ultimate expression 

of the company’s performance, 

engineering, and design expertise, 

and it represents the pinnacle of the 

Aston Martin brand. 

The heart of the DBS 770 Ultimate 

is its 5.2-liter twin-turbocharged V12 

engine, which is capable of producing 

a staggering 770 horsepower and 900 

Nm of torque. This power is transmitted 

through an eight-speed automatic 

gearbox to the rear wheels, providing 

an exhilarating driving experience 

that is sure to delight even the 

most demanding enthusiasts. The 

suspension, steering, and transmission 

of the DBS 770 Ultimate have been 

extensively re-engineered to provide 

exceptional response and handling. 

The car’s underbody structure has 

also been optimized for improved 

aerodynamics, reducing lift and 

improving stability at high speeds. 

The result is a car that feels incredibly 

agile and nimble, yet reassuringly 

stable and composed even at the limits 

of its performance. In addition to 

its incredible performance, the DBS 

770 Ultimate also features striking 

design changes that give it a more 

aggressive and muscular appearance. 

The front splitter, horse-shoe vent, 

and rear diffuser all contribute to the 

car’s improved aerodynamics, while 

the larger carbon-ceramic brakes 

provide exceptional stopping power. 

Inside, the DBS 770 Ultimate features 

a luxurious and bespoke interior that 

is tailored to the individual tastes of 

each owner. Premium materials such 

as Alcantara, leather, and carbonfibre 

are used throughout, creating a 

sense of exclusivity and refinement 

that is synonymous with the Aston 

Martin brand. The Aston Martin DBS 

770 Ultimate is a truly remarkable 

supercar that combines exceptional 

performance, engineering, and design 

in a way that is unmatched by any other 

car on the road today. Its exclusivity 

and limited availability only add to its 

allure, making it a highly sought-after 

car among collectors and enthusiasts 

alike. 



Horsepower: 770 HP 

Torque: 900 Nm 

Acceleration: 211 mph 


Corporate Tax 

UAE Corporate Tax to Create New 

Investment Opportunities 

Although some may perceive the addition of corporate tax in the UAE as reducing 

the country’s attractiveness to international investors, it is necessary to consider the 

wider impact of this development in order to gain a comprehensive understanding of 

its implications. The implementation of this legislation is predicted to generate fresh 

investment prospects, and in this article, we explore the latest aspects demonstration 

this potential. 


Corporate tax implementation in the 

UAE has the potential for reducing oil 

dependency and opening new avenues 

for investment and business expansion. 

RNG Management Consultancies 

located in UAE and Astrazure 

Legal Services Private Ltd 

from India have entered into 

a formal agreement (MoU) to assist 

companies and businesses operating in 

the UAE to prepare for the upcoming 

UAE Corporate Tax Law, which is 

scheduled to be enforced starting from 

June 1, 2023. They will collaborate on 

various domains such as UAE corporate 

tax law, global taxation, transfer pricing, 

and value-added tax (VAT). The two 

companies’ focus will primarily be on 

tax impact assessments, organizing 

business structures, outlining standard 

operating procedures, upgrading IT 

systems, and ensuring tax compliance. 

According to CA Chirag Gupta, a 

Partner at RNG Group, the combined 

expertise of both companies will 

provide customers in the UAE with 

a more cost-effective and efficient 

solution for complying with UAE 

corporate tax requirements, thereby 

decreasing the risk of non-compliance 

by implementing proper procedures 

before the deadline. 

During a workshop on “UAE 

corporate tax and transfer pricing” 

held on February 18 in Dubai by RNG 

Management Consultancies, CA Atul 

Gupta, Past President of ICAI and Board 

Member of IFAC, mentioned that the 

implementation of corporate tax in the 

UAE would create fresh growth and 

investment possibilities. The Consul 

(Economic, Trade & Commerce) at the 

Consulate General of India in Dubai, 

K Kalimuthu, was the chief guest at 

the event. Gupta emphasized that an 

open and transparent regime always 

welcomes new opportunities, and the 

implementation of UAE corporate tax 

would be a significant step in that 

direction. 

Although the introduction of 

corporate tax in the UAE might be 

viewed as reducing the country’s 

attractiveness to foreign investors, 

it is crucial to examine the broader 

context in order to fully comprehend 

its implications. The average global 

statutory corporate income tax rate 

is 23.37%, based on 180 jurisdictions, 

and rises to 25.43% when weighted by 

gross domestic product (GDP). With a 

rate of 9%, the UAE has the third-lowest 

corporate tax rate in the world and 

is one of only three OECD member 

nations among the top 20 countries 

with the lowest corporate tax rates. 

This underscores the UAE’s success 

in balancing its obligations and 

commitments to the OECD with its goal 

of remaining an appealing investment 

destination. It has found a delicate 

equilibrium between adhering to the 

OECD’s global minimum effective tax 

rate and maintaining investor confidence 

and interest, which is especially relevant 

as countries are under increasing 

pressure to revamp their tax systems 

and align with changing global standards 

and regulations. Furthermore, the 

introduction of corporate tax in the UAE 

represents a significant move towards 

the country’s goals of diversification, 

as this new revenue stream will enable 

it to further decrease its dependence 

on oil revenues and finance projects 

beyond the energy sector. 

Additionally, the government will be 

able to invest more in infrastructure 

projects, including transportation 

networks, water and electricity supply 

systems, and telecommunications 

networks, which will help promote 

the growth of other industries and 

create fresh opportunities for foreign 

investment. Corporate tax revenues will 

also enable the government to expand 

initiatives aimed at supporting small 

and medium-sized enterprises (SMEs) 

which will have access to critical 

resources such as capital, mentorship, 

and networking opportunities, all of 

which will play a crucial role in fostering 

the UAE’s startup ecosystem and 

supporting entrepreneurs in achieving 

their goals. 

The implementation of the corporate 

tax law is a significant step forward 

in the UAE’s economic development 

and growth. Not only will it help to 

reduce the country’s reliance on oil 

revenues, but it will also create new 

opportunities for investment and 

business expansion. By establishing a 

more predictable and stable tax regime, 

the UAE is signalling its commitment 

to the business community and sending 

a message that it is open for business. 

Additionally, this will help to attract 

a wider range of investors, including 

those who are looking for stable and 

predictable returns over the long term. 


Corporate Results 

National Bank of Kuwait 

Q1’23 Net Profit: KWD 134M 

National Bank of Kuwait (NBK) has 

reported a strong Q1 2023 performance, 

with a net profit of KWD 134M, marking 

a 15% YoY increase. The lender’s growth 

was driven by higher net interest 

income, although this was partially 

offset by higher operating expenses 

and impairment charges. Despite these 

challenges, the bank’s results were in line 

with analysts’ expectations, according 

to Refinitiv data. The bank reported 

operating revenue of KWD 277.9M for 

the quarter, compared to KWD 234.6M 

in the same period last year. NBK’s 

performance is a positive sign for the 

Gulf country’s banking sector, which has 

been impacted by a challenging economic 

environment in recent years. 

Vodafone Qatar 

Q1’23 Net Profit: QR 133M 

Vodafone Qatar has reported a strong 

Q1 2023 performance with a net profit 

of QR 133M, up 24.2% YoY, and total 

revenue of QR 776M, up 6.2% YoY. The 

telecom provider’s growth was driven 

by continued expansion in its post-paid, 

fixed broadband services (GigaHome), 

managed services, Internet of Things 

(IoT), and handsets. Service revenue 

also increased by 12.3% YoY to reach 

QR 687M. Vodafone Qatar’s EBITDA 

for the period increased by 6.4% YoY 

to QR 320M due to higher service 

revenue and effective cost optimization. 

The company’s EBITDA margin also 

continued to expand, reaching 41.3%. 

The telecom provider is now serving 2.1 

million mobile customers, up 4.1% YoY. 

United Arab Bank 

Q1’23 Net Profit: AED 54M 

United Arab Bank (UAB) has reported 

a Q1 2023 net profit of AED 54.8M, 

up 80% YoY from AED 30.4M in Q1 

2022, driven by improved net interest 

income and lower provision charges. 

The bank’s total operating income grew 

5% YoY, thanks to a 38% increase in net 

interest income. UAB also reduced its 

provision charges by 91% YoY in Q1 

2023, having improved its portfolio 

underwriting in higher quality assets 

and achieved higher recoveries. The 

bank’s capital base was strengthened 

by $150M through the issuance of AT1 

capital instrument, which increased its 

capital adequacy ratio to 19.3% and Tier 

1 Capital ratio to 18.1%, both well above 

the regulatory requirements. UAB’s 

liquidity profile remains strong with 

an advance to stable resources ratio 

of 80% and eligible liquid asset ratio of 

21%, both comfortably above regulatory 

thresholds. The bank’s NPL ratio was 

7.8%, a significant improvement from 

11.4% in Q1 2022. 

Dubai Islamic Bank 

Q1’23 Net Profit: AED 1.5B 

Dubai Islamic Bank, the largest Islamic 

lender in the UAE, has announced a 

12% increase in its Q1 2023 net profit 

to AED 1.5B ($408M) compared to the 

previous year, due to higher revenues 

and lower impairments. The bank’s 

earnings surpassed Refinitiv’s average 

analysts’ estimate of AED 1.43B. Dubai 

Islamic Bank reported a 1% increase in 

net financing and sukuk investments, 

amounting to AED 240B year-to-date, 

with AED 21B in new underwriting 

in Q1 2023, up from AED 15B in Q1 

2022. The bank also noted a 24% YoY 

decrease in impairment charges, with 

net operating revenues rising 12% YoY 

to AED 2.75B. 

Masraf Al Rayan 


Qatar’s Masraf Al Rayan has posted a 

Q1 2023 net profit of QR 385M ($106M), 

down YoY due to rising fund costs, 

the bank’s CEO Fahad bin Abdulla al- 

Khalifa has said. The total income for 

Q1 2023 was QR 2.27B, up 46% YoY. 

The bank’s capital base is robust, with 

a capital adequacy ratio of 20.73%, and 

it has a strong funding and liquidity 

profile, with a liquidity coverage ratio 

above the regulatory requirement. The 

bank has laid the foundation stone for 

process enhancement to invest more 

in technology and enhance customer 

experience, said H.E. the Minister 

of Commerce and Industry Sheikh 

Mohamed bin Hamad bin Qassim al- 

Thani, who is also the chairman of 

the board. 

Ahli Bank 


Qatar’s Ahli Bank has announced a net 

profit of QR 205M ($56.31M) for Q1 2023, 

representing a YoY surge of 6.9%. The 

bank’s CEO, Hassan Ahmed AlEfrangi, 

said the steady financial performance 

was due to the bank’s focus on business 

development initiatives, technology and 

digitisation programmes. He added that 

the bank has embarked on an ambitious 

strategy aimed at deepening customer 

relationships and meeting more of their 

financial needs. Ahli Bank’s chairman, 

Sheikh Faisal bin AbdulAziz bin Jassem 

al-Thani, said the results demonstrate 

that the bank is heading in the right 

direction with its chosen strategy 

despite global headwinds. 


QEWC 


Qatar Electricity and Water Company 

(QEWC) has announced a 3% YoY rise 

in net profit to QR 401M for Q1-2023. 

The company also reported a 17% 

YoY growth in revenue, reaching QR 

658M in the first quarter of this year. 

QEWC’s operating profits amounted 

to QR 339M, which is higher than the 

QR 332M recorded in the same period 

last year. The company’s total assets 

stood at QR 24.88B in Q1-2023, while 

its net debt for the review period was 

QR 3.2B. The financial results suggest 

a steady performance for QEWC in 

Q1-2023 despite the challenges posed 

by the ongoing pandemic. 

ADCB 

Q1’23 Net Profit: AED 1.878B 

Abu Dhabi Commercial Bank (ADCB) 

has reported a 27% YoY increase in Q1 

2023 net profit to AED 1.878B ($511M). 

The bank’s net interest income grew 33% 

to AED 2.851B, and non-interest income 

rose by 34% to AED 1.061B. Total assets 

amounted to AED 501B, up 13% YoY 

and 1% QoQ. Meanwhile, net loans and 

advances increased by 7% to AED 264B 

YoY, and customer deposits grew 19% YoY 

to AED311B. The bank granted AED 20B 

in new credit facilities during Q1 2023, and 

deposits in current and savings accounts 

amounted to AED 158B, accounting for 

51% of total customer deposits. The 

capital adequacy ratio was 15.67%, and 

the liquidity coverage ratio was 132.9%. 

Saudi Ceramic 

Q1’23 Net Profit: SAR 

14.70M 

Saudi Ceramic Company has recorded 

net profits after Zakat and tax of SAR 

14.70M in Q1-23, a 71.33% YoY drop 

from SAR 51.29M. The decline was 

attributed to lower revenues, which 

came in at SAR 368.89M, down by 6.88% 

YoY. Earnings per share also dropped 

to SAR 0.18 in Q1-23, compared to 

SAR 0.64 in the same period last year. 

However, the company had paid out 

SAR 39.98M in cash dividends or SAR 

0.50 per share for the second half of 

2022. The company’s net profits after 

Zakat and tax for the 12-month period 

that ended on 31 December 2022, were 

SAR 173.92M. 

Jarir Marketing 

Q1’23 Net Profit: SAR 247.80M 

Jarir Marketing Company (Jarir 

Bookstores) reported a 1.39% YoY 

decline in net profit after Zakat and 

tax to SAR 247.80M in Q1 2023, while 

revenues rose 18.83% to SAR 2.71B, 

according to the estimated financial 

results. The Q1-23 earnings per share 

(EPS) decreased to EGP 2.07 from EGP 

2.09 in Q1-22. On a quarterly basis, the 

net profit after Zakat and tax decreased 

by 7.40% from SAR 267.60M in Q4- 

22, while revenues rose 5.44% from 

SAR 2.57B. Last March, the company 

disbursed cash dividends worth SAR 

264M for Q4 2022. From January 

to December 2022, Jarir Marketing 

Company, listed on Tadawul, recorded 

a net profit after Zakat and tax of SAR 

969.80M, showing a 2.23% YoY decline 

from SAR 991.90M. 

QIIB 


Qatar Islamic International Bank (QIIB) 

announced a 7.1% YoY increase in net 

profit to QR 316M ($95M) for the first 

quarter of 2023. This growth is attributed 

to the bank’s progress and growth, 

strengthened by the opportunities 

offered by the Qatari economy, 

according to the bank’s Chairman, 

Sheikh Abdullah bin Thani bin Abdullah 

al-Thani. The Qatari market’s positive 

indicators and high trust in the state 

have contributed to a positive outlook 

for the business sector in the first 

quarter. QIIB continues to progress 

in its digital transformation strategy, 

resulting in improved operational 

efficiency, an expanded customer base, 

and increased services offered through 

digital channels. 

Almunajem Foods 

Q1’23 Net Profit: SAR 

81.90M 

In Q1-23, Almunajem Foods Company 

earned a net profit after Zakat and tax 

of SAR 81.90M, which is a decrease of 

16.09% compared to SAR 97.60M earned 

in Q1-22. The estimated financial results 

indicate that the earnings per share 

(EPS) decreased from SAR 1.63 in 

Q1-22 to SAR 1.36 at the end of March 

2023. On the other hand, the revenues 

increased by 14.47% YoY, reaching 

SAR 902M in Q1-23 from SAR 788M. 

Almunajem Foods Company’s net 

profits in Q1-23 increased significantly 

by 384.62% compared to the previous 

quarter, rising from SAR 16.90M in 

Q4-22. Additionally, the company’s 

revenues also grew by 20.62% QoQ 

in Q1-23, reaching SAR 747.80M. In 

the previous year, Almunajem Foods 

Company earned an annual net profit 

of SAR 290.20M and recorded revenues 

worth SAR 2.97B. 


Travel 

4 Destinations to Visit in May 2023 and 

Rejuvenate Yourself from Work 

As the year moves forward, and we begin to inch closer to the summer season, it’s time to start planning 

your next vacation to rejuvenate yourself from your work. May is a perfect time to travel and indulge 

in some much-needed rest and relaxation. In this article, we chose for you four destinations that 

you can visit in May to escape from the stresses of work. From exotic beaches to tranquil mountain 

retreats, these destinations offer the perfect getaway for a much-needed break. 

The Scottish Highlands 

The Scottish Highlands in the 

spring is a breathtaking sight to 

behold. The region explodes with 

vibrant colors of wildflowers 

and rhododendrons, creating a natural 

spectacle. Additionally, the weather is 

mild, with temperatures averaging 13°C 

during the day and 7°C at night, and 

it’s the perfect time to visit before the 

midges arrive. The region retains its 

rugged, unspoiled beauty, with grand 

country estates such as Ardtornish 

and expansive lochs and lakes for 

fishing or exploring. There are plenty 

of opportunities to escape from the 

world and enjoy the romance of the 

Scottish Highlands. 

When it comes to accommodation, 

Glengorm Castle on the north coast 

of Mull is a dreamy option. The castle 

boasts a Brontë-esque design, with 

harmonious turrets and towers, and 

offers guest cottages, flats, and B&B 

rooms with cozy tweedy decor. For 

a more unique stay, check out the 

incredible Airbnbs in the region, such 

as the smart airship-turned-cabin 

bolthole that overlooks the Sound 

of Mull, promising an unforgettable 

experience. 

Norwegian Fjords 

Norwegian fjords are a natural 

wonder and a must-visit 

destination during springtime. 

With temperatures ranging 

from 6°C to 16°C, it’s the perfect season 

for cruising through the fjords or 

embarking on a scenic road trip. The 

countryside is painted in green hues, 

and wildflowers are in full bloom, 

adding to the beauty of the already 

awe-inspiring landscapes. With fewer 

tourists and no pesky midges, the hiking 

trails are quiet, and the experience is all 

the more serene. The Discovery Route 

from Bergen is a popular option, where 

you can witness the blossoming apple 

trees at the dramatic Hardangerfjord 

and catch breathtaking views of the 

Pulpit Rock. Once back in Bergen, 

unwind in the cozy red clapboard houses 

and treat yourself to some delicious 

cocktails at buzzy bars like No Stress, 

which offers a lively atmosphere and 

unique house-made syrups and juices. 


Hotel Brosundet is a perfect blend 

of contemporary design and historic 

charm. Snøhetta, the firm responsible 

for designing the Svalbard Global Seed 

Vault, reimagined this former fishing 

warehouse, and it now offers a unique 

stay for guests looking for an immersive 

experience. Alternatively, the seaside 

Airbnb offers stunning views that will 

leave you mesmerized. With so much 

to do and see, the Norwegian fjords 

in springtime are a dream come true 

for those who seek natural beauty and 

adventure. 

84 www.thefinanceworld.com 

May 2023

Vancouver Island 

Vancouver Island in spring is a 

wonderland of lush greenery, 

vibrant wildlife and endless 

opportunities for adventure. 

As the most populated island in North 

America, it’s easy to forget about the 

urban hustle and bustle in the midst of 

the island’s thick evergreen forest. This 

season is the perfect time to explore 

the island’s natural beauty, with the 

sun shining and the temperatures 

rising. The island’s wildlife is a major 

drawcard, with black bears and grizzlies 

roaming freely in the interior, and 

excellent whale-watching opportunities 

available off the coast. Even if you’re 

not a wildlife enthusiast, there’s still 

plenty to see and do on Vancouver 

Island. Adventure-seekers can throw 

themselves down whitewater rapids, 

paraglide from mountain peaks or 

snorkel and dive in the crystal-clear 

sea. Alternatively, if you’re looking for 

a more relaxed pace, the surfer town 

of Tofino offers an incredible culinary 

scene, and Clayoquot Wilderness Resort 

offers luxurious glamping options. 


the Rosewood Hotel Georgia is an 

excellent choice for those looking for 

a luxurious and stylish stay. The hotel 

boasts a speakeasy bar with a range of 

dangerous absinthes, a buzzy courtyard 

café, a stunning pool and a five-star spa. 

Its distinguished, clubby and stylishly 

Edwardian decor will transport you 

to the wonderful era of grand hotels. 

Cape Verde 

Cape Verde is a hidden gem 

located in the Atlantic, offering 

a guaranteed hit of sunshine 

even during the dry season. 

Dubbed as Africa’s answer to the 

Galápagos Islands, this richly diverse 

archipelago boasts an abundance of 

natural resources that are finally being 

recognized. The dramatic interior of 

Cape Verde is home to volcanic hot 

springs and arid deserts, providing a 

unique landscape that is both rugged 

and beautiful. Meanwhile, the beaches 

with their azure seas and white sands 

are reminiscent of the Caribbean, 

offering visitors a slice of paradise 

that is unparalleled. 

One of the best places to stay in 

Cape Verde is the Odjo d’Aqua Hotel, a 

small, locally owned hotel that exudes 

anachronistic charm. The hotel is 

adorned with antiques, curios, and 

fishing equipment, giving it a unique and 

quirky feel. The open-air restaurant-bar 

juts out into the sea, offering guests 

a breathtaking view of the Atlantic 

rollers crashing against the shore while 

enjoying delicious local cuisine. In 

addition to its stunning natural beauty 

and charming accommodations, Cape 

Verde also boasts a rich African culture 

and charm that is evident throughout 

the archipelago. From the local music 

and dance to the traditional cuisine, 

visitors to Cape Verde can immerse 

themselves in a truly authentic African 

experience. 


Sport as a Business 

Different Investment Options in the 

UAE’s Sports Industry 

The sports industry in the UAE is thriving, with a notable increase in the number 

of major sporting events hosted in the country and the region. The rapid growth 

that this industry is witnessing is attracting the attention of local and global 

investors alike. In this article, we will explore different investment options in the 

UAE’s sports industry, highlighting the industry’s potential for significant growth 

in the coming years. 

The rapid expansion of the sports industry in the 

UAE is capturing the attention of both domestic 

and international investors. 


The sports industry in the UAE is a 

promising sector for investment, 

offering diverse opportunities that 

can generate significant returns. 

As the UAE continues to emphasize 

sports as a vital aspect of its culture and 

economy, the sports industry is expected 

to grow, creating even more investment 

opportunities in the coming years: 

Sports Sponsorship: 

Sponsorship in sports is a mutually 

beneficial partnership between the sponsor 

and the sports team or event organizers. 

By providing funding, resources, or other 

support, sponsors can gain significant 

branding and marketing benefits. The 

UAE has been rapidly establishing itself 

as a hub for global sporting events, with 

the region hosting several prestigious 

tournaments and competitions featuring 

renowned players in various sports. These 

events provide an excellent opportunity 

for sponsors looking to gain exposure to 

a vast audience both locally and globally. 

The benefits of sports sponsorship 

include increased brand recognition, 

improved brand loyalty, and enhanced brand 

image. Additionally, it provides sponsors 

with the opportunity to align their brand 

with the values associated with sports, 

such as teamwork, determination, and 

excellence. With the continued growth 

of the sports industry in the UAE, sports 

sponsorship is becoming an increasingly 

attractive investment option for companies 

seeking to expand their market presence 

and reach a wider audience. 

Sports Infrastructure: 

The UAE is committed to the development 

of world-class sports infrastructure, 

with significant investments being made 

in various areas of the sports industry. 

These investments are aimed at attracting 

more international sporting events to the 

region, elevating the country’s profile 

as a sports destination, and promoting 

healthy living and an active lifestyle 

among the population. 

One example of the country’s commitment 

to sports infrastructure is the Mohammed 

Bin Zayed Stadium, which is one of the 

most modern and advanced stadiums 

in the world, boasting state-of-the-art 

facilities and amenities. Additionally, 

there are numerous other sports facilities 

and academies, such as the Nad Al Sheba 

Sports Complex, which offers worldclass 

facilities for athletes to train and 

prepare for competitions. Investors can 

take advantage of these opportunities by 

investing in the development of sports 

infrastructure and facilities, such as 

sports complexes, stadiums, training 

centers, and academies. Investing in sports 

infrastructure not only provides financial 

benefits to investors but also contributes to 

the growth and development of the sports 

industry, creating more opportunities for 

sports-related businesses and generating 

employment opportunities. As the UAE 

continues to invest in the sports industry, 

it is expected that there will be more 

investment opportunities in the future, 

making it an attractive sector for local 

and international investors. 

Sports Leagues and Franchises: 

The UAE has several professional 

sports leagues such as the UAE Pro 

League, UAE Football League, and UAE 

Rugby League. By investing in a league 

or purchasing a franchise, investors can 

gain a share of the revenue generated 

by ticket sales, merchandise sales, and 

broadcasting rights. Additionally, they 

may also benefit from increased brand 

exposure and recognition as their team 

competes in front of local and global 

audiences. 

Sports Technology: 

Sports technology is a rapidly growing 

industry that is transforming the way people 

engage with sports. From professional 

athletes to amateur enthusiasts, there 

is a growing demand for technology 

that can enhance performance, improve 

training, and offer new and exciting ways 

to experience sports. One area where 

investors can explore opportunities is 

sports analytics. The use of data analytics 

in sports is becoming increasingly popular, 

with teams and organizations using data 

to gain insights into player performance, 

team tactics, and opponent strategies. 

Investors can capitalize on this trend by 

investing in sports analytics companies 

that provide cutting-edge software and 

tools for data analysis and visualization. 

Fitness and Wellness: 

The UAE is currently experiencing a 

significant surge in the fitness and wellness 

industry. The demand for fitness centers, 

gyms, and health clubs has been rapidly 

increasing in recent years, and this trend 

is expected to continue. Additionally, 

there has also been a growing interest 

in wellness practices such as meditation, 

yoga, and healthy eating habits, leading 

to the emergence of wellness centers and 

spas across the country. Investors seeking 

to capitalize on this burgeoning market 

can explore investment opportunities 

in fitness and wellness businesses. With 

a high number of expatriates living in 

the UAE and a growing focus on health 

and wellness among the population, the 

potential for growth and profitability in 

this sector is significant. 

In conclusion, the thriving sports 

industry in the UAE provides a promising 

sector for investment, with numerous 

investment options available to both 

local and global investors. The UAE’s 

commitment to sports infrastructure, the 

growing demand for fitness and wellness, 

and the increasing popularity of sports 

technology all contribute to the industry’s 

potential for significant growth in the 

coming years. It is crucial for investors 

to conduct thorough research and due 

diligence before investing in any option 

to maximize their returns and contribute 

to the growth and development of the 

sports industry in the UAE. 


Sport News 

Saudi Arabia makes 

‘monster offer’ to sign 

Lionel Messi 

Saudi Arabian football club Al-Hilal 

has reportedly made a “monster 

offer” to sign Argentine football 

superstar Lionel Messi. The deal 

is said to include all the advantages 

that Messi would demand as the FIFA 

Men’s Player of the Year and captain 

of Argentina, which recently won the 

2022 Qatar World Cup. While details 

of the offer have not been disclosed, 

reports suggest it could make Messi 

the highest-paid footballer in the world. 

Messi’s contract with Paris Saint-Germain 

expires at the end of this season, and 

there is speculation that he may consider 

a move to the Middle East. 

Saudi Arabia awarded 

flag for hosting 2024 

FEI World Cup Finals 

The FEI World Cup Finals 

bring together the world’s 

top equestrians to compete 

in dressage and show jumping 

events. Hosting the championship in 

Saudi Arabia is seen as a major milestone 

for the country’s equestrian industry, 

which has been growing rapidly in 

recent years. The event is also expected 

to boost tourism and showcase the 

country’s progress and development 

on a global stage. The handover of 

the flag marks the beginning of the 

countdown to the event, which is set 

to attract thousands of visitors and 

generate significant economic activity 

for the host city. 

Al Jawareh clinch Volleyball Championship at 

10th Nad Al Sheba Sports Tournament 

The Nad Al Sheba Sports 

Tournament, organised by the 

Dubai Sports Council (DSC), 

came to a close in Dubai. The 

event, held under the theme ‘Limitless 

Abilities’, was a massive success, 

with over 5,000 male and female 

participants across eight different 

sporting disciplines. The tournament 

spanned 19 days, and offered a prize 

The Department of Culture 

and Tourism - Abu Dhabi has 

released a new tourism video 

featuring six Manchester 

City first-team players as part of its 

partnership with the football club. 

The video, titled “Pace is Everything,” 

features Sergio Gómez, Erling 

Haaland, Rico Lewis, Riyad Mahrez, 

purse of AED 4M, drawing over 40,000 

spectators. The Al Jawareh team, 

consisting of French, Brazilian, and 

Spanish players, emerged victorious 

in the Volleyball Championship, with 

a comfortable 3-0 win over Zabeel. 

The prizes were presented by several 

distinguished individuals, including 

Saeed Hareb, Secretary General of 

Dubai Sports Council. 

Haaland and Mahrez feature in Abu Dhabi tourism 

video for Manchester City 

Stefan Ortega, and Cole Palmer, and 

showcases them immersing themselves 

in local traditions, cultural attractions, 

and family-friendly activities. The 

video was shot during a winter break 

earlier this season and shows Haaland 

enjoying a round of golf in the city, 

while Mahrez can be seen jet-skiing 

in city waters. 


Dubai Police team win NAS Wheelchair Basketball Championship 

The Dubai Police General 

Command team emerged 

victorious in the Wheelchair 

Basketball Championship 

final, defeating the Dubai Corporation 

for Ambulance Services 54-36 at the 10th 

NAS Sports Tournament in Dubai. The 

event, which had the theme of “Limitless 

Abilities” and was organized by the 

Dubai Sports Council, is the biggest 

of its kind in terms of participation 

and prize money. The Dubai Police 

team’s success was largely thanks to 

the outstanding performance of former 

Egyptian national team player, Ashraf 

Abuzed. The event was attended by 

high-ranking officials, including Saeed 

Hareb, Secretary-General of DSC, 

and Hassan Al Mazrouei, Tournament 

Director. The winners were awarded 

their prizes by the officials, with Ashraf 

Abuzed winning the top player award. 

Emirates crowned champions of UAE Pro League 

Sponsors Tournament 

The Emirates team emerged as 

the champions of the UAE Pro 

League Sponsors Tournament 

held at the Emirates Palace 

Mandarin Oriental in Abu Dhabi. In 

the final, the UAE Pro League team 

ranked second, losing to the Emirates 

in a penalty shootout. The ADNOC team 

finished third in the tournament, which 

was attended by members of the UAE Pro 

League’s board of directors and guests, 

including fans of the participating 

teams. The event was part of the UAE 

Pro League’s efforts to engage with its 

partners and promote physical activity. 

A Suhoor party was organized after the 

coronation ceremony, during which 

Al Jneibi delivered a speech thanking 

the participants for their societal role 

and their efforts to promote sport as 

a sustainable lifestyle. 

Al Wahda, Baniyas, and 

Al Ain qualify for under 

18s finals of Jiu-Jitsu 

President’s Cup 

Al Wahda, Baniyas, and Al 

Ain have qualified for the 

Jiu-Jitsu President’s Cup 

under-18s finals following 

the conclusion of the preliminary 

rounds at Mubadala Arena in Zayed 

Sports City. The three clubs delivered 

convincing performances in the men’s 

and women’s categories, securing their 

spots in the finals. Youssef Abdullah 

Al Batran, a board member of the 

UAE Jiu-Jitsu Federation, expressed 

satisfaction with the athletes’ high 

level of skills displayed during the 

preliminary rounds. The championship 

has been a driving force behind the 

motivation of local clubs to invest in 

the development of the next generation 

of players, and to continually improve 

their performance. 

Abu Dhabi Summer Sports to return in June 

Abu Dhabi National Exhibition 

Centre (ADNEC) will host 

the upcoming Abu Dhabi 

Summer Sports (ADSS) in 

collaboration with Abu Dhabi Sports 

Council this June. The initiative aims to 

encourage people to stay active during 

the summer and will be open to the 

public with 25 indoor courts and fields 

available for various sports, including 

football, padel, basketball, volleyball, 

and badminton. In addition, there will 

also be a free-to-use running track and 

CrossFit area, as well as special events 

for individuals, families, and sports 

fans. The 27,000 sqm climate-controlled 

venue proved a success in 2022 and is 

set to be even bigger this year. 


Tourism 

Abu Dhabi Boosts Business Tourism 

with Public-Private Partnerships 

Abu Dhabi is rapidly becoming a major player in the world of business tourism, 

demonstrating its position as a secure destination that is fully open for business 

tourism. In this article will explore Abu Dhabi’s latest initiatives to boost its 

business tourism by utilizing public-private partnerships, such as the recently 

formed ADCEB and ADNEC Group Joint Fund, to provide financial incentives 

and support to corporate meeting planners and incentive houses. 

The visa program has been instrumental in fostering 

a significant rise in both tourism and business activity 

within the UAE. 


Abu Dhabi has recently taken 

several measures to boost its 

business tourism sector, including 

the establishment of publicprivate 

partnerships, the introduction of 

financial incentives, and the development 

of world-class exhibition and conference 

facilities. Abu Dhabi Convention and 

Exhibition Bureau (ADCEB), which 

operates under the Department of Culture 

and Tourism in Abu Dhabi (DCT Abu 

Dhabi), has joined hands with ADNEC 

Group, the owner and operator of Abu 

Dhabi National Exhibition Centre, to 

advance its business development plans. 

This move is part of ADCEB’s approach 

to utilize public-private partnerships to 

boost B2B events and incentive travel 

in the region. 

The newly established ADCEB and 

ADNEC Group Joint Fund will offer 

financial support and incentives to 

corporate meeting planners and incentive 

houses. It will also emphasize Abu Dhabi’s 

position as a secure destination that is 

entirely available for business tourism. 

The Director-General for Tourism at DCT 

Abu Dhabi, Saleh Mohamed Al Geziry, 

expressed that the collaboration with 

ADNEC Group is a significant move 

towards strengthening Abu Dhabi’s 

position as a top global destination for 

all types of business events. Al Geziry 

believes that the combined skills and 

knowledge of ADCEB and ADNEC Group, 

which possess an impressive portfolio 

of event, tourism, and hospitality assets, 

will allow them to provide an exceptional 

destination package that highlights the 

best of the emirate. The ultimate goal 

is to attract more large-scale and highprofile 

events to Abu Dhabi. 

Humaid Matar Al Dhaheri, the Managing 

Director and Group CEO of ADNEC Group, 

expressed his satisfaction in partnering 

with the Abu Dhabi Convention and 

Exhibition Bureau to establish the joint 

fund for international corporate meeting 

and event organizers interested in hosting 

their events at the Abu Dhabi National 

Exhibition Centre. This partnership is a 

part of ADNEC Group’s ongoing efforts to 

boost business tourism in Abu Dhabi and 

the UAE and attract more companies to 

select Abu Dhabi as the perfect location 

for any meetings, conferences, exhibitions, 

or events. Al Dhaheri emphasized ADNEC 

Group’s commitment to enhancing Abu 

Dhabi’s status as a remarkable global 

destination for hosting events. They 

accomplish this by using contemporary 

facilities, advanced infrastructure, and 

high-quality services, which are capable 

of accommodating events of any scale. 

ADCEB has implemented various 

strategies to enhance and accelerate the 

Meetings, Incentives, Conferences, and 

Exhibitions (MICE) sector, including 

upgrading its Advantage Abu Dhabi 

Meetings & Incentives program to 2.0. 

Additionally, the organization launched 

the MICE Agencies Reward Scheme, 

which aims to provide intermediaries 

such as agencies, planners, and travel 

management companies with training, 

industry updates, and the latest products. 

The newly formed ADCEB and ADNEC 

Group Joint Fund is another tool for 

Domestic and International Agencies, 

specifically DMCs and Event Planners, 

to promote Abu Dhabi and to address the 

gap in Advantage Abu Dhabi’s support 

for groups with more than 500 delegates. 

Interested parties can apply for support 

through the ADCEB-ADNEC Joint Fund 

by submitting their inquiry or Request 

For Proposal (RFP) to either ADCEB 

or ADNEC Group, for events scheduled 

until December 31, 2024. 

Abu Dhabi has taken various steps 

to become a leading destination for 

business tourism, including public-private 

partnerships, financial incentives, and 

world-class exhibition and conference 

facilities. The newly established ADCEB 

and ADNEC Group Joint Fund provides 

financial support and incentives to 

corporate meeting planners and incentive 

houses and emphasizes Abu Dhabi’s 

position as a secure destination that is 

entirely available for business tourism. By 

utilizing contemporary facilities, advanced 

infrastructure, and high-quality services, 

ADNEC Group is committed to enhancing 

Abu Dhabi’s status as a remarkable global 

destination for hosting events. Overall, 

these initiatives demonstrate Abu Dhabi’s 

commitment to strengthening its position 

as a top global destination for all types 

of business events. 


Investing in Art 

Investing in Emerging Artists and the 

Importance of Risk Management 

The advent of online art marketplaces has created a convenient way for 

contemporary art from various regions of the world to reach a broader audience 

and attract the attention of international investors. This provides a distinct 

chance for those seeking to expand their portfolio, build their assets, or venture 

into the world of art investment. This article will explore the concept of investing 

in emerging artists and offer guidance on how investors can effectively manage 

the potential risks associated with their investments. 

Wealthy art collectors are capitalizing on the current low 

interest rates by leveraging their valuable art collections. 

v 


v 

The art industry is a vast and 

expanding global market, 

but typically when people 

consider investing in art, they 

immediately think of investing in 

renowned artists like Banksy, Picasso, 

and Warhol. Nevertheless, investing 

in emerging artists can also offer an 

attractive opportunity for investors. 

Compared to investing in established 

artists, investing in emerging artists 

requires less initial investment. Hence, 

it presents a potentially lucrative 

opportunity for those who want to 

enter the art investment market with 

a smaller budget. 

Online platforms offer a chance for 

emerging artists, who may come from 

diverse backgrounds, to increase their 

visibility and reach a wider audience, 

resulting in excellent investment 

potential for early investors. This 

mutually beneficial arrangement 

benefits both the artists and investors 

alike. 

Contemporary art, especially works 

from emerging artists focused on 

identity, has the potential to generate 

substantial returns in the long run. 

As demand for new categories of art 

increases, there is a greater opportunity 

for investors to benefit from the growth 

of the art industry. Overall, the rise of 

online art marketplaces has opened up 

a whole new world of possibilities for 

art investment and has the potential to 

generate significant returns for those 

who are willing to invest their time 

and resources. 

Emerging Artists vs. Established 

Artists: 

Emerging artists are those who are 

still building their reputation in the art 

world, working to refine their skills and 

collaborate with galleries, collectors, 

and exhibitions to promote their art. 

While these artists have a portfolio, 

they are still in the early stages of 

their career and have yet to establish 

themselves as recognized figures in the 

industry. On the other hand, established 

art refers to works created by artists 

who have already gained recognition 

and credibility within the art community 

and among art collectors. Established 

artists have a large body of work, with 

many pieces previously sold through 

galleries or auction houses. Due to their 

established reputation and track record, 

their works are in higher demand and 

therefore more expensive compared to 

emerging artists. 

It is worth noting that investing in 

emerging art is typically less costly than 

investing in established art as emerging 

artists have yet to prove themselves in 

the industry. Consequently, it can be 

challenging to determine the potential 

appreciation or market value of their 

work. However, investing in emerging art 

presents a more accessible entry point 

for investors. Additionally, investing in 

emerging artists can result in significant 

gains for early investors in case an 

artist becomes more established and 

in-demand over time. As the demand for 

their earlier works increases, investors 

who purchased their pieces early on 

can potentially earn substantial returns 

on their investment. 

Risk Management: 

While contemporary art is increasingly 

recognized as an alternative asset class, 

it is important to understand that 

there is no guarantee of returns in this 

market. Achieving success requires an 

awareness of potential risks and an 

understanding of the art investment 

market. Unlike other investment assets, 

such as stocks, art is not as liquid and 

cannot be quickly converted into cash. 

Rather, it is a long-term investment that 

should be seen as a store of value. Art 

investments are not intended for income 

generation or providing dividends. 

Moreover, before investing in 

art, it is important to consider the 

initial and ongoing costs. These costs 

include shipping, handling, storage, 

and maintenance, which is particularly 

important as artworks can require 

specific maintenance needs, and 

ignoring these can result in a decline 

in value. While increased access to 

contemporary art is generally positive, 

it also carries potential risks. Investors 

should avoid shortcuts and conduct 

thorough research to avoid investing in 

overvalued, poor quality, or illegitimate 

artworks. When in doubt, it is wise to 

consult art advisors, experts, galleries, 

or even the artists themselves who are 

immersed in the art world. 


www.thefinanceworld.com 93

Global News 

Global agreement to protect world from future pandemic 

The World Health Organization’s 

(WHO) member countries have 

made progress in negotiating 

a global agreement on 

pandemic prevention, preparedness, 

and response. During the fifth meeting 

of the Intergovernmental Negotiating 

Body, representatives from all 194 

countries discussed their ideas, 

concerns, and suggestions. They also 

agreed to accept additional written 

proposals until 22nd April. All proposals 

made will be compiled into a package 

and made available to all drafting 

group participants. The INB Bureau 

will provide a text, including options 

based on submissions received, to 

the drafting group for consideration 

in June. The aim is to present a draft 

accord for approval at the World Health 

Assembly in May 2024. 

World Bank could 

lend $50B more over 

decade with reform 

Treasury Secretary Janet Yellen 

has revealed that the World 

Bank’s ongoing reform could 

lead to an extra $50B in lending 

over the next ten years. Yellen explained 

that one of the key topics for discussion 

at the forthcoming spring meetings in 

Washington will be the World Bank’s 

role in meeting global challenges, such 

as climate change. Yellen said that she 

expected the bank to update its mission 

to include “building resilience against 

climate change, pandemics, and conflict 

and fragility” as core goals. She also 

suggested that the bank will adopt 

changes or endorse changes that will 

enable it to stretch its financial capacity 

to meet these objectives. 

IMF Chief urges Central Banks to keep up fight 

against inflation 

International Monetary Fund 

Managing Director Kristalina 

Georgieva has urged central 

banks to continue the fight against 

inflation by increasing interest rates, 

despite concerns about financial 

stability. Central banks have been 

raising benchmark lending rates since 

last year to combat high inflation levels. 

The recent collapse of Silicon Valley 

Bank after taking on too much interestrate 

risk has complicated central banks’ 

efforts, creating turbulence in the 

banking sector. Despite this, Georgieva 

Electronic payments see surge in Jordan after 

pandemic 

According to a report by 

the Jordan Payments 

and Clearing Company 

(JOPACC), over 78 million 

electronic payment transactions were 

conducted in Jordan in 2022. The 

report emphasized the rapid growth 

of digital payments in Jordan, stating 

that 3.606 million people used the 

eFAWATEERcom service by the end of 

the year. Additionally, CliQ, a payment 

system launched in June 2020, had 

634,000 customers in February 2023, 

with 1.35 million transactions worth 

believes central banks must stay the 

course and prioritize fighting inflation 

while also supporting financial stability 

through different instruments. 

JD 234M. The report also highlighted 

that the value of cleared cheques in 

the Electronic Cheque Clearing Unit 

(ECCU) grew by up to 8.4%. 


WTO predicts trade growth to slow down to 1.7% in 2023 

The World Trade Organization 

(WTO) has predicted that 

global trade growth will slow 

to 1.7% in 2023, following 2.7% 

growth in 2022. The subdued growth 

is due to several factors, including 

the crisis in Ukraine, high inflation, 

tighter monetary policy, and financial 

market uncertainty. The WTO’s forecast 

is set out in the new “Global Trade 

Outlook and Statistics” report, which 

also projects global GDP growth at 

market exchange rates of 2.4% for 2023. 

WTO Director-General Ngozi Okonjo- 

Iweala has called for multilateral 

cooperation on trade, saying it would 

bolster economic growth and people’s 

living standards over the long term. 

Qatar’s GDP growth set to slow to 2.7% in 2023, 

says S&P 

S&P Global Market Intelligence 

has predicted that Qatar’s actual 

gross domestic product (GDP) 

growth will decline to 2.7% in 

2023, before slightly recovering to 3.4% 

in 2024. In 2022, the Gulf state’s GDP 

grew at 4.8%, which had not been seen 

since the mid-2010s. During Q4 2022, 

Qatar’s real GDP expanded 8% YoY 

to 2.7%, according to the country’s 

Planning and Statistics Authority. S&P 

Global Market Intelligence’s principal 

economist, Jamil Naayem, stated that 

they expect the country to experience 

slower real GDP expansion throughout 

2023, affected by weaker global demand, 

higher domestic interest rates, and less 

favourable Q4 base effects. 

IATA’s ‘Focus Africa’ program 

aims to enhance aviation 

growth in Africa 

The International Air Transport 

Association (IATA) is launching 

“Focus Africa” to improve 

connectivity, safety, and reliability 

in African aviation and to enhance 

aviation’s contribution to Africa’s 

economic and social development. IATA 

said the initiative would align private 

and public stakeholders to deliver 

measurable progress in six areas, including 

infrastructure constraints, high costs, lack 

of connectivity, regulatory impediments, 

slow adoption of global standards, and 

skills shortages. While African airlines 

suffer from cumulative losses of $3.5M for 

2020 and IATA estimates losses of $213M 

in 2023, Focus Africa aims to connect the 

African continent internally and to global 

markets sustainably, creating economic 

and social development opportunities to 

support the UN Sustainable Development 

Goals for Africa. 

Asia and Pacific economies to grow by 4.8% in 

2023-2024 

The Asian Development Bank 

(ADB) has projected that 

economies in Asia and the 

Pacific will experience faster 

growth in 2023 and 2024 as pandemic 

restrictions continue to ease, boosting 

consumption, tourism, and investment. 

According to the bank’s Asian Development 

Outlook (ADO) April 2023, Asia 

and the Pacific are expected to grow 

by 4.8% this year and next, improving 

on the 4.2% growth rate in 2022. The 

People’s Republic of China’s reopening, 

as it shifts away from its zero-COVID 

strategy, is a significant factor contributing 

to the region’s growth prospects. 

However, risks to the outlook remain, 

including global inflation spikes and 

elevated financial stability risks. 


Wheels 

MASERATI GRANTURISMO FOLGORE 

Maserati has introduced 

its new all-wheel drive 

four-seater, comprising 

three versions for 2023, 

the Modena, the Trofeo variant, and 

the GranTurismo Folgore, which is the 

first all-electric Maserati grand touring 

sports car, is the fastest and most 

electrifying car in the GranTurismo 

line. It has an 800-volt battery-electric 

system that powers a three-motor setup, 

producing a combined 760 horsepower. 

This impressive power output is enough 

to give the car a 2.7-second acceleration 

to reach 60 mph and a top speed of 

nearly 200 mph. 

One of the most significant features 

of the GranTurismo Folgore is its 

battery pack, which has a capacity of 

92.5 kWh. This battery provides the 

car with an impressive range of 280 

miles and can be fast charged up to 

270 kW. The battery pack is positioned 

low in the car to provide a low centre 

of gravity, which enhances the car’s 

handling and stability. The Folgore 

GT also features four driving modes, 

allowing drivers to customize the 

car’s performance to suit their driving 

style. The Vehicle Domain Control 

Module controls energy, torque, and 

vertical dynamics to optimize the car’s 

performance and handling. Inside, the 

car offers a comfortable and luxurious 

experience for all passengers, with 

seating for four people and high-quality 

materials used throughout. The car’s 

interior also features a 19-speaker 

sound system and is compatible with 

wireless Apple CarPlay and Android 

Auto. There is a head-up display that 

provides the driver with essential 

information without them having to 

take their eyes off the road, and the 

car also features Amazon Alexa voicebased 

assistance. 

The Maserati GranTurismo Folgore 

is an exceptional high-performance 

electric grand touring sports car. It 

has impressive power, range, and 

handling, making it a great choice for 

those who want a luxurious car that 

is also environmentally friendly. The 

car’s design combines a low centre of 

gravity with a sports car look, and its 

interior offers comfort, luxury, and 

advanced technology. 



Horsepower: 760 combined horsepower 

Acceleration: 0 to 60 mph in 2.7 seconds 

Top speed: Nearly 200 mph 


Investing in Tourism 

Ras Al Khaimah’s Las-Vegas Resort 

Offers Great Options for Investors 

According to a report released recently by Colliers International, a proposed 

resort in Ras al-Khaimah modeled after Las Vegas could potentially bring in more 

than five million tourists, surpassing the projected number of visitors by three 

million before 2030. In this article, we explore this resort’s potential for boosting 

tourism and hospitality, maximizing investment opportunities in the emirate for 

potential investors. 

The Wynn Al Marjan Island development is anticipated 

to exert a substantial influence on the tourism sector 

of Ras Al Khaimah, owing to its distinct concept and 

existing global demand. 


The report says that the resort will 

be developed in partnership with 

Wynn Resorts RAK, as a significant 

development that will transform 

the emirate’s image as a sustainable and 

eco-friendly destination. The report also 

suggests that the Wynn Al Marjan Island 

Resort, which is set to open in 2026 and 

will feature the UAE’s first casino, could 

be a significant development for tourism 

in the emirate. The report indicates that 

the casino could help attract over 5.5 

million tourists to Ras Al Khaimah by 

2030, surpassing the target of 3 million. 

Ras Al Khaimah is currently in the 

process of developing gaming regulations 

for the casino, taking inspiration from 

regulations in Singapore and the US, while 

Wynn Marjan is planning the casino’s 

operations in the emirate. 

Wynn Al Marjan Island Ras Al Khaimah, 

which is expected to be the biggest 

foreign direct investment project in the 

emirate, has ambitious plans to become 

a landmark property. The resort will 

include over 1,200 hotel rooms, more than 

20,000 square meters of retail and dining 

areas, and over 20,000 square meters of 

gaming facilities. The estimated cost of 

the project is over $2 billion, and it is 

anticipated to open in late 2026, complete 

with various entertainment, leisure, and 

MICE (Meetings, Incentives, Conferences, 

and Exhibitions) facilities. 

Investors can benefit from the Wynn 

Al Marjan Island Ras Al Khaimah project 

in several ways, for it is expected to be 

the biggest foreign direct investment 

project in the emirate, which means 

it could provide significant returns on 

investment. In addition, the project’s 

ambitious plans to become a landmark 

property could increase its value and 

attract high-end clientele, leading to 

higher profits. Moreover, the diverse 

range of facilities, including retail and 

dining areas, gaming facilities, and 

MICE facilities, could generate multiple 

revenue streams, creating a stable and 

profitable investment opportunity. The 

project’s anticipated opening in late 

2026, with its extensive entertainment, 

leisure, and MICE facilities, could attract 

tourists and business travelers, generating 

high occupancy rates and returns on 

investment (ROI). 

According to the Colliers report, the 

Wynn Al Marjan Island project is expected 

to have a significant impact on the 

tourism segment of Ras Al Khaimah due 

to its unique concept and existing global 

demand. The report suggests that RAK 

will benefit from positive externalities, 

including increased visitation, additional 

hospitality demand, and an overall boost 

to the economy. 

The report analyzed the impact of the 

opening of gaming facilities on visitation 

and considered the characteristics of 

RAK’s tourism. It predicts that the Wynn 

Al Marjan Island will induce significant 

demand in its first year, followed by 

a prolonged secondary growth period 

lasting three years. As a result, the city 

is estimated to welcome over 3.8 million 

visitors by 2027, growing at a CAGR of 

28% from 2022. 

Assuming the success of the Wynn 

Resort, the city is envisioned to welcome 

over 5.5 million visitors by 2030, positively 

impacting the economy across all factors, 

ranging from employment to overall GDP. 

Therefore, the report concludes that the 

Wynn Al Marjan Island project will be a 

significant contributor to the growth of 

the tourism industry in RAK. 

In addition to the predicted number 

of annual visitors to Ras Al Khaimah 

exceeding the Emirate’s stated target of 

3 million by 2030, the report identified 

the top five international markets for 

tourism in Ras Al Khaimah in 2022, which 

were Russia, Kazakhstan, UK, Germany, 

and India. To attract more tourists, Ras 

Al Khaimah has implemented various 

strategies, including financial incentives 

and investments in major projects such 

as Jebel Jais. 

The Emirate has also successfully attracted 

key strategic partners and raised capital 

from major players like Aldar Properties, 

EMAAR, ADNH, and Nobu. In further 

news, Wynn Resorts has named ALEC 

Engineering and Contracting (ALEC), 

a part of the Investment Corporation of 

Dubai (ICD), as the main contractor for 

the construction of the Wynn Al Marjan 

Island property in Ras Al Khaimah, in 

partnership with Marjan Island and RAK 

Hospitality Holding. 


Local News 

Digital assets firm Zero Two launches operations in Abu Dhabi 

Zero Two, a digital assets 

infrastructure company, has 

launched its operations in Abu 

Dhabi to cater to the emirate’s 

growing interest in Web3 technology and 

its ecosystem. The company aims to offer 

end-to-end digital assets infrastructure 

solutions, including power infrastructure 

development, sourcing and testing of 

latest-generation technologies, data 

centre building and operation, and digital 

assets management services. Zero Two’s 

goal is to become a trusted partner for 

businesses looking to benefit from the 

innovative scope and transformative 

potential of digital assets. The company 

will also play a vital role in supporting the 

stability of Abu Dhabi’s power grid and 

the UAE’s transition to a sustainable and 

decarbonized economy, while addressing 

structural challenges and enhancing 

operational efficiency through the use 

of digital assets. 

Bahrain draws over $7.8B 

demand for sukuk and 

bonds 

Bahrain has revised its guidance 

for the sale of U.S. dollardenominated 

sukuk and 

conventional bonds after 

receiving orders of over $7.8B for the 

debt sale. The guidance for the sevenyear 

sukuk was tightened to around 

6.5%, while the 12-year notes were 

revised to 7.75%-7.875%. The initial 

guidance was approximately 6.875% 

for the sukuk and roughly 8% for the 

conventional paper. The tightening 

of the guidance demonstrates strong 

investor demand for the Bahraini 

debt, which reflects confidence in 

the country’s economic and financial 

stability. The sale will enable Bahrain to 

raise funds for infrastructure projects 

and other development initiatives. 

Food inflation to weigh on MENA growth this 

year 

The Middle East and North 

Africa region is expected to 

experience a growth slowdown 

to 3% in 2023 from 5.8% last 

year due to double-digit food price 

inflation, according to a World Bank 

report released. The new forecast 

marks a downward revision from the 

3.5% growth rate projected in October. 

The report warns that high food prices 

could lead to deteriorating nutrition 

and have long-lasting impacts on child 

development and future prospects. 

The Sharjah Chamber of 

Commerce and Industry 

(SCCI) and Sharjah Media 

City (Shams) are exploring 

opportunities for collaboration to 

enhance coordination and support 

investors in the emirate. Discussions 

included exchanging best practices 

in media promotion and marketing of 

economic programmes, initiatives, and 

projects, with a focus on developing 

innovative marketing channels and 

mechanisms to promote investment 

opportunities in Sharjah. The meeting 

was attended by Abdullah Sultan Al 

Owais, Chairman of SCCI, and Dr. 

Khalid Omar Al Midfa, Chairman 

The World Bank also expects GDP per 

capita growth to slow to 1.6% in 2023 

from 4.4% in 2022, reflecting a decline 

in living standards. 

Sharjah Chamber and Shams Explore Upgrades 

to Emirate’s Investment Climate 

of Sharjah Media City, along with 

officials from both sides. The aim is 

to strengthen ties between the two 

entities and foster business growth 

in Sharjah. 


Economic growth in GCC to more than halve in 

2023 - World Bank 

The World Bank has lowered 

its 2023 economic growth 

projection for oil-exporting 

Gulf Cooperation Council 

(GCC) countries to 3.2% in its latest 

update, down from 3.7% forecasted in 

October 2021. The downward revision 

is due to an expected decline in oil 

prices following highs in 2022. Saudi 

ZāZEN sells 75% units 

at Dubai residential 

development 

Zā ZEN Properties has 

announced that 75% of the 

units at its sustainable off-plan 

development, ZāZEN Gardens, 

located in Dubai’s Al Furjan community, 

have been sold out. The development 

is Leed-Gold certified and offers 159 

apartments with units ranging from 824 

to 1,612 sq ft, as well as two retail outlets 

on the ground floor. ZāZEN Gardens is 

due for handover in April 2024, with 

construction progress at more than 

25%. The developer emphasized that 

off-plan transactions have played a 

significant role in driving growth, with 

off-plan property sales increasing by 

42.1% in the first two months of 2023. 

Arabia, the world’s top crude exporter, 

is expected to see the sharpest 

slowdown among GCC economies, 

with growth forecast at 2.9% in 2023, 

down from 8.7% in 2022. Despite this, 

GCC growth is expected to outperform 

the wider Middle East and North Africa 

region, forecast to grow by 3% in 2023, 

down from 5.8% in 2022. 

Inditex to sell Russian business to UAE’s Daher 

Group 

Inditex to sell Russian business to 

UAE’s Daher Group, set to open 

new stores in April and May under 

its own brand after the deal is 

approved by the Russian government. 

The Spanish retailer closed its 502 

stores in Russia earlier this year due to 

the Russia-Ukraine war. Daher Group 

will operate under the brands Maag, 

Dub, Ecru, and Vilet. The value of the 

deal was not disclosed, but Inditex’s 

financial statements for H1 2022 covered 

the impact of the termination of its 

Russian business. 

UAE President invites Egypt’s President El Sisi to 

attend COP28 

His Highness Sheikh Mohamed 

bin Zayed Al Nahyan, 

President of the United 

Arab Emirates, has invited 

Egyptian President Abdel Fattah El Sisi 

to attend the upcoming COP28 Climate 

Change Conference, to be held in Dubai 

this November. The invitation was 

conveyed to the Egyptian President by 

H.E. Mariam Al Kaabi, UAE Ambassador 

to Egypt and Permanent Representative 

to the Arab League. President El Sisi 

expressed his appreciation for the 

invitation and affirmed his country’s 

readiness to enhance cooperation 

with the UAE and share expertise on 

climate change, taking into account 

the relevant concerns of developing 

and African nations. 


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