The Finance World Magazine| Edition: June 2023

The UAE Sees Accelerated Web3 and Fintech M&A Activity 

Fintech and Digital Payments Drive the UAE’s Business Landscape 

The UAE Boosting Investment in the Web3 and Blockchain Space 

Blockchain and Cryptocurrency Revolutionizing the UAE's Fintech Industry 

June 2023 

UAE-BASED FUTURISTIC 

FINTECH COMPANIES 

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

61 | Qatar - QAR 60 Oman - OMR 6.3 | 

Bahrain - BD 6.2 Kuwait - KWD 5 | UK - 

£12 | EU - €14 

P58 | Web3 and Blockchain 

Impact the UAE’s Energy Sector 

P84 | MoF issues full guide 

for Corporate Tax payment 

STAY CONNECTED 

WITH OUR LATEST 

BUSINESS NEWS

GROW YOUR 

BUSINESS 

We make Short / Long Term 

Investments in Growing Businessess 

www.wasayainvestments.com

SUBSCRI B E 

N O W 

May 2023 APRIL 2023 

JUNE 2023 

MARCH 2023 

FEBRUARY 2023 

Contact us at: 

+971 58 591 8580 

www.thefinanceworld.com 

subscribe@thefinanceworld.com

Editor’s Note Note 

Contact: 

+971 58 591 8580 

Advertisement queries: 

Editorial: 

Press Release 

For News 

Contact: 

For Partnerships +971 58 591 8580 

com 

Advertisement queries: 

Public Relations 

For Printed Copy 

Press Release 

Published By: 

Editorial: 

For News 

MCFILL MEDIA & 

PUBLISHING GROUP 

For Partnerships 

Approved and Licensed By: 

National Media Council,UAE 

Public Relations 

com 

The Finance World (TFW) has taken constant 

efforts to make sure that content For Printed is accurate Copyas 

on the date of publication. The published articles, 

editorials, material, adverts and all other content 

is published in a good faith and opinions and 

views are not necessarily those of Published the publishers. By: 

We regret that we cannot guarantee and accept no 

liability for any loss or damage of any kind 

MCFILL 

caused 

MEDIA & 

PUBLISHING GROUP 

by this magazine and errors and for the accuracy 

of claims in any forms Approved by any and advertisers Licensed or By: 

readers. We advise the readers National to Media seek Council,UAE 

the advice 

of specialists before acting on information 

published in the magazine. The trademarks, 

The Finance World (TFW) has taken constant 

logos, pictures, domain efforts names to make and sure service that content marks is accurate as 

(collectively the on “Trademarks”) the date of publication. displayed The published on articles, 

this magazine are editorials, registered material, and adverts unregistered and all other content 

Trademarks of The is Finance published World in a good and its faith content and opinions and 

views are not necessarily those of the publishers. 

providers. All rights reserved and nothing can be 

We regret that we cannot guarantee and accept no 

partially or in whole 

liability 

be reprinted 

for any loss 

or 

or damage 

reproduced 

of any kind caused 

or stored in a retrieval by this system magazine or and transmitted errors and for in the accuracy 

any form without a of written claims in consent. any forms by any advertisers or 

readers. We advise the readers to seek the advice 

of specialists before acting on information 

published in the magazine. The trademarks, 

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

logos, pictures, domain names and service marks 

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

(collectively the “Trademarks”) displayed on 

may change. 

this magazine are registered and unregistered 

Trademarks of The Finance World and its content 

providers. All rights reserved and nothing can be 

partially or in whole be reprinted or reproduced 

or stored in a retrieval system or transmitted in 

any form without a written consent. 

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

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

may change. 

Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

The UAE has established itself as a prominent global financial 

center and an attractive destination for international investors, 

especially in the fintech domain. In view of this, the primary 

focus of this edition centers on the dynamic development of 

fintech. Employing a rigorous selection process, our cover Editor’s story Note sheds 

light on 20 fintech companies based in the UAE that have demonstrated 

noteworthy expertise and exceptional performance in this field. Our 

compilation provides valuable insights into the investment strategies 

and approaches employed by these firms, while also illuminating the 

factors that have contributed to their noteworthy accomplishments. 

In two exclusive interviews during the Dubai Fintech Summit 

2023, Khalifa AlShamsi, CEO of e& life, and Akshay Chopra, Head of 

Innovation & Design, Visa CEMEA Region, share their thoughts about 

the fintech ecosystem in the UAE and its maturity and shed light on 

the potential and prospects available for emerging enterprises. 

Centered on web3 and blockchain in the UAE, this edition offers 

valuable perspectives on the influence of web3 and blockchain 

technology on various aspects of the UAE. It provides insights on 

certain areas of focus, such as how web3 and blockchain impact the 

UAE’s energy sector, how blockchain technology is revolutionizing 

the UAE stock market, the impact of web3 and blockchain on digital 

asset investment in the UAE, how blockchain technology is changing 

real estate in the UAE, 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 

June 2023 www.thefinanceworld.com 5 

September 2022 3

Contents June 

2023 

PERSONAL FINANCE 

P8 | Investing in Web3: Key 

Factors to Consider and Diversify 

Your Portfolio 

UAE BANKING 

P10 | UAE Banks Federation 

Approves 2023 Strategy for 

Banking Sector Development 

P12 | UAE Banking News 

UAE REFORMS 

INTERVIEW 

P26 | Khalifa AlShamsi, CEO of e& 

life 

START-UP 

P56 | Three Promising Blockchain 

and Web3 Startups Operating in 

UAE 

ENERGY 

P58 | How Web3 and Blockchain 

Will Impact the UAE’s Energy 

Sector 

HEALTHCARE 

P62 | How UAE’s Healthcare 

Sector Can Leverage Blockchain 

Technology 

MERGERS AND 

ACQUISITIONS 

P14 | MoE and ACAMS Sign MoU 

to implement AML/CFT training 

programs 

FINTECH 

P16 | Three Game-Changing 

Fintechs Operating in the UAE 

P18 | Fintech News 

P20 | Fintech Application 

BUSINESS 

P22 | Fintech and Digital 

Payments Drive the UAE’s 

Business Landscape 

P24 | Business News 

6 www.thefinanceworld.com June 2023 

P28 | Akshay Chopra, Head of 

Innovation & Design, Visa CEMEA 

Region 

COVER STORE 

P32 | Meet the Top 15 UAE-Based 

Asset Managers 

P64 | The UAE Sees Accelerated Web3 

and Fintech M&A Activity 

P66 | Mergers & Acquisitions News 

CRYPTOCURRENCY 

P68 | Blockchain and 

Cryptocurrency Revolutionizing the 

UAE’s Fintech Industry

REAL ESTATE 

Events 

P82 | The Annual Investment 

Meeting 2023 

CORPORATE TAX 

TOURISM 

P70 | How Blockchain Technology 

is Changing Real Estate in the UAE 

P72 | Real Estate News 

FUNDING & INVESTMENT 

P84 | MoF issues full guide for 

Corporate Tax payment 

P86 | Corporate Results 

TRAVEL 

P94 | UAE Tourism Sector to Add 

New Jobs in 2023 

INVESTING IN ART 

P74 | The UAE Boosting Investment 

in the Web3 and Blockchain Space 

P76 | Funding & Investment News 

DIGITAL ASSETS 

P78 | The Impact of Web3 and 

Blockchain on the Digital Asset 

Investment in the UAE 

STOCK MARKET 

P88 | 4 Summer Holiday 

Destinations to Visit in June 

SPORT AS A BUSINESS 

P96 | The Fintech Revolution’s 

Impact on Art Investment 

INVESTING IN TOURISM 

P100 | Latest Blockchain and 

Web3 Investments in the UAE’s 

Tourism Sector 

P98 | Global News 

P102 | Local News 

P21 | P31 | P52 | Launch Express 

P54 | P60 | Wheels 

P30 | P53 | Tech My Money 

P80 | The Blockchain Technology 

Revolutionizing the UAE Stock 

Market 

P90 | Investment Prospects in UAE 

Sports Sector Amidst the Web3 

Revolution 

P92 | Sports News 

June 2023 www.thefinanceworld.com 7

Personal Finance 

Investing in Web3: Key Factors to 

Consider and Diversify Your Portfolio 

With its foundation rooted in decentralization and blockchain technology, 

Web3 is poised to revolutionize the way we interact, transact, and secure 

our online experiences. As this transformative technology continues to gain 

traction, understanding how to invest in Web3 has become increasingly crucial. 

Not only does investing in Web3 offer the potential for significant financial 

returns, but it also empowers individuals and companies to safeguard their 

security and privacy in an increasingly interconnected digital landscape. In 

this article, we will explore the key factors to consider when investing in 

Web3 technologies, unlocking the exciting possibilities that lie ahead in this 

groundbreaking domain. 

8 www.thefinanceworld.com June 2023

Investing in Web3 presents an 

enticing opportunity due to its 

emphasis on privacy, security, 

and diversification. 

Investing in Web3 offers compelling 

reasons to consider its potential, 

as it prioritizes privacy, enabling 

users to own their data and interact 

anonymously, resonating with modern 

internet users. Its focus on security 

safeguards against data hacks and record 

alterations through decentralized storage 

and encryption. Diversifying portfolios 

with Web3 assets, like cryptocurrencies, 

reduces vulnerability to market trends 

and empowers users. With Web3 being 

seen as the future, investing in blockchain 

technology and Web3 technologies can 

futureproof portfolios, as demonstrated 

by the adoption of these technologies by 

major companies. Hence, early investment 

in the Web3 sector presents opportunities 

for substantial returns, as the industry 

is still in its early stages with room for 

growth. 

Investing in Web3 stocks: 

Consider investing in stocks associated 

with Web3, which can provide exposure 

to this emerging field. Some companies 

deeply involved in Web3 have diversified 

income streams, potentially reducing 

the impact of a Web3 market downturn. 

Coinbase is one example of Web3 stocks 

to consider. As a leading American 

cryptocurrency exchange, Coinbase 

plays a vital role in the crypto ecosystem, 

facilitating crypto-to-fiat conversions 

and offering a comprehensive wallet 

that supports NFTs. 

Meta, formerly known as Facebook, 

also remains a significant player in the 

Web3 arena. Additionally, Apple has 

integrated various AR features into 

select devices, while Twitter is a popular 

social platform for Web3 discussions, 

with prominent figures like Elon Musk 

openly supporting Dogecoin, which makes 

investing in Twitter stock appealing. 

Twitter also supports NFT integration, 

allowing users to showcase their NFTs 

as profile pictures. 

Investing In cryptocurrency: 

Consider investing in cryptocurrency, a 

digital currency that operates independently 

of political and governmental authorities. 

Cryptocurrency relies on a decentralized 

ledger to record transactions accurately. 

It offers an opportunity to diversify your 

investment portfolio. While Bitcoin is the 

most well-known cryptocurrency, there 

are numerous other coins and tokens 

that utilize Web3 technology. You can 

purchase and sell these crypto assets 

on public exchanges like Coinbase. 

Additionally, some trading platforms allow 

you to trade and hold cryptocurrencies 

alongside your traditional investments, 

simplifying portfolio diversification. 

However, it’s important to note that 

while cryptocurrency is independent, its 

value can still be influenced by general 

market conditions. 

Investing in Web3 Funds: 

Web3 investment funds are also 

available for investors, and they offer 

an even greater level of diversification. 

These funds, whether actively or passively 

managed, aim to allocate your investment 

across a wide range of Web3 projects 

worldwide. They focus on investing in 

both emerging startups and established 

enterprises operating within the Web3 

realm. This encompasses blockchain 

companies, cryptocurrency platforms, 

and even decentralized finance (DeFi) 

tools. Typically, these funds distribute 

their investments between smaller and 

larger companies, enabling you to optimize 

your potential returns. With Web3 funds, 

you have the option to invest passively, 

akin to depositing money into a savings 

account. However, it’s important to note 

that these funds are relatively new to 

the market, which means it may take 

some time before you start receiving 

consistent dividends. 

Risks of Investing in Web3: 

Investing in Web3, like any other 

form of investment, carries certain risks 

that investors should be aware of. The 

primary risks involve volatility, security, 

and reliance on the existing processes 

and infrastructure of Web3 investments. 

1. Volatility: Web3 assets are known for 

their wide price fluctuations within 

short timeframes. This volatility can 

either greatly benefit or adversely 

affect your portfolio, depending on 

the timing and market demand. 

2. Security: Web3 is not immune 

to issues such as smart contract 

vulnerabilities, security breaches, and 

hacks. If a project falls victim to an 

attack, it could result in significant 

capital loss. To mitigate this risk, it 

is advisable to invest in projects that 

have undergone thorough audits to 

ensure their security measures. 

3. Reliability: The most promising 

Web3 investments may not always 

be reliable. It is crucial to prioritize 

projects that demonstrate strong 

real-world use cases rather than being 

solely driven by hype or speculation. 

By focusing on projects with tangible 

applications, you can enhance the 

likelihood of long-term success. 

Overall, investing in Web3 presents an 

enticing opportunity, and early investment 

in Web3 stocks, cryptocurrencies, or 

Web3 funds can futureproof portfolios 

and potentially yield substantial returns. 

However, it’s crucial to be aware of the 

risks associated with volatility, security 

vulnerabilities, and the reliability of 

Web3 investments. By considering these 

factors and investing wisely, you can 

navigate the evolving landscape of Web3 

and potentially benefit from its growth 

and innovation. 


UAE Banking 

UAE Banks Federation Approves 2023 

Strategy for Banking Sector Development 

The annual general meeting 

of the UAE Banks 

Federation (UBF) was 

recently conducted, with 

the Federation’s Chairman, Abdulaziz 

Al Ghurair, presiding over it. During 

the meeting, the members approved 

the minutes of the Annual General 

Meeting that occurred on April 26th, 

2022, and also endorsed the audited 

financial statements and auditors’ 

report for the year 2022. The Board of 

Directors was granted absolution from 

any responsibilities arising from their 

duties for the financial year ending on 

December 31st, 2022, and auditors for 

the year 2023 were appointed. 

The objectives and strategic plans 

for 2023 presented by the UAE Banks 

Federation Board of Directors were 

approved during the AGM. The plans 

aim to enhance the banking sector’s 

growth and improve its position under 

the supervision of the Central Bank 

of the UAE. Emiratisation is also 

included in the plan, with the objective 

of employing 5,000 UAE nationals 

by 2026. Furthermore, the Emirates 

Institute of Banking and Financial 

Studies (EIBFS) will collaborate with 

the Federation to create a training 

program to prepare future leaders of 

the banking and financial sectors. 

The Federation’s initiatives in the past 

year were commended, particularly the 

national anti-fraud campaign, which 

helped to raise customer awareness and 

strengthen confidence in the banking 

and financial sector. The AGM also 

highlighted the valuable efforts of the 

Federation in advancing cybersecurity, 

increasing the level of security and 

protection of digital infrastructure, 

and providing banking services to 

support SMEs. 

The UBF attendees commended the 

Secretariat’s efforts in expanding the 

membership by incorporating more 

local, international, and digital banks 

operating in the country, promoting 

greater cooperation among all banks 

and financial institutions under 

the Federation, which now boasts 

58 members. The UBF Chairman, 

Abdulaziz Al Ghurair, emphasized 

that the CBUAE’s support helps to 

foster the development of the banking 

sector, which consolidates the UAE’s 

position as one of the world’s major 

financial hubs, characterized by high 

levels of transparency, compliance, 

and governance standards. 

Al Ghurair stressed the importance 

of the Federation’s achievements over 

the past year in facilitating cooperation, 

coordination and interaction with 

various parties, as well as the continuous 

efforts in adopting best practices and 

innovating advanced digital solutions 

in implementing the strategic vision of 

the leadership to make the UAE one 

of the most developed countries in 

embracing digital solutions. 


UAE’s EDB and Ministry of Economy 

Acknowledge Partner Banks 

Emirates Development Bank 

(EDB) and the UAE’s Ministry 

of Economy have recognized 

and rewarded banking and 

fintech partners involved in the 

development lender’s credit guarantee 

scheme. The scheme aims to provide 

financing support to SMEs in priority 

sectors, empowering 13,500 companies 

by 2026. The credit guarantee scheme 

provides a partial guarantee to lending 

banks to overcome challenges faced 

by SMEs in accessing financing from 

conventional banks. 

This ensures sustainable financing for 

businesses, enabling long-term growth 

and success. H.E. Abdullah Al Saleh, 

under-secretary of the UAE’s Ministry 

of Economy, hailed the partnership as a 

success in strengthening the country’s 

SME ecosystem and building a robust 

knowledge-based economy. 

The Bank invited senior 

representatives from Commercial 

Bank of Dubai, National Bank of Umm- 

Quwain, Emirates NBD, ADCB, FAB, 

Mashreq, RAK Bank, National Bank of 

Fujairah, Dubai Islamic Bank, Emirates 

Islamic Bank along with the CEO and 

Co-founders of fintechs, YAP and 

Beehive to receive recognition trophies, 

highlighting their support of the Credit 

Guarantee Scheme. 

EDB is committed to supporting 

the growth of SMEs and promoting 

innovation in the UAE’s business 

landscape. In line with this mission, 

EDB offers its digital services to UAEbased 

SMEs through the ‘EDB Business 

Banking’ app, powered by YAP. The 

app provides a business bank account 

and an IBAN number within 48 hours, 

along with a comprehensive range 

of fast, secure, and round-the-clock 

banking services. 

To further enable SMEs, EDB has 

partnered with Beehive, integrating a 

new digital lending feature that allows 

eligible SMEs to apply for loans of up 

to AED 5M directly through the “EDB 

Business Banking” app and receive 

approval or feedback within five days. 

For a seamless user experience, the 

app is integrated with UAE Pass. Since 

its launch in September 2021, the EDB 

Business Banking app has successfully 

onboarded 2,094 customers. 

SMEs can also receive support via 

a range of non-financial products 

and services, including The Business 

Lab, an online platform that provides 

free essential resources and content 

to help entrepreneurs at various 

stages of their business development. 

Entrepreneurs can receive practical 

professional tips on how to address 

common business challenges delivered 

through short films. EDB offers a patient 

debt approach with an emphasis on 

developmental impact. The Bank’s 

direct and indirect financing is offered 

with long tenors, higher loan-to-value 

ratios, lower rates and interest grace 

periods. 


UAE Banking News 

Saudi National Bank’s 

Q1 net profit up 12% 

on increased operating 

income 

Saudi National Bank (SNB), 

the largest lender in Saudi 

Arabia, reported a 12% rise in 

its net profit for Q1 2023, driven 

by higher operating income as the 

kingdom’s economy continues to grow. 

The bank’s net profit reached SAR 5B 

($1.33B), up from SAR 4.5B in the same 

period last year. SNB attributed the 

growth to an eight per cent increase 

in total operating income, which was 

driven by higher net income from 

special commissions and financing, 

and investments fuelled by margin and 

balance sheet expansion. The bank also 

revealed that its 9.88% stake in Credit 

Suisse will be converted into a 0.5% 

stake in UBS upon the completion of 

the merger. 

Commercial Bank of Dubai Q1 2023 net profit up 

33.4% at AED 575M 

The Commercial Bank of Dubai 

(CBD) announced a 33.4% rise 

in net profit to AED 575M 

for Q1 2023, compared to the 

same period last year. Strong revenue 

growth from net interest and other 

operating income, alongside solid loan 

expansion, contributed to the rise in 

profits. The bank’s operating income 

was reported at AED 1.24B, up 44%, 

while operating expenses stood at 

AED 289M. The CEO, Dr. Bernd van 

Linder, highlighted the bank’s focus 

on executing its long-term strategy. 

CBD’s net impairment allowances for 

Q1 2023 were AED 373M, while total 

assets rose 2.8% to AED 119.3B. 

Global Islamic finance industry to grow 10% 

despite economic slowdown 

Despite an economic slowdown, 

the global Islamic finance 

industry is projected to grow 

by about 10% in 2023-2024, 

building on a similar expansion in 

2022, with Saudi Arabia and Kuwait 

driving 92% of the growth, according 

to a report by S&P Global Ratings. The 

industry’s assets increased by 9.4% last 

year, supported by growth in the banking 

assets and sukuk sectors. In Saudi 

Arabia, the implementation of its Vision 

2030 diversification plan and increased 

mortgage lending underpinned the 

growth, while in Kuwait, it was due to 

Kuwait Finance House’s acquisition of 

Ahli United Bank, S&P said. However, 

growth in other parts of the world was 

either muted or hampered by local 

currency depreciation. 

Oman Development Bank grants $69.4M in loans to boost local economy 

The Oman Development Bank 

(ODB) has reported strong 

credit performance in the 

first quarter of 2023, with loan 

approvals worth RO 26.7M, a 77% 

increase compared to the same period 

in 2022. The bank’s financing has been 

particularly beneficial for the converting 

industries sector, which received a total 

of RO 8.4M distributed over 485 loans, 

including for industrial light workshops. 

ODB’s commitment to providing funding 

for local businesses is helping to support 

the growth of Oman’s economy, as the 

country looks to recover from the impact 

of the COVID-19 pandemic and build a 

more sustainable future. 


EIIC acquires Mubadala’s 7.6% stake in Abu Dhabi Islamic Bank 

Emirates International Investment 

Company (EIIC), a strategic 

investment arm of National 

Holding, has acquired a 7.6% 

stake in Abu Dhabi Islamic Bank (ADIB) 

from Mubadala Investment Company, 

boosting its total stake in the bank to 

47%. The deal is in line with Mubadala’s 

strategy to optimise its global portfolio 

of investments across various sectors. 

Mubadala, Abu Dhabi’s sovereign wealth 

fund, remains the largest investor in 

the UAE banking sector despite the 

divestment. The fund manages $232B 

in assets across six continents and has 

a 60.2% stake in Abu Dhabi Commercial 

Bank and 37.9% of First Abu Dhabi Bank, 

the UAE’s largest lender. 

Dubai Islamic Bank 

acquires 25% stake in 

Turkey digital bank 

Dubai Islamic Bank (DIB), 

the largest Islamic lender 

in the UAE, is set to expand 

its global presence with 

the acquisition of a 25% stake in a 

new digital banking group in Turkey. 

The board of directors approved the 

proposal, although the bank did not 

reveal the name of the digital bank or the 

acquisition’s value. Regulatory approval 

is required before the acquisition can 

proceed. DIB’s move comes after the 

bank posted a 12% YoY increase in its 

Q1 2023 net profit to AED 1.5B ($408M) 

due to higher revenues and lower 

impairments. The acquisition aligns 

with DIB’s strategy of international 

expansion. 

Khalifa Fund and AlMaryah Bank to offer digital 

banking to UAE SMEs 

The Khalifa Fund for Enterprise 

Development has teamed up 

with AlMaryah Community 

Bank, a fully integrated digital 

bank that provides an omnichannel 

experience to individual consumers and 

small businesses. The partnership aims 

to offer exclusive benefits to Khalifa 

Fund members, providing them with 

Bank of Sharjah announced 

on May 4, 2023, that it has 

received approval to increase 

its capital by AED 800M. The 

bank plans to issue 800 million new 

shares at par, in a move aimed at 

strengthening its financial position and 

fostering future growth. The Sharjah 

Asset Management, the investment 

access to convenient and secure banking 

and financial services. AlMaryah 

Community Bank will leverage its 

leading digital banking solutions to 

explore financing opportunities for 

SMEs, thus supporting their growth, 

improving the efficiency and security of 

financial transactions and advancing the 

entrepreneurial ecosystem in the UAE. 

Bank of Sharjah raises AED 800M to strengthen 

capital position 

arm of Sharjah Government, will be 

the primary beneficiary of this capital 

increase, raising its shareholding 

in the bank to approximately 40%. 

Bank of Sharjah has already obtained 

the approval of the Central Bank of 

the United Arab Emirates (CBUAE) 

and the Securities and Commodities 

Authority (SCA). 


UAE Reforms 

MoE and ACAMS Sign MoU to implement 

AML/CFT training programs 

The Ministry of Economy (MoE) 

has signed a partnership 

agreement with the Association 

of Certified Anti-Money 

Laundering Specialists (ACAMS) to 

support the UAE’s efforts to promote 

compliance culture within the business 

community, combat money laundering 

crimes and prevent terrorism financing. 

The agreement entails the 

development of specialized training 

programs for the Ministry’s employees, 

registrars of Designated Non-Financial 

Business or Professions (DNFBP) 

sector companies, and private sector 

companies operating in the DNFBP 

sector. H.E. Abdullah Ahmed Al Saleh, 

Undersecretary of the Ministry of 

Economy, and Mr. David Karl, Head 

of Global Sales at ACAMS, signed the 

agreement. 

H.E. Al Saleh said: “The UAE has made 

great strides in developing an integrated 

AML/CFT system by considering it as 

a strategic national priority, in line 

with the corresponding legislation and 

the standards issued by the Financial 

Action Task Force (FATF).” 

He added: “We look forward to 

leveraging our partnership with ACAMS 

to prepare specialists responsible for 

the implementation of compliance 

procedures within companies operating 

in the DNFBP sector. These efforts 

will help develop their performance 

at the national and international levels 

in line with global best practices, thus 

contributing to enhancing investor 

confidence in the UAE’s economic 

environment. Adherence to such highest 

standards of integrity and transparency 

in the field of financial and commercial 

control will help solidify the UAE’s 

position as a competitive economic 

hub free of financial malpractices.” 

ACAMS is one of the largest 

international organizations for financial 

crime prevention experts, supporting 

individuals and organizations 

committed to tackling financial 

crimes through thought leadership 

and continuing professional education. 

ACAMS members include government 

and private sectors from more than 175 

regions and countries around the world. 

Mr. David Karl, the Head of Global 

Sales at ACAMS, expressed his 

appreciation for the partnership with 

MoE, especially because it marks the 

Association’s first collaboration with 

a federal government entity in the 

UAE. He clarified that the Ministry’s 

team would work in coordination 

with ACAMS to implement all training 

programs. These programs will provide 

specialized training in AML/CFT basics 

and mechanisms, as well as the reporting 

of suspicious activities, in short, 

medium, and long-term formats. 

Ministry employees who participate 

in these workshops will receive ACAMS 

certification at the specialized level 

(CAMS). Similarly, DNFBP company 

registrars will earn ACAMS certification 

at the CKYCA participant level, 

while DNFBP companies attending 

the sessions will be granted ACAMS 

foundational level certifications. 

Additionally, participants will receive 

supplementary training to improve 

their skills in AML/CFT compliance 

procedures. 

MoE stated that the training sessions 

for all participants will be held virtually 

via the Continuous Learning Academy 

online platform of the Ministry of 

Economy, which will be linked to the 

ACAMS training programs window 

based on specific schedules. 


ADGM’s FSRA Enhances its Regulatory 

Framework to Permit Private Credit Funds 

The Financial Services 

Regulatory Authority (FSRA) 

of Abu Dhabi Global Market 

(ADGM) has taken a further 

step in its forward-thinking and 

pioneering approach to financial 

markets by introducing changes to 

its regulatory framework. As a result, 

collective investment funds based in 

ADGM can now invest in credit by 

originating and participating in credit 

facilities. 

These changes come after the release 

of Consultation Paper No. 8 in 2022, 

which sought opinions on the creation 

and operation of Private Credit Funds. 

Credit funds usually generate profits 

by investing in loans through various 

means such as origination, participation, 

purchase, or a combination thereof. 

These funds have become increasingly 

popular due to the appealing returns 

from lending, which outperform other 

asset classes. 

The growth of credit funds can 

also be attributed to the chance to 

provide financing for innovative and 

growing companies. The framework 

for Private Credit Funds will improve 

access to alternative financing for 

private enterprises, driving innovation, 

productivity growth and competitiveness 

in the small and medium-sized business 

sector. 

The amendments necessary to permit 

Private Credit Funds to operate in or 

from ADGM belong to the Financial 

Services and Markets Regulations 

(“FSMR”), the Fund Rules (“FUNDS”), 

Islamic Finance Rules (“IFR”) and the 

Glossary Rules (“GLO”) of the FSRA. 

The final form of the updated regulatory 

framework in this area benefitted from 

the industry feedback received through 

the previously published consultation 

paper, alongside dialogue with various 

fund industry participants and their 

respective advisors. 

Emmanuel Givanakis, CEO of 

the ADGM FSRA, said, “The global 

private credit market has experienced 

significant growth in the past decade. 

Providing the opportunity for fund 

managers to create Private Credit 

Funds in ADGM supports the FSRA’s 

objective to continue to enhance 

and develop ADGM’s comprehensive 

and vibrant financing ecosystem, 

for both professional investors and 

those companies seeking funding. 

It will help support and bolster the 

growth of such companies, while 

providing greater investor choice and 

ultimately contribute to the growth 

and diversification of the economy of 

Abu Dhabi, the UAE, and the broader 

region.” 


Fintech 

Three Game-Changing Fintechs Operating 

in the UAE 

It’s not unexpected that the UAE is keenly interested in fintech, given the 

region’s substantial use of mobile devices and desire for technological 

progress. As digital banks and creative fintech startups disrupt 

the market, we’re highlighting three innovative fintech companies 

headquartered in the UAE that are revolutionizing the industry. 

Alaan 

Alaan is a Dubai-based FinTech 

company founded in 2021 

by Karun Kurien and Parthi 

Duraisamy. With its headquarters 

in Dubai, Alaan is at the forefront of 

simplifying finance for businesses in 

the Middle East. The company has 

quickly gained recognition for its 

groundbreaking multi-currency spend 

management platform, which enables 

SMEs to streamline their financial 

processes and digitize their business 

expenses. 

Driven by a mission to help businesses 

prosper, Alaan has developed the 

Middle East’s first multi-currency spend 

management platform, allowing companies 

to manage all their expenses through 

corporate cards and automated invoice 

payments. This innovative approach 

eliminates the need for cumbersome 

expense reports, providing SMEs with 

a seamless and efficient solution. 

Alaan’s platform offers a range of 

powerful features. Users can issue 

unlimited corporate cards in multiple 

currencies, including AED, SAR, USD, 

and more. This flexibility empowers 

businesses to adapt to the global nature 

of today’s marketplace. Additionally, 

the platform allows users to effortlessly 

track, approve, and manage employee 

spend, providing real-time visibility 

and control over expenditures. 

One of the standout features of Alaan’s 

platform is its ability to automate 

invoice payments. With no manual 

effort required, businesses can schedule 

invoice payments and ensure timely 

settlements, saving valuable time 

and resources. Furthermore, Alaan 

simplifies bookkeeping by seamlessly 

integrating with leading accounting 

solutions, streamlining the overall 

financial management process. 

Alaan’s commitment to innovation is 

exemplified by its recent integration of 

OpenAI’s advanced artificial intelligence 

technology. Leveraging OpenAI’s stateof-the-art 

natural language processing 

(NLP) capabilities, Alaan’s platform now 

provides users with real-time insights 

on corporate spend and the ability to 

receive immediate answers to critical 

business questions. In January 2023, 

the company secured $4.5M through a 

pre-Series A funding round, highlighting 

its potential for growth and impact. 

By providing a comprehensive 

multi-currency spend management 

Karun Kurien and Parthi Duraisamy, 

Founders 

platform and leveraging cutting-edge 

AI technology, Alaan simplifies and 

enhances the financial processes of 

SMEs, empowering them to thrive in 

a rapidly evolving business landscape. 


Now Money 

Now Money is a Dubai-based 

financial services company 

that was founded in 2016 by 

Ian Dillon and Katharine Budd. 

Headquartered in Dubai, Now Money is 

on a mission to revolutionize the way 

banking services are accessed by the 

unbanked population in the Middle 

East. By leveraging mobile banking 

technology, the company aims to bring 

accounts and remittance services to 

those who have been overlooked and 

underserved by traditional financial 

institutions. 

The founders recognized the need for 

a comprehensive financial service that 

would alleviate the stress and challenges 

faced by millions of individuals in the 

region. With their expertise in mobile 

technology and a deep understanding 

of the local market, they developed a 

smartphone application and mobile wallet 

solution that empowers both employees 

and employers while bridging the gap 

between the unbanked population and 

financial services. 

Now Money’s innovative platform 

has already processed an impressive 

number of transactions, reaching 

over 5.3 million to date. With a total 

funding amount of $10.M, the company 

has made significant strides in its 

pursuit of financial inclusion. Over 

452 corporations have embraced the 

platform, resulting in AED 1.4B paid 

in salaries through Now Money. 

As a specialist in mobile technology, 

money transfer, and remittance services, 

Now Money is at the forefront of 

the fintech industry. Its smartphone 

application and mobile wallet provide a 

gateway to financial services, ensuring 

that individuals who were previously 

excluded can now access essential 

banking features. 

Now Money’s commitment to financial 

inclusion is commendable. Through 

their mobile banking technology, they 

are enabling the unbanked population 

of the Middle East to access accounts 

and remittance services conveniently 

and securely. As the company continues 

Ian Dillon and Katharine Budd, 

Founders 

to grow and expand, their innovative 

solutions have the potential to transform 

the lives of millions, offering them a 

path to financial empowerment and 

inclusion. 

Cashew 

Cashew is a payments-led 

financing company that is on a 

mission to tackle the challenges 

faced by consumers across the 

MENA region when it comes to gaining 

access to finance at the point of sale. 

The company’s primary objective is to 

provide a faster and fairer way to pay 

by offering a tech solution that makes it 

easier for people to finance important 

purchases. By doing so, Cashew aims 

to help people finance the important 

things in life. 

As a financial services company, 

Cashew understands the importance of 

providing inclusive solutions that cater 

to the diverse needs of its customers. 

To achieve this, the company actively 

listens to its customers and celebrates 

diversity, striving to become a more 

inclusive organization that reflects the 

broader community it serves. 

Headquartered in Dubai, Cashew is 

a company that is rapidly expanding, 

with a team of 51-200 employees. The 

company’s focus on payment solutions 

in the MENA region has made it a 

game-changer in the financial services 

industry. With its innovative approach 

to financing, Cashew is changing the 

way people access finance at the point 

of sale, making it more accessible and 

inclusive. 

Cashew’s commitment to innovation 

and inclusivity has caught the attention 

of investors, with the company raising 

an undisclosed amount in its latest 

funding round on April 4, 2023. The 

corporate round was led by Al Hassan 

Ghazi Ibrahim Shaker Co. - (Shaker 

Group), which acquired a 10% stake 

in Cashew. This funding will enable 

Cashew to continue its expansion 

and reach more customers across the 

MENA region. 

As a financial services company that 

is dedicated to making finance more 

accessible and inclusive, Cashew’s 

innovative payment solutions and 

commitment to celebrating diversity 

have made the company a game-changer 

in the financial services industry. With 

the recent investments, Cashew is wellpositioned 

to continue its expansion 

Ammar Afif, 

Founder & CEO 

and provide even more customers 

across the MENA region with a faster 

and fairer way to pay. 


Fintech News 

UAE turns to FinTech to achieve 7% annual growth and double economy 

by 2031 

H.E. Abdullah bin Touq Al Marri, 

Minister of Economy in the 

UAE, has highlighted FinTech 

as a sector that could help the 

country achieve its 7% growth target 

this year, repeating the success of 2022. 

Achieving this target is a priority for the 

UAE as it aims to double its economy by 

2031. While traditional economic sectors 

may not be able to deliver such expansion, 

diversification and the development of 

new sectors, including FinTech and 

innovation, will be key. Family offices 

diversifying away from traditional sectors 

could also boost economic growth. The 

Minister urged delegates at the Dubai 

FinTech Summit to help him reach the 

growth target. 

PayTabs launches ReelsPay in MENA region to boost 

social media sales 

PayTabs, a payments provider 

serving the MEASA region, 

has partnered with Paymes 

to launch ReelsPay, a social 

commerce solution that enables homebased 

businesses, freelancers and 

micro vendors to sell products through 

Instagram reels. ReelsPay is designed to 

increase sales by providing a payment 

link for each video, which users can 

access to view the items and complete 

transactions. Paymes currently has 

over a million merchant users across 

Turkey, Azerbaijan, Egypt, Saudi Arabia 

and the UAE. Instagram is becoming 

an increasingly popular platform for 

e-commerce in the Middle East, where it 

is estimated that it will have 2.5 billion 

active monthly users by 2023. 

UAE’s FOO and MAF collaborate to enhance customer 

experience 

FOO, an award-winning 

fintech solutions provider, 

has teamed up with XSIGHT 

Future Solutions to offer an 

embedded wallet experience for Majid 

Al Futtaim’s (MAF) retailers in the 

UAE. Carrefour, the first retailer to 

adopt this technology, has already 

launched the solution in the UAE, KSA, 

and Egypt, with more countries to 

follow. The collaboration with FOO will 

expedite Carrefour’s refund process by 

integrating its closed-loop mobile wallet 

and stored value account (SVA) solution 

into Carrefour’s existing mobile app, 

enabling customers to receive instant 

refunds to their personal accounts. The 

partnership between FOO and XSIGHT 

Future Solutions will pave the way for 

additional fintech capabilities to be 

implemented in the future. 

Fintech boosts DIFC’s 

growth beyond Dubai’s 

overall economy 

Dubai International Financial 

Centre (DIFC) is experiencing 

faster growth than Dubai’s 

overall economy thanks to the 

contributions of fintech and innovation 

companies. According to Essa Kazim, 

governor of DIFC, fintech has been a key 

growth driver for the centre over the past 

three years, contributing over 27% of its 

overall client growth. DIFC’s supportive 

and agile regulatory framework, as well 

as access to funding and resources for 

start-ups and established firms alike, 

have facilitated the sector’s expansion. 

DIFC-based fintech and innovation firms 

raised over $615M in funding last year, 

and the sector is predicted to double in 

size across the Middle East, Africa and 

South Asia region. 


Saudi Arabia’s Saving 

Crisis Spurs Fintech 

Saving Platform Rush 

Saudi Arabia is facing a savings 

crisis, with household savings 

estimated to be below two 

percent on average, prompting 

fintech saving platforms such as Hakbah 

to launch digital products that promote 

long-term financial habits. Hakbah and 

other fintechs are aiming to digitize the 

$6B ROSCA market in Saudi Arabia 

and the wider Middle East region, to 

encourage saving habits among citizens. 

Hakbah is leveraging data, needs and 

behaviors to provide a value proposition 

that strengthens financial inclusion via 

social savings. The platform has already 

attracted 120,000 active users, and other 

similar ventures are emerging in the 

country to tackle the savings crisis. 

H.H. Sheikh Mohammed bin Rashid: Dubai offers 

top FinTech innovation ecosystem 

His Highness Sheikh Mohammed 

bin Rashid Al Maktoum, Vice 

President and Prime Minister 

of the UAE and Ruler of Dubai, 

highlighted Dubai’s position as one of the 

leading hubs for driving value creation 

in the fintech sector, at the first Dubai 

FinTech Summit. With over 5,000 industry 

professionals and delegates attending 

the two-day event, the Summit offers an 

opportunity for collaboration between 

traditional financial institutions and 

fintech firms, especially with rapid AI 

advancements driving innovation within 

the sector. Dubai has invested heavily 

in its fintech ecosystem by creating a 

supportive and agile regulatory framework, 

providing access to funding, sand-box 

environments and resources for start-ups 

and established companies alike. 

e& Enterprise to acquire majority stake in UAE 

lending startup Beehive 

e& Enterprise is set to acquire 

a majority stake in Beehive, a 

UAE-based peer-to-peer digital 

platform for the Small and 

Medium Enterprise (SME) lending 

market. Beehive, which was founded 

in 2014, is a leading crowdfunding 

platform in the UAE, with operations 

in Saudi Arabia and Oman. The 

platform facilitates conventional and 

Sharia-compliant loans by connecting 

creditworthy SMEs seeking finance 

with private and institutional investors. 

With this acquisition, e& Enterprise 

plans to address the $250B SME credit 

gap in the GCC region, leveraging 

its brand and combining it with 

Beehive’s fintech platform to provide 

an innovative lending solution. The 

acquisition aligns with the UAE’s 

National Agenda for Entrepreneurship, 

which seeks to establish the country 

as an entrepreneurial nation by 2031. 

Saudi Arabia’s SAMA 

seeks public feedback 

on BNPL rules 

The Saudi Central Bank (SAMA) 

has released draft “Rules for 

Regulating Buy Now Pay Later 

(BNPL) Companies” and is 

seeking public consultation on them. The 

move comes as part of SAMA’s efforts 

to develop and regulate the financial 

and fintech sectors in Saudi Arabia. 

The proposed rules outline minimum 

standards and procedures required for 

BNPL companies to operate sustainably 

while also ensuring financial consumer 

protection principles and rights are not 

compromised. Interested parties and 

stakeholders are invited to provide 

feedback and suggestions on the draft rules 

through the Public Consultation Platform 

at the National Competitiveness Centre 

within 30 days of the announcement. 


Fintech Application 

BAYZAT 

About 

Bayzat, a pioneering fintech 

company founded in 2012 

by Omar Al Zaabi and Saif 

Al Qahtani, has emerged as a 

leader in the UAE’s insurance and HR 

industries. With a digital-first approach, 

Bayzat offers a wide range of innovative 

solutions to simplify insurance and 

HR management. Their insurance 

products encompass health insurance, 

car insurance, and life insurance, 

providing users with comprehensive 

coverage options. 

Review 

The Bayzat app stands out with its 

well-designed interface, ensuring a 

user-friendly and intuitive experience. 

The modern and sleek design enables 

effortless navigation, while the app’s 

optimized performance guarantees 

swift loading times. Addressing the 

needs of businesses and individuals, 

Bayzat offers a comprehensive range 

of features. Users can conveniently 

compare insurance policies, access HR 

solutions such as payroll processing 

and benefits administration, securely 

manage important documents, and 

communicate with confidence. 

Upholding the utmost priority on 

security, Bayzat implements advanced 

encryption technology and incorporates 

additional layers of protection, including 

two-factor authentication. Users can 

have peace of mind knowing that their 

personal and financial information 

is safeguarded. Moreover, Bayzat’s 

commitment to customer satisfaction 

shines through its exceptional 24/7 

customer support, where dedicated 

professionals are readily available to 

assist with inquiries and address any 

concerns. Overall, the Bayzat app proves 

indispensable for effectively managing 

insurance and HR needs. Its seamless 

integration of convenience, security, 

and an extensive range of features 

creates a compelling proposition for 

users seeking efficient and reliable 

insurance and HR management. 

Although certain features may be 

subject to country restrictions and 

occasional slowness may occur, the 

app’s overall package provides an 

exceptional user experience. 

Availability: Google Play Store and 

Apple App Store 

Website: www.bayzat.com 


DJI Mini 2 SE 

The DJI Mini 2 SE is a sub-249g 

drone packed with features 

despite its small size. With 

its folding legs and compact 

design, the Mini 2 SE is ultra-portable 

and regulation-friendly in most territories, 

making it the perfect drone for your next 

adventure. 

One of the standout features of the Mini 

2 SE is its 1/2.3-inch CMOS sensor, which 

allows it to capture 2.7K video and 12MP 

still images. The camera is mounted on 

a 3-axis gimbal, ensuring your footage 

and photographs are always smooth and 

stable. With QuickShots and Panorama 

modes, capturing more creative videos 

and stills is easy. 

The Mini 2 SE has a flight time of up 

to 31 minutes on a single battery charge 

and can transmit HD video over 10 km. 

And despite its small size, it can hover in 

a stable position in winds up to 10.7 m/s. 

It’s important to note that the Mini 2 SE 

doesn’t have object avoidance sensors, 

but with its Level 5 wind resistance, it’s 

still a reliable and powerful drone that 

you can take on any adventure. 


Business 

Fintech and Digital Payments Drive the 

UAE’s Business Landscape 

The Fintech industry in the UAE has experienced a significant surge in growth, 

primarily attributed to the widespread adoption of digital payments and the 

burgeoning demand for novel financial solutions. To fuel this upward trend, a series 

of agreements have recently seen the light, aimed at propelling the advancement 

of Fintech and digital payments. This article endeavors to scrutinize some of the 

latest agreements and initiatives that have an impact on the Fintech industry 

and digital payments, and examine their possible ramifications on the business 

landscape. 

According to the FIS Global 

Payments Report 2023, 

physical cash is witnessing 

a decline in usage worldwide, 

as digital wallets, credit and debit 

cards, and buy-now-pay-later options 

replace it. In the UAE, credit cards were 

the preferred method of payment for 

e-commerce transactions last year, as 

revealed by the report which indicated 

that credit cards accounted for 41% of 

the value of e-commerce transactions in 

the UAE, while debit cards accounted 

for 11%. 

In line with the UAE’s ambition to 

become a leader in digital finance and 

digital payments, many agreements have 

been signed by leading companies, such 

as the recent agreement between G42 

and Microsoft with the aim of driving 

the UAE’s digital economy and building 

its digital infrastructure. In a joint 

statement, the two firms declared their 

plans to collaborate on the creation of 

solutions that cater to the requirements 

of the public sector and industries 

in the UAE. This collaboration will 

utilize Microsoft’s partner ecosystem 

and cloud capabilities, providing UAE 

organizations with novel tools to meet 

the demands of their customers and 

citizens. 

As a significant step towards achieving 

the UAE’s goal of becoming a leader 

in digital finance and payments, this 

agreement is expected to have a positive 

impact on the business landscape in the 

UAE by fostering innovation, promoting 

economic growth, and enhancing the 

country’s global competitiveness. 

By leveraging Microsoft’s partner 

ecosystem and cloud capabilities, this 

collaboration has the potential to offer 

UAE organizations access to advanced 

tools and technologies that can enhance 


their digital infrastructure, boost 

operational efficiency, and improve 

customer experiences. 

On the other hand, Dubai Electricity 

and Water Authority (DEWA) has added 

Samsung Pay to its many options for 

customers to pay their bills conveniently 

and securely on various digital channels, 

which makes it the first government 

entity in Dubai to adopt the Samsung 

Pay option within its digital channels. 

Users can benefit from the service 

through DEWA’s smart app on Samsung 

smartphones. The Managing Director 

and Chief Executive Officer of DEWA, 

Saeed Mohammed Al Tayer, emphasized 

the organization’s commitment to 

reinforcing its global leadership and 

excellence in digital transformation. 

This involves the adoption of stateof-the-art 

technologies and inventive 

solutions, as well as collaborating 

with governmental and private entities 

to deliver services that are easily 

accessible from any location at any time. 

Furthermore, the Central Bank of 

UAE has launched its Digital Dirham 

Strategy, known as the CBUAE Central 

Bank Digital Currency (CBDC) Strategy, 

as part of its Financial Infrastructure 

Transformation (FIT) Programme. 

The strategy aims to introduce a riskfree 

form of digital money issued and 

guaranteed by the central bank that will 

provide a secure, cost-effective, and 

efficient form of payment and a store 

of value. The aim of the Digital Dirham 

Strategy is to strengthen the UAE’s 

payment infrastructure by providing 

additional robust payment channels to 

ensure a resilient and reliable financial 

system. It also aims to ensure the 

UAE’s readiness to integrate payment 

infrastructures with the future potential 

tokenization world, including the 

tokenization of financial and nonfinancial 

activities. 

It is no surprise that the Fintech 

industry in the UAE has been growing 

at an unprecedented rate, as it can be 

attributed to the widespread adoption 

of digital payments and the growing 

demand for innovative financial 

solutions. The recent agreements 

and initiatives aimed at propelling the 

growth of Fintech and digital payments 

are expected to have a significant impact 

on the industry. While these agreements 

and initiatives signal positive growth 

for the Fintech industry in the UAE, 

it is important to note that challenges 

such as regulatory compliance and 

cybersecurity concerns still exist. As 

such, stakeholders in the industry must 

remain vigilant in addressing these 

issues and continuously innovating 

to ensure that the UAE maintains its 

position as a hub for Fintech and digital 

payments. 

Fintech’s 

innovative 

solutions and 

adoption of digital 

payments are 

rapidly disrupting 

the traditional 

financial industry 

in the UAE, 

revolutionizing 

finance through 

technology. 


Business News 

UAE-Iran Business Council convenes first meeting to boost economic ties 

The UAE-Iran Business Council 

held its first meeting in Tehran 

during the Iran Expo, aimed at 

boosting economic ties between 

the two nations. The UAE delegation was 

led by Abdullah Mohammed Al Mazrouei, 

Chairman of the Federation of UAE 

Chambers of Commerce and Industry, 

while the Iranian side was chaired by Dr. 

Mahdi Safari, Deputy Foreign Minister for 

Economic Diplomacy. Al Mazrouei praised 

the efforts of both organizing committees, 

expressing confidence that the Council 

will enhance partnerships between the 

UAE and Iran’s business sectors. The 

UAE-Iran economic relationship has 

seen significant growth, contributing 

to increased joint trade and investment 

exchange. 

Middle East gas producers 

plan $120B investment to 

increase output by 2030 

The Middle East plans to invest 

$120B to increase natural gas 

production by over 19% by 2030, 

according to energy consultancy 

Wood Mackenzie. The region’s natural gas 

output will rise from 72 billion standard 

cubic feet (bcfd) per day to 86 bcfd per 

day. This boost in production could help 

solve the energy trilemma of sustainability, 

security, and affordability, said Alexandre 

Araman, principal analyst for Middle East 

Upstream at Wood Mackenzie. About 

half of the predicted 14 bcfd increase 

will be made available for export, which 

could have a game-changing effect on 

global gas markets, especially as LNG 

liquefaction capacity in the Middle East 

keeps growing. 

Abu Dhabi’s financial centre to expand to Reem 

Island 

Abu Dhabi Global Market 

(ADGM) is set to expand to 

include Reem Island as the 

UAE capital’s financial centre 

accommodates increased demand from 

global firms looking to set up businesses 

there. According to a statement from the 

market, the newly expanded jurisdiction 

will make ADGM one of the world’s 

largest financial centres, and will be 

more than 10 times the size of its current 

footprint. ADGM will have a combined 

space of 1,438 hectares following the 

Saudi Arabia’s sovereign wealth 

fund, the Public Investment 

Fund (PIF), has signed a 

non-binding memorandum of 

understanding (MoU) with Middle East 

Paper Company (MEPCO) to acquire a 

“significant” minority stake. MEPCO, 

an integrated paper manufacturer, will 

issue new shares at 31.50 riyals ($8.40) 

per share for the PIF’s subscription, 

subject to regulatory approvals. The 

deal will expire on July 31, 2023, or 

upon the conclusion of a legally binding 

subscription agreement. The PIF’s 

acquisition is in line with its strategy to 

diversify Saudi Arabia’s oil-dependent 

economy and boost investment in 

domestic companies. 

expansion, making it larger than Dubai 

International Financial Centre (DIFC). 

The move to expand ADGM was decided 

by UAE Cabinet Resolution 41 for 2023. 

Saudi’s PIF signs deal to buy stake in Middle East 

Paper 


UAE Restaurants Group and JLL Partner to Boost Country’s F&B Industry 

UAE Restaurants Group has joined 

forces with JLL to enhance 

the global competitiveness of 

the UAE’s food and beverage 

(F&B) industry. The partnership aims 

to improve efficiency and drive growth 

within the country’s foodservice market, 

which saw consumer foodservice 

outlets generate AED 58.4B ($15.9B) 

in sales last year, according to data 

from Euromonitor International. JLL 

Foodservice Consulting will support 

UAE Restaurants Group to formulate 

its short- and long-term strategy and 

create connections with the government 

and other stakeholders. The UAE’s F&B 

industry is expected to experience 6.8% 

CAGR growth between 2022-2027, 

providing plenty of opportunities for 

businesses. 

UAE FX firms seek 

tech capabilities amid 

De-Dollarization talks 

Foreign currency exchanges and 

remittance firms in the UAE 

are seeking to adopt new technologies 

and partnerships as 

de-dollarization talks gain momentum. 

Countries such as Russia and China are 

reportedly seeking alternatives to the 

dollar for global trade. The UAE and 

India are reportedly discussing using 

rupees to trade non-oil commodities, 

while Saudi Arabia has reportedly 

expressed openness to trading in currencies 

other than the US dollar. Some 

Southeast Asian officials have also 

hinted at de-dollarization efforts. Zahir 

Moghal, CEO of UAE-based Delma Exchange, 

said that such talks have led to 

speculation about a major change in the 

currency pegs of the UAE and the GCC 

or the Middle East region. 

India and UAE discuss Pharma export pricing 

norms in high-level talks 

India and the UAE are in high-level 

talks to address pricing norms that 

limit Indian generic drug and vaccine 

exports to the UAE and other Gulf 

countries, according to Mint, citing two 

sources familiar with the matter. External 

reference pricing (ERP) is used by the 

UAE and other Gulf countries to regulate 

pharmaceutical prices. Under the ERP 

policy, manufacturers specify a basket 

of countries whose prices they use to 

inform the price of medical supplies in 

the country. The UAE’s pharma market is 

valued at $3.5B with imports accounting 

for 80%. The UAE is a global hub that 

provides Indian drugmakers access to 

other international markets, especially 

the GCC. The free trade deal India signed 

with the UAE last February has managed 

to get fast-paced drug approval, but pricing 

barriers continue to exist. 

Ajman Bank achieves over $13.3M net profits in 

Q1-23 

Ajman Bank, a UAE-based 

Islamic bank, has reported 

a year-on-year increase in 

net profit during the first 

quarter of 2023. The bank generated 

AED 49.15M in net profit, up from AED 

33.92M in the same period last year. 

The bank’s net operating income also 

rose to AED 231.57M, compared to 

AED 123.96M in Q1-22. The bank’s total 

assets grew to AED 22.85B during the 

quarter, and client deposits increased 

to AED 19.27B. In April 2023, the bank’s 

shareholders approved the issuance of 

73.50 million bonus shares, equivalent 

to 3.50% of the bank’s current paid-up 

capital for 2022. 


Interview 

Khalifa AlShamsi, 

CEO of e& life 


Khalifa AlShamsi is the CEO of e& life, with more than 29 years of telecom, 

media, and ICT experience. He has previously led many functions within 

Etisalat including Head of Mobile Networks, Chief Marketing Officer, and Chief 

Digital Officer. AlShamsi is a member of the board of directors at Etihad Etisalat 

‘Mobily’, UAE International Investors Council (UAEIIC), and WIO Bank. He is also 

a member of the Strategy Committee at GSMA and the Chairman of Etisalat Media 

& Entertainment Platform ‘E-Vision’ and digital arm ‘ETS’ in UAE. 

Exclusive to The Finance World Magazine 

Can you briefly introduce yourself 

and your role as CEO at Etisalat? 

My name is Khalifa AlShamsi, CEO 

of e& life, the consumer digital arm of 

the e& Group, previously known as the 

Etisalat Group. 

Q. What are the major Fintech 

products that you have been talking 

about in Etisalat, and what does 

the Fintech ecosystem of Etisalat 

look like? 

We are thrilled to participate in 

the Dubai Fintech Summit. It is an 

excellent event with the right mix and 

level of participants, from speakers and 

exhibitors to attendees. It is totally in 

line with our strategy in E&, specifically 

in the consumer domain in e& life, 

because fintech for us is a growth 

opportunity. In the consumer domain, 

we have launched e& Money, a consumer 

digital wallet. We launched products 

in July 2022, and since then, they have 

been growing rapidly, providing services 

to end users across various segments. 

Our strategy is to build this wallet into 

a financial super app providing financial 

inclusion to various types of users. 

Q. Could you talk about some 

partnerships that Etisalat has 

recently done and how they have 

been facilitating the Fintech 

plethora? 

Among the key partners that we 

have participated with in launching 

this proposition to the end users, 

Moneygram has been our partner for 

international money remittance. We 

have recently signed up with Western 

Union. When it comes to cards, we 

have signed up with MasterCard and 

launched our prepaid MasterCard in 

March, and it has been growing rapidly. 

Additionally, through our participation 

in this event, we are meeting many 

partners across different domains in the 

fintech arena because when it comes 

to enlarging these products and this 

company to a financial super app, we 

believe that it has to be done through 

collaboration. Hence, we will build 

some parts by ourselves and others by 

partners and players in the respective 

ecosystem. 

Q. How matured do you see the 

fintech ecosystem is in the UAE, 

and what are the possibilities and 

opportunities still open for new 

companies or businesses to join in? 

The Fintech ecosystem in the UAE has 

been growing rapidly; we have seen this 

growth starting during the COVID-19 

days, from 2021 moving forward. The 

underlying infrastructure, regulation, 

and policy in the UAE helped a lot of 

the global talents to take the UAE as 

a hub to build their companies or have 

a representation in the UAE due to the 

availability provided by the government 

and private companies to develop 

partnerships and solutions that meet 

the needs of various segments of the 

customer base. 

Q. One of the major concerns of 

the end customers is security in 

fintech, so what’s your say in that, 

and how matured is that in Etisalat? 

When you are a major player in the 

telecom domain like, e& Group, some 

things go for granted; when it comes 

to the security of the infrastructure, 

AML requirements, KYC, consumer 

protection, and data protection 

represent commodities you must have 

as a fintech player, and you cannot 

operate any business without them. 

So, security is definitely the main 

focus area for us because at the end 

of the day, we are talking about the 

end user’s money. Any infrastructure 

or service has to be very robust and 

protect the customer. 

Q. What are your top priorities 

in the company in terms of 

growth, innovation, and customer 

satisfaction as a CEO? 

Under e& life, which focuses on 

building companies in the consumer 

domain, it’s about bringing companies 

to life. In the Dubai fintech summit, we 

are showcasing our e& Money, which 

is a fintech company. The priority of 

this company is to enlarge the customer 

base across the various segments in the 

UAE, expanding our market footprints. 

In addition to that, we are building other 

ventures and companies, whether in the 

entertainment domain, the healthtech 

domain, or other domains. Hence, the 

priority for e& in general and e& life in 

particular is expanding various types 

of company focus, adding value to 

various ventures and different customer 

segments. 


Interview 

Akshay Chopra, 

Head of Innovation & Design, Visa CEMEA Region 


Akshay Chopra is the Head of Innovation & Design, CEMEA (Central & 

Eastern Europe, ME & Africa) at Visa, with over 16 years of innovation in 

the financial industry. He holds seven fintech and payments patents and 

is a serial venture investor in tech startups. Prior to joining the Visa Singapore 

Innovation Center in 2015, Chopra forged his career with S&P, CEB (now Gartner) 

and Deloitte – launching one of the first Greenhouse models globally that combines 

design thinking, management consulting and analytics to tackle complex challenges. 

Exclusive to The Finance World Magazine 

Q. Can you give a brief about your 

role in Visa and what kind of a 

participation Visa is anticipating 

in the Dubai FinTech summit? 

My name is Akshay Chopra, Head 

of Innovation & Design for Visa in the 

CEMEA region. In this role, I work with 

our ecosystem partners, whether they’re 

fintechs, banks, merchants, or tech 

companies from across the spectrum 

to co-create the future of payments. 

The Dubai FinTech Summit is a very 

important moment for us, as it brings 

together the entire community and 

the entire ecosystem into one place to 

build and discuss the future and make 

connections. That’s why we’re here. 

Q. Could you talk about some of the 

partnerships that Visa had recently 

done, and how that is helping Visa 

in terms of the goals they have 

to accomplish for establishment 

of the fintech ecosystem in the 

MENA region? 

We have done many partnerships 

with fintechs across MENA. Dubai 

International Financial Center is also 

one of our partners. We like partnering 

with organizations like DIFC because 

they are so conducive to the growth of 

the fintech ecosystem. Our role here 

is also to be that of an enabler, as we 

want to equip fintechs to be able to get 

up and run faster, to be able to offer 

payment services in a very seamless and 

secure fashion. Hence, we partner with 

hundreds of fintechs around the region, 

and we even have this great initiative 

called the Visa Everywhere Initiative, 

which is essentially a competition for 

fintechs to pitch their solutions to solve 

real problems in finance. We take the 

winners from each region to the global 

stage as well. 

Q. How do you see the maturity 

of fintech ecosystem in the UAE? 

I moved here from Singapore in 

2019, and even in the last four years, 

there has been a transformation, a 

massive change in how mature this 

ecosystem has gotten, how rich, broad 

and deep the fintech capability here has 

gotten. This transformation is not by 

accident; it has been very intentional. 

There has been a tremendous support 

from government organizations like 

DFC to foster that ecosystem. We’ve 

seen regulators take a very proactive 

stance also in areas where things are 

not very clear, such as digital assets. 

We have regulators in the region and 

the UAE who are playing a massive, 

forward-looking role. However, if you 

look at the sheer network of enablers 

for fintechs like sponsors, issuers, or 

payment processors that have also come 

up in the last few years, you will see an 

amazing transformation. I actually think 

that this kind of accelerated fintech 

growth is really unique to Dubai and 

the region, and it’s going to be unlikely 

to see elsewhere. 

Q. Considering the maturity level 

you see in the fintech ecosystem 

here and the way it is evolving, is 

there an opportunity for companies 

to come in? If yes, what kind of 

companies and what opportunities 

does it bring in? 

There are infinite opportunities here, 

and new players can come and solve 

real problems. There are things we 

don’t know about; in the MENA region, 

a large percentage of transactions 

still happen on cash because small 

merchants find it hard to accept 

payments digitally, so they revert to 

cash. Any fintechs or innovators can 

come and solve the problem related 

to the acceptance of digital payment, 

which is in itself a massive area of 

opportunities. Financial inclusion and 

financial education are among the things 

that not only help businesses innovate 

and generate revenues, but also solve 

existential problems in the Middle 

East. Another area of growth is small 

business solutions or business solutions 

in general; a lot has been said and done 

on the consumer payments, but what 

about businesses? What about how 

businesses pay invoices, their payroll 

and suppliers? That still has a long way 

to go to be fully digitalized. These are 

just a few examples of things where 

a new player can come in, innovate, 

capture real opportunities and solve 

real needs. 

Q. Can you talk about the four 

pillars? 

The way we’ve structured this is to 

give you a 360-perspective on how Visa 

supports fintechs, both at the individual 

level and the ecosystem level. The 

ecosystem level starts where we work 

with governments and agencies to help 

transform the economy, especially as it 

relates to fintech through digitization 

and through enablement of fintech 

innovators in that market. Once you’ve 

done that, you can now start to build 

solutions, and this is what some of 

the Solutions team at Visa talks about. 

How do you build solutions that solve 

real customer needs, whether they 

are individuals, whether they are 

businesses? How do you solve in a 

customer centric, agile manner? Once 

you’ve figured out what solutions you 

need and what problems you want to 

solve, then you can really turn on the 

innovation engine. We look at how we 

solve these problems creatively and 

combine our solutions in ways that are 

transformative and add a powerful user 

experience. Finally, the launch section 

takes the solutions you’ve built and 

the problems that you want to solve 

and gives you a very easy path to go to 

market. For example, we’ve announced 

a program called Visa Ready, which 

provides fintechs with the tools they 

need, the licensing, and the protocols. 

Fintechs need to be able to go to market 

in a very accelerated time. Hence, you 

start with a transformed economy, go 

into the building phase, innovate on 

how you solve problems, and finally, 

you’re ready to launch. 


Sony A7 IV 

The Sony A7 IV is a high-performance 

full-frame mirrorless camera 

that offers photographers and 

videographers a comprehensive 

set of features for both stills and video. 

Its standout feature is its 33MP backilluminated 

CMOS sensor, which produces 

images with excellent detail and colour 

reproduction, thanks in part to the BIONZ 

XR image processor. This processor is 

very powerful and helps to produce 

images with excellent detail and colour 

reproduction. It also helps to improve 

the camera’s autofocus performance 

and video recording capabilities. The 

camera also features 5-axis in-body image 

stabilization, which helps to produce 

steady shots and smooth footage. One 

of the most impressive features of the 

A7 IV is it’s auto-focus system, which 

uses 759 phase-detection points and 425 

contrast-detection points to provide fast 

and accurate autofocus performance. 

The system also supports real-time eye 

autofocus and animal eye autofocus, 

which can be very useful for capturing 

portraits and wildlife. The A7 IV can 

record 4K video at up to 60fps. It also 

supports 10-bit 4:2:2 internal recording, 

which allows you to record high-quality 

video that is suitable for professional 

use. The A7 IV also supports S-Log3 and 

HLG gamma curves, which give you more 

control over the look of your videos. The 

Sony A7 IV is an impressive camera that 

is perfect for anyone looking to capture 

high-quality stills and video. The Sony A7 

IV is an exceptional camera that offers 

photographers and videographers a 

versatile set of features such as advanced 

autofocus system, powerful image 

processor, and versatile video recording 

capabilities for both stills and video. It is 

well-suited for a wide range of applications, 

from professional photography and 

videography to casual travel and family 

photos. Whether you are an experienced 

professional or an amateur enthusiast, the 

A7 IV is an excellent choice for capturing 

high-quality images and video. 

• 33MP back-illuminated CMOS sensor 

• BIONZ XR image processor 

• 5-axis in-body image stabilization 

• 4K video recording at up to 60fps 

• 10-bit 4:2:2 internal recording 

• Real-time eye auto-focus and animal 

eye autofocus 

• S-Log3 and HLG gamma curves 


Mobvoi TicWatch Pro 4 Ultra 

Introducing the Mobvoi TicWatch Pro 4 

Ultra, a high-end smartwatch designed 

to elevate your digital experience. 

With its 1.4-inch AMOLED display 

boasting a resolution of 416 x 454 pixels, 

this watch offers crisp visuals and vibrant 

colours. Crafted with stainless steel and 

rated 5ATM for water resistance, the 

TicWatch Pro 4 Ultra exudes durability 

and style, available in sleek black and 

silver options. Powered by the Qualcomm 

Snapdragon Wear 4100+ processor, this 

watch ensures a seamless and responsive 

performance. Its advanced health and 

fitness tracking capabilities make it an 

ideal companion for an active lifestyle. 

Monitor your heart rate, track SpO2 levels, 

analyse sleep patterns, manage stress, and 

utilize GPS for accurate tracking. With 

swim tracking, VO2 max monitoring, and 

menstrual cycle tracking, it caters to a 

wide range of health and fitness needs. 

The TicWatch Pro 4 Ultra offers additional 

features such as Google Pay support for 

contactless payments, NFC connectivity, 

a built-in speaker and microphone, Wi-Fi 

and LTE connectivity, and integration with 

Google Assistant. Customize your watch 

face, explore the app store, and enjoy 

the convenience of Google’s ecosystem. 

The TicWatch Pro 4 Ultra stands out with 

its impressive battery life. With up to 72 

hours in smartwatch mode and up to 40 

hours in GPS mode, it ensures that you 

stay connected and powered throughout 

the day. Whether you seek cutting-edge 

technology or premium fitness tracking, 

the Mobvoi TicWatch Pro 4 Ultra is the 

ultimate smartwatch choice. Elevate your 

digital experience and embrace a new 

level of performance and style. 


Cover Story 

Beehive 

Craig Moore, 

Founder and CEO 

By linking its customers with interested 

investors, Beehive has managed to attract 

a user base of over 15,500 individuals. 

Based in Dubai, Beehive is 

the first peer to peer (P2P) 

lending platform in MENA to 

be regulated by the DFSA. As 

a leading Fintech pioneer, the company 

uses innovative technology to directly 

connect businesses seeking fast, affordable 

finance with investors who can help 

fund their growth. 

Beehive, which was founded in the 

United Arab Emirates in 2014 by Craig 

Moore, has taken peer-to-peer lending 

to the next level. It specializes in digital 

financial solutions for small and mediumsized 

businesses (SMEs). By linking its 

customers with interested investors, 

Beehive has managed to attract a user 

base of over 15,500 individuals. 

The Beehive Platform is designed 

to operate on Microsoft Azure Cloud 

Services, a top-tier cloud services 

platform for businesses. Beehive has 

chosen to use Azure because it provides 

high-quality security measures, including 

encryption, access management, and 

network security, which are implemented 

throughout the entire platform, including 

data storage, application access, web 

communications, and back-office tasks. 

Microsoft, with its extensive experience 

in developing enterprise software and 

managing large online services, has 

implemented a range of security-aware 

software development, operational 

management, and threat-mitigation 

practices that are crucial to safeguarding 

services and data. Beehive has taken 

advantage of Microsoft’s expertise 

in this area by choosing to build and 

deploy their platform on Azure. 

Since the launch, businesses have 

borrowed more than AED 1.5B through 

the company’s platform. Recently, 

the enterprise arm of e&, UAE’s techtelco 

conglomerate, has announced 

taking a majority stake in Beehive. e& 

enterprise will thus be able to ‘provide 

an innovative lending solution’ to 

tap the $250 billion SME credit gap 

in the GCC. “As one of the very first 

regional fintechs, this is a validation 

of the Beehive team’s incredible effort 

over the last 9 years and reflects the 

vibrancy and success of the UAE’s 

startup ecosystem,” said Craig Moore, 

founder and CEO of Beehive. 


Cover Story 

Optasia 

Bassim Haidar, 


In 2022, Optasia had an average of 95 

million monthly unique users, and its 

valuation surpassed $1B. 

Optasia, previously known as 

Channel VAS, is an artificial 

intelligence-driven company 

that offers financial services 

such as micro-lending, airtime credit 

services, and data monetization services. 

Its focus is on emerging markets in 

Sub-Saharan Africa, the Middle East, 

Asia, and Latin America, and it currently 

operates in more than 30 countries. 

Optasia has completed over 40 billion 

credit decisions in the last decade, with 

more than 45 active deployments. Between 

2019 and 2022, the company disbursed 

more than $10B in advances, with $3.5B 

being distributed in 2022 alone. In 2022, 

Optasia had an average of 95 million 

monthly unique users, and its valuation 

surpassed $1B. Its platform allows for the 

creation of credible financial solutions 

in emerging markets where traditional 

financial establishments are limited. 

The company’s financial technology 

platform addresses the needs of both 

the end customer and SMEs, offering 

a broad range of financial services 

from consumer finance solutions to 

enterprise finance solutions, credit 

scoring, data science as a service, and 

platform as a service. 

By converging data and AI technology, 

Optasia empowers its partners to provide 

micro-financing solutions to underbanked 

and unbanked populations in Africa, 

the Middle East, Asia, Europe, and 

Latin America. In 2021 alone, Optasia 

enabled numerous MNOs and financial 

institutions to provide services to 

approximately 88 million customers a 

month on average, from an addressable 

base of over 560 million subscribers. 

Optasia’s commitment to financial 

inclusion has caught the attention of 

top firms such as Abu Dhabi’s Waha 

Capital in 2017 and Ethos, a leading 

South African investment company 

in late 2018. 

In early 2022, the company rebranded 

as Optasia, from the Greek word for 

vision, to better reflect its capabilities 

and showcase its strong business 

potential. The rebranding will support 

the expansion of Optasia’s operations 

to new countries and regions, as well as 

new products and services, including its 

micro-lending services first offered to 

customers in 2019. Optasia’s focus on 

financial inclusion is vital for emerging 

markets where traditional financial 

establishments are limited. By empowering 

its partners to provide financial access 

to end customers and SMEs, Optasia 

is bridging the gap and creating new 

revenue opportunities for everyone 

involved. The company’s use of data and 

AI technology has proven successful in 

providing credible financial solutions 

and will continue to do so as Optasia 

expands to new markets and regions. 


Cover Story 

Tabby 

Hosam Arab 

CEO 

Tabby has successfully completed several 

rounds of funding, including a recent 

$58M investment, which has pushed its 

valuation to over $660M. 

Tabby is a Dubai-based 

FinTech that aims to enhance 

people’s financial freedom by 

transforming their relationship 

with money. Through its services, Tabby 

empowers individuals to better manage 

their spending, earnings, and savings. 

As evidenced by its large and growing 

user base, consisting of over 2 million 

active users, Tabby has successfully 

helped many individuals exercise 

greater control over their finances. 

The company was established in 2019 

by Daniil Barkalov and Hosam Arab. It 

offers consumers the ability to defer 

payments for their purchases, allowing 

them to pay off their balances over four 

monthly interest-free installments. With 

a team size of 101-250 employees, Tabby 

has quickly become a major player in 

the financial technology industry in the 

United Arab Emirates. The company 

has successfully completed several 

rounds of funding, including a recent 

$58M investment, which has pushed 

its valuation to over $660M. 

Moreover, Tabby’s innovative technology 

has attracted over 4,000 global brands 

and small businesses, including wellknown 

companies such as H&M, Adidas, 

IKEA, SHEIN, and Bloomingdale’s. These 

businesses have leveraged Tabby’s 

platform to offer their customers flexible 

payment options both online and in 

physical stores, which has resulted 

in accelerated growth and increased 

customer loyalty. Tabby currently 

operates in multiple Middle Eastern 

countries, including Saudi Arabia, UAE, 

and Kuwait, and has raised significant 

funding exceeding $394M from reputable 

global and regional investors. 

Tabby has quickly established itself 

as a prominent financial technology 

company in the United Arab Emirates 

and beyond. By offering innovative 

services that help individuals better 

manage their finances, Tabby has 

gained a large and growing user base. 

Additionally, Tabby’s technology has been 

adopted by thousands of businesses, 

resulting in accelerated growth and 

increased customer loyalty. With its 

recent successful rounds of funding, 

Tabby is well-positioned to continue 

expanding its reach and impact in the 

financial technology industry. 


Cover Story 

PayTabs 

Abdulaziz Fahad Al Jouf 


PayTabs provides a centralized system 

for managing online payments across 

different branches and stores, offering 

a single dashboard that enables users to 

create multiple vendor profiles. 

PayTabs is a financial technology 

company established in 2014 

in the United Arab Emirates. 

It offers payment solutions 

and has branches in the UAE, Saudi 

Arabia, and Egypt. It has processed 

transactions worth more than $4B in 

both 2021 and 2022. 

PayTabs utilizes API plugins to make 

online, mobile, and social commerce 

transactions easier for merchants and 

super merchants. Additionally, it offers 

a “plug and play” payment feature for 

users to integrate into their websites, 

which includes payment options like QR 

codes, digital invoicing, and payment 

links for social media. 

The platform provides a centralized 

system for managing online payments 

across different branches and stores, 

offering a single dashboard that enables 

users to create multiple vendor profiles. 

Users who register on the platform 

can benefit from a range of features, 

including group profile management and 

reporting, team and user management, and 

a single view dashboard for monitoring 

transactions. The platform also offers 

support for multiple currencies and 

localized payment options, allowing 

users to accept payments via credit 

cards, debit cards, and wallets. 

Anti-fraud rules are in place to ensure 

secure transactions, and users can 

create unique and customized invoices. 

In addition, the platform supports 

Paylinks and QR payments for social 

commerce, as well as single and bulk 

invoicing. Users can also set up manual, 

scheduled, and recurring invoicing, 

and the platform provides ready-made 

e-commerce plugins. Store accounting 

and payouts are also included in the 

platform’s offerings. 

PayTabs was one of the first companies 

in the “fintech” space to offer seamless 

B2B ecommerce solutions specifically for 

SMEs, establishing itself as a pioneering 

home-grown business. With financial 

support from private Saudi investors, 

PayTabs developed and exported a 

complete suite of groundbreaking mobile 

applications, including solutions for the 

hospitality, government, education, airline, 

travel, transport, and billing industries, 

which allowed for interconnection 

between the multi-billion-dollar enterprise 

market chain in the MENA region. 

By introducing PayTabs SwitchOn, a 

fully integrated, real-time, and turnkey 

platform, PayTabs has solidified its 

position as a dominant player in the 

global end-to-end payment solutions 

market. 


Cover Story 

Sarwa 

Mark Chahwan 

CEO 

Sarwa has become a popular choice for 

personal finance and investing in the 

Middle East, offering a range of services 

to its customers, with more than 100,000 

registered users. 

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 cryptotrading 

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 $25 million 

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. 

As a rapidly growing investment 

platform, Sarwa has become a popular 

choice for personal finance and investing 

in the Middle East, offering a range of 

services to its customers, with more 

than 100,000 registered users. Through 

its hybrid model that combines access 

to investment experts and a customer 

support team, the company offers 

commission-free stock trading, cryptotrading, 

and hands-off auto-investing 

services. It has secured significant 

funding from reputable investors and 

is committed to providing its clients 

with the best possible return through 

cutting-edge technology. Overall, Sarwa 

is helping to make investing accessible 

to everyone, regardless of their financial 

knowledge or wealth. 


Cover Story 

Telr 

Khalil Alami 

Founder & CEO 

Dedication to SMEs has earned Telr 

several awards, including the “Best 

Online Payment Solution - SME” at the 

2019 GCC Digital Awards. 

Telr is a leading payment 

gateway provider committed 

to enabling e-commerce in 

emerging markets. Founded 

in 2014, Telr has quickly made a name 

for itself in the financial services 

industry. With headquarters in Dubai and 

offices in Singapore, India, and Saudi 

Arabia, Telr offers a set of APIs and 

tools that enable businesses to accept 

and manage online payments via web, 

mobile, and social media. The company 

specializes in Payment Gateway, Online 

Payments, Mobile Payments, Payment 

Gateway in UAE, Social Commerce, and 

E-Commerce, making it a one-stop-shop 

for businesses looking to digitize their 

payment acceptance methods. 

What sets Telr apart is its commitment 

to serving startups and SMEs. The 

company understands the unique 

challenges faced by these businesses 

and designs its payment services and 

solutions to specifically cater to their 

needs. This dedication to SMEs has 

earned Telr several awards, including 

the “Best Online Payment Solution - 

SME” at the 2019 GCC Digital Awards. 

Telr’s mission is to create seamless 

connections in the e-commerce ecosystem 

by removing fragmentation. The company’s 

focus on enabling cashless transactions 

and digitizing payment acceptance 

methods for customers has been a gamechanger 

in emerging markets. With the 

rise of e-commerce, it’s essential for 

businesses to offer a range of payment 

options to their customers, and Telr 

has made this process simple and easy 

to navigate. 

While Telr’s headquarters are in 

Singapore, the company’s technology 

is managed from Dubai, with additional 

offices in Riyadh and Mumbai to cater 

to clients in KSA and India, respectively. 

As a result, Telr offers payment gateway 

services to businesses registered in 

the UAE, KSA, and India, making it 

a versatile and accessible option for 

businesses operating in these regions. 

Telr’s team of professionals is committed 

to providing exceptional customer 

service, ensuring that businesses have 

all the support they need to succeed. As 

a payment gateway provider, Telr has 

quickly made its mark in the financial 

services industry. The company’s 

commitment to enabling e-commerce 

in emerging markets, serving SMEs, and 

removing fragmentation in the payment 

ecosystem makes it an ideal choice 

for businesses looking to digitize their 

payment acceptance methods. With its 

reliable and efficient payment gateway 

services, Telr is a game-changer in the 

world of e-commerce. 


Cover Story 

Tarabut Gateway 

Abdulla Almoayed, 


Tarabut Gateway has recently formed 

a new partnership with Rain, which is 

the first regulated trading platform for 

crypto assets in the region. 

Tarabut Gateway is a dynamic 

UAE startup that was founded 

in 2018 by Abdulla Almoayed. 

The company is based in Dubai 

and currently employs between 51- 

100 staff members. As an innovative 

FinTech company, Tarabut Gateway 

uses a range of open-banking APIs 

to help banks and other financial 

institutions process the flow of money 

and information securely and quickly. 

By providing cutting-edge solutions to 

streamline financial services, Tarabut 

Gateway is one of the fintechs driving 

the industry forward and bringing it 

into the modern world. 

Since its founding, Tarabut Gateway 

has secured significant startup funding, 

with the total raised by the company 

currently standing at $25M as of Q1 

2023. On May 3, 2023, the company has 

announced the successful completion of 

a Series A funding round worth $32M. 

The funding was led by Pinnacle Capital, 

an alternative investment firm that 

focuses on providing unique investment 

opportunities in Saudi Arabia. 

Through collaborations with major 

banks like Alinma Bank, Arab National 

Bank, Saudi National Bank, and Riyad 

Bank, Tarabut Gateway has secured 

more than 60% market coverage in 

KSA. Additionally, the company has 

been selected as one of the initial 

participants in the Regulatory Sandbox 

by the Saudi Central Bank (SAMA), 

an integral part of the open banking 

framework introduction. 

The company’s latest funding round 

also saw participation from Aljazira 

Capital, Visa, Tiger Global, and other 

existing investors. The funds raised 

will be used to strengthen Tarabut 

Gateway’s position in the Saudi market 

by attracting top talent and developing 

strategic partnerships in the region. 

Tarabut Gateway has already hired a 

team of experienced professionals to 

build on the recent developments in 

Open Banking in the region. 

Furthermore, Tarabut Gateway has 

recently formed a new partnership 

with Rain, which is the first regulated 

trading platform for crypto assets in 

the region. This collaboration marks 

Tarabut Gateway’s first venture with a 

crypto asset service provider. The new 

partnership aims to provide end-users 

in Bahrain with faster and cost-effective 

fiat-to-crypto transactions. 

Users will be able to fund payments 

directly from their bank accounts without 

having to leave Rain’s platform. Tarabut 

Gateway’s open banking payment 

solutions will be used to facilitate 

on and off-ramp transfers, thereby 

increasing speed and reducing errors 

associated with traditional bank wire 

transfers. Through this collaboration, 

Tarabut Gateway has added another 

dedicated partner to its fintech client 

base, strengthening the company’s 

critical role in MENA’s open banking 

ecosystem. 


Cover Story 

YAP 

Marwan Hachem, 


YAP’s partnership with RAKBANK for 

consumers and the Emirates Development 

Bank for SMEs has enabled the company 

to onboard over 190,000 users and 8,000 

SME partners in the UAE. 

YAP, established in 2021 by 

Marwan Hachem and Anas 

Zaidan, has quickly emerged as 

a leading player in the digital 

banking space by providing a financial 

super app that offers a comprehensive 

range of digital banking services to 

individuals and businesses. YAP has 

been successful in securing $45M in 

funding from angels and family offices, 

a testament to its potential in the digital 

banking market. The company has a 

current team size of 11-50 employees, 

which has enabled YAP to provide a 

wide range of innovative digital banking 

solutions to its customers. 

YAP’s headquarters is located in the 

UAE, and its digital banking services 

such as 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. YAP’s partnership with 

RAKBANK for consumers and the 

Emirates Development Bank for SMEs 

has enabled the company to onboard over 

190,000 users and 8,000 SME partners 

in the UAE. YAP’s collaborations with 

these partners have helped it expand 

its footprint in the digital banking 

space and strengthen its position as a 

leading digital banking service provider 

in the region. 

In July 2022, YAP, the UAE-based 

financial super app, raised a whopping 

$41 million in funding to further fuel 

its expansion plans across several key 

markets, including Saudi Arabia, Egypt, 

Pakistan, and Ghana. The company’s 

strategic vision and innovative approach 

to digital banking have made it a standout 

player in the fiercely competitive fintech 

landscape, with a rapidly growing 

user base and an impressive array of 

products and services catering to both 

individuals and businesses alike. 

YAP has already established a strategic 

partnership with Bank AlJazira in 

Saudi Arabia, where it plans to launch 

its consumer and business banking 

platforms in 2023, marking a significant 

milestone in its ongoing growth journey. 

With a well-capitalized balance sheet, 

strong industry partnerships, and a 

keen focus on delivering a superior 

user experience, YAP is well-positioned 

to continue its rapid expansion and 

growth trajectory in the years ahead, 

as it seeks to capture a larger slice of 

the booming digital banking market in 

the Middle East and beyond. 


Cover Story 

Postpay 

Tariq Sheikh, 


In 2021, Postpay handled over $500M in 

transactions, demonstrating its strong 

foothold in the payments industry. 

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 top-notch payment services. 

The company has received a total 

funding of $63.5M from investors 

such as Afterpay, Touch Ventures Ltd, 

IMPACT46, and others. 

Postpay has become a leading player 

in the financial technology industry, 

specializing in various areas such as 

buy now, pay later (BNPL), artificial 

intelligence (AI), finance, user interface 

(UI) design, payments, and ecommerce. 

The company’s commitment to delivering 

innovative and seamless payment 

solutions has earned it a large and loyal 

customer base, boasting over a million 

active users worldwide. Postpay’s 

success can also be attributed to its 

strategic partnerships with over 1,500 

global and regional brands, including 

renowned merchants like Ounass, 

Namshi, and Alshaya. 

These partnerships have enabled the 

company to expand its reach, providing 

more customers with access to its cuttingedge 

payment technologies and services. 

With a reputation for excellence in UI 

design and an unwavering dedication to 

its customers, Postpay continues to be 

a driving force in the fintech industry 

and a preferred choice for businesses 

seeking to provide their customers 

with a seamless payment experience. 

The platform provides a straightforward 

service that enables customers to 

divide their online payments into three 

equal parts without disrupting their 

online shopping experience. The initial 

payment is processed instantly, and the 

product is delivered to the customer as 

usual. The remaining two payments are 

scheduled for every following month. 

It is essential to note that customers 

are only required to pay the original 

purchase amount and nothing extra, 

such as interest or fees, provided that 

they make all payments on time. 

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. 


Cover Story 

Pyypl 

Antti Arponen, 

CEO 

Pyypl has revealed that its user numbers, 

transaction volumes, and revenues have 

grown over four times since its Series A 

funding round in 2021. 

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 userto-user 

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. 

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. As 

a rapidly growing fintech company 

that specializes in innovative digital 

payment solutions, Pyypl offers a range 

of virtual and physical prepaid cards, 

user-to-user transfers, and remittances 

to multiple countries. It has secured 

significant funding and is committed to 

expanding its reach across the Middle 

East and Africa in the coming years. 

Pyypl’s focus on financial inclusion 

and innovation sets it apart from its 

competitors and makes it a standout 

company in the fintech space. With its 

impressive growth, strong financial 

backing, and innovative products, 

Pyypl is well-positioned to continue 

its expansion and make a significant 

impact in the digital payments industry. 


Cover Story 

Souqalmal 

Ambareen Musa, 

CEO 

In March 2022, Souqalmal reached another 

milestone when SHUAA Capital acquired 

a major stake in the company. 

Souqalmal is a financial 

comparison website that has 

been revolutionizing the way 

people in the United Arab Emirates 

and Saudi Arabia manage their finances 

since its launch in 2012. Founded by 

Ambareen Musa, the platform provides 

access to information on over 3,200 

financial products and services, making 

it an excellent resource for people 

who want to better understand their 

finances and make informed decisions. 

One of the unique features of Souqalmal 

is its focus on financial literacy. Through 

its website, Souqalmal provides a 

wealth of educational resources that 

are designed to help people improve 

their financial literacy. From articles 

on personal finance to interactive 

tools that help users calculate their 

debt-to-income ratio, Souqalmal is a 

one-stop-shop for anyone looking to 

take control of their finances. 

Another strength of Souqalmal is 

its insurance aggregation service. The 

platform allows users to compare and 

purchase car and home insurance policies 

from a range of providers. This service 

makes it easier for people to find the 

best deals on insurance policies and 

ensures that they have the coverage 

they need to protect their assets. 

Souqalmal’s success has not gone 

unnoticed, and the company has attracted 

significant investment from some of the 

most prominent players in the financial 

industry. These investments have helped 

the company raise an impressive $15.2M 

in funding, which is a testament to the 

quality of the platform and the potential it 

has to transform the financial landscape 

in the Middle East. In March 2022, 

Souqalmal reached another milestone 

when SHUAA Capital acquired a major 

stake in the company. This acquisition 

is a significant achievement for Musa 

and the entire Souqalmal team, as it 

validates the success of the platform 

and the vision of its founder. 

The current economic climate has 

highlighted the importance of financial 

stability, and Souqalmal is playing a 

vital role in empowering people to take 

control of their finances. By providing 

access to financial information, Musa is 

helping people make informed decisions 

and improve their financial literacy. 

With its focus on financial literacy and 

insurance aggregation services, the 

platform has the potential to transform 

the way people in the Middle East 

manage their finances. The company’s 

success is a testament to the hard 

work and dedication of its founder 

and the entire Souqalmal team. As we 

navigate these uncertain economic 

times, platforms like Souqalmal will 

play an increasingly important role 

in helping people achieve financial 

stability and security. 


Cover Story 

Mumzworld 

Mona Ataya, 

CEO 

The most significant milestone was the 

acquisition of Mumzworld by Tamer 

Group in June 2021, which indicates the 

platform’s success and the potential of 

women-led startups in the region. 

Mumzworld is an example of 

what can be achieved when 

two visionary entrepreneurs, 

Mona Ataya and Leena Khalil, 

set their sights on transforming the 

e-commerce landscape for parents and 

children across the Middle East. Since 

its establishment in 2011, Mumzworld 

has been a one-stop-shop for parents 

looking for high-quality products for their 

families. With over 2.5 million users, the 

platform has made a significant impact 

on the region’s e-commerce industry. 

Mumzworld’s success can be attributed 

to its commitment to quality, convenience, 

and affordability. Ataya and Khalil have 

carefully curated a range of products, 

including baby care items, toys, clothes, 

and gear, to meet the needs of parents 

and children. Their focus on providing 

exceptional customer service has made 

the platform a favourite among parents 

who appreciate the convenience of 

shopping from home. 

Ataya and Khalil’s entrepreneurial 

spirit and dedication to Mumzworld’s 

success have resulted in six successful 

funding rounds, with $50M in funding 

secured for the platform. The most 

significant milestone, however, was 

the acquisition of Mumzworld by Tamer 

Group in June 2021. This acquisition is 

a testament to the platform’s success 

and the potential of women-led startups 

in the region. 

Mumzworld’s exponential growth, 

especially in Saudi Arabia and the GCC, 

is evidence of its popularity among 

parents in the region. The platform’s 

highest sales in 2021 are a testament 

to its success and demonstrate the 

potential of e-commerce platforms in 

the Middle East. Mumzworld’s success 

has not only transformed the online 

marketplace for parents and children but 

also provided countless opportunities 

for small businesses in the region to 

showcase their products and services 

to a wider audience. 

Ataya and Khalil’s commitment to 

providing a platform that caters to 

the specific needs of the community 

is commendable. Mumzworld’s focus 

on providing a range of high-quality 

products for children and parents, 

including those with special needs, has 

made it a game-changer in the region’s 

e-commerce industry. The platform’s 

commitment to empowering women 

and creating job opportunities for them 

is also noteworthy. Ataya and Khalil’s 

dedication to providing a high-quality, 

convenient, and affordable platform 

for parents and children has made 

Mumzworld the go-to destination for 

families in the region. The platform’s 

success is a testament to the potential 

of e-commerce platforms in the Middle 

East and the importance of creating 

platforms that cater to the specific 

needs of the community. 


Cover Story 

Huspy 

Jad Antoun, 

CEO 

Huspy has partnered with leading tech 

investors who have also backed Facebook, 

Spotify, Careem, Property Finder, and 

Instashop. 

Huspy is a Dubai-based FinTech 

revolutionizing the home 

buying process by bringing 

it online. The company is 

helping customers make better mortgage 

choices and enter the property market 

with fairly priced loans. Founded in 2020 

by Jad Antoun and Khalid Ashmawy, 

the company has quickly become one 

of the key players in the UAE’s financial 

technology market, with a team of 

101-250 employees. 

One of the major issues facing customers 

looking to buy a home is a lack of 

visibility, poor customer experience, 

and overpayment. Huspy aims to solve 

these problems by providing an easy-touse 

platform that allows customers to 

find the right mortgage for their needs. 

With the help of the company’s team 

of brokers, who have over 20 years of 

experience working for banks such as 

Emirates NBD, RAKBANK, ADIB, DIB, 

and top-notch real estate agencies, 

customers can be assured of the best 

possible advice and assistance. 

Since its inception, Huspy has attracted 

significant investment, with its latest 

funding round in June 2022 raising 

an impressive $37M. The funding has 

enabled the company to expand its 

operations and reach more customers 

in the UAE and beyond. Huspy has 

partnered with leading tech investors 

who have also backed Facebook, 

Spotify, Careem, Property Finder, and 

Instashop, such as SEQUOIA, FOUNDERS 

FUND, FIFTH WALL, breyer capital, 

CHIMERA, Venture Friends, COTU 

Ventures, BY, and VENTURE SOUQ. 

The partnerships have been critical 

to the company’s success, helping it 

to attract top talent and build a strong 

reputation in the industry. 

Huspy’s success can be attributed to 

its focus on customer satisfaction and 

providing a seamless user experience. 

The platform is designed to be easy to 

use, allowing customers to compare 

mortgage rates and terms quickly and 

easily. The company’s commitment 

to transparency and fairness has also 

been instrumental in its success, with 

customers appreciating the straightforward 

approach. Moreover, the impact of Huspy 

extends beyond its customers, with the 

company also providing opportunities 

for small businesses in the region to 

showcase their products and services. 

By making the home buying process 

more accessible and affordable, Huspy 

is helping to drive economic growth 

and development in the region. 

The success of Huspy is a testament 

to the potential of the UAE’s startup 

ecosystem and the growing importance 

of financial technology in the region. 

With its commitment to customer 

satisfaction and innovation, the company 

is poised to continue its rapid growth 

and transform the home buying process 

for customers in the UAE and beyond. 

As the company expands its reach 

and continues to attract investment, 

it will play an essential role in driving 

economic growth and development in 

the region. 


Cover Story 

BitOasis 

Ola Doudin, 

Co-Founder and CEO 

In 2021, the platform traded $1.7B, a testament 

to the potential of the cryptocurrency 

market in the region and the quality of 

BitOasis’s services. 

BitOasis has become a leading 

cryptocurrency trading platform 

in the Middle East, and much 

of its success can be attributed 

to its co-founder and CEO, Ola Doudin. 

A finance and accounting expert, 

Doudin has leveraged her experience 

and expertise to create a reliable and 

secure platform that has quickly gained 

the trust of investors and users alike. 

One of the features of BitOasis is 

its commitment to compliance with 

regulations and anti-money laundering 

laws. The platform was registered 

as a Reporting Entity on the UAE’s 

Financial Intelligence Unit Go-AML 

Anti-Money Laundering Platform in 

September 2021, which highlights the 

company’s commitment to upholding 

industry standards and building trust 

with regulators and customers. 

Moreover, BitOasis’s success can 

be attributed to its ability to expand 

its offerings beyond just a simple 

cryptocurrency trading platform. With 

Doudin’s vision and leadership, the 

platform has introduced a mobile 

app, a cold storage solution, and a fiat 

gateway. This expansion has helped to 

cater to a more diverse set of customers, 

enabling them to buy, sell and store 

cryptocurrencies easily and securely. 

BitOasis has also worked closely with 

leading financial institutions to enable 

users to deposit and withdraw funds. 

This partnership further highlights the 

platform’s commitment to building a 

robust and reliable ecosystem around 

cryptocurrencies in the Middle East. 

Additionally, BitOasis has attracted 

significant investments from notable 

venture capital firms, including Jump 

Capital, Pantera, Wamda, Digital Currency 

Group, NXMH, and GFC. The platform 

has raised $30M in funding through 

six rounds as of October 2021. In the 

same year, the platform traded $1.7B, 

a testament to the potential of the 

cryptocurrency market in the region 

and the quality of BitOasis’s services. 

The company has become a significant 

player in the cryptocurrency industry in 

the Middle East, with a reputation for 

security, reliability, and compliance. As 

the world becomes increasingly digitized, 

the adoption of cryptocurrencies is likely 

to continue to grow. BitOasis’s success 

is a testament to the potential of the 

cryptocurrency market in the Middle 

East and the importance of having 

female entrepreneurs at the forefront of 

emerging industries. Doudin has shown 

that with the right expertise, vision, 

and leadership, female entrepreneurs 

can make a significant impact and 

transform industries. 


Cover Story 

Hubpay 

Kevin Kilty 


Hubpay has a solid legal foundation and 

has access to the capital markets, making 

it easier to raise capital, innovate, and 

provide financial services that cater to 

its clints’ needs. 

Abu Dhabi-based Hubpay is 

an independently regulated 

provider of cross-border 

money services designed to 

increase financial inclusion in emerging 

markets. It is a dynamic and innovative 

FinTech company founded in 2018. The 

company offers an array of services 

that cater to the needs of everyone, 

regardless of their income level. 

Hubpay has raised $22M in funding and 

made its name as the first independently 

regulated FinTech in the UAE licensed to 

do cross-border and local payments. The 

company’s primary focus is to use data 

science to create accessible, useful, and 

affordable everyday financial solutions 

that are delivered in a responsible way 

to everyone. 

The company has a team with decades 

of experience at world-class financial 

institutions, making the company a 

data-driven powerhouse. The company’s 

engine of predictive analytics, banking 

systems, and currencies is a testament 

to its use of cutting-edge technology in 

delivering its services. The technology 

also allows the company to offer 

personalized financial solutions to 

its clients, ensuring that every user 

has a unique experience that meets 

their specific needs. 

Hubpay is licensed and regulated 

by the Financial Services Regulatory 

Authority (FSRA) for providing money 

services, which ensures that the company 

operates within the regulatory framework 

of the UAE and offers its services in a 

safe and secure environment. 

Additionally, the company’s services 

are not only tailored to individuals 

but also to businesses. Hubpay offers 

businesses the ability to process payments 

efficiently and securely, providing 

a streamlined payment process that 

saves time and money. This has been 

especially useful in the challenging 

markets of the UAE, where businesses 

struggle to find affordable and efficient 

payment solutions. Incorporated under 

the laws of the Abu Dhabi Global 

Market (ADGM), Hubpay has a solid 

legal foundation and has access to the 

capital markets, making it easier to raise 

capital and continue to innovate and 

provide financial services that cater 

to the needs of its clients. 

Hubpay’s focus on making financial 

services accessible, affordable, and 

responsible to everyone, regardless 

of their income level, has set it apart 

from other FinTech companies in the 

region. Its commitment to social impact, 

use of cutting-edge technology, and 

experienced team has positioned it 

as a leader in the industry, paving the 

way for more innovative and accessible 

financial services in the future. 


Cover Story 

Yallacompare 

Jon Richards 

Co-Founder and CEO 

One of the key strengths of Yallacompare 

is that it is 100% free for users and doesn’t 

charge a single dirham for the information 

provided. 

Yallacompare.com is a leading 

finance comparison site in 

the Middle East, founded in 

2011 with its headquarters 

in Dubai. It has established itself as 

a trusted platform that helps users to 

find and compare financial products, 

including credit cards, personal loans, 

mortgages, car loans, insurance, and 

bank accounts, from a diverse range 

of local and international banks and 

financial institutions. Yallacompare 

is currently live in nine countries, 

including the UAE, Egypt, Qatar, Kuwait, 

Bahrain, Jordan, Saudi Arabia, Oman, 

and Lebanon. 

The company has raised over $9M 

in venture capital funding to date, a 

testament to its success in the market. 

One of the key strengths of Yallacompare 

is that it is 100% free for users and 

doesn’t charge a single dirham for the 

information provided. The platform has 

a wide range of insurance and financial 

products, enabling users to compare 

and find the best deals and rates and 

keep more of their hard-earned cash 

in their pocket. 

Yallacompare is completely impartial 

and not affiliated with any one insurer 

or bank, ensuring that the information 

and comparisons provided are unbiased 

and reliable. The platform is designed 

to be easy-to-use, even for those who 

are not financial experts, making it 

easy to find exactly what users are 

looking for. 

In addition to its user-friendly platform, 

Yallacompare has a dedicated customer 

service team to assist with any queries 

and ensure that users are not stuck 

speaking to a robot. The company was 

founded by a team of Western expats 

with extensive experience working 

in the insurance and financial sectors 

in the UAE, making it well-equipped 

to cater to the needs of the region’s 

diverse population. 

Yallacompare is also an excellent 

resource to understand and compare 

Islamic and conventional financial 

products. With the platform’s impartiality 

and extensive range of products, users 

can make informed decisions about 

their financial future, no matter what 

their beliefs or preferences. 

Over the years, Yallacompare has 

received numerous accolades, including 

the Arabian Business Startup Awards: 

(SME of the Year 2015), Forbes Business 

Leaders Awards: (Top 5 Most Promising 

Startups 2015), Entrepreneur Magazine: 

(Brand Penetration Award 2015), IFM 

Awards: (Best Finance Comparison 

site – UAE 2014), and Global Banking 

& Finance Review: (Best Finance 

Comparison site – Middle East 2015). 

With its impartiality, user-friendly 

platform, and dedicated customer service 

team, Yallacompare is a valuable resource 

for anyone looking to make informed 

decisions about their financial future. 

The company’s numerous accolades 

and continued growth are a testament 

to its success in the market. 


Cover Story 

Qlub 

Oscar Bedoya, 

Co-founder 

In March 2023, Qlub secured an additional 

$25M funding from AI Dhabi Capital and 

seven other investors, demonstrating 

the growing confidence in the startup’s 

potential. 

Qlub is a UAE-based fintech 

transforming the restaurant 

industry with its innovative 

FinTech service. Founded in 

2021 by a group of entrepreneurs with 

experience in technology and finance, 

the company aims to streamline the 

payment process and reduce wait times 

for both customers and restaurant 

owners. 

With its headquarters in Dubai and a 

workforce of over 100 employees, Qlub 

specializes in providing a contactless 

experience for restaurant guests. Its 

web-based platform allows customers 

to view menus, place orders, split bills, 

pay online, and leave a tip, all from a 

single tap on their phone screens. 

Not only does Qlub speed up the 

customer experience, with the ability 

to split the bill and pay in just 10 

seconds, but it also helps venues turn 

tables faster. Data from many partners 

using the service have shown that it 

can save up to 16 minutes per table. 

Moreover, customers tend to leave 

higher tips when using the system, 

with up to 300% more tips being left 

when customers use Qlub. Due to the 

ease of using it, and the high adoption 

of phone payments in the Middle East, 

more than 60% of users typically end 

up paying via Qlub. 

Qlub’s success is evident in its 

funding rounds. In January 2022, the 

company raised $17M in seed funding, 

indicating significant investor interest 

in the company’s vision and potential. 

Recently, in March 2023, Qlub secured 

an additional $25M funding from AI 

Dhabi Capital and seven other investors, 

demonstrating the growing confidence 

in the startup’s potential. 

The success of Qlub is not only 

limited to the restaurant industry but 

also highlights the growing interest 

in FinTech solutions in the UAE. The 

country’s pro-innovation policies and 

robust infrastructure have made it an 

attractive destination for entrepreneurs 

looking to establish their startups. Qlub’s 

ability to provide a contactless payment 

solution for restaurants is particularly 

relevant in the post-pandemic world, 

where many customers are looking 

for safe and secure payment options. 

The company’s web-based platform 

offers a contactless payment solution 

that streamlines the payment process, 

reduces wait times, and increases 

customer satisfaction. With its recent 

funding rounds and growing popularity, 

Qlub is poised for even greater success 

in the future. The founders’ diverse 

skills and expertise, combined with 

UAE’s pro-innovation policies, make 

Qlub a promising firm to watch in the 

years to come. 


Cover Story 

Qashio 

Armin Moradi, 

CEO 

Qashio has secured significant funding, with 

a total of $12.5M raised to date, including 

a seed round of $10M in November 2022. 

Qashio is a UAE-based FinTech 

startup that is revolutionizing 

corporate spend management 

through its corporate card and 

spend management solutions. Founded 

in 2021 by Armin Moradi and Jonathon 

Lau, the company has quickly made a 

name for itself in the region and is on 

track to become a major player in the 

FinTech industry. 

One of the standout features of 

Qashio is its integrated corporate cards 

that simplify spend management for 

businesses. With virtual and physical 

cards, expense management solutions, 

and complete spending tracking, Qashio’s 

offerings provide improved financial 

oversight for businesses in the Middle 

East. By reducing manual tasks and 

petty cash leakages, Qashio allows 

finance teams and company members 

to focus on other important aspects of 

the business. 

The founding team of Qashio brings 

together a wealth of experience from 

enterprise software, finance integrations, 

and successful software companies in 

MENA and the US. With this experienced 

team and support from senior executives 

with backgrounds in banking technology 

and customer success, Qashio is wellequipped 

to continue its growth and 

success in the region. 

Qashio has also secured significant 

funding, with a total of $12.5M raised 

to date, including a seed round of $10M 

in November 2022. This funding will 

allow Qashio to expand its offerings 

and continue to innovate in the FinTech 

industry. 

In a region where SMEs and startups 

are increasingly important to economic 

growth, Qashio’s offerings are particularly 

valuable. By simplifying corporate 

spend management, Qashio enables 

businesses to focus on what they 

do best, without worrying about the 

complexities of financial management. 

This can lead to increased efficiency 

and collaboration, as well as improved 

financial outcomes. 

Overall, Qashio’s corporate card 

and spend management solutions are 

a game-changer for businesses in the 

Middle East. With its commitment to 

innovation, customer satisfaction, and 

experienced team, Qashio is poised to 

become a major player in the FinTech 

industry in the years to come. 


Cover Story 

Ziina 

Faisal Toukan, 

CEO 

Despite its small size, Ziina has managed 

to attract funding from a number of 

investors, raising a total of $8.5M since 

its inception. 

Ziina is a young and dynamic 

startup that is making waves in 

the world of financial technology. 

Despite its small team size of 

1-10 people, the company has managed 

to capture the attention of investors 

and customers alike with its innovative 

approach to social P2P payments and 

payment solutions for businesses. 

Founded in 2020 by Andrew Gold, 

Faisal Toukan, and Sarah Toukan, 

Ziina is based in Dubai, United Arab 

Emirates, and has been active in the 

FinTech market since its inception. The 

team at Ziina is dedicated to creating 

a social P2P payment solution that is 

easy to use, secure, and accessible to 

everyone. 

In addition to its social P2P payment 

solution, Ziina also offers payment 

solutions for businesses, making it 

easier for them to send and receive 

payments. The company’s services 

are designed to be user-friendly and 

intuitive, allowing users to manage their 

finances and transactions with ease. 

Despite its small size, Ziina has 

managed to attract funding from a 

number of investors, raising a total of 

$8.5M since its inception. This funding 

has been instrumental in the company’s 

growth and development, allowing it to 

expand its team, improve its services, 

and reach more customers. 

One of the reasons why Ziina has 

been so successful is its innovative 

approach to social P2P payments. 

By creating a platform that is easy to 

use and accessible to everyone, the 

company has tapped into a market 

that was previously underserved. In 

a region where mobile payments are 

rapidly gaining popularity, Ziina is 

well-positioned to capitalize on this 

trend and become a major player in 

the FinTech industry. 

In addition to its social P2P payment 

solution, Ziina’s business payment 

solutions are also gaining popularity 

among companies in the UAE and 

beyond. By simplifying the process of 

sending and receiving payments, Ziina 

is helping businesses to streamline their 

operations and improve their financial 

management. 

Looking to the future, Ziina is wellpoised 

to continue its growth and 

expansion in the FinTech industry. 

With its innovative approach to social 

P2P payments and business payment 

solutions, the company is well-positioned 

to capture a significant market share in 

the UAE and beyond. As the FinTech 

industry continues to grow and evolve, 

companies like Ziina are leading the 

way with their innovative and userfriendly 

solutions. 


Cover Story 

Mamo 

Imad Gharazeddine, 

Co-Founder & CEO 

Mamo Business is used by hundreds of 

SMEs across the UAE, including large 

organizations, professional services, 

healthcare and fitness operators, and 

more. 

Mamo is a UAE-based startup 

transforming the financial 

technology industry with 

its innovative full-stack 

payment services platform for SMEs. 

The company is the first local UAE 

startup regulated by the Dubai Financial 

Services Authority (DFSA), allowing 

Mamo to provide a diverse range of 

financial services, which is crucial in 

accelerating the growth of SMEs in 

the MENA region’s flourishing digital 

economy. 

Mamo’s flagship product, Mamo 

Business, is used by hundreds of 

SMEs across the UAE, including large 

organizations, professional services, 

healthcare and fitness operators, tourism 

and travel arrangements, events services, 

wellness and fitness services, retail 

office supplies, and entertainment 

providers. This diverse customer base 

highlights the platform’s flexibility 

and adaptability to various industries. 

One of the company’s unique features 

is that it owns and operates all of its 

core and financial IP, making it the 

first and only fintech startup licensed 

by the DFSA with a Cat 3C Providing 

Money Services license. This license 

allows Mamo to offer a wide range of 

financial services, including payments, 

transfers, money, P2P, wallet, trading, 

investing, finance, rewards, finance for 

women, send money, payment links, 

business payment links, and invoicing. 

Mamo’s mission is to rid small 

businesses of the technology burden 

behind payments and financing, allowing 

them to focus on what they do best. 

The platform offers various payment 

options such as flexible payment links, 

checkout page APIs, sales-assisted 

invoicing, and subscription billing, 

giving users the freedom to choose 

the payment method that works best 

for their business. The platform also 

provides users with the ability to 

manage all their business payments on 

one platform, streamlining the payment 

process and increasing efficiency. 

The company’s recent partnership with 

Checkout.com as its payment provider 

of choice for Mamo Business highlights 

its dedication to accelerating SME 

growth in the region. The partnership 

comes at a time when SMEs contribute 

significantly to the UAE’s GDP, with 

the SME sector representing more than 

94% of the total number of companies 

operating in the country and providing 

jobs for more than 86% of the private 

sector’s workforce, according to the 

Ministry of Economy. 

Mamo’s total funding amount is $9.5M, 

which is a testament to the company’s 

potential and investor interest in its vision. 

With its innovative payment services 

platform and commitment to helping 

SMEs grow, Mamo has positioned itself 

as a key player in the fintech industry 

in the MENA region. Its commitment to 

streamlining the payment process and 

providing users with flexible payment 

options has made it a popular choice 

among SMEs in various industries. With 

continued innovation and dedication 

to its vision, Mamo is set to make even 

greater strides in the fintech industry. 


Google Pixel 7a 

Introducing the Google Pixel 7a, a 

sleek and modern smartphone that 

is designed to deliver a premium 

experience. With a metal frame and 

a glass back, the Pixel 7a is available in 

four colours: charcoal, sea, snow and 

coral. Its 6.1-inch OLED display with a 

resolution of 1080 x 2400 pixels is sharp 

and vibrant, offering excellent viewing 

angles. Powered by Google’s Tensor G2 

processor and 6 GB of RAM, the Pixel 7a 

delivers smooth performance and fast app 

loading times. Its dual-lens rear camera 

system features a 50MP primary sensor 

with an f/1.8 aperture and a 12MP ultrawide 

sensor with an f/2.2 aperture, while the 

12.2MP front-facing camera is perfect 

for selfies and video calls. The Pixel 7a 

runs on the latest Android 13 software, 

offering a new design, privacy features, 

and performance improvements. With a 

4600mAh battery, the phone easily lasts 

a full day on a single charge. 


Google Pixel Fold 

The Google Pixel Fold is a foldable 

smartphone that boasts a sleek 

and modern design with highquality 

materials, including a 

metal frame and a glass back. Available 

in two colours, Snow and Hazel, it is sure 

to make a statement. The phone features 

two displays, an internal 7.6-inch OLED 

display with a resolution of 1708 x 2208 

pixels and an external 5.8-inch OLED 

display with a resolution of 1080 x 2400 

pixels. Both displays offer sharp and 

vibrant visuals with excellent viewing 

angles. The Pixel Fold is powered by 

Google’s Tensor chip, a powerful processor 

that delivers smooth performance and 

fast app loading times. With 12GB of 

RAM, users can expect multiple apps to 

run smoothly at the same time, ensuring 

a seamless user experience. The Pixel 

Fold has a triple-lens rear camera system, 

including a 48MP main camera with an f/1.8 

aperture, a 12MP ultrawide camera with 

an f/2.2 aperture, and a 10MP telephoto 

camera with an f/2.4 aperture and 5x 

optical zoom. The Pixel Fold also boasts 

a 10.8MP front-facing camera that takes 

great selfies and is perfect for video calls. 

The rear camera system takes excellent 

photos in a variety of conditions, making 

it perfect for capturing memories. The 

Pixel Fold runs Android 13, the latest 

version of Android, offering several 

new features and improvements. These 

features include a new design, privacy 

features, and performance improvements. 

With Android 13, users can expect a 

smooth and seamless user experience. 

The Pixel Fold has a 4600mAh battery, 

offering excellent battery life. The phone 

can easily last for a full day on a single 

charge, making it perfect for those on 

the go. The Google Pixel Fold is an 

excellent foldable smartphone, offering 

users a unique experience with its 

foldable design and powerful features. Its 

sleek design, powerful processor, great 

camera system, and long-lasting battery 

make it a top contender in the foldable 

smartphone market. 

• 7.6-inch internal display 

• 5.8-inch external display 

• Google Tensor chip 

• Triple-lens rear camera system 

• 10.8MP front-facing camera 

• 12GB of RAM 

• 256GB or 512GB of storage 

• Android 13 


Wheels 

2023 Audi S8 

The 2023 Audi S8 is the 

perfect blend of luxury and 

performance. It’s a large 

luxury sedan that offers a 

563-hp twin-turbo V-8 engine, making 

it a rarity in the class of large luxury 

cars. The S8 has all the trappings of 

a luxury car, with massaging seats, 

high-tech infotainment, and a quiet 

cabin lined with upscale materials. 

Its suspension has been tuned to 

provide better handling than the A8, 

and the S8 corners with the tenacity 

of a much smaller sports sedan. The 

S8’s exterior design is subdued and 

allows it to keep a low profile in traffic. 

The ritzy-looking Valcona leather 

upholstery is now standard on the 

S8 for 2023 and covers both the seats 

and the door panels. The S8’s engine 

is a twin-turbocharged 4.0-liter V-8 

engine that makes 563 horsepower 

and 590 lb-ft of torque, and all-wheel 

drive is standard. The transmission is 

an eight-speed automatic, and Audi 

claims a top speed of 155 mph. The 

S8 can go from 0 to 60 mph in just 3.2 

seconds, making it a fast and agile 

car. The active suspension system 

can control each wheel individually 

to improve ride quality, and it is tuned 

differently than that of the standard 

A8, delivering improved cornering 

prowess thanks to reduced body roll. 

The S8 also includes equipment such 

as a torque-vectoring rear differential 

and rear-wheel steering to increase 

agility; powerful carbon-ceramic brakes 

are optional. The S8’s cabin is lined 

with fine materials, including leather 

upholstery, a faux-suede headliner, and 

a stitched leather dash cover. The front 

seats offer standard heating, cooling, 

and massage, while the rear cabin 

offers tons of space for passengers to 

stretch out. The trunk is generously 

sized and identical to that of the A8, 

which held six carry-on suitcases. As 

with the standard A8, the S8’s interior is 

a rolling tech showpiece, with multiple 

touchscreens controlling climate, audio, 

navigation, and myriad connectivity 

functions. The S8 is the perfect luxury 

sedan for those who want a car that 

offers both luxury and performance. 


Specifications 

Horsepower: 563 hp 

Torque: 590 lb-ft 

Engine: Twin-turbocharged 4.0-liter V-8 


Start-up 

Three Promising Blockchain and Web3 

Startups Operating in UAE 

As per an analysis conducted by Industry Research Future on the Web3 blockchain 

market, the market value is projected to surpass $6.187B in 2023. Web3 startups 

pertain to enterprises that leverage blockchain technology to promote a decentralized 

internet, as opposed to centralized platforms like Google and Meta. A huge number 

of web3 and blockchain startups are setting up shop in the UAE due to its businessfriendly 

environment, and in this article, we shed light on three of these startups 

operating in the UAE. 

SpellSystems 

Sergey Karulin, 

Co-founder & CEO 

SpellSystems is a cutting-edge 

R&D company that specializes 

in custom software development 

and software integration. The 

company was founded in 2019 and has 

quickly made a name for itself with its 

proven technology and methodology, 

which are boosted with the latest AI 

technologies. This results in better quality, 

faster releases, and cost efficiency for 

its clients. 

SpellSystems has deep expertise in 

several domains, including artificial 

intelligence (AI), fintech, bioinformatics, 

and communications. In the AI domain, 

SpellSystems is particularly skilled 

in natural language processing and 

computer vision. They have developed 

several AI-powered applications that 

can understand and interpret natural 

language and can recognize and classify 

images and videos. 

In the fintech domain, SpellSystems 

has worked on commodity markets, 

custom blockchain, smart contracts, 

clearance and settlement automation, 

and payment processing. They have 

developed custom solutions for various 

clients that have helped them streamline 

their processes, reduce costs, and 

improve efficiency. 

SpellSystems also has expertise in 

bioinformatics, which is the application 

of computer science and technology 

to biological data. They have worked 

on genomics, transcriptomics, precise 

medicine, and medical software. This 

expertise allows them to develop custom 

solutions for clients in the healthcare 

industry, such as medical research 

institutions and hospitals. 

The company has experience in 

communications, particularly in 

telemedicine, custom social networks, 

and real-time communications. They 

have developed custom solutions for 

clients in these areas, which has helped 

them to connect with their customers, 

provide better services, and improve 

efficiency. One of the key advantages of 

SpellSystems is its use of cutting-edge 

AI technologies. They leverage these 

technologies to develop custom solutions 

that are tailored to the specific needs 

of each client. This approach results 

in better quality, faster releases, and 

cost efficiency for clients. 

In addition to its deep domain expertise 

and use of AI technologies, SpellSystems 

also has a strong focus on customer 

satisfaction. They work closely with 

clients to understand their needs and 

develop custom solutions that meet 

those needs. This approach has helped 

them to build long-term relationships 

with clients and establish a reputation 

for quality and reliability. As a leading 

R&D company, SpellSystems specializes 

in custom software development and 

software integration. Their expertise 

in AI, fintech, bioinformatics, and 

communications, combined with their 

use of cutting-edge AI technologies, 

makes them a valuable partner for 

clients looking to develop custom 

solutions. With a focus on customer 

satisfaction, SpellSystems is wellpositioned 

for continued success in 

the years to come. 


Blockchain Technologies 

Founded in 2016, Blockchain 

Technologies is registered 

and operated from Sydney, 

Australia, with a global presence 

in Manila, Philippines, Chennai, India, 

and Dubai. The company boasts a team 

of 50+ blockchain developers who 

have delivered more than 100+ use 

case products since their inception. 

Blockchain Technologies offers a 

wide range of services that can help 

businesses harness the power of blockchain 

technology. Their capabilities include 

blockchain development on Bitcoin, 

Ethereum, EOS, Hyperledger Fabric, 

Polygon, BSC, and more. They also offer 

mobile app development on Android 

Native, iOS Native, React Native, Flutter, 

and Xamarin. The company’s UI/UX 

design services cover strategy, planning, 

UI/UX design, wireframing, and visual 

designs. Their web app development 

services include Node.JS, Angular, 

React.JS, and PHP. The company’s 

backend development services cover 

MongoDB, MySQL, AWS, and Firebase. 

The firm offers various products such 

as Metaverse Gaming, Metaverse Real 

Estate, Metaverse Store, Metaverse 

Fashion, Metaverse Integration, 

Metaverse Event Platform, Metaverse 

Marketplace, and more. They also 

offer tokenization and crypto token 

creation services, blockchain dAPPs 

and DeFi development, smart contract 

development and audits, NFT marketplace 

development, and non-fungible token 

creation, cryptocurrency digital wallet 

development, cryptocurrency trading 

exchange development, ICO platform 

development, ICO marketing, hyperledger 

blockchain development, and P2P and 

payment gateway development. 

Understanding the unique needs of each 

client, the firm provides tailored solutions 

that meet those needs while prioritizing 

communication and collaboration with 

clients to ensure that the project is 

completed on time and within budget. As 

an experienced blockchain consulting 

company. Blockchain Technologies 

offers a wide range of services to 

help businesses harness the power of 

blockchain technology. With a global 

presence and a team of 50+ blockchain 

developers, the company has delivered 

more than 100+ use case products since 

its inception, and its commitment to 

quality and customer satisfaction makes 

it a good partner for businesses looking 

to leverage the benefits of blockchain 

technology. 

IdeaSoft 

Andrey Lazorenko, 

Co-founder & CEO 

Established in 2016, IdeaSoft is a 

high-tech software development 

company with a team of over 

200 in-house developers spread 

across four countries. They offer a 

full range of software development 

services, including dedicated teams, 

web and mobile development, web 3 

development, UX/UI and branding design, 

QA testing and technical support, and 

technical consulting. 

One of the things that sets IdeaSoft 

apart from other software development 

companies is its expertise in blockchain 

technology. They integrate and design 

reliable secure decentralized blockchain 

technologies for business automation 

and client generation for startups and 

enterprises. This enables them to work 

on various complex projects - from 

simple ERC20 tokens to developing 

exchanging platforms, yield strategies, 

and more. 

Their focus industries include 

fintech, B2B, B2G, smart city, DLT & 

blockchain, and logistics, and they have 

successfully launched over 250 large 

corporate, enterprise, and government 

projects. Their expertise in blockchain 

technology is evident in their portfolio, 

which includes successful projects 

such as crypto wallets, stablecoins, 

cryptocurrency exchange platforms, 

trading platforms, NFT marketplaces, 

DeFi aggregators, issuance platforms, 

and more. 

IdeaSoft has representatives in over 

12 countries worldwide, including 

Dubai, the USA, Canada, Israel, and 

Germany. In 2021, they became part 

of the Sigma Software Group, which 

further enhanced their capabilities 

and strengthened their position in the 

software development market. 

The company’s success can be attributed 

to its commitment to providing quality 

software development services to its 

clients. They combine creative ideas 

and advanced technologies to deliver 

solutions that meet the unique needs 

of each client. They also prioritize 

communication and collaboration with 

clients to ensure that their expectations 

are met and that they are satisfied with 

the end product. 

As a high-tech software development 

company, IdeaSoft offers a full range of 

software development services, including 

blockchain technology integration and 

design. Their commitment to quality, 

innovation, and collaboration with clients 

has enabled them to successfully launch 

over 250 large corporate, enterprise, 

and government projects. With their 

expertise and commitment to excellence, 

IdeaSoft is poised to continue empowering 

businesses with advanced software 

development solutions in the years 

to come. 


Energy 

How Web3 and Blockchain Will Impact 

the UAE’s Energy Sector 

Web3 and blockchain technologies have the potential to significantly impact 

the UAE’s energy sector in several ways, including the provision of peer-to-peer 

energy trading, secure management of data, smart contracts, decentralized grids, 

and unalterable certificates. In this article, we delve into the possibilities that 

web3 and blockchain could bring to the UAE’s energy industry, outlining their 

benefits and challenges. 

The resulting benefits of 

leveraging web3 and 

blockchain technologies in the 

UAE include reduced energy 

expenses, enhanced energy efficiency, 

and the ability of businesses to achieve 

their sustainability targets, which could 

lead to a more effective, adaptable, 

and environmentally friendly energy 

system. The following list explores the 

possible benefits of leveraging these 

technologies in the UAE’s energy sector: 

Blockchain offers a secure and transparent platform for 

managing energy and data flows within a smart grid. 


Decentralization of energy systems: 

The utilization of blockchain 

technology has the potential to establish 

a decentralized energy system whereby 

individuals and organizations can 

generate, store, and trade energy with 

each other on a peer-to-peer basis, 

without requiring intermediaries. The 

implementation of such a system can 

significantly promote energy autonomy, 

reduce energy expenditures, and 

enhance the efficiency of the energy 

sector. 

The use of blockchain technology 

in peer-to-peer (P2P) energy trading 

has the potential to cause a significant 

transformation in the energy industry. 

By circumventing traditional utilities 

and grid operators, P2P energy trading 

enables individuals and businesses to 

engage in direct energy transactions. 

This can result in a more efficient 

and cost-effective energy market, and 

facilitate better utilization of renewable 

energy sources; a study has suggested 

that P2P energy trading could lead to 

distributed energy resources meeting 

up to 45% of global electricity demand 

by the year 2050. 

Smart grid management: 

The energy industry has witnessed 

a growing interest in employing 

blockchain technology to improve 

smart grid management. Smart grids 

leverage cutting-edge technologies 

such as data analytics, control 

systems, and sensors to enhance 

their reliability, sustainability, and 

efficiency. Blockchain offers a secure 

and transparent platform for managing 

energy and data flows within a smart 

grid. By integrating renewable energy 

sources, blockchain-based smart grids 

can efficiently monitor and manage 

energy demand and supply in real 

time. This holds great promise for 

the energy industry to address the 

challenge of balancing the grid with 

the unpredictable nature of renewable 

energy. Additionally, market research 

predicts that the global market for 

blockchain in the energy sector will 

reach $1.9B by 2025, which underscores 

the potential of blockchain technology 

to revolutionize the energy sector and 

promote sustainable energy practices. 

Carbon credit trading: 

The implementation of blockchain 

technology in the energy sector has 

enabled the trading of carbon credits, a 

novel approach that allows corporations 

and individuals to invest in initiatives 

that aim to mitigate the impacts of 

carbon dioxide emissions on the 

environment. Through blockchain, 

carbon credit trading can become 

more transparent and secure. This 

cutting-edge platform streamlines 

the buying, selling, and monitoring of 

carbon credits. A leading example of 

this application is the Carbon platform, 

which utilizes blockchain technology 

to ensure the transparent and secure 

trading of carbon credits. 

Smart contracts and automation: 

Smart contracts have the capability 

to automate energy transactions, 

resulting in the ability to execute energy 

contracts without the intervention of 

intermediaries. This automation not 

only reduces transaction costs but 

also increases transparency in the 

energy market. 

On the other hand, the adoption 

of blockchain in the energy sector 

faces several barriers, such as the 

lack of developed global regulations 

in some regions, creating uncertainty 

and inconsistency in managing a 

decentralized energy system, regulating 

electricity tariffs, and resolving disputes 

and reversals. 

Additionally, small networks are 

particularly vulnerable to 51% attacks, 

where attackers control the majority of 

the network and prevent transactions 

from being completed. Scalability and 

power consumption also pose significant 

challenges since blockchains consume a 

lot of energy and can take a long time to 

confirm transactions. Moreover, energy 

blockchain requires an interconnected 

smart grid infrastructure that can be 

optimized by new players participating 

in existing smart meters. 

In general, the incorporation of web3 

and blockchain technologies within 

the energy sector of the UAE has the 

potential to enhance sustainability, 

elevate efficiency, and decrease 

costs. Despite the obstacles linked to 

the adoption of these technologies, 

such as regulatory impediments 

and the requirement for substantial 

investment in infrastructure, they 

have the capability to transform the 

sector fundamentally, and create 

novel opportunities for promoting 

sustainability and the utilization of 

clean energy. 


Wheels 

2023 Genesis G90 

Genesis has recently released 

new details on their 2023 G90 

flagship sedan, showcasing 

its impressive powertrain, 

suspension, interior, and available 

features. The redesigned G90 is sure 

to make a statement with its bold look 

that made a splash during its initial 

reveal. The G90 will be powered by a 

twin-turbo 3.5-liter V-6 engine, which 

is paired with an eight-speed automatic 

transmission. This engine is expected 

to generate around 375 horsepower 

and 391 pound-feet of torque, similar 

to what is offered in the G80 sedan. 

Drivers will have the option of choosing 

either rear- or all-wheel drive. Although 

Genesis has not confirmed its existence, 

there is speculation of an EV version 

called Electrified G90 joining the lineup 

in the future. The luxury sedan will 

come equipped with an available air 

suspension system, which can lower the 

car’s height at higher speeds to improve 

aerodynamics or raise the car’s height 

for rough terrain. Additionally, the G90 

will feature a rear-wheel steering system 

that can turn the rear wheels up to four 

degrees for better manoeuvrability. 

There will be adjustable settings for the 

brake tuning, called “Chauffeur,” that 

can make the brake pedal either more 

or less sensitive. The G90’s interior is 

equally impressive, with a large display 

screen dominating the dashboard and 

two rotary knobs for the transmission 

and infotainment system on the centre 

console. The sedan will offer a wide 

range of hedonistic pleasures, including 

a fragrance system, massaging seats, 

and a 23-speaker Bang & Olufsen audio 

system. Moreover, the G90 will be 

capable of downloading over-the-air 

updates, and drivers will be able to set 

up a fingerprint scanner to grant access 

to the car instead of a key. 

The 2023 Genesis G90 sedan promises 

to be a luxurious flagship that will turn 

heads on the road. With its impressive 

powertrain, advanced suspension 

system, and luxurious interior, the G90 

is sure to appeal to drivers looking for 

a premium sedan. Genesis has yet to 

reveal the pricing for the G90, but it is 

expected to compete with other luxury 

sedans in its class. 


Specifications 

Engine: Twin-turbo 3.5-liter V-6 

Power output: 375 Horsepower 

Torque: 391 Pound-feet 

Transmission: 8-speed automatic 


Healthcare 

How UAE’s Healthcare Sector Can Leverage 

Blockchain Technology 

The UAE has exhibited a remarkable proclivity for incorporating groundbreaking 

technologies in a multitude of sectors, and its healthcare industry is no exception. With 

the objective of enhancing the caliber and productivity of healthcare services, the UAE 

has been delving into the potential of blockchain technology in healthcare. Blockchain, 

an immutable and decentralized digital ledger, holds the promise of offering several 

advantages such as heightened data security, transparency, and interoperability, which 

could potentially revolutionize the healthcare sector. In this article, we will examine 

how the UAE’s healthcare industry is leveraging blockchain technology to foster 

innovation and augment patient outcomes. 

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. 


In recent years, the global 

healthcare sector has experienced 

a significant transformation due 

to the increasing trend of utilizing 

blockchain technology. This has 

resulted in the emergence of Smart 

Hospitals, which offer virtual reality 

and AI-based healthcare solutions to 

patients worldwide. This new approach 

to developing blockchain applications 

has led to a patient-focused approach, 

marking a departure from traditional 

methods used by hospitals. According 

to GlobeNewsWire, the global market 

size for blockchain in healthcare is 

projected to reach $4.46B by 2026. 

Managing patient data: 

Blockchain technology has proven to 

be an effective solution for managing 

patient-related data in the healthcare 

industry. Hospitals are able to maintain 

critical records pertaining to patient 

information, such as social security 

numbers, credit card details, medical 

reports, and other sensitive information 

with maximum confidentiality, as 

blockchain in healthcare is equipped 

with encryption algorithms. As a result, 

records remain secure and impervious 

to unauthorized access. 

In certain situations, patients may 

prefer not to disclose their personal 

information, and hospitals are obligated 

to respect their privacy by keeping 

their medical records and test results 

confidential. Simultaneously, it is crucial 

that doctors have access to these records 

without fear of prying eyes. Blockchain 

healthcare solutions have successfully 

addressed both these concerns. 

Healthcare service providers are 

keen to avoid data breaches, as such 

incidents can have significant financial 

and reputational repercussions. 

Similar to other industries, hospitals 

are apprehensive about losing 

potential business opportunities 

due to compromised data security. 

Blockchain applications in healthcare 

have emerged as a viable solution to 

these concerns. They offer enhanced 

security for transactional data and 

confidential information that should 

not be made public. 

Managing drugs: 

A recent study conducted by the 

National Crime Prevention Council 

has revealed that roughly 10% of drugs 

circulating in the global supply chain 

are counterfeit. This poses a serious 

risk to patients, as they may not receive 

the appropriate treatment for their 

ailments, potentially putting their 

lives in jeopardy. Addressing these 

issues with intelligence, a blockchain 

healthcare app development company 

can prevent fraudulent activities and 

the distribution of counterfeit drugs 

by offering traceability. 

IoT-enabled fitness devices 

and smart contracts: 

Integration with IoT-enabled fitness 

devices can enhance the efficacy of 

blockchain applications in healthcare 

and fitness. By leveraging IoT technology, 

healthcare providers can monitor 

their patients’ health more effectively 

by tracking changes in their health 

and making adjustments to their 

treatment accordingly. Furthermore, 

the utilization of smart contracts for 

insurance is a significant aspect of 

blockchain healthcare solutions. The 

incorporation of smart contracts has 

simplified insurance issuance, drug 

reimbursement, and the verification 

of healthcare insurance terms and 

conditions for both hospitals and 

insurance providers. 

More benefit for patients: 

The adoption of blockchain technology 

in the healthcare industry offers 

several benefits to patients as well as 

hospitals. Patients are often concerned 

about the privacy and security of their 

medical records and other confidential 

information. The use of blockchain 

enables patients to maintain ownership 

and control of their data, allowing them 

to grant access to authorized parties 

and prevent unauthorized access. 

Furthermore, blockchain technology 

facilitates remote consultations with 

healthcare professionals and provides a 

secure and efficient platform for making 

payments. Patients can also use wearable 

fitness devices to maintain essential 

medical records and monitor their health, 

as recommended by their healthcare 

provider. By leveraging blockchain 

technology, patients can benefit from 

improved data security, ownership, and 

access control, as well as enhanced 

access to healthcare services. 

Overall, blockchain technology offers 

numerous advantages for the healthcare 

sector, including enhanced data security, 

transparency, and interoperability. The 

UAE’s healthcare industry has been 

exploring the potential of blockchain 

technology to improve healthcare 

services and patient outcomes. 

Blockchain has proven to be an effective 

solution for managing patient data while 

maintaining confidentiality and access 

control. The technology also offers 

enhanced security for transactional data 

and confidential information that should 

not be made public. The integration of 

IoT-enabled fitness devices and smart 

contracts in blockchain healthcare 

solutions can further enhance patient 

care. The adoption of blockchain 

technology enables patients to maintain 

ownership and control of their data, 

providing improved data security and 

access control. 


Mergers & Acquisitions 

The UAE Sees Accelerated Web3 and 

Fintech M&A Activity 

The adoption of web3 and blockchain technology in the MENA region has further 

boosted the growth of fintech companies, leading to increased interest from 

investors looking to tap into the sector’s potential. The UAE in particular has 

been witnessing a surge in mergers and acquisitions (M&A) activity in the web3 

and fintech landscapes, and this article will highlight the latest deals, the factors 

driving this accelerated trend, and what the future holds for the sector. 

The M&A activity in the UAE’s 

Fintech and web3 arena has 

been witnessing major deals, 

as the market is offering great 

opportunities to tap into its emerging 

technologies. For instance, e& enterprise, 

which is a component of e&, has recently 

entered into a legally-binding agreement 

to acquire a majority stake in Beehive, the 

foremost peer-to-peer digital platform in 

the Middle East and North Africa (MENA) 

region. The aim of this move is to take 

advantage of the opportunities available 

in the Small and Medium Enterprise 

(SME) lending market. 

Beehive, which was founded in 2014, is 

the leading crowdfunding platform in the 

UAE, and it operates in Oman and KSA as 

well. It facilitates connections between 

creditworthy SMEs seeking financial 

support and private and institutional 

investors. Beehive offers both conventional 

and Sharia-compliant loans. Recently, 

the company surpassed the milestone of 

aiding in over AED1.5B worth of loans. 

With this acquisition, e& enterprise will 

be able to provide an innovative lending 

64 www.thefinanceworld.com 

June 2023

solution to address the $250B SME credit 

gap across the GCC region, combining its 

strong brand positioning with a Fintech 

platform. This also marks the next step 

in e& enterprise’s expansion as the move 

demonstrates its commitment to opening 

new avenues of growth across the UAE 

and the region while enabling Beehive 

to scale its business and expand its 

offerings. The acquisition aligns with UAE’s 

National Agenda for Entrepreneurship, 

which aims to establish the country as 

an entrepreneurial nation by 2031. 

According to e& enterprise’s CEO 

Salvador Anglada, the procurement of 

Beehive’s digital lending platform is the 

second stage in the company’s journey 

into the Fintech industry, which started 

with the introduction of UAE Trade 

Connect in 2021. The CEO recognizes 

that SMEs play a critical role in the 

economy and require specific financial 

support, emphasizing that the acquisition 

of Beehive, e& enterprise aims to leverage 

the advanced technological capabilities 

of the platform to expand its reach in the 

UAE and beyond. 

Moreover, e& has previously announced 

that it has signed an agreement with Uber 

and its subsidiary, Careem, to purchase 

a majority stake in Careem’s Super App 

spinout, which will include all three of 

Careem’s co-founders. While Careem’s 

ride-hailing business will continue to 

be owned entirely by Uber and will 

be available on the existing app, e& is 

The UAE 

government’s 

support to 

Fintech and 

web3 M&A 

deals is 

aligned with 

the goal of 

positioning 

the UAE as 

a leader in 

innovation 

and emerging 

technologies. 

investing $400M in the Super App. 

The Super App offers a variety of 

services, including food and grocery 

delivery, micro-mobility, fintech services, 

and third-party services such as car rental 

and laundry. Careem serves customers in 

10 countries across the Middle East, North 

Africa, and South Asia. The investment 

will enable Careem to pursue its goal of 

creating the first “everything app” in the 

region, which will expand its core services 

and subscription programs across the 

region. Additionally, e& aims to expand 

its consumer digital offerings, access new 

geographies and digital verticals, and 

leverage e& money’s powerful financial 

services offerings through the Careem 

Super App. 

The aforementioned deals are indicative 

of the rapid pace at which the Middle East 

and North Africa region is embracing the 

web3 and fintech revolution, with advanced 

nations competing to be at the forefront 

of these developments. In this context, 

the UAE stands out as a notable example 

of a country that is taking proactive steps 

to facilitate such deals and support the 

market. The government’s efforts are 

aligned with the goal of positioning 

the UAE as a leader in this domain, by 

fostering an environment conducive to 

innovation and emerging technologies. 

In this manner, the UAE aims to establish 

itself as a hub for transformative ideas, 

paving the way for sustained growth and 

development in the sector. 


Merger and Acquisition News 

Borouge CEO looks to M&A for growth in India and China markets 

Abu Dhabi-based specialty 

chemicals firm Borouge Plc is 

exploring organic expansion 

and mergers and acquisitions 

(M&A) opportunities in India and China, 

according to CEO Hazeem Sultan Al 

Suwaidi. The company, which produces 

polyethylene and polypropylene, has 

a strong financial position, Al Suwaidi 

said, adding that Borouge’s board had 

mandated it to look at acquisitions that 

complement its product mixes and 

geographies. The company has shown 

a net profit of $199M in Q1 2023 and 

free cash flow of $377M. Al Suwaidi said 

Borouge 4 expansion in Ruwais will add 

1.4 million tons of polyolefins capacity 

when operational in 2025. 

GCC firms eye 

acquisition of Gabal 

El Zeit and Zafarana 

wind farms in Egypt 

ACWA POWER and Alcazar 

Energy have expressed interest 

in acquiring Egypt’s Gabal El 

Zeit and Zafarana wind farms, 

according to reports. The two companies 

are among seven international and 

local firms vying for the takeover deal, 

including Egypt’s Infinity. Although no 

official offers have been submitted yet, 

feasibility studies have been completed. 

The strategic investor acquiring the 

operational plants is expected to replace 

the farms’ turbines, but no major changes 

are anticipated. The deal is projected to 

be concluded by the end of 2023, though 

further details have yet to be revealed. 

PureHealth buys more than AED 1.8B stake in Ardent 

Health Services 

PureHealth, the Middle East’s 

largest integrated healthcare 

platform, has purchased a 

minority equity investment in 

Ardent Health Services for over AED 

1.8B ($490M). With this acquisition, 

PureHealth becomes the only UAEbased 

healthcare provider to acquire 

assets in US hospitals and clinics. Ardent 

Health Services is the fourth-largest 

privately held healthcare system in 

the US, with more than 1,400 aligned 

providers, 30 hospitals, over 23,000 

employees, and 200 sites of care 

across six states. This transaction 

reflects PureHealth’s global expansion 

strategy, building on the group’s existing 

footprint of more than 25 hospitals, 

more than 100 clinics, and over 160 

laboratories in the UAE. 

Tadawul Advanced Solutions Company completes 

acquisition of DirectFN 

The Saudi Tadawul Group 

Holding Company (STG) has 

completed the acquisition 

of its subsidiary, Tadawul 

Advanced Solutions Company (Wamid), 

of DirectFN, a renowned capital 

markets data solutions provider. 

This milestone acquisition aims 

to accelerate Wamid’s expansion, 

introduce innovative products and 

services to the capital market, and 

diversify revenue for the Saudi Tadawul 

Group. With DirectFN’s extensive 

presence in 20 countries, Wamid gains 

access to two development centers, 500 

employees, 300 software developers, 

and new clients. This move supports 

the Kingdom’s vision of becoming a 

leading global digital economy, aligned 

with Vision 2030’s Financial Sector 

Development Program. The transaction 

is valued at SAR 133,951,500 and funded 

internally by the Saudi Tadawul Group. 


Middle East a rare ‘sweet spot’ for mergers and acquisitions 

M&A activity worldwide faced 

significant challenges in 

2022 due to economic and 

geopolitical developments, 

resulting in a drop in deal value to 

$3.8T. However, amidst this cautious 

environment, the Middle East stood 

out as a rare “sweet spot” for M&A 

transactions. Noteworthy billion-dollar 

deals took place in various industries, 

including Saudi Aramco’s $15.5B sale of 

a stake in Aramco Gas Co, Ahli United 

Bank’s $8.5B deal with Kuwait Finance 

House, and NMC’s $2.3B agreement 

with creditors. DP World also engaged 

in two billion-dollar transactions. Romil 

Green Corp partners 

with Badia Farms to 

boost sustainable food 

production in GCC 

Bahrain-based agribusiness 

platform, Green Corp, has 

acquired a stake in Badia 

Farms, the first vertical 

farming company in the Gulf 

Cooperation Council (GCC) region. The 

partnership aims to expand sustainable 

food production projects across the 

GCC, with a focus on Saudi Arabia and 

Bahrain. Badia Farms, established in 

2016, uses advanced production models 

and pesticide-free methods to grow 

nutritious fruits and vegetables without 

sunlight or soil. Their energy-efficient 

techniques consume up to 90% less 

water compared to traditional farming 

methods, while achieving higher yields. 

With the support of Green Corp and its 

owner Gulf Islamic Investments, Badia 

Farms plans to enhance domestic food 

production and contribute to regional 

food sustainability in the GCC. 

Radia, Deals Markets Leader at PwC in 

the Middle East, highlighted the region’s 

Saudi’s Kingdom Holding boosts stake in EU 

insurance company M&G 

Saudi Arabia’s Kingdom Holding 

Company (KHC), chaired by 

Saudi Prince Alwaleed Bin 

Talal Bin Abdulaziz Al Saud, has 

announced an increased ownership in 

M&G, a prominent European insurance 

and asset management company. KHC 

has made an additional investment of 

SAR 228.2M ($61M), raising its stake in 

M&G from 5.3% to 6.4%. This move is in 

line with Kingdom Holding’s strategy of 

acquiring substantial stakes in leading 

companies within their respective 

sectors. By expanding its ownership 

in M&G, Kingdom Holding aims to 

strengthen its presence in the insurance 

and asset management industry while 

diversifying its investment portfolio. 

Snasco to acquire Shakespeare and Co restaurant 

chain 

Du bai-based Snasco 

Investments has announced 

its acquisition of a majority 

stake in the renowned 

homegrown hospitality chain, 

Shakespeare and Co. The transaction 

is set to be completed in the coming 

weeks, pending final due diligence. 

As part of the agreement, Snasco 

Investments will gain control over 

the 32-store and 8-franchise business 

across the Gulf Cooperation Council 

resilience, stating that the Middle East 

is defying the global M&A slowdown. 

(GCC). Following the acquisition, 

Snasco Investments Middle East plans 

to expand the Shakespeare and Co. 

brand not only within the GCC but 

also beyond, leveraging its extensive 

experience in the hospitality and 

restaurant industries. Shakespeare 

and Co. has become an integral part 

of the local food scene, offering a 

unique combination of vintage charm, 

contemporary style, and exceptional 

cuisine. 


Cryptocurrency 

Blockchain and Cryptocurrency 

Revolutionizing the UAE’s Fintech 

Industry 

The UAE has been at the forefront of embracing digital transformation in recent 

years, particularly when it comes to the financial sector. With the advent of 

blockchain technology and cryptocurrencies, the UAE has become a hub for 

fintech innovation, paving the way for a new era of financial services. In this 

article, we will explore how the adoption of blockchain and cryptocurrencies is 

revolutionizing the fintech ecosystem in the UAE, the challenges and opportunities 

presented by these emerging technologies, and the potential impact on the future 

of finance in the region. 

The UAE’s government aims to be a leading global blockchain 

hub, inspiring more fintech startups to adopt blockchain 

technology. 


Fintech companies in the UAE are 

benefiting from the application 

of blockchain technology to 

enhance the security and efficiency 

of financial services. The regulatory 

framework and government support 

have also played a significant role in 

promoting the growth of fintech startups, 

providing a promising outlook for the 

sector’s future. 

Fostering an environment 

for growth: 

As a result, the UAE has been successful 

in fostering an environment conducive to 

the growth of fintech startups, resulting 

in the emergence of several startups 

utilizing blockchain technology to 

enhance the security and efficiency 

of financial services. The supportive 

ecosystem has enabled these startups 

to advance the UAE’s objective of 

achieving global leadership in blockchain 

technology. These startups prioritize 

attracting cryptocurrency investment 

while encouraging local engagement and 

innovation within the field. 

The complex regulatory environment 

is identified as a significant challenge 

for fintech companies, as traditional 

banking institutions are subject to strict 

rules and regulations that can hinder the 

growth and innovation of fintech firms. 

However, despite these challenges, 

fintech startups in the UAE have shown 

resilience in adapting to the regulatory 

landscape and finding solutions. The 

Middle East has become a global hub for 

fintech innovation, with the UAE playing 

a prominent role in this development. The 

UAE regulators’ policies, recognizing the 

global adoption of cryptocurrencies and 

blockchain technology, have fostered 

this progress. 

Strategic partnerships: 

Moreover, blockchain technology offers 

huge opportunities for fintech startups in 

the UAE. Blockchain’s decentralization, 

immutability, and transparency provide 

a secure and efficient platform for 

transactions that can revolutionize the 

financial industry, from remittances 

and payments to asset management and 

trading. Additionally, the emergence of 

several fintech startups in the region 

driving advancements in blockchain 

technology presents opportunities for 

UAE-based fintech companies to form 

strategic partnerships and collaborate 

to advance the financial ecosystem’s 

security and prosperity. 

Blockchain opportunities: 

The United Arab Emirates is positioning 

itself as a key player in the global blockchain 

technology industry. To this end, the 

government has introduced initiatives 

such as the Emirates Blockchain Strategy 

2021 and the Dubai Blockchain Strategy, 

aiming to encourage blockchain adoption 

and establish a secure financial future. 

Through these strategies, the UAE 

government seeks to enhance government 

efficiency, create new industry opportunities, 

and emerge as a leading international 

blockchain hub. As a result, the number 

of fintech startups in the UAE adopting 

blockchain technology is expected to 

increase significantly. This will provide 

these companies with various prospects 

to develop innovative solutions such 

as digital payments, remittances, asset 

tokenization, and decentralized identity 

management. 

Furthermore, the supportive regulatory 

environment and the government’s investment 

in blockchain infrastructure and talent will 

act as additional catalysts for the growth 

of the blockchain ecosystem. Effective 

collaboration among local startups, 

financial institutions, and regulators will 

be crucial in promoting innovation and 

fostering secure blockchain adoption. 

Overall, the UAE has revolutionized 

the fintech industry in the region through 

its adoption of blockchain technology 

and cryptocurrencies. The government’s 

supportive ecosystem has enabled fintech 

startups to achieve the country’s objective 

of global leadership in blockchain 

technology, attracting cryptocurrency 

investment and encouraging local 

innovation. Despite a complex regulatory 

environment, UAE fintech startups have 

demonstrated resilience in adapting to 

challenges. Strategic partnerships with 

other fintech startups in the region have 

created opportunities for collaboration, 

leading to advancements in the financial 

ecosystem’s security and prosperity. 

The government’s focus on improving 

government efficiency, creating new 

industry opportunities, and emerging as 

a leading international blockchain hub is 

expected to lead to a significant increase 

in the number of fintech startups in the 

UAE adopting blockchain technology. The 

supportive regulatory environment and 

investment in blockchain infrastructure 

and talent will further catalyze the growth 

of the blockchain ecosystem. 

Effective collaboration among local 

startups, financial institutions, and 

regulators will be essential in promoting 

innovation and fostering secure blockchain 

adoption. The UAE’s adoption of blockchain 

technology and cryptocurrencies presents 

a promising outlook for the future of 

finance in the region, with a range of 

opportunities for innovative solutions, 

including digital payments, remittances, 

asset tokenization, and decentralized 

identity management. 


Real Estate 

How Blockchain Technology is Changing 

Real Estate in the UAE 

In recent years, blockchain technology has made its way into various sectors, 

including banking, healthcare, and supply chain management. More recently, 

the real estate industry has also started to embrace the use of this innovative 

technology, both globally and in the United Arab Emirates. In this article, we 

delve into the impact of leveraging this technology in the UAE’s real estate sector. 

The UAE government’s ambitious 

plan to transform Dubai into a 

futuristic smart city makes the 

incorporation of blockchain 

technology in the real estate market a 

crucial step towards achieving this goal. 

By leveraging the power of blockchain, 

the real estate industry in the UAE can 

attain new levels of innovation and propel 

itself to the forefront of the digital age. 

The use of blockchain technology has 

the potential to revolutionize the real 

estate industry by simplifying the often 

cumbersome and time-consuming process 

of property transfers. Traditional property 

sales rely on extensive paperwork and 

mutual authentication between buyers 

and sellers, which can be a daunting task. 

However, with blockchain technology, 

these processes can be simplified and 

made more efficient, eliminating the need 

for intermediaries and ensuring secure, 

trustless transactions. This innovative 

technology is poised to transform the way 

real estate transactions are conducted, 

streamlining the process and providing 

greater transparency and security for all 

parties involved. 

Blockchain technology has the power 

to transform real estate transactions by 

simplifying complex and time-consuming 

processes. 


Advantages of using Blockchain in 

the UAE’s real estate sector: 

Blockchain technology offers a way 

to streamline real estate transactions by 

enabling direct peer-to-peer interactions 

between buyers and developers, without 

the need for intermediaries. This can help 

reduce the time and costs associated with 

the traditional sales process. Additionally, 

the use of smart contracts - unique programs 

that execute transactions automatically 

based on pre-defined conditions - can 

further enhance automation in conditional 

real estate transactions, providing greater 

efficiency and security. 

Smart contracts can also be utilized 

in the real estate escrow system, which 

traditionally involves third-party agents 

holding assets while financial transactions 

are ongoing between developers and 

buyers. However, with the implementation 

of blockchain technology, smart contracts 

can replace these intermediaries, efficiently 

carrying out their functions and transferring 

deeds and titles with greater transparency 

and security. 

In addition to streamlining the escrow 

process, blockchain technology also 

offers transparent record-keeping 

through its immutable ledger system. 

This decentralized database provides 

all stakeholders with authenticated and 

secure data storage, ensuring the integrity 

of real estate transactions. 

Furthermore, blockchain technology 

enables real estate tokenization - a process 

where physical assets are fractionalized 

into tokens stored on a decentralized 

database, i.e., blockchain. This innovation 

allows people to use tokens to represent 

valuable assets in the real estate industry, 

increasing the liquidity of these assets 

and improving their accessibility for 

investors. The implementation of blockchain 

technology in real estate has the potential 

to revolutionize the industry, providing 

greater efficiency, transparency, and 

liquidity for all stakeholders involved. 

The tokenization process in real estate 

has the potential to drive increased 

investment in the market by providing 

secure and easy transferability of assets 

through blockchain technology. This feature 

offers investors the opportunity to diversify 

their portfolios and minimize potential 

risks. By leveraging the advantages of 

blockchain-based real estate tokenization, 

investors can gain access to a wider range 

of investment opportunities with greater 

efficiency and security. 

To sum up, the incorporation of 

blockchain technology in the real 

estate industry in the UAE has the 

potential to revolutionize the sector and 

transform the traditional sales process. By 

enabling direct peer-to-peer interactions, 

streamlining transactions, reducing costs, 

and increasing transparency and security, 

blockchain technology can simplify the 

often cumbersome and time-consuming 

process of property transfers. Smart 

contracts, decentralized record-keeping, 

and asset tokenization are some of the 

key benefits that can be leveraged to 

improve the efficiency and liquidity of 

the real estate market. 

As the UAE government continues to 

pursue its ambitious goal of transforming 

Dubai into a smart city, the integration of 

blockchain technology in the real estate 

sector becomes crucial to achieving 

this goal. By embracing this innovative 

technology, the real estate industry in the 

UAE can attain new levels of innovation 

and propel itself to the forefront of the 

digital age. The tokenization process 

in real estate also provides investors 

with the opportunity to diversify their 

portfolios and minimize risks while gaining 

access to a wider range of investment 

opportunities. Overall, the incorporation 

of blockchain technology in the UAE’s 

real estate sector offers a promising 

future for the industry, enabling greater 

efficiency, transparency, and security for 

all stakeholders involved. 


Real Estate News 

Yas Holding expands UAE real estate portfolio with 

Peninsula investment 

Yas Holding’s recent investment 

in Peninsula Real Estate is 

expected to further boost 

the company’s impressive 

UAE real estate portfolio. Peninsula, 

which focuses on the office, industrial, 

and logistics sectors, has been part 

of the Abu Dhabi Investment Office’s 

Innovation Programme since last year. 

With Yas Holding’s investment, the 

company plans to expand its investment 

and research capabilities and take 

advantage of the rapidly growing 

commercial real estate market in Abu 

Dhabi and the UAE. Yas Holding CEO 

Low Ping noted that the investment is a 

key addition to the company’s portfolio 

and that they have great confidence 

in Peninsula’s potential as a partner. 

Majid Al Futtaim sells Lanai Islands mansion for 

record-breaking price 

Sobha announces sellout 

of luxury tower in 

Dubai 

Sobha Realty, a prominent real 

estate developer in the UAE, 

has announced the successful 

sale of all residential units at 

The S Tower, its signature project in 

Dubai, generating AED 1.4B in sales. 

Launched in October 2020, The S Tower 

is a 62-storey high-rise residential 

project that features 43 storeys of 

luxury residences. The development 

comprises 84 apartments, including 

four- and five-bedroom apartments 

priced at over AED 15.5M and AED 34M, 

respectively. The project’s completion 

marks a significant milestone for 

the developer, which prides itself on 

its unique “Backward integration” 

model that emphasizes design and 

sophistication. 

Majid Al Futtaim Development 

has set a new benchmark 

for luxury real estate in 

Dubai, with the sale of a 

Lanai Island luxury mansion for $54.4M, 

marking the highest recorded sale 

to date at Tilal Al Ghaf. The limited 

collection of 13 ultra-luxury villas, 

which offer secluded private island 

72 www.thefinanceworld.com June 2023 

living, has become a favourite among 

the ultra-high-net-worth-individuals 

segment, an exclusive global community 

that increased by 9% last year. The 

record-breaking Lanai Island property, 

located on a large corner plot with 

extensive landscaped gardens, features 

eight bedrooms and over 30,000 sq ft 

of gross floor area. 

Abu Dhabi real estate 

transactions surge with 

147% increase in Q1 

The Abu Dhabi real estate sector 

has seen a significant increase 

in Q1 2023 with a surge of 147% 

in the value of transactions 

compared to the same period in 2022, 

while the number of transactions rose by 

67%. The Department of Municipalities 

and Transport (DMT) revealed that 

3,518 property sales worth AED 16.2B 

($4.41B) were recorded, compared to 

1,722 transactions worth AED 4.4B in 

Q1 2022. The sector also marked 5,511 

property sales and mortgages worth 

AED 27.9B in the same period. The 

increase in confidence of investors 

in the Abu Dhabi real estate market 

is reflected in the rise of transactions, 

with a significant 75% increase in nonresident 

investors compared to last year.

Azizi to invest $16B in 

50 new hotels, including 

plans for a 7-star 

property 

Dubai’s Azizi Developments 

plans to invest AED 60B in 

50 new hotels, including a 

seven-star property, to Add 

20,000 keys over next five years. The 

company announced plans to enter the 

hospitality sector during the Arabian 

Travel Market 2023. The new hotels 

and resorts in the UAE and beyond will 

be managed by Azizi’s own hospitality 

division, led by Michael Zager as Chief 

Operating Officer - Hospitality. The 

move comes as Dubai aims to attract 

40 million visitors and increase the 

tourism sector’s GDP contribution to 

AED 450B ($123B) within seven years, 

according to His Highness Sheikh 

Mohammed bin Rashid Al Maktoum, 

Vice President and Prime Minister of 

the UAE and the Ruler of Dubai. 

Dubai’s real estate market set to add 32,000 

new units by end of 2023 

Dubai’s real estate sector is 

set to add over 32,000 new 

units by end of 2023, Asteco 

Report Reveals. The report by 

the real estate consultancy highlighted 

that 27,400 apartments and 4,650 villas 

are set to be completed by year-end, 

indicating the emirate’s post-pandemic 

resiliency. Despite concerns over the 

volume of future housing supply, new 

project launches continue to be well 

received by investors and end-users. 

The report also showed that rental rates 

for apartments and villas continued to 

grow strongly in Q1 2023, with quarterly 

increases of 4% and 7%, respectively, 

and an annual price increase of 17%. 

Asteco expects the momentum to 

continue throughout 2023, albeit at a 

more sustainable rate. 

Armani unveils plans for new ultra-luxury beach 

residences in Dubai 

Armani/Casa Interior Design 

Studio and UAE-based Arada 

have partnered to design the 

Armani Beach Residences 

Palm Jumeirah, an upcoming ultra-luxury 

beachfront project in Dubai. The 

project, which is scheduled to be completed 

by the end of 2026, will offer a 

range of homes, a select number of 

penthouses, and a variety of amenities, 

all designed by Japanese Pritzker Prize 

winner Tadao Ando. The residences 

are located on the outer crescent of 

the Palm Jumeirah, and each unit will 

offer a “luxurious spatial experience” 

that connects residents with the sea. 

Sales for the project are set to begin 

in the second half of 2023. 

Nakheel to build 300m-tall Como Residences in Palm Jumeirah, Dubai 

Dubai-based developer Nakheel 

has announced the launch 

of Como Residences, a 

new luxury residential 

development located on Palm Jumeirah. 

The 71-storey tower will stand at over 

300 metres tall and offer 76 residences 

consisting of two-to-seven-bedroom 

apartments, including a spacious duplex 

penthouse. The tower features an 

innovative design that ensures each 

residence can take full advantage of 

the 180° to 360° views of Dubai and the 

Arabian Sea from wraparound balconies. 

Amenities include an elevated private 

sandy beach, a 25-metre lap pool, and a 

rooftop infinity pool. Como Residences 

is expected to offer luxurious living 

experiences with privacy and extensive 

premium amenities. 


Funding & Investment 

The UAE Boosting Investment in the 

Web3 and Blockchain Space 

The rise of Web3 technology has sparked a new wave of innovation in the 

digital space, and the United Arab Emirates UAE is poised to be a major player 

in this exciting new industry. With its forward-thinking leadership and robust 

tech infrastructure, the UAE is quickly becoming a hub for Web3 startups and 

investors alike. In this article, we will explore the current landscape of funding 

and investing in the Web3 industry in the UAE, highlighting the opportunities 

offered by the recent initiatives in this rapidly evolving space. 

In line with the UAE’s ambitious initiatives 

to set the nation as a hub for web3 

and blockchain innovation, Hub71, the 

global technology ecosystem located 

in Abu Dhabi, unveiled last February the 

establishment of Hub71+ Digital Assets, 

which is a specialized ecosystem that 

focuses on the advancement of Web3 

technology sectors. This particular 

ecosystem is dedicated to supporting 

the development and growth of startups 

and blockchain technologies in Abu 

Dhabi’s capital, and more than $2B in 

funding has been pledged to support 

these endeavors. Hub71+ Digital Assets 

aims to unleash the disruptive potential 

of Web3 and contribute to the expansion 

of digital assets. 

Additionally, Hub71 offers a value 

creation program to support the relocation 

of Web3 startups at the ‘unicorn’ stage 

- companies with a valuation exceeding 

$1B - to Abu Dhabi, as well as facilitating 

their growth in the global and Middle 

Eastern markets. In addition to its support 

for Web3 startups, Hub71+ Digital Assets 

will also aid the realization of the UAE 

Digital Economy Strategy. The goal of 

this strategy is to double the digital 

economy’s contribution to non-oil GDP 

to more than 20 percent within a decade. 

On the other hand, Zero Two, which is 

a prominent digital assets infrastructure 

company in Abu Dhabi, has recently 

commenced its operations to cater to the 

surging interest in the Web3 technology 


and its ecosystem. Zero Two offers a 

distinctive and fully integrated suite of 

end-to-end digital assets infrastructure 

solutions, with the objective of becoming 

a dependable partner for companies 

seeking to harness the vast innovative 

potential of Web3 technology. According 

to recent reports and press releases 

regarding the matter, Zero Two aims 

to enable these companies to benefit 

from the transformative potential of 

this technology. 

As the digital economy matures, digital 

assets have the potential to enhance 

visibility, transparency, coordination, 

and information sharing across company 

boundaries through various applications. 

This development promises to address 

structural challenges and improve operational 

efficiency. Zero Two was established to 

develop, operate, and invest in top-tier 

technologies that accelerate and support 

the digital asset and Web3 ecosystem in 

the region, which encompasses concepts 

such as decentralization and token-based 

economics. 

Zero Two is poised to play a critical 

role in ensuring the continued stability 

of the power grid in Abu Dhabi, while 

also contributing to the UAE’s Net Zero 

commitments and transition towards a 

sustainable and decarbonized economy. 

By utilizing excess power during lowdemand 

periods to operate its cuttingedge 

data centers located in Abu Dhabi, 

Zero Two further supports the resiliency 

of the local power grid. 

Moreover, Republic Crypto, a blockchain 

enterprise that provides comprehensive 

white-glove advisory services, has 

With its unwavering commitment 

to facilitating and promoting 

transformative technologies, the UAE 

is actively fostering a supportive 

ecosystem for Web3 and blockchain 

investment. 

broadened its activities to the UAE, with 

the intention of expanding its reach and 

extending its services throughout the 

MENA region. The firm offers a range of 

services aimed at expediting the growth 

of cryptocurrency enterprises from 

their early stages to a stage of financial 

stability. As such, the expansion to the 

UAE marks a significant milestone for 

the Republic Crypto community. 

Republic Crypto has achieved notable 

success working with various cryptocurrency 

enterprises, such as Avalanche, Dappradar, 

and Zed. By partnering with Ghaf Labs, 

a UAE-based blockchain consultancy 

services provider, Republic Crypto plans 

to share its extensive experience and 

knowledge. The collaboration aims to 

support new initiatives and establish 

a strong presence in the UAE, in order 

to meet the increasing demands of the 

Web3 space in the region. As an affiliate 

of Ghaf Capital Partners, Ghaf Labs plays 

a crucial role in promoting the growth 

of Web3 in the UAE. It is a prominent 

Web3 private investment firm that offers 

comprehensive services to support the 

success of innovative blockchain-based 

enterprises. 

With the advent of Web3 technology, the 

digital domain is witnessing a renewed 

surge of creativity and ingenuity, and 

the UAE is well-positioned to emerge 

as a significant participant in this novel 

industry. The UAE’s swift transformation 

into a hub for Web3 startups and investors 

is a testament to its progressive leadership 

and robust technological infrastructure. 


Funding and Investment News 

Emirates Development 

Bank to focus on funding 

renewable projects 

in UAE 

Emirates Development Bank 

(EDB) has announced it 

will prioritize financing for 

renewable projects as the 

UAE prepares to host COP28. EDB’s 

five-year strategy seeks to support 

small and medium-sized enterprises 

(SMEs) and large corporations in 

priority sectors including renewables, 

manufacturing, technology, healthcare, 

and food security. The bank aims to 

provide AED 30B ($8.17B) in financing 

to 13,500 companies within these 

sectors by 2026. EDB CEO Ahmed 

Mohamed Al Naqbi said the bank would 

maximize support for sustainable 

development and advanced low-carbon 

industries in line with the UAE’s netzero 

ambitions. The bank will offer 

finance up to 100% of project value for 

renewable energy projects in the UAE 

with a maximum tenor of 15 years and 

a two-year grace period. 

Middle East funds in 

talks to lead Byju’s $1B 

funding round 

Indian edtech giant Byju’s is reportedly 

in advanced discussions with 

three Middle East-based sovereign 

funds to lead a $1B fundraising 

round, according to sources. The company 

is expected to raise $700M through 

equity, while the remaining $300M will 

be raised via structured instruments. 

Byju’s is also said to be in talks with 

three US-based asset management 

companies to secure the funds. The 

funding will help the company repay a 

part of its $1.2B loan raised in 2021 and 

boost its expansion plans. Currently, 

Byju’s is valued at $22B, making it one 

of the most valuable edtech firms in 

the world. 

Annual Investment Meeting signs MoU with Hub71 

Hub71, the tech ecosystem 

located in Abu Dhabi, has 

partnered with the Annual 

Investment Meeting (AIM) 

Global 2023, to collaborate and create 

new strategies that will benefit both 

parties. As an official Ecosystem Lead 

Partner, Hub71 will gain substantial 

advantages from the agreement. The 

partnership includes organizing a 

pre-event workshop, which aims to 

provide participants with a deeper 

understanding of how to structure their 

pitches specifically for corporations. 

This collaboration highlights the UAE’s 

commitment to fostering a thriving 

startup ecosystem and creating a more 

vibrant and sustainable ecosystem for 

startups. AIM Global 2023 brings together 

some of the most innovative and 

creative minds worldwide to showcase 

their ideas and products. 

Dubai Investments reports Q1 2023 profit surge 

of 55% to $85.68M 

Dubai Investments, a leading 

investment company, has 

reported a remarkable 55% 

surge in its Q1 2023 net profit 

to AED 314.45M, up from AED 202.55M 

during the same period in 2022. The 

Group’s overall revenue also increased 

by 34% to AED 1.02B in Q1 2023 from 

AED 761.04M in the corresponding 

period of the previous year. Despite 

the steady total assets for the Group at 

AED 20.96 billion, the total shareholder 

equity saw a rise to AED 13.16B from 

AED 12.28B during the same Q1 2022 

period. Dubai Investments is well-positioned 

to benefit from the strong 

growth in the economy and upward 

trajectory in the real estate sector. 


Abu Dhabi joint fund seeks to attract 10 unicorns 

The Annual Investment Meeting 

(AIM) has partnered with China 

Bridge Capital and NextG 

Tech to establish a fund aimed 

at attracting 10 unicorns to Abu Dhabi, 

with a target of a total market capitalization 

of $100B within five years. 

The three-day investment platform has 

signed a tie-up with the two companies 

to create the Abu Dhabi Billionaire 

Business Attraction Fund. The fund 

aims to bring in global next-generation 

unicorns to the UAE, particularly to Abu 

Dhabi, with a view to promoting global 

sustainability and creating jobs. The 

industries covered by the fund include 

electric vehicles, solar, autonomous 

driving, health care and more. 

UAE Funds Transfer System records 74.5M transactions in 2022 

Funding for UAE-US farm climate project beats $10B target 

The Agriculture Innovation 

Mission for Climate (Aim 

for Climate), a UAE-US-led 

initiative to promote climatefriendly 

farming practices, has exceeded 

its $10B funding target for Cop28, with 

more than $13B now committed to 

the programme. Launched in 2021, 

the initiative had received $8bn in 

commitments by November 2021. The 

funding will support efforts to mitigate 

the impact of climate change on global 

agriculture, build more sustainable food 

systems, and reduce methane emissions. 

About $10B of the investment comes 

from governments, while the rest 

has been pledged by parties funding 

initiatives to support smallholder 

farmers and emerging technologies. 

The UAE Funds Transfer System 

(UAEFTS) processed 74.5M 

transactions in 2022, worth 

AED 4.9T for retail transfers, 

marking a 23.1% increase in volume and 

a 26.9% increase in value compared 

to 2021, according to the Central 

Bank of the UAE’s (CBUAE) 2022 

Annual Report. Institutional transfers, 

on the other hand, accounted for 

634,000 transactions worth AED 7.8T, 

representing a 17.9% increase in volume 

and 36.2% increase in value from the 

previous year. The figures show a steady 

growth in the use of digital payments 

in the UAE. 


Digital Assets 

The Impact of Web3 and Blockchain on 

the Digital Asset Investment in the UAE 

The emergence of Web3 and blockchain technology has had a significant impact on the 

investment landscape in the UAE, particularly when it comes to digital assets. As the 

UAE continues to position itself as a leading hub for innovation and technology, the 

adoption of blockchain-based platforms and decentralized finance (DeFi) protocols 

is rapidly increasing. This has created a new investment ecosystem, one that is more 

transparent, secure, and accessible to a wider range of investors. 

Blockchain technology is evolving and 

maturing, providing secure and immutable 

record-keeping and ownership rights in the 

decentralized investment landscape. 


The integration of blockchain 

technology is crucial for the 

transition from Web 2.0 to Web 

3.0. Web 2.0, which is currently 

dominant, consists of websites that 

are controlled by a limited number 

of powerful corporations due to their 

centralized structure. On the other hand, 

Web 3.0 is aimed at decentralizing data 

control, providing users with greater 

control over their information, and 

improving data privacy. 

While Web 2.0 mainly relies on 

mobile and cloud technology, Web 

3.0 is dependent on decentralized data 

networks, AI, and blockchain. Web 3.0 

is expected to develop alongside the 

metaverse, an interactive ecosystem 

of 3D virtual worlds that is predicted 

to be the future of the internet. NFTs 

have the potential to play a significant 

role in this expanding ecosystem. 

Digital contracts can tokenize physical 

or digital assets, such as artwork, 

to confirm ownership without the 

need for an intermediary. Despite the 

recent volatility of the NFT market, 

investments are still being made. 

With the ability to tokenize and 

fractionalize assets, investors can 

now access a diverse range of assets 

that were previously out of reach. 

As a result, the UAE is witnessing 

a growing interest in digital assets, 

from cryptocurrencies to tokenized 

real estate and art, among others. This 

shift towards a more decentralized and 

democratized investment landscape 

is expected to continue as Web3 and 

blockchain technology continue to 

evolve and mature. 

To further facilitate the digital 

asset system in the UAE, Hub71, Abu 

Dhabi’s tech ecosystem, has launched 

a new initiative called Hub71+ Digital 

Assets last February. This ecosystem 

is dedicated to advancing Web3, a 

decentralized online space built on 

innovations like blockchain technology 

and metaverse applications. The 

ecosystem has over $2B of capital 

committed to fund Web3 startups and 

blockchain technologies in Abu Dhabi. 

Hub71+ Digital Assets will offer Web3 

startups access to an extensive range of 

programmes, initiatives, and corporate, 

government, and investment partners 

in the UAE and global markets. 

The initiative is based at Hub71 in Abu 

Dhabi Global Market (ADGM), providing 

Web3 startups with a progressive 

regulatory environment and worldclass 

blockchain and virtual asset 

infrastructure. FABRIC, the research 

and innovation centre of First Abu Dhabi 

Bank (FAB), is the anchor partner of 

Hub71+ Digital Assets, while digital 

asset exchanges and service providers 

are part of the initiative to facilitate 

the discovery, trading and custody of 

digital assets. 

The blockchain is a distributed and 

decentralized ledger, which means that 

no central authority owns or controls 

the digital asset. Instead, a network of 

nodes maintains a copy of the ledger and 

validates transactions. Cryptography is 

employed in the blockchain to ensure 

the security of the digital asset and 

protect the user’s ownership rights. 

Transactions are validated by the 

network of nodes and then recorded 

permanently and immutably in the 

ledger. 

In addition, the wallet that stores the 

keys can be either hardware-based or 

software-based. It is imperative that 

the private key be kept secure and not 

shared with anyone else, as it provides 

complete access to the digital asset. 

The shift towards Web 3.0 and 

decentralized control of data is expected 

to continue as blockchain technology 

and NFTs play a significant role in 

expanding the investment landscape. 

To facilitate this transition, Hub71 has 

launched an initiative called Hub71+ 

Digital Assets, which is committed to 

funding Web3 startups and blockchain 

technologies in Abu Dhabi. 

The emergence of the metaverse and 

NFTs presents exciting opportunities for 

fractionalized ownership and investment 

in previously inaccessible assets. As the 

investment landscape continues to shift 

towards decentralization, blockchain 

technology is expected to continue 

evolving and maturing, providing users 

with secure and immutable recordkeeping 

and ownership rights. 


Stock Market 

The Blockchain Technology 

Revolutionizing the UAE Stock Market 

The impact of blockchain technology on the UAE stock market is likely to be positive, 

as it has the potential to increase transparency, efficiency, accessibility, and liquidity 

in the market. In this article, we explore how the blockchain technology’s potential 

to impact the UAE stock market in several ways, shedding light on the advantages 

and disadvantages ahead. 

Blockchain is a decentralized 

ledger that is spread out over 

a computer network. Each 

block of information that is 

added to the ledger is linked to the 

previous block and given a unique 

digital ID, known as a hash. Once 

data is recorded in a block, it cannot 

be altered, only added to. Blockchain 

technology is utilized to verify and 

protect transactions on a distributed 

network, providing security against 

unauthorized alterations or theft of 

sensitive information. 

The ledger is considered the ultimate 

authority on the data it contains. 

Cryptocurrency uses blockchain 

technology to validate the accuracy 

and legitimacy of e-coin transactions. 

Additionally, blockchain technology 

is believed by advocates to have the 

potential to accelerate transactions and 

eliminate fraud in the highly regulated 

stock market, which can often create 

hurdles for buyers and sellers. The 

following are potential applications of 

blockchain technology in this industry: 

Prevention of market manipulation: 

To combat market manipulation, 

Nasdaq has developed blockchain 

trading technology that is specifically 

designed to prevent fraudulent activities. 

The technology enables exchanges to 

track the flow of cryptocurrencies 

across the network in real-time, flagging 


any suspicious activity and alerting 

regulators and market participants. The 

Nasdaq’s blockchain trading technology 

is based on a decentralized ledger 

that ensures that all participants in 

the network have access to the same 

information. This feature eliminates the 

possibility of fraudulent activities by 

making it impossible to alter the data 

without consensus from the network. 

Additionally, the distributed nature of 

blockchain technology makes it more 

difficult for bad actors to manipulate 

the market as they cannot control the 

flow of information. 

Faster trade settlements: 

The reduction of trade settlement 

timeframes from several days or 

weeks to mere hours is a significant 

advantage of blockchain technology 

in the financial industry. Blockchainbased 

settlement systems can facilitate 

faster, more efficient, and cost-effective 

transactions by removing intermediaries 

and enabling peer-to-peer transfers of 

assets. By automating many of the 

processes involved in trade settlements, 

blockchain technology can also reduce 

the risk of errors, increase transparency, 

and improve the overall efficiency 

of the financial system. Moreover, 

with blockchain’s immutable and 

transparent nature, participants can 

have greater confidence in the integrity 

of the settlement process, thereby 

promoting greater trust in the market. 

Tokenization: 

Tokenization is a revolutionary 

concept that has the potential to 

transform the way assets are tracked 

and traded in the financial markets. By 

converting traditional assets such as 

stocks, real estate, and gold into digital 

tokens that are recorded on a blockchain, 

tokenization enables faster, cheaper, 

and more transparent transactions. 

This approach eliminates the need 

for intermediaries such as brokers, 

thereby reducing transaction costs 

and improving liquidity. Tokenization 

also makes it possible to fractionalize 

assets, allowing investors to purchase 

small portions of assets that were 

previously inaccessible due to high 

capital requirements. With the use of 

blockchain technology, the tokenization 

of assets can create new opportunities 

for investors and drive innovation in the 

financial industry. Hence, tokenization 

represents a significant development in 

the evolution of asset ownership and 

Blockchain can enhance transparency 

in the stock market, creating a 

decentralized ledger that captures all 

transactions in a tamper-proof manner. 

has the potential to reshape the way 

we think about investing in traditional 

assets. 

Transparency: 

Blockchain technology has the 

potential to enhance transparency in the 

stock market by creating a decentralized 

ledger that captures all transactions in a 

tamper-proof manner. The blockchain’s 

distributed nature ensures that all 

participants have access to the same 

information, and no single entity can 

alter the data without consensus from 

the network. This characteristic makes 

blockchain technology a powerful tool 

for preventing fraudulent activities 

and ensuring the accuracy and 

integrity of financial transactions in 

the stock market. It will also allow 

stock market participants to access 

real-time data on trades and other 

market activities, enabling them to 

make informed investment decisions 

and mitigate risks associated with 

fraudulent activities. Moreover, this 

can enhance investor confidence, 

leading to increased participation and 

liquidity in the market. Add to that 

the enhanced regulators’ ability to 

monitor and enforce compliance more 

effectively, leading to a more secure 

and stable financial market. 

Overall, the impact of blockchain 

technology on the UAE stock market 

is likely to be positive, as it has the 

potential to increase transparency, 

efficiency, accessibility, and liquidity 

in the market. However, the full 

extent of the impact will depend on 

how effectively the technology is 

implemented and adopted by market 

participants. 


Events 

The Annual Investment 

Meeting 2023 

The Annual Investment Meeting 

(AIM), held in Abu Dhabi 

National Exhibitions Company 

on 8th-10th May 2023, was an 

initiative of the AIM Foundation, an 

independent international organization 

fully committed to empowering 

the world’s economy by boosting 

effective promotion strategies and 

facilitating opportunities for economic 

productivity and expansion. The 

Foundation also undertakes the 

operation and management of the 

AIM Global Investment Network and 

its 15 affiliated Business Groups, 

including the supervision of the Annual 

Investment Meeting Global and Regional 

Chapters. 

The Annual Investment Meeting 2023 

addressed the fundamental challenges 

that nations confront on their journey 

to achieving development. The event 

also discussed investment trends 

and strategies that can be utilized to 

maximize the potential of every business, 

country and region to consequently fuel 

economic diversification. The Finance 

World Magazine is happy to support 

the event as Official Media Partner. 


Middle East Banking Innovation 

Summit (MEBIS) 2023 

The 14th edition of the Middle East 

Banking Innovation Summit (MEBIS) 

took place on May 17th and 18th, 2023, 

at the Jumeirah Emirates Towers in 

Dubai. The two-day summit brought 

together over 400 esteemed senior 

bankers from across the MENA region. 

MEBIS has attracted industry-leading 

sponsors, including Denodo, Dataiku, 

and Thought Machine, along with 

an array of other esteemed solution 

providers. The summit featured an 

impressive lineup of 40+ distinguished 

industry experts, who engaged in 

fireside chats, interactive panel 

discussions, keynotes, and roundtable 

sessions. 

Attendees had the opportunity 

to participate in live Q&A sessions 

following each discussion, enabling 

them to gain invaluable insights, 

build connections, and stay informed 

about the latest disruptive trends in 

fintech and banking. The Finance 

World Magazine is happy to support 

the event as Official Magazine Partner. 


Corporate Tax 

MoF issues full guide for Corporate Tax 

payment 

The United Arab Emirates has been implementing various measures to create a 

transparent and efficient tax system that promotes business growth, including the 

implementation of the Corporate Tax Law. Recently, a guide has been released by the 

UAE Ministry of Finance, which seeks to provide a comprehensive explanation of all 

aspects related to the upcoming implementation of Corporate Tax in the country. The 

guide aims to offer a thorough clarification of the taxation guidelines and elaborate 

on each article contained within the law. 

The UAE Ministry of Finance has 

issued an explanatory guide 

that provides the legislative 

basis for imposing a federal 

tax on corporations’ and business 

profits. This tax will be effective for 

financial years starting on or after 

June 1. The guide also contains an 

article-by-article explanation of the 

Corporate Tax Law and its implementing 

decisions, which were issued as of April 

30, 2023. The guide may be used to 

interpret the Corporate Tax Law and its 

provisions. H.E. Younis Haji Al Khouri, 

the Undersecretary of the Ministry of 

Finance, stated that the guide reflects 

the Ministry’s commitment to providing 

clarity and guidance to those who may 

be subject to the UAE’s Corporate Tax. 

The guide provides an explanation 

of the various features of the UAE’s 

Corporate Tax regime. The Corporate 

Tax regime offers financial and 

administrative relief to start-ups 

and small businesses, which qualify 

for such relief and do not pay any 

tax. These businesses also benefit 


The UAE’s Competitive 9% Corporate Tax rate 

is one of the lowest globally, making it a highly 

attractive destination for businesses looking to 

establish a presence in the Middle East. 

from simplified filing requirements 

where their turnover is up to AED3M 

($817,000). The application of a zero 

percent Corporate Tax rate for taxable 

income up to AED375,000 ($102,000), 

and a zero percent Corporate Tax rate 

for qualifying Free Zone persons are 

among the features that encourage 

business activity and reduce the 

compliance burden for taxable persons. 

The guide provides information on 

additional features, such as a zero 

percent withholding tax on cross-border 

and domestic payments, exemptions 

from Corporate Tax for foreign branch 

profits, dividends, and capital gains 

earned from domestic and foreign 

shareholdings, and foreign tax credits to 

avoid double taxation. It also highlights 

targeted exemptions for certain entities 

subject to Emirate-level corporate 

taxation or considered significant to 

the social fabric of the UAE, including 

government entities, investment funds, 

pension and social security funds, 

public benefit organizations, and natural 

resource businesses. 

Furthermore, the guide explains 

the Transfer Pricing documentation 

requirements and thresholds that 

are internationally benchmarked to 

minimize the compliance burden on 

small and medium-sized enterprises. It 

clarifies that Tax Losses can be utilized 

in future tax periods without any time 

limitation and can be transferred 

between tax group companies, subject 

to meeting the relevant conditions. 

One of the major features is the 

ability for UAE groups to file and pay 

their Corporate Tax on a consolidated 

basis as a single taxable entity, 

ensuring administrative efficiencies 

and simplicity. Relief from Corporate 

Tax is also provided for intra-group 

transfers and business restructuring 

transactions, subject to meeting the 

relevant conditions. 

Additionally, family foundations and 

trusts can be treated as tax transparent to 

prevent personal wealth and investment 

income from being subject to Corporate 

Tax. The calculation of taxable income 

is aligned with accounting profits, with 

limited adjustments to determine the 

Corporate Tax payable. 

The UAE will apply a competitive 9 

percent headline Corporate Tax rate for 

taxable income exceeding AED375,000, 

which is one of the lowest rates globally. 

This competitive rate makes the UAE 

an attractive destination for businesses 

seeking to establish a presence in the 

Middle East. This low rate is part of 

the UAE’s broader efforts to promote 

economic growth and attract foreign 

investment. It is in line with global best 

practices and is significantly lower 

than the rates in many other countries, 

making the UAE a highly competitive 

destination for businesses looking to 

expand internationally. 


www.thefinanceworld.com 85

Corporate Results 

United Arab Bank 

Q1’23 Net Profit: AED 54.8M 

In its first quarter ending on March 31, 

2023, United Arab Bank (UAB) recorded 

a net profit of AED 54.8M, marking an 

80 percent increase from the same 

quarter in 2022. The significant rise in 

net profit is attributable to better Net 

Interest Income and lower provision 

charges. Additionally, UAB’s total 

operating income rose by 5 percent in 

Q1 2023 compared to Q1 2022, largely 

driven by a 38 percent increase in 

Net Interest Income. Furthermore, 

the Bank’s provision charges reduced 

significantly by 91 percent in Q1 2023 

as compared to Q1 2022, with a better 

portfolio underwriting in higher quality 

assets and higher recoveries. UAB’s 

capital base also grew by $150M through 

the issuance of AT1 capital instruments, 

boosting its capital adequacy ratio (CAR) 

to 19.3 percent and Tier 1 Capital ratio to 

18.1 percent, both surpassing regulatory 

requirements. 

Abu Dhabi Commercial Bank 

Q1’23 Net Profit: AED 1.878B 

Abu Dhabi Commercial Bank (ADCB) 

has reported an impressive 27% rise in 

net profit in Q1 2023, reaching AED 

1.878B. The bank’s net interest income 

grew by 33% to AED 2.851B, while noninterest 

income increased by 34% to 

AED 1.061B. The bank’s operating profit 

before impairment charge grew by 47% 

to AED 2.681B, and operating income 

increased by 33% to AED 3.912B. The 

bank’s total assets increased by 13% 

compared to Q1 2022, amounting to 

AED 501B, while net loans and advances 

rose by 7% to AED 264B. Customer 

deposits also increased by 19% to AED 

311B. The bank granted AED 20B in 

new credit facilities during Q1 2023, 

with customer deposits in current and 

savings accounts accounting for 51% 

of total customer deposits. The bank’s 

capital adequacy ratio, first-tier ratio, 

and liquidity coverage ratio (LCR) also 

remained strong. 

Borouge 

Q1’23 Revenues: $1.38B 

Borouge has released its financial results 

for the first quarter of 2023, reporting 

revenues of $1.38B and adjusted 

EBITDA of $460M. The company’s 

value enhancement programme 

has achieved more than $100M in 

efficiencies and revenue optimization. 

Hazeem Sultan Al Suwaidi, Borouge’s 

CEO, expressed satisfaction with 

the Q1 2023 results and operational 

and strategic accomplishments. The 

Borouge 2 facility turnaround was 

completed on schedule and budget, 

and the company made significant 

gains in revenue optimization and cost 

reduction. Borouge is committed to 

paying dividends of $1.3B for 2023. The 

company maintained its competitive 

advantage with healthy polyolefin 

pricing premia, with PE and PP pricing 

premia increasing by 22% and 17%, 

respectively. Quarterly sales volumes 

increased by 5.1% YoY, with lower 

production volumes due to the planned 

Borouge 2 turnaround. 

Sharjah Islamic Bank 

Q1’23 Net profit: AED 233.1M 

Sharjah Islamic Bank (SIB) reported a 

significant increase in operating profit 

before provisions for the first quarter 

of 2023, with AED 327.7M, up by 31.9 

percent from AED 248.5M in the same 

period last year. The bank’s net profit 

for the quarter ending March 31, 2023, 

reached AED 233.1M, an increase 

of 24.6 percent from AED 187.0M in 

the previous year’s same period. The 

bank’s net income on financing and 

investment products increased by 26.1 

percent to AED 370.4M, while its net 

fees, commissions, and other income 

rose by 25.3 percent to AED 113.5M. 

Despite an increase in net impairment 

provisions by 54 percent, the bank’s 

total assets increased by 1.9 percent to 

AED 60.2B. The bank also maintained 

a strong liquidity position with total 

liquid assets amounting to AED 14.1B 

or 23.3 percent of its total assets. 

RAKBANK 

Q1’23 Net Profit: AED 450M 

RAKBANK’s strong financial results for 

Q1 2023 were driven by a diversified 

growth on both sides of the balance 

sheet. The bank reported a significant 

increase in net profit, supported by 

a strong net interest income of AED 

788.8 million and non-interest income 

of AED 284.4 million, up 46% and 

52.5% YoY, respectively. The bank’s 

gross loans and advances increased 

by 1.4% compared to December 2022, 

while customer deposits increased by 

3.3%. The bank’s cost of risk remained 

low, leading to a 30.9% reduction in 

impairments, and the impaired loan 

provision coverage ratio increased 

to 192.1%. RAKBANK is focused on 

expanding strategic hires to lead its 

growth and developing local talent. 

Mashreq Bank 


Mashreq has reported strong Q1 2023 

financial results, crossing the AED 200B 

in total assets milestone. The bank’s 

operating profit rose impressively by 

96% to AED 1.8B ($490.2M) year-on-year, 

driven by healthy operating income 

growth in the UAE and other countries, 

while cost to income ratio improved 

to 30.2% in Q1 2023 from 40.3% in Q1 

2022. The bank also achieved a strong 

net profit of AED1.6B, thanks to its 

best non-interest income to operating 

income ratio of 30.7%, and 58% reduction 

in credit costs year-on-year. Mashreq’s 

total loans and advances reached AED 

91.1B, with customer deposits growing 

5.6% YTD to AED 120.2B, and improved 

capitalisation levels. 


Emirates Islamic 


Emirates Islamic, a prominent Islamic 

financial institution in the UAE, has 

announced an impressive net profit 

of AED 601M for the first quarter of 

2023, marking a remarkable increase 

of 76% from the previous year. The 

Bank’s total income rose by 74%, driven 

by higher core revenues due to an 

improved financing and deposit mix 

with higher profit rates, as well as a 

rise in non-funded income. The Bank’s 

strong performance was supported 

by its healthy deposit mix and strong 

capital and liquidity. Additionally, 

the successful pricing of the Bank’s 

inaugural AED 1B dirham-denominated 

sukuk will expand financing options 

for UAE corporations with Shariahcompliant 

needs. 

Emirates NBD 

Q1’23 Net profit: AED 6B 

Emirates NBD has reported a record 

profit of AED 6B in Q1 2023, more than 

doubling last year’s results. The bank’s 

success is attributed to its diversified 

business model and the strong regional 

economy. Income exceeded AED 10B 

for the first time, with every business 

unit contributing to higher income and 

improved profitability. Deposits grew 

by AED 35B, while the bank’s lending 

increased by 3% and asset growth was 

impressive. Credit quality improved with 

impairment charge down 66%. Emirates 

NBD launched new digital products and 

services and is recharging its strategy 

within its international footprint to 

deliver future growth. 

National Bank of Fujairah 

Q1’23 Net profit: AED 152.0M 

National Bank of Fujairah (NBF) has 

released its first-quarter results for 

2023, reporting a year-on-year growth 

of 151.8% and a net profit of AED 152m. 

The results demonstrate NBF’s focus on 

quality business, an efficient funding 

base, and improved resilience in the 

face of geopolitical uncertainty and a 

challenging global environment. The 

bank’s operating profit for the quarter 

was AED 397.9m, up 35.7% compared 

to the same period in 2022. Net interest 

income, net income from Islamic 

financing and investment activities, 

and net fees, commission and other 

income were all up compared to the 

corresponding period in 2022, reflecting 

a robust core business performance, 

good levels of activity, and enhanced 

asset and liability management in a 

rising interest rate environment. 

First Abu Dhabi Bank 


First Abu Dhabi Bank (FAB) has 

reported strong financial results for 

the first quarter of 2023, with a net profit 

of AED 3.9B. The group’s impressive 

performance was underpinned by 

growth in all business segments and 

product lines, including a 51% increase 

in operating income, driven by strong 

growth in net interest and non-interest 

income. The cost-to-income ratio 

improved to 25.1%, while the annualised 

Return on Tangible Equity (RoTE) 

stood at 18.5%. Despite turbulence 

in the global banking industry, FAB 

maintained a sound balance sheet 

foundation, including solid capital and 

strong liquidity profiles, with AA- or 

equivalent credit ratings. 

National Marine Degrading 

Group 


National Marine Dredging Group (ADX: 

NMDC) has reported a record increase 

in net profit for Q1 2023, reaching AED 

303M, up 366% from AED 65M in the 

same period last year. The increase is 

attributed to the Group’s expansion 

strategy, which has strengthened its 

regional presence and helped it win 

new businesses, particularly in the 

UAE, thanks to the delivery of previous 

projects to high standards. The Group’s 

Q1 revenue doubled to AED 3.2B, up 

106% from AED 1.55B in Q1 2022, 

reflecting the Group’s efforts to enhance 

operational efficiency and invest in its 

fleet and capital assets. NMDC Group 

also secured contracts worth over AED 

3B in Q1 2023. The NMDC Group has 

upcoming projects in Southeast Asia 

and South Asia, indicating that the 

industry and clients have faith in the 

Group’s capabilities. 

Abu Dhabi Islamic Bank 


Abu Dhabi Islamic Bank (ADIB) has 

reported a strong performance for the 

first quarter of 2023, with net profit 

increasing by 54% to AED 1.1B and 

revenue improving by 45% to AED 

2.0B. The bank attributed the growth 

to healthy business expansion and 

higher margins, driven by an 81% 

increase in funded income achieved 

through customer financing and higher 

margins. ADIB’s Chairman, Jawaan 

Awaidah Al Khaili, attributed the 

performance to the UAE’s encouraging 

economic environment and the bank’s 

growth strategy and transformation 

initiatives. The bank also welcomed 

46,000 new customers in Q1 2023 and 

was recognized as the Best Bank in 

the UAE by Global Finance. 


Travel 

4 Summer Holiday Destinations to Visit 

in June 

As the summer season approaches, individuals with a passion for exploration and travel are in 

pursuit of captivating destinations to visit. This time of the year offers a diverse range of options, 

encompassing pristine beaches and awe-inspiring natural landscapes, making it an opportune time 

for an exceptional summer vacation. In this article, we introduce four compelling destinations that 

are particularly well-suited for a June getaway. These destinations cater to a variety of preferences, 

whether one seeks exhilarating adventures, tranquil relaxation, or immersive cultural experiences.) 

Cappadocia 

Italy’s Amalfi Coast is a coastal 

treasure that showcases the sheer 

beauty of nature. With its stunning 

landscape, towering coastal peaks, 

lush forests, and charming pastel 

buildings perched on cliffs, the Amalfi 

Coast shines like a star, coming alive 

with the first rays of the sun. It is an 

extraordinary blend of natural wonders 

and adventurous experiences, making 

it one of the world’s premier summer 

holiday destinations. 

A visit to the biggest beach on the 

Amalfi Coast in Positano is a must. 

The best time to explore the Amalfi 

Coast is from May to September when 

the weather is ideal for enjoying the 

coastal splendours. 

The Amalfi Coast offers a range of 

attractions, including Villa Cimbrone 

Marrakech 

Renowned for its vibrant cultural 

tapestry, Marrakech offers an 

enchanting blend of history and 

natural beauty, guaranteeing a 

truly memorable vacation. Stroll through 

the captivating Jemma el-Fna area, 

immerse yourself in the kaleidoscope of 

colours within the bustling souks, and 

in Ravello, Amalfi Cathedral, Fiordo di 

Furore, Museo della carta, and Ravello 

Cathedral. Various accommodations are 

available, such as Plaza Hotel, Hotel 

Savoia, and Hotel Amalfi. Indulge in 

embark on a journey through Morocco’s 

fascinating past, discovering palaces 

and museums along the way. 

Marrakech presents an array of 

attractions, from camel rides in the 

desert to the majestic Jama El f’na 

Market, the serene Jardin Majorelle, 

and the grandeur of the Bahia Palace 

the culinary delights of the region at 

Sensi Restaurant, Marina Grande, Shabu 

Amalfi, or Eolo. Italian is the primary 

language spoken, and the currency 

used is the Euro (EUR). 

and Koutoubia Mosque. Indulge in 

desert safaris, embark on immersive 

shopping and food tours, and explore 

the city’s rich heritage. Accommodations 

such as Riad Kasbah, Murano Resort, 

Hotel Sofitel, and Barcelo Palmeraie 

offer a luxurious retreat after a day of 

exploration. 

Don’t miss the culinary delights at 

The Red House, Corner Cafe, Al Fassia, 

and Naranj, where you can savour 

the flavours of Morocco. Remember 

to protect yourself from the sun with 

ample sunscreen during your stay. 

Whether you have three days or more, 

Marrakech promises an unforgettable 

journey into a world where bucolic 

nature meets cultural marvels. 

88 www.thefinanceworld.com 

June 2023

Hoi An 

This ancient town, meticulously 

preserved and intricately 

connected by canals, is a 

masterpiece of diverse cultures 

and traditions. Hoi An’s unrivalled 

beauty, both in its architecture and its 

vibrant spirit, makes it a top destination 

for summer getaways. 

Food lovers will be in paradise in 

Hoi An, renowned for its culinary 

excellence and tantalizing flavours. 

The city is an architectural marvel, 

adorned with stylish decor reflecting 

its rich history. Immerse yourself in 

the wonders of Hoi An with a cooking 

class, exploring the city’s mastery of 

food and drinks. Take advantage of 

the iconic Japanese Covered Bridge, 

the Museum of Trade Ceramics, and 

the serene An Bang Beach. 

While in Hoi An, take time to admire 

the exquisite architecture of the Ancient 

Town, visit the sacred Quan Cong Temple, 

and embark on a delightful cycling 

tour. There are plenty of excellent 

accommodations available, such as 

the Sun Paradise Villa, Royal Riverside 

Hotel, and Green Apple Hotel. For 

delectable dining experiences, try 

Restaurant & Cafe Tuan or Nhan’s 

Kitchen. The locals primarily speak 

Vietnamese, and the currency used is 

the Vietnamese dong (VND). 

Amalfi Coast 

Italy’s Amalfi Coast is a coastal 

treasure that showcases the sheer 

beauty of nature. With its stunning 

landscape, towering coastal peaks, 

lush forests, and charming pastel 

buildings perched on cliffs, the Amalfi 

Coast shines like a star, coming alive 

with the first rays of the sun. It is an 

extraordinary blend of natural wonders 

and adventurous experiences, making 

it one of the world’s premier summer 

holiday destinations. 

A visit to the biggest beach on the 

Amalfi Coast in Positano is a must. 

The best time to explore the Amalfi 

Coast is from May to September when 

the weather is ideal for enjoying the 

coastal splendours. 

The Amalfi Coast offers a range of 

attractions, including Villa Cimbrone 

in Ravello, Amalfi Cathedral, Fiordo di 

Furore, Museo della carta, and Ravello 

Cathedral. Various accommodations are 

available, such as Plaza Hotel, Hotel 

Savoia, and Hotel Amalfi. Indulge in 

the culinary delights of the region at 

Sensi Restaurant, Marina Grande, Shabu 

Amalfi, or Eolo. Italian is the primary 

language spoken, and the currency 

used is the Euro (EUR). 


Sport as a Business 

Investment Prospects in UAE Sports 

Sector Amidst the Web3 Revolution 

The Web3 era represents an innovative paradigm with the capacity to revolutionize 

our perception of the Internet. Built upon the revolutionary technology of 

blockchain, it introduces a network of computers, known as nodes, which 

execute and validate changes to a public ledger. This decentralized approach 

allows for the recording of ownership and claims to goods and services, enabling 

verification by anyone who accesses the information. The implications of this 

shift are profound, and this article explores how Web3 offers lucrative investment 

prospects in the UAE’s sports sector, highlighting the power of Web3 to disrupt 

current digital business models and unlock new opportunities for both firms and 

consumers. 

The emergence of Web3 and its underlying 

technology of blockchain ushers in a new era of 

possibilities for the sports sector’s investors. 


Web3 is often accompanied by 

buzzwords like cryptocurrency 

and non-fungible tokens 

(NFTs), which sometimes 

overshadow the broader potential of 

blockchains and the looming “tokenization 

of everything.” A significant distinction in 

Web3, however, lies in the ownership of 

tokens, which are abstract units that can 

represent various digital assets and are 

verified by holding them as tokens within 

blockchain addresses or digital wallets. 

Tokens allow users to collect, trade, 

verify, gift, lend, or even pay for any asset. 

Hence, understanding how blockchain 

technology can facilitate innovation 

for businesses becomes crucial in this 

context. The intersection between the 

nascent crypto and blockchain industry 

and the world of sports has become a 

compelling arena for investments and 

partnerships, especially in the UAE’s 

business environment attracting futuristic 

business in the field of Web3, blockchain, 

cryptocurrency, and other emerging 

technologies. 

Furthermore, the metaverse is 

revolutionizing the entertainment industry, 

and the world of sports is embracing this 

transformative wave. With projections of 

its value soaring to $800B by 2028 and 

an ever-increasing number of monthly 

active users, the metaverse has firmly 

established its presence. 

In this dynamic landscape, sports 

leagues have consistently led the charge 

in adopting innovative technologies to 

enhance fan interactions and elevate the 

overall fan experience. By harnessing 

the immersive capabilities of virtual 

and augmented reality, sports leagues 

are equipped with a powerful tool to 

push the boundaries of fan engagement 

to new heights. 

Recognizing the potential of engaging 

sports fans and establishing legitimacy, 

companies in the crypto space are 

making substantial investments in sports 

sponsorships across various disciplines, 

including basketball, football, baseball, 

UFC, eSports, and Formula 1. These 

strategic collaborations aim to build a 

dedicated community and tap into the 

mainstream acceptance of blockchain 

and cryptocurrencies. With regulatory 

authorities worldwide providing validation 

to blockchain-related technologies, 

cryptocurrency is no longer limited to 

speculative investments. 

As institutional money enters the 

market, blockchain gains credibility and 

demonstrates its value beyond being a 

substitute for traditional currency. By 

forging partnerships with sports brands, 

crypto companies are gaining exposure 

and leveraging the sports fanbase to 

propel their projects to new heights. The 

substantial investments and collaborations 

with renowned sports teams highlight 

the determination of crypto brands 

to establish themselves and be taken 

seriously in the industry. 

Moreover, these sports brands recognize 

the need to embrace a digital-first 

approach to connect with Generation Z, 

presenting themselves as organizations 

that are in tune with the evolving times. 

This symbiotic relationship showcases 

the innovative strategies employed by 

both crypto and sports brands to thrive 

in an increasingly interconnected and 

digitally driven landscape. 

This year, The Dubai Racing Club and 

DVCC Meta Technology launched the 

Dubai Verse Cup, a metaverse-based 

horseracing game powered by blockchain. 

By participating in play-to-earn mechanics, 

users have the opportunity to immerse 

themselves in the exhilaration of the 

Dubai World Cup while earning tokens, 

supporting Dubai’s ambition to establish 

itself as a prominent metaverse hub. 

In conclusion, the emergence of Web3 

and its underlying technology of blockchain 

ushers in a new era of possibilities for 

the internet. With the potential to disrupt 

existing digital business models and offer 

innovative opportunities, Web3 presents 

a paradigm shift that demands new rules, 

legal guidelines, marketing strategies, 

and user awareness. 

As we witness the convergence of the 

crypto and blockchain industry with 

sectors like sports, we see a glimpse 

of the transformative power that these 

technologies hold. The partnerships 

and investments in sports sponsorships 

demonstrate a growing recognition of 

the value of engaging sports fans and 

building legitimacy. 

Alongside the broader applications 

of blockchain technology in various 

sectors, the launch of the Dubai Verse 

Cup exemplifies the integration of 

blockchain and the metaverse, showcasing 

the potential for immersive experiences 

and token-based rewards. As we navigate 

this evolving landscape, it is crucial to 

understand and harness the capabilities 

of blockchain technology to drive 

innovation and embrace the possibilities 

of the Web3 era. 


Sport News 

Dubai gears up for 

star-studded World 

Padel League 

The World Padel League announced 

the lineup of players for its 

inaugural tournament at a 

press conference in Dubai. In 

partnership with Dubai Sports Council, 

Dubai Calendar (DET), and Coca-Cola 

Arena, the event will feature 24 of the 

world’s best padel players competing in 

four franchise teams: Jaguars, Panthers, 

Tigers, and Cheetahs. With a total cash 

prize of AED 826,000 on offer, the winning 

team will receive AED 550,000, while 

the runner-up will get AED 275,000. The 

tournament, to be held at Coca-Cola 

Arena from June 8 to 11, underscores 

the league’s commitment to promoting 

and rewarding excellence in the sport. 

UAE to face Iran, Hong Kong and Palestine in Asian 

Cup 

Dubai opens new 

tunnel for cyclists 

The UAE’s national football 

team will compete in Group 

C against Iran, Hong Kong, 

and Palestine in the upcoming 

2023 Asian Cup. Qatar, the tournament’s 

defending champion and host, will take 

on China, Tajikistan, and Lebanon 

in Group A. Group B will feature 

Australia, Uzbekistan, Syria, and India, 

while South Korea will face Malaysia, 

Jordan, and Bahrain in Group E. Saudi 

Arabia, the three-time champion, will 

compete in Group F against Thailand, 

Kyrgyzstan, and Oman. Originally 

scheduled for June and July of this 

year, the tournament will now take 

place from January 12 to February 10 

in Qatar due to Covid-19 pandemic 

restrictions in China, the original host. 

Dubai’s Roads and Transport 

Authority (RTA) has opened 

a new tunnel designed 

specifically for cyclists in 

the Meydan area. The 160m-long and 

6.6m-wide tunnel has a capacity to 

accommodate approximately 800 

bicycles per hour and eliminates the 

need for surface intersection, reducing 

waiting time for cyclists. The project 

is part of RTA’s efforts to transform 

Dubai into a bicycle-friendly city by 

improving cycling track infrastructure 

and linking them with residential areas 

and popular attractions. The cycling 

tunnel’s design and construction adhere 

to the highest international standards, 

specifications, and technical guidelines, 

providing a safe cycling experience 

for bikers. 


UAE’s Man City owner acquires Brazilian club Bahia for $199M 

City Football Group, owned by 

the UAE, has added Bahia, a 

top-flight Brazilian football 

club, to its sporting portfolio. 

The group paid $199M for a 90% stake 

in the club, highlighting the commercial 

potential of football in Brazil, which has 

given the world many stars, including 

Pele, Ronaldinho, Ronaldo and Roberto 

Firmino. Bahia is now part of a group 

that includes Montevideo City Torque 

in Uruguay and Bolivar in Bolivia as 

the South American sides. Ferran 

Soriano, CEO of City Football Group, 

welcomed Bahia into the group’s global 

family, expressing his excitement about 

UAE Tennis Federation renews partnership with 

Wilson 

Wilson and the UAE Tennis 

Federation have extended 

their sponsorship and 

partnership agreement for 

the next five years, according to a recent 

announcement. The deal was signed by 

Naser Al Marzouqi, the Federation’s 

General Secretary, and Ritesh Punjabi, 

the CEO of Time Square, the official 

distributor of Wilson products in the 

UAE and GCC. Al Marzouqi stated that 

the aim of this renewed partnership 

is to provide high-quality services in 

collaboration with Wilson to promote 

the growth and development of tennis 

in the UAE. The UAE Tennis Federation 

has implemented various initiatives 

to support the sport’s growth at the 

grassroots level over the years. 

the partnership and the potential for 

growth. 

Abu Dhabi to host 

Mavericks vs 

Timberwolves 

matches in October 

The Dallas Mavericks, owned by 

Mark Cuban, will participate 

in the NBA Abu Dhabi Games 

2023 against the Minnesota 

Timberwolves. The event is part of 

a multi-year agreement between the 

National Basketball Association (NBA) 

and the Department of Culture and 

Tourism – Abu Dhabi (DCT Abu Dhabi) 

to host preseason games in the UAE 

capital. The games are scheduled to 

take place on 5th and 7th October at 

the Etihad Arena on Yas Island. The 

Dallas Mavericks roster includes the 

talented Luka Doncic, a four-time NBA 

All-Star and three-time All-NBA First 

Team member, and Australian Kyrie 

Irving, an eight-time NBA All-Star. 

Al Arabi Stuns Al Sadd, wins First Amir Cup Title 

in 30 Years 

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 

UAE Tourism Sector to Add New Jobs in 

2023 

Despite the immense challenges posed by the global pandemic, Dubai’s tourism 

sector has emerged as a beacon of hope and resilience. The city’s strategic 

measures and unwavering commitment to safeguarding public health while 

preserving employment opportunities have laid a strong foundation for recovery. 

As the world looks for inspiration, Dubai’s success story stands as a testament 

to the effectiveness of pragmatic policies in revitalizing the tourism industry and 

generating new job opportunities. 

Dubai’s tourism sector has not only weathered the 

storm of the global pandemic but has emerged as a 

symbol of resilience and hope. 


The travel and tourism sector in the 

United Arab Emirates continues 

to exhibit substantial job creation, 

with a projected increase of over 

7000 new hires anticipated this year. 

This trend marks the third consecutive 

year of workforce expansion within the 

industry, with airlines leading the way and 

now being followed by prominent hotel 

operators, as the forthcoming opening 

of several hotels throughout the year is 

expected to further stimulate job growth. 

Julia Simpson, President and CEO of 

the World Travel and Tourism Council 

(WTTC), announced that the sector in 

the UAE is predicted to employ a total 

of 758,000 workers with the addition of 

approximately 6,900 jobs in 2023. The 

magnitude of employment growth is 

exemplified by the significant addition 

of 89,320 jobs by travel and tourism 

businesses in the UAE during the previous 

year. These statistics, as unveiled in the 

latest Economic Impact Research by the 

World Travel and Tourism Council on 

May 17, underscore the sustained job 

creation within the thriving travel and 

tourism industry of the UAE. 

This year, the sector is expected to 

make a substantial contribution of AED 

180.6B to the UAE economy, surpassing 

the previous year’s figure of AED 167B, 

which equates to approximately 10% of the 

nation’s Gross Domestic Product (GDP). 

The WTTC chief highlighted that 

while the travel and tourism sector’s 

performance has significantly rebounded 

in 34 countries, it is important to note 

that these countries are primarily smaller 

Caribbean nations. This recovery can be 

attributed to the phenomenon of “revenge 

travel” observed in the post-pandemic 

period, where demand for air travel 

continues to exceed supply, reaching 

approximately 80% of pre-pandemic 

levels in 2019. This surge in travel can be 

attributed to individuals’ desire to indulge 

in new experiences and adventures, 

as opposed to material possessions, 

resulting in sustained strong demand. 

Consequently, airfares and hotel prices 

have risen due to the supply-demand 

imbalance. Moreover, the WTTC chief 

expressed optimism regarding the revival 

of business travel, anticipating its full 

restoration by the following year. 

On the other hand, the recovery of the 

sector, fueled by amplified spending on 

travel and tourism, hotel investments, 

and collaborative initiatives between 

the government and private sector, 

has sustained the momentum of job 

creation. Simpson emphasized that these 

employment opportunities would span 

various domains, including hotels, aviation, 

airports, airlines, cruise lines, online 

travel agencies (OTAs), and suppliers. 

Notably, the sector has surpassed its 

pre-pandemic employment figures, with 

745,000 employees in 2019, achieving 

this milestone in 2022. Simpson further 

commented on the competitiveness of 

wages, considering the scarcity of workers 

in the market. Hospitality businesses 

are providing enhanced flexibility to 

their employees, particularly to female 

workers with childcare responsibilities. 

According to PayScale, base salaries 

for executive chefs range from AED 

48,000 to AED 240,000, depending on 

the hotel, while hospitality managers at 

airlines can earn between AED 10,000 and 

AED 14,000. Simpson projected that by 

the conclusion of this year, the sector’s 

contribution would match that of 2019, 

and in the next decade, its growth would 

surpass the national GDP, resulting in 

the creation of over 114,000 new jobs, 

accounting for approximately one in 

nine jobs. 

Overall, Dubai’s tourism sector has not 

only weathered the storm of the global 

pandemic but has emerged as a symbol of 

resilience and hope. The city’s strategic 

measures and commitment to public 

health, coupled with robust investments 

and fruitful partnerships, have paved 

the way for a remarkable recovery. 

With the sector projected to add over 

7,000 new jobs in 2023, the momentum 

of job creation remains strong, further 

bolstered by the anticipated opening of 

new hotels. As the sector’s contribution 

continues to rise, Dubai’s success story 

serves as a testament to the effectiveness 

of pragmatic policies and collaborative 

efforts in revitalizing the tourism industry 

and creating a flourishing job market. 


www.thefinanceworld.com 95

Investing in Art 

The Fintech Revolution’s Impact on Art 

Investment 

The art industry is undergoing a transformation as technology continues to 

reshape the landscape, introducing new prospects and challenges for investors. 

Fintech is revolutionizing the art industry by utilizing technology to streamline 

financial services. This transformation is breaking down traditional barriers to 

art investment, historically exclusive to the wealthy. Fintech applications are 

also enhancing transparency, reducing challenges and risks, and broadening 

opportunities for art collectors. This article will delve into the Fintech revolution’s 

impact on investing in arts. 

Fintech is revolutionizing the art market, empowering collectors 

and investors with greater accessibility and information. 

v 


v 

Fintech has revolutionized the 

traditional and opaque art 

market by introducing online 

platforms and investment 

apps. Online platforms provide access 

to a wider range of artworks, with 

features such as virtual exhibitions, 

curated collections, and secure online 

transactions. Investment apps offer 

fractional ownership of high-value 

artworks, making art investment more 

accessible and reducing risks. Fintech 

also provides data analytics tools that 

use artificial intelligence and machine 

learning to analyze art market trends, 

prices, and risks, offering investors 

valuable insights and predictions. As a 

result, the online art market is predicted 

to triple in value by 2024. 

In recent years, online art platforms 

have become a crucial space for art 

collectors and investors, surpassing 

the advantages of traditional galleries 

and auction houses. These platforms 

offer an extensive collection of 

artworks that include both emerging 

artists and established blue-chip 

names. Furthermore, they provide 

comprehensive information about each 

artwork, including its provenance, 

condition, and ownership history. 

Moreover, fractional ownership of 

fine art has democratized the art market, 

allowing investors to own a share of 

high-value artworks without purchasing 

them entirely. Leading platforms such as 

Masterworks, Yieldstreet, and Particle 

Collection offer investors several 

advantages, including lower entry costs, 

portfolio diversification, and access to 

expert curation. However, fractional 

shares also come with risks, including 

limited liquidity and no guarantee of 

value appreciation. Despite the risks, 

successful investments such as the 

1982 Jean-Michel Basquiat painting 

“The Warrior” sold on the Masterworks 

platform have generated substantial 

returns for investors. 

Non-fungible tokens (NFTs), on the 

other hand, are digital tokens built 

on blockchain technology that allow 

for the creation and trading of unique 

digital art pieces. NFTs provide benefits 

such as verifiable scarcity, global 

market access, and the potential for 

high returns. Nevertheless, challenges 

include high volatility and evolving legal 

and regulatory frameworks. Fintech 

is playing a critical role in the recent 

surge of popularity of digital art and 

non-fungible tokens (NFTs). As unique 

digital assets stored on a blockchain, 

NFTs provide transparency and security 

to the art market by recording ownership 

on an immutable blockchain. Fintech 

is facilitating the rise of digital art 

and NFTs by providing new platforms 

for buying and selling these assets, 

such as Nifty Gateway, SuperRare, 

and OpenSea. These platforms allow 

investors to discover new artists and 

invest in the growing market for digital 

art and NFTs. 

Fintech is also addressing challenges 

in art investing, including issues of 

authenticity, provenance, and condition. 

Blockchain technology is being used to 

verify artwork authenticity and track 

provenance, making art investing more 

secure and transparent. Additionally, 

Fintech has made art insurance more 

accessible and convenient for investors. 

Moreover, digital insurance platforms 

and apps provide quick and easy access 

to insurance coverage, while also 

addressing challenges associated 

with artwork valuation. Blockchain 

technology is used to verify the 

authenticity of artworks, reducing 

the risk of fraud or theft. 

Overall, Fintech is creating 

investment funds that specialize in 

alternative investments such as NFTs 

and digital art, offering specialized 

advice on investing in these emerging 

markets. With increased transparency 

and security, and new platforms for 

buying and selling, Fintech is shaping the 

future of art investing. As the art market 

becomes more democratic, transparent, 

and diversified, Fintech is expected 

to continue to push the boundaries of 

what is possible. Financial technology is 

transforming the art market, increasing 

its accessibility and providing collectors 

and investors with more information 

than ever before. The emergence of 

online art platforms, art data analytics 

tools, new investment and insurance 

models, and NFTs are revolutionizing 

the art collecting and investment 

experience. The opportunities are vast 

for collectors and investors who use 

technology and art analytics to make 

informed decisions in this constantly 

evolving market. 


Global News 

Uzbekistan Earns Praise for Advancing PPP Integration in Infrastructure 

Development Plans 

Uzbekistan has made 

considerable strides in 

promoting sustainable 

infrastructure development 

since 2017 by engaging with the private 

sector and attracting foreign direct 

investment. The Namangan wastewater 

treatment plant (WWTP), a publicprivate 

partnership project developed 

by Metito, has been recognized globally 

for its impact on the Uzbekistan 

community. The project has won 

the “Best Utilities Project” award 

at the London Partnership Awards, 

highlighting its importance in attracting 

foreign investment and creating new 

job opportunities in the region. The 

project will also improve the water and 

wastewater infrastructure in the area, 

reflecting Uzbekistan’s commitment to 

delivering bankable projects that can 

last the test of time. 

Most investors optimistic 

about Bahrain’s economy 

says survey 

According to a government 

survey, 94.01% of investors 

expressed stability in 

Bahrain’s investment 

climate during Q1 2023. The Business 

Confidence Environment Survey’s 

findings show that the Business 

Confidence Index (BCI) rose from 

101.99 points in Q4 2022 to 103.84 

points in Q1 2023, indicating a 1.81% 

increase. The BCI has increased by 

8.38 points compared to the same 

period in 2021. The survey measures 

business confidence by industry, 

investment type, and company size. 

The administrative and support service 

activities industry recorded the highest 

business confidence at 42.38 points, 

followed by accommodation and food 

service activities at 36.47 points. 

SFA Foundation Launches a $70M programme to 

drive quality health research 

The Science for Africa 

Foundation (SFA Foundation) 

has launched the second phase 

of its multimillion-dollar 

programme aimed at developing worldclass 

research and African scientific 

leaders while strengthening institutions 

on the continent. The Developing 

Excellence in Leadership, Training, 

and Science in Africa (DELTAS 

Africa) programme is jointly funded 

by Wellcome and the UK’s Foreign, 

Saudi SMEs authority wins key ISO certification 

Saudi Arabia’s Small and Medium 

Enterprises General Authority 

(Monsha’at) has achieved three 

international certificates, 

including ISO 9001, ISO 10002 and ISO 

30401. The certifications were awarded 

for quality management systems, 

complaint handling management, 

and knowledge management systems 

respectively. The certificates are a 

significant boost to Monsha’at’s quality 

practices, as it seeks to provide the 

best services in an integrated manner, 

with high accuracy and efficiency. The 

Authority recently signed an agreement 

Commonwealth & Development Office 

(FCDO) and provides $70M in funding. 

DELTAS Africa II will support 14 

consortia in nine African countries, 

with partnerships and networks across 

the globe, to generate quality scientific 

data and information for evidence-based 

decision-making. The programme aims 

to drive the development of a critical 

mass of globally competitive research 

leaders. 

with InspireU – STC to provide Saudi 

Arabia’s SMEs and investors access 

to its business accelerators and vital 

resources, ensuring they benefit from 

its provisions. 


Google agrees to $100M contract with New York Times for content 

Google has reportedly reached 

a content agreement with 

The New York Times 

(NYT), which will see the 

tech giant paying around $100M over 

three years. The deal will involve 

Google featuring NYT content on some 

of its platforms, including Google 

News Showcase. The exact terms of 

the agreement were not disclosed, 

but NYT had earlier announced an 

expansion of its agreement with Google 

that included content distribution 

and subscriptions, as well as using 

Google tools for marketing and adproduct 

experimentation. Google has 

not commented on the agreement, 

saying that it does not share details of 

commercial agreements with partners. 

WHO: Covid-19 no longer a global emergency 

The World Health Organization 

(WHO) has declared that 

Covid-19 no longer qualifies 

as a global health emergency, 

marking a symbolic end to the pandemic. 

The announcement comes more than 

three years after the coronavirus 

was declared an international crisis, 

and offers some relief, but not an 

ending, to a pandemic that has caused 

unprecedented disruption around the 

world. Although the emergency phase 

is over, WHO officials have warned 

that the pandemic has not ended, with 

recent spikes in cases in Southeast 

Asia and the Middle East. Thousands 

of people are still dying from Covid-19 

every week, and millions are suffering 

from long-term effects. 

Apple Exceeds 

Expectations with 

iPhone 14, Services, 

and New Markets 

Apple has beaten Wall Street 

expectations, driven by an alltime 

high in services revenue, 

strong iPhone sales and 

performance in new markets, such as India. 

The tech giant posted a quarterly revenue 

of $94.8B, beating investor expectations 

of $92.9B. Quarterly earnings per diluted 

share were $1.52, unchanged from the 

previous year. Despite a challenging 

macroeconomic environment, Apple’s 

CEO Tim Cook said the company was 

“pleased to report an all-time record in 

Services and a March quarter record for 

iPhone”. Apple also announced a share 

buyback programme of an additional 

$90B and raised its quarterly dividend 

to 24 cents a share. 

Russian Minister highlights UAE’s industrial 

cooperation and investment opportunities 

Russian Minister of Economic 

Development Maxim Reshetnikov 

has praised the UAE for 

its “special policy” of supporting 

industrial investments and creating 

special economic zones. Speaking at 

the Annual Investment Meeting in Abu 

Dhabi, Reshetnikov said that Russia is 

interested in industrial cooperation to 

develop new technologies and create 

challenging products together. During 

the event, the Moscow Government 

organised the Moscow Investment 

Destination Forum, which highlighted 

the investment-friendly ecosystem of 

Moscow. The session emphasised the 

high status of Moscow in global FDI 

confidence indices, with a commitment 

to convert the city’s bus fleet to 

electric by 2030. 


Investing in Tourism 

Latest Blockchain and Web3 Investments 

in the UAE’s Tourism Sector 

The United Arab Emirates has emerged in embracing blockchain technology and 

the Web3 paradigm, revolutionizing various sectors of its economy. In particular, 

the tourism industry in the UAE has witnessed a surge of blockchain and Web3 

investments, as the country takes proactive steps to become a global leader in 

this innovative space. With the United Arab Emirates Securities and Commodities 

Authority issuing licenses to digital asset companies, coupled with a significant 

increase in the number of registered crypto businesses, the UAE is experiencing 

a remarkable transformation in the tourism sector. 

The UAE’s embrace of blockchain and Web3 technologies 

propels the tourism sector into a promising future, unlocking 

limitless opportunities for immersive visitor engagement. 


The UAE’s proactive approach to 

regulating the digital asset industry 

is exemplified by the issuance 

of licenses by the United Arab 

Emirates Securities and Commodities 

Authority. Companies interested in 

pursuing business opportunities in 

Dubai can obtain a license from Dubai’s 

Virtual Assets Regulatory Authority. It 

is important to note that companies 

already registered in the financial-free 

zones of the country are exempt from 

applying for these licenses, fostering 

a favourable environment for crypto 

businesses to flourish. 

The UAE has experienced a staggering 

400% increase in the number of registered 

crypto businesses, reflecting the country’s 

growing prominence in the global crypto 

landscape. This exponential growth has 

led to a substantial increase in the virtual 

asset trading volume, with the region 

accounting for approximately 10% of the 

global trading volume in cryptocurrencies. 

This surge in crypto-related activities 

has captured the attention of investors 

and businesses worldwide, positioning 

the UAE as a hub for blockchain and 

Web3 innovation. 

Crypto firms are forging strategic 

partnerships with leading local entities 

in the UAE’s tourism sector, aiming to 

leverage the transformative potential 

of blockchain technology. For instance, 

Majid Al Futtaim, a renowned business 

conglomerate, and Binance, a prominent 

cryptocurrency exchange, have joined 

forces to explore new opportunities in 

the tourism industry. 

Similarly, partnerships between Jebel 

Ali Resorts, Palazzo Versace, and Eazy 

Pay with Binance are set to enhance 

the integration of blockchain and 

Web3 technologies in the sector. These 

collaborations signify the commitment 

of both crypto firms and local businesses 

to drive innovation and offer unique 

experiences to tourists visiting the UAE. 

A noteworthy collaboration between 

the Museum of the Future and Binance is 

poised to shape the future of the tourism 

sector. The primary objective of this 

partnership is to develop and launch a 

range of digital assets on the blockchain. 

By leveraging Binance’s expertise in 

blockchain technology and the Museum 

of the Future’s vision for cutting-edge 

experiences, this collaboration aims to 

revolutionize how visitors engage with 

cultural attractions and museums. The 

integration of blockchain will enable 

enhanced transparency, security, and 

immutability, ensuring an unparalleled 

visitor experience. 

The UAE’s tourism sector is undergoing 

a significant transformation through 

blockchain and Web3 investments. With 

a favourable licensing framework for 

digital asset companies and a substantial 

increase in registered crypto businesses, 

the UAE is solidifying its position as a 

global leader in the crypto landscape. The 

partnerships between crypto firms and 

local entities, including Majid Al Futtaim, 

Jebel Ali Resorts, Palazzo Versace, and 

Eazy Pay, are poised to revolutionize 

the tourism industry, offering innovative 

solutions and memorable experiences 

to tourists. 

As the United Arab Emirates persists 

in adopting blockchain and Web3 

technologies, the outlook for the tourism 

sector appears exceedingly auspicious, 

characterized by a vast array of prospects 

for heightened operational effectiveness, 

robust security measures, and enriched 

visitor engagement. 

These advancements hold the potential to 

revolutionize the landscape of the tourism 

industry by leveraging decentralized 

networks, smart contracts, and distributed 

ledger systems. The integration of 

blockchain and Web3 technologies into 

the tourism sector may foster seamless 

transactions, facilitate transparent 

record-keeping, mitigate fraud risks, and 

empower tourists with unprecedented 

control over their data. 

Overall, the utilization of these innovative 

technologies could facilitate personalized 

experiences, immersive virtual reality 

tours, and the creation of decentralized 

platforms that incentivize user participation 

and enable peer-to-peer interactions. 

As the UAE ventures further into this 

technological frontier, the tourism sector 

stands poised to undergo a transformative 

evolution, ushering in a new era of 

unparalleled possibilities and redefining 

the way visitors experience destinations. 


Local News 

UAE, Thailand agree to launch CEPA negotiations 

UAE and Thailand have agreed to 

launch negotiations to establish 

a Comprehensive Economic 

Partnership Agreement (CEPA) 

between the two countries. H.E. Dr. Thani 

bin Ahmed Al Zeyoudi, Minister of State 

for Foreign Trade, and Jurin Laksanawisit, 

Deputy Prime Minister and Minister of 

Commerce of Thailand, signed the joint 

statement. The first round of negotiations 

will start on May 16 in the UAE. The CEPA 

negotiations with Thailand are part of the 

UAE’s ambitious foreign trade agenda 

to double its foreign trade and national 

economy by 2031. Thailand’s economy 

is the second largest in Southeast Asia 

and is projected to grow 3.8% in 2023. 

UAE ranks third Globally 

in four sectors as Most 

Trusted Country 

The UAE has once again been 

recognized as one of the most 

trusted countries in the world, 

with the 2023 Edelman Trust 

Barometer ranking it third globally 

across all four institutions measured. 

The report surveyed 32,000 respondents 

in 28 countries and found that the 

high level of trust in the UAE reflects 

the competency and ethical practices 

of its government, businesses, and 

NGOs. The government is the most 

trusted institution at 86%, followed 

by business at 78%, and this trust has 

resulted in economic optimism, with 

72% of respondents believing they will 

be better off in five years. Despite 

global challenges and polarisation in 

other nations, the UAE remains a highly 

unified country with a strong sense of 

trust in its institutions. 

UAE Central Bank releases 2022 report on monetary 

and financial stability 

The Central Bank of the UAE 

(CBUAE) has published its 

2022 Annual Report, outlining 

its efforts to improve monetary 

and financial stability in the UAE and 

support economic activity throughout 

the year. The report highlights the 

CBUAE’s monitoring and supervision 

efforts to enhance monetary stability, 

improve financial sector resilience, 

Invest in Sharjah, the Sharjah 

FDI Office, highlighted the 

advancements made by the 

emirate across various economic 

sectors during the 12th Annual 

Investment Meeting (AIM). The office 

emphasized that Sharjah is a regional 

powerhouse and a leading incubator 

for long-term strategic investments. 

The seven key sectors that have 

seen growth and integration include 

health and well-being, mobility and 

logistics, culture and tourism, agrifood 

technology, greentech, human 

capital and innovation, and advanced 

manufacturing. The emirate’s investorfriendly 

infrastructure and services 

have attracted top regional and global 

investors, and its legislative policies 

have fueled economic diversification. 

In 2020, Sharjah attracted FDI worth 

$220M and saw growth in various 

and support economic activity in the 

UAE. The UAE is among the world’s 

best-performing economies, with GDP 

growth expected to have reached 

nearly 7.6% in 2022, supported by 

significant activity across all sectors. 

Inflation in the UAE remained below the 

international average at 4.8% despite a 

global rise in commodity prices. 

Invest in Sharjah showcases emirate’s progress 

across sectors 

sectors, including ICT, Food & 

Agriculture Industries, Life Sciences, 

and Logistics and Distribution. 


Arab League Chief: UAE’s economy developing 

thanks to its global openness 

Ahmed Aboul Gheit, the 

Secretary-General of the 

Arab League, has credited 

the UAE’s economic 

development to its global openness 

over the past two decades. Speaking 

at the Annual Investment Meeting 

in Abu Dhabi, he stated that the 

event provides a platform for Arab 

business leaders and investors to 

explore investment opportunities in the 

US President Biden 

thanks UAE for climate 

change support 

US President Joe Biden has 

expressed gratitude to the 

United Arab Emirates (UAE) 

for their collaboration in 

organizing the “Agriculture Innovation 

Mission for Climate” initiative (AIM 

for Climate). The partnership aims to 

double investment in climate-smart 

agriculture and advance global food 

system innovation to address pressing 

climate challenges. The summit, which 

started on May 8 in Washington DC, 

saw collaboration between the US 

Department of Agriculture and the 

UAE Ministry of Climate Change and 

Environment in organising the event. 

President Biden stressed the crucial 

role of agriculture in tackling the 

global climate crisis and praised the 

success of the AIM for Climate initiative 

in drawing partners from across the 

globe to collaborate on sustainable 

agricultural solutions. 

region. He emphasised the importance 

of promoting cooperation to benefit 

from major investment prospects in 

the Arab region, while noting that 

political, economic and monetary 

stability are essential to attract FDI 

inflows. He added that a conducive 

legal ecosystem and good governance 

are necessary to safeguard invested 

capital and accelerate FDIs. 

US Mission & StartAD host UAE Women Entrepreneurs 

Academy closing ceremony 

StartAD, a global accelerator 

based in Abu Dhabi, and the 

US Mission to the UAE hosted 

a closing ceremony on May 10 

to mark the completion of the third 

UAE edition of the Academy of Women 

Entrepreneurs (AWE) UAE program. 

The program is designed to help femaleowned 

SMEs fulfil their economic 

potential and contribute to increased 

stability, security, and prosperity. 

Since its inception three years ago, 

AWE UAE businesses have generated 

a cumulative revenue of $41M, raised 

$7.5M in funding, and created 481 

jobs. The eight UAE businesses in this 

year’s cohort showcased their pitches 

ADIB appointed primary dealer by Federal 

Treasury Sukuk Programme 

Abu Dhabi Islamic Bank (ADIB) 

has been named as a primary 

dealer for the Federal Treasury 

Sukuk Programme, which 

aims to issue Sukuk through Shariacompliant 

structures approved by the 

Higher Shari’ah Authority. The initiative 

by the federal government of the UAE 

through the Ministry of Finance (MoF) 

previously had a conventional bond 

issuance programme. The appointment 

will allow ADIB to offer allocated Sukuk 

to its customers and other qualified 

investors in the secondary market, 

enabling it to offer innovative financial 

solutions to investors and help them tap 

into the potential of Islamic finance. It 

is expected to attract both local and 

international investors, supporting the 

and action plans to thrive in rapidly 

evolving market conditions. 

development of the UAE’s financial 

market. 


www.evonith.com 

Alferon Management Private Limited

Giving Businesses 

Support to ease their 

Cashflow 

Contact Us 

www.iFundFactoring.com 

iFund

The Finance World Magazine| Edition: June 2023

Transform your PDFs into Flipbooks and boost your revenue!

Delete template?

Save as template ?