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The Finance World Magazine| Edition: July 2023

As a frontrunner in the Food and Beverage market, the UAE has solidified its position as a dynamic force driving the region's economic growth. In view of this, the primary focus of this edition centers on the UAE's Thriving Food and Beverage Industry. Employing a rigorous selection process, our cover story sheds light on 15 Food and Beverage 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 an exclusive interview during the Reveal Event of Zenvo TSR-S, Jens Sverdrup, Chairman and CCO, of Zenvo Automotive A/S, shares his thoughts about the Importance of Customer Experience and Zenvo Automotive's aims to maintain its brand while expanding its customer base. Centered on the Food and Beverage market, this edition offers valuable perspectives on the Food and Beverage market on various aspects of the UAE. It provides insights on certain areas of focus, such as Top Trends Driving the UAE’s Food and Beverage Business Landscape, Ensuring Food Security in the UAE: Unveiling the National Food Security Strategy 2051, The Role of the UAE’s Food & Beverage Industry in Sports, Dubai’s Resurgence as a Food Tourism Capital, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

As a frontrunner in the Food and Beverage market, the UAE has solidified its position as a dynamic force driving the region's economic growth. In view of this, the primary focus of this edition centers on the UAE's Thriving Food and Beverage Industry. Employing a rigorous selection process, our cover story sheds light on 15 Food and Beverage 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 an exclusive interview during the Reveal Event of Zenvo TSR-S, Jens Sverdrup, Chairman and CCO, of Zenvo Automotive A/S, shares his thoughts about the Importance of Customer Experience and Zenvo Automotive's aims to maintain its brand while expanding its customer base.

Centered on the Food and Beverage market, this edition offers valuable perspectives on the Food and Beverage market on various aspects of the UAE. It provides insights on certain areas of focus, such as Top Trends Driving the UAE’s Food and Beverage Business Landscape, Ensuring Food Security in the UAE: Unveiling the National Food Security Strategy 2051, The Role of the UAE’s Food & Beverage Industry in Sports, Dubai’s Resurgence as a Food Tourism Capital, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains.


Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

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Investment Opportunities Await in the UAE Cryptocurrency Market<br />

Momentum Builds in UAE's Digital Asset Investment Landscape<br />

Advantages and Investment Prospects in Dubai's Real Estate Market<br />

Global Partnerships Strengthen UAE's Business-Friendly Environment<br />

<strong>July</strong> <strong>2023</strong><br />

FOOD & BEVERAGE<br />

COMPANIES IN THE UAE<br />

UAE - AED 30 | USA - USD 16.5 KSA - SR<br />

61 | Qatar - QAR 60 Oman - OMR 6.3 |<br />

Bahrain - BD 6.2 Kuwait - KWD 5 | UK -<br />

£12 | EU - €14<br />

P70 | Ensuring Food Security in<br />

the UAE: Unveiling the National<br />

Food Security Strategy 2051<br />

P76 | Middle East Companies<br />

Lead Global IPO Activity in Q1<br />

<strong>2023</strong><br />

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Reaching a visionary goal requires<br />

one percent vision and 99 percent alignment.<br />

As a frontrunner in the Food and Beverage market, the UAE<br />

has solidified its position as a dynamic force driving the<br />

region’s economic growth. In view of this, the primary<br />

focus of this edition centers on the UAE’s Thriving Food and<br />

Beverage Industry. Employing a rigorous selection process, Editor’s our Note cover<br />

story sheds light on 15 Food and Beverage companies based in the<br />

UAE that have demonstrated noteworthy expertise and exceptional<br />

performance in this field. Our compilation provides valuable insights<br />

into the investment strategies and approaches employed by these<br />

firms, while also illuminating the factors that have contributed to<br />

their noteworthy accomplishments.<br />

In an exclusive interview during the reveal event of Zenvo TSR-S,<br />

Jens Sverdrup, Chairman and CCO, of Zenvo Automotive A/S, shares<br />

his thoughts about the Importance of Customer Experience and<br />

Zenvo Automotive’s aims to maintain its brand while expanding its<br />

customer base.<br />

Centered on the Food and Beverage market, this edition offers<br />

valuable perspectives on the Food and Beverage market on various<br />

aspects of the UAE. It provides insights on certain areas of focus,<br />

such as Top Trends Driving the UAE’s Food and Beverage Business<br />

Landscape, Ensuring Food Security in the UAE: Unveiling the National<br />

Food Security Strategy 2051, <strong>The</strong> Role of the UAE’s Food & Beverage<br />

Industry in Sports, Dubai’s Resurgence as a Food Tourism Capital,<br />

and many more articles that offer critical analysis and insights on<br />

current trends and issues in the business and investment domains.<br />

Within the news segments, you will find a condensed compendium<br />

of the most notable advancements in the field of finance. We have<br />

meticulously sifted through the latest trends and updates, spanning<br />

an array of pertinent topics such as corporate results, corporate tax,<br />

startups, banking, funding, investment, fintech, digital assets, and<br />

beyond.<br />

We aim to espouse the vision of the UAE’s wise leadership on the<br />

nation’s development path, highlighting the social, economic, and<br />

developmental aspects shaping this dynamic nation. To that end, we<br />

tirelessly curate the latest and most credible finance news for our<br />

readers, aiming to advance financial literacy and contribute to Dubai’s<br />

journey to becoming one of the world’s most pioneering economies.<br />

- Ambrish Agarwal, Editor in Chief<br />

- Ambrish Agarwal, Editor in Chief<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 5<br />

September 2022 3


Contents <strong>July</strong><br />

<strong>2023</strong><br />

PERSONAL FINANCE<br />

P8 | Money Management<br />

Strategies for Effective Financial<br />

Decision-Making<br />

UAE BANKING<br />

INTERVIEW<br />

HEALTHCARE<br />

P10 | UAE Firms Shine with<br />

Impressive Q1-<strong>2023</strong> Profit Surge<br />

P12 | UAE Banking News<br />

UAE REFORMS<br />

P26 | Jens Sverdrup, Chairman<br />

Of <strong>The</strong> Board & CCO at Zenvo<br />

Automotive A/S<br />

COVER STORY<br />

P58 | Future of the Healthcare<br />

Sector: Innovations and<br />

Investments<br />

MERGERS AND<br />

ACQUISITIONS<br />

P14 | UAE Implements Robust<br />

AML Framework for Virtual Asset<br />

Transactions<br />

FINTECH<br />

P16 | Three Middle Eastern<br />

Fintech Companies to Watch in<br />

<strong>2023</strong><br />

P18 | Fintech News<br />

P20 | Fintech Application<br />

BUSINESS<br />

P22 | Top Trends Driving the UAE’s<br />

Food and Beverage Business<br />

Landscape<br />

P24 | Business News<br />

P32 | Top 15 Food & Beverage<br />

Companies in the UAE<br />

START-UP<br />

P50 | Three Promising Food Tech<br />

Startups in the UAE<br />

ENERGY<br />

P52 | UAE’s Renewable Energy<br />

Revolution: A Sustainable Path<br />

Forward<br />

P54 | Energy News<br />

P60 | UAE Takes the Lead: A Closer<br />

Look at M&A Activity in Q1 <strong>2023</strong><br />

P62 | Mergers & Acquisitions News<br />

CRYPTOCURRENCY<br />

P64 | UAE’s Dominance in Crypto<br />

Market and Why Investors Should<br />

Pay Attention<br />

6 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


REAL ESTATE<br />

STOCK MARKET<br />

P76 | Middle East Companies Lead<br />

Global IPO Activity in Q1 <strong>2023</strong><br />

TOURISM<br />

P66 | Sharjah’s Thriving Real<br />

Estate Sector and Investment<br />

Opportunities<br />

P68 | Real Estate News<br />

FUNDING & INVESTMENT<br />

CORPORATE TAX<br />

P78 | Understanding UAE<br />

Corporate Tax on Free Zones<br />

P80 | Corporate Results<br />

TRAVEL<br />

P88 | Dubai’s Resurgence as a<br />

Food Tourism Capital<br />

INVESTING IN ART<br />

P70 | Ensuring Food Security in<br />

the UAE: Unveiling the National<br />

Food Security Strategy 2051<br />

P72 | Funding & Investment News<br />

DIGITAL ASSETS<br />

P82 | Escape to Paradise:<br />

Unveiling the <strong>World</strong>’s Top Summer<br />

Getaways<br />

SPORT AS A BUSINESS<br />

P90 | Enhancing Portfolio<br />

Diversification: <strong>The</strong> Role of Art as<br />

an Investment<br />

INVESTING IN TOURISM<br />

P94 | Investing in the Food and<br />

Beverages Sector: Enhancing<br />

UAE’s Tourism Experience<br />

P92 | Global News<br />

P96 | Local News<br />

P21 | P31 | Launch Express<br />

P48 | P56 | Wheels<br />

P30 | P47 | Tech My Money<br />

P74 | Digital Asset Platforms:<br />

UAE’s Growing Landscape of<br />

Innovative FinTech<br />

P84 | Fueling Champions: <strong>The</strong><br />

Role of the UAE’s Food & Beverage<br />

Industry in Sports<br />

P86 | Sports News<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 7


Personal <strong>Finance</strong><br />

Money Management Strategies for<br />

Effective Financial Decision-Making<br />

In contemporary society, discussions revolving around the accumulation of<br />

wealth frequently overshadow the significance of effective money management.<br />

While earning a substantial income undeniably holds weight, safeguarding<br />

and employing funds judiciously are equally paramount. <strong>The</strong> prudent handling<br />

of hard-earned money entails disciplined practices encompassing systematic<br />

saving, astute investing, and mindful spending, ensuring long-term stability and<br />

liquidity. This article delves into the realm of effective money management,<br />

presenting a comprehensive range of strategies to aid individuals in making<br />

sagacious financial decisions. By implementing these strategies, readers can<br />

establish a robust foundation for their financial well-being and unlock the<br />

path to a prosperous future.<br />

8 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Establishing a Comprehensive<br />

Budget<br />

<strong>The</strong> creation of a comprehensive<br />

budget stands as the<br />

primary and paramount stride towards<br />

effective money management. Through<br />

diligent assessment of necessary monthly<br />

expenditures vis-à-vis income, lifestyle,<br />

and aspirations, individuals attain<br />

heightened control over their financial<br />

affairs. A well-structured budget not only<br />

facilitates meticulous expense monitoring<br />

but also permits the identification and<br />

curtailment of superfluous outlays, thus<br />

optimizing the allocation of resources<br />

toward indispensable needs. Moreover,<br />

it empowers individuals to earmark a<br />

portion of their funds for savings and<br />

investments, thereby ensuring an unwavering<br />

trajectory towards the realization<br />

of their financial objectives.<br />

Prioritizing Saving Over Spending<br />

Embracing a prudent “save first,<br />

spend later” mindset enables individuals<br />

to accord priority to their savings and<br />

evade the perils of excessive spending.<br />

By allocating a portion of their income<br />

to savings and investments before disbursing<br />

it towards routine expenditures,<br />

individuals fortify their preparedness<br />

for unforeseen circumstances while<br />

safeguarding themselves against budgetary<br />

excesses. This approach ensures<br />

a judicious allocation of resources,<br />

facilitating long-term financial stability<br />

and resilience.<br />

Establishing Financial Goals<br />

Formulating well-defined financial objectives<br />

plays a pivotal role in proficient<br />

money management. It is imperative to<br />

delineate both immediate and enduring<br />

goals, encompassing endeavors such<br />

as amassing funds for a property down<br />

payment or financing a child’s education.<br />

By formulating precise goals that are<br />

attainable within designated timeframes,<br />

individuals cultivate a sense of purpose<br />

and inspiration, propelling them towards<br />

astute financial decision-making.<br />

Commence Early Investment<br />

Initiating savings and investments<br />

early in life can substantially impact<br />

one’s financial future. Capitalize on the<br />

potential of compound interest and longterm<br />

investment growth by embarking<br />

on investments as early as possible.<br />

Whether channeled through retirement<br />

accounts, stocks, bonds, or real estate,<br />

early investments provide an opportunity<br />

to amass wealth and achieve financial<br />

security.<br />

Prudently Managing Debt<br />

While debt can be a useful tool, excessive<br />

borrowing can impede financial<br />

well-being. Limiting debt entails practicing<br />

mindfulness regarding borrowing habits<br />

and exclusively undertaking loans for<br />

essential purposes. Overreliance on credit<br />

cards should be avoided, and outstanding<br />

debts should be promptly paid off.<br />

Maintaining a healthy credit score holds<br />

critical significance for future financial<br />

opportunities.<br />

Building an Emergency Fund<br />

<strong>The</strong> unpredictability of life necessitates<br />

the creation of an emergency fund to<br />

address unexpected expenses or income<br />

disruptions. Aim to save a minimum<br />

of three to six months’ worth of living<br />

expenses in a separate account. This fund<br />

acts as a safety net, providing financial<br />

stability during challenging times.<br />

Seeking Financial Protection<br />

Insurance assumes a pivotal role in<br />

effective money management. Protecting<br />

oneself and loved ones with appropriate<br />

coverage, such as life insurance, health<br />

insurance, and property insurance,<br />

safeguards finances against unexpected<br />

events. Adequate coverage offers peace<br />

of mind and prevents financial setbacks.<br />

Continual Self-Education<br />

Financial knowledge empowers individuals,<br />

and staying informed about<br />

personal finance is essential for making<br />

sound financial decisions. Engage in<br />

reading books, attending workshops,<br />

following reputable financial blogs, and<br />

consulting with financial advisors to<br />

enhance one’s understanding of money<br />

management strategies and investment<br />

opportunities.<br />

Effective money management is the key<br />

to achieving financial stability, fulfilling<br />

goals, and building wealth over time. By<br />

creating a budget, saving, investing wisely,<br />

avoiding excessive debt, and protecting<br />

oneself from financial risks, individuals<br />

can make informed financial decisions<br />

that align with their long-term aspirations.<br />

It is crucial to remember that successful<br />

money management is an ongoing process<br />

that demands discipline, regular review,<br />

and adaptation to changing circumstances.<br />

Begin implementing these strategies<br />

today and pave the way for a secure and<br />

prosperous financial future.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 9


UAE Banking<br />

UAE Firms Shine with Impressive Q1-<strong>2023</strong><br />

Profit Surge<br />

Listed companies in Dubai and<br />

Abu Dhabi have delivered an<br />

outstanding financial performance<br />

in the first quarter of<br />

<strong>2023</strong>, outpacing their GCC counterparts.<br />

According to Kamco Invest’s<br />

GCC Corporate Earnings Report Q1-<br />

<strong>2023</strong>, Dubai-listed companies reported<br />

a remarkable 51.2 per cent year-onyear<br />

increase in net profits, soaring<br />

to $4.8B compared to $3.2B in the<br />

same period of 2022. Similarly, Abu<br />

Dhabi-listed companies witnessed a<br />

substantial 51.8 per cent rise in net<br />

profits during Q1-<strong>2023</strong>, reaching an<br />

impressive $11.1B compared to $7.3B<br />

in Q1-2022.<br />

Driving Dubai’s impressive financial<br />

performance in Q1-<strong>2023</strong> was the<br />

banking, real estate, and capital goods<br />

sectors. <strong>The</strong> banking sector experienced<br />

a staggering 84.2 per cent surge<br />

in total net profits, with Emirates NBD<br />

leading the way with a remarkable<br />

114.7 per cent jump in net earnings.<br />

<strong>The</strong> bank’s outstanding performance<br />

was attributed to its record-breaking<br />

quarterly results in retail lending.<br />

<strong>The</strong> real estate sector in Dubai also<br />

contributed significantly to the overall<br />

positive performance, with aggregate<br />

net earnings witnessing a healthy<br />

31.4 per cent increase to reach $1.2B.<br />

Emaar Properties played a crucial role<br />

in bolstering the sector’s earnings,<br />

reporting net profits of $872.9M in<br />

Q1-<strong>2023</strong>, compared to $609.6M in the<br />

same period last year.<br />

While Dubai’s utility sector experienced<br />

a marginal 0.5 per cent dip in<br />

total profits, Abu Dhabi’s utility sector<br />

displayed an exceptional performance.<br />

Abu Dhabi National Energy Co, the<br />

sole company in this sector, reported<br />

a net profit of $3.2B during Q1-<strong>2023</strong>,<br />

marking a significant increase from<br />

$536.6M in Q1-2022.<br />

In contrast, the aggregate net profits<br />

of listed companies across the GCC<br />

showed a decline of 9.1 per cent during<br />

Q1-<strong>2023</strong> compared to the same period<br />

last year. This decline was primarily<br />

driven by the energy, materials, and<br />

diversified financial sectors, which<br />

accounted for a substantial decline<br />

in profits. However, the banking and<br />

utilities sectors demonstrated positive<br />

year-on-year profit growth in Q1-<strong>2023</strong>.<br />

Overall, the exceptional financial<br />

performance of Dubai and Abu Dhabi-listed<br />

companies in Q1-<strong>2023</strong> highlights<br />

their resilience and ability to<br />

thrive despite challenging market<br />

conditions. With impressive earnings<br />

growth in key sectors, these cities<br />

continue to cement their positions as<br />

attractive investment destinations in<br />

the region.<br />

10 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Bank Investments in UAE Reach Record<br />

High, Exceeding AED 548B<br />

<strong>The</strong> banking sector in the<br />

UAE has achieved a significant<br />

milestone as bank<br />

investments reached an alltime<br />

high of AED 548.5B by the end of<br />

March, according to a report released<br />

by the Central Bank of the UAE. This<br />

represents a remarkable year-on-year<br />

growth of 16 per cent, surpassing the<br />

approximately AED 472.7B recorded<br />

in March 2022. Moreover, these investments<br />

witnessed a month-on-month<br />

increase of 1.3 per cent from AED<br />

541.4B in February <strong>2023</strong>.<br />

<strong>The</strong> report highlights that securities<br />

constituted the majority of bank investments,<br />

accounting for around 45.6<br />

per cent, equivalent to AED 250.1B<br />

during the reference period. Within<br />

this category, held-to-maturity (HTM)<br />

securities represented 43 per cent of<br />

the total investments, amounting to<br />

AED 236.3B in March. This marks<br />

an impressive year-on-year growth<br />

of 74.1 per cent from AED 135.7B in<br />

March 2022 and a monthly increase<br />

of 2.6 per cent from AED 230.3B in<br />

February <strong>2023</strong>.<br />

In addition to securities, bank investments<br />

also included stock holdings,<br />

which reached AED 11.9B in<br />

March. This represents a modest rise<br />

of approximately 0.8 per cent compared<br />

to the AED 11.8B recorded in<br />

December 2022.<br />

<strong>The</strong> significant surge in bank investments<br />

reflects the robust growth<br />

and confidence in the UAE’s financial<br />

sector. <strong>The</strong> banking industry’s willingness<br />

to allocate substantial funds to<br />

various investment vehicles underlines<br />

their optimism about the country’s<br />

economic prospects. This trend also<br />

demonstrates the banks’ commitment<br />

to diversifying their portfolios and<br />

exploring opportunities in both traditional<br />

and non-traditional investment<br />

avenues.<br />

<strong>The</strong> Central Bank’s report showcases<br />

the resilience and stability<br />

of the UAE’s financial system, despite<br />

the challenging global economic<br />

landscape. <strong>The</strong> continuous growth of<br />

bank investments bodes well for the<br />

overall economic development of the<br />

country, as it promotes capital inflows<br />

and stimulates various sectors.<br />

Moving forward, the banking sector<br />

in the UAE is expected to continue<br />

its upward trajectory, supported by<br />

favourable market conditions and a<br />

conducive regulatory environment.<br />

<strong>The</strong> diversification of investments,<br />

particularly in securities and stocks,<br />

highlights the banks’ commitment to<br />

optimizing returns and maintaining a<br />

balanced risk profile.<br />

<strong>The</strong> record-breaking level of bank<br />

investments in the UAE signifies a positive<br />

outlook for the country’s financial<br />

landscape. As the UAE strengthens its<br />

position as a regional financial hub,<br />

these investments will play a pivotal<br />

role in driving economic growth,<br />

attracting foreign investors, and bolstering<br />

the overall competitiveness of<br />

the UAE’s banking sector.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 11


UAE Banking News<br />

DIB Launches ‘DIB alt’:<br />

Next-Gen Digital Banking<br />

DIB Alt, the inventive digital<br />

banking platform launched<br />

by DIB (Dubai Islamic<br />

Bank), aims to revolutionize<br />

the banking experience for customers.<br />

With over 135 integrated digital services<br />

accessible through the mobile<br />

app, online banking, WhatsApp, and<br />

ATMs, DIB Alt offers a comprehensive<br />

solution. Customers can easily open<br />

accounts, apply for loans or credit<br />

cards, perform local and international<br />

money transfers, make payments, and<br />

handle a range of other banking tasks.<br />

By leveraging cutting-edge technology,<br />

DIB Alt simplifies and streamlines<br />

banking processes, ensuring a<br />

seamless and efficient experience for<br />

customers.<br />

Emirates NBD facilitates a $204M term loan for<br />

Dar Global<br />

Emirates NBD secures an<br />

AED 750M bilateral loan for<br />

Dar Global, a subsidiary of<br />

a London-listed real estate<br />

company. <strong>The</strong> four-year term loan<br />

charges a competitive fixed margin<br />

over EIBOR, facilitating Dar Global’s<br />

growth plans. <strong>The</strong> funds will be<br />

used for asset acquisitions, general<br />

corporate needs, and working capital<br />

requirements. Dar Global aims<br />

to expand its portfolio, focusing on<br />

high-end second homes and leisure<br />

developments in desirable European<br />

and Middle Eastern locations. Ziad El<br />

Chaar, CEO of Dar Global, emphasizes<br />

that the loan provides additional capital<br />

to capitalize on luxury property<br />

demand from international high-networth<br />

investors.<br />

CBUAE and Bank CEOs Discuss Financial Sector<br />

Support for UAE’s COP28 Hosting<br />

CBUAE Governor Khaled Mohamed<br />

Balama met with UAE<br />

bank CEOs to discuss advancing<br />

green finance and<br />

supporting the country’s hosting of<br />

COP28. <strong>The</strong> meeting focused on prioritising<br />

sustainability and aligning<br />

with sector-wide objectives during the<br />

‘Year of Sustainability.’ <strong>The</strong> CBUAE<br />

conducted a review of its <strong>2023</strong>-2026<br />

strategy to promote sustainability<br />

in the financial sector and its own<br />

operations. A high-level Committee<br />

on Green and Sustainable <strong>Finance</strong>,<br />

chaired by the Governor, will oversee<br />

the implementation of sustainability<br />

initiatives. <strong>The</strong> CBUAE’s Banking<br />

and Insurance Supervision area will<br />

integrate sustainability into regulatory<br />

frameworks, while the Monetary Policy<br />

and Financial Stability area will<br />

adopt sustainability principles in<br />

reserves management and conduct<br />

climate-risk stress testing.<br />

UAE Banking: $71.6B Savings Deposits by March <strong>2023</strong><br />

UAE’s banking sector witnessed<br />

a significant rise in<br />

savings deposits, excluding<br />

interbank deposits, as it surpassed<br />

AED 263B by the end of March<br />

<strong>2023</strong>, as per the latest data released<br />

by the UAE Central Bank. Monthly<br />

growth of 7.4 percent, amounting to<br />

AED 18.1B, contributed to the total<br />

figure. On an annual basis, savings<br />

deposits increased by 4.7 percent, or<br />

AED 11.8B, compared to March 2022’s<br />

AED 251.33B. <strong>The</strong> majority share of<br />

savings deposits, approximately 80.4<br />

percent or AED 211.6B, belonged to<br />

the local currency, the dirham. Foreign<br />

currencies constituted 19.6 percent,<br />

12 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong><br />

valued at AED 51.52B. Notably, savings<br />

deposits in UAE banks have shown<br />

impressive growth in recent years,<br />

rising from AED 152B in 2018 to AED<br />

245.8B in 2022.


Saudi Banks Launch Initiative Exposing New Financial Fraud Methods<br />

Saudi Banks Media and Awareness<br />

Committee has launched the “Not<br />

normal” initiative to expose new<br />

methods of financial fraud. <strong>The</strong><br />

initiative aims to address recent groups<br />

that exploit technical and social tricks,<br />

taking advantage of clients. It focuses<br />

on common fraudulent methods such<br />

as impersonating bank employees,<br />

defrauding through anonymous calls,<br />

phishing, and exploiting customers<br />

through fake online stores. <strong>The</strong> initiative<br />

also highlights fraud related to digital<br />

currencies and emotional manipulation via<br />

social media friend requests. Additionally,<br />

the initiative exposes fraudsters posing<br />

as cybercrime department specialists,<br />

deceiving customers into believing they<br />

are helping them while claiming they<br />

have been victimized by fraud.<br />

FAB successfully<br />

prices $600M 5-Year<br />

Green Bon<br />

First Abu Dhabi Bank (FAB)<br />

has issued a successful 5-year<br />

$600M Green bond, setting a<br />

new industry standard in the<br />

MENA region. <strong>The</strong> bond was priced at<br />

US Treasury +95 bps, resulting in an<br />

all-in yield of 4.774%. FAB achieved the<br />

tightest-ever spread for a 5-year bullet<br />

conventional financial institution group<br />

deal in the region. <strong>The</strong> issuance was<br />

upsized from the initial target of $500M<br />

due to a remarkable 2.8x oversubscribed<br />

orderbook, demonstrating strong<br />

demand and confidence from global<br />

investors. A substantial 85% of the<br />

allocation went to international<br />

investors, with 34% dedicated to<br />

green investors, highlighting FAB’s<br />

credit quality and commitment to<br />

sustainability.<br />

UAE: MoAIT and Mashreq Launch $272.2M Fund<br />

to Boost Industrial Sector<br />

<strong>The</strong> Ministry of Industry and<br />

Advanced Technology (MoI-<br />

AT) and Mashreq, a leading<br />

financial institution in the<br />

UAE, have signed a Memorandum of<br />

Understanding (MoU) to collaborate<br />

on driving the growth of the manufacturing<br />

industry in the country. This<br />

partnership is part of MoIAT’s “Make<br />

it in the Emirates” initiative, aimed<br />

at attracting industrialists, investors,<br />

innovators, and entrepreneurs to establish<br />

their presence in the UAE. It<br />

also supports the “Operation 300bn”<br />

initiative, which aims to position the<br />

UAE as a global industrial hub and<br />

enhance the manufacturing sector’s<br />

contribution to the country’s GDP.<br />

Mashreq will provide competitive financing<br />

solutions, advisory services,<br />

and allocate a fund of AED 1B to<br />

support the industrial sector.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 13


UAE Reforms<br />

UAE Implements Robust AML Framework<br />

for Virtual Asset Transactions<br />

<strong>The</strong> United Arab Emirates<br />

(UAE) has emerged as a<br />

thriving hub for virtual asset<br />

transactions due to the rapid<br />

growth of financial technologies, leading<br />

to the establishment of a robust<br />

digital economy. <strong>The</strong> country’s share in<br />

the global crypto market witnessed an<br />

astounding 500 per cent increase between<br />

2020 and 2021, with transaction<br />

values exceeding $25 billion.<br />

While virtual assets offer advantages<br />

such as decentralization, faster<br />

transactions, and anonymity, they<br />

also present significant challenges in<br />

terms of anti-money laundering (AML).<br />

In 2021 alone, illicit cryptocurrency<br />

movements worldwide amounted to<br />

over $14 billion.<br />

In light of the digital advancements<br />

and the importance of countering<br />

financial crime risks associated with<br />

virtual assets, the UAE has taken steps<br />

to strike a balance between being a<br />

leader in crypto and blockchain and<br />

implementing regulations that effectively<br />

mitigate these risks.<br />

Until recently, virtual assets, including<br />

cryptocurrencies, Non-Fungible Tokens<br />

(NFTs), and certain stablecoins,<br />

remained largely unregulated in the<br />

UAE. However, recent legislative measures<br />

demonstrate the government’s<br />

commitment to reducing potential<br />

financial crime within this nascent<br />

industry.<br />

In 2018, Abu Dhabi Global Market’s<br />

Financial Services Regulatory Authority<br />

established a regulatory framework<br />

for digital assets and virtual assets. In<br />

2022, Dubai’s Virtual Assets Regulatory<br />

Authority (VARA) was established<br />

under the UAE’s Virtual Asset Law<br />

to ensure adherence to international<br />

governance standards.<br />

<strong>The</strong> Central Bank of the UAE<br />

(CBUAE) announced the most comprehensive<br />

legislation, issuing new<br />

guidance for licensed financial institutions<br />

(LFIs) on virtual assets regarding<br />

anti-money laundering (AML) and<br />

combating the financing of terrorism<br />

(CFT).<br />

Based on standards set by the Financial<br />

Action Task Force (FATF) and<br />

leading authorities like the Hong Kong<br />

Monetary Authority (HKMA), the rules<br />

apply to various LFIs, including banks,<br />

exchange houses, insurance companies,<br />

payment service providers, and<br />

registered hawala providers.<br />

<strong>The</strong> UAE Central Bank is assisting<br />

licensed financial entities in adopting<br />

a risk-based approach to Customer<br />

Due Diligence (CDD) in the virtual<br />

asset space. It guides financial crime,<br />

associated threats, vulnerabilities,<br />

and red flags. This new legislation will<br />

help LFIs understand their AML/CFT<br />

obligations while highlighting the risks<br />

involved in dealing with virtual assets<br />

and virtual asset service providers<br />

(VASPs).<br />

LFIs are now required to incorporate<br />

risk indicators for virtual assets and<br />

VASPs outlined by the Central Bank<br />

into their AML monitoring programs.<br />

<strong>The</strong>y must analyze threats related to<br />

virtual assets and VASPs to protect<br />

their businesses and customers. This<br />

involves establishing policies, procedures,<br />

and processes to identify<br />

higher-risk relationships.<br />

<strong>The</strong>se regulatory measures demonstrate<br />

the UAE’s commitment to fostering<br />

a secure and transparent environment<br />

for virtual asset transactions<br />

while effectively combatting financial<br />

crimes in the digital economy.<br />

14 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


UAE Introduces Opportunities for Agricultural<br />

Sector Growth<br />

<strong>The</strong> United Arab Emirates<br />

(UAE) has unveiled a significant<br />

initiative aimed at<br />

strengthening the agricultural<br />

industry and driving economic<br />

growth within the sector. As part of<br />

the new plans, farms will now have<br />

the opportunity to operate holiday<br />

homes and engage in tourist activities<br />

on their land.<br />

To implement tourist activities on<br />

agricultural land, farms must obtain a<br />

license and allocate no more than 30<br />

per cent of their land for such purposes.<br />

<strong>The</strong> decision was made by Sheikh<br />

Mansour bin Zayed Al Nahyan, Vice<br />

President and Deputy Prime Minister<br />

of the UAE, Minister of the Presidential<br />

Court, in his role as the Chairman<br />

of the Abu Dhabi Agriculture and Food<br />

Safety Authority (ADAFSA).<br />

A comprehensive list of 71 economic<br />

activities has been approved by ADAF-<br />

SA, which can now be conducted on<br />

agricultural lands. <strong>The</strong>se activities<br />

encompass a range of recreational<br />

and tourism ventures, including establishing<br />

holiday homes to support<br />

the flourishing tourism sector while<br />

promoting the UAE’s rich ancient<br />

heritage.<br />

Furthermore, the list includes various<br />

plant, animal, and food-related<br />

activities designed to bolster the<br />

agricultural sector. <strong>The</strong> implementation<br />

of these activities aims to foster<br />

sustainable agricultural development<br />

and diversify the sources of income<br />

for farm owners.<br />

ADAFSA has established specific<br />

requirements and regulations for<br />

economic activities on agricultural<br />

lands, ensuring that they do not exceed<br />

30 per cent of the total area of<br />

the farm. Additionally, the farm must<br />

already possess a licensed plant or<br />

animal-based main activity, and only<br />

the farm owner will be permitted to<br />

engage in economic activities. Trade<br />

licenses for these activities must be<br />

issued in the farm owner’s name.<br />

This progressive move by the UAE<br />

government reflects a commitment to<br />

strengthening the agricultural sector<br />

and driving economic growth through<br />

the utilisation of agricultural resources.<br />

By merging tourism initiatives with<br />

traditional farming practices, the UAE<br />

aims to create a harmonious blend that<br />

benefits both the agricultural industry<br />

and the overall economy.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 15


Fintech<br />

Three Middle Eastern Fintech Companies<br />

to Watch in <strong>2023</strong><br />

In the rapidly evolving landscape of digital payments and technology-driven<br />

financial services. Fawry, MyFatoorah, and Rasan Information Technology<br />

represent the forefront of digital payment and technology-driven financial<br />

services in their respective markets. Through their commitment to innovation,<br />

customer-centric solutions, and regional expansion, these companies are shaping<br />

the landscape of digital finance and contributing to the advancement of financial<br />

inclusion and seamless experiences for businesses and consumers alike.<br />

Fawry<br />

Fawry for Banking Technology<br />

and Electronic Payments,<br />

established in 2008 and<br />

headquartered in Egypt, has<br />

emerged as a leading e-payment platform<br />

in the region. Founded by Ashraf<br />

Sabry, Seif Coutry, Medhat Khalil,<br />

Magda Habib, and Amjad Sabry, the<br />

company offers a range of services,<br />

including electronic bill payments and<br />

mobile top-ups.<br />

Fawry operates on a peer-to-peer<br />

model, enabling corporates and SMEs<br />

to accept electronic payments through<br />

various channels such as websites,<br />

mobile phones, and POS systems. With<br />

a vast network comprising 36 member<br />

banks and over 280,000 agents, Fawry<br />

serves an impressive 49.4 million<br />

users. In 2022 alone, the company<br />

processed transactions worth $6.8B,<br />

highlighting its significance in the<br />

electronic payment ecosystem.<br />

In November 2022, Fawry’s subsidiary,<br />

Fawry Microfinance, launched a<br />

mobile app called “Tamweelak Fawry,”<br />

offering a digital loan request<br />

and tracking service. <strong>The</strong> company’s<br />

remarkable growth is reflected in its financial<br />

performance. In 2022, Fawry’s<br />

revenue increased by an impressive<br />

37.5% to reach $75M. Furthermore, its<br />

market capitalization stood at $542M<br />

as of March 21. <strong>The</strong> company’s largest<br />

shareholder is ADQ, with a significant<br />

stake of 12.6%.<br />

As the first banking agent authorized<br />

by the Central Bank of Egypt<br />

(CBE), Fawry Plus provides customers<br />

with access to a comprehensive<br />

range of banking and financial<br />

services across its network of over<br />

200 branches throughout Egypt. <strong>The</strong><br />

company places a strong emphasis on<br />

efficiency and convenience, ensuring<br />

that customers can easily access and<br />

utilize its diverse offerings.<br />

In alignment with the Egyptian<br />

government’s vision for financial inclusion,<br />

Fawry also plays a crucial role<br />

in providing microfinance products<br />

for merchants and SMEs, particularly<br />

those with limited access to traditional<br />

financial institutions. By offering these<br />

tailored solutions, Fawry contributes<br />

to empowering businesses and driving<br />

economic growth in the region.<br />

Fawry’s FMCG platform serves<br />

consumer goods companies and merchants,<br />

facilitating smoother and<br />

cashless transactions. From e-ordering<br />

technology to working capital<br />

finance and cash management systems,<br />

the platform streamlines deals<br />

and communications, enhancing the<br />

overall experience for all stakeholders.<br />

Moreover, Fawry Consumer <strong>Finance</strong><br />

empowers consumers by offering “buy<br />

Ashraf Sabry,<br />

Founder and CEO<br />

now, pay later” opportunities, leveraging<br />

cutting-edge technology to enable<br />

customers to make purchases at their<br />

own pace and convenience.<br />

With its unwavering commitment to<br />

innovation and customer-centric solutions,<br />

Fawry for Banking Technology<br />

and Electronic Payments continues to<br />

shape the digital payment landscape<br />

in Egypt and beyond, playing a pivotal<br />

role in advancing financial inclusion<br />

and providing seamless experiences<br />

for businesses and consumers alike.<br />

16 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


MyFatoorah<br />

MyFatoorah, founded by<br />

Abdullah Aldabbous in<br />

2016 and headquartered<br />

in Kuwait, is a prominent<br />

payment solutions company that offers<br />

a range of digital payment services to<br />

e-commerce merchants and business<br />

owners. <strong>The</strong> company’s comprehensive<br />

offerings include electronic invoices,<br />

payment gateways, shipping solutions,<br />

and POS terminals.<br />

With a strong presence across multiple<br />

countries, including Kuwait,<br />

Saudi Arabia, the UAE, Qatar, Bahrain,<br />

Egypt, Jordan, and Oman, MyFatoorah<br />

has established itself as a key player<br />

in the digital payment industry and<br />

has also expanded its reach serving<br />

clients in Lebanon, Türkiye, the US,<br />

and Europe.<br />

MyFatoorah’s impressive growth is<br />

evident in its transaction volume. In<br />

2022 alone, the company processed<br />

a staggering $3.8B in transactions,<br />

demonstrating its significant impact<br />

on the e-commerce landscape.<br />

Furthermore, the company has garnered<br />

over 367,000 app downloads and<br />

boasts more than 75,500 active users<br />

as of December 2022, highlighting<br />

its popularity among businesses and<br />

consumers alike.<br />

In February <strong>2023</strong>, MyFatoorah further<br />

strengthened its position in the<br />

market by signing a cooperation agreement<br />

with Fawry, a leading payment<br />

platform. This partnership enables<br />

MyFatoorah to provide FawryPay reference<br />

code service to its customers<br />

and merchants in the Egyptian market,<br />

enhancing its offerings and expanding<br />

its footprint in the region.<br />

As a forward-thinking payment<br />

solutions provider, MyFatoorah recognizes<br />

the importance of staying<br />

at the forefront of digital payment<br />

advancements. <strong>The</strong> company’s dedication<br />

to offering a seamless and secure<br />

payment experience has positioned it<br />

as a trusted partner for merchants and<br />

business owners seeking to optimize<br />

their operations.<br />

Abdullah Al Dabbous,<br />

Founder & Managing Partner<br />

As MyFatoorah continues to grow,<br />

the company remains committed to<br />

driving innovation in the payment<br />

solutions industry and providing businesses<br />

with the tools and services they<br />

need to thrive in the digital economy.<br />

Rasan Information Technology<br />

Rasan Information Technology,<br />

established in 2016 and<br />

headquartered in Saudi Arabia,<br />

is a prominent player in the<br />

field of insurtech and banking solutions.<br />

Founded by Moayad Alfallaj, Suliman<br />

Alfallaj, Thamer Alfallaj, and Ayman<br />

Alfallaj, the company offers a range<br />

of innovative products and platforms<br />

to cater to the insurance and banking<br />

needs of its customers.<br />

One of Rasan’s flagship offerings is<br />

Tameeni Motor, a platform that enables<br />

retail and SME customers to compare<br />

insurance prices and coverage options,<br />

select the most suitable policy, and<br />

conveniently pay for it. This user-friendly<br />

solution empowers customers to make<br />

informed decisions about their motor<br />

insurance needs.<br />

Rasan also provides Tameeni SME<br />

Health, catering specifically to small<br />

and medium-sized enterprises in the<br />

healthcare insurance sector. This solution<br />

enables SMEs to offer comprehensive<br />

health insurance coverage to their<br />

employees, ensuring the well-being<br />

of their workforce.<br />

Rasan Information Technology also<br />

operates AwalMazad, an online auction<br />

platform that facilitates the sale of<br />

salvaged or repossessed vehicles for<br />

insurance companies and banks in<br />

Saudi Arabia. This platform streamlines<br />

the process, making it efficient and<br />

transparent for all parties involved.<br />

With a user base of over 10 million,<br />

Rasan Information Technology has<br />

garnered significant traction in the<br />

market. In 2022 alone, customers utilized<br />

the platform to purchase insurance<br />

policies worth an impressive $1.2B,<br />

highlighting its strong presence and<br />

influence in the insurance industry.<br />

While Rasan primarily operates in<br />

Saudi Arabia, it has expanded its reach<br />

to include offices in Egypt and the UAE,<br />

signaling its commitment to regional<br />

growth and providing its innovative<br />

solutions to a wider audience. Looking<br />

ahead, Rasan has ambitious plans,<br />

including an initial public offering<br />

(IPO) slated for <strong>2023</strong>.<br />

As Rasan Information Technology<br />

continues to evolve, its focus remains on<br />

Moayad Alfallaj,<br />

CEO<br />

leveraging technology to revolutionize<br />

the insurance and banking landscape.<br />

By providing comprehensive and<br />

user-friendly platforms, the company<br />

empowers individuals, SMEs, insurance<br />

companies, and banks to streamline<br />

their operations, enhance customer<br />

experiences, and drive growth in the<br />

ever-changing digital economy.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 17


Fintech News<br />

Masraf Al Rayan and Karty Join Forces for Fintech Services in Qatar<br />

Masraf Al Rayan, a leading bank<br />

in Qatar, has signed a memorandum<br />

of understanding<br />

(MoU) with Karty, a fintech<br />

startup. This strategic partnership underscores<br />

the bank’s commitment to driving<br />

advancements in the fintech industry and<br />

delivering innovative digital solutions.<br />

Through this collaboration, Masraf Al<br />

Rayan and Karty will combine their<br />

expertise and resources to fuel groundbreaking<br />

developments in the financial<br />

technology sector, aligning with global<br />

advancements and empowering individuals<br />

with the necessary knowledge and tools<br />

for informed financial decision-making.<br />

<strong>The</strong> alliance aims to enhance the future<br />

of fintech by introducing significant improvements<br />

that positively impact the<br />

lives of customers and individuals. This<br />

partnership marks a new chapter for Karty,<br />

and both parties are eager to embark on<br />

this journey together.<br />

Saudi Arabia Approves 3 Fintech Firms for Regulatory<br />

Sandbox<br />

Saudi Arabia has granted permission<br />

for three new fintech<br />

companies, namely Tarabut<br />

Gateway Company for Information<br />

Technology, Umg Alholol Trading<br />

Co (operating as Single View), and Drahim<br />

App for Financial Technology, to<br />

operate within its regulatory sandbox.<br />

With the inclusion of these companies,<br />

the total count of participants in the<br />

sandbox has reached 45, out of which<br />

18 have successfully completed the<br />

program and obtained licenses from<br />

the Saudi Arabian Monetary Authority<br />

(SAMA). By allowing these companies<br />

to test their Open Banking solutions,<br />

SAMA demonstrates its unwavering<br />

support for the financial sector and its<br />

commitment to advancing the Fintech<br />

strategy of the Kingdom.<br />

Gemini, Winklevoss Twins’ Exchange, Seeks UAE<br />

Crypto License<br />

Gemini, the cryptocurrency<br />

exchange founded by the<br />

Winklevoss twins, plans to<br />

seek a cryptocurrency licence<br />

in the United Arab Emirates<br />

(UAE) to cater to customers in the<br />

region. This strategic move is in line<br />

with Gemini’s objective of expanding<br />

its global reach and establishing itself<br />

as an internationally recognized company.<br />

<strong>The</strong> exchange has been actively<br />

engaging with stakeholders in the UAE<br />

to gain insights into local regulatory<br />

requirements and better understand<br />

the needs of crypto investors in the<br />

country. Gemini’s Global State of Crypto<br />

Report 2022 revealed a significant<br />

adoption of cryptocurrencies in the<br />

UAE, with over 35% of respondents<br />

stating they had purchased digital assets.<br />

Gemini recognizes the potential<br />

for investment in the UAE and aims<br />

to become an integral part of the local<br />

crypto community.<br />

Singapore & MENA<br />

Companies Forge<br />

Business Ties<br />

Singapore and nations in the Middle<br />

East and North Africa (MENA)<br />

are leveraging bilateral business<br />

opportunities and strengthening<br />

their connections through partnerships and<br />

financial collaborations. A recent analysis<br />

conducted by Magnitt and Expand North<br />

Star sheds light on the emerging venture<br />

capital pathway between Singapore and<br />

MENA. A noteworthy development is that<br />

a minimum of 16 startups originating from<br />

Singapore have successfully expanded<br />

their operations to MENA. <strong>The</strong>se startups<br />

are enticed by MENA’s advantageous<br />

geographical location, serving as a bridge<br />

between Europe, Asia, and Africa, as well<br />

as its expanding consumer market and<br />

rising demand for technology. Notably, ten<br />

of the startups operating in MENA belong<br />

to the fintech sector, aligning with the<br />

region’s objectives of enhancing financial<br />

inclusion, diversifying the economy, and<br />

strengthening global competitiveness.<br />

18 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


FOO Launches<br />

Innovative Prepaid<br />

Travel Card Solution in<br />

the Middle East<br />

FOO, a UAE-based B2B fintech<br />

solutions provider, has<br />

launched a customizable<br />

prepaid travel card solution,<br />

introducing the Middle East’s latest<br />

innovation in this space. This offering<br />

enables banks to deliver a seamless and<br />

cost-effective purchasing experience<br />

for customers, both domestically and<br />

internationally. <strong>The</strong> solution includes<br />

an instantly issued prepaid card that<br />

can be topped up from anywhere, along<br />

with a white-label digital wallet app<br />

equipped with sub-wallets for multiple<br />

currencies. Customers can transfer<br />

funds, convert currencies, and monitor<br />

expenses conveniently through<br />

the app. FOO’s travel card solution<br />

meets consumer demands for secure<br />

and convenient travel purchases, with<br />

a quick time-to-market advantage of as<br />

little as 6 weeks.<br />

Qatar: QNB, and CWallet sign agreement for banking<br />

services<br />

Doha, Qatar: QNB, the largest<br />

financial institution in the<br />

Middle East and Africa has<br />

entered into an agreement with<br />

C Wallet Services W.L.L., an acclaimed<br />

fintech startup in Qatar, aiming to bolster<br />

the financial technology services<br />

in the country. CWallet specializes in<br />

developing and delivering online, mobile,<br />

and point-of-sale solutions, including<br />

mobile money wallets, peer-to-peer<br />

transactions, payment gateways, prepaid<br />

cards, and more. Under the agreement,<br />

QNB will support CWallet by facilitating<br />

settlements in accordance with the<br />

requirements set by the Qatar Central<br />

Bank. This collaboration is expected to<br />

create abundant business opportunities<br />

as Qatar strives towards a cashless<br />

society and a thriving financial sector,<br />

fostering innovation and benefiting<br />

residents, citizens, and the government.<br />

Facephi Partners with Qashio to Expand into<br />

Middle East Market<br />

Dubai, UAE Spend management<br />

fintech Qashio has<br />

partnered with global digital<br />

identity verification leader<br />

Facephi to enhance their digital identification<br />

processes’ security. This<br />

marks Facephi’s entry into the Middle<br />

East market. Qashio’s customers<br />

can now utilize Facephi’s biometric<br />

technology for digital onboarding and<br />

identity verification, ensuring a secure<br />

process with reduced identity theft<br />

risks. Facephi’s technology enables<br />

Qashio’s corporate customers to offer<br />

improved user experiences and enhanced<br />

security when registering employees<br />

for corporate credit and debit<br />

cards. Users capture images of their<br />

ID cards using their mobile devices,<br />

and Facephi’s technology extracts data<br />

using both Latin and Arabic alphabets.<br />

A facial biometric pattern is extracted<br />

from a selfie and compared with the<br />

photo on the official document for<br />

identity verification.<br />

Qatar Central Bank<br />

Grants Paywise<br />

License for Digital<br />

Payment Services<br />

<strong>The</strong> Qatar Central Bank (QCB)<br />

has granted Paywise (Dibsy) a<br />

license to offer digital payment<br />

services, further strengthening<br />

the fintech sector’s development in the<br />

country. This move signifies the QCB’s<br />

commitment to fostering innovation<br />

and supporting the growth of financial<br />

technology in Qatar. In a tweet, the QCB<br />

announced that the number of companies<br />

under its supervision in the fintech sector<br />

has now reached nine. <strong>The</strong> granting of the<br />

license to Paywise demonstrates the QCB’s<br />

recognition of the company’s capabilities<br />

and contribution to the digital payment<br />

landscape, paving the way for enhanced<br />

digital financial services and increased<br />

convenience for customers in Qatar.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 19


Fintech Application<br />

FLEXXPAY<br />

About<br />

FlexxPay is a revolutionary<br />

fintech application that offers<br />

innovative solutions to simplify<br />

employee benefits and financial<br />

wellness. Founded with a vision<br />

to empower employees and enhance<br />

their financial well-being, FlexxPay has<br />

quickly emerged as a leading player in<br />

the UAE’s fintech industry. With a user-centric<br />

approach, FlexxPay provides<br />

employers and employees with a wide<br />

range of flexible financial solutions.<br />

Review<br />

<strong>The</strong> FlexxPay app boasts a sleek<br />

and user-friendly interface, ensuring<br />

a seamless experience for its users.<br />

Its intuitive design enables effortless<br />

navigation, allowing users to access<br />

its diverse range of features with ease.<br />

From on-demand salary advances<br />

and early access to earned wages to<br />

budgeting tools and financial education<br />

resources, FlexxPay covers a<br />

comprehensive spectrum of financial<br />

needs. One of the standout features of<br />

the FlexxPay app is its commitment<br />

to security.<br />

Employing state-of-the-art encryption<br />

technology, the app ensures that<br />

personal and financial information<br />

remains confidential and protected.<br />

Moreover, FlexxPay offers multi-factor<br />

authentication for added layers of<br />

security, instilling trust and peace of<br />

mind for users. FlexxPay’s dedication<br />

to customer satisfaction is evident<br />

through its exceptional customer<br />

support. With a team of dedicated<br />

professionals, assistance is readily<br />

available to address inquiries and<br />

resolve any concerns promptly. <strong>The</strong>ir<br />

commitment to service excellence<br />

has earned FlexxPay a reputation for<br />

delivering top-notch customer care.<br />

<strong>The</strong> FlexxPay app revolutionizes the<br />

way employers and employees engage<br />

with financial benefits and improves<br />

their overall financial wellness. With its<br />

seamless integration of convenience,<br />

security, and a comprehensive suite of<br />

features, FlexxPay empowers users to<br />

take control of their finances. While<br />

certain limitations may apply based<br />

on specific country requirements,<br />

the app provides an exceptional user<br />

experience that is poised to transform<br />

the way employees access and manage<br />

their financial benefits.<br />

Availability: Google Play Store and<br />

Apple App Store<br />

Website: www.flexxpay.com<br />

20 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Lenovo Yoga 9 14IRP8<br />

<strong>The</strong> Lenovo Yoga 9 14IRP8 is<br />

a laptop designed for those<br />

seeking a premium computing<br />

experience. Unveiled at CES<br />

<strong>2023</strong>, this high-end device boasts an<br />

impressive array of features that elevate<br />

its performance and functionality to<br />

new heights.<br />

At the heart of the Yoga 9 is the formidable<br />

13th Gen Intel Core i7-1360P processor, a<br />

true powerhouse that delivers exceptional<br />

speed and responsiveness. This cuttingedge<br />

processor ensures that your laptop<br />

can easily handle demanding tasks and<br />

run resource-intensive applications. To<br />

complement its processing prowess,<br />

the Yoga 9 is equipped with Intel Iris Xe<br />

Graphics G7 96EUs, offering stunning<br />

visuals and smooth graphics performance.<br />

Whether you’re indulging in photo and<br />

video editing or immersing yourself in<br />

the latest games, this laptop provides an<br />

impressive visual experience. Multitasking<br />

becomes a breeze with the Yoga 9’s 16 GB<br />

of DDR5-5200 memory, providing ample<br />

headroom for seamless switching between<br />

applications and smooth performance<br />

even with multiple tasks at hand.<br />

<strong>The</strong> laptop’s 14-inch OLED display is a<br />

visual feast, offering vibrant colours and<br />

deep contrasts that bring content to life.<br />

Whether you’re engrossed in multimedia<br />

consumption or engaging in creative work,<br />

the Yoga 9’s display ensures a visually<br />

captivating experience. With up to 2 TB<br />

of SSD storage, the Yoga 9 offers ample<br />

space to store your files, documents, and<br />

media library without compromising<br />

speed. Launch applications swiftly and<br />

enjoy rapid data transfer rates, thanks to<br />

the laptop’s storage capabilities.<br />

Battery life is another highlight of the<br />

Yoga 9, delivering up to 12 hours of usage<br />

on a single charge. This extended battery<br />

life ensures that you can work, create,<br />

and entertain yourself throughout the<br />

day without worrying about running out<br />

of power. Connectivity options abound<br />

with Wi-Fi 6E and Bluetooth 5.2 support,<br />

enabling fast and reliable wireless<br />

connections for seamless browsing, file<br />

sharing, and peripheral connectivity.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 21


Business<br />

Top Trends Driving the UAE’s Food and<br />

Beverage Business Landscape<br />

<strong>The</strong> Middle East market, particularly the UAE, holds great appeal for<br />

exporters of food and beverages. It hosts one of the largest F&B industries<br />

in the region, second only to Saudi Arabia. Considering the statistics,<br />

the industry is projected to spend a remarkable $44.5B in <strong>2023</strong>. <strong>The</strong><br />

demand for imported food in the UAE is also exceptionally high, with<br />

over 90% of the nation’s food being brought in from abroad. Although<br />

this creates intense competition, it also offers significant opportunities<br />

for successful brands and products, as it creates a business landscape<br />

open to new players to leverage.<br />

22 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Due to its highly globalized<br />

economy and diverse population<br />

of expatriates from<br />

around the world, the UAE<br />

displays a strong inclination among<br />

its consumers to explore various<br />

cuisines. <strong>The</strong>re is a rising interest<br />

in discovering new international flavors<br />

and food offerings. Notably, the<br />

COVID-19 pandemic further amplified<br />

the popularity of international foods as<br />

a way to experience different cultures<br />

without leaving the country. Asian<br />

cuisines, such as Chinese, Japanese,<br />

and Thai, are particularly prevalent,<br />

with consumers frequently patronizing<br />

restaurants that serve these types<br />

of food.<br />

Snacking is highly prevalent in<br />

the UAE, with approximately half of<br />

the population regularly indulging in<br />

snacks between meals. This trend,<br />

combined with the increasingly hectic<br />

lifestyles of consumers, has led to a<br />

growing focus on on-the-go snacking<br />

options. Notably, nuts are an area of<br />

significant interest, witnessing substantial<br />

growth as consumers seek<br />

convenient and nutritious snacks to<br />

enjoy between meals. Snack bars that<br />

incorporate natural ingredients like<br />

whole grains, fruits, and nuts are also<br />

gaining popularity as the demand for<br />

healthier snack options expands. As<br />

the tourism industry recovers from<br />

the impact of the pandemic, the demand<br />

for snacks is expected to rise<br />

even further, with convenient formats<br />

becoming increasingly favored. This<br />

presents opportunities for exporters<br />

from all around the world.<br />

Moreover, Ras Al Khaimah Economic<br />

Zone (RAKEZ) is supporting F&B industry<br />

investors to set up and expand<br />

in the UAE. By regularly participating<br />

in the annual Gulfood exhibitions,<br />

RAKEZ demonstrates its dedication to<br />

the industry and showcases the diverse<br />

opportunities and offerings available<br />

for F&B investors in Ras Al Khaimah<br />

and the UAE.<br />

Based on data from Statista, a global<br />

provider of market and consumer<br />

information, the F&B market in the<br />

UAE currently generates revenue of<br />

nearly $38B. It is projected to experience<br />

an annual growth rate of 4.39%<br />

until 2027, a positive outlook that<br />

encourages businesses operating in<br />

this industry.<br />

According to Mordor Intelligence, on<br />

the other hand, the F&B industry in the<br />

UAE is predicted to experience an estimated<br />

compound annual growth rate<br />

(CAGR) of 6.8 percent from 2022 to<br />

2027, indicating promising prospects.<br />

<strong>The</strong> Dubai Chamber of Commerce,<br />

citing Euromonitor International data,<br />

highlighted that consumer foodservice<br />

outlets in the UAE achieved AED<br />

58.4B ($15.9B) in sales last year. This<br />

growth was attributed to the industry’s<br />

swift response and recovery from the<br />

pandemic, as well as robust economic<br />

development.<br />

Moreover, as part of its dedication to<br />

enhancing the global competitiveness<br />

of the Food and Beverage industry<br />

in the UAE, UAE Restaurants Group<br />

has announced a strategic partnership<br />

with JLL. <strong>The</strong> objective is to enhance<br />

efficiency and foster growth within<br />

the country’s foodservice market.<br />

Recognizing the opportunities for<br />

growth within the UAE’s F&B service<br />

market, JLL Foodservice Consulting,<br />

a prominent consultancy specializing<br />

in the F&B sector in the region, will<br />

collaborate with UAE Restaurants<br />

Group to formulate both short- and<br />

long-term strategies. <strong>The</strong> partnership<br />

aims to establish a roadmap that facilitates<br />

stronger connections with the<br />

government and enhances transparency<br />

in best practices among suppliers,<br />

aggregators, and other stakeholders.<br />

<strong>The</strong> ultimate goal is to achieve sustainable<br />

growth for all parties involved.<br />

Overall, the UAE’s Food and Beverage<br />

business landscape is driven by<br />

several key trends that offer immense<br />

opportunities for exporters and investors.<br />

<strong>The</strong> country’s robust F&B<br />

industry, ranking among the largest<br />

in the region, is projected to reach a<br />

significant expenditure of $44.5B in<br />

<strong>The</strong> UAE’s<br />

F&B industry<br />

represents<br />

a recipe for<br />

success, with a<br />

projected CAGR of<br />

6.8% from 2022<br />

to 2027, serving<br />

up promising<br />

prospects.<br />

<strong>2023</strong>. With a highly globalized economy<br />

and a diverse population, the UAE’s<br />

consumers have a strong inclination<br />

to explore various cuisines, particularly<br />

Asian flavors. In addition to the<br />

government and free zones’ support,<br />

such as RAKEZ supporting F&B investors<br />

in setting up and expanding<br />

their operations in the UAE, strategic<br />

partnerships, like the one between<br />

UAE Restaurants Group and JLL, aim<br />

to enhance efficiency and drive growth<br />

within the foodservice market. This<br />

helps foster sustainable development<br />

and promote transparency. With a<br />

positive outlook and promising growth<br />

projections, the UAE’s F&B industry<br />

is poised for further expansion and<br />

success in the coming years.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 23


Business News<br />

TalentNations and Pakistan IT Industry Association Sign Memorandum<br />

TalentNations and the Pakistan IT<br />

Industry Association (P@SHA)<br />

have entered into a Memorandum<br />

of Understanding (MoU) to<br />

collaborate on IT staff augmentation and<br />

promote solutions within the industry.<br />

TalentNations, a B2B marketplace specializing<br />

in IT staff augmentation, will leverage<br />

Pakistan’s skilled IT professionals to meet<br />

the global demand for IT specialists. With<br />

over 300,000 IT specialists available for<br />

export, this partnership opens doors to<br />

international markets. In turn, P@SHA<br />

will benefit from TalentNations’ network<br />

and expertise, fostering innovation and<br />

knowledge sharing within Pakistan’s IT<br />

sector. <strong>The</strong> collaboration aligns with<br />

Pakistan’s goal of generating $10 billion<br />

in IT export revenue by 2025, driving<br />

economic growth and job creation.<br />

Qatar-France bilateral<br />

trade stood at $4.58B<br />

in 2022<br />

Trade between Qatar and France<br />

reached QR 16.7B in 2022,<br />

reflecting the strong bilateral<br />

relations between the two<br />

countries, according to Sheikh Khalifa<br />

bin Jassim al-Thani, Chairman of Qatar<br />

Chamber. His statement came during the<br />

inauguration of the Vision Golfe business<br />

forum, a two-day event that promotes<br />

economic cooperation between the GCC<br />

and France. Over the past five years, trade<br />

between Qatar and France has witnessed<br />

remarkable growth of 165%, establishing<br />

France as a valuable business partner<br />

for Qatar. <strong>The</strong> forum, organized by the<br />

French Ministry of Economy and <strong>Finance</strong>,<br />

included round table discussions and<br />

workshops focused on various topics,<br />

aiming to strengthen business ties and<br />

explore new opportunities.<br />

UAE Unveils $120B Investment Opportunities<br />

Across 11 Sectors ahead of COP28<br />

<strong>The</strong> UAE’s Ministry of Industry<br />

and Advanced Technology has<br />

identified 11 key sectors for<br />

investment as part of its Operation<br />

300 Billion national industrial<br />

strategy. <strong>The</strong>se sectors, including F&B,<br />

agritech, pharmaceuticals, electrical<br />

equipment, advanced manufacturing,<br />

petrochemicals, rubber and plastics,<br />

machinery and equipment, heavy industries,<br />

hydrogen, medical technology,<br />

and space technology, are seen<br />

Emirates Post Group (EPG)<br />

has undergone a strategic<br />

restructuring following<br />

its transition into a public<br />

joint stock company. <strong>The</strong> company<br />

aims to position itself as a logistics<br />

market enabler and has outlined a<br />

five-year strategy focusing on digital<br />

transformation, revamping its courier,<br />

express, and parcel business, and<br />

exploring investment opportunities.<br />

<strong>The</strong> restructuring aims to improve<br />

customer experience, diversify the<br />

business, and offer tailored services<br />

and products. EPG’s CEO, Abdulla<br />

Mohammed Alashram, highlighted the<br />

goal of becoming the leading logistics<br />

as promising and high-growth areas.<br />

To attract investment, the ministry<br />

has implemented various incentives,<br />

such as competitive financial solutions,<br />

reduced conformity assessment fees,<br />

affordable land rates, and exemptions<br />

on certain import duties. <strong>The</strong><br />

announcement was made during the<br />

Make It in the Emirates Forum, which<br />

aimed to identify long-term business<br />

opportunities and foster agreements<br />

within the industrial sector.<br />

Emirates Post Group Announces Restructuring as<br />

a Public Joint Stock Company<br />

market enabler in the region while<br />

integrating logistics, fintech, and<br />

digital solutions. <strong>The</strong> company will<br />

also establish a new business unit<br />

to manage strategic investments and<br />

innovation.<br />

24 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


MoIAT and Sinaha Platform to promote UAE-made products<br />

<strong>The</strong> Ministry of Industry and<br />

Advanced Technology (MoIAT)<br />

and Sinaha Platform signed an<br />

MoU to support the growth of<br />

the UAE’s industrial sector through<br />

data exchange and digital marketing.<br />

This partnership aims to enhance the<br />

competitiveness of domestically produced<br />

goods at local, regional, and<br />

global levels. <strong>The</strong> agreement aligns<br />

with the National Strategy for Industry<br />

and Technology, focusing on the<br />

development of the UAE’s industrial<br />

sector, promotion of local products, and<br />

strengthening of supply chains. Osama<br />

Amir Fadhel, Assistant Undersecretary<br />

at MoIAT, and Kardous Mohammed bin<br />

Salem bin Kardous Al Amiri, Deputy<br />

CEO of Sinaha, signed the MoU in the<br />

presence of Omar Al Suwaidi, MoIAT<br />

Undersecretary.<br />

UAE Business Confidence<br />

Soars, Hiring Rate at 7-Year<br />

High<br />

UAE business confidence<br />

reached its highest level since<br />

October 2021, as indicated<br />

by the latest PMI data on the<br />

country’s private sector performance.<br />

Additionally, the hiring rate in the UAE’s<br />

private sector saw its fastest growth<br />

since 2016. <strong>The</strong> positive sentiment was<br />

attributed to favourable operational<br />

outcomes, with subdued price pressures<br />

observed throughout May. <strong>The</strong> rise in<br />

new work intakes and strengthening<br />

demand conditions contributed to increased<br />

confidence among businesses<br />

for the coming year. <strong>The</strong> Future Output<br />

Index reflected heightened optimism,<br />

with firms relying on projections of<br />

sustained demand momentum to drive<br />

their expectations.<br />

UAE-India Travel: Domestic Flight Airfares Surge<br />

Over 50%<br />

UAE residents travelling domestically<br />

within India are<br />

experiencing a significant increase<br />

in airfares. According to<br />

Subair <strong>The</strong>kepurathvalappil from Regal<br />

Tours <strong>World</strong>wide, airfares have risen<br />

by nearly 50% between certain cities.<br />

Bharath Aidasani, Managing Partner at<br />

Pluto Travels, also confirmed the surge<br />

in airfares, noting that residents will have<br />

Ministry of <strong>Finance</strong> Hosts Symposium on Public<br />

Financial Policies and Labour Market<br />

<strong>The</strong> Ministry of <strong>Finance</strong> (MoF)<br />

organized an interactive seminar<br />

in Dubai, focusing on<br />

financial policies and the labor<br />

market under the theme “Enabling<br />

Economic Growth.” <strong>The</strong> symposium<br />

brought together representatives from<br />

local finance departments, aiming to<br />

foster constructive dialogue between<br />

policymakers and economists. It provided<br />

a platform to explore the intricate<br />

to pay extra for their flights. <strong>The</strong> increase<br />

is attributed to several factors, including<br />

high demand during the summer vacation<br />

period, limited seat availability, rising<br />

fuel prices, and the closure of GoFirst<br />

Airlines. Travellers who had planned trips<br />

across India are now facing concerns<br />

and unexpected expenses due to the<br />

higher airfares.<br />

relationship between financial policies<br />

and the labor market, delving into their<br />

impacts and potential solutions. Younis<br />

Haji Al Khoori, the Under-Secretary of<br />

the Ministry of <strong>Finance</strong>, reiterated the<br />

Ministry’s commitment to inclusivity<br />

and collaboration, seeking input from<br />

diverse stakeholders to shape the future<br />

of financial policies and promote<br />

sustainable economic growth.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 25


Interview<br />

Jens Sverdrup,<br />

Chairman Of <strong>The</strong> Board & CCO at<br />

Zenvo Automotive A/S<br />

26 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Jens Sverdrup is a prominent figure in the automotive<br />

industry, currently serving as the Chairman of the Board<br />

and Chief Commercial Officer at Zenvo Automotive<br />

A/S. Sverdrup’s automotive career began as a sales manager<br />

and general manager for supercar dealerships, where he<br />

demonstrated his passion for high-performance vehicles.<br />

Before joining Zenvo Automotive, he held the position of<br />

Chief Commercial Officer at Czinger Vehicles.<br />

Exclusive to <strong>The</strong> <strong>Finance</strong> <strong>World</strong> Magazine<br />

Q. Can you briefly introduce yourself<br />

and your role as CCO at Zenvo<br />

Automotive A/S?<br />

My name is Jens Sverdrup, I am<br />

currently the Chairman of the board<br />

and Chief Commercial Officer at Zenvo<br />

Automotive A/s.<br />

Q. What experiences and influences<br />

led you to develop a passion for<br />

cars and pursue a career in the<br />

automotive industry?<br />

I have always been passionate about<br />

cars, starting from a young age when<br />

I received a scale model car as a gift.<br />

Growing up with a father who collected<br />

British sports cars, my interest in<br />

the automotive industry was nurtured.<br />

While studying music and psychology,<br />

I pursued car restoration as a hobby,<br />

gradually working on Ferraris and<br />

motorcycles.<br />

<strong>The</strong>re was a defining moment when<br />

I realized my true calling. While performing<br />

music on a cruise ship, I encountered<br />

a chaotic situation involving<br />

a drunk individual. Witnessing the lack<br />

of appreciation for the art I dedicated<br />

my life, I decided to pursue cars<br />

full-time. I approached a friend who<br />

worked with classic collector cars<br />

and offered to work for free, simply<br />

because I had an unwavering passion<br />

for automobiles. This marked the beginning<br />

of my professional journey in<br />

the automotive industry.<br />

Q.Could you please provide an<br />

overview of your professional<br />

journey in the automotive industry,<br />

including key experiences and<br />

positions held, and how they have<br />

shaped your passion for cars and<br />

your approach to the industry?<br />

I stumbled into the car industry<br />

somewhat coincidentally. Initially, I<br />

started my own classic car business<br />

with a colleague. Later, I moved to<br />

Sweden to work for a Ferrari dealer<br />

and became involved with other manufacturers<br />

like Pagani. Working with<br />

Pagani, I discovered my passion for<br />

the creative aspects of automotive<br />

brands, which reminded me of my<br />

interest in music and art.<br />

At some point, a friend who invested<br />

in Koenigsegg convinced me to join<br />

them as head of sales and marketing.<br />

Despite the challenging times after<br />

the financial crisis, we successfully<br />

launched impressive cars like the<br />

Agera RS, the One:1, and the Regera.<br />

However, the extensive travel required<br />

in the position became overwhelming.<br />

After the successful launch of the<br />

Regero, I felt that my job there was<br />

complete. I then assisted Rimac in<br />

setting up their commercial structure<br />

and distribution and worked as a consultant<br />

for a dealer group called I&O.<br />

Subsequently, I was asked to move to<br />

LA to launch a new brand that relied<br />

heavily on 3D printing.<br />

This opportunity was presented<br />

by a friend who had moved from<br />

Koenigsegg to become the Chief Technology<br />

Officer of the new brand. I<br />

was amazed by the technology and<br />

creativity involved in the brand, which<br />

officially debuted in 2021. Launching<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 27


Interview<br />

We highly value our team’s contribution,<br />

as they bring diverse opinions and a<br />

refreshing approach without corporate<br />

constraints.<br />

a brand from scratch was an exciting<br />

experience, involving developing the<br />

name, strategy, and product. However,<br />

commuting between London and Los<br />

Angeles during the COVID-19 pandemic<br />

became challenging.<br />

Eventually, I joined Senpo as an<br />

advisor, collaborating closely with<br />

their head of design on developing a<br />

new car from the ground up. This is<br />

the first time I’ve had significant input<br />

on all aspects, serving as an architect<br />

behind the future vehicle.<br />

Overall, my journey in the car industry<br />

has been a result of trial and<br />

error, learning valuable lessons during<br />

my time at Koenigsegg. One crucial<br />

lesson is the importance of listening<br />

to customers and creating products<br />

that fulfill their desires.<br />

While customers may not always<br />

know what they want, understanding<br />

their needs and innovating accordingly<br />

is essential for success. I feel incredibly<br />

fortunate to be part of this industry,<br />

even though I may not personally<br />

afford the cars I work with. <strong>The</strong> satisfaction<br />

I derive from being involved in<br />

every aspect is immeasurable, despite<br />

the challenges it presents.<br />

Q. How does the team contribute<br />

to the overall customer experience<br />

and influence customers’ decisions<br />

to purchase cars?<br />

<strong>The</strong> team is crucial in influencing<br />

customers’ decisions to buy our cars.<br />

While the appearance of the car initially<br />

catches their attention, it is their<br />

interaction with us at the factory that<br />

seals the deal. Many customers have<br />

expressed their desire to support our<br />

brand and be part of our journey. <strong>The</strong>y<br />

believe in our potential as the next<br />

breakthrough brand and want to become<br />

early adopters. Some YouTubers<br />

have even purchased our cars without<br />

any commercial arrangement, purely<br />

out of their passion for the brand.<br />

<strong>The</strong>se individuals are valuable assets<br />

as they help promote our brand to<br />

their wide audience. We highly value<br />

our team’s contribution, as they bring<br />

diverse opinions and a refreshing approach<br />

without corporate constraints.<br />

While this may seem unconventional,<br />

it resonates well with customers who<br />

appreciate being part of something<br />

authentic. Ultimately, the quality of<br />

our product remains paramount, but<br />

the team plays a significant role in<br />

representing our brand.<br />

Q. How do you plan to maintain<br />

the brand while expanding your<br />

customer base in the future?<br />

Our brand is currently limited in<br />

terms of production capacity, making<br />

it highly exclusive compared to our<br />

closest competitors, such as Pagani.<br />

<strong>The</strong> initial interest we have received<br />

primarily comes from early adopters<br />

who appreciate exclusivity and uniqueness.<br />

<strong>The</strong>se individuals are genuine car<br />

enthusiasts who are eager to be the<br />

first to own something special. However,<br />

due to our limited capacity, we<br />

can only deliver approximately three<br />

cars per year initially. It is important<br />

to note that our target customers are<br />

not necessarily luxury seekers, but<br />

rather passionate car enthusiasts who<br />

truly enjoy the driving experience.<br />

As our brand continues to grow, we<br />

anticipate attracting a broader luxury-oriented<br />

customer base within the<br />

next five years.<br />

Q. What aspects of Dubai’s environment<br />

do you find most<br />

appealing?<br />

Dubai is a multicultural city that<br />

offers a diverse blend of cultures and<br />

languages. It has an entrepreneurial<br />

spirit with many individuals coming<br />

here to create a better life for themselves.<br />

<strong>The</strong> city is buzzing with energy<br />

and passion as everyone has ideas and<br />

ambitions. Being in Dubai is a great<br />

experience.<br />

28 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 29


Apple Vision Pro<br />

Apple recently unveiled its<br />

highly anticipated VR headset,<br />

the Vision Pro, during the<br />

WWDC <strong>2023</strong> event. Priced at<br />

$3,500, this cutting-edge device is set to<br />

revolutionize the world of mixed reality.<br />

With its unique blend of virtual reality<br />

and real-world integration, the Vision<br />

Pro offers an unparalleled immersive<br />

experience.<br />

At the core of the Vision Pro is a highresolution<br />

display that provides stunning<br />

visuals. Advanced sensors intelligently<br />

track head movements, ensuring that<br />

the display adjusts seamlessly to match<br />

the user’s perspective. Additionally,<br />

the built-in microphone and speakers<br />

deliver spatial audio, further enhancing<br />

the immersive nature of the headset.<br />

Powering the Vision Pro is Apple’s A15<br />

Bionic chip, the company’s latest and most<br />

powerful processor to date. This chip,<br />

combined with the custom version of<br />

iOS known as RealityOS, ensures smooth<br />

and responsive performance. To interact<br />

with virtual objects in the real world, the<br />

Vision Pro comes equipped with a wireless<br />

controller, offering intuitive control and<br />

interaction possibilities.<br />

While detailed specifications have not<br />

been released by Apple, the Vision Pro is<br />

expected to feature a wide field of view<br />

and support 6DoF tracking, enabling<br />

users to freely navigate and explore<br />

virtual environments. <strong>The</strong> headset is also<br />

anticipated to support a wide range of apps<br />

and games, including those developed by<br />

Apple itself, showcasing the company’s<br />

commitment to delivering a diverse and<br />

engaging experience.<br />

<strong>The</strong> Vision Pro is scheduled for release<br />

in early 2024, allowing users to dive into<br />

the world of mixed reality in the near<br />

future. <strong>The</strong> headset runs on a custom<br />

operating system called visionOS, tailored<br />

specifically to optimize the immersive<br />

experience. Its design features two<br />

micro-OLED displays, each boasting an<br />

impressive 23 megapixels, all packed in a<br />

compact size similar to a postage stamp.<br />

<strong>The</strong> headset itself is meticulously<br />

crafted, with a laminated glass display<br />

front, an aluminum frame covered by<br />

a flexible cushion, and an adjustable<br />

headband to ensure maximum comfort<br />

during extended use. Its sleek exterior<br />

houses an array of cutting-edge technology,<br />

including five sensors, six microphones,<br />

and 12 cameras, enabling seamless<br />

tracking and precise interactions. For<br />

users with vision correction needs, the<br />

Vision Pro accommodates ZEISS optical<br />

inserts, ensuring optimal clarity and<br />

customization. With a wide field of view<br />

and support for 6DoF tracking, the Vision<br />

Pro delivers an immersive experience<br />

that surpasses expectations.<br />

With its powerful A15 Bionic chip,<br />

innovative design, and comprehensive<br />

features, the Apple Vision Pro sets a<br />

new standard for mixed-reality headsets.<br />

Priced at $3,500, this ground-breaking<br />

device offers a glimpse into the future of<br />

immersive technology, reaffirming Apple’s<br />

commitment to pushing boundaries<br />

and providing users with unparalleled<br />

experiences.<br />

• Operating System: VisionOS<br />

• Sensors: Five sensors<br />

• Microphones: Six microphones<br />

• Cameras: 12 cameras<br />

• Tracking: 6DoF (six degrees of<br />

freedom) tracking<br />

• Field of View: Wide<br />

• Optical Inserts: Compatible with<br />

ZEISS optical inserts<br />

• Processor: Apple A15 Bionic chip<br />

30 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


15inch MacBook Air<br />

Introducing, the game-changing 15-<br />

inch MacBook Air from Apple. This<br />

sleek and powerful laptop redefines<br />

what a 15-inch device can achieve,<br />

combining an expansive 15.3-inch Liquid<br />

Retina display, the ground-breaking M2<br />

chip, up to 18 hours of battery life, and<br />

an immersive six-speaker sound system.<br />

Packed into an astonishingly thin and light,<br />

fanless design, the MacBook Air sets a<br />

new standard for portable computing.<br />

<strong>The</strong> breathtaking 15.3-inch Liquid Retina<br />

display on the MacBook Air offers a<br />

generous viewing area, delivering stunning<br />

visuals with up to 500 nits of brightness<br />

and support for 1 billion colours. Text<br />

appears razor-sharp, and content comes<br />

to life with vibrant colours. This display<br />

boasts twice the resolution and 25 percent<br />

more brightness compared to similar PC<br />

laptops, ensuring an exceptional visual<br />

experience. Incredibly, the MacBook Air<br />

is the world’s thinnest 15-inch laptop,<br />

measuring a mere 11.5mm in thickness.<br />

Weighing just 3.3 pounds, it’s impressively<br />

lightweight and portable. Despite<br />

its slim profile, the MacBook Air remains<br />

solid and durable, surpassing comparable<br />

PC laptops in both thinness and weight.<br />

With the powerful M2 chip at its core,<br />

the MacBook Air delivers unparalleled<br />

performance. It’s up to 12 times faster<br />

than the fastest Intel-based MacBook Air<br />

and twice as fast as the best-selling 15-<br />

inch PC laptop with a Core i7 processor.<br />

Multitasking becomes seamless, thanks<br />

to the 8-core CPU, 10-core GPU, and 16-<br />

core Neural Engine.<br />

<strong>The</strong> M2 chip also enables an extraordinary<br />

18 hours of battery life, a 50 percent<br />

improvement over comparable PCs, all<br />

while delivering superior display quality<br />

and performance. Apple’s commitment to<br />

environmental sustainability is reflected<br />

in the design of the MacBook Air. It incorporates<br />

100 percent recycled materials,<br />

including gold plating, tin soldering, rare<br />

earth elements, cobalt, and steel.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 31


Cover Story<br />

Al Islami Foods<br />

Haj Saeed Lootah,<br />

Founder<br />

Al Islami Foods are one of the major<br />

players in the Halal Food Market<br />

Al Islami Foods has established<br />

itself as a cornerstone of<br />

family meals and gatherings,<br />

leaving a lasting impact since<br />

its inception in 1981. With a strong<br />

presence in Dubai, UAE, it has remained<br />

committed to delivering high-quality<br />

halal meat and frozen food products<br />

to households across the region. <strong>The</strong>ir<br />

diverse range of offerings is divided<br />

into two brands, Al Islami and Aladdin,<br />

tailored to cater to the specific needs<br />

of our valued customers. Under the<br />

Al Islami brand, it provides a wide<br />

selection of products, including whole<br />

chicken, chicken parts, and convenient<br />

options like burgers, nuggets, franks,<br />

as well as seafood, vegetables, french<br />

fries, and fruit. On the other hand, our<br />

Aladdin brand offers a dedicated range<br />

of premium frozen food for children.<br />

Behind Al Islami’s success is a dedicated<br />

team of 400 employees who work<br />

tirelessly across our warehouses and<br />

state-of-the-art manufacturing facility<br />

located in Hamriyah Freezone, UAE.<br />

Equipped with cutting-edge technology,<br />

they ensure that their products<br />

maintain their high standards of quality<br />

and nutrition.<br />

<strong>The</strong>ir dedication to quality, innovation,<br />

and community engagement has<br />

solidified our position as a trusted<br />

provider of halal food products. <strong>The</strong>y<br />

understand the significance of food in<br />

bringing families together and strive<br />

to make every meal a delightful and<br />

memorable experience. With a legacy<br />

built on the values of excellence and<br />

nourishment, Al Islami Foods continues<br />

to be a cherished companion in the<br />

kitchens and dining tables of families<br />

throughout the region.<br />

32 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Delta Food Industries<br />

Sharad Anand,<br />

CEO<br />

Delta Food Industries is dedicated<br />

towards production for brands for the<br />

international market<br />

Delta Food Industries FZC, a<br />

Free Zone Company established<br />

in 2012, is located<br />

in the Sharjah Airport Free<br />

Zone, UAE. <strong>The</strong> company has experienced<br />

substantial growth in terms of<br />

production lines, workforce, and market<br />

share since its inception.<br />

Delta Food Industries FZC focuses<br />

on exporting its products primarily to<br />

the global market, with a strong presence<br />

in the GCC and African regions.<br />

As a bulk manufacturer, the company<br />

engages in both private labelling and<br />

branded sales. Its diverse product range<br />

includes Tomato Paste, Tomato Ketchup,<br />

Evaporated Milk, Sterilized Cream, Hot<br />

Sauce, Full Cream Milk Powder, Oats,<br />

Cornstarch, and Custard Powder. Delta<br />

Food Industries FZC adheres to strict<br />

regulations and production policies, and<br />

it holds accreditations from esteemed<br />

organizations such as HALAL, HACCP,<br />

ISO 22000, and ISO 9001:2015.<br />

A significant portion of Delta Food<br />

Industries FZC’s production is dedicated<br />

to private brands for the international<br />

market, catering to local distribution.<br />

To meet the growing demand, the company<br />

consistently invests in upgrading<br />

and expanding its production lines.<br />

Delta Food Industries FZC operates<br />

efficiently with a highly competent team<br />

of personnel, working under the diligent<br />

supervision of experienced directors<br />

and team leaders. <strong>The</strong> company remains<br />

committed to delivering high-quality<br />

products and upholding impeccable<br />

standards throughout its operations.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 33


Cover Story<br />

United Foods Company<br />

Fethi Khiar<br />

CEO<br />

United Foods Company introduced the<br />

first branded ghee to the region and<br />

further cemented its quality reputation<br />

by offering pure ghee.<br />

United Foods Company (UFC)<br />

is a prominent food manufacturing<br />

company in the<br />

UAE, encompassing three<br />

main business units: oil and fats, frozen<br />

and chilled items, and water and<br />

beverages. <strong>The</strong> company boasts a<br />

portfolio of renowned food brands such<br />

as Nawar, Safi, Mumtaz, Della Terra,<br />

and SuperSun. With a focus on quality<br />

and safety, UFC holds certifications in<br />

HACCP and ISO 22000, allowing them<br />

to distribute their products across the<br />

Gulf region, Canada, Europe, the USA,<br />

Japan, and Australia.<br />

<strong>The</strong>ir flagship brand, ASEEL, offers<br />

three exceptional cooking oils tailored<br />

to suit every taste and culinary preference.<br />

ASEEL canola oil, corn oil, and<br />

sunflower oil are renowned for their<br />

natural flavours, palatability, and, above<br />

all, their health benefits.<br />

In addition to its vegetable oils, ASEEL<br />

extends its offerings to include two<br />

types of olive oil: extra virgin olive oil<br />

and Pomace olive oil. ASEEL’s product<br />

range expands beyond vegetable and<br />

olive oil, encompassing the healthiest<br />

Ghee products, salted and unsalted<br />

butter, and the delightful tahini.<br />

UFC also proudly presents additional<br />

premium vegetable oil brands: NAWAR,<br />

SAFI, MUMTAZ, and SUPER SUN. All<br />

four products are cholesterol-free,<br />

making them an excellent and healthy<br />

choice. Each brand possesses distinct<br />

characteristics to ensure it meets the<br />

unique needs of consumers. For comprehensive<br />

information about each<br />

product, UFC encourages visitors to<br />

explore its website.<br />

Moreover, UFC takes great pleasure<br />

in being the exclusive distributor of<br />

multiple international brands, including<br />

Pistachino, Prime Valley, Della Terra, and<br />

many more. This partnership enables<br />

UFC to offer customers a wide range<br />

of high-quality products to enhance<br />

their culinary experiences.<br />

UFC remains committed to providing<br />

consumers with safe, nutritious,<br />

healthy, and flavorful products. <strong>The</strong>ir<br />

dedication to customer satisfaction,<br />

combined with reasonable pricing,<br />

ensures that UFC products continue to<br />

be trusted and cherished by consumers<br />

across the UAE.<br />

34 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Best Food Company<br />

Bahjat Hasan<br />

CEO<br />

Recently Best Food Company launched<br />

a new corporate identity<br />

Established in 1979 as a single<br />

nuts processing plant, Bestfood<br />

has emerged as the leading<br />

provider of branded nuts in<br />

the Middle East. Over the years, the<br />

company has expanded its product<br />

range to include various premium nuts<br />

and chocolates. With cutting-edge manufacturing<br />

facilities spanning 128,600<br />

square feet and a dedicated workforce<br />

of over 600 skilled employees, Bestfood<br />

is committed to delivering exceptional<br />

quality products.<br />

Best Food caters to diverse consumer<br />

preferences through its two manufacturing<br />

divisions: Nuts and Chocolate.<br />

Additionally, the company operates eight<br />

sales divisions, namely FMCG Emirates,<br />

HoReCa, Target Markets, GCC, MENA,<br />

International, Saudi Arabia, and Retail<br />

(Roastery). By upholding stringent<br />

quality control measures, Bestfood<br />

has earned certifications such as ISO<br />

9001:2008 and HACCP.<br />

In the UAE, Bestfood has gained a<br />

loyal following among discerning food<br />

enthusiasts who consider Best Nuts as<br />

their top brand of choice. <strong>The</strong> company<br />

is synonymous with impeccable quality,<br />

a delightful variety of products, and an<br />

irresistible taste. To continuously exceed<br />

customer expectations, Bestfood constantly<br />

explores new ways to surprise<br />

and delight consumers. By selecting<br />

the finest ingredients, innovating exciting<br />

recipes, and leveraging the latest<br />

technology, every pack from Bestfood<br />

promises a deliciously healthy treat.<br />

One of their standout offerings is the<br />

exquisite Tamrah collection, crafted<br />

with the finest dates and golden roasted<br />

almonds, enrobed in pure chocolate.<br />

Another noteworthy product from<br />

Bestfood is Pekanz, featuring nutrient-packed<br />

premium pecan nuts coated<br />

with indulgent chocolate.<br />

Through their unwavering commitment<br />

to quality and innovation, Bestfood<br />

remains dedicated to delivering the<br />

finest nuts and chocolates.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 35


Cover Story<br />

Danat LLC<br />

Abdulla Al Mazrouei<br />

Founder<br />

Danat LLC takes pride in its commitment<br />

to preserving tradition and culture while<br />

catering to the modern consumer.<br />

Established in 2007, Danat<br />

LLC is a renowned company<br />

in the UAE that specializes<br />

in producing a wide range of<br />

food products and medicines. With a<br />

diverse portfolio, they supply organic<br />

food and herbal medicines specifically<br />

catered to expectant mothers. One of<br />

their standout products is the popular<br />

spice mix that has gained immense<br />

popularity throughout the UAE, particularly<br />

for its ability to enhance<br />

the flavours of specialized dishes. In<br />

addition, Danat offers high-quality<br />

coffee, cakes, and bread, providing<br />

a comprehensive range of culinary<br />

delights.<br />

Danat LLC takes pride in its commitment<br />

to preserving tradition and<br />

culture while catering to the modern<br />

consumer. <strong>The</strong>ir products are a reflection<br />

of the rich heritage and origins<br />

of the region, passed down through<br />

generations. By blending tradition<br />

with consumer-friendly approaches,<br />

Danat LLC has successfully built a<br />

loyal customer base.<br />

Customer satisfaction is at the forefront<br />

of Danat LLC’s philosophy. <strong>The</strong>y<br />

believe in delivering excellence and<br />

ensuring that their customers’ needs<br />

and preferences are met. With a focus<br />

on quality and innovation, Danat LLC<br />

strives to create and deliver the best<br />

products to satisfy its customers’<br />

expectations.<br />

In addition to servicing the local<br />

market, Danat LLC also offers packaging<br />

solutions to meet specific demands<br />

worldwide. <strong>The</strong>ir expertise in packaging,<br />

marketing, and delivering traditional<br />

UAE plates, foods, spices, and<br />

herbal medicines has positioned them<br />

as a trusted provider in the industry.<br />

Through its dedication to preserving<br />

tradition, delivering quality products,<br />

and meeting customer needs, Danat<br />

LLC continues to make its mark in the<br />

UAE and beyond.<br />

36 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Hunter Foods<br />

Bharat Narayan<br />

Founder<br />

<strong>The</strong> key pillars of Hunter Foods have<br />

been customer focus, innovation, quality<br />

and flexibility<br />

Hunter Foods, a leading company<br />

in the Middle East,<br />

has been manufacturing<br />

and packaging innovative<br />

and “Better for You” snacks and foods<br />

since 1985. With a strong presence in<br />

Asia as well, Hunter Foods offers a<br />

wide range of speciality and gourmet<br />

snacks and foods under its brands.<br />

<strong>The</strong>se include Hand Cooked Potato<br />

Chips, Vegetable and Fruit Chips,<br />

Quinoa Chips, High-Protein Lentil<br />

Chips, and Organic Superfoods. <strong>The</strong><br />

company places a strong emphasis<br />

on Quality, Innovation, and Customer<br />

Centricity, allowing them to have a<br />

robust distribution network in major<br />

retail, wholesale, food service establishments,<br />

and e-commerce platforms<br />

in the UAE and GCC. Additionally,<br />

Hunter Foods exports its products to<br />

45 countries across 5 continents.<br />

Reflecting the multicultural essence<br />

of Dubai, the Hunter Foods team<br />

comprises individuals from diverse<br />

backgrounds, each contributing their<br />

unique experiences, expertise, and<br />

perspectives. <strong>The</strong>y share a common<br />

belief in good food, ethics, and people.<br />

As a family-run business based<br />

in Dubai with a global presence, the<br />

company values innovation and flexibility,<br />

welcoming new challenges with<br />

a thought-driven approach.<br />

Hunter Foods has consistently maintained<br />

compliance with industry standards<br />

and certifications. Since 2006,<br />

they have been HACCP compliant and<br />

Halal Certified since 2017. In 2018, the<br />

company proudly became one of the<br />

few in the GCC countries to receive<br />

FSSC 22000 VER 5 compliance certificate<br />

in the snack food manufacturing<br />

segment. Additionally, Hunter Foods<br />

holds compliance certificates for ISO<br />

22000 and Verified Exporter by Dubai<br />

Exports under the Government of<br />

Dubai and SGS. <strong>The</strong>y adhere to internationally<br />

recognized Good Manufacturing<br />

Practices (GMP) and implement<br />

TACCP/VACCP/HACCP throughout<br />

their food production process, ensuring<br />

quality, food safety, and value for<br />

their customers and consumers.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 37


Cover Story<br />

National Food<br />

Products Company<br />

Iqbal Hamza,<br />

CEO<br />

NFPC is in the fulfilment journey of its<br />

visionary milestone of “NFPC Mega Plant”<br />

at Khalifa industrial Zone<br />

National Food Products Company<br />

(NFPC) is a renowned<br />

food and beverage manufacturer<br />

and distributor in<br />

the Middle East, operating for over 48<br />

years. It began with a dairy production<br />

facility in the heart of the Arabian<br />

Desert, and today, it is headquartered<br />

in Dubai as a multi-million dollar<br />

organization. NFPC’s wide range of<br />

well-known brands has become a<br />

part of the daily lives of more than<br />

half the population of the United Arab<br />

Emirates.<br />

With over 4,500 employees spread<br />

across various locations in the UAE<br />

and the region, NFPC is one of the<br />

largest employers in the area. <strong>The</strong><br />

company also exports its products to<br />

over 40 countries in the Middle East,<br />

Africa, and Asia, with a particular<br />

focus on the GCC and Levant regions.<br />

NFPC’s commitment is to continuously<br />

create and innovate products that<br />

cater to the needs and lifestyles of its<br />

consumers, aiming to provide millions<br />

of households with the health and<br />

wellness they deserve. <strong>The</strong>ir portfolio<br />

includes popular brands such as<br />

Oasis, Lacnor, Blu, Laban Up, Gulf &<br />

Safa, Melco, Milco, Royal Bakers, and<br />

Aqua Fresh.<br />

NFPC’s vision is to be the leading<br />

player in core categories by 2025,<br />

focusing on its people, processes, technology,<br />

and brands. With a substantial<br />

market share, a dedicated workforce,<br />

and an extensive sales and distribution<br />

network, NFPC has earned strong<br />

brand loyalty among its customers in<br />

the UAE and Oman and has expanded<br />

its export business to GCC, Africa,<br />

Asia, and Europe.<br />

38 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Dubai Refreshments<br />

Tarek Elsakka,<br />

CEO<br />

Dubai Refreshment (P.J.S.C.) reported<br />

earnings results of the sales for the first<br />

quarter was AED 168.36M<br />

Dubai Refreshments (DRC)<br />

is a prominent food and<br />

beverage manufacturing<br />

and distribution company<br />

operating in the lower Gulf region.<br />

Strategically situated at the heart<br />

of the new industrial hub in Dubai<br />

Investment Park, DRC boasts a stateof-the-art<br />

facility that aligns with the<br />

industry’s current requirements.<br />

With a remarkable history spanning<br />

almost six decades, the company has<br />

been instrumental in introducing and<br />

successfully promoting the Pepsi range<br />

of products in the UAE. Originally<br />

established as a limited liability company,<br />

DRC transformed into a Public<br />

Shareholding company in <strong>July</strong> 1994.<br />

Since 1962, DRC has served as the<br />

sole franchisee and distributor for<br />

PepsiCo in the region. <strong>The</strong> company’s<br />

unwavering vision is to be the leading<br />

F&B company in the lower Gulf, driven<br />

by a team of exceptional individuals<br />

equipped with the right tools and solid<br />

systems. Thanks to its extensive distribution<br />

network, PepsiCo products<br />

are easily accessible to customers<br />

across the UAE and numerous other<br />

locations worldwide.<br />

Dubai Refreshments (DRC) takes<br />

immense pride in its diverse portfolio<br />

of renowned beverage brands. Alongside<br />

the iconic Pepsi range, DRC offers<br />

a wide array of refreshing choices including<br />

7up, Mirinda, Lipton, Mountain<br />

Dew, AQUAFINA, Teisseire, CERES,<br />

ROCKSTAR Energy Drink, Robinsons,<br />

London Essence, EVERVESS, Britvic,<br />

Shani, Gatorade, edita, Snack time,<br />

and life wtr.<br />

This extensive range of beverages<br />

caters to varying preferences and<br />

ensures that customers have access<br />

to a plethora of options. DRC’s commitment<br />

to providing a comprehensive<br />

selection of high-quality and beloved<br />

brands has solidified its position as a<br />

leader in the F&B industry, garnering<br />

the trust and loyalty of consumers<br />

across the UAE and beyond. With a<br />

strong focus on meeting the evolving<br />

needs of its customers, DRC continues<br />

to introduce innovative and exciting<br />

products to the market, reinforcing<br />

its reputation as a reliable and forward-thinking<br />

company.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 39


Cover Story<br />

Bayara<br />

Jean-Marc LOURAU<br />

CEO<br />

In 2021, Bayara was acquired by Savola<br />

Group for $260m as part of expansion<br />

plan.<br />

Bayara, a celebrated brand in<br />

the GCC food industry, has<br />

made a significant impact<br />

since its establishment in<br />

1992. For three decades, Bayara, which<br />

was known as GFI, has become synonymous<br />

with bringing natural ingredients<br />

from around the world to every<br />

table, fostering a love for genuine and<br />

flavorful food.<br />

<strong>The</strong> company operates through key<br />

channels such as Consumer Goods,<br />

Shop in Shop, and Food Service, offering<br />

a diverse range of packed products<br />

including spices, pulses, raw<br />

nuts, dried fruits, dates, and snacks.<br />

Bayara products can be found in various<br />

formats and sizes, catering to<br />

both cooking essentials and healthy<br />

snacking options.<br />

In 2021, Bayara joined forces with<br />

the Savola Group, one of the MENA<br />

region’s largest food conglomerates,<br />

further strengthening its position in<br />

the market. With a commitment to<br />

exceptional quality and customer satisfaction,<br />

Bayara provides a traditional<br />

souk ambience in over 350 displays<br />

across the Middle East, allowing customers<br />

to taste, choose, and personalize<br />

their purchases.<br />

Additionally, Bayara offers a wide<br />

range of grades, origins, and packaging<br />

options for its partners, ensuring that<br />

they receive the best ingredients and<br />

services. <strong>The</strong> company’s extensive<br />

product categories, including spices<br />

and herbs, pulses and grains, dried<br />

fruits and nuts, dates, organic options,<br />

and snacks, cater to the diverse<br />

needs and preferences of consumers.<br />

Through its unwavering dedication to<br />

quality, Bayara has established itself<br />

as a trusted brand in the Middle East’s<br />

food industry.<br />

40 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Barakat Group of<br />

Companies<br />

Kenneth D’Costa,<br />

Managing Director<br />

Barakat continues to make its mark with a<br />

focus on quality, reliability, and customer<br />

satisfaction, as a trusted provider of<br />

healthy food options.<br />

Barakat, with its origins dating<br />

back to 1976, has emerged as<br />

a trusted name in the trade of<br />

fresh vegetables and fruits.<br />

Over the years, Barakat has established<br />

a vibrant international sourcing<br />

network, ensuring the highest quality<br />

standards and sourcing the best produce<br />

from farms worldwide.<br />

As the go-to supplier of fresh produce<br />

for prestigious entities such as<br />

5-star hotels, leading supermarket<br />

chains, airline catering companies, and<br />

prominent families in the UAE, Barakat<br />

has built enduring relationships with<br />

its partners in the hospitality and retail<br />

sectors.<br />

<strong>The</strong> name “Barakat” itself translates<br />

to “Prosperity” in Arabic, reflecting the<br />

company’s commitment to delivering<br />

customer delight while upholding its<br />

core values of quality, compassion,<br />

and innovation. Barakat offers a wide<br />

range of products, including fresh<br />

vegetables (both regular and organic),<br />

fresh fruits, cut fruits, fruit platters,<br />

fruit baskets, fresh juices, ice creams,<br />

juice popsicles, salads, dairy and eggs,<br />

bakery items, and more.<br />

With an easy-to-use online shopping<br />

experience, Barakat serves as the go-to<br />

online grocer, offering a diverse variety<br />

of fresh produce sourced from the<br />

best global suppliers. With prompt and<br />

hygienic delivery through food-grade<br />

refrigerated vehicles, Barakat ensures<br />

that freshness and quality remain intact<br />

until the products reach customers’<br />

doorsteps.<br />

Quality is the cornerstone of<br />

Barakat, and the company’s commitment<br />

to excellence is evident through<br />

its accreditation with esteemed certifications<br />

such as FSSC 22000, ISO<br />

22000/ISO 9001, HACCP, HALAL, and<br />

Kosher. <strong>The</strong>se certifications affirm<br />

Barakat’s dedication to upholding<br />

stringent food safety standards and<br />

ensuring the highest quality across its<br />

range of products.<br />

Headquartered in Dubai, Barakat<br />

operates from a central hub that allows<br />

for efficient sourcing, distribution,<br />

and delivery of its fresh produce to<br />

customers across the UAE. With a<br />

focus on quality, reliability, and customer<br />

satisfaction, Barakat continues<br />

to make its mark as a trusted provider<br />

of healthy and delicious food options.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 41


Cover Story<br />

Al Rawabi Dairy<br />

Dr Ahmed El Tigani,<br />

CEO<br />

Al Rawabi currently produces About<br />

350,000 litres of dairy products and<br />

150,000 litres of juice products per day.<br />

Al Rawabi Dairy, a prominent<br />

name in the UAE’s dairy and<br />

juice industry, has a rich<br />

heritage dating back to 1989<br />

when it started as a dairy farm in Al<br />

Khawaneej, Dubai’s desert heart. <strong>The</strong><br />

journey began with 500 imported cows<br />

and a vision to establish itself as a<br />

market leader in fresh dairy and juice<br />

products. Over the years, Al Rawabi<br />

witnessed steady growth fueled by<br />

increasing consumer demand, which<br />

led to its expansion across the UAE<br />

and Oman. Today, the company’s UAE<br />

dairy farm boasts over 16,500 cattle and<br />

operates around the clock, supporting<br />

its 24-hour production facility.<br />

As an award-winning company, Al<br />

Rawabi serves more than one million<br />

customers daily and celebrated its 30th<br />

anniversary in 2020. Its products proudly<br />

bear the label “Home Made in the<br />

UAE,” a testament to their authenticity<br />

and quality. <strong>The</strong> innovation lies at the<br />

core of Al Rawabi’s operations, as they<br />

were pioneers in introducing plastic<br />

milk bottles to the UAE in 1991 and<br />

fresh juices to the GCC in 1995. <strong>The</strong>y<br />

have also been the first to introduce<br />

functional dairy products to the market.<br />

Demonstrating their commitment<br />

to sustainability, Al Rawabi has plans<br />

to launch an environmentally friendly<br />

biogas plant shortly.<br />

Al Rawabi currently produces<br />

350,000 litres of dairy products and<br />

150,000 litres of juice products per day.<br />

<strong>The</strong> company prioritizes the nation’s<br />

health and ensures its products are<br />

fresh and packed with health benefits.<br />

Thanks to the proximity of their dairy<br />

farm to the processing plant, Al Rawabi<br />

products reach retail shelves within<br />

24 hours, guaranteeing freshness and<br />

quality. With over three decades of<br />

serving the nation, Al Rawabi takes<br />

pride in its role and remains dedicated<br />

to prioritizing the nation’s health and<br />

well-being.<br />

42 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Emirates Food Industries<br />

Wasfi Kaso,<br />

CEO<br />

<strong>The</strong> EFI’s Animal feed division also works<br />

in close collaboration with the Abu Dhabi<br />

Food Security Center on achieving the<br />

food security initiatives of the UAE.<br />

Emirates Food Industries<br />

(EFI) is a prominent holding<br />

company operating in the<br />

food, dairy, and agriculture<br />

industries in the UAE. Based in Abu<br />

Dhabi, EFI was established to support<br />

the Abu Dhabi government’s agricultural<br />

roadmap and food security program.<br />

EFI oversees several key subsidiaries<br />

that contribute to its diverse portfolio.<br />

One of EFI’s subsidiaries is the<br />

National Feed and Flour Production<br />

and Marketing Co. (NFFPM), a leading<br />

producer and distributor of animal<br />

feed. With an annual capacity of over<br />

700,000 metric tons and a wide range<br />

of more than 120 product categories<br />

and grades, NFFPM caters to the needs<br />

of various industries including poultry,<br />

dairy, camel, sheep, and goats. NFFPM<br />

operates in Mussafah/Abu Dhabi and<br />

Jebel Ali/Dubai, ensuring a strong<br />

presence in the animal feed market.<br />

EFI’s dedication to the dairy industry<br />

is evident through its ownership of two<br />

major standalone dairy farms in the<br />

UAE: National Dairy Farms (NDF) and<br />

Masaken Dairy Farms (MDF). <strong>The</strong>se<br />

farms play a significant role in ensuring<br />

a local supply of dairy products<br />

and contribute to the country’s food<br />

security agenda.<br />

Additionally, EFI operates the National<br />

Bags Factory (NB), a leading<br />

manufacturer of polypropylene bags.<br />

NB’s products serve various sectors,<br />

including the food industry, and contribute<br />

to the overall efficiency and<br />

sustainability of the supply chain.<br />

Under the EFI umbrella, the homegrown<br />

brand HAYATNA offers an<br />

extensive dairy product portfolio<br />

that is entirely produced in the UAE.<br />

HAYATNA aims to actively contribute<br />

to the nation’s food security agenda<br />

and position the UAE as a global hub<br />

for innovation-driven food security.<br />

EFI’s commitment to supporting<br />

food security initiatives and its strong<br />

presence in the animal feed, dairy,<br />

and packaging industries solidify its<br />

position as a key player in the UAE’s<br />

food and agriculture sectors.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 43


Cover Story<br />

Al Ain Farms<br />

Willem Van Walt Meijer,<br />

CEO<br />

Al Ain Farms is one of the only four<br />

companies in the region to have been<br />

awarded the ISO 22000 for Food Safety<br />

Management.<br />

Al Ain Farms, established<br />

in 1981 by the late Sheikh<br />

Zayed Bin Sultan Al Nahyan,<br />

the Father of the United<br />

Arab Emirates, holds the distinction<br />

of being the first dairy company in the<br />

UAE. Over 40 years, it has grown into<br />

the largest integrated dairy company<br />

in the country, operating under four<br />

key divisions: dairy, fresh juice, camel<br />

milk production, and poultry. With a<br />

commitment to providing the finest<br />

food products to the nation, Al Ain<br />

Farms manufactures its offerings with<br />

love in Al Ain, the heart of the UAE,<br />

and ensures daily delivery of fresh<br />

products nationwide.<br />

Striving to become a leader in the<br />

UAE’s food and beverage market, Al Ain<br />

Farms has made significant investments<br />

in state-of-the-art production lines,<br />

enabling quicker access to the market.<br />

<strong>The</strong> company has also expanded its<br />

product range and doubled its efficiency<br />

in the poultry business.<br />

By the end of 2020, Al Ain Farms<br />

will establish a new farm in the Al Ain<br />

area, resulting in increased dairy production.<br />

Transitioning from primarily<br />

a dairy company, Al Ain Farms aspires<br />

to become the foremost local food<br />

company in the UAE by 2021.<br />

Al Ain Farms holds various notable<br />

achievements and characteristics. It<br />

was the first company to deliver fresh<br />

milk in the country and operates four<br />

farms under its brand. With approximately<br />

1,800 camels, nearly 10,000<br />

cows, and an annual production of 7<br />

million broiler chickens, the company<br />

plays a significant role in meeting the<br />

food demands of the nation. Al Ain<br />

Farms embraces diversity, employing<br />

individuals from over 37 nationalities<br />

and promoting tolerance. Moreover, it<br />

is one of only four companies in the<br />

region to possess the ISO 22000:2018<br />

Certification for Superior Food Management<br />

Systems. Al Ain Farms embodies<br />

its values through the acronym “I care,”<br />

which stands for Innovate, Communicate,<br />

Adapt, Respond, and Execute.<br />

44 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Cover Story<br />

Unikai Foods<br />

Neeraj Vohra,<br />

CEO<br />

Unikai Foods (P.J.S.C) reported sales of<br />

AED 77.34M, for the first quarter ended<br />

March 31, <strong>2023</strong>.<br />

Unikai Foods, one of the largest<br />

and most diverse FMCG<br />

companies in the MENA<br />

region, has established itself<br />

as a prominent brand since its<br />

inception in 1977. In response to the<br />

growing need for high-quality pasteurised<br />

dairy products in the UAE, Unikai<br />

was established and inaugurated by the<br />

esteemed His Highness, Sheikh Rashid<br />

bin Saeed Al Maktoum, the then Ruler<br />

of Dubai.<br />

Over the past four decades, Unikai<br />

has experienced tremendous growth,<br />

becoming a leading producer of a<br />

wide range of dairy, ice cream, juice,<br />

and food products. <strong>The</strong> brand’s commitment<br />

to superior quality remains<br />

unwavering across its diverse product<br />

portfolio, delivering excellence<br />

to households within the UAE and<br />

beyond. Unikai’s reputation for exceptional<br />

quality has made it a favoured<br />

choice for consumers throughout the<br />

GCC and MENA regions, supported<br />

by an extensive distribution network<br />

across the UAE and Oman.<br />

<strong>The</strong> company’s unwavering mission<br />

is to provide convenient and innovative<br />

food and beverage options that bring<br />

value and happiness to consumers<br />

while nurturing the community for<br />

future generations. With its headquarters<br />

in Dubai, UAE, Unikai Foods is<br />

dedicated to bridging the past and<br />

future generations, positioning itself<br />

as a leading food and beverage lifestyle<br />

brand.<br />

Unikai Foods offers a wide array<br />

of products across various categories<br />

to cater to the diverse preferences of<br />

consumers. In the Ice Cream range,<br />

Unikai delights taste buds with an<br />

assortment of flavours and indulgent<br />

treats, providing a refreshing experience<br />

with every bite. <strong>The</strong> Dairy range<br />

encompasses a selection of pasteurized<br />

milk, yoghurt, laban, cheese, and other<br />

dairy products that exemplify Unikai’s<br />

commitment to quality and freshness.<br />

Unikai’s Juice & Beverage range includes<br />

a vibrant collection of refreshing<br />

and nutritious fruit juices, nectars, and<br />

flavoured beverages. Furthermore,<br />

Unikai’s Food range presents a diverse<br />

assortment of culinary delights,<br />

including frozen foods, ready-to-eat<br />

meals, sauces, and condiments. With<br />

an emphasis on convenience and taste,<br />

these food products make meal preparation<br />

effortless without compromising<br />

on quality.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 45


Cover Story<br />

National Food Industries<br />

Piyush Mahesh<br />

Director<br />

NFI’s Popular Brands Include MR.<br />

KRISPS, EMIRATES POFAKI, MR. POFAK,<br />

BAKEMAN’S & SINDBAD.<br />

National Food Industries (NFI)<br />

has come a long way since<br />

its inception in 1977 with<br />

just one packing machine.<br />

Today, it has become a leading snack<br />

food manufacturer in the Middle East.<br />

NFI’s brand portfolio consists of popular<br />

names such as Mr Krisps, Emirates<br />

Pofaki, Mr Pofak, Doodles, Bakeman’s,<br />

and Sinbad, which have gained recognition<br />

and popularity across the region.<br />

Mr Krisps and Emirates Pofaki hold a<br />

special place as legacy brands in the<br />

UAE and the wider GCC. What sets NFI<br />

apart is its unwavering commitment to<br />

operational agility and innovation. Over<br />

the past four decades, the company has<br />

thrived by staying ahead of the curve.<br />

<strong>The</strong>y understand that consumers crave<br />

variety, which is why newer flavours<br />

are introduced periodically. This dedication<br />

to offering something different<br />

ensures that customers always have a<br />

wide range of options to choose from.<br />

NFI’s fresh potato chips are a true<br />

delight, providing a crispy and flavorful<br />

snacking experience. <strong>The</strong>ir corn tortilla<br />

chips offer a savoury and satisfying<br />

crunch, perfect for dipping into your<br />

favourite salsa or guacamole. For those<br />

looking for a refreshing beverage,<br />

NFI’s fruit drinks offer a burst of fruity<br />

goodness in every sip<br />

NFI expresses gratitude towards its<br />

customers for making their products<br />

an integral part of their everyday lives.<br />

<strong>The</strong> company also acknowledges the<br />

trust and support it receives from its<br />

partners. At NFI, the commitment to<br />

quality is paramount, and it is reflected<br />

in the wide range of products they offer<br />

and the work they undertake.<br />

National Food Industries (NFI)<br />

takes pride in its snacks, and for good<br />

reason. <strong>The</strong>se delectable treats have<br />

been carefully crafted using ingredients<br />

that prioritize both taste and health.<br />

With NFI snacks, you can satisfy your<br />

cravings without compromising on<br />

quality or health.<br />

46 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Motorola Razr <strong>2023</strong><br />

Introducing the Motorola Razr<br />

<strong>2023</strong>, a stylish flip phone that<br />

takes on the Samsung Galaxy Z<br />

Flip 4. With a sleek design, both<br />

the premium Razr Plus and the more<br />

affordable Razr model offer a seamless<br />

look without a visible screen gap. <strong>The</strong><br />

standout feature of the Razr Plus is its<br />

massive 6.9-inch OLED display with a<br />

165Hz refresh rate, HDR10+ support,<br />

and a peak brightness of 1400 nits.<br />

<strong>The</strong> Razr, while slightly less capable,<br />

still impresses with its 6.9-inch OLED<br />

panel and a 144Hz refresh rate.<br />

In terms of the camera, the Razr<br />

Plus shines with its wide f/1.5 aperture<br />

lens, allowing it to capture 44%<br />

more light and deliver excellent lowlight<br />

performance. <strong>The</strong> 12MP sensor<br />

with larger pixels further enhances<br />

low-light photography. Both models<br />

feature a secondary 13MP ultrawide<br />

camera and a 32MP front camera for<br />

high-quality selfies.<br />

<strong>The</strong> folding design offers various<br />

shooting modes and creative possibilities.<br />

Battery life is impressive, with<br />

the Razr Plus housing a 3,800 mAh<br />

battery and the Razr featuring an even<br />

larger 4,200 mAh cell. <strong>The</strong> removal of<br />

the larger cover display in the Razr<br />

extends its battery endurance. Both<br />

models support 30W wired charging,<br />

and the Razr adds wireless charging at<br />

5W. Performance-wise, the Razr Plus<br />

utilizes the Snapdragon 8 Plus Gen 1<br />

chipset, while the Razr employs the<br />

Snapdragon 7 Gen 1 platform. Although<br />

not the latest flagship chipsets, they offer<br />

satisfactory performance for everyday<br />

tasks. Both models offer 8GB of RAM,<br />

with the Razr Plus providing 256GB of<br />

UFS 3.1 storage and the Razr offering<br />

128GB of UFS 2.2 storage.<br />

<strong>The</strong> Motorola Razr <strong>2023</strong> series offers<br />

a blend of style, innovation, and nostalgia<br />

in the flip phone market. With<br />

impressive displays, capable cameras,<br />

long-lasting batteries, and satisfactory<br />

performance, these phones cater to<br />

users seeking a unique and fashionable<br />

mobile experience. Whether opting for<br />

the premium Razr Plus or the more<br />

affordable Razr, Motorola’s latest<br />

offerings promise to captivate tech<br />

enthusiasts.<br />

Display:<br />

• Internal Display: 6.9-inch OLED,<br />

22:9 aspect ratio, 2640 x 1080 pixels<br />

• Refresh Rate: Razr Plus - up to<br />

165Hz, Razr - up to 144Hz<br />

• Cover Display (Razr Plus): 3.6-inch<br />

OLED, 166 x 1056 pixels<br />

Camera:<br />

• Rear Camera: Razr Plus - 12MP wide<br />

(f/1.5 aperture), 13MP ultrawide;<br />

Razr - 64MP wide, 13MP ultrawide<br />

• Front Camera: 32MP (8MP image<br />

output using pixel binning)<br />

Battery:<br />

• Razr Plus: 3,800 mAh<br />

• Razr: 4,200 mAh<br />

Charging:<br />

• Wired: 30W charging speed<br />

• Wireless (Razr only): 5W charging<br />

speed<br />

Processor:<br />

• Razr Plus: Snapdragon 8 Plus Gen<br />

1 chipset<br />

• Razr: Snapdragon 7 Gen 1 chipset<br />

• RAM: 8GB<br />

Storage:<br />

• Razr Plus: 256GB UFS 3.1<br />

• Razr: 128GB UFS 2.2<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 47


Wheels<br />

<strong>2023</strong> Audi A6 Etron<br />

<strong>The</strong> <strong>2023</strong> Audi A6 Etron is an<br />

upcoming electric vehicle that<br />

showcases Audi’s commitment<br />

to the future of mobility. Set<br />

to make its debut soon, the A6 Etron<br />

represents Audi’s vision for sustainable<br />

and high-performance driving. Powered<br />

by a dual-motor all-wheel drive<br />

setup, this electric sedan delivers an<br />

impressive 469 horsepower and 590<br />

lb-ft of torque, ensuring exhilarating<br />

acceleration. Audi claims the A6 Etron<br />

can go from 0 to 60 mph in under 4.0<br />

seconds, showcasing its remarkable<br />

performance capabilities.<br />

Equipped with a 100-kWh battery, the<br />

A6 Etron concept offers an estimated<br />

range of 435 miles, providing ample<br />

distance for both daily commuting and<br />

long-distance journeys. To enhance<br />

convenience, the A6 Etron features<br />

a fast-charging system capable of<br />

operating at up to 270 kW, allowing<br />

for quick and efficient charging on<br />

the go. In addition to its all-electric<br />

powertrain, the Audi A6 Etron <strong>2023</strong><br />

will be available in internal combustion<br />

and plug-in hybrid options, providing<br />

flexibility for drivers with different<br />

needs and preferences.<br />

<strong>The</strong> concept version of the A6<br />

Etron utilizes two electric motors,<br />

positioned at each axle, generating a<br />

combined output of 350 kW (476 hp)<br />

and 800 Nm of torque. This ensures<br />

a thrilling driving experience with<br />

impressive acceleration and dynamic<br />

performance. It’s worth noting that<br />

a high-performance RS version is<br />

expected to be offered, promising even<br />

more power and agility, capable of<br />

achieving a 0-100 km/h sprint in “well<br />

under” 4 seconds. As an innovative<br />

electric vehicle, the Audi A6 Etron<br />

combines advanced technology with a<br />

refined design and luxurious features.<br />

<strong>The</strong> A6 Etron’s sleek exterior exudes<br />

sophistication, while the interior offers<br />

a spacious and comfortable cabin,<br />

adorned with high-quality materials.<br />

Audi’s commitment to cutting-edge<br />

48 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


technology is evident in the A6 Etron,<br />

with features such as a large display<br />

screen, an intuitive infotainment<br />

system, and advanced driver-assistance<br />

technologies.<br />

While the specific release date<br />

for the Audi A6 Etron <strong>2023</strong> is yet to<br />

be confirmed, it is poised to make<br />

a significant impact in the electric<br />

vehicle market. With its impressive<br />

performance, long-range capability,<br />

and luxurious amenities, the A6<br />

Etron represents Audi’s dedication<br />

to sustainable mobility without<br />

compromising on driving enjoyment.<br />

Stay tuned for further updates on this<br />

exciting electric sedan.<br />

Specifications<br />

Horsepower: 469 hp<br />

Torque: 590 lb-ft<br />

Engine: 0-60 mph in under 4.0 seconds<br />

Battery Capacity: 100 kWh<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 49


Start-up<br />

Three Promising Food Tech Startups in<br />

the UAE<br />

<strong>The</strong> UAE’s food tech landscape is witnessing the rise of three promising<br />

startups that are reshaping the way we approach food and dining. ChatFood,<br />

Spades, and Sprout are at the forefront of leveraging technology to<br />

enhance the culinary experience, streamline operations, and cater to<br />

evolving consumer needs.Let’s explore the fascinating solutions behind<br />

these three remarkable food tech startups.<br />

ChatFood<br />

Benjamin Mouflard,<br />

Co-Founder and CEO<br />

ChatFood is an online ordering<br />

solutions provider for<br />

restaurant business management.<br />

Established in 2019,<br />

the company has experienced rapid<br />

growth and has emerged as a notable<br />

player in the industry. By leveraging<br />

user-friendly interfaces and advanced<br />

technology, ChatFood offers customers<br />

the convenience of ordering food<br />

through various channels, including<br />

websites, Instagram, messenger platforms,<br />

and popular online food portals.<br />

<strong>The</strong> company has gained recognition<br />

for its comprehensive suite of<br />

solutions. With a team of dedicated<br />

employees ranging from 11 to 50, the<br />

company continues to make strides in<br />

revolutionizing the restaurant industry.<br />

By integrating with food portals,<br />

delivery partners, POS systems, payment<br />

gateways, and marketing tools,<br />

ChatFood provides restaurant owners<br />

with a centralized platform for efficient<br />

management of online ordering<br />

operations.<br />

A notable feature of ChatFood is its<br />

branded ordering system, which allows<br />

restaurants to customize the digital<br />

ordering experience to reflect their<br />

unique brand identity. Additionally,<br />

the platform offers valuable customer<br />

insights, empowering restaurant owners<br />

to make informed decisions based<br />

on data. <strong>The</strong> management dashboard<br />

provides a comprehensive overview of<br />

orders, analytics, and other essential<br />

metrics, streamlining operations and<br />

enhancing efficiency. Furthermore,<br />

ChatFood’s loyalty programs and<br />

marketing tools enable restaurants<br />

to effectively engage and retain their<br />

customer base.<br />

Headquartered in Dubai, ChatFood<br />

has expanded its reach and currently<br />

serves over 8000 prominent brands<br />

worldwide. Through its robust solutions,<br />

the company’s partners have<br />

generated over $100M in revenue,<br />

highlighting the effectiveness of Chat-<br />

Food’s platform. Moreover, with a<br />

community-conscious approach, Chat-<br />

Food has attracted over 1.2 million<br />

customers who actively choose to<br />

order directly from restaurants, fostering<br />

stronger connections between<br />

businesses and their clientele.<br />

ChatFood’s success is further evidenced<br />

by its impressive track record<br />

of processing over 5 million orders to<br />

date. By integrating technology and<br />

culinary experiences, the company<br />

has redefined the food ordering process,<br />

catering to the evolving needs<br />

of both restaurants and customers.<br />

ChatFood’s commitment to delivering<br />

reliable solutions and its pursuit of<br />

innovation have established its position<br />

as a respected player in the online<br />

ordering space.<br />

With a total funding of $8M, Chat-<br />

Food remains dedicated to investing<br />

in research and development, further<br />

improving its offerings, and expanding<br />

its global presence. As the company<br />

continues its journey, its focus remains<br />

on empowering restaurants with the<br />

necessary tools to thrive in an increasingly<br />

digital world. ChatFood’s vision<br />

of transforming the restaurant industry<br />

through its online ordering solutions<br />

has already made a significant impact,<br />

and it is poised to continue making<br />

strides in the years to come.<br />

50 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Spades<br />

Spades is a pioneering payment<br />

solutions platform tailored<br />

specifically for dine-in restaurants.<br />

Since its founding in<br />

2021, Spades has revolutionized the<br />

dining experience by offering a range<br />

of convenient payment solutions to<br />

customers, ensuring a seamless and<br />

hassle-free transaction process.<br />

At the core of Spades is its webbased<br />

solution, which empowers<br />

guests to effortlessly manage their<br />

payments. By simply scanning a unique<br />

QR code assigned to each table, patrons<br />

gain instant access to the menu,<br />

review their bill, split payments with<br />

friends in real-time, express appreciation<br />

through tipping, and complete<br />

the transaction using their preferred<br />

payment method. This entire process<br />

can be completed in just 10 seconds<br />

and with only two taps on their mobile<br />

devices.<br />

One of the standout features of<br />

Spades is its compatibility with the<br />

restaurant’s main POS system. <strong>The</strong><br />

platform automatically updates the<br />

payout solutions, making them readily<br />

available within the establishment’s<br />

existing infrastructure. This integration<br />

ensures a seamless experience<br />

for both customers and staff, as transactions<br />

are effortlessly synced, eliminating<br />

any manual reconciliations or<br />

discrepancies.<br />

Spades has been widely embraced<br />

by the restaurant industry, resulting<br />

in faster table turnover and increased<br />

earning potential for staff through enhanced<br />

tipping capabilities. Moreover,<br />

the platform’s user-friendly approach<br />

requires no setup fees, app downloads,<br />

or long-term commitments, further<br />

adding to its appeal among restaurant<br />

owners and customers alike.<br />

Headquartered in Dubai, Spades has<br />

attracted significant attention within<br />

a relatively short period. With a dedicated<br />

team of 11 to 50 employees, the<br />

company has secured a total funding<br />

Sameer Poonja,<br />

Co-Founder<br />

of $2.5M to date. As it continues to<br />

expand its footprint, Spades remains<br />

committed to its mission of simplifying<br />

dine-in payments and enhancing<br />

the overall dining experience for all<br />

stakeholders involved.<br />

Sprout<br />

Oz Soydaner,<br />

Co-Founder and CEO<br />

Sprout is a pioneering company<br />

dedicated to providing<br />

wholesome, ready-to-heat food<br />

specifically designed for children.<br />

Founded in 2020, Sprout has<br />

quickly established itself as a trusted<br />

brand loved by both children and busy<br />

parents alike. Fueled by a passion for<br />

nutrition science and a desire to support<br />

children’s growth and well-being,<br />

Sprout aims to revolutionize kids’<br />

nutrition by offering food that nourishes<br />

their bodies and encourages the<br />

development of a diverse palate.<br />

At Sprout, the team is committed<br />

to taking the guesswork out of children’s<br />

nutrition. <strong>The</strong>y believe that kids<br />

deserve food that not only supports<br />

their physical growth but also helps<br />

them cultivate a lifelong appreciation<br />

for healthy eating. With this mission<br />

in mind, Sprout harnesses the power<br />

of nutrition science and technology to<br />

provide parents with the knowledge<br />

and tools to make informed decisions<br />

about their children’s nutrition,<br />

starting from their very first bite of<br />

solid food.<br />

By leveraging the latest research<br />

and utilizing innovative culinary techniques,<br />

Sprout crafts meals that strike<br />

the perfect balance between taste and<br />

nutrition. <strong>The</strong> company empowers<br />

parents to confidently raise healthy<br />

and happy kids by offering them<br />

wholesome options that align with<br />

their dietary needs and preferences.<br />

Based in Dubai, Sprout has attracted<br />

a dedicated team of 11 to 50 employees<br />

who share a common vision of improving<br />

children’s well-being through nutrition.<br />

With a total funding of $200,000,<br />

Sprout continues to expand its reach<br />

and make a positive impact on the<br />

lives of families worldwide.<br />

<strong>The</strong> headquarters of Sprout serve<br />

as the hub for innovation, research,<br />

and development, ensuring that the<br />

company stays at the forefront of children’s<br />

nutrition science. By prioritizing<br />

the future of children and recognizing<br />

that their well-being is shaped by the<br />

choices made today, Sprout remains<br />

dedicated to providing parents with<br />

the necessary resources and support<br />

to give their children the best start in<br />

life. With its focus on raising healthy,<br />

happy kids with confidence, Sprout is<br />

making a significant contribution to<br />

the well-being of children and their<br />

families, setting the stage for a healthier<br />

and brighter future.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 51


Energy<br />

UAE’s Renewable Energy Revolution: A<br />

Sustainable Path Forward<br />

<strong>The</strong> United Arab Emirates (UAE) is embarking on a remarkable journey towards<br />

a sustainable future by implementing renewable energy efficiency programs.<br />

Recognizing the impacts of climate change and the need to diversify its energy<br />

sources, the UAE is taking bold steps to reduce its carbon footprint and create a<br />

sustainable path forward.<br />

52 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


One of the UAE’s significant<br />

initiatives is the Net Zero<br />

by 2050 Strategic Initiative,<br />

making it the first country in<br />

the Middle East to commit to such an<br />

ambitious goal. This initiative aligns<br />

with the Paris Agreement and the<br />

UAE’s vision for development, aiming<br />

to create new knowledge, green industries,<br />

and job opportunities.<br />

<strong>The</strong> UAE Energy Strategy 2050<br />

sets clear targets for its energy mix,<br />

with a vision to achieve 44% clean<br />

energy, 38% gas, 12% clean coal, and<br />

6% nuclear power. This strategy aims<br />

to increase the contribution of clean<br />

energy to the total energy mix, reduce<br />

carbon emissions, and enhance energy<br />

efficiency by 40% for individuals and<br />

corporations.<br />

Despite being a major oil and gas<br />

producer, the UAE understands the<br />

importance of diversifying its energy<br />

mix. In a groundbreaking move,<br />

its environmental goals.<br />

As the first country in the region to<br />

deploy industrial-scale carbon capture<br />

technology, <strong>The</strong> UAE is mindful of the<br />

carbon impact of hydrocarbon fuels.<br />

It is committed to making its oil and<br />

gas sector as low-carbon as possible.<br />

By utilizing advanced technologies and<br />

optimizing its resources, the UAE’s<br />

hydrocarbons are among the least<br />

carbon-intensive in the world.<br />

Furthermore, the UAE is actively<br />

engaging in renewable energy competitive<br />

auctions, joining leading countries<br />

worldwide in driving the growth of<br />

renewables. By adopting international<br />

renewable energy certificates, the<br />

UAE ensures the reliable tracking<br />

and verification of renewable energy<br />

sources, promoting transparency and<br />

accountability.<br />

<strong>The</strong> UAE’s commitment to renewable<br />

energy extends beyond its<br />

borders. Through partnerships and<br />

principles underlying all efforts.<br />

Scheduled to take place from November<br />

30 to December 12, <strong>2023</strong>, at<br />

Expo City in Dubai, the UAE aims to<br />

use COP28 as a platform to promote<br />

practical and positive solutions that<br />

benefit both the climate and the<br />

economy. <strong>The</strong> country is committed<br />

to providing support and assistance<br />

to vulnerable communities. <strong>The</strong> UAE<br />

is dedicated to ensuring inclusivity by<br />

taking into account the perspectives<br />

and input of various geographies,<br />

sectors, and stakeholders.<br />

<strong>The</strong> Mohammed bin Rashid Al Maktoum<br />

Solar Park, one of the world’s<br />

largest solar energy projects, stands<br />

as a testament to the UAE’s dedication<br />

to clean and renewable energy<br />

solutions.<br />

<strong>The</strong> UAE’s renewable energy revolution<br />

serves as an inspiration to<br />

nations worldwide. It demonstrates<br />

that even countries rich in fossil fuel<br />

COP28 in the UAE marks a significant opportunity for<br />

global collaboration and progress in addressing climate<br />

change.<br />

state-owned companies such as Abu<br />

Dhabi National Oil Company, Taqa,<br />

and Mubadala have partnered with renewable<br />

energy company Masdar. This<br />

collaboration positions Masdar as one<br />

of the largest clean energy companies<br />

globally, with a commitment to expand<br />

its clean energy capacity to over 50<br />

GW by 2030. This shift demonstrates<br />

that the UAE is determined to reduce<br />

its dependence on fossil fuels and<br />

embrace renewable energy sources.<br />

<strong>The</strong> UAE’s commitment to clean<br />

energy is not limited to renewables<br />

alone. <strong>The</strong> country operates three<br />

nuclear power reactors that contribute<br />

to its energy grid and boasts three of<br />

the world’s largest and most cost-effective<br />

solar plants. By embracing a<br />

diverse energy portfolio that includes<br />

renewable, nuclear, and clean coal<br />

sources, the UAE aims to meet its economic<br />

requirements while achieving<br />

agreements, Recently, the UAE is<br />

investing in large-scale wind farms in<br />

Egypt, supporting clean energy development<br />

in neighboring countries and<br />

contributing to regional sustainability.<br />

With the upcoming United Nations<br />

Climate Change Conference, COP28, to<br />

be hosted by the UAE, the country has<br />

the opportunity to showcase its clean<br />

energy projects and lead discussions<br />

on global climate action.<br />

COP28 in the UAE marks a significant<br />

opportunity for global collaboration<br />

and progress in addressing<br />

climate change. It calls for increased<br />

ambition and commitment from all<br />

nations to fulfill the objectives set out<br />

in the Paris Agreement. <strong>The</strong> conference<br />

will adopt an inclusive approach,<br />

emphasizing the importance of leaving<br />

no one behind in climate action. Transformation,<br />

solidarity, pragmatism,<br />

and inclusivity will be the guiding<br />

resources can proactively transition<br />

to a sustainable energy future. <strong>The</strong><br />

UAE’s commitment to diversification,<br />

renewable energy deployment, and<br />

technological advancements paves<br />

the way for a greener and more sustainable<br />

world.<br />

As the UAE continues its journey<br />

towards comprehensive sustainable<br />

development, it offers valuable lessons<br />

to countries worldwide. By prioritizing<br />

clean energy, preserving natural<br />

resources, and reducing carbon emissions,<br />

the UAE sets an example for<br />

others to follow. <strong>The</strong> UAE’s renewable<br />

energy revolution is about powering its<br />

economy and securing a sustainable<br />

and prosperous future for generations<br />

to come.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 53


Energy News<br />

UAE announces extension of oil output cut of 144,000 bpd by 2024<br />

<strong>The</strong> United Arab Emirates (UAE)<br />

has announced its commitment<br />

to continue reducing its oil<br />

production by 144,000 barrels<br />

per day (bpd) until the end of 2024.<br />

This decision aligns with the agreement<br />

reached at the 35th ministerial meeting<br />

of OPEC+ on June 4, <strong>2023</strong>. As per the<br />

joint statement issued by OPEC and<br />

non-OPEC Participating Countries in the<br />

Declaration of Cooperation, the overall<br />

crude oil production level for both OPEC<br />

and non-OPEC participants will be adjusted<br />

to 40.46 million barrels per day.<br />

<strong>The</strong> implementation of this adjustment<br />

will commence on January 1, 2024, and<br />

remain in effect until December 31, 2024.<br />

<strong>The</strong> aim is to achieve a balanced supply<br />

and demand scenario in the global oil<br />

market.<br />

EU, COP28 host UAE<br />

pledge to rally support<br />

for renewable goals<br />

<strong>The</strong> European Commission and<br />

the United Arab Emirates’<br />

presidency of COP28 are jointly<br />

committed to advancing global<br />

renewable energy goals, aiming to facilitate<br />

a transition away from unabated<br />

fossil fuels. In a meeting held in Brussels,<br />

officials from both sides agreed to seek<br />

widespread support for the tripling of<br />

renewable energy and doubling of energy<br />

efficiency targets by 2030. Furthermore,<br />

the EU and the UAE will collaborate on<br />

the establishment of a fund to address<br />

the irreversible damage caused by climate<br />

change in vulnerable nations. This<br />

partnership reflects a collective effort to<br />

address climate change and its impacts<br />

on a global scale.<br />

UAE and Egypt progress with $10B wind farm<br />

UAE’s Masdar, along with<br />

Africa’s Infinity Power and<br />

Hassam Allam Utilities, has<br />

made significant progress in<br />

a $10B wind farm project. <strong>The</strong> three<br />

companies have signed an agreement<br />

with Egypt’s New and Renewable Energy<br />

Authority, securing land for the<br />

construction of a massive 10-gigawatt<br />

onshore wind farm in Egypt. This wind<br />

farm is expected to be one of the largest<br />

in the world. Once operational, the<br />

wind farm will generate a staggering<br />

47,790 GWh of clean energy annually<br />

and contribute to a 9% reduction in<br />

Egypt’s carbon emissions by displacing<br />

23.8 million tonnes of carbon dioxide<br />

each year. This landmark project marks<br />

a significant step towards a greener<br />

and more sustainable future for Egypt.<br />

Saudi Arabia Implements Production Cut to Stabilise<br />

Oil Prices<br />

Saudi Arabia has announced a<br />

reduction in its oil production<br />

by one million barrels per day<br />

(bpd) in an effort to bolster declining<br />

oil prices. <strong>The</strong> decision comes<br />

as the OPEC+ alliance, consisting of<br />

major oil-producing countries, faces the<br />

challenges of a supply glut and weakening<br />

oil prices. <strong>The</strong> production cuts<br />

are set to take effect in <strong>July</strong>, following<br />

earlier unsuccessful attempts to boost<br />

prices through OPEC+ production cuts.<br />

<strong>The</strong> agreement, reached after lengthy<br />

discussions, extends the cuts in oil<br />

supply until the end of 2024 by an additional<br />

total of 1.4 million bpd. Saudi<br />

Arabia’s Energy Minister stated that<br />

the production cut could be extended<br />

beyond <strong>July</strong> if necessary, emphasizing<br />

the transparency and fairness of the<br />

new targets.<br />

54 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Saudi PIF’s RVCMC Hosts Largest Carbon Credit Auction in Kenya<br />

Saudi Arabia’s Regional Voluntary<br />

Carbon Market Company<br />

(RVCMC) is preparing to host<br />

the world’s largest auction of<br />

voluntary carbon credits in Nairobi,<br />

Kenya, on June 14. <strong>The</strong> choice of Nairobi<br />

as the auction location aims to highlight<br />

the significance of voluntary carbon<br />

markets in attracting investments to<br />

emerging economies and securing funding<br />

for African carbon credits. RVCMC,<br />

established by the Public Investment<br />

Fund (PIF) and Saudi Tadawul Group,<br />

provides guidance and resources to<br />

support businesses and industries<br />

in the Middle East and North Africa<br />

Masdar’s Lowest Bid<br />

Wins Phase 6 of Dubai<br />

Solar Park at 1,800<br />

Megawatts<br />

Masdar, the Abu Dhabi Future<br />

Energy Company,<br />

has emerged as the lowest<br />

bidder for Phase 6 of the<br />

Mohammed bin Rashid Al Maktoum<br />

Solar Park in Dubai, with a bid of<br />

USD 1.62154 cents per kilowatt hour<br />

(kWh). <strong>The</strong> project, with a capacity of<br />

1,800 megawatts (MW), will be based<br />

on the Independent Power Producer<br />

(IPP) model. <strong>The</strong> second bid was<br />

submitted by ACWA Power, a Saudi<br />

Arabia-based developer. <strong>The</strong> project<br />

is expected to become operational in<br />

stages from the fourth quarter of 2024.<br />

With the addition of Phase 6, the total<br />

production capacity of the solar park<br />

will reach 2,327 MW, with an additional<br />

533 MW under construction. DEWA, the<br />

Dubai Electricity and Water Authority,<br />

expressed satisfaction with achieving<br />

the lowest price for PV solar power<br />

projects based on the IPP model.<br />

(MENA) region as they contribute<br />

to the global shift towards achieving<br />

net-zero emissions. <strong>The</strong> auction event<br />

Envision Energy Secures NEOM Wind Turbine<br />

Contract<br />

Envision Energy, a Chinese<br />

company, has entered into a<br />

contract with Air Products to<br />

provide 1.67-gigawatt (GW)<br />

wind turbines for the NEOM Green<br />

Hydrogen Company’s ambitious green<br />

hydrogen plant in north-west Saudi<br />

Arabia. <strong>The</strong> NEOM project is part of<br />

the larger NEOM giga project. Envision<br />

will supply its EN:171/6.5MW wind<br />

turbines, and the turbines are expected<br />

to be operational by 2026. <strong>The</strong> NEOM<br />

Green Hydrogen Company aims to<br />

produce carbon-free hydrogen using<br />

renewable energy sources like wind and<br />

solar power. <strong>The</strong>ir goal is to generate<br />

up to 600 tonnes per day of carbon-free<br />

hydrogen by the end of 2026.<br />

UAE is a leader in renewable energy competitive<br />

auctions – IEA<br />

<strong>The</strong> UAE is positioned as one<br />

of the leading nations in the<br />

realm of renewable energy<br />

competitive auctions, alongside<br />

European countries, India, the<br />

USA, Korea, and Brazil. <strong>The</strong>se auctions<br />

serve as a significant catalyst for the<br />

policy-driven expansion of renewable<br />

energy, as they enable countries,<br />

governments, businesses, or power<br />

utilities to procure clean power from<br />

represents a step forward in promoting<br />

sustainable practices and facilitating<br />

the transition to a low-carbon economy<br />

providers through competitive bidding.<br />

According to the International Energy<br />

Agency (IEA), this auction-based approach<br />

represents the largest driver of<br />

renewable energy growth. Additionally,<br />

market-driven growth, facilitated by<br />

power purchase agreements (PPAs),<br />

particularly in the USA, accounts for<br />

17% of the global expansion in utility<br />

solar and wind power.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 55


Wheels<br />

<strong>2023</strong> Mercedes-Benz EQE<br />

<strong>The</strong> highly anticipated <strong>2023</strong><br />

Mercedes-Benz EQE is set<br />

to revolutionize the electric<br />

vehicle market with its<br />

cutting-edge features and impressive<br />

performance. Expected to debut<br />

soon, this luxury electric vehicle from<br />

Mercedes-Benz will surely turn heads.<br />

<strong>The</strong> EQE will be available in three<br />

distinctive models to cater to different<br />

preferences and driving needs. <strong>The</strong>se<br />

models include the rear-wheel drive,<br />

single motor 350+; the all-wheel drive<br />

350 4Matic; and the powerful 500 4Matic.<br />

Regardless of the chosen variant, all<br />

models will be equipped with a robust<br />

90.6 kWh battery pack, ensuring ample<br />

power for a thrilling driving experience.<br />

One of the key highlights of the EQE<br />

is its exceptional range.<br />

With a single charge, the EQE will<br />

be capable of covering an impressive<br />

distance of up to 400 miles. This<br />

extended range provides drivers<br />

with the freedom to embark on long<br />

journeys with minimal concerns<br />

about recharging. Under the hood,<br />

the EQE boasts the prowess of two<br />

electric motors that deliver a combined<br />

output of 402 horsepower and an<br />

impressive 561 lb-ft of torque. This<br />

formidable powertrain enables the<br />

EQE to accelerate from 0 to 60 mph<br />

in a swift 4.5 seconds, showcasing its<br />

agility and responsiveness.<br />

Inside the EQE, a world of luxury<br />

and sophistication awaits. <strong>The</strong> spacious<br />

cabin is meticulously designed to<br />

offer comfort and elegance, providing<br />

56 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


occupants with a truly indulgent<br />

experience. <strong>The</strong> centerpiece of the<br />

interior is a large infotainment screen<br />

that seamlessly integrates cuttingedge<br />

technology for intuitive control<br />

and access to various functions. To<br />

further enhance safety and convenience,<br />

the EQE will come equipped with<br />

advanced driver assistance systems.<br />

<strong>The</strong>se intelligent features provide<br />

assistance and support to the driver,<br />

elevating the overall driving experience<br />

and ensuring peace of mind on the road.<br />

Specifications<br />

Horsepower: 402 hp<br />

Torque: 61 lb-ft<br />

Acceleration: 0-60 mph in 4.5 seconds<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 57


Healthcare<br />

Future of the Healthcare Sector: Innovations<br />

and Investments<br />

<strong>The</strong> healthcare sector is undergoing a transformative journey driven<br />

by significant investments and advancements in Artificial Intelligence<br />

technology. Countries like the United Arab Emirates and Saudi Arabia<br />

are leading the surge in healthcare spending in the Gulf region, with<br />

the sector projected to reach $135.5B by 2027. This article explores the<br />

latest developments and initiatives in the healthcare sector, highlighting<br />

the integration of AI innovations and the positive impact on patient<br />

care, efficiency, and overall healthcare outcomes.<br />

58 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


<strong>The</strong> healthcare sector is increasingly adopting AI-based<br />

solutions to streamline processes and enhance patient<br />

care, such as Robotic Process Automation.<br />

According to Alpen Capital’s<br />

report, the healthcare expenditure<br />

in the Gulf Cooperation<br />

Council (GCC) countries is<br />

expected to grow at an annualized rate<br />

of 5.4%, reaching $135.5B by 2027. UAE<br />

and Saudi Arabia are spearheading this<br />

growth, with investments in healthcare<br />

infrastructure, technologies, and<br />

services. This substantial increase in<br />

spending demonstrates the region’s<br />

commitment to enhancing the healthcare<br />

sector and improving the quality<br />

of care provided to its population.<br />

In the UAE, the Emirate Health Services<br />

(EHS) launched an innovation<br />

strategy for the years <strong>2023</strong> to 2026,<br />

aiming to enhance the sustainability of<br />

health-related innovations. <strong>The</strong> Dubai<br />

Health Authority (DHA) introduced a<br />

value-based healthcare model known as<br />

EJADAH, which leverages AI technology<br />

for predictive healthcare analysis. This<br />

model focuses on early intervention,<br />

prevention of diseases, and patient-centred<br />

care. It aims to shift the healthcare<br />

sector from a volume-based model to<br />

a value-based model, ensuring better<br />

population health, optimized healthcare<br />

expenditure, and improved clinical<br />

outcomes.<br />

<strong>The</strong> EJADAH model incorporates<br />

AI technology and patient-reported<br />

outcome measures (PROMs) to assess<br />

the effectiveness of care from the patient’s<br />

perspective. It enables payers<br />

and providers to work together based on<br />

evidence-based guidelines, emphasizing<br />

performance and clinical outcomes. <strong>The</strong><br />

model also promotes preventive care,<br />

reducing healthcare expenditure and<br />

enhancing healthcare sustainability. By<br />

2025, the model aims to cover various<br />

disease areas, including diabetes, asthma,<br />

peptic ulcer disease, rheumatoid<br />

arthritis, obesity, and many others.<br />

This comprehensive approach ensures<br />

holistic healthcare management and<br />

improved patient outcomes.<br />

<strong>The</strong> healthcare sector is increasingly<br />

adopting AI-based solutions to streamline<br />

processes and enhance patient<br />

care. Automation technologies, such<br />

as Robotic Process Automation (RPA),<br />

are being implemented to optimize<br />

administrative tasks, improve productivity,<br />

and ensure the efficient allocation<br />

of resources. <strong>The</strong> Department of<br />

Health-Abu Dhabi (DoH) launched an<br />

RPA tool, which has shown promising<br />

results, increasing service quality by<br />

more than 80% and reducing process<br />

durations by 90%. <strong>The</strong>se advancements<br />

enable healthcare professionals to focus<br />

on more complex tasks, further<br />

enhancing the overall efficiency of the<br />

healthcare sector.<br />

Healthcare facilities in the UAE are<br />

embracing AI innovations to improve<br />

patient care and outcomes. <strong>The</strong> Care<br />

AI project by Emirates Health Services<br />

(EHS) utilizes AI for self-monitoring,<br />

patient behaviour tracking, and computer<br />

vision-based diagnosis assistance. It<br />

enables healthcare providers to gather<br />

and analyze patient data, offering personalized<br />

treatment options. Additionally,<br />

hospitals like Burjeel Medical City<br />

are utilizing holographic technology<br />

and advanced tracking systems to enhance<br />

surgical planning and treatment<br />

accuracy.<br />

<strong>The</strong> Health Sector Transformation<br />

Program in Saudi Arabia is a significant<br />

initiative aimed at restructuring and<br />

enhancing the country’s healthcare<br />

system. With a focus on comprehensive,<br />

effective, and integrated healthcare,<br />

the program prioritizes the well-being<br />

of individuals and society as a whole,<br />

including citizens, residents, and visitors.<br />

At its core, the program promotes<br />

value-based care, emphasizing transparency<br />

and financial sustainability<br />

while prioritizing public health and<br />

disease prevention.<br />

By adopting a new model of care that<br />

emphasizes prevention, the program<br />

aims to improve access to healthcare<br />

services by ensuring optimal coverage<br />

and fair geographical distribution. Furthermore,<br />

the program seeks to leverage<br />

technology by expanding the provision<br />

of e-health services and digital solutions,<br />

ultimately improving the overall quality<br />

of healthcare services. This initiative<br />

aligns with Saudi Arabia’s Vision 2030<br />

and builds upon the accomplishments<br />

and strategic targets achieved through<br />

the National Transformation Program,<br />

further bolstering the healthcare sector’s<br />

development and capacity to address<br />

health-related challenges.<br />

<strong>The</strong> future of the healthcare sector<br />

in the Gulf region is shaped by significant<br />

investments and AI innovations.<br />

With countries like the UAE and Saudi<br />

Arabia leading the way, the sector is<br />

projected to experience substantial<br />

growth, reaching $135.5B by 2027. Integration<br />

of AI technologies, such as<br />

the value-based healthcare model and<br />

automation systems, is transforming<br />

healthcare delivery, improving patient<br />

outcomes, and optimizing resource<br />

allocation.<br />

<strong>The</strong>se advancements highlight the<br />

commitment of the region to provide<br />

high-quality healthcare services and<br />

establish a sustainable healthcare<br />

system that focuses on prevention,<br />

patient-centric care, and continuous<br />

innovation.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 59


Mergers & Acquisitions<br />

UAE Takes the Lead: A Closer Look at<br />

M&A Activity in Q1 <strong>2023</strong><br />

Mergers and Acquisitions in the United Arab Emirates have experienced significant<br />

activity in recent years, with the country emerging as a top player in the Middle<br />

East. In 2022 alone, the UAE, along with Saudi Arabia and Egypt, accounted for<br />

89% of the total deal volume in the region, showcasing its dominance in the M&A<br />

landscape. Sectors such as technology, energy, food processing, healthcare, and<br />

education have been the primary drivers of M&A deals, particularly in the form<br />

of Initial Public Offerings (IPOs).<br />

60 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


UAE recorded 42 deals worth $2B, followed<br />

by Saudi Arabia, Kuwait, Egypt, and Oman.<br />

Despite a global trend of slowing<br />

deal activity, the Middle<br />

East has witnessed a notable<br />

increase in M&A deals, defying<br />

the odds. This surge can be attributed<br />

to factors like advantageous regional<br />

dynamics, including higher oil prices and<br />

improved fiscal restraint. <strong>The</strong>se elements<br />

have contributed to the region’s flexible<br />

economy and relatively faster growth,<br />

leading to an attractive environment for<br />

M&A transactions.<br />

<strong>The</strong> GCC region, including the UAE,<br />

continues to be an appealing destination<br />

for M&A activity, thanks to favorable regional<br />

factors and a history of resilience.<br />

Despite increasing interest rates, the<br />

transactional activity in the region has<br />

not been significantly impacted. Buyers,<br />

including strategic investors, sovereign<br />

wealth funds, and financial sponsors, are<br />

in high demand. However, there is now a<br />

greater emphasis on value creation and<br />

integration synergies.<br />

In the mid-segment of the M&A spectrum,<br />

family groups, corporate entities,<br />

sovereign wealth funds, and state-owned<br />

enterprises are prominent players. Sectoral<br />

consolidation, value chain expansions,<br />

and acquisitions aimed at enhancing<br />

capabilities drive this segment. While<br />

opportunities in this segment are plentiful<br />

in terms of volume, they often require<br />

more time and patience to materialize.<br />

Comprehensive platforms serving<br />

customers along the entire value chain<br />

are being developed by businesses and<br />

sovereign wealth funds. This trend is<br />

evident in various industries, including<br />

retail, consumer goods, healthcare,<br />

logistics, technology, media, and telecommunications.<br />

Sovereign entities in<br />

the region are actively working to merge<br />

their operations to improve service quality<br />

and investment performance.<br />

In the current environment of elevated<br />

interest rates, inflation, increased<br />

competition, consolidation efforts, and<br />

digitalization, stakeholders are paying<br />

closer attention to performance, returns,<br />

and value creation. As a result, portfolio,<br />

company, and investment assessments<br />

have become more rigorous, with a focus<br />

on revitalizing underperforming entities<br />

and boosting resilience. Restructuring<br />

is expected to play a significant role in<br />

driving growth and focusing on these<br />

priorities.<br />

Tax considerations are crucial in the<br />

context of M&A transactions. In jurisdictions<br />

with developed tax regimes,<br />

the tax implications of a transaction or<br />

corporate restructuring are a priority.<br />

Failing to consider tax implications from<br />

the outset can be a costly oversight.<br />

In the UAE, companies must take into<br />

account the impact of deals on their<br />

financial statements, cash flows, and<br />

tax obligations. With the introduction of<br />

corporate tax and VAT, understanding the<br />

tax landscape is crucial for successful<br />

M&A transactions.<br />

Although the overall value of M&A<br />

transactions in the MENA region experienced<br />

a decline in the first quarter of<br />

<strong>2023</strong>, the UAE remained the top country<br />

in terms of M&A activity. <strong>The</strong> country<br />

recorded 42 deals worth $2B, followed by<br />

Saudi Arabia, Kuwait, Egypt, and Oman.<br />

While deal volumes decreased, the total<br />

value of M&A deals in the MENA region<br />

increased by 42% compared to the same<br />

period last year.<br />

Despite challenges posed by declining<br />

oil prices, lower GDP per capita growth<br />

rates, and rising food inflation, the M&A<br />

market in the UAE and the wider MENA<br />

region continues to exhibit robust capital<br />

market confidence. Private equity and<br />

sovereign wealth funds play a significant<br />

role in driving M&A activity, representing<br />

a considerable portion of the total deal<br />

volume and value.<br />

In conclusion, the UAE has emerged<br />

as a key player in the M&A landscape,<br />

with favorable regional dynamics and a<br />

resilient economy. While challenges exist,<br />

the country’s business-friendly policies,<br />

tax environment, and attractive sectors<br />

have made it an attractive destination for<br />

M&A activity. As the region continues to<br />

evolve, M&A deals are expected to play a<br />

crucial role in driving growth, enhancing<br />

market share, and facilitating sectoral<br />

transformations.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 61


Merger and Acquisition News<br />

TMF Group Enters Saudi Arabian Market with PROVEN Acquisition<br />

TMF Group, a leading provider<br />

of compliance and administrative<br />

services, has acquired the<br />

Business Process Outsourcing<br />

(BPO), corporate services, corporate<br />

immigration, and visa services divisions<br />

of PROVEN, a prominent business outsourcing<br />

organization in the Middle East.<br />

PROVEN, established in 2009, has been<br />

instrumental in facilitating seamless<br />

business operations in Saudi Arabia<br />

and other Middle Eastern regions. This<br />

acquisition marks a significant milestone<br />

for TMF Group’s expansion, considering<br />

the Kingdom of Saudi Arabia’s (KSA)<br />

status as the largest economy in the<br />

Middle East and the eighteenth largest<br />

in the world. By integrating PROVEN’s<br />

expertise, advanced technology, and<br />

service delivery model, TMF Group aims<br />

to enhance its global infrastructure and<br />

provide increased support to its KSA<br />

clients, leading to the establishment of<br />

a new office in Riyadh.<br />

MENA M&A value for<br />

Q1 <strong>2023</strong> grows by 42%<br />

in comparison to Q1<br />

2022<br />

MENA’s M&A deals surged by<br />

42% in Q1 <strong>2023</strong> compared to<br />

the previous year, reaching<br />

a total value of $25.8B,<br />

according to the EY MENA M&A Insights<br />

report. <strong>The</strong> United Arab Emirates (UAE)<br />

retained its lead in deal activity, with<br />

42 deals worth $2B, followed by Saudi<br />

Arabia, Kuwait, Egypt, and Oman with<br />

values of $1.7B, $1.3B, $600M, and $200M<br />

respectively. Despite a 20% decline in<br />

deal volumes, the region displayed strong<br />

capital market confidence. Domestic deals<br />

contributed significantly to M&A activity,<br />

while outbound deals allowed MENA<br />

buyers to seize favourable valuations<br />

amidst global economic uncertainty.<br />

Private equity and sovereign wealth fund<br />

transactions represented substantial<br />

portions of the deal volume and value,<br />

and cross-border deals were prominent<br />

in the region.<br />

UAE Tops MENA M&A with $2B Deals in Q1 <strong>2023</strong><br />

<strong>The</strong> United Arab Emirates (UAE)<br />

maintained its position as the<br />

top country for merger and<br />

acquisition (M&A) activity in<br />

the Middle East and North Africa (ME-<br />

NA) region during the first quarter of<br />

<strong>2023</strong>. According to the EY MENA M&A<br />

insights report, the UAE recorded 42<br />

deals worth a total of $2B. Following<br />

the UAE were Saudi Arabia, Kuwait,<br />

Egypt, and Oman, with deal values<br />

of $1.7B, $1.3B, $600M, and $200M<br />

respectively. Although there was a 20%<br />

year-on-year decline in deal volumes,<br />

the total value of M&A deals in MENA<br />

saw a robust 42% increase compared<br />

to the previous year. <strong>The</strong> surge in<br />

deal values indicates a strong sense<br />

of confidence in the capital market.<br />

However, factors such as declining<br />

oil prices, slower real GDP per capita<br />

growth rates, and rising food inflation<br />

have had a negative impact on the M&A<br />

market in <strong>2023</strong>.<br />

Floranow Acquires Bloomax, KSA’s Largest Wholesale<br />

Flower Distributor<br />

Floranow, the leading online floral<br />

marketplace in the Middle<br />

East and North Africa (MENA)<br />

region, has announced its<br />

acquisition of Bloomax, the largest<br />

wholesale distributor of fresh-cut<br />

flowers in the Kingdom of Saudi Arabia<br />

(KSA). <strong>The</strong> acquisition will be funded<br />

through a combination of debt and<br />

equity, allowing Floranow to expand<br />

its operational presence in KSA to nine<br />

cities. This move solidifies Floranow’s<br />

position as the largest importer and<br />

distributor of flowers in the country<br />

and increases its customer base to over<br />

1,500 companies. As part of the deal,<br />

Noushad Gafoor, the current chairman<br />

of Bloomax, will join Floranow’s executive<br />

team and continue overseeing<br />

operations in KSA. Floranow is also<br />

committed to empowering KSA nationals,<br />

particularly women, as part<br />

of its strategic priorities.<br />

62 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Egypt’s Rology enters the Saudi healthcare sector via Arkan United’s acquisition<br />

Egyptian health tech company<br />

Rology has announced its<br />

acquisition of Arkan United, a<br />

teleradiology provider based<br />

in Saudi Arabia. <strong>The</strong> move signifies<br />

Rology’s entry into the largest healthcare<br />

market in the Middle East and Africa<br />

region. Founded in 2017 by Amr<br />

Abodriaa, Mahmoud Eldefrawy, and<br />

Moaaz Hossam, Rology has successfully<br />

secured multiple funding rounds in<br />

recent years. In 2022, the startup raised<br />

a pre-Series A round to expand its<br />

presence not only in the Middle East<br />

but also in various African markets,<br />

including Kenya. <strong>The</strong> CEO of Rology,<br />

Amr Abodriaa, expressed excitement<br />

about the acquisition, emphasizing the<br />

company’s commitment to bringing<br />

innovative teleradiology solutions to<br />

healthcare providers and patients in<br />

Saudi Arabia and beyond.<br />

PGA Tour, DP <strong>World</strong><br />

Tour, and LIV Golf Unite<br />

in Historic Merger<br />

In a groundbreaking move, the<br />

PGA Tour, DP <strong>World</strong> Tour, and LIV<br />

Golf have officially announced<br />

their merger, forming a new commercial<br />

entity aimed at bringing unity<br />

to the world of golf. <strong>The</strong> announcement<br />

was met with enthusiasm from<br />

PGA Tour Commissioner Jay Monahan,<br />

who described it as a momentous<br />

occasion following a period of disruptions<br />

and distractions. LIV Golf, which<br />

is financially supported by the Saudi<br />

Arabia Public Investment Fund, has<br />

faced criticism for potentially being<br />

a platform to enhance the country’s<br />

image amidst human rights concerns.<br />

Since its launch in 2022, LIV Golf has<br />

successfully enticed several renowned<br />

players from the PGA Tour, including<br />

golf legends Phil Mickelson, former<br />

world number one Dustin Johnson,<br />

reigning PGA Championship victor<br />

Brooks Koepka, and Australian golfer<br />

Cameron Smith.<br />

Abra Holdings seeks an additional 15.42% stake<br />

in Oman Cement<br />

Abra Holdings Ltd (Abra) has<br />

made a public offer to acquire<br />

an additional 15.42% of the<br />

issued share capital of the<br />

Oman Cement Company SAOG (OCOI).<br />

If successful, Abra’s stake in OCOI<br />

would increase to 75.0%. <strong>The</strong> offer<br />

will be open from June 14 to June 25,<br />

<strong>2023</strong>, with an offer price of RO 0.379<br />

per OCOI share. This offer represents<br />

a premium of 17.3% compared to the<br />

Volume Weighted Average Price (VWAP)<br />

since January 1, <strong>2023</strong>, a premium<br />

of 16.4% compared to the last three<br />

months VWAP, and a premium of 15.5%<br />

compared to the closing price of June<br />

4, <strong>2023</strong>. Earlier, on April 5, <strong>2023</strong>, Abra<br />

acquired a 59.58% stake in OCOI from<br />

the Investment Authority SPC, which<br />

triggered the obligation to make an<br />

offer to the remaining shareholders.<br />

National Bonds increase stake in Taaleem Holding<br />

to 22%<br />

National Bonds Company, a<br />

Sharia-compliant savings and<br />

investment firm, has acquired<br />

an additional 5% stake in the<br />

“Taaleem” Holding Group, solidifying<br />

its position as the largest shareholder<br />

with a 22% stake. This acquisition marks<br />

the largest of its kind since “Taaleem”<br />

went public on the Dubai Financial<br />

Market in November 2022. National<br />

Bonds aim to bolster its presence in<br />

the education sector with this strategic<br />

move, aligning it with the strategy of<br />

investing in essential educational services.<br />

<strong>The</strong> region’s education sector is<br />

experiencing rapid growth, presenting<br />

Taaleem with long-term expansion<br />

opportunities. With a strong reputation<br />

for providing innovative educational<br />

solutions, Taaleem presently manages<br />

26 schools catering to 27,000 students,<br />

supported by a dedicated team of<br />

over 1,700 faculty members and 3,000<br />

administrative staff. National Bonds’<br />

investment is expected to yield positive<br />

results for its overall investment<br />

portfolio.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 63


Cryptocurrency<br />

UAE’s Dominance in Crypto Market and<br />

Why Investors Should Pay Attention<br />

<strong>The</strong> United Arab Emirates has emerged as a dominant player in the<br />

cryptocurrency market, attracting the attention of investors worldwide.<br />

<strong>The</strong> UAE’s proactive approach to regulating virtual assets and creating<br />

a favourable environment for crypto businesses has positioned it as a<br />

leading hub for blockchain and digital asset innovation.<br />

<strong>The</strong> Cryptocurrencies market<br />

is experiencing remarkable<br />

growth, with projected revenue<br />

of $239.9M in <strong>2023</strong>, according<br />

to Statista. As the market expands, the<br />

number of users is expected to reach<br />

3.11M by 2027. <strong>The</strong>se statistics highlight<br />

the substantial growth and adoption of<br />

cryptocurrencies worldwide, signalling<br />

a promising future for the industry.<br />

<strong>The</strong> UAE government has taken significant<br />

steps to establish a robust regulatory<br />

framework for cryptocurrencies<br />

and virtual assets. In January <strong>2023</strong>, the<br />

UAE Cabinet introduced new regulations<br />

and established the Dubai Virtual Assets<br />

Regulatory Authority (VARA) to oversee<br />

the sector’s growth. This move marked<br />

the country’s first federal-level regulatory<br />

regime for virtual assets.<br />

VARA’s Virtual Assets and Related<br />

Activities Regulations <strong>2023</strong> establish<br />

a comprehensive framework that prioritizes<br />

economic sustainability and<br />

cross-border financial security. <strong>The</strong> VA<br />

Framework implemented by VARA provides<br />

regulatory certainty, offering market<br />

participants clear expectations regarding<br />

their responsibilities. Licensed entities<br />

operating within the Emirate of Dubai are<br />

64 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


equired to adhere to gold-standard risk<br />

assurance and Anti-Money Laundering<br />

(AML) standards. It plays a crucial role<br />

in promoting investor protection and<br />

international standards for governance in<br />

the virtual asset industry. By setting clear<br />

regulations and overseeing compliance,<br />

VARA contributes to the establishment<br />

of a trusted and secure environment for<br />

virtual asset activities in Dubai.<br />

As the world’s first independent regulator<br />

for virtual assets, VARA is pioneering<br />

efforts to create a replicable framework<br />

that can be adopted globally. Its commitment<br />

to transparency and regulation<br />

sets a precedent for other jurisdictions<br />

considering regulating virtual assets.<br />

<strong>The</strong> regulatory framework aims to<br />

provide clarity and ensure investor<br />

years. According to the Crypto Oasis Ecosystem<br />

Report, over 1,800 organizations<br />

were identified in the UAE’s crypto and<br />

blockchain ecosystem in the first quarter<br />

of <strong>2023</strong>. <strong>The</strong>se organizations cover various<br />

sectors, including startups, service<br />

providers, investors, and corporates.<br />

<strong>The</strong> report also highlights the increasing<br />

number of professionals working in the<br />

UAE’s crypto ecosystem, reaching over<br />

8,650 individuals in Q1 <strong>2023</strong>. This growth<br />

demonstrates the country’s commitment<br />

to fostering talent and expertise in the<br />

crypto industry.<br />

Furthermore, the UAE’s supportive<br />

business environment, forward-thinking<br />

regulations, and focus on digitalization<br />

have attracted global crypto companies<br />

to establish a presence in the country.<br />

substantial economic growth, job creation,<br />

and foreign investment.<br />

<strong>The</strong> UAE’s focus on collaboration<br />

and partnerships with other countries<br />

is another reason why investors should<br />

take notice. <strong>The</strong> UAE’s central bank has<br />

recently engaged in discussions with<br />

the Hong Kong Monetary Authority to<br />

strengthen cooperation on virtual asset<br />

regulations and joint fintech development<br />

initiatives. Such collaborations enhance<br />

market connectivity, share knowledge,<br />

and foster innovation between regions.<br />

<strong>The</strong>se partnerships open doors for<br />

investors to access global markets and<br />

tap into the vast potential of the crypto<br />

industry. <strong>The</strong> UAE’s position as a bridge<br />

between Europe and Asia makes it an attractive<br />

destination for businesses looking<br />

Over 1,800 organizations were identified in<br />

the UAE’s crypto and blockchain ecosystem<br />

in the first quarter of <strong>2023</strong>.<br />

protection in the crypto market. It sets<br />

standards for virtual asset service providers,<br />

governs licensing requirements,<br />

and promotes responsible innovation.<br />

By implementing clear regulations, the<br />

UAE has created a secure and reliable<br />

environment for investors to participate<br />

in the crypto market.<br />

<strong>The</strong> establishment of the Ras Al Khaimah<br />

Digital Assets Oasis, the world’s first free<br />

zone exclusively for digital and virtual<br />

asset companies, further solidifies the<br />

UAE’s commitment to driving innovation.<br />

This purpose-built free zone provides a<br />

favourable environment for businesses<br />

operating in sectors like the metaverse,<br />

blockchain, NFTs, and Web3-related<br />

ventures.<br />

<strong>The</strong> UAE’s crypto ecosystem has experienced<br />

exponential growth in recent<br />

Significant players like Coinbase have<br />

expressed interest in expanding their<br />

operations in the UAE, recognizing its<br />

potential as a strategic hub for serving<br />

a global customer base.<br />

<strong>The</strong> UAE’s dedication to fostering<br />

innovation has positioned it as a pioneer<br />

in emerging technologies like blockchain,<br />

Web3, and the metaverse. <strong>The</strong> country’s<br />

government and institutions have shown<br />

a remarkable appetite for adopting these<br />

technologies and exploring their potential<br />

applications.<br />

Investors should pay attention to<br />

the UAE’s forward-thinking approach<br />

to innovation as it presents significant<br />

opportunities for early adopters and<br />

entrepreneurs. <strong>The</strong> country’s efforts to<br />

position itself as a leader in the digital<br />

and virtual assets sector can lead to<br />

to expand their presence internationally.<br />

<strong>The</strong> United Arab Emirates has become<br />

a dominant player in the cryptocurrency<br />

market by creating a favourable<br />

environment for crypto businesses and<br />

implementing proactive regulations. <strong>The</strong><br />

projected revenue growth and increasing<br />

user numbers indicate the market’s<br />

significant potential. <strong>The</strong> UAE offers<br />

opportunities for investors, entrepreneurs,<br />

and partnerships that can drive<br />

economic growth and provide access to<br />

global markets.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 65


Real Estate<br />

Sharjah’s Thriving Real Estate Sector and<br />

Investment Opportunities<br />

<strong>The</strong> real estate market in Sharjah has demonstrated strong demand for residential<br />

properties, solidifying its position as a preferred location for residential<br />

developments. Many expatriates working in neighboring emirates choose to<br />

reside in Sharjah due to its affordable rental values and well-established social<br />

infrastructure. This consistent demand extends to both rental properties and<br />

freehold properties, particularly in the villa and townhouse segments.<br />

66 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


<strong>The</strong> real estate market in Sharjah continues to thrive<br />

with strong demand for residential properties.<br />

A<br />

noticeable trend within the<br />

rental market is the growing<br />

segregation between<br />

high-quality, high-end projects<br />

and the rest of the market. <strong>The</strong><br />

high-end segment has experienced<br />

robust demand, with occupancy levels<br />

estimated to exceed 90%. However,<br />

the influx of new residential supply<br />

expected to be delivered in <strong>2023</strong> and<br />

beyond may have a negative impact<br />

on older properties in the secondary<br />

market.<br />

<strong>The</strong> Sharjah real estate market is<br />

poised for change in <strong>2023</strong>, with apartment<br />

sales prices recording quarterly<br />

growth in the last quarter of 2022. In<br />

January <strong>2023</strong> alone, there were 2,999<br />

real estate transactions worth $544.5M<br />

(AED 2B) in Sharjah. <strong>The</strong> market is<br />

witnessing increased rental pressure,<br />

prompting a rise in demand for new<br />

projects available on a freehold basis.<br />

Local developers are expected to<br />

increase their spending to capitalize<br />

on the anticipated freehold boom<br />

following the 2022 legal amendment.<br />

Moreover, the Sharjah Real Estate<br />

Registration Department reported<br />

an impressive number of real estate<br />

transactions, exceeding 21,400, with<br />

a total value surpassing AED 5.9B.<br />

<strong>The</strong>se figures highlight the robustness<br />

and potential of the Sharjah real estate<br />

market. Concurrently, the real estate<br />

market in the UAE as a whole is experiencing<br />

rapid growth, estimated at<br />

a value of $250B, making it one of the<br />

fastest-growing sectors in the region.<br />

In line with this trend, the recently-concluded<br />

Sharjah Real Estate<br />

Exhibition, ACRES <strong>2023</strong>, has ignited<br />

a lasting impact on the industry.<br />

Organized by the Sharjah Chamber<br />

of Commerce and Industry and the<br />

Sharjah Real Estate Registration Department,<br />

this dynamic event attracted<br />

a diverse range of visitors, investors,<br />

and entrepreneurs from within and<br />

outside the UAE. ACRES <strong>2023</strong> served<br />

as an ideal platform for industry professionals<br />

to engage in discussions,<br />

establish strategic partnerships, and<br />

gain valuable insights into the latest<br />

trends and developments shaping the<br />

real estate landscape.<br />

<strong>The</strong> exhibition catered to the evolving<br />

needs of the real estate sector by<br />

offering various alternatives to meet<br />

the demands of this rapidly growing<br />

industry. Participants included major<br />

real estate development companies<br />

from other emirates, financial institutions,<br />

insurance, legal consultancy<br />

firms, and emerging companies in<br />

real estate technology and artificial<br />

intelligence. This diverse participation<br />

provided a comprehensive showcase<br />

of projects and services to an engaged<br />

audience.<br />

Furthermore, ACRES <strong>2023</strong> featured<br />

an integrated program of training<br />

courses, workshops, and specialized<br />

discussion sessions. <strong>The</strong>se sessions<br />

covered a range of topics, including<br />

the latest innovations and developments<br />

in the real estate sector, as well<br />

as the utilization of real estate technology<br />

systems. Additionally, the sessions<br />

delved into estate legislation aimed at<br />

safeguarding the interests of investors.<br />

Notably, the Executive Council<br />

of Sharjah’s Decision No. (9) of 2022<br />

was a significant highlight, regulating<br />

the ownership and utilization of real<br />

estate by companies and institutions<br />

within the emirate. This pioneering<br />

legislation, the first of its kind in the<br />

country, establishes a comprehensive<br />

legal framework to effectively manage<br />

all transactions related to ownership<br />

and usufruct rights of companies, institutions,<br />

and legal entities in Sharjah.<br />

In conclusion, the real estate market<br />

in Sharjah continues to thrive with<br />

strong demand for residential properties,<br />

driven by the city’s appeal as<br />

a preferred location for residential<br />

developments. <strong>The</strong> affordable rental<br />

values and well-established social<br />

infrastructure attract a significant expatriate<br />

population from neighboring<br />

emirates. <strong>The</strong> market has witnessed a<br />

steady increase in demand for freehold<br />

properties, particularly in the villa and<br />

townhouse segments. However, the<br />

growing segregation between high-end<br />

projects and the rest of the market<br />

poses challenges for older properties<br />

in the secondary market.<br />

<strong>The</strong> market outlook for <strong>2023</strong> indicates<br />

positive growth, with apartment<br />

sales prices experiencing quarterly<br />

growth and a substantial number of<br />

real estate transactions taking place.<br />

<strong>The</strong> anticipated freehold boom following<br />

the legal amendment in 2022<br />

is expected to further fuel demand for<br />

new projects. <strong>The</strong> Sharjah Real Estate<br />

Registration Department’s report of<br />

impressive transaction numbers and<br />

the UAE’s overall real estate market<br />

growth emphasize the region’s potential<br />

and attractiveness to investors.<br />

Overall, the Sharjah real estate market<br />

is poised for further growth and<br />

transformation in the coming years,<br />

supported by strong demand, regulatory<br />

developments, and initiatives that<br />

enhance the sector’s efficiency and<br />

attractiveness to investors.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 67


Real Estate News<br />

DMCC Selects Top Construction Firm for Uptown<br />

Tower Launch<br />

DMCC has partnered with<br />

Mace, a renowned global<br />

consultancy and construction<br />

firm, to oversee the building<br />

operations management of the upcoming<br />

Uptown Tower in Dubai. With their<br />

extensive expertise, Mace will ensure<br />

the delivery of exceptional building<br />

services, reflecting the premium quality<br />

of the 81-storey tower. <strong>The</strong> dedicated<br />

Mace operational team will provide<br />

comprehensive facilities management<br />

services, prioritizing the needs of<br />

residents, commercial office tenants,<br />

and visitors. Designed by acclaimed<br />

architects Adrian Smith + Gordon Gill,<br />

Uptown Tower is the first tower within<br />

the Uptown Dubai district. Anticipated<br />

to launch soon, the 340-meter-tall tower<br />

Aldar Properties launches second building at <strong>The</strong><br />

Source<br />

Aldar Properties has unveiled<br />

the launch of the second<br />

building at <strong>The</strong> Source, an<br />

exclusive residential community<br />

that sets a new standard for<br />

wellness-inspired living on Saadiyat<br />

Island in Abu Dhabi. Following the<br />

immense success of the first building,<br />

which sold out rapidly, <strong>The</strong> Source II<br />

continues to prioritize residents’ holistic<br />

health and well-being. With 148<br />

will include a luxurious 5-star hotel, SO/<br />

Uptown Dubai, SO/ branded residences,<br />

commercial office spaces, and exclusive<br />

dining options in <strong>The</strong> Atrium.<br />

contemporary residential units, the<br />

development seamlessly integrates with<br />

Saadiyat Island’s cultural and natural<br />

surroundings. <strong>The</strong> second building<br />

offers unparalleled sophistication and<br />

panoramic views of the iconic Zayed<br />

National Museum, along with convenient<br />

access to Mamsha Al Saadiyat,<br />

Soul Beach, and teamLab Phenomena<br />

Abu Dhabi.<br />

Alef Begins Construction<br />

on Show Villa for<br />

Sharjah Community<br />

Development<br />

Alef Group, a prominent real<br />

estate developer in Sharjah,<br />

has announced the commencement<br />

of construction<br />

on a two-storey show villa within the<br />

Hayyan community development.<br />

Valued at AED 3.5B ($952M), Hayyan<br />

aims to become the “green heart of<br />

Sharjah,” occupying a vast area of 8.7<br />

million sq ft. <strong>The</strong> development will<br />

encompass 1,882 residential mansions,<br />

villas, and townhouses spread across<br />

four zones. <strong>The</strong> show villa, spanning<br />

5,884.84 sq ft, features five luxurious<br />

bedrooms, highlighting a perfect blend<br />

of comfort and elegance. <strong>The</strong> villa<br />

boasts high ceilings, floor-to-ceiling<br />

windows, a private garden, and a pool,<br />

providing an idyllic setting for families<br />

and investors. Hayyan residents will<br />

enjoy an array of indoor and outdoor<br />

amenities, including parks, recreational<br />

areas, restaurants, and cafes.<br />

Saudi Arabia’s REDF<br />

Secures $4.35B Deals<br />

for Housing Program<br />

Saudi Arabia’s Real Estate Development<br />

Fund (REDF) has<br />

secured finance agreements<br />

amounting to SR 13.7B ($3.64B),<br />

aiming to provide housing benefits to<br />

21,000 citizens. In addition, REDF has<br />

deposited over SR2.7 billion ($719M)<br />

into the accounts of beneficiaries<br />

of Sakani, a real estate initiative by<br />

the Saudi Ministry of Housing, in the<br />

first quarter of <strong>2023</strong>. <strong>The</strong> kingdom’s<br />

National Development Fund (NDF)<br />

reported that REDF’s real estate advisor<br />

service welcomed around 53,000 new<br />

beneficiaries in the last quarter, issuing<br />

over 36,000 financing and housing<br />

recommendations. <strong>The</strong>se efforts align<br />

with Saudi Vision 2030’s goals, focusing<br />

on economic, social, and cultural development<br />

and maximizing the impact<br />

on the Saudi economy.<br />

68 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Dubai South Properties<br />

partners with Ginco<br />

for South Bay development<br />

Dubai South Properties has<br />

awarded Ginco General Contracting<br />

a significant contract<br />

worth AED 1B for the initial<br />

phases of the South Bay development.<br />

Located within Dubai South’s Residential<br />

District, along Expo Road, the<br />

project is set to be completed by the<br />

first quarter of 2026. South Bay will<br />

comprise over 800 spacious villas and<br />

townhouses, more than 200 waterfront<br />

mansions, a 1-km-long crystal lagoon, 3<br />

km of waterfront promenade, multiple<br />

beaches, a clubhouse, fitness centres,<br />

and lush parks. <strong>The</strong> development offers<br />

a range of townhouses, villas, and waterfront<br />

mansions, providing residents<br />

with access to various amenities such<br />

as shopping malls, fitness centres, water<br />

parks, private beaches, and more.<br />

Dubai Investments announces the sale of the<br />

first phase of the RAK beach project<br />

Dubai Investments, a prominent<br />

investment company<br />

listed on the Dubai Financial<br />

Market, has announced the<br />

full sell-out of Phase 1 of its flagship<br />

AED 1B ($272.2M) freehold project,<br />

Danah Bay. Situated on Al Marjan<br />

Island in Ras Al Khaimah, this premium<br />

beach community spans across a<br />

90,000-square-meter area. <strong>The</strong> development<br />

includes 188 villas, ranging<br />

from two-bedroom townhouses with<br />

roof terraces to five-bedroom breakwater<br />

villas, as well as a residential<br />

tower with 107 apartments offering<br />

one- to four-bedroom penthouse units.<br />

With 40,000 square meters of beaches,<br />

Danah Bay aims to set new standards<br />

and provide attractive investment opportunities<br />

in Ras Al Khaimah. Dubai<br />

Investments plans to continue development<br />

with Phases 2 and 3, which<br />

will feature additional villas, a hotel,<br />

and residential apartments.<br />

Qatar Ministry Launches Three Awards to Boost<br />

Real Estate Sector Investment<br />

<strong>The</strong> Ministry of Municipality<br />

in Qatar has announced the<br />

introduction of three awards<br />

during the Qatar Real Estate<br />

Forum: the Sustainability Award, the<br />

Design Creativity Award, and the Community<br />

Service Award for companies.<br />

<strong>The</strong> announcement was made during a<br />

ceremony that honored the sponsors<br />

and supporters of the inaugural edition<br />

of the forum, attended by Dr. Abdullah<br />

bin Abdulaziz bin Turki al-Subaie,<br />

the Minister of Municipality. <strong>The</strong>se<br />

awards aim to incentivize and inspire<br />

investors in the real estate sector to<br />

prioritize sustainability, creativity,<br />

and community service in the design<br />

and implementation of their projects.<br />

<strong>The</strong> specific requirements and criteria<br />

for the awards will be revealed in the<br />

coming days, with the winners to be<br />

announced at the second edition of the<br />

Qatar Real Estate Forum next year.<br />

Dubai’s prime residential market grows at the highest pace globally<br />

Dubai’s residential market is<br />

witnessing a shift from speculative<br />

activities to genuine<br />

end-user demand, with the<br />

prime residential segment experiencing<br />

the highest growth rate globally over<br />

the past year, according to analysts.<br />

While mainstream real estate prices<br />

in the emirate have risen by 13% yearon-year,<br />

they are still 15% below the<br />

peak levels of 2014. However, certain<br />

areas have surpassed the 2014 levels,<br />

as reported by Knight Frank, a global<br />

real estate consultancy. <strong>The</strong> surge in<br />

prime residential prices, increasing<br />

by nearly 55% in the last 12 months,<br />

is attributed to ultra-high-net-worth<br />

individuals acquiring luxurious properties<br />

in Dubai. <strong>The</strong> luxury real estate<br />

market has witnessed unprecedented<br />

growth, with notable record-setting<br />

deals, such as the sale of a property in<br />

Palm Jumeirah for AED 600M.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 69


Funding & Investment<br />

Ensuring Food Security in the UAE:<br />

Unveiling the National Food Security<br />

Strategy 2051<br />

Food security, an essential pillar of human well-being, stands at the forefront<br />

of global concerns. With the world population growing and climate change<br />

threatening agricultural productivity, nations worldwide actively seek strategies<br />

to safeguard their food supplies and combat hunger.<br />

<strong>The</strong> United Arab Emirates, despite facing unique challenges due to its climate,<br />

has demonstrated its unwavering commitment to addressing food security<br />

through comprehensive initiatives and forward-thinking policies.<br />

70 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


With a clear objective of becoming a leader in the Global<br />

Food Security Index by 2051, the UAE is dedicated to<br />

ensuring access to safe, nutritious, and sufficient food<br />

for its citizens and beyond.<br />

Food security refers to the<br />

availability, accessibility, and<br />

affordability of food for all individuals<br />

within a population.<br />

It is a fundamental aspect of human<br />

well-being and is crucial for sustainable<br />

development and social stability.<br />

Ensuring food security is a complex<br />

challenge that requires comprehensive<br />

strategies and coordinated efforts<br />

at various levels, including national,<br />

regional, and global.<br />

In recent years, the issue of food security<br />

has gained significant attention<br />

worldwide, as the global population<br />

continues to grow and climate change<br />

poses new threats to agricultural<br />

productivity. Countries around the<br />

world are actively seeking solutions<br />

to safeguard their food supplies and<br />

protect their populations from hunger<br />

and malnutrition.<br />

Undoubtedly, the UAE’s climate<br />

poses a significant hurdle to achieving<br />

self-sufficiency in food production.<br />

As a desert nation, it grapples with<br />

limited arable land, extreme summer<br />

temperatures, and minimal rainfall.<br />

<strong>The</strong>se environmental conditions create<br />

obstacles to domestic food production,<br />

food storage, and water supply. While<br />

the nation acknowledges its reliance<br />

on food imports, primarily financed<br />

through fossil fuel revenues, it recognizes<br />

the need for diversification to<br />

ensure long-term food security.<br />

Nevertheless, the UAE has taken<br />

decisive steps to mitigate these obstacles.<br />

By investing in innovative<br />

technologies, implementing sustainable<br />

farming practices, and optimizing<br />

water resources through desalination,<br />

the nation has made remarkable<br />

strides in ensuring agricultural<br />

productivity and reducing reliance<br />

on imports.<br />

<strong>The</strong> country’s journey toward securing<br />

sustainable food imports is<br />

driven by a commitment to reducing<br />

vulnerability and building a resilient<br />

future by having programs such as the<br />

Food and Agriculture Entrepreneurs<br />

Programme, National Food Security<br />

Strategy, Emirates Council for Food<br />

Security, <strong>The</strong> National System for Sustainable<br />

Agriculture, UAE Aquaculture<br />

Pulse 2020, UAE Food Bank and the<br />

Federal law for the regulation.<br />

<strong>The</strong> UAE is also implementing corporate<br />

tax law starting from the 1st<br />

of June <strong>2023</strong>, it is intended to help<br />

the nation achieve its objectives and<br />

accelerate its development and its<br />

transformation. This would help to<br />

develop and transform the food and<br />

beverage industry to boost security.<br />

In 2018, <strong>The</strong> UAE government presented<br />

the National Strategy for food<br />

security. <strong>The</strong> Strategy defines the<br />

elements of the national food basket,<br />

which includes 18 types, based on a<br />

primary criterion. It also includes 38<br />

short and long-term key initiatives<br />

and is geared by strategic goals. <strong>The</strong><br />

strategy aims to make the UAE the<br />

world’s best in the Global Food Security<br />

Index by 2051 and among the<br />

top 10 countries by 2021, to develop<br />

a comprehensive national system<br />

based on enabling sustainable food<br />

production through the use of modern<br />

technologies, to enhance local<br />

production, to develop international<br />

partnerships to diversify food sources,<br />

to activate legislation and policies to<br />

reduce waste and that contribute to<br />

improving nutrition.<br />

By implementing measures to reduce<br />

this dependency, such as the<br />

introduction of corporate tax laws and<br />

the establishment of various food security<br />

programs, the UAE aims to build<br />

a more resilient and sustainable future.<br />

<strong>The</strong> launch of the National Food<br />

Security Strategy 2051 represents the<br />

UAE’s unwavering commitment to<br />

global food security. <strong>The</strong> strategy sets<br />

forth an ambitious goal of achieving<br />

zero hunger by providing year-round<br />

access to safe, nutritious, and ample<br />

food worldwide.<br />

By leveraging sustainable agricultural<br />

practices, incorporating modern<br />

technologies, and developing international<br />

partnerships, the UAE strives<br />

to lead the way in eradicating hunger<br />

and ensuring a sustainable food future<br />

for all.<br />

<strong>The</strong> UAE’s relentless pursuit of food<br />

security stands as a testament to its<br />

visionary leadership and proactive<br />

approach. Despite challenging climatic<br />

conditions, the nation has demonstrated<br />

its determination to overcome obstacles<br />

through innovative strategies,<br />

economic diversification, and national<br />

initiatives. By aiming for zero hunger,<br />

the UAE is not only securing its food<br />

supplies but also actively contributing<br />

to global efforts to combat hunger<br />

and ensure a prosperous future for<br />

generations to come.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 71


Funding and Investment News<br />

UAE bank investments<br />

at an all-time high of<br />

$149.45B in March<br />

According to a report by the<br />

Central Bank of the United<br />

Arab Emirates, bank investments<br />

in the UAE reached<br />

a record high of AED 548.5B by the<br />

end of March. This represents a yearon-year<br />

growth of 16%, compared to<br />

AED 472.7B in March 2022. Month over<br />

month, these investments increased<br />

by 1.3% from AED 541.4B in February<br />

<strong>2023</strong>. Securities accounted for the<br />

largest portion of bank investments,<br />

comprising 45.6% or AED 250.1B during<br />

the reference period. Held-to-maturity<br />

(HTM) securities constituted 43% of<br />

the total investments, reaching AED<br />

236.3B in March, with a significant<br />

year-on-year growth of 74.1%. Bank<br />

stock investments amounted to AED<br />

11.9B in March, showing a slight rise<br />

of approximately 0.8% since December<br />

2022.<br />

Autobia secures $2.5M<br />

Seed round backed<br />

by Saudi Aramco’s<br />

venture<br />

Autobia, a B2B platform for<br />

automotive aftersales and spare<br />

parts, has successfully raised<br />

$2.50 million in seed funding.<br />

Led by Sadu Capital and supported by<br />

investors like Aramco’s Wa’ed Ventures,<br />

Raz Holding, Techstars, and angel investors,<br />

the funding will enable Autobia<br />

to scale its operations in Saudi Arabia<br />

and expand its reach in the automotive<br />

aftersales industry. <strong>The</strong> company plans<br />

to invest in technology development,<br />

enhance its data-driven approach, and<br />

strengthen its infrastructure capabilities.<br />

Autobia aims to transform the<br />

industry by offering a digital platform<br />

for retailers and maintenance shops to<br />

order wholesale spare parts, bridging<br />

the gap between supply and demand<br />

and providing streamlined solutions<br />

for businesses.<br />

Al-Futtaim Automotive Leads $15M Funding in<br />

Indian Electric Scooter Firm<br />

UAE-based company Al-Futtaim<br />

Automotive has taken<br />

the lead in a $15M funding<br />

round for River, an Indian<br />

start-up specializing in two-wheeled<br />

electric vehicle (EV) manufacturing.<br />

<strong>The</strong> investment aims to enhance River’s<br />

manufacturing capabilities and<br />

distribution networks, with plans to<br />

begin deliveries in August and expand<br />

internationally. Paul Willis, President<br />

of Al-Futtaim Automotive, mentioned<br />

that River was chosen after evaluating<br />

50 electric two-wheel start-ups. He<br />

expressed confidence in the success of<br />

River’s products both in India and on<br />

a global scale. River, which launched<br />

two years ago, recently unveiled its<br />

first urban electric scooter, the Indie,<br />

in February.<br />

Qatar HNWIs ‘prefer residential real estate<br />

investment’<br />

A<br />

survey<br />

conducted by Knight<br />

Frank, a global property<br />

consultancy, reveals that a<br />

significant number of Qatari<br />

high-net-worth individuals (HNWIs)<br />

are primarily focusing on residential<br />

and office sectors for real estate investments<br />

this year. <strong>The</strong> “Destination<br />

Qatar” report indicates that around<br />

30% of Qatari HNWIs plan to spend<br />

over $1M on real estate in <strong>2023</strong>. Qatar’s<br />

high GDP per capita, estimated<br />

at $69,000, has resulted in a surge in<br />

demand, particularly from domestic<br />

buyers, in the luxury real estate<br />

market. <strong>The</strong> survey, conducted with<br />

30 HNWIs in Qatar, highlights a preference<br />

for residential investments<br />

(37%), followed by office (33%) and<br />

retail (23%) sectors.<br />

72 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Saudi’s NEOM secures $ 5.6B residential investments<br />

NEOM, the ambitious mega<br />

project being developed in<br />

northwest Saudi Arabia,<br />

has finalized contracts with<br />

investors for the first phase of its<br />

residential communities’ expansion.<br />

This social infrastructure project<br />

aims to accommodate the growing<br />

workforce in the region. With a total<br />

value exceeding SR 21B, the agreement<br />

represents one of the largest international<br />

public-private partnerships<br />

for accommodation. Leading Saudi<br />

Arabian companies such as Alfanar<br />

Global Development, Almutlaq Real<br />

Estate Investment Company (AREIC),<br />

Nesma Holding Co, Al Majal Al Arabi<br />

Group Company, and the Saudi Arabian<br />

Trading and Construction Company<br />

(SATCO) are the preferred bidders for<br />

the first phase. This agreement sets<br />

the stage for increased private sector<br />

participation in NEOM’s infrastructure<br />

development, with the second phase<br />

of the residential project expected to<br />

be launched in the near future.<br />

UAE Fund Transfer System processed transactions worth $1.05T in Q1 <strong>2023</strong><br />

Saudi - British trade exchange exceeds $21.33B in 2022<br />

According to data released by<br />

the Central Bank of the United<br />

Arab Emirates (CBUAE), the<br />

gross value of interbank fund<br />

transfers through the UAE Fund Transfer<br />

System (UAEFTS) reached over<br />

AED 3.89T in the first quarter of <strong>2023</strong>.<br />

This represents a year-on-year increase<br />

of 35.2% compared to the same period<br />

in 2022. Bank transfers accounted for<br />

AED 2.47T, while customer transfers<br />

amounted to AED 1.21T during this<br />

period. March was the busiest month<br />

with AED 1.46T worth of dirham-denominated<br />

transfers. <strong>The</strong> UAEFTS, operational<br />

since 2001, facilitates secure<br />

and efficient fund transfers between<br />

banks and other financial institutions<br />

in the UAE, adhering to domestic and<br />

international standards and regulations<br />

set by the CBUAE.<br />

Minister of Commerce Majed<br />

Al-Qasabi announced that<br />

the trade exchange volume<br />

between Saudi Arabia<br />

and Britain reached SR 80.7B (17.3B<br />

sterling pounds) in 2022. Speaking<br />

at the UK Saudi Business, Trade and<br />

Partnership Forum organized by the<br />

Saudi British Joint Business Council<br />

(SBJBC), Al-Qasabi highlighted that<br />

Britain’s investments in Saudi Arabia<br />

amounted to SR 26.5B (5.7B sterling<br />

pounds) over a two-year period. He<br />

noted the significant growth of Saudi<br />

exports to Britain by 130% last<br />

year. Currently, 165 British investors<br />

are operating in Saudi Arabia, while<br />

approximately 14,000 young Saudis<br />

are studying in the UK. Al-Qasabi<br />

expressed the desire to benefit from<br />

British expertise in the services sector,<br />

emphasizing the abundant investment<br />

opportunities between the<br />

two countries. He further mentioned<br />

Saudi Arabia’s focus on increasing<br />

investments in innovative sectors,<br />

with the aim of attracting investors<br />

and companies in these fields.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 73


Digital Assets<br />

Digital Asset Platforms: UAE’s Growing<br />

Landscape of Innovative FinTech<br />

In recent years, the United Arab Emirates has witnessed remarkable growth in the<br />

emergence of digital asset platforms, transforming the nation’s financial landscape and<br />

bolstering its position as a global hub for innovative fintech. <strong>The</strong>se platforms, which<br />

enable the trading, storage, and management of various digital assets, have gained<br />

significant traction and are reshaping the way individuals and businesses interact with<br />

digital currencies and assets.<br />

74 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


At the recent Dubai Fin-<br />

Tech Summit event, Saqr<br />

Ereiqat, co-founder of venture-building<br />

firm Crypto<br />

Oasis, emphasized the UAE ideal<br />

infrastructures for crypto businesses.<br />

Ereiqat highlighted key factors that<br />

make the UAE an attractive location<br />

for setting up companies, including<br />

its regulatory infrastructure, digital<br />

infrastructure, and ability to attract a<br />

global talent pool. However, he argued<br />

that the UAE has taken a more proactive<br />

and business-friendly approach to<br />

regulating cryptocurrencies. Ereiqat<br />

stated that the UAE’s regulatory framework<br />

is more streamlined. <strong>The</strong>se factors<br />

contribute to the UAE’s reputation<br />

as a crypto-friendly jurisdiction.<br />

Recently, Emirates NBD, a prominent<br />

banking group in the MENAT<br />

region, has unveiled the Emirates<br />

NBD Digital Asset Lab, an innovative<br />

platform aimed at fostering digital<br />

asset and financial services innovation<br />

in the UAE.<br />

<strong>The</strong> Digital Asset Lab serves as a<br />

robust ecosystem, bringing together<br />

industry experts to collaborate and<br />

experiment in developing groundbreaking<br />

ideas for financial services<br />

using digital assets and their underlying<br />

technologies.<br />

With a focus on digital assets, the<br />

Lab aims to empower customers to<br />

effectively manage their financial<br />

requirements within the dynamic<br />

landscape of digital assets. <strong>The</strong> platform<br />

facilitates global accessibility<br />

to subject-matter experts, promotes<br />

education and awareness for both the<br />

Group and its customers, and enhances<br />

efficiency while ensuring utmost<br />

security and transparency.<br />

Notably, during the Dubai FinTech<br />

Summit, Emirates NBD solidified its<br />

commitment to innovation by entering<br />

into partnership agreements with<br />

PwC, a leading professional services<br />

firm, and Fireblocks, a digital asset<br />

transfer, and direct custody technology<br />

platform, both of whom serve<br />

as founding council members of the<br />

Digital Asset Lab.<br />

Emirates NBD is not the sole bank<br />

to introduce a digital assets initiative.<br />

Standard Chartered also unveiled a<br />

digital assets business specifically targeted<br />

at the MENA region. <strong>The</strong> collaboration<br />

between Standard Chartered<br />

<strong>The</strong> UAE’s<br />

growing<br />

landscape of<br />

innovative<br />

fintech,<br />

specifically<br />

digital asset<br />

platforms,<br />

is reshaping<br />

the nation’s<br />

financial<br />

sector.<br />

and Dubai International Financial<br />

Centre (DIFC) marks a significant step<br />

towards advancing the digital asset<br />

landscape.<br />

With the signing of a memorandum<br />

of understanding (MoU), both entities<br />

are poised to collaborate on various<br />

digital asset initiatives, including digital<br />

asset custody. Pending regulatory<br />

approval, Standard Chartered is set to<br />

launch digital asset custody services<br />

initially in DIFC, with a focus on serving<br />

institutional clients worldwide.<br />

Leveraging its position as a market<br />

leader in Securities Services, Standard<br />

Chartered is at the forefront of<br />

developing secure custody solutions<br />

for digital assets, including cryptocurrencies.<br />

Fueling their innovative<br />

services is Zodia Custody, a subsidiary<br />

of Standard Chartered, renowned for<br />

its operational and technical capabilities<br />

specifically tailored to meet the<br />

demands of institutional clients.<br />

This partnership signifies a noteworthy<br />

advancement in the financial<br />

industry’s embrace of digital assets<br />

and underlines Standard Chartered’s<br />

commitment to driving transformative<br />

solutions for the institutional market.<br />

In addition, the bank and DIFC<br />

will engage in collaborative efforts to<br />

cultivate a dynamic and flourishing<br />

ecosystem for digital assets, thereby<br />

contributing to the prosperity of Dubai<br />

and the broader UAE economy. <strong>The</strong><br />

memorandum of understanding (MOU)<br />

serves as a catalyst for fostering<br />

close cooperation between the bank<br />

and DIFC’s Innovation Hub, which is<br />

recognized as the region’s premier<br />

ecosystem for start-ups and scale-ups.<br />

Digital asset custody plays a crucial<br />

role in securely storing and protecting<br />

digital assets. While similar to traditional<br />

financial asset custody, digital<br />

asset custody providers face unique<br />

challenges due to the decentralized<br />

and cryptographic nature of digital<br />

assets. Safeguarding cryptographic<br />

keys that represent ownership is paramount,<br />

as their loss or theft can result<br />

in the irretrievable loss of assets. Custodians<br />

in the digital asset space focus<br />

on protecting these keys to ensure the<br />

safety of investors’ assets.<br />

<strong>The</strong> UAE’s growing landscape of innovative<br />

fintech, specifically digital asset<br />

platforms, is reshaping the nation’s<br />

financial sector. With the emergence<br />

of initiatives such as the Emirates<br />

NBD Digital Asset Lab and Standard<br />

Chartered’s digital asset business, the<br />

UAE solidifies its position as a global<br />

leader in embracing digital assets<br />

and driving forward the adoption of<br />

transformative financial technologies.<br />

As the sector continues to evolve,<br />

digital asset custody remains a critical<br />

component in providing secure and<br />

reliable services to institutional clients<br />

and investors alike.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 75


Stock Market<br />

Middle East Companies Lead Global<br />

IPO Activity in Q1 <strong>2023</strong><br />

<strong>The</strong> first quarter of <strong>2023</strong> witnessed a thriving IPO market in the Gulf<br />

Cooperation Council (GCC) countries, driven by various initiatives to<br />

stimulate IPO activities. Governments in the region, including Dubai,<br />

have launched strategic agendas to capitalize on the favorable economic<br />

landscape, leading to a surge in capital raising activities. Despite global<br />

IPO trends facing challenges, the Middle East demonstrated resilience and<br />

maintained a strong momentum in the IPO market.<br />

76 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


In Q1 <strong>2023</strong>, the UAE showcased its<br />

strong position in the IPO market,<br />

with two IPOs on the Abu Dhabi<br />

stock exchange (ADX) raising<br />

a total of $3B. <strong>The</strong> highlight of the<br />

quarter was the IPO of ADNOC Gas<br />

PLC on ADX, generating $2.5B and<br />

becoming the largest IPO within the<br />

GCC and globally. <strong>The</strong> offering was<br />

50 times oversubscribed, reflecting<br />

the immense demand from investors.<br />

ADNOC Gas PLC marked the third subsidiary<br />

listing by the ADNOC Group,<br />

showcasing the company’s commitment<br />

to diversification and capital<br />

market engagement. Additionally, Al<br />

Ansari Exchange completed its IPO<br />

on the Dubai Financial Market (DFM)<br />

in April <strong>2023</strong>.<br />

Saudi Arabia witnessed six IPOs on<br />

<strong>The</strong> Sultanate of Oman witnessed<br />

the successful IPO of Abraj Energy<br />

Services on the Muscat Stock Exchange<br />

(MSX), generating $244M in<br />

proceeds. With an oversubscription of<br />

8.7 times, the IPO showcased strong<br />

investor interest and confidence in<br />

Oman’s largest oilfield services provider.<br />

<strong>The</strong> listing of Abraj Energy Services<br />

is part of the Oman Investment<br />

Authority’s initiative to encourage<br />

IPO activities by privatizing government<br />

investments. MSX also hosted<br />

the private placement of Oman Qatar<br />

Insurance Company during the quarter.<br />

<strong>The</strong> Qatar Stock Exchange (QSE)<br />

did not see any IPOs in Q1 <strong>2023</strong> but<br />

hosted the direct listing of Beema and<br />

Dukhan Bank. Although the overall<br />

IPO activity in the Middle East and<br />

This remarkable performance has<br />

captured the attention of investors<br />

worldwide, and it is expected that<br />

the interest in the UAE’s equities<br />

will persist throughout this year. <strong>The</strong><br />

country’s capital market, More initial<br />

public offerings (IPOs) are scheduled<br />

to take place in the UAE in the coming<br />

months, further fueling excitement and<br />

opportunities for investors eager to<br />

participate in the country’s dynamic<br />

economic growth.<br />

Despite global economic uncertainties<br />

and challenges, the IPO market in<br />

the Middle East displayed resilience<br />

and maintained a strong momentum<br />

in Q1 <strong>2023</strong>. <strong>The</strong> UAE, Saudi Arabia,<br />

Oman, and Qatar witnessed notable<br />

listings, attracting substantial investments<br />

and reflecting the confidence of<br />

<strong>The</strong> highlight of the quarter was the IPO of ADNOC<br />

Gas PLC on ADX, generating USD 2.5 billion and<br />

becoming the largest IPO within the GCC and<br />

globally. <strong>The</strong> offering was 50 times oversubscribed.<br />

the Tadawul Nomu in Q1 <strong>2023</strong>, with<br />

a total of $71M raised. Leen Alkhair<br />

Trading Co. and Noforth Food Products<br />

Co. were the largest listings on<br />

Tadawul Nomu during this period.<br />

Despite a decrease in IPO activity<br />

compared to Q4 2022, the IPO pipeline<br />

for Saudi Arabia remains robust,<br />

with at least five IPOs reported to be<br />

underway for Q2 <strong>2023</strong>. This indicates<br />

continued investor confidence and a<br />

positive outlook for the Saudi Arabian<br />

IPO market.<br />

North Africa (MENA) region experienced<br />

a decline in volume and value<br />

compared to Q1 2022, the region still<br />

managed to raise $3.4B from 10 IPOs,<br />

representing approximately 16% of the<br />

global IPO proceeds for the quarter.<br />

Recent research has revealed that<br />

the UAE stock markets emerged as<br />

the second-best performing stock<br />

market in 2022, surpassing other global<br />

markets with an impressive gain of 37<br />

percent in US dollar terms.<br />

investors in the region’s potential. <strong>The</strong><br />

IPO pipeline for the coming quarters<br />

remains positive, driven by various<br />

initiatives and government support. As<br />

the Middle East continues to navigate<br />

through evolving global dynamics, its<br />

capital markets are poised for further<br />

growth and opportunities in the IPO<br />

landscape.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 77


Corporate Tax<br />

UAE Corporate Tax on Free Zones:<br />

Zero percent is not for all<br />

<strong>The</strong> UAE government’s recent initiatives have sparked excitement among businesses<br />

operating in the country’s free zones. With the introduction of a 0% tax rate for these<br />

companies, many eagerly awaited clarification on eligibility criteria. In June <strong>2023</strong>, the<br />

government provided clarity through two significant decisions: Cabinet Decision No.<br />

55 and Ministerial Decision No. 139.<br />

Eligibility Criteria for Qualifying<br />

Free Zone Status:<br />

In order to qualify for the<br />

0% tax rate, businesses must<br />

meet all conditions as stipulated in<br />

Article 18 of the Decree Law. <strong>The</strong>se<br />

conditions encompass:<br />

1. Maintaining Adequate Substance,<br />

which means in addition to having<br />

a valid license from an eligible Free<br />

Zone, the company should also be<br />

conducting its core income-generating<br />

activities from Free Zone. It<br />

should have adequate employees,<br />

expenses, office space etc. to support<br />

business activities.<br />

2. Adhering to Arm’s Length and Transfer<br />

Pricing requirements for any<br />

transactions with Related Parties<br />

and Connected Persons. This would<br />

have a major impact when a Free<br />

Zone company is dealing with its<br />

related party (including branches<br />

and subsidiaries) in UAE or foreign<br />

jurisdictions.<br />

3. <strong>The</strong> company should have not voluntarily<br />

opted to be taxed at 9%.<br />

This option is usually explored by<br />

entities earning revenue mainly<br />

out of non-qualifying activities or<br />

upon evaluation it is found that it<br />

may not be able to comply with all<br />

required criteria.<br />

4. Regardless of revenue or profit,<br />

businesses must prepare and maintain<br />

audited financial statements.<br />

5. Non-qualifying revenue should not<br />

exceed a di minimis threshold, which<br />

is the lower of 5% of total revenue<br />

or AED 5 million. If this threshold<br />

is breached, the company will not<br />

be eligible for the 0% tax rate on<br />

all its income.<br />

6. Derive Qualifying Income.<br />

When operating in UAE’s free zones,<br />

businesses must have a clear understanding<br />

of corporate tax intricacies.<br />

To grasp the eligibility requirements<br />

and potential consequences, factors<br />

like qualifying income, excluded activities,<br />

and non-fulfilment implications<br />

should be carefully considered.<br />

Qualifying Income and Excluded<br />

Activities:<br />

Income earned by a Free Zone Company<br />

from another Free Zone Company<br />

is considered qualifying income, as<br />

long as it doesn’t come from excluded<br />

activities.<br />

A Free Zone Company can also earn<br />

income from a Non-Free Zone Company,<br />

QUALIFYING<br />

INCOME<br />

INCLUDES..<br />

Income<br />

from other<br />

FREE ZONE<br />

PERSON<br />

Income from<br />

NONFREE<br />

ZONE PERSON<br />

Other<br />

Income<br />

as long as it’s only generated from<br />

qualified activities.<br />

<strong>The</strong>re’s a limit called the di minimis<br />

threshold, which allows some additional<br />

income to be considered qualifying. If<br />

this extra income is below the di minimis<br />

threshold (less than 5% of total revenue<br />

or AED 5M), it’s considered qualifying<br />

income and taxed at 0%. However, if<br />

it goes beyond the threshold, the Free<br />

Zone company won’t get the 0% tax<br />

rate for all its income.<br />

It’s important to know that not all<br />

income of qualifying free zone companies<br />

can enjoy the 0% tax rate. Certain<br />

types of non-qualifying revenue will<br />

be taxed at the standard rate of 9%,<br />

but this won’t affect the Status of the<br />

qualifying Free Zone.<br />

Consequences of Non-Fulfillment:<br />

If a qualifying free zone company<br />

01<br />

• Should not be income from Excluded Activities<br />

• Meet other conditions<br />

• Not restricted to Qualifying activities list<br />

03<br />

02<br />

• Income should only be from Qualifying Activities<br />

• Should not be income from Excluded Activities<br />

• Should not exceed Di Minimis Threshold (ie lower of<br />

5% of Total revenue or AED 5mln)<br />

• Will not include specific income that are taxed @ 9%<br />

78 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Corporate Tax is applicable to all Free Zone Businesses<br />

and are required to register. Whether they benefit from<br />

Free Zone Tax Regime or not, requires an evaluation.<br />

fails to meet any of the conditions<br />

outlined in Clause (1) of Article 18,<br />

Cabinet Decision No. 55, and Ministerial<br />

Decision No. 139, they will lose their<br />

qualifying free zone status. In such<br />

cases, the company will no longer be<br />

considered qualifying for the current<br />

tax period and the next four tax periods.<br />

Corporate Tax Registration:<br />

All entities, regardless of their VAT<br />

registration status, are required to<br />

register for corporate tax. Certain<br />

categories eligible for relief or exemption<br />

may also need to register before<br />

applying for such benefits. However,<br />

specific exempt persons, as listed by<br />

the authorities, are exempt from this<br />

registration requirement.<br />

How Can the Fincirc Team Assist?<br />

<strong>The</strong> Fincirc Team offers various<br />

services to help businesses navigate<br />

the complexities of the UAE free zone<br />

corporate tax regime. <strong>The</strong>se services<br />

include detailed impact assessments,<br />

corporate restructuring guidance,<br />

transfer pricing policy implementation,<br />

assistance with maintaining financial<br />

records in accounting software, reviewing<br />

accounting processes and policies,<br />

and support with external auditing.<br />

Seeking expert assistance can further<br />

facilitate a smooth transition and<br />

compliance with the UAE’s corporate<br />

tax regulations.<br />

Khushboo Agarwal<br />

Co-Founder and Partner – Tax & Compliance,<br />

FINCIRC International Management<br />

khushboo.agarwal@fincirc.com<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 79


Corporate Results<br />

IHC<br />

Q1’23 Net Profit: AED 2.61B<br />

In the first quarter of <strong>2023</strong>, International<br />

Holding Company (IHC) witnessed<br />

a significant increase in net profits,<br />

reaching AED 2.61B compared to AED<br />

1.60B in the same period of the previous<br />

year. <strong>The</strong> company’s revenues soared to<br />

AED 15.74B by 31 March <strong>2023</strong>, marking a<br />

remarkable 50% annual growth from AED<br />

10.49B. Basic and diluted earnings per<br />

share (EPS) also experienced an upsurge,<br />

rising from AED 0.88 in Q1-22 to AED<br />

1.19 in Q1-23. Despite a decrease in total<br />

assets, which amounted to AED 217.41B<br />

during Q1-23, IHC remains optimistic<br />

about the UAE economy’s recovery post-<br />

COVID, emphasizing the vital role of its<br />

subsidiaries in the company’s expanding<br />

business model. IHC aims to pursue<br />

acquisitions, improve efficiency through<br />

technology integration, and implement<br />

AI solutions across multiple sectors.<br />

EMAAR PROPERTIES<br />

Q1’23 Net Profit: AED 4.0B<br />

Emaar Properties PJSC (DFM: EMAAR)<br />

announced strong Q1 <strong>2023</strong> financial<br />

results, driven by robust property<br />

sales and operational excellence.<br />

Revenue for the quarter reached AED<br />

6.3B ($1.7B), with EBITDA and net<br />

profit of AED 4.0B ($1.1B) and AED<br />

3.2B ($873M), respectively, showing a<br />

significant increase compared to Q1<br />

2022. Group property sales reached<br />

AED 9.2B ($2.5B), up 11% from the<br />

previous year, and the revenue backlog<br />

from property sales rose to AED 55.7B<br />

($15.2 billion). Emaar’s performance<br />

highlights its ability to scale operations<br />

and capitalize on the growing demand<br />

in Dubai’s real estate market.<br />

Commercial Bank<br />

International<br />

Q1’23 Net Profit: AED 34M<br />

In Dubai, Commercial Bank International<br />

(CBI) released its Q1 <strong>2023</strong><br />

financial results, showing impressive<br />

growth. Net profit rose by 65%<br />

YoY, reaching AED 34M compared to<br />

AED 20.6M in Q1 2022. Net operating<br />

income also increased by 33% YoY,<br />

reaching AED 148M from AED 111M<br />

in the same period. Loans and advances<br />

experienced a 3% YoY growth,<br />

amounting to AED 12.2B in Q1 <strong>2023</strong>.<br />

CBI’s CEO, Ali Sultan Rakkad Al Amri,<br />

attributed their success to their unwavering<br />

commitment to client-centricity,<br />

prioritizing high-quality services,<br />

understanding customer needs,<br />

and leveraging innovative solutions to<br />

deliver exceptional customer service<br />

while achieving solid business growth.<br />

DEWA<br />

Q1’23 Net Profit: AED 743.76M<br />

In Q1 <strong>2023</strong>, Dubai Electricity and<br />

Water Authority (DEWA) saw a rise in<br />

net profits attributable to its owners,<br />

reaching AED 743.76M, an increase from<br />

AED 734.51M in the previous year. <strong>The</strong><br />

consolidated interim financial results<br />

revealed a 7.30% YoY growth in revenues,<br />

totaling AED 5.43B by March 31, <strong>2023</strong>,<br />

compared to AED 5.06B previously.<br />

Basic and diluted earnings per share<br />

(EPS) remained steady at AED 0.015<br />

during Q1-23, identical to Q1-22. DEWA’s<br />

total assets for the January-March <strong>2023</strong><br />

period were valued at AED 180.18B,<br />

slightly lower than the AED 180.74B<br />

recorded by December 31, 2022.<br />

DP WORLD<br />

Q1’23 Net Profit: 3.7% Increase<br />

DP <strong>World</strong> Limited reported handling 19.5<br />

million TEU (twenty-foot equivalent<br />

units) across its global container<br />

terminals in Q1 <strong>2023</strong>. On a reported basis,<br />

gross container volumes increased by<br />

1.4% YoY, and on a like-for-like basis, the<br />

growth reached 3.7%. <strong>The</strong> company’s<br />

strong performance in Asia Pacific and<br />

India drove the growth, while Europe<br />

and the Americas showed softer results.<br />

Jebel Ali in the UAE handled 3.5 million<br />

TEU, marking a 2.3% YoY increase.<br />

At a consolidated level, DP <strong>World</strong>’s<br />

terminals handled 11.4 million TEU,<br />

with a 0.7% YoY increase reported but<br />

a 1.3% decrease on a like-for-like basis.<br />

BURJEEL HOLDINGS<br />

Q1’23 Net Profit: AED 121.3M<br />

Burjeel Holdings PLC, a prominent<br />

healthcare services provider in the UAE<br />

and MENA region, has announced its<br />

financial results for the three-month<br />

period ending on March 31, <strong>2023</strong>. <strong>The</strong><br />

group achieved a net profit of AED<br />

121.3M, marking a significant increase<br />

of 43.4% compared to the previous<br />

year. This growth reflects the group’s<br />

enhanced operational efficiency and<br />

its strategic focus on high-end and<br />

specialized services. Additionally,<br />

the group reported a revenue of AED<br />

1.1B, representing an 11.6% year-onyear<br />

increase, primarily driven by a<br />

remarkable 32.6% growth in the flagship<br />

hospital, Burjeel Medical City (BMC).<br />

<strong>The</strong> group also highlighted an EBITDA<br />

of AED 241.6M, a 13.4% increase yearon-year,<br />

while maintaining a stable<br />

EBITDA margin of 22.3%.<br />

80 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


ALPHA DHABI<br />

Q1’23 Net Profit: AED 7.3B<br />

Alpha Dhabi, the investment group<br />

based in Abu Dhabi, has reported a<br />

remarkable 161% increase in net profit<br />

for Q1-23, amounting to an impressive<br />

AED 7.3B. <strong>The</strong> group has diversified<br />

its investments across various sectors,<br />

including real estate and hospitality,<br />

resulting in total assets of AED 120.6B<br />

by the end of March, representing a<br />

substantial 129% growth compared<br />

to the previous year. Alpha Dhabi is<br />

now focusing on expanding its growth<br />

prospects further. It has entered into a<br />

partnership with Mubadala to invest in<br />

global credit opportunities, with plans<br />

to allocate up to AED 9B (approximately<br />

$2.5B) over the next five years.<br />

Dubai Islamic Bank<br />

Q1’23 Net Profit: AED 1,506M<br />

Dubai Islamic Bank (DIB), the largest<br />

Islamic bank in the UAE, has released<br />

its financial results for the period ending<br />

on March 31, <strong>2023</strong>. <strong>The</strong> highlights<br />

of Q1 <strong>2023</strong> include a group net profit<br />

of AED 1,506M, reflecting a solid 12%<br />

year-on-year increase compared to<br />

AED 1,345M. This growth was primarily<br />

driven by higher core revenues and<br />

effective cost management. Net financing<br />

and sukuk investments reached<br />

AED 240B, marking a 1% year-to-date<br />

increase, with AED 21B in new underwriting<br />

during Q1 <strong>2023</strong>, compared<br />

to AED 15B in Q1 2022. Total income<br />

expanded by an impressive 47% yearon-year,<br />

reaching AED 4,431M, while<br />

net operating revenues showed a robust<br />

12% year-on-year growth, totalling<br />

AED 2,755M.<br />

COMMERCIAL BANK OF<br />

DUBAI<br />

Q1’23 Net profit: AED 152.0M<br />

<strong>The</strong> Commercial Bank of Dubai (CBD)<br />

has reported impressive financial results<br />

for the first quarter of <strong>2023</strong>. <strong>The</strong><br />

bank’s net profits reached AED 575.22<br />

million, a significant increase of 33.40%<br />

compared to the same period last year.<br />

CBD also recorded a substantial rise<br />

in total operating income, reaching<br />

AED 1.23 billion, representing a 44%<br />

year-on-year leap. <strong>The</strong> earnings per<br />

share (EPS) for Q1-23 stood at AED<br />

0.19, surpassing the AED 0.14 figure in<br />

Q1-22. <strong>The</strong> bank’s total assets amounted<br />

to AED 119.31 billion, and clients’<br />

deposits reached AED 86.19 billion in<br />

the first three months of <strong>2023</strong>. Bernd<br />

van Linder, CEO of CBD, attributed<br />

the strong performance to higher net<br />

interest income and robust operational<br />

execution.<br />

ALDAR<br />

Q1’23 Net Profit: AED 18.8B<br />

Aldar Properties, a leading real estate<br />

developer in Abu Dhabi, has experienced<br />

cross-platform growth driven by<br />

the successful execution of its development<br />

revenue backlog, strong quarterly<br />

development sales, and increasing recurring<br />

income from investment properties.<br />

<strong>The</strong> real estate market in Abu Dhabi has<br />

evolved, contributing to this growth. <strong>The</strong><br />

company achieved record quarterly development<br />

sales of AED 4.5B, supported<br />

by growing demand from overseas buyers<br />

and resident expats in the UAE. Aldar<br />

Properties also reported its highest-ever<br />

development revenue backlog of AED<br />

18.8B, providing revenue visibility for the<br />

next 2-3 years. <strong>The</strong> company has expanded<br />

its strategic landbank by acquiring<br />

Al Fahid Island, which adds a unique<br />

waterfront offering to its development<br />

pipeline. Additionally, Aldar has entered<br />

the Dubai real estate market through a<br />

joint venture with Dubai Holding, planning<br />

to develop three new communities<br />

on 3.5 million sqm of land.<br />

DUBAI AMANAT HOLDINGS<br />

Q1’23 Net Profit: AED 39.7M<br />

Amanat Holdings, a Dubai-based investment<br />

company focused on education and<br />

healthcare, has reported a significant increase<br />

in its net profit for the first quarter,<br />

driven by strong performance in its<br />

healthcare and education units. <strong>The</strong> net<br />

profit attributable to equity shareholders<br />

rose by 24% to AED 39.7M ($10.8M) compared<br />

to AED 32M in the same period last<br />

year. Revenue for the quarter increased<br />

by 42% year-on-year to AED 185.2M, primarily<br />

due to the contributions from the<br />

healthcare and education units, including<br />

the recently acquired Human Development<br />

Company. Amanat Holdings also<br />

noted a 45% annual growth in adjusted<br />

earnings before interest, taxes, depreciation,<br />

and amortization (EBITDA) to<br />

AED 70.8M in Q1.<br />

DUBAI’S DMCC<br />

Q1’23 Net Profit: 8.4% Increase<br />

DMCC, the Government of Dubai<br />

Authority on commodities trade and<br />

Enterprise, has achieved an exceptional<br />

first quarter performance in<br />

<strong>2023</strong>. <strong>The</strong> business district welcomed<br />

a record-breaking 708 new companies<br />

during this period, marking the best Q1<br />

performance since its establishment<br />

in 2002. This represents an impressive<br />

8.4% year-on-year increase and reflects<br />

an average annual growth rate of<br />

13.7% over the past five years. Dubai’s<br />

Media Office reported these statistics,<br />

emphasizing Dubai’s reputation as a<br />

top investment destination. Ahmed<br />

Bin Sulayem, the executive chairman<br />

and CEO of DMCC, credited Dubai’s<br />

strong local macroeconomic conditions<br />

and the ease of doing business within<br />

the free zone for this outstanding<br />

achievement.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 81


Travel<br />

Escape to Paradise: Unveiling the<br />

<strong>World</strong>’s Top Summer Getaways<br />

Selecting the perfect summer holiday destination can be a challenging task. As global travel makes<br />

a triumphant return in <strong>2023</strong>, a world of possibilities opens up for adventurers seeking the ultimate<br />

summer getaways. In this post, let’s unravel some of the best destinations to visit in <strong>July</strong>. From<br />

longing to visit enchanting valleys to embarking on a beautiful journey alongside lavender paradise,<br />

the options are endless.<br />

Pingvallavatn Lake, Iceland<br />

Experience the unique sensation<br />

of being present on two distinct<br />

continents simultaneously by<br />

venturing to Pingvallavatn Lake<br />

in Iceland. Dive into the depths of this<br />

lake, which lies partially submerged<br />

within the Atlantic Ocean, and relish<br />

the extraordinary opportunity to swim<br />

among the rocks, effectively immersing<br />

yourself in both the realms of Europe<br />

and America.<br />

Ranked among the world’s premier<br />

diving destinations, the Silfra fissure<br />

within Thingvellir National Park stands<br />

as a remarkable crevice separating two<br />

tectonic plates. This extraordinary<br />

location offers a unique opportunity<br />

to swim directly between the North<br />

American and European continents,<br />

an unparalleled experience found<br />

Valley of Jiuzhaigou, China<br />

In the beautiful region of Jiuzhaigou<br />

in Sichuan, China lies a vast lake<br />

renowned for its mesmerising<br />

colour transformations. Throughout<br />

the day and seasons, the water of this<br />

expansive lake undergoes a captivating<br />

kaleidoscope of hues.<br />

nowhere else on our planet.<br />

To add to its allure, the fissure is<br />

filled with remarkably clear water,<br />

making it an ideal spot for snorkelling.<br />

<strong>The</strong> interplay of algae and calcified<br />

rocks beneath the lake’s surface, coupled<br />

with the reflections of the surrounding<br />

landscape, contribute to this breathtaking<br />

spectacle. For an optimal experience,<br />

autumn unveils the lake’s true magic,<br />

as it adorns itself with a vibrant array<br />

However, there is one caveat: the water’s<br />

temperature remains freezing cold<br />

throughout the year, ranging between<br />

35 and 39 degrees Fahrenheit.<br />

of rainbow-like shades.<br />

Encompassing an expansive area of<br />

72,000 hectares in the northern region<br />

of Sichuan Province, the breathtaking<br />

Jiuzhaigou Valley boasts an impressive<br />

elevation exceeding 4,800 meters.<br />

Within its boundaries lie a multitude of<br />

distinct forest ecosystems, creating a<br />

captivating tapestry of natural diversity.<br />

Of special note is the valley’s remarkable<br />

assortment of slender, cone-shaped<br />

karst landforms and stunning waterfalls,<br />

which contribute to its extraordinary<br />

landscapes. Adding to its allure, the<br />

valley is home to approximately 140<br />

species of birds, alongside several<br />

endangered plant and animal species,<br />

including the iconic giant panda and<br />

the Sichuan takin.<br />

82 www.thefinanceworld.com<br />

<strong>July</strong> <strong>2023</strong>


Killarney, Ireland<br />

To experience the quintessential<br />

beauty of the Irish countryside,<br />

a trip to Killarney is a must.<br />

This charming town is embraced<br />

by lush green hills and valleys in every<br />

direction, offering abundant opportunities<br />

to immerse yourself in nature. One of<br />

the main attractions in Killarney is the<br />

renowned Killarney National Park, home<br />

to MacGillycuddy’s Reeks, the highest<br />

mountain range in Ireland. Even if you’re<br />

not an avid hiker, you can still relish in<br />

the picturesque lakes and explore the<br />

fascinating centuries-old churches and<br />

castles scattered throughout the area.<br />

Killarney is a town best explored on<br />

foot, with each trail offering a glimpse<br />

into its rich history. Wander through the<br />

vast woodlands, sandstone mountains,<br />

and serene lakes of Ireland’s first<br />

national park, which spans over 26,000<br />

acres. And when your feet start to tire,<br />

you can opt to take a boat ride from<br />

Ross Castle to admire the captivating<br />

beauty of Killarney National Park from<br />

the water.<br />

Provence, France<br />

Provence is like stepping into a<br />

French fairytale. Its picturesque<br />

landscapes are adorned with<br />

lush green vineyards, delectable<br />

handcrafted cheeses, and fertile soil,<br />

all complemented by breathtaking<br />

cliff-top drives, ancient Roman ruins,<br />

and alluring coastal towns. And in the<br />

month of <strong>July</strong>, the region becomes a<br />

lavender paradise. Vast fields of vibrant<br />

purple create a scenic masterpiece,<br />

exuding a delightful fragrance.<br />

Much of this lavender, like many<br />

other things in France, finds its way<br />

to the dining table, adding a touch of<br />

floral essence to artisanal honey and<br />

refreshing sorbets. <strong>July</strong> also brings<br />

forth the finest markets, showcasing<br />

Provence’s abundant treasures. Imagine<br />

baskets overflowing with fresh olives,<br />

juicy tomatoes, pungent garlic, and<br />

an array of orchard fruits. To extend<br />

the enchantment well into the night,<br />

indulge in stays at centuries-old mansions<br />

and charming chateaus that exude<br />

timeless allure.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 83


Sport as a Business<br />

Fueling Champions: <strong>The</strong> Role of the UAE’s<br />

Food & Beverage Industry in Sports<br />

<strong>The</strong> UAE catering service market has experienced remarkable growth and<br />

transformation in recent years, and the forecast period of 2021–2026 promises<br />

even more positive opportunities. Despite the challenges posed by the Covid-19<br />

pandemic, the market is expected to rebound and flourish as leading players<br />

invest in technology, online platforms, and home delivery services. <strong>The</strong> emphasis<br />

on providing healthier meals prepared from fresh ingredients and the integration<br />

of technology to enhance the customer experience are driving factors behind the<br />

projected growth of around 6% in the market.<br />

84 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


UAE catering market in the sports industry is poised for<br />

significant growth, with a projected CAGR of 6.71% and<br />

an estimated value of $4,160.42M by 2027.<br />

Undoubtedly, the outbreak of<br />

the Covid-19 pandemic had<br />

a profound negative impact<br />

on the UAE Catering Service<br />

Market, as the market faced delays<br />

in imports, disruptions in the supply<br />

chain, and prolonged closures of<br />

consumer food service outlets due to<br />

lockdowns and movement restrictions.<br />

However, as conditions gradually ease<br />

and strict norms are lifted, the market<br />

is poised to recover. Industry leaders<br />

are focusing on expanding online<br />

platforms, apps, and home delivery<br />

services, which are anticipated to play<br />

a pivotal role in driving the market’s<br />

success in the coming years.<br />

<strong>The</strong> UAE Catering Service Market<br />

encompasses various end-user industries,<br />

including corporate, education,<br />

healthcare, defense, mining & EPC,<br />

sports & leisure, and others. Several<br />

factors are driving the growth of the<br />

UAE Catering Service Market. <strong>The</strong><br />

influx of tourists, coupled with the<br />

presence of renowned catering service<br />

providers, is a significant catalyst for<br />

market expansion.<br />

<strong>The</strong> UAE catering market in the<br />

sports industry is poised for significant<br />

growth, with a projected CAGR<br />

of 6.71% and an estimated value of<br />

$4,160.42M by 2027. As an integral part<br />

of the food service industry, catering<br />

services play a pivotal role in delivering<br />

satisfying and affordable food and<br />

beverages to a large population.<br />

With a focus on quality, taste, and<br />

convenience, catering service providers<br />

in the UAE cater to the diverse<br />

culinary preferences of athletes, sports<br />

enthusiasts, and spectators alike.<br />

Whether it’s fueling athletes during<br />

training camps or satisfying the hunger<br />

of fans at sports events, the catering<br />

industry in the UAE ensures that delicious<br />

and fulfilling meals are readily<br />

available, enhancing the overall experience<br />

of the sports industry.<br />

Although the Covid-19 pandemic<br />

had a profound impact on the catering<br />

industry, the gradual decline in cases<br />

and the lifting of restrictions have<br />

fueled market recovery since the past<br />

year. As the market slowly recovered<br />

in 2021, the coming years hold promising<br />

opportunities for leading players<br />

in the UAE Catering Service Market.<br />

In the UAE catering service market<br />

in sports, sponsorships play a significant<br />

role in catering arrangements.<br />

Many catering services in the sports<br />

industry are often provided through<br />

sponsorships. Companies or brands<br />

sponsor sporting events or teams, and<br />

as part of their sponsorship package,<br />

they offer catering services to the<br />

participants and attendees.<br />

This strategic partnership allows<br />

catering companies to gain exposure<br />

and promote their brand while providing<br />

food and beverage services<br />

to sports events. Such sponsorships<br />

create a win-win situation for both<br />

the catering service providers and<br />

the sponsors, as they gain visibility<br />

and enhance their brand image in the<br />

sports industry. This unique approach<br />

to catering in the UAE sports market<br />

enables companies to reach a wide<br />

audience and establish strong connections<br />

with sports enthusiasts through<br />

their sponsorship efforts.<br />

<strong>The</strong> UAE catering service market<br />

in sports has immense potential for<br />

expansion due to its relatively low<br />

competition and fewer players in the<br />

market. With a smaller number of<br />

participants, catering service providers<br />

have the opportunity to establish<br />

themselves as key players in this niche<br />

industry. <strong>The</strong> demand for catering<br />

services in the sports sector is growing,<br />

and by offering specialized and<br />

tailored solutions, catering businesses<br />

can tap into this market and carve out<br />

a unique position for themselves.<br />

<strong>The</strong> combination of a less crowded<br />

market and increasing demand presents<br />

a favorable environment for catering<br />

service providers to thrive and<br />

expand their operations, catering to<br />

the specific needs and preferences of<br />

athletes, sports teams, and spectators.<br />

Contract catering services and the<br />

provision of premium table services,<br />

live food counters, and aesthetically<br />

pleasing delicacies are key drivers<br />

for market growth. <strong>The</strong> evolving socio-economic<br />

landscape and rising<br />

consumer living standards further<br />

contribute to the expansion of the<br />

catering service segment.<br />

<strong>The</strong> UAE Catering Service Market<br />

is poised for continued growth in the<br />

forecast years, driven by factors such<br />

as the aviation industry, hosting major<br />

events, and increasing competition<br />

among players. With the integration of<br />

innovation and technology, the market<br />

is expected to thrive, creating lucrative<br />

opportunities. Despite the challenges<br />

faced, the UAE Catering Service Market<br />

remains resilient and continues to<br />

evolve, offering a promising future for<br />

industry stakeholders.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 85


Sport News<br />

Karim Benzema Makes Move to Al Ittihad in Saudi Arabia Post Real<br />

Madrid Exit<br />

French striker Karim Benzema,<br />

the recipient of the prestigious<br />

Ballon d’Or award, has made a<br />

major career move by joining<br />

Saudi Arabian club Al Ittihad as a free<br />

agent. Following an illustrious 14-year<br />

tenure at Real Madrid, Benzema has<br />

committed to a three-year contract<br />

with the Saudi champions, donning the<br />

no. 9 shirt. Expressing his enthusiasm,<br />

Benzema revealed his eagerness to<br />

embark on a new football journey in<br />

a different country. While acknowledging<br />

his achievements in Spain and<br />

Europe, the striker emphasized that<br />

the time is right for a fresh challenge,<br />

one that will contribute to the growth<br />

of both Al Ittihad and the sport itself<br />

in Saudi Arabia.<br />

DP <strong>World</strong> Becomes ICC’s Official Global Logistics<br />

Partner in Long-Term Deal<br />

Dubai-based logistics company<br />

DP <strong>World</strong> has secured<br />

a long-term deal to become<br />

the official global logistics<br />

partner of the International Cricket<br />

Council (ICC). <strong>The</strong> partnership will<br />

commence from the highly anticipated<br />

ICC <strong>World</strong> Test Championship Final<br />

between India and Australia in London.<br />

It encompasses all major ICC events<br />

in both men’s and women’s cricket,<br />

including the Cricket <strong>World</strong> Cup, T20<br />

<strong>World</strong> Cup, and Champions Trophy. As<br />

the global logistics partner, DP <strong>World</strong><br />

will implement customized logistics<br />

solutions across its operations. <strong>The</strong><br />

partnership launch took place at the<br />

Oval Cricket Ground in London and<br />

marks the first committed partnership<br />

for the ICC’s commercial rights cycle<br />

starting in 2024.<br />

Saudi Arabia’s PIF<br />

Acquires Major<br />

Football Clubs<br />

Saudi Arabia’s Public Investment<br />

Fund (PIF) has taken control of<br />

four prominent football clubs in<br />

the country as part of a major<br />

ownership change. <strong>The</strong> move aligns<br />

with the objectives of Vision 2030, a<br />

national development plan, to enhance<br />

the sports sector by encouraging private<br />

sector involvement. Under the<br />

new arrangement, PIF will own 75%<br />

of each club, namely Al Ittihad, Al<br />

Nassr, Al Hilal, and Al Ahli. Non-profit<br />

foundations will be established for<br />

each club, with a 25% ownership stake.<br />

PIF’s takeover aims to drive the growth<br />

and development of these clubs while<br />

fostering the overall advancement of<br />

Saudi sports.<br />

86 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Saudi Unveils $2B Football Privatization Scheme<br />

Saudi Arabia has revealed a significant<br />

privatisation initiative<br />

for sports in the country, with<br />

a particular focus on football.<br />

As part of the project, major sports<br />

clubs are expected to be privatised<br />

before the year concludes. <strong>The</strong> Saudi<br />

Pro League football organisation<br />

has set ambitious goals, aiming for<br />

revenues of SR8 billion ($2.1B) by<br />

2030. <strong>The</strong> Kingdom aspires for its<br />

domestic league to rank among the<br />

top 10 leagues globally. Crown Prince<br />

Mohammed bin Salman bin Abdulaziz<br />

Al Saud announced the launch of this<br />

investment and privatisation scheme,<br />

aligning with the objectives of Vision<br />

2030 to foster a thriving sports sector<br />

through private sector involvement.<br />

Saudi-backed LIV Golf to merge with PGA Tour<br />

<strong>The</strong> PGA Tour, LIV Golf (backed<br />

by the Saudi Public Investment<br />

Fund), and the DP <strong>World</strong> Tour<br />

have announced a significant<br />

reconciliation, bringing an end to a<br />

divisive period in the world of golf. In a<br />

joint statement, the parties declared a<br />

permanent ceasefire and the merging of<br />

their commercial interests. <strong>The</strong> collaboration<br />

aims to drive fan engagement,<br />

enhance growth initiatives, and expand<br />

team golf. <strong>The</strong> Saudi sovereign wealth<br />

fund, PIF, will make a capital investment<br />

in the newly formed entity, which will<br />

be collectively owned and for profit.<br />

All pending litigations will be mutually<br />

terminated, and plans for player<br />

integration and membership details<br />

will be disclosed after the conclusion<br />

of the <strong>2023</strong> season.<br />

131 athletes to represent UAE in 15th Arab Games<br />

in Algeria<br />

UAEJJF and Mubadala’s<br />

partnership is a shining<br />

example of sports collaboration<br />

<strong>The</strong> partnership between the<br />

UAE Jiu-Jitsu Federation<br />

(UAEJJF) and the Mubadala<br />

Investment Company has<br />

emerged as a successful collaboration<br />

in the sports sector, exemplifying the<br />

significance of strong foundations<br />

for athlete success. This commitment<br />

from Mubadala has provided crucial<br />

support to one of the nation’s most<br />

accomplished teams, which has consistently<br />

triumphed in international competitions.<br />

<strong>The</strong> partnership facilitated<br />

enhanced training opportunities, both<br />

domestically and internationally, leading<br />

to remarkable achievements such<br />

as dominating continental and world<br />

championships and securing multiple<br />

medals, including a third consecutive<br />

Jiu-Jitsu <strong>World</strong> Championship title.<br />

<strong>The</strong> UAE will be participating<br />

in the 15th Arab Games,<br />

scheduled to be hosted by<br />

Algeria from <strong>July</strong> 5th to 15th.<br />

<strong>The</strong> National Olympic Committee<br />

has announced that the UAE team<br />

will consist of 131 athletes, including<br />

80 male and 51 female participants<br />

across 15 different sports. <strong>The</strong> sports<br />

include volleyball, athletics, boxing,<br />

judo, swimming, karate, badminton,<br />

cycling, weightlifting, table tennis,<br />

fencing, chess, and wheelchair basketball<br />

and athletics for people of<br />

determination. <strong>The</strong> Arab Games will<br />

bring together 6,000 athletes from<br />

various Arab countries to compete in<br />

23 sports across five different cities<br />

in Algeria. <strong>The</strong> event aims to foster<br />

unity, friendship, and the principles of<br />

the Arab Olympic Movement. <strong>The</strong> UAE<br />

team aims for successful participation<br />

and excellent results to enhance the<br />

country’s sporting achievements.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 87


Tourism<br />

Dubai’s Resurgence as a Food Tourism<br />

Capital<br />

UAE has solidified its position as a culinary hub of exceptional calibre because<br />

of its outstanding restaurant concepts. With international tourism on the rise,<br />

the country maintains its prominent role in the GCC’s food and beverage market.<br />

Today, the UAE’s food and beverage industry represents a crucial foundation of<br />

the hospitality sector. Projections indicate that the total expenditure on F&B is<br />

expected to reach an impressive sum of US$ 44.5 billion by the end of <strong>2023</strong>.<br />

88 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Dubai’s F&B market is projected to grow at<br />

a robust rate of 26.22% from 2022 to <strong>2023</strong><br />

Dubai’s Department of Economy<br />

and Tourism (DET) has<br />

launched the inaugural Dubai<br />

Gastronomy Industry Report,<br />

a comprehensive study of the city’s<br />

gastronomy scene, further reinforcing<br />

Dubai’s position as a much sought-after<br />

global destination for food tourism.<br />

<strong>The</strong> market is being driven by factors<br />

such as increasing health consciousness,<br />

the need for product differentiation, and<br />

the convenience offered by online food<br />

platforms. <strong>The</strong>se factors are shaping<br />

the hospitality sector and giving rise<br />

to stronger, more sustainable, and<br />

innovative business models.<br />

Dubai’s F&B market is projected to<br />

grow at a robust rate of 26.22% from<br />

2022 to <strong>2023</strong>. This positive outlook is<br />

driven by increased demand across all<br />

segments of the UAE’s food service<br />

market, including full-service restaurants,<br />

fine dining establishments,<br />

fast-casual eateries, fast-food chains,<br />

cloud kitchens, cafes, street kiosks,<br />

and home delivery services.<br />

<strong>The</strong> dominant segment in the market<br />

is Restaurant-to-Consumer Delivery<br />

the revenue of which is projected to<br />

reach US$0.80bn in <strong>2023</strong>. As a result,<br />

numerous restaurant operators are<br />

implementing online ordering options<br />

through their websites, social media<br />

platforms, or mobile applications.<br />

Some are even setting up delivery-only<br />

restaurants and cloud kitchens,<br />

often referred to as dark, satellite,<br />

virtual, or ghost kitchens. In addition<br />

to technology-driven advancements,<br />

there is a growing trend of experiential<br />

dining in the UAE, where food and<br />

beverage offerings are combined with<br />

entertainment elements.<br />

Ahmed Al Khaja, the CEO of Dubai<br />

Festivals and Retail Establishment<br />

(DFRE), expressed pride in the continuous<br />

growth of Dubai’s thriving<br />

gastronomy industry, which is making<br />

a positive contribution to the global<br />

expansion of food tourism. He highlighted<br />

the visionary leadership of<br />

His Highness Sheikh Mohammed bin<br />

Rashid Al Maktoum, Vice President and<br />

Prime Minister of the UAE and Ruler<br />

of Dubai, in further enhancing Dubai’s<br />

standing as a renowned global hub for<br />

quality of life.<br />

In recent years, the UAE and Saudi<br />

Arabia have witnessed a growing trend<br />

of revitalizing and reinventing F&B<br />

businesses, following the introduction<br />

of pop-up retail. With an increase in<br />

face-to-face events and out-of-home<br />

activities, there is a rising demand for<br />

pop-up outdoor cafes, dining areas,<br />

street stalls, kiosks, and express takeout<br />

zones. Simultaneously, there is a<br />

surge in popularity for “chef-driven”<br />

establishments and customized food<br />

options, including curbside pick-up<br />

trucks, to cater to the demand for<br />

high-end, authentic artisanal tastes<br />

and flavour.<br />

Dubai’s rich culinary landscape<br />

showcases the fusion of cultures and<br />

traditions from over 200 nationalities,<br />

creating a diverse and vibrant dining scene<br />

throughout the city. We are delighted to<br />

witness Dubai’s increasing recognition<br />

as a globally renowned destination for<br />

food enthusiasts, revolutionizing the<br />

realm of food tourism. Our recently<br />

launched report is a unique and comprehensive<br />

study that offers valuable<br />

insights and information concerning the<br />

city’s flourishing gastronomy sector.<br />

<strong>The</strong> report highlights the remarkable<br />

success of Dubai’s gastronomy industry,<br />

as reflected in high satisfaction<br />

ratings across various aspects of the<br />

dining experience. Notably, there has<br />

been a significant enhancement in<br />

food choices and overall restaurant<br />

experiences, benefiting both residents<br />

and visitors alike.<br />

During the initial quarter of <strong>2023</strong>,<br />

Dubai greeted a staggering 4.67 million<br />

overnight visitors, positioning<br />

itself on track to become the leading<br />

international destination for tourism.<br />

This figure demonstrates a significant<br />

increase compared to the 3.97 million<br />

tourists recorded in the corresponding<br />

period of 2022. With tourism witnessing<br />

this hike, the F&B Industry in the UAE<br />

is undergoing a remarkable evolution,<br />

demonstrating its adaptability by reimagining<br />

its business models. This<br />

transformative journey is just beginning,<br />

and it is expected that emerging trends<br />

and concepts will continue to evolve<br />

and shape the industry further.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 89


Investing in Art<br />

Enhancing Portfolio Diversification: <strong>The</strong><br />

Role of Art as an Investment<br />

In an era of economic uncertainty and increased market volatility, investors are<br />

seeking alternative avenues to safeguard their wealth and achieve steady returns.<br />

One such avenue that has gained traction in recent years is the art market. Art<br />

has emerged as an exciting alternative to the shaky stock market, offering the<br />

potential for improved portfolio performance and stability. With its impressive<br />

track record and low correlation to traditional assets, art has become an attractive<br />

investment option for both wealth advisors and high net worth collectors.<br />

Art’s evolving role as an investment has been closely<br />

followed, paralleling Developments in the stock market.<br />

v<br />

90 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


v<br />

Contemporary art prices have<br />

exhibited remarkable growth,<br />

outpacing the S&P 500 by<br />

more than two to one since<br />

1996. Over the last 26 years, art prices<br />

have surpassed the S&P 500 by an impressive<br />

133%, and even outperformed<br />

the tech-heavy Nasdaq by 77%. This<br />

outstanding performance positions<br />

art as a competitive asset class, surpassing<br />

not only stocks but also real<br />

estate and gold.<br />

One of the key advantages of art as<br />

an investment is its low correlation to<br />

stocks. Art prices have the potential<br />

to rise even when the stock market<br />

experiences a downturn. This low correlation<br />

enables investors to diversify<br />

their portfolios effectively, smoothing<br />

out returns during periods of high volatility.<br />

In fact, 85% of surveyed wealth<br />

advisors plan on recommending art<br />

to their clients, while 61% of high net<br />

worth collectors allocate a significant<br />

portion, ranging from 5% to 30%, of<br />

their wealth into art, according to<br />

UBS.<br />

Moreover, art has proven to be a<br />

resilient investment in an inflationary<br />

environment. Contemporary art exhibits<br />

an average annual price appreciation<br />

of 13.5% when inflation is above<br />

3%, significantly outperforming both<br />

gold and stocks. This makes art an<br />

attractive option for investors seeking<br />

higher returns in times of rising prices.<br />

Investing in art also offers the advantage<br />

of reduced monitoring and<br />

market dependency. Unlike stocks,<br />

where investors must constantly monitor<br />

earnings reports and anticipate<br />

market fluctuations, art investments<br />

do not require such vigilance. Large<br />

auctions occur only a few times a<br />

year, and private sales often go unreported.<br />

This allows investors to focus<br />

on their other financial endeavors<br />

without being tied to the daily market<br />

movements.<br />

While the art market’s global sales<br />

reached over $50.1 billion in 2020, the<br />

Middle East and North Africa (MENA)<br />

region has emerged as a significant<br />

player in the art sector. <strong>The</strong> MENA<br />

arts sector has witnessed substantial<br />

growth, contributing to economic diversification<br />

and serving as a positive<br />

indicator of the region’s success. <strong>The</strong><br />

number of Middle Eastern investors<br />

participating in global sales has risen<br />

by 76% over the past five years, with<br />

the UAE’s participation soaring by<br />

157%. <strong>The</strong> establishment of major art<br />

galleries, such as <strong>The</strong> Louvre Abu Dhabi<br />

and the Jameel Arts Centre, further<br />

emphasizes the region’s commitment<br />

to nurturing the art market.<br />

Diversification remains a crucial<br />

strategy for protecting portfolios<br />

in the face of threats to the global<br />

economy. By combining asset classes<br />

with different risk profiles and low<br />

to negative correlation, investors can<br />

mitigate risk and reduce the overall<br />

drawdown of their portfolios. Art,<br />

with its unique characteristics and<br />

strong performance, offers an effective<br />

diversification tool. Allocating 15% to<br />

20% of a portfolio to alternative asset<br />

classes, including art, has shown to<br />

yield significant benefits.<br />

Art’s evolving role as an investment<br />

has been closely followed, paralleling<br />

developments in the stock market.<br />

Fine art indices have demonstrated resilience<br />

during economic slowdowns,<br />

with auction houses continuously<br />

reporting record prices. <strong>The</strong> art market’s<br />

ability to outperform the S&P<br />

500 by 240% since 1986 showcases its<br />

independence from the movements of<br />

other asset classes.<br />

As investors strive to strike a balance<br />

between risk and return, the inclusion<br />

of art in their portfolios offers<br />

a unique opportunity to diversify and<br />

potentially enhance their risk-adjusted<br />

returns. With its impressive performance,<br />

low correlation, and potential<br />

for steady appreciation, art continues<br />

to attract investors seeking an alternative<br />

to traditional assets.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 91


Global News<br />

Dubai ranks third in the world’s top cities, beating New York, London<br />

and Paris<br />

Dubai has achieved a remarkable<br />

milestone, surpassing<br />

prominent cities like New<br />

York, London, Tokyo, Sydney,<br />

Johannesburg, Paris, and San Francisco<br />

to secure the third position in the<br />

rankings of the world’s top 10 global<br />

cities. <strong>The</strong> rankings were recently released<br />

by the UK-based publication <strong>The</strong><br />

Economist. His Highness Hamdan bin<br />

Mohammed bin Rashid Al Maktoum, the<br />

Crown Prince of Dubai and Chairman<br />

of <strong>The</strong> Executive Council of Dubai<br />

expressed his excitement about this<br />

achievement on Twitter, highlighting<br />

Dubai’s impressive performance over<br />

the past three years. <strong>The</strong> visionary<br />

leadership of His Highness Sheikh<br />

Mohammed bin Rashid Al Maktoum,<br />

Vice President and Prime Minister of<br />

the UAE and Ruler of Dubai, along<br />

with the ambitious targets set by the<br />

Dubai Economic Agenda (D33), have<br />

played a pivotal role in propelling Dubai<br />

towards its goal of becoming one of<br />

the world’s leading urban economies.<br />

$96.8B: Egypt Tops in<br />

mega projects FDI<br />

Egypt has secured its position as<br />

the world’s leading destination<br />

for foreign direct investment<br />

(FDI) in mega projects in 2022,<br />

according to fDi Markets, the greenfield<br />

investment monitor of the Financial<br />

Times. Despite international investors<br />

announcing over 16,000 FDI projects<br />

globally, Egypt stood out with more<br />

than $96.8B invested in such projects,<br />

nearly three times its previous record.<br />

<strong>The</strong> country experienced a significant<br />

increase in mega projects, from an<br />

average of 3.5 per year between 2013<br />

and 2021 to 19 in 2022, second only<br />

to the United States. <strong>The</strong> surge in the<br />

capital can be attributed to Egypt’s<br />

17 green hydrogen projects, which<br />

accounted for 97% of the total inbound<br />

capital investment in 2022. <strong>The</strong> data<br />

reveals that a record-breaking 159<br />

mega projects worth at least $1B were<br />

announced globally in 2022.<br />

Global Airlines more than double <strong>2023</strong> profit outlook<br />

In a positive turn of events for the<br />

global aviation industry, airlines<br />

have significantly increased their<br />

profit forecast for <strong>2023</strong>. <strong>The</strong> industry-wide<br />

profit projection has more<br />

than doubled from $4.7B to $9.8B, as<br />

announced during the annual meeting of<br />

the International Air Transport Association<br />

by Director General Willie Walsh.<br />

This upward revision is attributed to the<br />

OECD slightly raises world GDP growth forecast<br />

to 2.7%<br />

<strong>The</strong> Organization for Economic<br />

Co-operation and Development<br />

(OECD) has slightly<br />

revised its growth projection<br />

for the global economy, citing easing<br />

inflation and the relaxation of Covid<br />

restrictions in China. However, the organization<br />

cautioned that the recovery<br />

still faces significant challenges. <strong>The</strong><br />

OECD now forecasts a 2.7 per cent<br />

expansion, up from 2.6 per cent in its<br />

previous report, with improvements<br />

expected in the United States, China,<br />

and the eurozone. Nonetheless, this<br />

growth rate falls short of the 3.3 per<br />

cent recorded in 2022. OECD chief<br />

combination of growing demand for air<br />

travel and lower fuel prices. Furthermore,<br />

it is expected that revenues will<br />

nearly reach pre-pandemic levels, with<br />

an estimated $803B in <strong>2023</strong> compared<br />

to the pre-pandemic figure of $838B<br />

recorded in 2019. <strong>The</strong>se developments<br />

indicate a promising recovery for the<br />

aviation sector in the coming year.<br />

economist Clare Lombardelli acknowledged<br />

that while the global economy is<br />

showing signs of improvement, achieving<br />

strong and sustainable growth will<br />

be a lengthy process.<br />

92 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


Goldman Sachs lowers odds of U.S. recession<br />

Goldman Sachs has revised its<br />

outlook on the probability of<br />

a U.S. recession in the next<br />

12 months, lowering it to<br />

25% from 35%. <strong>The</strong> Wall Street Bank<br />

also predicts that the Federal Reserve<br />

will likely increase interest rates by<br />

25 basis points in <strong>July</strong>. This change in<br />

stance comes as the banking sector<br />

shows reduced stress and follows<br />

President Joe Biden’s signing of a bill<br />

that suspends the U.S. government’s<br />

debt ceiling, preventing a potential<br />

default. According to Goldman Sachs,<br />

the new debt ceiling limit will result in<br />

minor spending cuts, leaving the overall<br />

fiscal impulse relatively neutral in the<br />

next two years. Additionally, the bank<br />

expects that banking stress will only<br />

subtract 0.4% from real gross domestic<br />

product (GDP) growth this year.<br />

<strong>World</strong> Bank Lifts <strong>2023</strong> Growth, Cuts Next Year’s Forecast<br />

<strong>The</strong> <strong>World</strong> Bank raised its <strong>2023</strong><br />

global growth outlook as major<br />

economies like the U.S. and<br />

China proved more resilient<br />

than anticipated. However, higher<br />

interest rates and tighter credit will have<br />

a greater impact on next year’s results.<br />

Global GDP is expected to climb 2.1%<br />

this year, up from the 1.7% forecast in<br />

January but below the 3.1% growth rate<br />

in 2022. <strong>The</strong> bank lowered its 2024 global<br />

growth forecast to 2.4% from 2.7%, citing<br />

the effects of central bank tightening<br />

and restrictive credit conditions. <strong>World</strong><br />

Bank Chief Economist Indermit Gill<br />

warned that <strong>2023</strong> will be one of the<br />

slowest growth years for advanced<br />

economies in five decades, impacting<br />

developing economies’ recovery and<br />

poverty reduction efforts.<br />

India to contribute over<br />

16% of global GDP<br />

growth in <strong>2023</strong><br />

<strong>The</strong> Indian economy, now the<br />

world’s fifth-largest, has surpassed<br />

$3.5T and is set to remain<br />

the fastest-growing G-20 economy<br />

in the coming years. With its burgeoning<br />

population, India is expected to outpace<br />

China and become the most populous<br />

nation on Earth. In a coincidental turn,<br />

Germany, the fourth-largest economy,<br />

experienced a 0.3% contraction, slipping<br />

into a recession from January to March<br />

<strong>2023</strong>. In contrast, the United States,<br />

the largest economic power, grew by<br />

1.1%. While China recorded a 4.5% rise<br />

in GDP and Japan expanded by 1.6%,<br />

India’s GDP surged by 6.1%, making it the<br />

fastest-growing among the top economic<br />

powers. As a consistent growth engine,<br />

India is projected to contribute over 16%<br />

to global GDP growth in <strong>2023</strong>-24.<br />

<strong>World</strong>wide, governments allocate $1.34trln to<br />

clean energy<br />

Governments worldwide have<br />

allocated a staggering $1.34T<br />

to support clean energy investment<br />

since 2020, according<br />

to the latest update from the International<br />

Energy Agency’s Government<br />

Energy Spending Tracker. While the past<br />

six months witnessed a slower pace of<br />

new allocations, with around $130B<br />

announced, a wave of policy packages<br />

is under consideration in Australia,<br />

Brazil, Canada, the European Union, and<br />

Japan. Government spending has played<br />

a pivotal role in driving the growth of<br />

clean energy investment and expanding<br />

clean technology supply chains. Direct<br />

incentives for manufacturers aimed<br />

at boosting domestic production of<br />

clean energy technologies now stand<br />

at approximately $90B. Additionally,<br />

governments have allocated $900B<br />

to address immediate energy price<br />

shocks for consumers, with around<br />

30% of this spending announced in the<br />

last six months.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 93


Investing in Tourism<br />

Investing in the Food and Beverages<br />

Sector: Enhancing UAE’s Tourism<br />

Experience<br />

Tourism plays a significant role in the economy of the United Arab<br />

Emirates. It has been a key driver of economic diversification and<br />

growth, contributing to job creation, foreign exchange earnings, and<br />

overall GDP expansion.<br />

94 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


<strong>The</strong> UAE’s food and beverage market witnessed a<br />

remarkable surge in online sales, with a staggering<br />

year-over-year growth of 255% in 2020<br />

<strong>The</strong> local tourism authorities<br />

in the UAE have introduced<br />

initiatives to boost the travel<br />

and tourism sector. <strong>The</strong>y are<br />

implementing various tourism plans<br />

and projects to create environmentally<br />

friendly destinations, promote<br />

cultural tourism, organise tourism<br />

events, activities, and festivals, as<br />

well as sustainability projects. His<br />

Excellency Sultan Al Mansoori, Minister<br />

of Economy, said that the tourism<br />

sector is among the priorities on the<br />

UAE Development Agenda, as it is a<br />

central pillar in the economic diversification<br />

and preparation for the post-oil<br />

economy.<br />

One crucial aspect of enhancing<br />

the tourism experience is investing in<br />

the food and beverages sector. Dining<br />

plays a pivotal role in the overall travel<br />

experience, and investing in this sector<br />

ensures that tourists have access<br />

to a diverse range of dining options<br />

that cater to their various tastes and<br />

preferences. <strong>The</strong> UAE’s food and beverage<br />

market is already a frontrunner<br />

in the Middle East, thanks to the consistent<br />

influx of tourists throughout<br />

the year. Shuraa predicts a promising<br />

7% year-on-year increase in the food<br />

industry, showcasing the significant<br />

potential for growth and investment<br />

in this sector.<br />

By prioritising the development of<br />

the food and beverages sector, the<br />

UAE can further elevate its tourism<br />

offerings and solidify its position as a<br />

top global travel destination.<br />

Throughout the years, there has<br />

been a steady evolution in the food industries<br />

in UAE, especially in the food<br />

processing industries. Even during<br />

the Covid-19 pandemic, there was no<br />

shortage of food experienced in Dubai<br />

due to the diverse import strategies<br />

and trade logistics infrastructures<br />

employed by the government. A study<br />

by the Dubai chambers states that UAE<br />

recorded a 6% growth in fresh food<br />

products and a 4% growth in sales of<br />

packaged food products in 2020 itself.<br />

Moreover, the UAE’s food and beverage<br />

market witnessed a remarkable<br />

surge in online sales, with a staggering<br />

year-over-year growth of 255% in<br />

2020, according to the Dubai chamber.<br />

This impressive growth trajectory is<br />

projected to continue, with forecasts<br />

indicating that the market’s online<br />

sales will reach a remarkable $619<br />

million by 2025. <strong>The</strong>se statistics serve<br />

as strong indicators that the UAE is<br />

positioning itself as a frontrunner in<br />

the food trading business, poised for<br />

leadership in the industry.<br />

In line with the UAE’s commitment<br />

to promoting its culinary prowess,<br />

the Dubai food festival was introduced<br />

in 2014. This esteemed event<br />

was initiated by the Dubai Festivals<br />

and Retail Establishment (DFRE),<br />

an agency operating under the Department<br />

of Tourism and Commerce<br />

Marketing (DTCM) in Dubai. <strong>The</strong><br />

festival has since become an integral<br />

part of Dubai’s annual events calendar,<br />

captivating both locals and tourists<br />

with its celebration of diverse flavours,<br />

renowned chefs, and culinary<br />

experiences.<br />

<strong>The</strong> tenth annual DFF took place<br />

this year, beginning on April 21st and<br />

lasting until May 7th. During the 17-day<br />

event, more than 95,000 people visited<br />

Etisalat by e& Beach canteen, which<br />

collaborated with various restaurants<br />

throughout the city to present thoughtfully<br />

crafted dishes at an affordable<br />

price of Dhs10 per plate. <strong>The</strong> 10 Dirham<br />

Dish initiative aims to make the<br />

culinary culture of Dubai more accessible<br />

than ever before.<br />

<strong>The</strong> primary aim of the Dubai Food<br />

Festival is to celebrate and showcase<br />

the diverse culinary offerings of the<br />

city. It was launched to promote Dubai<br />

as a global gastronomic destination,<br />

highlighting its vibrant food scene, rich<br />

culinary heritage, and the presence of<br />

renowned local and international chefs<br />

and restaurants.<br />

<strong>The</strong> Dubai Food Festival has played<br />

a significant role in boosting the city’s<br />

reputation as a culinary hotspot and<br />

has contributed to the growth of its<br />

tourism industry. It has become an<br />

integral part of Dubai’s annual events<br />

calendar, attracting both locals and<br />

tourists who come to experience the<br />

diverse flavours and culinary experiences<br />

the city has to offer.<br />

<strong>The</strong> flourishing food industry in the<br />

UAE has sparked tremendous interest<br />

among global investors, who recognise<br />

the immense business potential<br />

it holds. Dubai, in particular, offers a<br />

wide range of accessible licenses for<br />

various food-related ventures, including<br />

restaurants, food trucks, catering<br />

businesses, and bakeries. This not<br />

only highlights the government’s recognition<br />

of the pivotal role played by<br />

the food and beverage industry in promoting<br />

tourism but also underscores<br />

their understanding of the importance<br />

of facilitating entrepreneurial opportunities<br />

in this sector.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 95


Local News<br />

$2.5B Dubai Real Estate Deals, $22M Al Thanayah Home Sale<br />

Dubai’s real estate market<br />

experienced a busy week,<br />

with transactions in land and<br />

properties exceeding AED9.1B<br />

($2.5B), according to the Land Department.A<br />

total of 3,397 transactions took<br />

place. Land deals accounted for AED<br />

1.52B ($414M) from the sale of 204 plots,<br />

while apartments and villas generated<br />

AED 5.69M ($1.5B) from 2,562 units sold.<br />

Notable transactions included a plot in<br />

Wadi Al Safa 3, sold for AED 90.04M<br />

($24.5M). Al Hebiah Fifth led in transaction<br />

volume, with 31 sales totalling AED<br />

96.17M ($26.2M). Key property transfers<br />

included a sale of Al Thanayah Fourth<br />

property for AED 80M ($21.7M).<br />

Dubai announces<br />

automated solution for<br />

vehicle impounds<br />

Dubai is utilizing cutting-edge<br />

technology to tackle the issue<br />

of impounded cars that<br />

have violated traffic laws<br />

in the city. <strong>The</strong> Roads and Transport<br />

Authority (RTA) and Emirates Parkings<br />

have successfully introduced automated<br />

procedures for impounding these<br />

vehicles. <strong>The</strong> Lehbab Yard in Dubai<br />

has been designated as the impound<br />

location, following a contract signed<br />

earlier this year. Enhanced operational<br />

measures, including a smart system<br />

employing QR Code scanning, have<br />

been implemented for vehicle reception<br />

and dispatch within the yard. Furthermore,<br />

streamlined parking processes,<br />

categorized slots, and updated GPS<br />

tracking contribute to efficient vehicle<br />

management. <strong>The</strong>se high-tech solutions<br />

aim to enhance operational efficiency<br />

and customer service in dealing with<br />

impounded vehicles.<br />

Major recruitment drive sees 68,000 Emiratis in<br />

the private sector<br />

<strong>The</strong> United Arab Emirates (UAE)<br />

has made significant strides in<br />

boosting Emirati employment<br />

in the private sector, with<br />

over 68,000 Emiratis now working in<br />

various industries. <strong>The</strong> Ministry of<br />

Human Resources and Emiratisation<br />

(MoHRE) spearheaded a recruitment<br />

initiative that included 100 open days<br />

Dubai’s basketball courts and<br />

parks have received a significant<br />

transformation as part<br />

of a city-wide beautification<br />

project. In collaboration with international<br />

sports and entertainment companies,<br />

Dubai Municipality successfully<br />

completed the beautification works<br />

of four playgrounds in popular parks.<br />

<strong>The</strong> initiative focused on creatively<br />

enhancing the basketball and football<br />

courts through artistic redesigns using<br />

modern colours and artwork, aiming to<br />

improve their aesthetics and provide<br />

visitors with a unique experience. This<br />

project showcases the municipality’s<br />

commitment to enhancing the beauty<br />

and attractiveness of Dubai, while<br />

also strengthening cooperation with<br />

local and international companies to<br />

create an appealing environment for<br />

investment and ensure an ideal experience<br />

for residents and visitors in the<br />

world’s best city.<br />

held nationwide from January to May<br />

<strong>2023</strong>. More than 340 private sector<br />

companies participated, offering job<br />

opportunities to Emirati nationals.<br />

According to ministry data, by the<br />

end of May <strong>2023</strong>, over 68,000 Emiratis<br />

had secured employment in more than<br />

16,000 private sector establishments<br />

spanning diverse fields.<br />

Dubai announces the major redesign of 4 parks<br />

96 www.thefinanceworld.com <strong>July</strong> <strong>2023</strong>


UAE-India Domestic Flight Fares Surge by 50%+<br />

UAE residents planning to<br />

travel within India should<br />

expect higher airfare for<br />

domestic flights, with prices<br />

surging by almost 50 per cent between<br />

certain cities. Subair <strong>The</strong>kepurathvalappil,<br />

senior manager for inbound<br />

and outbound operations at Regal<br />

Tours <strong>World</strong>wide, confirmed the significant<br />

increase in airfares. Experts<br />

attribute the surge to factors such as<br />

Dubai Airport announces<br />

new rule for picking up<br />

passengers<br />

Dubai International Airport<br />

has implemented a new policy<br />

restricting access to the<br />

Arrivals forecourt in Terminal<br />

1. As part of efforts to alleviate<br />

congestion, only public transport and<br />

authorized vehicles will be permitted<br />

in this area. Private cars intending to<br />

pick up passengers now have alternative<br />

options, including two designated car<br />

parks or the valet service. <strong>The</strong> decision<br />

aims to streamline traffic flow and<br />

create a more efficient environment<br />

for passenger arrivals. Travellers and<br />

visitors to Dubai International Airport<br />

are advised to familiarise themselves<br />

with these changes and plan their<br />

transportation accordingly.<br />

rising fuel prices and the grounding<br />

of GoFirst airlines, which previously<br />

offered competitive fares domestically.<br />

Travellers eagerly anticipating trips<br />

to various destinations across India<br />

are concerned about the escalating<br />

airfares. Aman Asnani, a media production<br />

executive, has planned multiple<br />

trips within the country and is among<br />

those affected by the price hikes.<br />

UAE corporate tax: Ministry clarifies tax on real<br />

estate, immovable property<br />

<strong>The</strong> UAE’s Ministry of <strong>Finance</strong><br />

has issued a clarification regarding<br />

corporate tax regulations<br />

for foreign companies<br />

and non-resident juridical persons.<br />

According to the clarification, these<br />

entities will be subject to a nine per<br />

cent corporate tax on income derived<br />

from real estate and other immovable<br />

property in the UAE. <strong>The</strong> tax applies<br />

to property used in business activities<br />

and property held for investment purposes.<br />

Real estate plays a crucial role<br />

in the UAE economy and significantly<br />

contributes to the country’s GDP.<br />

Starting from June 1, <strong>2023</strong>, the UAE<br />

has implemented corporate tax and has<br />

urged all local and foreign companies<br />

to register within one year to avoid<br />

penalties. <strong>The</strong> clarification aligns with<br />

Cabinet Decision No. 56 of <strong>2023</strong> and<br />

Federal Decree-Law No 47 of 2022.<br />

UAE National Banks Extend $200.32B in Trade<br />

and Industry Credit as of March<br />

Credit financing from UAE national<br />

banks to the trade and<br />

industry sectors witnessed a<br />

year-on-year growth of 6.1%,<br />

equivalent to AED 42.5B, in the first<br />

quarter of <strong>2023</strong>. Recent data released by<br />

the Central Bank of the UAE (CBUAE)<br />

revealed that the cumulative credit<br />

balance extended by national banks<br />

to these sectors reached AED 735.2B<br />

by the end of March, compared to AED<br />

692.7 billion during the same period last<br />

year. On a monthly basis, there was a<br />

slight increase of 0.1%, or AED 500M,<br />

from February’s figure of AED 734.7B.<br />

Emirati banks accounted for 90.1% of<br />

the total credit granted, amounting<br />

to AED 815.9B, while foreign banks<br />

based in the country contributed 9.9%,<br />

totalling AED 80.7B.<br />

<strong>July</strong> <strong>2023</strong> www.thefinanceworld.com 97


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