The Finance World Magazine| Edition: August 2023

How Technology Will Shape the Future of Healthcare
How technology is transforming the real estate landscape in 2023
The Growth and Dominance of Gaming in the Middle East
The Impact of the Developing IT Sector on the UAE Stock Market
August 2023
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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
From cutting-edge technology solutions to sustainable Editor’s initiatives Note
and groundbreaking services, The startups in the UAE exemplify
the spirit of innovation and creativity that thrives and has
solidified its position as a dynamic force driving the region’s
economic growth. In view of this, the primary focus of this edition
centres on the UAE’s Revolutionary Startups. Employing a rigorous
selection process, our cover story sheds light on 10 Startups 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.
Centred on startups, this edition offers valuable perspectives
on startups in various aspects of the UAE. It provides insights on
certain areas of focus, such as Anticipating the Digital Economy:
Top Predictions for 2023, Fintech Startups Reshaping the Business
Landscape, The Growth and Dominance of Gaming in the Middle East,
How Technology Will Shape the Future of Healthcare, and many more
articles that offer critical analysis and insights on current trends and
issues in the business and investment domains.
Within the news segments, you will find a condensed compendium
of the most notable advancements in the field of finance. We have
meticulously sifted through the latest trends and updates, spanning
an array of pertinent topics such as corporate results, corporate tax,
startups, banking, funding, investment, fintech, digital assets, and
beyond.
We aim to espouse the vision of the UAE’s wise leadership on the
nation’s development path, highlighting the social, economic, and
developmental aspects shaping this dynamic nation. To that end, we
tirelessly curate the latest and most credible finance news for our
readers, aiming to advance financial literacy and contribute to Dubai’s
journey to becoming one of the world’s most pioneering economies.
- Ambrish Agarwal, Editor in Chief
- Ambrish Agarwal, Editor in Chief
Advertisers advertised in this guide are included on a sponsored basis.
Details are correct at the time of going to press, but offers and prices
may change.
August 2023 www.thefinanceworld.com 7
September 2022 3

Contents August
2023
PERSONAL FINANCE
P10 | Financial experts’
recommended strategies for
effective spending control
UAE BANKING
COVER STORY
HEALTHCARE
P12 | CBUAE Implements
Measures to Alleviate Impact of
Interest Rate Rises on Home Loans
P14 | UAE Banking News
UAE REFORMS
P16 | UAE Forms Ministry of
Investment to Accelerate Foreign
Direct Investment
FINTECH
P18 | Fintech Startups Reshaping
the Business Landscape
P20 | Fintech News
P22 | Fintech Application
BUSINESS
P24 | Unleashing Business
Success: Mastering the Art of
Flourishing in Dubai, UAE
P26 | Business News
P30 | Top 10 Disruptive Startups in
UAE Revolutionizing Industries
START-UP
P44 | The Top Three Startups
Revolutionizing the Business
Landscape in the UAE
ENERGY
P46 | The Future of Renewable
Energy: Exploring Innovative
Solutions and Technologies
P48 | Energy News
P52 | How Technology Will Shape
the Future of Healthcare
MERGERS AND
ACQUISITIONS
P54 | Navigating Corporate
Mergers: Essential Insights for
Company Consolidation
P56 | Mergers & Acquisitions News
CRYPTOCURRENCY
P58 | Cryptocurrency Investors
Regain Confidence in 2023;
Exploring New Trading
Opportunities
8 www.thefinanceworld.com August 2023

REAL ESTATE
STOCK MARKET
TOURISM
P60 | How technology is
transforming the real estate
landscape in 2023
P62 | Real Estate News
FUNDING & INVESTMENT
P70 | The Impact of the
Developing IT Sector on the UAE
Stock Market
CORPORATE TAX
P72 | Corporate Tax UAE: Things
To Consider Before Determining
Taxable Income
P76 | Corporate Results
EVENT
P86 | Ajman’s Vision: Unlocking
the Potential of Touristry with the
UAE Tourism Strategy 2032
INVESTING IN ART
P64 | The Growth and Dominance
of Gaming in the Middle East
P66 | Funding & Investment News
DIGITAL ASSETS
P68 | Anticipating the Digital
Economy: Top Predictions for 2023
P78 | 12th IREIS: Unveiling the
World of Real Estate Investment in
Abu Dhabi
TRAVEL
P80 | Unforgettable Getaways to
Visit in August
SPORT AS A BUSINESS
P82 | Sports as a Social and
Economic Catalyst: The Power
of Major Sporting Events in the
MENA Region
P84 | Sports News
P88 | Exploring the Lucrative Art
Investment Landscape in Dubai
INVESTING IN TOURISM
P92 | Driving Dubai’s Tourism
Boom: Key Factors Fueling Growth
in the Tourism Industry
P90 | Global News
P94 | Local News
P23 | P29 | P41 | Launch Express
P42 | P50 | Wheels
P28 | P40 | Tech My Money
August 2023 www.thefinanceworld.com 9

Personal Finance
Financial experts’ recommended strategies
for effective spending control
Effective spending control is a crucial skill for individuals seeking financial
stability and peace of mind. Financial experts have extensively studied and
analyzed various strategies to help individuals manage their spending habits.
The repercussions of ineffective spending can perpetuate a cycle of financial
problems that can cloud judgment, leading to impulsive purchases, neglecting
bill payments, or failing to contribute regularly to savings.
10 www.thefinanceworld.com
August 2023

By implementing strategies, Individuals
can take control of their finances and avoid
the pitfalls of impulsive spending.
One of the fundamental strategies
for effective spending control
is creating a detailed budget.
Start by assessing your income
and expenses, and allocate specific
amounts for different categories such
as rent/mortgage, utilities, groceries,
transportation, and discretionary spending.
Regularly track your spending and
make adjustments as necessary to stay
within your budget. Utilize budgeting
apps or spreadsheets to streamline the
process and gain better insights into your
financial habits.
Leaving all forms of electronic payment
at home and carrying only cash can be
a powerful strategy to curb impulsive
spending. Studies suggest that physically
parting with cash feels more tangible
and can help you make more conscious
spending decisions. By using cash, you
become more aware of the value of each
purchase and can easily visualize the
impact on your wallet.
Envelopes or digital envelope systems
are effective tools for managing
specific spending categories. Allocate a
specific amount of cash or create virtual
envelopes within budgeting apps for
categories like entertainment, dining out,
or clothing. Once the envelope is empty,
you know it’s time to stop spending in
that category until the next budgeting
period. This technique promotes mindful
spending and prevents overspending in
discretionary areas.
Delayed gratification is a powerful
psychological technique that can help
control spending impulses. When faced
with a tempting purchase, give yourself
a cooling-off period before making the
final decision. Wait for a predetermined
period, such as 24 hours or a week, to
assess if the purchase aligns with your
financial goals and priorities. Often, the
initial desire diminishes during the waiting
period, resulting in more informed and
thoughtful spending choices.
The 30-day rule is an effective strategy
for combating impulse purchases. Whenever
you come across an item you desire but
don’t necessarily need, write it down on
a wishlist and commit to waiting for 30
days before making the purchase. This
waiting period allows you to evaluate
the importance and value of the item in
your life. You may find that many items
lose their appeal over time, saving you
from unnecessary spending.
Mindful spending involves being fully
present and intentional when making
purchasing decisions. Before making a
purchase, ask yourself if the item aligns
with your values, contributes to your
overall well-being, and fits within your
budget. By consciously evaluating your
spending choices, you can prioritize
experiences and purchases that truly
bring you joy and fulfilment.
Automating your savings is a proactive
way to control spending and build
financial security. Set up automatic
transfers from your checking account
to a savings or investment account. By
paying yourself first, you remove the
temptation to spend the money that could
be allocated towards savings. Over time,
this strategy allows you to accumulate
a substantial nest egg and achieve your
long-term financial goals.
If you find yourself struggling to
gain control over your spending habits,
seeking guidance from a financial
professional can provide invaluable
support. A financial advisor can help
assess your current financial situation,
develop a personalized budget, and offer
tailored strategies to curb spending.
Their expertise can guide you toward
making informed financial decisions and
achieving financial well-being.
In conclusion, mastering effective
spending control is essential for individuals
seeking financial stability and peace of
mind. By implementing strategies such
as creating a detailed budget, using cash
for transactions, employing envelope
systems, practicing delayed gratification,
and adopting mindful spending
habits, individuals can take control of
their finances and avoid the pitfalls of
impulsive spending. Automating savings
and seeking guidance from financial
professionals further enhance financial
security and help achieve long-term
goals. With dedication and discipline,
anyone can develop the skills necessary
to manage their spending effectively and
pave the way for a more prosperous
financial future.
August 2023 www.thefinanceworld.com 11

UAE Banking
CBUAE Implements Measures to Alleviate
Impact of Interest Rate Rises on Home Loans
For residential real estate loans
with increased debt-burden
ratios, where banks have not
postponed interest payments
until after repayment, banks must
take specific actions. Customers with
a monthly income of AED 40,000 or
more may have deductions from their
salary exceeding the currently set rate
of 50%, up to a maximum of 60%. In
such cases, the financial institution is
responsible for bearing the remaining
uncovered interest resulting from the
increase in interest rates. This exemption
from the remaining interest does
not extend the loan tenor.
For loans with lower debt-burden
ratios, where banks have postponed
the interest incurred due to higher
interest rates, additional measures
are in place. Banks are permitted to
extend the repayment tenor for customers
with a monthly income of less
than AED 40,000 to cover the increase
in interest rates, up to a maximum of
30 years. The percentage of deduction
from salary or income remains at 50%,
as currently enforced. Similar to the
higher debt-burden ratio scenario,
banks are responsible for bearing the
remaining uncovered interest resulting
from the interest rate hike.
The UAE Central Bank maintained
its benchmark borrowing rate in June,
following the US Federal Reserve’s
decision to pause its tightening cycle.
The Fed had previously increased
interest rates to combat inflation and
restore price stability. As most central
banks in Gulf Cooperation Council
countries align their policy rates with
the US dollar, the UAE Central Bank
kept its benchmark borrowing rate
at 5.15%.
The UAE Central Bank’s proactive
approach to mitigating the impact of
rising interest rates on home loans
demonstrates its commitment to supporting
UAE citizens and the real
estate market. By implementing measures
that address both higher and
lower debt-burden ratios, the Central
Bank aims to ease the financial strain
on borrowers while ensuring the
stability of the banking sector. These
measures provide relief to homeowners
and underscore the Central
Bank’s dedication to prudent financial
management and fostering a resilient
economy.
12 www.thefinanceworld.com August 2023

UAE Banks’ Funding to Commercial and
Industrial Sectors Witnesses 5.6% Increase
According to the latest data
from the Central Bank of
the UAE, national banks
increased their credit balance
for the business and industrial
sectors by AED2.1 billion or 0.3% in
April. These sectors received 90% of
the total accumulated credit balance,
amounting to AED818.9 billion, while
foreign banks accounted for the remaining
10%. The data reveals a robust
flow of credit financing from national
banks, underscoring their pivotal role
in driving economic activities within
the country.
The Central Bank’s report highlights
the distribution of credit financing
among different emirates. By the end
of April, banks in Abu Dhabi had provided
AED365.6 billion in credit to the
business and industrial sectors. Banks
in Dubai followed closely, with credit
financing amounting to AED351.3
billion. Other emirates collectively
contributed AED102 billion to support
businesses and industries.
The majority of credit financing
in the UAE is provided by traditional
banks, accounting for AED675.5
billion or 82.5% of the total credit
balance. Islamic banks, on the other
hand, contributed AED61.8 billion,
representing 17.5% of the total credit
financing. The data highlights the ongoing
prominence of traditional banks
in providing financial support to the
commercial and industrial sectors,
while Islamic banks continue to play
a significant role in financing various
economic activities.
The significant increase in credit
financing to the business and industrial
sectors reflects the UAE banks’
commitment to supporting economic
growth and fostering a conducive environment
for businesses to thrive. Adequate
funding plays a crucial role in
fueling innovation, entrepreneurship,
and expansion, which ultimately contribute
to job creation and overall
economic prosperity. By providing
substantial credit financing, national
banks are helping businesses and industries
fulfil their potential and drive
the UAE’s economic diversification
agenda.
The UAE’s national banks have
demonstrated their commitment to
supporting the growth of the commercial
and industrial sectors through
increased credit financing. The rise
in credit balance showcases the confidence
of the banking sector in the
country’s economic prospects and its
dedication to facilitating the expansion
and development of businesses. With
traditional banks leading the way in
credit provision, while Islamic banks
also contribute significantly, the UAE’s
banking sector is well-positioned to
sustain the country’s economic momentum
and drive future growth.
August 2023 www.thefinanceworld.com 13

UAE Banking News
International Institutions
Predict Strong
H2 2023 Growth for
UAE Economy
The UAE’s economy is poised
for strong growth in H2 2023,
according to international
institutions and banks such
as the IMF and World Bank. Demonstrating
resilience amidst global geopolitical
uncertainties, the UAE’s
innovation-driven economy has a track
record of economic achievements.
The IMF projects a 3.6% increase in
the country’s GDP this year, driven by
vigorous domestic activity. Following
a remarkable growth rate of 7.9% in
2022, the IMF’s 2022 Article IV assessment
predicts the UAE’s economy to
maintain its upward trajectory in 2023,
benefiting from sustained tourism
and increased capital expenditure.
The World Bank also forecasts a 2.8%
growth in real GDP, with strong growth
expected in the non-oil sector.
UAE Banks Provide $11.06B Financing to Commercial
& Industrial Sectors
The Central Bank of the UAE’s
latest statistics show that
credit financing provided by
national banks to the business
and industrial sectors reached AED
737.3B in April 2023, compared to AED
696.7B in April 2022. In April, national
banks increased their credit balance
for these sectors by AED 2.1B or 0.3
percent, surpassing AED 735.2B in
March. By the end of April, national
banks allocated 90 percent of their
accumulated credit balance, amounting
to AED 818.9B, to the country’s
business and industrial sectors, while
foreign banks provided the remaining
10 percent or AED 81.6B.
Mubadala-Backed UAE Lender Expands its Team
with Former Citi and Natixis Hires
Abu Dhabi Commercial Bank
(ADCB) has hired former
Citigroup and Natixis bankers
to bolster its team amid
increased dealmaking activity in the
Middle East. Backed by Mubadala
Investment Co., the second-largest
lender in Abu Dhabi appointed Sami
Tabbarah, a former Citigroup executive
with over three decades of
experience, as head of investment
banking. ADCB also recruited Ehsun
Zaidi, who spent more than a decade
at Natixis, and Levente Sidlovits,
who joined from Emirates NBD Bank
PJSC. While global investment banks
have downsized, the Middle East has
remained resilient, prompting regional
Spare obtain Saudi Open Banking certification
institutions like ADCB to expand and
compete for a larger market share.
Open Banking provider Spare
has obtained the KSA Open
Banking certification, cementing
its status as a trailblazer
in Saudi Arabia’s Open Banking
ecosystem. The certification showcases
Spare’s commitment to regulatory
compliance, innovation, and customer-centric
services. It strengthens the
company’s credibility as a trusted
partner in delivering secure and transparent
Open Banking experiences for
consumers in Saudi Arabia. The certification
also allows Spare to test its
unique services within the Regulatory
Sandbox, based on the Open Banking
Framework released by the Saudi
Arabian Monetary Authority (SAMA).
Spare’s CEO, Dalal AlRayes, expressed
enthusiasm for the opportunities this
achievement will bring, aligning with
the Saudi Vision 2030 and their mission
to provide safe and innovative Open
Banking solutions.
14 www.thefinanceworld.com August 2023

Academy of Learning secures credit line from Riyad Bank
Riyadh-based Academy of Learning
Company has secured a Shariacompliant
credit line of SAR 22M
from Riyad Bank. The funding,
obtained on 22 June 2023, will support
the company’s future expansion plans for
its branches located in Riyadh, Khobar,
and Dammam. The credit line is backed
by three types of guarantees, including a
promissory note submitted by Academy
of Learning to Riyad Bank, a mortgage on
a SAR 50M bank deposit, and a solidarity
guarantee from the company’s Chairman.
This follows Riyad Bank’s provision of
a Sharia-compliant facility to Perfect
Presentation for Commercial Services
Company (2P) earlier in 2023.
Dubai Financial Market
adds 27,000 new
investors in 2023
Dubai Financial Market (DFM)
has witnessed a surge in
investor accounts during
the first half of 2023, with
brokerage companies adding 26,953
new accounts. The market gained
significant momentum following the
announcement of listings for ten
governmental and semi-governmental
companies, including DEWA, TECOM
Group, Union Coop, Salik, and Al
Ansari, among others. Comparing the
first five months of this year to the
same period in 2022, the number of
new investor accounts at DFM grew
by over 48%, reaching a total of 18,204
new accounts. The monthly breakdown
reveals a consistent increase, with
January seeing 3,082 accounts, followed
by 3,436 in February, 6,591 in March,
4,246 in April, 5,349 in May, and 4,246
in June, respectively.
ACWA Power Secures $100M RCF Deal from UAEbased
Chinese Bank
Saudi Arabian energy company
ACWA Power has secured a
$100 million revolving credit
facility (RCF) agreement
with China Construction Bank (DIFC
Branch), a state-owned bank based
in Dubai. The three-year financing
deal will support ACWA Power’s strategic
plans to enhance its power and
water generation portfolio in the
Middle East, as well as countries
involved in the Belt & Road Initiative
such as Uzbekistan and Kazakhstan.
ACWA Power aims to contribute to
the social and economic development
of the communities it serves. The RCF
agreement strengthens ACWA Power’s
liquidity and funding flexibility as it
pursues growth opportunities, while
diversifying its financing sources. The
collaboration between ACWA Power
and Chinese entities has been ongoing
since 2016, with China Construction
Bank’s involvement in financing notable
projects such as the Hassyan
power plant in the UAE and the Zarqa
gas power plant in Jordan.
August 2023 www.thefinanceworld.com 15

UAE Reforms
UAE Forms Ministry of Investment to
Accelerate Foreign Direct Investment
The Ministry of Investment
has been entrusted with the
task of supporting the UAE’s
business objectives and promoting
an investment-friendly environment.
By coordinating with relevant
authorities, the ministry will propose
general investment policies and develop
strategies, legislation, plans,
projects, and national programs. This
comprehensive approach aims to stimulate
investment growth and solidify
the UAE’s position as a major player
in the global investment movement.
Mohammed Alsuwaidi, the managing
director and chief executive of ADQ,
an Abu Dhabi-based investment and
holding company, has been appointed
as the Investment Minister, bringing
valuable expertise to further drive
investment initiatives.
The establishment of the Ministry of
Investment comes at a time when the
UAE achieved its highest FDI inflow
to date. According to the World Investment
Report 2023 by the UNCTAD, the
UAE attracted $23B FDI in 2022, a 10%
increase from the previous year. This
remarkable performance positioned
the UAE as the top destination for FDI
in the Arab world and 16th globally, up
from 22nd place in the previous year.
The UAE’s success in attracting FDI
can be attributed to various factors,
including comprehensive economic
partnership agreements with several
nations. The UAE has signed Cepas
with India, Cambodia, Georgia, Israel,
Indonesia, and Turkey, while actively
pursuing agreements with 26 additional
countries. These agreements
facilitate bilateral investments and
create a conducive environment for
foreign investors. By targeting access
to 90% of global trade, the UAE aims
to solidify its position as a leading
global investment hub within the next
five years.
Looking ahead, the UAE has set
ambitious goals to attract AED550B
($150B) in foreign investment by 2031
and rank among the top 10 countries
globally in terms of FDI attraction. The
country’s commitment to diversifying
its economy is reflected in various
initiatives, including allowing 100%
foreign ownership of companies and
introducing flexible visa programs. By
continually enhancing the investment
ecosystem and leveraging its strengths,
the UAE aims to surpass previous
achievements and maintain its upward
trajectory in attracting foreign capital
and talent.
16 www.thefinanceworld.com August 2023

UAE’s Updated Energy Strategies Set to
Create 50,000 Green Jobs by 2030
During a media briefing, top
officials from the Ministry
of Energy and Infrastructure
shared the details of the updated
energy strategies. Al Mazrouei
emphasized the UAE’s dedication to
accelerating the energy transition and
increasing the share of clean energy
in the country’s energy mix. The updated
strategy aims to achieve climate
neutrality by 2050, contributing to
a sustainable and environmentally
conscious future.
The revised UAE Energy Strategy
2050 sets ambitious targets for emission
reduction and renewable energy
adoption. By 2030, the UAE aims to
achieve a grid emission factor of 0.27
kg CO2/kWh, surpassing the global
average. The strategy also aims to
triple the share of renewable energy
in the country’s energy mix by 2030,
reaching a target of 30%. To support
these goals, the UAE plans to invest
between Dh150-200 billion by 2030 to
meet energy demands while promoting
economic growth. These investments
are projected to result in Dh100 billion
in financial savings.
The UAE’s National Hydrogen Strategy
plays a vital role in reducing emissions
in hard-to-abate sectors such as
heavy industries, land transport, aviation,
and sea freight. The strategy sets
a target of reducing emissions by 25%
by 2031 and achieving 100% reduction
by 2050. To accomplish this, the UAE
aims to produce 1.4 million tonnes
of hydrogen per annum (MTPA) by
2031, which will increase to 15 MTPA
by 2050.
The strategy includes the establishment
of a hydrogen R&D center and
two hydrogen oases (fueling stations)
by 2030. It outlines ten key steps and
enablers within three stages to achieve
the set targets by 2031. The UAE aspires
to become a leading producer
and supplier of low-carbon hydrogen
by 2031, solidifying its position in the
clean energy sector.
Dr Sultan Al Jaber, Minister of Industry
and Advanced Technology and
COP28 President-Designate, highlighted
the UAE’s commitment to
decarbonizing the global economy. By
leveraging its expertise in the energy
sector and becoming an exporter of
hydrogen, the UAE aims to play a
critical role in expediting decarbonization
efforts. The world’s hydrogen
production must double by 2030, and
the UAE is prepared to lead by example
as it prepares to host COP28, the
28th UN Climate Change Conference
of the Parties.
August 2023 www.thefinanceworld.com 17

Fintech
Fintech Startups Reshaping the Business
Landscape
The Fintech industry has witnessed remarkable growth and transformation
in recent years, driven by innovative startups that are revolutionizing the
way businesses and individuals interact with financial services. In particular,
companies like Telr, Optasia, and Hiving Technology are making significant
strides in reshaping the business landscape by offering cutting-edge solutions
tailored to the evolving needs of the market.
Optasia
Optasia is a global fintech
company dedicated to
building financial inclusion
worldwide. By partnering
with mobile network operators
(MNOs), mobile wallet operators, and
financial institutions, Optasia empowers
them to offer credible financial
solutions to end customers and SMEs,
creating new revenue opportunities
and valuable services.
The company focuses on addressing
the underbanked population, particularly
in emerging markets where 1.7
billion adults lack proper access to
traditional financial establishments.
Optasia leverages the power of data
and AI technology to enable distribution
partners to provide micro-financing
solutions in regions such as
Africa, the Middle East, Asia, Europe,
and Latin America.
With their B2B2X financial technology
platform, Optasia caters to both end
customers and SMEs, offering a broad
range of financial services. These
include consumer finance solutions,
enterprise finance solutions, credit
scoring, data science as a service, and
platform as a service.
In 2021, Optasia facilitated services
to approximately 88M customers per
month on average, reaching a base of
over 560M subscribers through their
partnerships with MNOs and financial
institutions. The company has attracted
investments from prestigious firms
like Waha Capital and Ethos, further
validating its potential.
Optasia’s AI technology platform,
serving approximately 560M customers,
operates as a platform-as-aservice.
It leverages learnings from
previous deployments and client engagements
in the mobile and banking
industry to provide advanced capabilities.
The platform aims to optimize
campaigns, minimize infrastructure
costs, and maximize monetization
potential.
The company’s proprietary AI-led
data engine allows them to seize
significant growth opportunities. By
combining machine learning, artificial
intelligence, and data science, Optasia’s
technology platform consolidates
various airtime credit and lending
products. It also offers real-time profiling
and credit scoring, configurable
remarketing campaigns, and support
for various credit products, including
installment, non-installment, revolving
credit, and BNPL (Buy Now Pay
Later).
Established in 2012 as Channel VAS,
Optasia currently operates in over 30
countries. In early 2022, the company
rebranded as Optasia to reflect its
Bassim Haidar,
Founder and CEO
expanded capabilities and global aspirations.
The new brand signifies their
commitment to expanding into new
markets, introducing new products
and services, and showcasing their
micro-lending services launched in
2019. With a focus on emerging economies,
Optasia continues to evolve
its technology and services to drive
financial inclusion on a global scale.
18 www.thefinanceworld.com August 2023

Telr
Telr is an award-winning payment
aggregator and provider
that offers a feature-rich
payment gateway solution
for businesses of all sizes. Established
in 2014 and based in Dubai, Telr is
passionate about its payment gateway
and the possibilities it brings to a wide
range of businesses, particularly startups
and SMEs.
One of Telr’s key strengths is its
100% proprietary technology. Their
full-stack payments solution has been
built in-house, making it highly customizable
and allowing customers to
accept payments online and through
various alternative payment channels.
This technology has made Telr
an engine for e-commerce, enabling
payment features across social media,
mobile, and web platforms. As
a result, Telr has attracted a diverse
range of customers, including those in
e-government, consumer goods, food
delivery, and taxi app services.
Telr takes pride in being the first
Hiving Technology
Hiving Technology is an
innovative consulting and
product business operating
in the Middle East, Europe,
and Africa. Headquartered in the UAE
with regional presence in Ireland, the
United Kingdom, and South Africa, Hiving
Technology specializes in designing and
developing the Hive range of wireless
identity products, methods, and endto-end
Identity Management Solutions.
Hive solutions are built on industry
knowledge and cutting-edge technology
deployments. The company follows a
global partner model to ensure consistent,
efficient, and cost-effective service
delivery to customers.
The company’s core focus is on
addressing the privacy and security
vulnerabilities associated with technology
usage, particularly in the context of
mass digitization. Hiving Technology
embraces the concept of Self-Sovereign
Identity (SSI), which allows individuals
and businesses to own and manage
their personal data securely.
By leveraging Blockchain and
Distributed Ledger Technology (DLT),
Hiving Technology has developed the
world’s first end-to-end Decentralized
company in the MENA region to
achieve PCI DSS Level 1 certification.
By facilitating cashless transactions
and digitizing payment acceptance,
Telr helps customers streamline their
operations and enhance the customer
experience. With Telr’s feature-rich
payment gateway, businesses can easily
accept payments online. The gateway
securely connects e-commerce
sites to popular payment networks
such as Visa, MasterCard, American
Express, and more.
It continues to be regarded as one
of the most funded and top fintech
companies in the Middle East. With
a growing presence in the UAE and
Saudi Arabia, Telr aims to expand its
regional footprint across the MENA
region.
Telr’s unique platform allows it to
handle complex or unique payment
methods and integrations, making it
an ideal choice for SMEs, government
bodies, and large corporations. Telr’s
commitment to innovation is evident
Self-Sovereign Identity (DSSI) solution.
This solution enables individuals and
businesses to manage the collection
and sharing of personal data while
maintaining security and privacy. It
also extends to include Internet of
Things (IoT) devices, ensuring the
secure and controlled management
of digital extensions for people and
businesses.
The Hive DSSI solution can be
implemented at a national level or
tailored to specific industry requirements,
accommodating expansion into other
verticals over time.
Hive One ID is a patented single
wireless identity product that uniquely
identifies people, animals, and objects.
It can also monitor predefined attributes
associated with the identified entity.
The versatility of Hive One ID allows
for various applications, including
Self-Sovereign Identity solutions for
individuals. It covers aspects such
as national identity, security, medical
identity, digital payments and banking,
loyalty programs, access control, online
digital identity, smart city initiatives,
and smart home applications. The
technology can trigger location-based
-Khalil Alami,
Founder and CEO
through its strategic partnerships.
For instance, it recently announced a
collaboration enabling its merchants
in the UAE to accept JCB Cards for
e-commerce transactions. By leveraging
its proprietary full-stack technology,
Telr aims to enhance its merchants’
competitive position in the local and
international markets.
Gert Botha,
CEO
services and provide a unified approach
to managing technology while ensuring
privacy and security.
Hiving Technology’s innovative
solutions in wireless identity and identity
management contribute to enhancing
privacy, security, and efficiency in
various domains, empowering individuals
and businesses to have control over
their data.
August 2023 www.thefinanceworld.com 19

Fintech News
Nymcard Acquires Spotii BNPL Platform, Expands Solutions for Banks and
Financial Institutions
Dubai-based payments infrastructure
provider, NymCard,
has successfully acquired
Spotii, a prominent Buy Now
Pay Later (BNPL) Fintech operating in
key markets such as KSA, UAE, and
Bahrain. This strategic acquisition
allows NymCard to offer its financial
services clients a fully customizable
BNPL product that caters to their specific
requirements and local markets. The
move represents a significant milestone
in democratizing BNPL services within
the region. Spotii, originally established
as a direct-to-consumer BNPL service,
brings its extensive customer base of
over 1 million registered users and 1,500
merchant partners to the table. By combining
Spotii’s technology, risk engine,
and market expertise with NymCard’s
BaaS and Card Issuing platform, the
acquisition empowers both companies
to deliver a comprehensive suite of
payment and financial solutions.
DIFC to Build Campus Set to Attract Over 500 AI
and Web 3.0 Companies
The Minister of Finance of the
UAE and President of the
Dubai International Financial
Centre (DIFC), His Highness
Sheikh Maktoum bin Mohammed bin
Rashid Al Maktoum, has announced
the establishment of the ‘Dubai AI &
Web 3.0 Campus.’ This groundbreaking
initiative aims to create the largest
cluster of Artificial Intelligence and
tech companies in the MENA region.
The campus will initially be located
at the DIFC Innovation One premises,
with plans for future expansion into
a dedicated campus spanning over
100,000 square feet within the next
five years. The Dubai AI & Web 3.0
Campus will serve as a hub for innovative
entrepreneurs, disruptors, and
engineers who are passionate about
emerging technologies. It will provide
state-of-the-art physical and digital
infrastructure, including research and
development facilities, accelerator
programs, and collaborative workspaces,
to attract, nurture, and scale
AI companies.
Mastercard and UAE Lifestyle App Collaborate for
GCC Virtual Prepaid Cards
Mastercard has joined forces
with a UAE-based lifestyle
banking app to introduce
virtual prepaid cards across
the Gulf Cooperation Council (GCC)
region. The partnership aims to offer
customers seamless and secure digital
payment solutions, catering to the
evolving needs of consumers. The
virtual prepaid cards will be accessible
through the lifestyle banking app, enabling
users to make online purchases,
transact digitally, and manage their
finances conveniently. By leveraging
Mastercard’s robust payment infrastructure
and the app’s user-friendly
interface, this collaboration seeks to
enhance financial inclusion and provide
individuals with greater control over
their financial activities. The initiative
reflects the growing demand for innovative
digital banking solutions in the
GCC market.
Dubai’s Orient Finance
Introduces Demo
Trading Accounts
Dubai-based online financial
trading company, Orient Finance,
has unveiled Demo
Trading Accounts aimed at
empowering businesses. The newly introduced
demo accounts are available
24/7 and aim to enhance trading capabilities,
facilitate strategy development,
and support businesses in their trading
endeavours. Accessible through mobile
apps and web browsers, the accounts
offer various features tailored to meet
the specific needs of businesses. With a
virtual account value of $25,000, companies
have ample virtual funds to experiment,
improve their trading abilities, and refine
strategies. The demo accounts serve as a
risk-free testing ground, allowing firms to
try out new techniques and tactics before
implementing them with real money.
20 www.thefinanceworld.com August 2023

Bybit granted MVP
licence by Dubai’s
VARA
Bybit FinTech, a subsidiary
of global crypto exchange
Bybit, has been awarded the
Minimum Viable Product
(MVP) Preparatory Licence by Dubai’s
Virtual Assets Regulatory Authority
(VARA). This milestone comes after
Bybit received a Provisional Licence in
March 2022. Although the Preparatory
Licence does not grant Bybit permission
to conduct virtual asset operations in
Dubai, it signifies substantial progress
towards obtaining operational approval
from VARA. Ben Zhou, co-founder and
CEO of Bybit, expressed gratitude to
VARA for granting the licence and
highlighted the significance of Dubai’s
role in advancing financial innovation
and digital assets globally. Bybit views
this licence as a noteworthy accomplishment,
acknowledging their team’s
dedication, compliance commitment,
and hard work.
TECOM Group launches new incubator for sciencebased
start-ups
TECOM Group PJSC has introduced
in5 Science, a new incubator
focused on science-based
startups, in line with the UAE’s
commitment to sustainability and the
Dubai Economic Agenda ‘D33’ aimed
at diversifying the economy and attracting
foreign direct investment. The
incubator will provide targeted support
to startups in the sector and facilitate
access to investment opportunities. In
order to offer valuable guidance, in5
Science has assembled an advisory
board consisting of industry-leading
executives from Nexus Resilience Group,
Dii Desert Energy, and GMEX Group.
This launch is a significant milestone
for TECOM Group and Dubai’s entrepreneurial
ecosystem, contributing to
job creation, fostering opportunities,
and advancing the UAE’s sustainable
development goals.
ADGM implements its sustainable finance
regulatory framework
Abu Dhabi Global Market
(ADGM) has announced the
immediate implementation
of its sustainable finance
regulatory framework. This move
reinforces ADGM’s position as a leading
sustainable financial hub and a
natural center for sustainable finance
activities. The framework includes
rules for sustainability-oriented investment
funds, managed portfolios,
and bonds, as well as requirements
for environmental, social, and governance
(ESG) disclosures by ADGM
companies. These measures will foster
the growth of a sustainable finance
ecosystem and support the UAE’s
transition to net-zero greenhouse gas
emissions. ADGM will also confer a
designation on products and services
that meet its minimum standards,
instilling investor confidence and
directing capital towards the green
transition.
77% of UAE IT Leaders
Confident in Infrastructure
Readiness for AI
Technology
According to the Equinix 2023
Global Tech Trends Survey, over
three-quarters of IT leaders in
the UAE (77%) believe that their
current IT infrastructure is ready to meet
the demands of artificial intelligence (AI)
technology. The UAE outperformed other
countries in terms of preparedness for
AI, as only 58% of global IT leaders and
51% of IT leaders in the EMEA region expressed
confidence in their infrastructure’s
readiness for AI. The survey focused on
the responses of IT leaders regarding the
integration of AI in their organizations,
following a year of significant advancements
and widespread deployment of AI
in various sectors, including both B2B
and B2C applications.
August 2023 www.thefinanceworld.com 21

Fintech Application
EUREECA
About
Founded in 2013, Eureeca embarked
on its journey as a
pioneering global multi-regulated
Equity Crowdfunding
platform. Founded by Sam Quawasmi
and Chris Thomas, the company’s mission
is to democratize and digitize the
financial world, making it accessible
through mobile phones. Beyond Equity
Crowdfunding, Eureeca envisions a
broader range of financial products
and the inclusion of various regions in
its offering. By providing investment
opportunities to average individual
investors alongside High Net Worth
and Institutional investors, Eureeca
aims to democratize financial opportunities
globally.
Review
Eureeca is an investment app that
opens up a world of high-yielding
investment opportunities from various
international markets. With a
user-friendly interface, this app allows
you to explore a steady stream of vetted
equity investment options, all from the
convenience of your laptop or phone.
One of the standout features of
Eureeca is the ability to conduct your
own due diligence at your own pace.
You can thoroughly analyze proposal
documents and even engage with entrepreneurs
and fellow investors to
assess the viability and suitability of a
deal for your investment portfolio. This
hands-on approach empowers you to
make informed investment decisions.
Investing is made easy on Eureeca.
Simply credit your account through
card payment or bank transfer, and
the platform takes care of the rest,
ensuring a seamless process from
investment to the issuance of shares.
Your portfolio dashboard provides real-time
data and reports, allowing you
to stay updated on the performance of
your investments. Eureeca understands
the importance of diversification in investment.
The app presents you with a
range of investment opportunities that
align with your interests, enabling you
to build a portfolio that spans different
industries, geographies, and lifecycle
stages. This diversification strategy
helps mitigate risk and maximize potential
returns.
For those seeking capital for their
business, Eureeca offers a unique opportunity
for international expansion.
By raising funds on the platform, entrepreneurs
can tap into a compliant
and efficient source of capital from a
global pool of investors. This allows
them to focus on growing their business
while Eureeca takes care of the
funding process. The app provides a
clear outline of the campaign process
for entrepreneurs. From application
to closing, Eureeca guides businesses
through the necessary steps, ensuring
a smooth and transparent journey.
Availability: Google Play Store and
Apple App Store
Website: www.eureeca.com
22 www.thefinanceworld.com August 2023

The Insta360 Go 3 action camera
Insta360 introduces its latest action
camera, the Go 3, which features an
innovative two-piece modular design.
The camera itself, which is roughly
the size of a thumb, can be detached from
a rectangular body known as the “Action
Pod,” which includes a built-in viewfinder.
By attaching the Go 3 to a mount or
clothing, users can conveniently monitor
the captured footage directly through the
viewfinder. The camera weighs 35g only
and offers a truly hands-free experience
with shots taken in POV 2.7K. The brand’s
signature FlowState Stabilization allows
for steady and stable footage as all shakes,
bumps and rolls are removed. Horizontal.
A tiny cam means easy mounting! With
its magnetic design and three included
accessories, GO 3 gives you endless creative
possibilities.. Think pets, helmets,
or a fly on the wall shot!
Thunderbolt 4 Multimedia Pro Dock
Satechi’s newest high-powered
USB-C dock is aimed at creative
professionals. It has 16 different
ports, supports 96-watt passthrough
power and can connect several external
displays. Compatible with both Mac and
Windows PC, this versatile dock offers the
best-in-class Thunderbolt 40Gpbs bandwidth
for connecting up to four external
screens and high-speed peripherals, while
simultaneously delivering 96W of charging
power to the host device – so you have
one less cable to worry about.
August 2023 www.thefinanceworld.com 23

Business
Unleashing Business Success: Mastering
the Art of Flourishing in Dubai, UAE
Dubai, the dynamic metropolis of the United Arab Emirates, presents a
highly promising market for ambitious entrepreneurs seeking access to
a vast consumer base of over 1.5 billion worldwide. However, achieving
success in any business venture, whether in Dubai or elsewhere, demands
determination, courage, and unwavering passion. Launching a business
in Dubai opens doors to unparalleled opportunities for recognition and
prosperity. As one of the world’s most profitable business hubs, Dubai
provides a favourable environment for business owners and aspiring
entrepreneurs.
24 www.thefinanceworld.com August 2023

Crafting a comprehensive
business plan is a pivotal
step towards achieving remarkable
success in the competitive
business landscape. It serves
as a blueprint that distinguishes your
venture from others, highlighting key
opportunities and showcasing your
unique vision. A well-crafted business
plan helps identify your target
audience, enabling you to tailor your
products or services to their specific
needs. By setting measurable goals
and establishing realistic deadlines,
you create a roadmap for progress,
keeping you focused and accountable.
It is important to remember that while
having a solid plan is crucial, remaining
adaptable and embracing change is
equally essential. By continuously evaluating
and adjusting your strategy, you
position yourself for sustained growth
and stay ahead in the ever-evolving
business world. A comprehensive and
thoughtfully designed business plan
sets the foundation for success, empowering
you to navigate challenges
and unlock endless possibilities for
your enterprise.
Networking plays a pivotal role in
establishing your business in Dubai.
Prioritize attending key events and
engaging with others to leverage
word-of-mouth marketing. By being
your own brand ambassador, you can
showcase the value of working with
your company. This approach rapidly
expands your network, connecting you
with prospects who can support your
business. A strong social and business
network can open doors to future
opportunities, mentors, and strategic
partnerships, fueling the growth of
your business in Dubai.
In Dubai’s thriving tourism industry,
recruiting the right talent is crucial for
driving business growth. Surrounding
yourself with intelligent, talented,
and motivated individuals who share
your vision can have a transformative
impact on your company. By
assembling a team of positive and
productive employees, you create
a collaborative culture that fosters
teamwork and innovation. When everyone
feels empowered to contribute
their ideas and skills, it creates a
dynamic environment where success
is celebrated collectively. Selecting
the right talent, including strategic
By planning,
networking,
talent
acquisition,
commitment
to quality,
and strategic
marketing,
entrepreneurs
can unlock the
potential for
recognition,
prosperity,
and longterm
success
in Dubai’s
dynamic
business
landscape.
partners and mentors, propels your
business forward, ensuring you have
the expertise and support necessary to
navigate the competitive landscape of
Dubai’s tourism sector.
In Dubai’s competitive business
landscape, staying ahead of the competition
requires a commitment to
delivering exceptional quality to customers.
This principle holds true
across industries, but it is particularly
relevant in the UAE’s vibrant market.
Young entrepreneurs have ample opportunities
to refine their skills and
establish themselves as providers of
top-notch products or services. By
leveraging expertise and dedicating
time to honing their craft, they can
outshine competitors effectively. As
word-of-mouth recommendations
spread quickly in Dubai, building a
reputation as a reliable and high-quality
company becomes a key driver of
long-term success.
In the digital age, effectively marketing
your business in Dubai requires a
strategic approach. Rather than solely
focusing on promotional content,
create informative and captivating material
that resonates with your target
audience. By sharing valuable insights
and building a loyal following, you
can cultivate a customer base that is
genuinely interested in your products
and services. Utilize diverse digital
channels, including blogs, social media
platforms, emails, and press releases,
to distribute this informative content.
This approach can attract influential
figures with large followings, leading
to increased engagement and a broader
online presence.
In conclusion, launching a successful
startup in Dubai requires
careful planning, networking, talent
acquisition, a commitment to quality,
and strategic marketing. By crafting a
comprehensive business plan, building
a strong network, assembling a talented
team, delivering exceptional quality,
and leveraging digital marketing, entrepreneurs
can unlock the immense
potential for business growth in this
dynamic city. Embrace the opportunities,
stay adaptable, and navigate the
competitive landscape with determination,
and Dubai’s thriving market
will pave the way for recognition,
prosperity, and long-term success.
August 2023 www.thefinanceworld.com 25

Business News
UAE approves national energy and hydrogen strategies
His Highness Sheikh Mohammed
bin Rashid Al Maktoum
chaired the UAE Cabinet
meeting at Qasr Al Watan,
Abu Dhabi, with prominent officials
in attendance. Under President Sheikh
Mohamed bin Zayed’s directives, the
Ministry of Investment was established,
with Mohamed Hassan Al Suwaidi
appointed as minister to enhance the
investment vision and competitiveness
in the UAE. The Cabinet approved
the updated UAE National Energy
Strategy, aiming to triple renewable
energy contributions and invest AED
150-200B in meeting energy demands.
They also endorsed the National Hydrogen
Strategy to position the UAE as a
producer and exporter of low-emission
hydrogen. Other approvals included the
National Electric Vehicles Policy and
preliminary approval for autonomous
vehicles by WeRide company, reflecting
the country’s commitment to sustainable
energy and future mobility.
Aldar, IHC, Adnec Form
Middle East Property
Powerhouse
Aldar Properties, International
Holding Company (IHC),
and Adnec Group have announced
their decision to
merge their jointly owned property
and facilities management businesses.
The merger will be carried out under
the Aldar Estates platform, resulting in
the formation of the largest property
and facilities management company
in the Middle East region. According
to the statement released to the Abu
Dhabi Securities Exchange, Aldar will
maintain a majority stake and retain
control of Aldar Estates, while IHC
and Adnec Group will equally hold
the remaining shareholding. As part
of the agreement, Eltizam Asset Management
Group, jointly owned by IHC
and Adnec Group, will also merge with
Aldar Estates.
IWG Expands Regus Presence in UAE to Meet
Rising Demand for Hybrid Working
IWG, the world’s largest flexible
workspace company, is expanding
its presence in the UAE with the
addition of two new Regus-branded
coworking spaces to meet the growing
demand for hybrid working. The new
locations include a center in Jumeirah
Lake Towers, Dubai, and a managed
partnership deal in the Emirate of
Sharjah at Sahara Healthcare City.
Saudi Arabian food technology
start-up, Nomu Group, has successfully
raised $5M in a seed
funding round to support its
expansion into new markets across the
Middle East and North Africa (MENA)
region, as well as invest in technology
advancements. The Riyadh-based company
received funding from investors
including DIV Capital, Shurfah, Core
Vision, and Purity for Information
These openings follow the recent
launch of three flexible spaces in Dubai
and Abu Dhabi. IWG’s expansion in
the UAE aligns with its global plan to
add 1,000 new locations in the coming
year. The move reflects the increasing
popularity of hybrid work models and
the cost advantages they offer, with
companies saving an average of $11,000
per employee.
Saudi Arabia’s Nomu Group Raises $5M in Seed
Funding for Expansion
Technology, as well as family businesses
such as Altoukhi and Bakr, along with
angel investors. Nomu Group aims to
utilize the capital to expand its business-to-business
services, catering to
hotel, restaurant, and cafe customers.
Additionally, the company plans to
introduce new technology solutions
and broaden its presence in MENA
markets, with a target to establish
operations in 50 cities by 2025.
26 www.thefinanceworld.com August 2023

Saudi Arabia and UAE Pledge $6B to Bolster Investments in Iraq
Saudi Arabia and the UAE have
jointly committed $6B to support
the expansion of international
trade and investment in Iraq,
according to the Iraqi News Agency.
The Federation of Iraqi Chambers of
Commerce has announced the establishment
of business councils for Saudi
Arabia and the UAE within the country.
The funds, with each country depositing
$3B, will be utilized to facilitate trade
and investment activities. The president
of the Federation, Abdel Razzak
Emirates Group Launches
Massive Recruitment
Drive to Support Expanding
Operations
The Emirates Group plans an
extensive global recruitment
drive, spanning 180 roles,
to bolster its workforce in
anticipation of substantial growth.
The Dubai-based aviation company,
encompassing Emirates and dnata,
aims to hire cabin crew, pilots, engineers,
IT professionals, and customer
service agents, as stated in a recent
announcement. Leveraging digital
assessments, AI, and advanced recruitment
systems, the group seeks
to efficiently shortlist and select
candidates. Oliver Grohmann, Senior
Vice President of Human Resources,
emphasizes the focus on recruiting
top talent capable of supporting and
driving future expansion. Last year,
the Emirates Group employed over
17,160 individuals, surpassing 102,000
employees, while receiving 2.7 million
global applications for various
positions.
Al-Zouhairy, highlighted Iraq’s strategic
geographical location, which positions
it as a potential major player in global
trade, particularly along the trade routes
connecting Europe and Asia. The aim is
to enhance Iraq’s commercial activities
and align them with the evolving global
trade landscape, particularly in terms of
customs procedures for goods entering
and exiting the country. Recently, the
Saudi Export Development Authority
organized a trade mission to Iraq with
the theme “Made in Saudi.”
UAE startups raise funding to expand to Saudi Arabia
Transportr, a UAE-based digital
logistics platform, has concluded
its successful seed funding round
with the participation of Ittihad
Ventures Holding and Industrial Capital
Group. Launched in 2020, Transportr acts
as a digital freight marketplace, connecting
shippers and carriers across industries
for efficient and cost-effective goods
transportation. The platform addresses
concerns such as freight rates, manual
UAE Minister of Energy and
Infrastructure, Suhail bin
Mohammed Al Mazrouei, has
highlighted the commitment
of the Organization of the Petroleum
Exporting Countries (OPEC) and its allies
in OPEC+ to maintain stability in the oil
market. The aim is to ensure a balance
between global oil supply and demand,
preventing excessive accumulation of
processes, visibility, traceability, and
customer service. The funding will drive
Transportr’s growth in the UAE market
and expand into Saudi Arabia, tapping into
the thriving logistics sector. Transportr
aims to be a one-stop digital solution,
managing all supply chain activities
with a focus on environmental, social,
and governance factors, while offering
benefits like cost savings, data analytics,
and artificial intelligence to partners.
UAE Minister: OPEC+ Focused on Oil Market Stability
by Monitoring Variables
oil inventories that could lead to market
instability and speculative activities. Al
Mazrouei mentioned that OPEC’s technical
team constantly monitors various
variables in the global oil markets, providing
recommendations to the ministerial
committee to make informed decisions
that enhance market stability and foster
sustainable growth.
August 2023 www.thefinanceworld.com 27

Nothing Phone (2)
The Nothing Phone (2) is out now!
The phone bears a resemblance
to the distinct Phone (1) with
its transparent rear glass that
features programmable lights. The new
phone comes with a larger screen, offers
slightly different color options, introduces
a new glyph light interface, and boasts
improved software.
The focus here is on a bigger and
brighter experience. The front of the
phone showcases a 6.7-inch OLED screen
with a 120Hz refresh rate, utilizing LTPO
technology to dynamically adjust the rate
and conserve battery life, even going as
low as 1Hz.
Nothing claims that the screen can
reach a peak brightness of 1600 nits, and
the bezel surrounding the flat panel has
been slimmed down slightly to maximize
the display size within the frame.
Here are the full specs of the
Nothing Phone (2):
• Qualcomm Snapdragon 8+ Gen 1
• 8/12GB RAM
• 128/256/512GB storage
• 6.7in 120Hz LTPO OLED display
• Rear camera:
• 50Mp, f/1.8 OIS main camera
• 50Mp, f/2.2 ultrawide camera
• 32Mp, f/2.45 selfie camera
• 4700mAh battery
• 45W wired charging
• 15W wireless charging
• 5W reverse wireless charging
• 5G
• Stereo speakers
• Wi-Fi 6
• Bluetooth 5.3
• NFC
• Glyph Interface LED lights
• IP54
• Gorilla Glass
• Android 13 with Nothing OS 2.0
• 159.2 x 75.8 x 8.3mm
• 201g
28 www.thefinanceworld.com
August 2023

Samsung 83-Inch Class OLED S90C TV
Samsung’s latest offering is an
83-inch class screen 4K TV
that captivates viewers with its
stunning features. It showcases
pure blacks, an infinite contrast ratio,
and vibrant colors, all thanks to the
cutting-edge Samsung Neural Quantum
Processor. This multi-intelligent
processor utilizes 8.3 million self-illuminating
pixels to present content
with remarkable precision, providing
deep blacks and over a billion shades
of realistic color. Notably, the TV
incorporates vivid color palettes that
have been validated by Pantone, the
leading experts in the field, ensuring
that the on-screen images appear as
breathtaking as they do in real life.
August 2023 www.thefinanceworld.com 29

Cover Story
Pure Harvest Smart Farms
Sky Kurtz,
Co-Founder and CEO
Innovative tech for affordable,
sustainably grown farm products
Pure Harvest Smart Farms is a pioneering agribusiness
headquartered in the United Arab Emirates,
dedicated to sustainable year-round production of
premium-quality fresh fruits and vegetables. With
a focus on delivering flavorful and locally grown produce,
the company has revolutionized controlled-environment
agriculture (CEA) across the entire value chain.
By leveraging technology design, procurement, construction,
and farm operations, Pure Harvest Smart Farms
has established itself as a leader in CEA. The company’s
commitment to innovation extends to marketing and selling
products through its global consumer brand.
One of the key achievements of Pure Harvest Smart
Farms is the development of the Middle East’s first
semi-automated, high-tech hybrid growing system. By
incorporating horticultural best practices, the company
addresses critical regional challenges such as food security,
water conservation, economic diversification, and
sustainability demands.
Pure Harvest Smart Farms has garnered significant support
from global investors, securing over USD 387 million
in capital commitments. Investors from diverse locations
such as California, USA, and Seoul, Korea recognize the
value of the company’s mission and its commitment to
sustainable agriculture.
The company’s inventive approach to farming has led
to world-leading yields. Through their state-of-the-art
controlled-environment agriculture technologies, Pure
Harvest Smart Farms successfully cultivates premium
fruits and vegetables in the challenging climates of the
Arab Gulf region. Their focus on sustainable practices
and commitment to affordability has positioned them as
a regional innovator in the field.
With their advanced growing technologies and adherence
to horticultural best practices, Pure Harvest Smart
Farms pioneers year-round production of fresh produce
that is not only of exceptional quality but also affordable.
By prioritizing sustainable agriculture, the company
contributes to environmental preservation while meeting
the increasing demand for locally grown, healthy food.
Pure Harvest Smart Farms aspires to continue its mission
of revolutionizing agriculture and overcoming the challenges
posed by arid climates. Through their dedication to
innovation and commitment to sustainable practices, they
are poised to lead the way in providing premium-quality,
locally-grown fresh produce to consumers.
To sum it up, Pure Harvest Smart Farms is a trailblazing
agribusiness in the UAE, employing cutting-edge technology
and best practices to cultivate sustainable, high-quality
fresh fruits and vegetables. Their achievements, goals,
and commitment to innovation position them as a leading
force in the field of controlled-environment agriculture,
transforming the future of farming in the region and beyond.
30 www.thefinanceworld.com August 2023

Cover Story
YallaMarket
Leonid Dovbenko,
Stanislav Seleznev,
Founders
Internet Marketplace Platform
YallaMarket, a dynamic UAE startup founded in
2021 and headquartered in Dubai, is transforming
the way people shop for groceries through its
innovative e-commerce platform. The company
has swiftly established itself as a game-changer in the
industry, offering unparalleled convenience and speed
to customers.
At the core of YallaMarket’s business model is its commitment
to providing swift and efficient grocery delivery
services. Customers can simply visit the YallaMarket platform,
browse through an extensive selection of products,
and have their groceries delivered right to their doorstep
within an astonishing 15-minute timeframe. Gone are the
days of last-minute shopping trips due to forgotten items;
YallaMarket ensures that customers can access the groceries
they need without any hassle or delay.
Since its inception, YallaMarket has successfully secured
funding through several rounds of investment. Notably,
in February 2022, the company raised an impressive
$2.2 million during a Bridging Round, highlighting the
confidence and support it has garnered from investors.
YallaMarket’s online store boasts an array of products
beyond groceries. From confectioneries to household
essentials and cosmetics, customers can conveniently
find and order a wide range of quality items. The company
goes the extra mile to ensure the freshness and condition
of the delivered goods, utilizing sturdy thermal bags to
maintain the optimal temperature of perishable items.
A key differentiator for YallaMarket is its commitment
to providing free delivery to customers. Through a reliable
network of couriers, the company ensures that customers
receive their orders without any additional cost. This customer-centric
approach has garnered praise and loyalty
from a growing customer base.
Moreover, YallaMarket extends its expertise beyond
its e-commerce platform by offering comprehensive
e-commerce fulfilment and warehousing services to
businesses. Companies can benefit from YallaMarket’s
efficient storage, order picking, packaging, and delivery
solutions, streamlining their own e-commerce operations
and enhancing customer satisfaction.
With its rapid growth and dedication to exceptional
service, YallaMarket is making waves in the e-commerce
and grocery delivery landscape of Dubai. The company’s
commitment to convenience, speed, and quality has
solidified its position as a go-to platform for individuals
and businesses alike.
As YallaMarket continues to expand its reach and enhance
its offerings, it remains at the forefront of revolutionizing
the grocery shopping experience, creating a future where
efficient and reliable deliveries are just a few clicks away.
August 2023 www.thefinanceworld.com 31

Cover Story
InstaVal
Akram El Youssi,
Founder and CEO
Data-Driven Investment Readiness
Platform
InstaVal is a prominent provider of a business valuation
service platform that facilitates equity investments
between investors and startups. The company’s
platform adheres to fair market value principles
outlined in the IPEV guidelines while offering affordable
services, instilling confidence in clients to engage with
stakeholders.
With over twenty years of experience in the investment
and finance industry, including roles in forex, equity capital
markets, structured finance, private equity, and investment
banking, Akram, the founder of InstaVal, witnessed a gap
in funding support for entrepreneurs. Recognizing the
need to provide quality advice at cost-effective prices, he
established a boutique advisory firm to address the issue.
However, he soon realized that the existing practice was
neither efficient nor scalable.
Driven by the desire to enable founders to secure funding
at scale, the idea of InstaVal took shape. The company
aimed to codify domain knowledge, leverage workflow
automation, and utilize an extensive Rolodex network.
This unique approach would empower entrepreneurs by
providing them with efficient, accessible, and reliable
valuation services.
InstaVal’s key achievements lie in revolutionizing the
investment landscape for startups and scaleups. By streamlining
the valuation process and ensuring compliance with
industry guidelines, the company has facilitated equitable
investment opportunities. Their platform serves as a
data-driven investment readiness tool, promoting equity
investments in emerging ventures.
The company’s primary goal is to bridge the gap between
investors and startups, offering an intermediary
platform that facilitates seamless equity transactions.
InstaVal’s commitment to fair market value principles and
affordability ensures that clients can engage confidently
with stakeholders, fostering trust and transparency in the
investment ecosystem.
With a focus on leveraging technology and domain
expertise, InstaVal is driven by the vision of becoming
the go-to platform for business valuation and equity
investment intermediation. By providing founders with
the resources and support needed to secure funding, InstaVal
aims to nurture innovation and propel the growth
of promising ventures.
In essence, InstaVal is a leading business valuation
service platform that connects investors with startups
and scale-ups. With a commitment to fair market value
principles and affordability, the company empowers entrepreneurs
by simplifying the equity investment process.
By leveraging technology and industry expertise, InstaVal
strives to become a trusted and scalable solution, fostering
the growth of the startup ecosystem.
32 www.thefinanceworld.com August 2023

Cover Story
Colexion
Abhay Aggarwal,
Founder and CEO
Blockchain-based NFT marketplace
to discover, and buy exclusive
digital collectables of megastars
Colexion is a leading platform in the world of
Non-Fungible Tokens (NFTs) that focuses on
owning and trading digital collectables of celebrities.
With its innovative platform, Colexion
allows users to collect, buy, sell, and trade NFTs featuring
their favourite superstars from sports, entertainment, art,
and other industries.
As a premium GameFi ecosystem, Colexion aims to
enhance user experience through the utility of Cards. The
platform’s marketplace brings together celebrities, allowing
them to create more Cards and establish deeper connections
with their fans. As the largest licensed Gaming Marketplace,
Colexion’s suite of Web 3.0 technologies enables creators to
choose and embed licenses while minting NFTs.
One of Colexion’s top achievements is its collaboration
with renowned celebrities and artists to curate a collection
of limited edition, high-quality Cards that are exclusively
available on the platform. With a specialization in Sports,
Entertainment, Music, and Play-to-Earn cricket gaming,
Colexion offers fans a unique opportunity to own exclusive
moments of their favorite celebrities. The platform features
Bollywood stars, cricketers, and other industry icons,
showcasing their outstanding recognition and awards in
each section.
In the emerging Web 3.0 space, Colexion fosters trust by
being the biggest licensed marketplace for NFTs. Fans not
only have the opportunity to acquire NFTs of their beloved
characters but can also explore variably scarce editions
and one-of-a-kind offerings. Founded in 2021, Colexion is
built on the Polygon blockchain, utilizing the latest digital
business models to manifest a new generation of games. It
offers gamers the freedom to explore different opportunities,
operate without restrictions, and earn rewards within
the metaverse.
Colexion aims to be a one-stop destination for Web 3.0
gaming. By introducing the concept of using fiat currency
to participate in tournaments and incorporating elements
like Staking, DAO, Token Airdrops, and more, the platform
revolutionizes the fantasy sports infrastructure. Through its
play-to-earn paradigm, Colexion creates real-world value
out of in-game items and digital goods using NFTs, cryptocurrency,
and blockchain technology.
Authenticity and originality are at the core of Colexion’s
offerings. The company owns the official rights to the
players and celebrities featured on its digital marketplace.
With secure smart contracts and ownership records on the
Polygon blockchain, Colexion guarantees 100% authenticity
and ensures a transparent and trustworthy experience for
its users.
In summary, Colexion is a pioneering NFT platform that
enables the ownership and trading of digital collectables
featuring celebrities. With its focus on user experience,
Web 3.0 gaming, and authenticity, Colexion has achieved
significant milestones in the industry. The company aims to
continue leading the way in the NFT space, providing endless
opportunities for fans, gamers, and digital artists to connect,
earn rewards, and create value within the metaverse.
August 2023 www.thefinanceworld.com 33

Cover Story
Lyve
Hassan Hallas,
Founder and CEO
Offers AI & SaaS-enabled last-mile
delivery platform for logistics
Lyve is a dynamic technology company that empowers
businesses to digitize their operations and
excel in their respective industries. With a comprehensive
suite of solutions and synergies, Lyve
offers integrated, all-in-one B2B SaaS solutions that cover
every aspect of the value chain, ensuring a seamless and
cohesive experience from order to payment to delivery.
Headquartered in Abu Dhabi, UAE, and operating in 22
countries, Lyve has established itself as a global leader
in digital technologies across various business verticals.
Whether it’s a small start-up or a large enterprise, Lyve’s
solutions are designed to cater to businesses of all sizes.
One of Lyve’s core strengths lies in its logistics services
platform, which revolutionizes the traditional approach to
logistics. By digitizing the entire customer journey, from
order placement to payment and delivery, the platform
provides customized logistics operations and manages
every aspect of the delivery process, including reverse
logistics for returned goods. With a focus on punctual
deliveries and enhanced customer satisfaction, Lyve empowers
businesses to seamlessly manage their logistics
operations, optimize fleet schedules, track shipments,
and enhance customer acquisition channels.
Lyve’s achievements stem from its commitment to
reimagining logistics as a catalyst for digital transformation
and business innovation. By offering a range of
digital solutions, Lyve enables businesses to streamline
their operations and eliminate concerns about product
delivery. This, in turn, allows companies to focus on their
core operations and achieve greater success.
The company’s goals are centred around driving digital
transformation and revolutionizing the business landscape.
Lyve aims to continue expanding its portfolio of digital
technologies, offering innovative solutions that empower
businesses across industries. By leveraging cutting-edge
technology and a customer-centric approach, Lyve strives
to be a leader in digital transformation, helping businesses
thrive in the digital era.
In summary, Lyve is a forward-thinking technology company
that empowers businesses to digitize their operations
and optimize their performance. With an all-encompassing
suite of solutions, Lyve covers every touchpoint in the
value chain, ensuring seamless operations from order to
payment to delivery. Through its logistics services platform
and commitment to digital innovation, Lyve is driving
transformation across industries, helping businesses
unlock their full potential in the digital age.
34 www.thefinanceworld.com August 2023

Cover Story
The Giving Movement
Dominic Nowell-Barnes,
Founder
Retail Apparel and Fashion, Reinventing
Sustainable Athleisure
The Giving Movement is a visionary company that
embodies the philosophy of “small acts multiplied
by many can transform the world.” With
the purpose to inspire conscious consumerism
through giving, they have created a global movement
focused on positive change.
One of The Giving Movement’s top achievements is
crossing $4 million in donations by January 2023. This
impressive milestone has allowed them to directly impact
the lives of children through partnerships with Dubai
Cares and Harmony House India. They aim to continue
multiplying their impact and changing more lives in the
future.
The company’s philosophy is driven by togetherness,
building a global community of charity-driven purpose
through streetwear that champions sustainability. Their
goal is to transform the world by promoting positive
change and creating a cohesive global community.
The Giving Movement is committed to sustainable practices
and reducing their carbon footprint. They strive to
create environmentally responsible products, prioritizing
the protection of the planet.
Transparency and authenticity are core values for The
Giving Movement. They ensure that their values, ideals,
and actions align, and they prioritize providing information
on their partnered charities, suppliers, and factories
within their supply chain.
Diversity and inclusivity are also essential to The Giving
Movement. They value equity, inclusion, and dignity for
all, recognizing the importance of diverse perspectives,
experience, knowledge, and culture.
The company’s unique approach involves donating $4 to
charity for every item purchased. This amount is sufficient
to ensure basic needs such as food, shelter, and water for
a child in need for one week.
Through their partnerships with Harmony House and
Dubai Cares, The Giving Movement supports organizations
that provide essential services to women, children, and
education initiatives. They prioritize uplifting those living
below the poverty line and breaking the cycle of poverty
through education and social support.
Founder Dominic Nowell-Barnes is driven by a passion
for making a positive change in the fashion industry. With
a focus on sustainability and conscious consumerism,
he launched The Giving Movement as a disruptive brand
that creates meaningful apparel. His mission is to alter
the way fashion is consumed and shed light on ethical
and environmentally-friendly practices.
All in all, The Giving Movement is a trailblazing company
that leverages conscious consumerism and giving to
inspire positive change. With their focus on sustainability,
authenticity, and transparency, they are making a significant
impact on the lives of others. Their achievements,
goals, and values reflect their commitment to creating a
better world through their unique approach to streetwear
and charitable giving.
August 2023 www.thefinanceworld.com 35

Cover Story
GrubTech
Mohamed Al Fayed,
CEO
Provider of end-to-end SaaS
platforms for restaurant sand
cloud kitchens
GrubTech, a leading provider of end-to-end SaaS
platforms, is revolutionizing the way restaurants
and cloud kitchens operate through its comprehensive
suite of solutions. With a focus on digital
transformation, GrubTech empowers businesses to streamline
operations, enhance customer experiences, and maximize
revenue potential.
At the core of GrubTech’s offerings is its robust software
as a service (SaaS) platform designed specifically for caterers,
cloud kitchens, and delivery-centric restaurants. By
seamlessly integrating with third-party food aggregators,
logistics providers, and point of sale solutions, GrubTech
enables businesses to optimize their operations across
various channels.
One of the key features of GrubTech’s platform is its
online ordering system, which provides a unified interface
for managing and processing orders from multiple sources.
Restaurants can efficiently handle menus, track orders, and
ensure smooth operations, all from a single screen. This centralized
approach allows for greater efficiency and reduces
the risk of errors or delays.
In addition to online ordering, GrubTech offers a QR
code-enabled contactless dine-in and payment solution.
With this feature, customers can easily access menus, place
orders, and make payments directly from their smartphones,
providing a safe and convenient dining experience.
Real-time insights and analytics play a vital role in GrubTech’s
platform, providing businesses with valuable data and actionable
insights. Restaurant owners and managers can access
comprehensive reports on sales, operations, and customer
behavior, allowing them to make informed decisions and
optimize their strategies accordingly.
GrubTech’s platform also encompasses advanced marketing
capabilities, empowering businesses to launch and promote
virtual brands, expand revenue streams, and reach a wider
customer base. By leveraging GrubTech’s tools, restaurants
can capitalize on all available channels, including food
delivery apps and their own websites as commission-free
sales channels.
The company’s commitment to innovation extends to its
partnerships and global reach. GrubTech’s solutions have
been adopted by fast-growing restaurants in over 19 countries,
earning the trust of industry leaders who recognize the
platform as a valuable growth partner.
With products ranging from online order management to
kitchen display systems, in-house delivery management, and
smart food lockers, GrubTech provides a comprehensive
and seamless ecosystem that addresses the diverse needs
of modern restaurants and cloud kitchens.
In an ever-evolving industry, GrubTech stands out as a
driving force behind the digital transformation of food businesses.
Through its user-friendly and scalable platform, the
company empowers its clients to adapt, thrive, and unlock
their full potential in an increasingly competitive landscape.
Whether it’s enhancing operational efficiency, increasing
revenue per square meter, or launching new virtual brands,
GrubTech is dedicated to helping restaurants and cloud
kitchens achieve success in the digital age.
36 www.thefinanceworld.com August 2023

Cover Story
Stake
Rami Tabbara,
Co-Founder
FinTech, Real Estate Investment
The stake is an innovative digital real estate investment
platform on a mission to empower individuals
worldwide to own and build wealth through real
estate. With a vision of creating a world where real
estate is fully digital, accessible, borderless, and liquid, Stake
aims to revolutionize the industry by eliminating the barriers
that have traditionally made real estate investments highly
inaccessible, illiquid, and complicated.
Recognizing the significant role that real estate plays in
building long-term wealth, Stake understands the challenges
individuals face when venturing into this asset class. The
cumbersome paperwork, hefty down payment requirements,
and lack of liquidity often discourage potential investors.
Additionally, securing great deals can be time-consuming
and reliant on personal connections.
Stake is purpose-built to address these issues head-on.
Leveraging their extensive network and expertise gained
from over 20+ years leading prominent real estate companies
in Dubai, Stake sources the best properties in their markets.
They break down the entry barrier for investors, allowing
them to start investing with as little as AED 500 (approximately
136 USD).
As a digital real estate investment platform, Stake manages
the entire investment process on behalf of its users. From
property acquisition to exit strategies, Stake takes care
of every aspect, providing investors with a seamless and
hassle-free experience. Monthly rental payments and sales
income are distributed directly to the user’s Stake wallet,
ensuring a steady stream of passive income.
With Stake, building a global real estate portfolio is no
longer an arduous task. Within minutes, investors can access
a diverse range of properties and start generating lifelong
passive income to support the lifestyle they aspire to.
Stake’s team comprises seasoned professionals with decades
of leadership experience across various industries, including
real estate, technology, financial services, consulting, and
the creative sector. Their collective expertise ensures that
Stake remains at the forefront of innovation and delivers
exceptional value to its users.
Furthermore, Stake is committed to responsible investing.
The platform has undergone assessment by the Supervisory
Board of Guidance Financial Group, a prominent financial
services firm specializing in Shariah-compliant investments
and financing. Stake has also submitted an application for
an Islamic Window endorsement on its license, intending to
offer Shariah-compliant Islamic Financial Business alongside
its conventional offerings.
Stake invites highly talented individuals to join their team
and help lead their expansion into international markets
and new business lines. By fostering a diverse and skilled
workforce, Stake aims to make global real estate accessible
to everyone and redefine the investment landscape.
Through their vision, dedication, and commitment to
empowering individuals worldwide, Stake is poised to
reshape the way people approach real estate investments,
enabling them to unlock their financial potential and secure
a prosperous future.
August 2023 www.thefinanceworld.com 37

Cover Story
Insydo
Tanaz Dizadji,
Founder & CEO
Digital Content Creators
Insydo is a leading content platform on a mission to
inspire people about the Middle East. With a focus
on experiences, places, products, and people, Insydo
creates engaging and informative content that showcases
the richness and diversity of the region. As one of
the top content creators in the Middle East, Insydo has
achieved widespread recognition for its high-quality and
captivating content. The company’s goal is to continue
inspiring and informing its audience by providing valuable
insights, recommendations, and stories that celebrate the
unique aspects of the Middle East. Through its content,
Insydo aims to connect people with the best that the
region has to offer, fostering a deeper appreciation and
understanding of the Middle East.
Insydo is a dynamic content platform that is dedicated
to inspiring people about experiences, places, products,
and people in the Middle East. With a clear mission to
create content that captivates and informs, Insydo is at
the forefront of content creation in the region.
As a leading content creator in the Middle East, Insydo
has garnered widespread recognition for its high-quality
and engaging content. The company’s team of talented
content creators are passionate about showcasing the
richness and diversity of the Middle East, providing
valuable insights and recommendations to their audience.
Through their compelling digital content, Insydo aims
to inspire and inform people’s everyday lives in the Middle
East. Whether it’s uncovering hidden gems in the region,
exploring the latest products and trends, or celebrating
the achievements of individuals and communities, Insydo’s
content connects people with the best that the Middle
East has to offer.
By highlighting unique experiences, showcasing breathtaking
places, and spotlighting innovative products, Insydo
fosters a deeper appreciation and understanding of the
Middle East. Their content is designed to inspire and
empower individuals to explore, discover, and engage
with the region in meaningful ways.
Insydo’s dedication to creating inspiring and informative
content sets them apart as a trusted source of knowledge
and inspiration for anyone seeking to experience the
best of the Middle East. With their team of passionate
content creators, Insydo continues to elevate the content
landscape in the region, making a positive impact on the
lives of their audience and celebrating the extraordinary
aspects of the Middle East.
38 www.thefinanceworld.com August 2023

Cover Story
EKar
Vilhelm Hedberg,
Founder & CEO
Car-sharing service
ekar is the pioneering personal mobility company
in the Middle East, transforming the way people
consume transportation. With its innovative ‘Super
App,’ ekar provides users with on-demand access
to a vast network of carshare and subscription leasing
vehicles, along with other mobility options.
The company’s vision is to revolutionize transportation
consumption, offering a convenient and seamless
experience for users. To achieve this, ekar has developed
the Mobility OS, a cutting-edge platform that enables car
rental and leasing companies to adopt mobility-as-a-service
(MaaS) models, as well as facilitating peer-to-peer
rentals. With ekar’s technology, booking and traveling in a
car becomes hassle-free, empowering individuals to plan
their journeys on their mobile phones.
Since its establishment in 2016 by Founder Vilhelm
Hedberg, ekar has experienced remarkable growth and
success. Starting as a 15-vehicle pilot program with Etihad
Airways, the company has expanded to become the
largest self-drive mobility provider in the region. More
than 200,000 customers have embraced ekar’s services,
resulting in an impressive 1.3 million trips booked.
ekar’s achievements have been recognized internationally.
In 2019, it was named the highest utilized free-floating
carshare service globally. Frost & Sullivan honored ekar
as the GCC Car Sharing Providers Company of The Year
in the same year. Forbes Middle East also recognized
ekar as one of the Top 5 Startups in 2018. Furthermore,
Founder Vilhelm Hedberg was awarded SME Leader of
the Year 2018 by Arabian Business.
With a commitment to innovation and customer satisfaction,
ekar aims to continue reshaping the transportation
landscape in the Middle East. The company’s goal is to
enhance mobility options and create a more efficient
and sustainable transportation ecosystem. Through its
Mobility OS, ekar envisions a future where car rental
and leasing companies can seamlessly integrate with the
sharing economy, providing users with a diverse range of
mobility solutions.
ekar’s profile as a personal mobility leader is marked
by its technological advancements, industry recognition,
and dedication to improving transportation experiences.
By leveraging the power of its ‘Super App’ and the Mobility
OS, ekar is driving positive change in how people
access and utilize transportation services throughout the
Middle East.
August 2023 www.thefinanceworld.com 39

Sony Alpha 6700 Hybrid Camera
The α6700 combines the latest
AI technology with Sony’s
outstanding α-series image
quality in a compact APS-C
camera body. Offering enhanced subject
recognition, the latest technology
for capturing stills and movies, and
E-mount lens compatibility, the lightweight
α6700 is designed for creative
adventures, anytime, anywhere.
Specification
• 26.0MP1 APS-C format Exmor R
back-illuminated CMOS sensor
• BIONZ XR processing power for
exceptional image quality
• Dedicated AI Processor and Real-time
Recognition for accurate
subject tracking
• 4K/60p 6K oversampled 4:2:2 10-bit
recording with Long GOP or All
Intra formats
• High frame rate 4K/120p (100p)
recording17
• 5-axis in-body optical image stabilization
with up to 5-steps4 of
compensation
• Precise anti-shake compensation
at the single-pixel level
• Wide dynamic range and high sensitivity
for diverse shooting scenarios
• Consistently accurate exposure
and color with new AE algorithm
• Selectable RAW file types and JPEG
Light quality setting
• Faster, more precise AF with 759
phase detection AF points11, 93%
coverage
• Smarter AI based Real-time Tracking
40 www.thefinanceworld.com August 2023

Montblanc MTB 03 In-Ear Headphones
Montblanc is best known for
its luxury pen and high-end
watches, but it’s decided
to get into the wireless
earbud game. The MTB 03 is the company’s
first pair of wireless earbuds.
They boast active noise-cancellation,
wireless charging and a glossy finish.
The Montblanc MTB 03 In-Ear Headphones
are the brand’s urban interpretation
of the Sound of Comfort. They
guarantee great sound, long-lasting
wearing comfort and effective noise
cancellation wherever you go. Their
sound signature has been created by
internationally renowned acoustics
experts. Their design is not only sleek,
elegant and modern, but also ensures
a comfortable fit for every ear. The
accompanying lightweight, pocket-sized
charging case keeps these smart luxury
pieces safe and always ready to go.
August 2023 www.thefinanceworld.com 41

Wheels
Specifications
Horsepower: 469 hp
Torque: 590 lb-ft
Engine: 0-60 mph in under 4.0 seconds
Battery Capacity: 100 kWh
42 www.thefinanceworld.com August 2023

Lamborghini Sián FKP 37
The Lamborghini Sián FKP 37
stands as a groundbreaking
achievement in the realm of
super sports cars, combining
a V12 engine with hybrid technology
based on supercapacitors. The result is
a breathtaking display of engineering
and technological prowess, propelling
the Sián FKP 37 to unparalleled levels
of performance and speed.
The name Sián, meaning “lightning”
in the Bolognese dialect, perfectly
encapsulates the essence of this
remarkable vehicle. With a top speed
surpassing 220 mph (350 km/h), the Sián
FKP 37 is a force of nature on the road,
delivering exhilarating acceleration
and a driving experience that leaves
enthusiasts awe-inspired. The design of
the Sián FKP 37 pushes the boundaries
of Lamborghini’s iconic DNA to new
heights. Drawing inspiration from the
legendary Countach, this supercar
boasts sharp lines, aerodynamic
elegance, and a silhouette that
is instantly recognizable. Crafted
entirely from carbon fiber, the body
of the Sián FKP 37 leaves a lasting
impression, while the electrochromic
roof and moving surfaces controlled
by smart materials further enhance its
sculpted aesthetics. The futuristic Terzo
Millennio-inspired headlights leave a
luminous signature that sets the stage
for the future of Lamborghini design.
At the heart of the Sián FKP 37 lies
its groundbreaking hybrid system,
representing a true technological tour
de force. The innovative mild-hybrid
architecture utilizes a lightweight
lithium-ion supercapacitor, which
boasts three times the power-to-weight
ratio compared to a traditional battery.
Operating on a low-voltage 48V system,
this hybrid setup enables peak currents
of up to 600A. The electric motor,
powered by this current, delivers engine
torque directly to the rear wheels and
harnesses the energy during braking to
recharge the capacitor. The symmetrical
electrical power flow ensures efficiency
during both charge and discharge cycles,
without the risk of overheating.
Beyond its hybrid system, the
Sián FKP 37 introduces autonomous
technology to the automotive world.
The car features autonomous vent
flaps located at the back of the engine
hood, actuated by smart materials
that are temperature-sensitive. These
flaps open independently when the
temperature surrounding the exhaust
reaches extreme levels, relying solely on
the thermal distortion of the material,
eliminating the need for electric controls
and sensors.
With a carbon-fiber monocoque,
titanium intake valves, active
aerodynamics, and rear-wheel steering,
the Sián FKP 37 showcases cuttingedge
technology in every aspect of
its design. It represents a remarkable
fusion of power, performance, and
innovation, setting new standards for
the automotive industry.
August 2023 www.thefinanceworld.com 43

Start-up
The Top Three Startups Revolutionizing
the Business Landscape in the UAE
The UAE stands out among Arab nations as an attractive destination for
entrepreneurs, especially in the telecommunications and IT sectors. The
proactive government actively shapes the country’s future by fostering
innovation and technological advancements across industries. This promising
economic landscape has prompted a rise in entrepreneurs establishing their
own companies. Notably, the startup sector in the UAE is thriving, particularly
in technology, retail, lifestyle, environment, and communication services.
Businesses catering to the younger generation, streamlining operations, or
offering innovative lifestyle options are in high demand, bringing new hope
and opportunities for the government, private sector, and society.
Yango Deli Tech
Max Avthukov,
Co-Founder and CEO
UAE is home to start-ups
from varied industries and
businesses. Max Avthukov,
a 32-year young talent, set
up Yango Deli Tech back in 2022. The
tech start-up aims to offer a diverse
range of tech expertise to all kinds of
retailers and E-commerce businesses
on a global level. The basic motive
that Max carries in building this tech
company was to support retailers
to transform from brick-and-mortar
stores to online, E-commerce giants.
Recent market research declared
UAE as the 28th largest market for the
ecommerce industry with projected
revenues exceeding 11 million dollars
in the current year. With the global
e-commerce industry anticipated to
grow over 8% in the coming years,
global e-commerce sales are likely to
exceed 6 trillion if the e-commerce
boom prevails. In 2020, global e-commerce
sales successfully made 4.2
trillion dollars, therefore the market
advancement is clearly evident.
Today, the business world faces
either two challenges, retaining previous
customers or acquiring new ones.
Although digitalisation has made the
world become more connected, competition
is growing simultaneously.
It is why the need to stay ahead of
the curve and beat your rivals from
a similar industry is not as easy as
it sounds. Understanding the latest
e-commerce landscape, getting a good
hold of the market trends and offering
top-class services to your customers
is just a chunk of what you have to do
in totality. Here is when Yango Deli
decided to offer its wide-ranging retail
expertise to startups in UAE to help
them overcome market challenges only
to attract growth and development.
From devising delivery and fulfilment
solutions to functional expertise,
Yango Deli Tech aims to become the
ultimate corporate help an E-commerce,
Q commerce and retail business
can get. Simplifying core business
operations like delivery and fulfilment
to adopting cost-effective solutions,
Yango Deli Tech now carries a proven
record of helping businesses to scale
at a faster rate than expected.
Max’s Yango Deli aims carries a
vision to expand its services and not
limit them to UAE alone. The SAAS
company plans on reaching the e-commerce
market in Saudi Arabia, Turkey
and more in the Middle East region.
By 2023, the young founder sees his
company as a top Ecommerce and
Qcommerce consultant or a SAAS
company by the end of 2030.
44 www.thefinanceworld.com August 2023

Asette
The $35 billion UAE market
is experiencing a revolution
in the off-plan property research
and acquisition process
thanks to Asette’s introduction of
an AI-powered real estate investment
platform. Investors can cut down on
research time and decision-making
time by up to three months by using
this platform. Asette offers a single
tool—an AI-driven platform—that
streamlines the convoluted 30-step
process. It is the first one-stop-shop in
the world for these services because
it connects investors to carefully curated
off-plan property options. Asette
offers individualised searches for offplan
properties and equips investors
with thorough analysis, including
price growth, rental yields, and ROI
calculations.
Asette’s main objective is to make
the purchasing of real estate more
effective, transparent, and inclusive.
The platform performs in-depth data
analysis of the off-plan market in the
UAE using cutting-edge machine learning
models. Asette is now able to
provide investors with tailored advice
based on their preferences for real
estate investment and affordability
metrics. With these insightful tips at
their disposal, investors can make
well-informed decisions about purchasing
real estate while significantly
cutting down on the time and effort
needed to locate the ideal off-plan
property.
Leena Vesterinen, CEO of Asette,
said the platform was developed to
streamline the difficult and time-consuming
process of purchasing off-plan
properties in the UAE. Asette gives
investors individualised recommendations
with the highest growth potential
using real estate data and machine
learning. This saves time and effort
while enabling investors to make
well-informed decisions.
Asette promotes flexible payment
Leena Vesterinen,
CEO
options and upholds transparency
throughout the purchasing process
to guarantee a neutral experience.
Investors can be sure they have a
clear understanding of their research,
evaluation, and purchase journey because
every detail and crucial step is
carefully outlined.
Fenix Games
Chris Ko,
Co-Founder & CEO
Fenix Games, a publisher of
Web3 games, has formed a
partnership with Immutable,
a Web3 gaming platform, with
the aim of identifying, supporting, and
launching Web3 games for widespread
adoption. Fenix Games has joined
forces with Immutable to create a collection
of blockchain-powered games
in collaboration with top-tier game
developers. With extensive experience
managing successful franchises such
as Madden Mobile, Need for Speed
Mobile, The Sims Mobile, and Plants
vs. Zombies, the Fenix Games team
is well-equipped to develop and scale
licensed and original games that reach
millions of players worldwide.
To seamlessly integrate games into
the Web3 ecosystem, Fenix Games
sought a reliable and secure platform,
ultimately selecting Immutable
due to its proven track record and
robust infrastructure. By leveraging
Immutable’s expertise, Fenix Games
aims to navigate the complexities of
Web3, reduce risks for developers,
and accelerate the overall growth of
the industry.
Andrew Sorokovsky, Vice President
of Global Business Development at Immutable,
expressed excitement about
the partnership, highlighting the founding
team’s experience in triple-A publishing
and Web3 at Mythical Games.
He emphasized the collaborative effort
in building the future of gaming.
In return, Fenix Games will utilize
its deep expertise to bring some of the
best gaming development teams to the
Web3 space. The company will curate,
advise, and publish live services within
Immutable’s ecosystem of games.
Rudy Koch, Chief Business Officer
of Fenix Games, praised Immutable
as the benchmark for providing scalable
Web3 solutions for mass market
games. Koch emphasized their joint
efforts to accelerate growth in the
Web3 games sector and offer a clear
path for top-tier game developers
entering the space. The partnership
is expected to foster a deep and longterm
collaboration between the two
companies.
August 2023 www.thefinanceworld.com 45

Energy
The Future of Renewable Energy: Exploring
Innovative Solutions and Technologies
The United Arab Emirates (UAE) is leading the way in implementing groundbreaking
renewable energy and energy efficiency programs. With a clear understanding
of the impacts of climate change, the UAE is pursuing alternative
means of producing the power needed to fuel its economy. Through its Net Zero
by 2050 Strategic Initiative and ambitious energy goals, the UAE aims to create
a sustainable future by combining renewable, nuclear, and clean energy sources.
46 www.thefinanceworld.com August 2023

Despite having significant oil
and gas reserves, the UAE
has taken aggressive action
to diversify its energy mix
and economy. In a strategic partnership,
state-owned companies Abu Dhabi
National Oil Company (ADNOC),
Taqa, and Mubadala have become
shareholders of renewable energy
company Masdar. This partnership
positions Masdar as one of the largest
clean energy companies globally, with
plans to expand its renewable energy
capacity to well over 50GW by 2030.
The UAE recognizes the importance of
transitioning to low-carbon hydrocarbons
and has deployed industrial-scale
carbon capture technology, making
its hydrocarbons among the least
carbon-intensive in the world.
The UAE is rapidly expanding its
use of clean energy sources. It operates
three nuclear power reactors and
is home to three of the largest and
lowest-cost solar plants in the world.
The country’s commitment to clean
energy is evident through its targets of
achieving 44% clean energy, 38% gas,
12% clean coal, and 6% nuclear energy
in its energy mix by 2050.
The UAE is also focusing on the
potential of hydrogen as a key fuel
in the energy transition. To enhance
its leadership and competitiveness in
hydrogen markets, the UAE launched
the Hydrogen Leadership Roadmap
and aims to capture 25% of the global
hydrogen fuel market by 2030. The
country is investing AED 600B in clean
and renewable energy projects over
the next three decades, with the goal
of positioning itself as a global leader
in hydrogen technology.
To drive disruptive technologies and
economic opportunities that accelerate
decarbonization, the UAE hosted the
UAE Climate Tech forum. The forum
brought together policymakers, CEOs,
experts, technology leaders, and investors
to address challenges and
opportunities in green hydrogen and
the hydrogen economy. The dialogue
emphasized the importance of collaboration,
innovation, and consensus
on low-carbon hydrogen standards
to enable trade and the growth of the
hydrogen economy.
Solar energy plays a vital role in the
UAE’s clean energy strategy. The UAE
has implemented large-scale solar projects
such as the Noor Abu Dhabi Solar
Power Plant, the Shams Solar Power
Station, and the Mohammed bin Rashid
Al Maktoum Solar Park. These projects
have contributed significantly to the
country’s clean energy goals and have
positioned the UAE as a global leader
in solar energy production.
The UAE’s dedication to renewable
energy extends beyond solar power.
The country is also investing in other
forms of clean energy, including wind
and hydroelectric power. The UAE has
recognized the potential of wind energy
and has plans to develop several
wind farms across the country. These
projects will harness the strong winds
in certain regions and contribute to
the overall clean energy targets. Additionally,
the UAE is constructing its
first hydroelectric power plant in the
Hatta region, utilizing stored water
technology. This innovative project
will use advanced turbines powered
by clean energy to pump water from
the Hatta Dam to an upper dam, generating
electricity when needed and
providing immediate response to
energy demand.
As the UAE prepares to host the
28th Conference of the Parties to
the UN Framework Convention on
Climate Change (COP28), it aims to
showcase its efforts and achievements
in transitioning to renewable energy.
This global platform will provide an
opportunity for the UAE to share its
experiences, exchange knowledge, and
collaborate with international partners
to accelerate the global energy
transition. By leading by example and
actively participating in international
climate discussions, the UAE aims to
inspire other countries and contribute
to the collective effort in addressing
climate change.
The UAE’s commitment to renewable
energy and innovative technologies
positions it as a global leader in
the transition towards a sustainable
The UAE’s
dedication
to renewable
energy extends
beyond solar
power. The
country is also
investing in
other forms of
clean energy,
including
wind and
hydroelectric
power.
future. Through strategic partnerships,
investments, and ambitious goals,
the UAE is diversifying its energy
mix, reducing carbon emissions, and
driving the growth of clean energy
industries. With its focus on hydrogen
and advancements in solar energy, the
UAE is at the forefront of shaping the
future of renewable energy.
August 2023 www.thefinanceworld.com 47

Energy News
World’s Largest Waste-to-Energy Facility in Dubai Inaugurated by Sheikh
Hamdan
The United Arab Emirates
(UAE) has unveiled the world’s
largest and most efficient
waste-to-energy facility in
Warsan, Dubai, marking a significant
step towards sustainable infrastructure.
His Highness Sheikh Hamdan bin
Mohammed bin Rashid Al Maktoum,
Crown Prince of Dubai and Chairman
of The Executive Council of Dubai,
led the inauguration ceremony of the
state-of-the-art facility, which required
a remarkable investment of AED
4B. The project showcases Dubai’s
commitment to a greener future and
aligns with the UAE’s broader goals
of diversification and environmental
sustainability. Once fully operational,
the facility is expected to convert 45
percent of the emirate’s municipal waste
into renewable energy, contributing
to Dubai Municipality’s objective of
diverting waste from landfills by 2030.
The UAE’s investment in cutting-edge
waste-to-energy infrastructure sets an
extraordinary example for sustainable
development globally.
UAE hailed for ‘leading
by example’ with AED
200B renewable energy
push
The UAE has received praise for
its commitment to translating
promises into concrete actions,
as it unveils plans to triple its
renewable energy output by 2030. His
Highness Sheikh Mohammed bin Rashid,
the Prime Minister and Ruler of Dubai,
announced an updated national energy
strategy that involves investments of up
to AED 200B to meet the rising energy
demands of a growing population. The
plans, approved by the UAE Cabinet,
include a new hydrogen strategy, the
establishment of a national network for
electric vehicle charging stations, and
the regulation of the electric vehicle
market. These ambitious targets set a
strong precedent on the path to Cop28
and have garnered recognition from
Francesco La Camera, the director general
of the International Renewable Energy
Agency, for aligning with global energy
transition objectives.
UAE Cabinet Approves Energy and Hydrogen
Strategies, Establishes Ministry of Investment
His Highness Sheikh Mohammed
bin Rashid Al Maktoum,
Vice President, Prime Minister
of the UAE, and Ruler of
Dubai, chaired a UAE Cabinet meeting
at Qasr Al Watan in Abu Dhabi, where
several important decisions were made.
Under the directives of President Sheikh
Mohamed bin Zayed, the establishment
of the Ministry of Investment was
approved, with Mohamed Hassan Al
Suwaidi appointed as the minister. The
aim is to develop the UAE’s investment
vision, enhance the investment environment,
and boost the competitiveness
of the sector. Additionally, the updated
UAE National Energy Strategy was
approved, with a focus on tripling the
contribution of renewable energy and
investing AED 150 to AED 200 billion
to meet the country’s growing energy
demand.
48 www.thefinanceworld.com August 2023

France & UAE Join Forces to Drive Clean, Green Energy Transition
French Trade Minister, Olivier
Becht, has reaffirmed the
shared commitment between
France and the UAE to accelerate
the transition to green energy in
response to the challenges posed by
climate change. The two nations are
actively collaborating on the development
of low-carbon energy solutions,
including hydrogen and nuclear energy
for peaceful purposes. Minister Becht
expressed confidence in the UAE’s
ability to successfully host COP28 in
Dubai, recognizing the country’s leadership
in addressing climate change.
He emphasized the urgent need to
expedite the energy transition, citing
the increasing frequency of natural
disasters linked to climate change. Minister
Becht also highlighted the strong
and longstanding relationship between
the UAE and France and expressed his
intent to further strengthen economic
cooperation during his upcoming visit
to the UAE.
Suhail Al Mazrouei Unveils Updated UAE Energy
Strategy 2050 and National Hydrogen Strategy
Suhail bin Mohammed Al Mazrouei,
the Minister of Energy
and Infrastructure, has unveiled
the details of the updated UAE
Energy Strategy 2050 and the National
Hydrogen Strategy. These strategies,
approved by the UAE Cabinet, aim to
bolster the country’s efforts in meeting
its climate and net-zero commitments by
2050. Al Mazrouei highlighted that the
strategies align with various national
initiatives, such as the UAE Net Zero
by 2050 Strategic Initiative and the
Circular Economy Policy 2031. With
the Year of Sustainability underway
and the upcoming hosting of COP28,
the UAE aims to lead by example in
adopting sustainable policies and driving
global collective action to combat
climate change.
UAE to triple contribution of renewables to energy
mix over next 7 years
Updated Energy Plan and
Hydrogen Strategy Reinforce
UAE’s Sustainable
Economy Commitment
The updated UAE Energy Strategy
2050 and the National Hydrogen
Strategy will reinforce
the Emirates’ commitment
to sustainable economic and social
development, according to Dr. Sultan
Al Jaber, Minister of Industry and
Advanced Technology and COP28
President-designate. The initiatives
aim to enhance the UAE’s climate
action efforts, reduce emissions, and
mitigate the impact of climate change.
Dr. Al Jaber highlighted the UAE’s
significant progress in increasing renewable
energy capacity over the past
decade and the ambitious goal to triple
it further to reach 14.2 gigawatts by
2030. Additionally, he emphasized the
UAE’s aspirations to become a leading
producer of low-carbon hydrogen and
contribute to the global decarbonization
of the economy.
Saudi Arabia’s localization efforts
in the biopharmaceutical sector
received a boost through a
partnership between the newly
established Lifera, a biopharmaceutical
firm owned by the Public Investment
Fund, French pharmaceutical company
Sanofi, and Saudi manufacturer Arabio.
The collaboration aims to increase
the local production of vaccines within
the Kingdom. A Memorandum of
Understanding was signed to explore
opportunities for cooperation, including
Lifera becoming a contract manufacturer
for Sanofi. This partnership
aligns with Saudi Arabia’s strategy to
localize vaccine production. Arabio,
partially owned by Tamer Group, will
also strengthen the local and regional
distribution of vaccines and pharmaceutical
products, promoting national
resilience and self-sufficiency.
August 2023 www.thefinanceworld.com 49

Wheels
2023 McLaren Artura
McLaren introduces the
Artura, a brand-new
model that incorporates
a hybrid V-6 powertrain
and introduces the MCLA platform
for the esteemed British supercar
manufacturer.
Embracing the future of highperformance
vehicles, McLaren presents
the Artura supercar for 2023. This
visually stunning masterpiece combines
a newly designed lightweight platform
with a hybrid powertrain. It marks the
first time McLaren incorporates a twinturbo
V-6 engine, and it also features a
battery-electric powertrain, creating a
groundbreaking plug-in hybrid model.
Together, these power sources generate
an impressive combined output of
671 horsepower and 531 pound-feet
of torque. Performance estimates
showcase the Artura’s remarkable
capabilities, including a zero-to-60-mph
acceleration time of 2.6 seconds and
a top speed of 205 mph. The Artura
retains McLaren’s signature bodywork,
featuring prominent air vents and
scissor-style doors. Inside, the Artura
provides a more luxurious and spacious
interior compared to the 720S, along
with various convenient features and
driver-assistance technologies.
50 www.thefinanceworld.com August 2023

Specifications
Horsepower: 671 hp
Torque: 531 lb-ft
Acceleration: 0-60 mph in 2.6 seconds
August 2023 www.thefinanceworld.com 51

Healthcare
How Technology Will Shape the Future
of Healthcare
The healthcare industry is often perceived as slow to adopt new technologies,
but in the UAE, a remarkable shift has taken place, with
healthcare providers embracing technological advancements at an
accelerated pace. This remarkable progress can be attributed to the
active involvement of regulators and the implementation of effective
governance strategies. The UAE’s healthcare sector embarked on its
digital transformation journey early on, laying a strong foundation for
innovation.
52 www.thefinanceworld.com
August 2023

With its focus on patient-centric care, operational
efficiency, and innovation, the UAE’s healthcare sector
is poised for an exciting future, setting a benchmark for
healthcare delivery worldwide.
Recognizing the potential of
telemedicine, Dubai launched
the groundbreaking RoboDoc
initiative, leveraging advanced
technologies to connect patients with
specialized care without the need for
extensive travel. Teleconsultations
allow hospital patients to seek advice
from doctors and obtain second and
third opinions from specialists located
anywhere in the world. Through this
initiative, patients can receive diagnoses
and have their medications dispensed by
robotic pharmacies, facilitating seamless
and timely access to medical expertise.
With the successful pilot project conducted
at DHA facilities, the stage is set
for the wider adoption of telemedicine
across Dubai’s healthcare landscape.
Another significant stride in the
UAE’s healthcare industry is the integration
of 3D-printing technology
in complex surgical procedures. Under
the ambitious Dubai 3D Printing
Strategy, the emirate aims to position
itself as a global hub for 3D printing
technology in the medical field by 2030.
Recent successful operations, where
surgeons utilized 3D-printed models to
plan intricate surgeries, showcased the
immense potential of this technology.
Surgeons at Dubai Hospital, armed
with accurate 3D models of organs and
tumors, were able to streamline surgical
procedures, reduce operation time, and
ensure optimal patient outcomes. The
advancements in medical 3D printing
are revolutionizing surgical precision,
transforming the way surgeons approach
complex cases.
Dubai’s healthcare sector has embraced
the concept of robotic pharmacies, with
the first automated dispensary opening
its doors at Rashid Hospital. These futuristic
pharmacies leverage artificial
intelligence and barcode scanning to
efficiently handle prescriptions. With
a staggering storage capacity of 35,000
medicines, robotic pharmacies can
accurately dispense medications at a
rate of 12 prescriptions per minute.
The integration of electronic notes
and internationally recognized GS1
barcodes minimizes errors caused by
handwriting, ensuring improved patient
safety and enabling pharmacists to
provide comprehensive counseling
to patients. The paperless system implemented
by robotic pharmacies is
enhancing medication management
and revolutionizing pharmaceutical
services in the UAE.
The digitization of patient records
marks a significant milestone in the
UAE’s healthcare system. Through
the Salama program, the Dubai Health
Authority (DHA) is spearheading the
transformation of patient records into a
comprehensive, accessible, and secure
electronic format. This digitization
initiative facilitates streamlined communication
between medical staff across
different hospitals and clinics, ensuring
a continuum of care for individual
patients. The system’s real-time alerts
and data integration capabilities enable
healthcare providers to proactively
address patient needs, prevent illness,
and enhance disease management.
Additionally, the implementation of
the Network and Analysis Backbone
for Integrated Dubai Health further
strengthens the exchange of patient
data and contributes to effective public
health awareness initiatives.
The UAE’s healthcare landscape also
witnesses the proliferation of health
apps designed to empower individuals
in managing their health and wellness.
From Tifli, an app guiding expectant
parents through pregnancy milestones,
to Hayati, aiding diabetes patients in
monitoring their condition, these applications
provide valuable resources
and personalized support. Furthermore,
smart fitness initiatives leverage technology
to ensure efficient medical fitness
assessments for individuals applying
for visas, streamlining processes and
enhancing public health safety measures.
The continuous focus on cybersecurity
further reinforces the UAE’s commitment
to protecting patient data and
maintaining the highest standards of
data privacy and security.
As the UAE forges ahead in embracing
technological advancements, its healthcare
sector is poised for an exciting
future. The successful integration of
telemedicine, 3D modeling, robotic pharmacies,
digitization of patient records,
and health apps exemplify the country’s
commitment to patient-centric care,
operational efficiency, and innovation.
With regulatory involvement, the UAE
is spearheading the transformation of
healthcare delivery, setting a benchmark
for other regions to follow. The future
of healthcare in the UAE promises an
ecosystem where advanced technologies
play a pivotal role in enhancing
patient outcomes, improving access to
specialized care, and revolutionizing
healthcare delivery as we know it.
August 2023 www.thefinanceworld.com 53

Mergers & Acquisitions
Navigating Corporate Mergers: Essential
Insights for Company Consolidation
Mergers and acquisitions (M&A) often evoke mystery and confusion, with only
partial information available to the public while most of the process remains
behind closed doors. This lack of transparency can leave shareholders uncertain
about what to expect and how share prices will be affected.
Successful mergers can be mutually beneficial, but they come with various
considerations such as cost issues, cultural conflicts, and customer impact. M&A
involving privately held companies involve legal, business, human resources,
intellectual property, and financial complexities. Understanding these dynamics
and common challenges can help companies successfully navigate the sale
process.
54 www.thefinanceworld.com August 2023

When receiving a merger offer,
it is important to understand
whether this is a merger of
equals or if it is really an
acquisition. Mergers of equals rarely
work. The uncertainty created and the
lack of clear lines of authority generally
undermines the effectiveness of both
organizations. Even if the numbers look
good, question yourself if it is a good fit.
By gaining insights into mergers, shareholders
and investors can make informed
decisions and potentially capitalize on
the opportunities presented by corporate
consolidations.
maintain and improve customer loyalty,
market share and brand advocates?
Understanding your leverage points is
a must when it comes to M&A. Comprehend
whether it’s your ability to remain a
standalone business or if there are other
synergistic partners where M&A might
make sense. Having leverage or at least
options allows you to remain poised in
the negotiating process. This should
ultimately allow for the best decision
and outcome for your company.
Mergers and acquisitions (M&A) processes
typically take several months to
parties to access relevant information
promptly. It is also beneficial to have a
draft disclosure schedule prepared in
advance. This is an important component
of the M&A agreement and having it ready
early can save time during negotiations.
To effectively communicate the value
that the selling company brings to the
buyer, management presentations or
PowerPoints should be prepared and
vetted early on. The CEO should be
well-prepared to explain the value-add of
the selling company, while the CFO should
be ready to address financial inquiries
Build or buy? Cost, cultural fit, and value
alignment crucial. Customer impact, loyalty,
market share, and brand advocacy priority.
The “build or buy” decision for mergers
comes down to cost considerations
and culture. Acquiring is typically much
faster than building, which offers speed
to market, speed to a more effective
product-market fit, and speed to becoming
a growth company. The softer side of a
merger is the culture fit. Values must align
to maximize the efficiency of the human
capital between the merging companies.
Another essential thought is how will
this impact your customers. And it’s more
than just a question of “whether” to proceed
or not, but also “how” you should
move forward. What are your priorities to
complete, ranging from 4 to 6 months on
average. However, there are strategies
to expedite the timeline. One approach
is to run a tightly controlled auction
sale process with the assistance of an
investment banker or financial advisor.
This creates a competitive environment,
forcing potential buyers to make decisions
within a shorter timeframe.
To facilitate efficient due diligence,
the selling company should organize all
key documents such as contracts, financial
statements, patents, and corporate
records in an online data room early
in the process. This allows interested
and defend the underlying assumptions
of financial projections.
Appointing an experienced lead negotiator
from the selling company, who can
make quick decisions on behalf of the
company, can help expedite the process
and avoid unnecessary delays. By implementing
these strategies, companies can
streamline the M&A process, increase
efficiency, and potentially shorten the
overall timeline for successful deal
completion.
August 2023 www.thefinanceworld.com 55

Merger and Acquisition News
Palms Sports sets the pace for 2H with AED 300M new business acquisition
Palms Sports (ADX: PALMS), a
regional sports management
company and the largest mass
Jiu-Jitsu training provider globally,
has acquired Securiguard Middle
East, a specialized security services
firm. The AED 300M acquisition marks
Palms Sports’ strategic expansion into
the comprehensive security solutions
sector, diversifying its business portfolio
and emphasizing its commitment to sustained
growth. The manned guard security
industry in the UAE has experienced
consistent growth due to infrastructure
expansion. Securiguard Middle East,
founded in 2001, operates with over
13,000 staff members and a modern fleet
of 150 vehicles. The company is known
for providing trusted specialized security
solutions across commercial, government,
and residential sectors.
Aamal Services to
Acquire Maintenance
Management Solutions
Qatar-based Aamal Company has
announced that its subsidiary,
Aamal Services, is set to initiate
negotiations for the acquisition
of Maintenance Management Solutions
(MMS), a fully-owned subsidiary of Al
Faisal Holding. MMS is a prominent local
provider of facilities management services,
offering comprehensive solutions such as
preventive and corrective maintenance,
management of hard and soft services,
engineering services, MEP maintenance,
energy management, HVAC systems, and
landscaping. The potential acquisition
aligns with Aamal’s growth strategy of
expanding its existing activities and
venturing into new sectors. The inclusion
of MMS in Aamal Services’ portfolio
is expected to generate new revenue
streams and strengthen their position
as a preferred partner in the facilities
management industry.
TAQA set to expand portfolio with acquisition of
SWS Holding
Abu Dhabi National Energy
Company (TAQA) has announced
its definitive agreement
to acquire Sustainable
Water Solutions Holding Company (SWS
Holding). SWS Holding was established
with the objective of providing sustainable
water solutions focused on
resource recovery and water circularity
for industries and communities. The
company took ownership of Abu Dhabi
Sustainable Water Solutions Company
(ADSWS), formerly known as Abu
Dhabi Sewerage Services Company,
responsible for wastewater collection,
treatment, and reuse in Abu Dhabi. The
addition of SWS Holding’s specialized
solutions to TAQA’s portfolio will
create a vertically integrated player
with strong capabilities in delivering
high-quality water treatment solutions.
The acquisition will enhance TAQA’s
regulated asset value and cash flow
profile, generating synergies and value
for shareholders.
Abu Dhabi’s ADQ Invests in Canadian Investor,
Acquires Minority Stake
Abu Dhabi’s sovereign-wealth
investor, ADQ, and Canada’s
Bank of Montreal (BMO)
have joined forces to acquire
minority equity stakes in Sagard, a global
alternative asset management firm
with $14.5B in assets under management.
Additionally, Canadian insurer
Great-West Lifeco plans to increase
its existing minority stake in Sagard.
The investment aims to fuel Sagard’s
growth, including through mergers and
acquisitions, as stated in a joint statement
by the companies. Great-West
Lifeco has been a strategic partner of
Sagard since 2021 and had previously
invested in Sagard products. The transaction,
subject to regulatory approvals,
is expected to be completed in the third
quarter of 2023. While the exact value
of the deals was not disclosed, sources
indicate that they exceed $100M.
56 www.thefinanceworld.com August 2023

Aldar, IHC, and Adnec Join Forces to Create Property Management Firm
for 135,000 Properties
Aldar, IHC, and Adnec have
announced their collaboration
to establish a formidable
property and facilities
management firm in the region. This
venture involves merging Eltizam Asset
Management Group, jointly owned by
IHC and ADNEC Group, with Aldar
Estates. Aldar will hold a majority stake
and maintain control of Aldar Estates,
while IHC and Adnec Group will share
the remaining ownership equally. This
partnership aims to position Aldar
Estates as a leading national player in
Aster DM Healthcare in
Talks with Fajr Capital
and Others
Aster DM Healthcare has confirmed
ongoing discussions
with Fajr Capital and other
parties regarding a potential
carve-out of its Gulf business. Private
equity firm Fajr Capital is reportedly
in exclusive talks to acquire a majority
stake in Aster’s Gulf business. Aster
stated that the discussions with various
potential counterparties, including
Fajr Capital, are still in progress. No
significant event has been disclosed so
far, and Aster will continue to adhere
to the regulations of the Securities and
Exchange Board of India. Fajr Capital,
based in Dubai, is in the final stages of
due diligence and is expected to close
the deal soon with the involvement of
other investors in a consortium. Aster,
listed in Mumbai, initiated the sales
process last year to separate its Gulf
business, which was deemed undervalued.
The company operates numerous
hospitals, clinics, and pharmacies in
India and the United Arab Emirates.
Additionally, Aster is engaged in talks
to sell a 30% stake in its Indian business
for approximately $300M.
property and facilities management, with
potential for future expansion in the
region. The merger significantly boosts
Aldar Estates’ portfolio from 77,000
to approximately 135,000 residential
units under management. In the past
year, Aldar Estates has expanded its
services and acquired several companies,
including Basatin Landscaping Services,
Spark Security Services, Mace Macro
Technical Services, Pactive Sustainable
Solutions, and SAGA International Owner
Association Management Services.
Bahrain’s Al Salam Bank acquires majority
stake in Algeria bank
Al Salam Bank has announced
the acquisition of a majority
stake in Al Salam Bank
Algeria (ASBA), increasing
its shareholding from 37.43% to
53.13%. The bank purchased shares
from various shareholders, marking
a significant milestone in its growth
strategy and expanding its regional
presence. ASBA, the fastest growing
bank in Algeria, recorded total assets
of $2.2B, a financing book of $1.3B,
and a customer deposit base of $1.8B
in Q1 2023. This acquisition aims to
strengthen ASBA’s growth prospects,
enabling it to diversify product offerings,
increase market share, accelerate
its digitalization journey, and capitalize
on opportunities in retail banking, corporate
banking, and trade finance. Al
Salam Bank intends to support ASBA
in its growth journey and leverage new
opportunities in Algeria and the wider
region, building on its successful M&A
track record.
Sharjah’s Merger of R&D Institutions Creates Robust
Research, Technology, and Innovation Hub
Sharjah Research Technology
and Innovation Park (SRTIP)
and Sharjah Oasis for Technology
and Innovation (SOTI)
are merging to create a powerful research,
technology, and innovation
hub in Sharjah, UAE. The merger aims
to strengthen the UAE’s knowledge
economy and its reputation as a hub
for entrepreneurship. SRTIP will absorb
SOTI, combining their resources and
expertise to establish an independent
Free Zone Authority (FZA). This advancement
will unlock the vast potential
of Sharjah’s technology and innovation
sector, solidifying the UAE’s position
as a global destination for business and
entrepreneurship. The newly formed
FZA will be managed and represented
by an independent Board of Directors
chaired by Sheikha Bodour Al Qasimi,
driving the development of the Sharjah
Research, Technology and Innovation
Park Free Zone Authority.
August 2023 www.thefinanceworld.com 57

Cryptocurrency
Cryptocurrency Investors Regain Confidence
in 2023; Exploring New Trading
Opportunities
The United Arab Emirates (UAE) has emerged as a leading player in
the global cryptocurrency industry, attracting significant attention
and investment due to its favourable crypto-friendly regulations. With
blockchain technology experiencing rapid growth, the country has
become a preferred destination for digital currency enthusiasts. Dubai
and Abu Dhabi are engaged in a competitive race for cryptocurrency
dominance, hosting major exchanges like FTX.
58 www.thefinanceworld.com August 2023

Dubai and the UAE have
positioned themselves as
attractive destinations for
crypto companies due to their
accommodating regulatory authorities
and progressive finance regulations.
The MENA region boasts over 8,000
active individuals in the Web3 space,
with prominent players like Crypto.
com, Binance, and The Hashgraph
Association thriving in the region. Additionally,
the Dubai metaverse strategy
aims to transform Dubai into one of the
top 10 metaverse economies, creating
thousands of virtual roles by 2030.
One significant advantage of the
UAE for cryptocurrency enthusiasts
is its tax benefits. Moving to Dubai
offers individuals complete exemption
from taxes, including those related to
cryptocurrency operations. Whether it
involves the sale of cryptocurrencies,
high-frequency or algorithmic trading,
mining, or the sale of non-fungible
tokens (NFTs), individuals can enjoy
tax-free status.
Decentralized Finance (DeFi) is revolutionizing
the cryptocurrency space.
Built on public blockchain networks,
DeFi applications use smart contracts
to automate financial transactions,
eliminating intermediaries. It offers
benefits such as decentralization, accessibility,
and transparency. However,
risks include its new and untested
nature, security vulnerabilities, and
regulatory uncertainties. Nevertheless,
DeFi’s transformative potential makes it
a significant trend in the crypto world.
DeFi applications operate on public
blockchains like Ethereum, leveraging
smart contracts to automate financial
activities. Users can access these apps
through web browsers or mobile apps,
using crypto wallets for interaction.
Benefits include decentralized control,
global accessibility, and transparent
transactions. However, risks involve
technology immaturity, security vulnerabilities,
and regulatory challenges.
DeFi has emerged as a major trend
in cryptocurrency, enabling automated
financial transactions through smart
contracts on public blockchains. It
offers advantages like decentralized
control, global accessibility, and enhanced
transparency. Yet, risks exist due
to its nascent state, potential security
vulnerabilities, and regulatory uncertainties.
Despite the risks, DeFi holds
transformative potential in reshaping
traditional financial systems.
NFTs (Non-Fungible Tokens) are
unique digital assets representing ownership
of items like artwork and music.
Unlike regular cryptocurrencies, NFTs
cannot be exchanged one-to-one. They
use blockchain and smart contracts
to verify authenticity and ownership.
NFTs have diverse applications. They
enable artists to sell digital art directly,
The Dubai
metaverse
strategy aims
to transform
Dubai into
one of the
top 10
metaverse
economies
by 2030.
musicians to sell music to fans, gamers
to trade in-game assets, and collectors
to own rare items like trading cards.
NFTs offer benefits like authenticity
verification, transparency through
blockchain records, and new revenue
streams for creators. However, risks
include price volatility, lack of regulation
leading to scams, and environmental
concerns due to energy-intensive
blockchain operations.
Stablecoins are a type of cryptocurrency
designed to maintain a stable value by
being pegged to traditional assets like
the US dollar or gold. They offer the
advantages of cryptocurrencies, such as
fast and borderless transactions, while
minimizing the volatility associated
with other cryptocurrencies. Some
stablecoins achieve price stability
through reserve backing, where the
stablecoin is backed by a reserve of
fiat currency or other assets, while
others use algorithms or a combination
of methods.
Stablecoins provide several benefits
over traditional cryptocurrencies and
fiat currencies. They offer a stable
store of value, making them suitable
for everyday transactions and as a
reliable store of wealth. Additionally,
stablecoins enable fast and cost-effective
transactions, making them appealing
for cross-border payments. The transparency
and security provided by the
underlying blockchain technology ensure
that all transactions are recorded and
tamper-proof.
Popular stablecoins include Tether
(USDT), backed by US dollars, and other
stablecoins like USD Coin (USDC),
TrueUSD (TUSD), and Paxos Standard
(PAX), which also have fiat currency
reserves. Another type of stablecoin is
the algorithmic stablecoin, exemplified
by Dai (DAI), which maintains its stability
through a system of incentives and
penalties on the Ethereum blockchain.
However, stablecoins face challenges
related to regulatory uncertainty and
the risk of asset backing, highlighting
the need for further development
and regulatory clarity in this rapidly
evolving sector.
August 2023 www.thefinanceworld.com 59

Real Estate
How technology is transforming the real
estate landscape in 2023
The real estate landscape is on the brink of a transformative revolution as
cutting-edge technologies continue to shape its future. In the aftermath
of a tumultuous year for global economies, the real estate market
bore the brunt of the turmoil. However, amidst the slow recovery, a
glimmer of hope emerges as mortgage rates plummet, igniting a surge
in homebuyer activity, while the supply steadily diminishes. As we
venture into 2023 and beyond, let us explore the current and emerging
trends that promise to reshape the real estate industry as we know it.
60 www.thefinanceworld.com August 2023

The real estate landscape is undergoing a
transformative revolution driven by cutting-edge
technologies. As we enter 2023, several trends
promise to reshape the industry.
The future of real estate is set
to be shaped by the growing
influence of artificial intelligence
(AI). AI-driven technologies,
such as Generative AI, have
the capability to revolutionize the industry
by generating precise property
representations, classifying diverse
building types, and providing market
trend-based property descriptions.
Automation of tasks through AI can
also enhance productivity and allow
professionals to focus on value-added
activities. However, it is essential to
address concerns regarding accuracy
and bias, as AI’s performance heavily
relies on the quality and fairness of
the training data to avoid potential discrimination
in the real estate market.
The convergence of Proptech and
Crypto VCs is becoming evident as
the real estate market undergoes rapid
digitalization. Real estate ownership,
being an immovable asset, is transitioning
into a digital form through
the utilization of Real World Assets
(RWAs) protocols. This transformation
paves the way for Proptech 3.0,
a secure and transparent peer-to-peer
ecosystem backed by the immense
value of global real estate. With the
integration of RWAs, the mortgage
process becomes more accessible,
while smart contracts ensure error-free
transactions. By prioritizing fairness
and preventing monopolization, Proptech
3.0 aims to eradicate fraud and
establish an equitable industry. The
inclusion of NFTs and fractional ownership
further enhances liquidity and
authentication for RWAs, opening new
possibilities for the real estate market.
As the global carbon market expands
and carbon-focused ventures
like Tesla succeed financially, the real
estate industry is starting to recognize
the importance of sustainability and
decarbonization. Real estate’s significant
carbon emissions, coupled
with the potential for cost savings,
improved indoor air quality, and increased
market value, are driving the
need for decarbonization. Proptech
venture capital firm Fifth Wall, with
its focus on sustainability, highlights
the interconnectedness of automation,
smart-building technology, and decarbonization
in creating more sustainable
assets. By investing in companies
that reduce the carbon footprint of
buildings, the real estate industry is
taking significant steps towards a
more energy-efficient and environmentally
friendly future. Furthermore, the
potential for real estate to contribute
to carbon removal through land use
and nature-based carbon offsets presents
enormous growth opportunities
in the coming years.
ConTech, or construction technology,
is playing a crucial role in addressing
the affordable housing crisis and
transforming the real estate industry.
Advancements in online solutions,
3D printing, robotics, and regtech are
driving cost-efficiency and sustainability
in construction. These technologies
streamline the building process, reduce
labour requirements, and allow
for customization and flexibility in
housing design. Companies like Mighty
Buildings and Plantd are gaining traction
with their cost-competitive and
sustainable building materials.
Additionally, robotics automation
in construction lowers the price of
homes, making them more accessible
to a wider range of buyers. The focus
on innovative construction products
and materials has accelerated, indicating
a potential tipping point in the
industry. Regtech solutions, such as
Permitify and PlanGrid, streamline
permitting processes and make it
easier to obtain approvals for new construction
projects. The integration of
energy storage solutions, like Our Next
Energy, further enhances the potential
for buildings to become power plants.
As we enter the coming year, the
real estate industry stands at the
threshold of transformative change
driven by technological advancements.
With real estate being a significant asset
and a contributor to environmental
concerns, it is crucial that these trends
find space to flourish and contribute to
society. From generative AI lightening
the workload for market participants
to the digitization of home ownership
through RWAs and Proptech 3.0,
and the rapid evolution of contech
enabling affordable housing, these
trends hold the key to a new era of real
estate. As we anticipate the excitement
of the upcoming year, it is essential
for real estate professionals to embrace
technology and comprehend
its potential for enhancing efficiency,
effectiveness, and overall success.
August 2023 www.thefinanceworld.com 61

Real Estate News
Dubai registers property deals worth AED 1.4B
Dubai’s real estate market
continues to thrive, as
evidenced by the latest data
revealing property deals
worth AED 1.4B. The transactions
consisted of 495 sales, valued at AED
1.15B, 79 mortgages amounting to
AED 297.58M, and 6 gift deals totaling
AED 7.52M. The sales encompassed
467 villas and apartments worth AED
938.02M, along with 28 land plots
valued at AED 208.93M. The mortgages
included 62 villas and apartments worth
AED 213.79M and 17 land plots valued
at AED 83.79M. Moreover, a recent
industry report by Unique Properties
highlighted an 80 percent increase in
sales volume in the first half of the year
compared to the same period last year,
with 11,700 transactions recorded in
the previous month alone.
Saudi mortgages grow sharply by 65% to $1.8B
in May: Al Rajhi
Oman real estate sector
records $3.2B of deals
by the end of May
The real estate sector in Oman
has experienced significant
growth in 2023, according to
recent data from the National
Centre for Statistics and Information
(NCSI). The total value of deals reached
OR 1.22B ($3.2B) by the end of May, a
substantial increase compared to OR
885.6M ($2.3B) during the same period
in 2022. The fees collected for these
transactions also saw a notable rise,
totaling OR 28.9M ($75M), marking a
17.5 percent increase from 2022. Sales
contracts saw a 6.4 percent increase in
traded value, reaching OR468m ($1.2B),
while the number of sales contracts
declined by 4.1 percent. Mortgage
contracts experienced a significant
surge of 70.3 percent in traded value,
amounting to OR 748.4M ($1.94B)
through 10,110 contracts.
Mortgage activity in Saudi
Arabia experienced a significant
growth of 65%,
reaching SR 6.8B($1.8B),
rebounding from April’s SR 4.1B. This
recovery can be attributed to the
resilience of the non-REDF category,
which has been driving the demand
for mortgages, according to Al Rajhi
Capital Research. Furthermore, corporate
loan growth remained robust,
with total credit increasing by nearly
12% year-on-year and 1.4% month-onmonth.
Although demand deposits
62 www.thefinanceworld.com August 2023
continued to decline, time deposits saw
a strong inflow. Despite the mounting
funding pressure, banks maintained
solid profitability in May by passing on
the high interest costs to consumers.
Al Rajhi maintained a positive outlook
on corporate banks, anticipating
higher interest rates to persist for an
extended period. Credit growth in May
was strong, growing by 1.4% monthon-month
and 11.8% year-on-year, with
bank lending to the private sector
expanding by 1.3% month-on-month
and 10.3% year-on-year.
Property Finder reports
continued record YOY
growth of Dubai’s real
estate market
Dubai’s property market witnessed
robust growth in June
2023, according to Property
Finder. The month recorded
10,419 real estate transactions, a 17.78%
increase compared to June 2022. The
value of these transactions soared
by 34.1%, reaching AED 30.41B, the
highest in a decade. Buyers showed a
preference for apartments, accounting
for 57.5% of purchases, while villas
and townhouses constituted 42.5%.
Two-bedroom apartments were the
most sought-after, representing 34.1% of
searches, closely followed by one-bedroom
units at 33.4%. In the rental
market, 78.5% of tenants searched for
apartments, with furnished properties
being the top choice at 61.8%.

Real estate; A safe longterm
investment in Qatar
Experts in the industry have
emphasized that real estate
remains the best and safest option
for long-term investment
in Qatar. The country’s stable economy,
coupled with world-class infrastructure
and facilities, has attracted numerous
investors. Following the successful
hosting of the FIFA 2022 tournament,
Qatar has witnessed a doubling of
visitors in recent months. Jawdat Al
Kateb, General Manager of Coreo Real
Estate, emphasized the importance of
understanding market demand and
choosing the right place and platform
for investment, whether in residential or
commercial properties. With numerous
investments and ongoing real estate
developments in Qatar, investors can
potentially experience significant returns
and value appreciation in the long
run. The upcoming events scheduled in
Qatar further contribute to the rising
demand for real estate.
Dubai real estate posts semi-annual sales record
The Dubai real estate market
continues to showcase its
robust demand as it sets new
sales records in the first half
of the year. Research conducted by
W Capital analysis reveals that the
emirate witnessed a staggering 61,000
sales deals, amounting to a total value
of AED 179.34B. The CEO of W Capital
Real Estate Brokerage, Walid Al
Zarooni, emphasized that the market’s
exceptional performance was driven
by supportive factors and sustained
economic momentum. Comparing the
first six months of 2023 to the previous
year, sales value surged by 57%, while
the number of deals increased by 42%.
Additionally, June 2023 experienced an
all-time high of 10,405 real estate sales
deals worth AED 30.3B, surpassing
previous records. Al Zarooni noted
that Dubai’s legislative environment,
which protects the rights of all stakeholders,
contributes to the market’s
stability and attracts both local and
international investors.
Emaar The Economic City Sells $98M Plot to
Saudi Investors
Emaar The Economic City has
sold an undeveloped industrial
plot in Saudi Arabia’s
King Abdullah Economic City
(KAEC) to a consortium of investors for
366.77 million Saudi riyals ($97.78M).
The buyers include a subsidiary of the
Public Investment Fund, along with Dar
Al Himmah Projects, Zamil Group Real
Estate Company, and Abdullah Ibrahim
Alkhorayef Sons. The transaction aims
to establish an industrial logistics hub
within the special economic zone, with
the investors taking responsibility for
developing the secondary infrastructure.
The payment will be made over
two years, and the proceeds will be
utilised for infrastructure development,
working capital, and financial
commitments.
Luxe Developers officially unveils $408M waterfront project in Ras Al Khaimah
The Luxe Developers, based in
the UAE, has recently unveiled
its latest project, Oceano, a
remarkable waterfront development
situated on Al Marjan Island
in Ras Al Khaimah. With a staggering
investment of AED 1.5B ($408.4M), this
twin-tower complex stands 18 stories
tall and boasts a total of 206 units.
These units include one, two, three, and
four-bedroom apartments, along with
six penthouses and two exclusive sky
villas. Breaking ground just last month,
Oceano will span an impressive built-up
area of 79,000 square metres, offering
residents luxurious and modern living
spaces with breathtaking views of the
surrounding waterfront.
August 2023 www.thefinanceworld.com 63

Funding & Investment
The Growth and Dominance of Gaming
in the Middle East
The Middle East is swiftly positioning itself as a frontrunner in shaping
the future of gaming and esports, backed by unprecedented government
investments and a burgeoning population of gaming enthusiasts. With
Saudi Arabia’s Public Investment Fund (PIF) injecting over $3 billion
into the industry in 2022, part of a larger $38 billion commitment,
and notable acquisitions already underway, the region is making a
resounding statement of intent. The Middle East boasts a remarkable
gaming penetration rate, with more than 60% of its population being
gaming enthusiasts and a substantial share of gaming mobile app
downloads.
64 www.thefinanceworld.com August 2023

As the Middle East continues to innovate,
invest, and engage audiences, it will play
a significant role in shaping the future of
the global gaming industry.
Gaming revenues in the MENA
region are projected to nearly
double by 2027, reaching $6
billion, according to the latest
Future of Trade 2023 report by DMCC.
The region’s emergence as a hub for
consumers and creators is driven by a
young and digitally adept population,
extensive digital connectivity, and government
support. The UAE and Saudi
Arabia lead the region due to high-income
levels, strong digital engagement, and
public investment initiatives. Esports
is a particularly promising segment,
with MENA expected to see 23.3%
revenue growth between 2019 and
2024, supported by the region’s youth,
international broadcasters, sponsors,
and government backing. The DMCC
Gaming Centre was launched in partnership
with YaLLa Esports, while
MY.GAMES will establish its regional
headquarters in Abu Dhabi.
Recently, Abu Dhabi established a
specialized hub for games and esports,
offering significant incentives. According
to BCG’s latest gaming report, Over 60
percent of the Middle East population
are avid gamers, leading to one of the
highest proportions of gaming mobile
app downloads in the region (50 percent
compared to the global average of 40
percent). This indicates the region’s
long-standing commitment to the
gaming industry, as evident by Saudi
Arabia’s recent announcement of its
gaming and esports strategy and the
UAE’s creation of two game centres
to attract global companies.
The Middle East’s population’s strong
inclination towards gaming is evident
in the significant growth of game
streaming, projected to have a Compound
Annual Growth Rate (CAGR) of
24.5%. According to the latest gaming
report by Boston Consulting Group,
this growth trajectory is expected
to attract approximately 200 million
users by 2025. Notably, the region’s
growth rate is three times faster than
that of China, the current leader in the
industry, which has a CAGR of 7.6%.
In the United Arab Emirates (UAE),
the gaming market is thriving, attracting
numerous game developers to
expand their presence in Abu Dhabi.
Consequently, Abu Dhabi is emerging
as an independent hub for gaming and
e-sports within the emirate. Furthermore,
Dubai Internet City has become
the regional headquarters for Tencent
Games, a highly lucrative multimedia
company. The UAE is anticipated to
maintain the highest e-sports revenue
per user in the region and one of the
highest globally.
The gaming industry is currently
experiencing a notable increase in
consolidation as major publishers,
media companies, and technology firms
acquire studios and related assets on
a global scale.
During the first half of 2022, over
650 mergers and acquisitions (M&A)
or investment deals were announced
or completed, with dominant players
controlling more than 70 percent of
the market. These companies are
pursuing two primary M&A strategies:
consolidating game development and
expanding internal capabilities.
Consolidation efforts aim to achieve
economies of scale, support the growing
costs of development, and enable
experimentation with new intellectual
properties. On the other hand, expanding
internal capabilities allows publishers
to access cutting-edge technologies in
areas such as in-game advertising and
motion tracking. This enhances the
gaming experience and contributes to
increased revenue streams.
As the Middle East establishes itself
as a powerhouse in the gaming domain,
the region’s dedication to innovation,
investment, and engaging audiences
will significantly shape the future of
the global gaming industry.
August 2023 www.thefinanceworld.com 65

Funding and Investment News
UAE attracts $23B FDI in
2022, ranks 4th Globally
Saudi’s PIF, UAE’s ADQ among funds with highest
sustainability rankings in 2023
In 2022, the United Arab Emirates
(UAE) celebrated a remarkable
achievement in foreign direct
investment (FDI) inflows, surpassing
all previous records. Despite
a global decline of 12% in FDIs, the
UAE attracted a staggering value of
AED 84B ($23B). His Highness Sheikh
Mohammed bin Rashid Al Maktoum,
Vice-President and Prime Minister of
the UAE and Ruler of Dubai, shared
this news on Twitter, referring to the
UNCTAD’s World Investment Report.
The report also highlighted the UAE’s
position as the fourth largest recipient
of new project investments worldwide,
following the United States, the United
Kingdom, and India. Sheikh Mohammed
expressed gratitude to the various
regulatory, legislative, and service
agencies that contribute to making the
UAE an exceptional global investment
environment.
PIF and ADQ lead in 2023 GSR
rankings, reporting significant
improvements. Of the funds
assessed in both 2022 and 2023,
69 recorded higher scores, 94 remained
unchanged, and only 22 declined. PIF
achieved an impressive 32% increase,
promoting sustainable growth through
best practices and transparent reporting.
Its annual report showcases audit
accounts, asset evolution, allocation,
returns, and a “net zero by 2050” commitment.
ADQ demonstrated a 24%
improvement, releasing a detailed
website and inaugural sustainability
report. As the UAE prepares to host
COP28, ADQ aligns national priorities
with SDGs, aiming to set an example.
These Middle Eastern funds exemplify
dedication to sustainability and
responsible investment.
Abu Dhabi’s ADQ
acquires minority stake
in Canadian investor
Abu Dhabi Development Holding
Co. (ADQ), a sovereign-wealth
investor, and Canada’s Bank
of Montreal (BMO) have
announced their intention to acquire
minority equity stakes in Sagard, a
global alternative asset management
firm with $14.5B in assets under management.
This investment aims to support
Sagard’s growth, particularly through
mergers and acquisitions. Additionally,
Canadian insurer Great-West Lifeco
plans to increase its existing minority
stake in Sagard. Great-West Lifeco has
been a strategic partner of Sagard since
2021 and has previously invested in
Sagard’s products. The transaction is
expected to be completed in the third
quarter of 2023, pending regulatory
approvals. Although the exact value of
the transactions has not been disclosed,
sources suggest it exceeds $100M.
Abu Dhabi’s Mubadala invests in CoolIT Systems
alongside KKR
Mubadala Investment Company,
in partnership with
investment funds managed
by KKR, has announced its
investment in the acquisition of CoolIT
Systems, a leading provider of scalable
liquid cooling solutions. CoolIT, based
in Calgary, Canada, operates across
North America, China, and Taiwan,
specializing in reducing operating
costs and carbon emissions in data
centers and digital infrastructure.
Their patented liquid cooling technology
enhances equipment reliability
and longevity while allowing for higher
server density compared to traditional
air-cooling methods. Recognizing the
projected energy consumption of data
centers, which is estimated to reach
8% of global energy usage by 2030,
Mubadala aims to support CoolIT
in scaling its cutting-edge cooling
solutions.
66 www.thefinanceworld.com August 2023

UAE to set up investment ministry
The United Arab Emirates (UAE)
has announced the establishment
of a new federal ministry
of investment to strengthen
its global and domestic investment
strategy in the face of increasing economic
competition from neighbouring
countries. As part of efforts to diversify
their economies and reduce reliance on
hydrocarbons, Gulf states are taking
steps to attract foreign investment and
expand their sources of revenue. The
UAE recognized as one of the most
advanced in this regard, has already
developed sectors like financial services
and tourism while implementing
important social and business reforms.
His Highness Sheikh Mohammed bin
Rashid al-Maktoum, Prime minister of
UAE, Ruler of Dubai, revealed the plans
on Twitter and appointed Mohammed
Hassan Al Suwaidi as the investment
minister, with further details yet to
be provided.
UAE President Witnesses Swearing-in of Investment Minister Alsuwaidi
President His Highness Sheikh
Mohamed bin Zayed Al Nahyan
and His Highness Sheikh
Mohammed bin Rashid Al
Maktoum, Vice President, Prime Minister,
and Ruler of Dubai, attended the
swearing-in ceremony of Mohamed
Hassan Alsuwaidi as the UAE’s Minister
of Investment. The event, held at
Qasr Al Shati in Abu Dhabi, was also
graced by the presence of Mansour
bin Zayed Al Nahyan, Vice President,
Deputy Prime Minister, and Minister of
the Presidential Court. His Highness
Sheikh Mohamed bin Zayed extended
his congratulations to Alsuwaidi on
his appointment, emphasizing the
significance of investment as a crucial
element of the UAE’s comprehensive
development strategy.
Web3 Climate Infrastructure in GCC Region Requires $8B Investment
According to an industry
expert, the GCC region requires
a capital investment
of approximately $8B to develop
Web3 climate infrastructure.
This investment would focus on initiatives
such as climate asset certification,
waste management marketplaces,
and decentralized funds. The
purpose is to attract innovators who
can contribute to the development of
the digital asset space and address
the growing instances of climate
change-induced disasters. The expert
suggested that Dubai, which is already
leading in formulating climate action
policies, should consider introducing
a Web3 climate sandbox that allows
projects to operate while applying for
a license. Web3 infrastructure plays a
crucial role in democratizing access to
climate assets like renewable energy
credits, carbon credits, and green
bonds, as it enables crowdfunding
from a global pool of investors, responsible
spending of funds, global
collaboration, and transparent measurement
of impact.
August 2023 www.thefinanceworld.com 67

Digital Assets
Anticipating the Digital Economy: Top
Predictions for 2023
The digital economy has become an integral part of our society, revolutionizing
how we interact with money, governance, and overall societal operations.
As we enter the year 2023, the landscape of digital assets and blockchain
technology continues to evolve rapidly, presenting both challenges and
opportunities. In this article, we delve into five insightful predictions that
shed light on the anticipated developments within the digital economy for
the year ahead.
68 www.thefinanceworld.com August 2023

The NFT market is poised for transformation in
2023, from driving value solely in digital art
and collectables to serving as digital proof of
provenance and authenticity.
This year is poised to witness a
significant surge in the adoption
and utilization of blockchain
technology by established
and emerging companies. These organizations
are turning to blockchain
to address real-world challenges and
infrastructural issues, driving increased
adoption and engagement. The current
landscape resembles the early days of
the internet, where scepticism abounded
and ventures often failed. However, just
as internet companies that found the
right product-market fit transformed
industries, blockchain and digital asset
projects have the potential to revolutionize
global systems. As prominent
entities enter the space, developing
blockchain initiatives and solutions,
trust in the technology will be restored,
inspiring confidence worldwide.
A prime example of this trend is
Starbucks’ Odyssey program, which
seamlessly integrates non-fungible
tokens (NFTs) into the company’s
loyalty program. This success story is
expected to pave the way for numerous
brand strategies centred around digital
assets, loyalty programs, and consumer
engagement, leading to a proliferation
of similar innovative initiatives.
The digital asset ecosystem in 2023
will undergo a transformative process
similar to natural selection, resulting
in stronger and more resilient companies
thriving while weaker ones
either disappear or undergo significant
restructuring. Current market trends
already demonstrate this Darwinistic
dynamic, as only well-managed and
genuinely intentioned companies
manage to survive. Looking ahead to
2023, further adjustments, consolidations,
and transformations within the
digital asset landscape are anticipated.
These necessary changes will foster the
growth and maturation of the industry,
ensuring a better-positioned market
for the long term.
The reputation and business practices
of the digital asset industry are being
reshaped by the increasing involvement
of institutional investors. These
investors demand stricter controls,
robust risk management frameworks,
enhanced transparency, and realistic
assessments. Natural selection within
the ecosystem is crucial to meeting these
demands and cultivating a healthier
market environment. By embracing
these changes, the industry can rebuild
trust and establish a solid foundation
for sustainable growth. Ultimately,
the evolutionary dynamics at play in
2023 will contribute to a stronger and
more resilient digital asset ecosystem,
fostering innovation and propelling
the industry into a promising future.
Contrary to premature declarations
of its demise, the metaverse is on an
inevitable trajectory, with 2023 being a
pivotal year for shaping our perception
of “metaverse experiences.” Practical
applications will emerge in various
sectors such as enterprise, healthcare,
education, and daily life, highlighting
the metaverse’s utility in smaller doses.
Advancements in identity technology
and the rise of augmented and virtual
reality devices, such as Apple’s XR
project, will also gain prominence.
Likewise, the NFT market is poised
for transformation in 2023, shifting
its focus from driving value solely in
digital art and collectables to serving
as digital proof of provenance and
authenticity. NFTs will find versatility
across multiple industries, expanding
beyond their current domains. From
supply chain and logistics to healthcare,
real estate, and retail, NFTs will play an
increasingly significant and permanent
role in digitizing operations. The year
2023 will witness a widening funnel of
innovative applications leveraging NFTs.
Central Bank digital currencies
(CBDCs) conducted trials and tests
worldwide in 2022, with over 80%
considering their launch. As we enter
2023, the momentum towards making
CBDCs a reality is accelerating,
becoming a significant priority. The
race to establish a global standard
for CBDCs is gaining traction, with
commercial banks displaying growing
interest and forging partnerships with
central banks and software vendors
for successful implementation and
widespread adoption.
In 2023, the performance of the crypto
market will closely align with global
economic sentiment. If concerns ease,
crypto prices and investments may
rise. Traditional blue-chip funds will
undergo tokenization, making them
more accessible. Major players like
JPMorgan, HSBC, Fidelity, and Goldman
Sachs will enter tokenization, driving
mergers and acquisitions. Investing
in blockchain-focused venture capital
funds presents opportunities due to
reasonable valuations in the ecosystem.
Stability from legislators and regulators
will be crucial for sustained growth in
the sector.
August 2023 www.thefinanceworld.com 69

Stock Market
The Impact of the Developing IT Sector
on the UAE Stock Market
Technology has revolutionized our world, with over 4 billion active internet
users globally. This has led to faster, more convenient lives and transformed
various industries, including the stock market. With the rise of smartphones
and wider internet access, trading has significantly increased. Embracing
technology is vital for success in stock trading.
Stock markets worldwide are using technology to ensure secure transactions
and monitoring. The days of chaotic shouting among brokers are gone.
Trading now provides a smooth experience with efficient research and
purchasing. Technology integration has made the stock market user-friendly,
offering faster trade settlement, increased transparency, enhanced security,
automated surveillance, and more.
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AI-powered tools are transforming stock prediction and
decision-making, improving accuracy and maximizing
returns.
Unlocking the Power of
Online Apps
The utilization of online
trading applications has
revolutionized the trading process. The
days of relying on brokers and dealing
with concerns such as financial losses
and paperwork are long gone. Trading
apps have made the experience seamless
and offer several advantages:
• Hassle-free experience
• Increased convenience and
accessibility
• A better understanding of your
finances
• Elimination of intermediaries
• Trading at your fingertips
• Improved comprehension of stocks
In summary, online trading apps
have transformed the trading landscape
and offer numerous benefits
to traders.
Unleashing the Potential: AI in the
Stock Market
AI has emerged as a transformative
force in the stock market, revolutionizing
the way trading is conducted. According
to recent research, electronic
trades now contribute to around 45
percent of trading revenues. Leading
companies are integrating quantitative
trading with advanced technologies
like big data processing and machine
learning to offer real-time market
insights.
Several AI-powered tools, such as
Auquan, EquBot, Trade Ideas, and
Blackbox Stocks, are available for
stock prediction. These tools utilize
automated algorithms to analyze vast
amounts of data, enabling trades to
be executed at optimal prices while
minimizing risks. This not only improves
accuracy but also maximizes
returns.
Real-Time Monitoring
The incorporation of cutting-edge
technology has revolutionized the trading
experience by enabling real-time
monitoring, leading to increased profitability.
Investors and brokers now
have access to precise and reliable
pricing information, eliminating the
potential for human errors in trading.
The advancements have made it effortless
to research stock progress and
select the optimal investment options.
Investors can now react promptly
to market changes, thanks to the
swift availability of information. This
seamless integration of technology
has transformed trading into a more
efficient and manageable process.
Utilizing Blockchain for Enhanced
Trading
The adoption of Blockchain technology
in stock markets worldwide
is revolutionizing the industry by enabling
faster and more secure transactions.
This technology holds immense
potential for secure trading and risk
monitoring. Prominent regulatory
bodies, including Japan’s Financial
Services Agency, NYSE, Deutsche
Borse, and SEBI, are actively exploring
the integration of Blockchain into
their infrastructure. By leveraging
Blockchain, the stock market is set to
undergo a complete transformation,
offering remarkable benefits such as:
• Mitigating the risk of third-party involvement
through the use of smart
contracts and network regulation.
• Implementing automation to establish
an infrastructure for expedited
trade settlement.
• Providing a robust platform for
implementing security measures
through the tracking and reporting
of illicit activities.
• Offering solutions to post-trade
events by reducing operational
risks and facilitating rapid trade
settlement.
• With its robust security features
and potential for streamlining processes,
Blockchain is poised to reshape
the stock market landscape.
Accessible to the Masses
Recent technological advancements
have significantly reduced inefficiencies,
resulting in lower costs and
reduced entry barriers in the stock
market. This cost reduction has made
stock market participation more accessible
for individuals who were
previously deterred by higher costs.
Moreover, technology has played a
crucial role in speeding up processes
and facilitating quick settlements,
thereby minimizing the commission
fees imposed on customers. As a result,
individuals who were previously
unable to access the stock market
due to financial constraints can now
actively participate.
To sum it up, technology has transformed
various aspects of our world,
greatly enhancing effectiveness and efficiency.
The stock market, it has made
trading and investing more feasible,
secure, and efficient for traders and
investors alike. Removing technology
from the stock market would lead to
substantial losses. Thus, technology
has undeniably shaped the stock
market and will continue to shape
its future.
August 2023 www.thefinanceworld.com 71

Corporate Tax
Corporate Tax UAE: Things To Consider
Before Determining Taxable Income
The United Arab Emirates (UAE) has taken significant steps to enhance
its position as a leading business and investment hub globally. It aims to
maintain its position and attract investors worldwide by pursuing various
policies and initiatives. The UAE recently introduced a corporate tax for
businesses that is applicable from the beginning of its annual financial year
on or after 1 June 2023.
72 www.thefinanceworld.com August 2023

With the introduction of
Corporate Tax, businesses
must calculate their taxable
income for each Tax Period.
The taxable income is derived from the
business’s accounting net profit or loss,
adjusted for specific items as outlined
in the Corporate Tax Law.
Businesses with taxable income below
AED 375,000 will be exempt from
corporate tax (0% tax rate), While businesses
with taxable income exceeding
AED 375,000 will be subject to a 9% tax
rate. And For free Zone Companies 0%
tax on qualifying income and 9% tax on
taxable income that does not meet the
qualifying income criterion.
To comply with UAE Corporate Tax
regulations, entities and businesses
must prepare their financial statements
in adherence to accepted accounting
standards within the country, with
International Financial Reporting
Standards (IFRS) being the widely used
framework. Taxpayers are generally
expected to determine their taxable
income on an accrual basis, although
there is provision for some taxpayers,
such as individual entrepreneurs and
small businesses, to use the cash basis
of accounting, subject to specific
conditions.
The taxable income for a tax period
is determined based on the accounting
income for that specific period. If
relevant, adjustments can be applied
to this accounting income to arrive at
the final taxable income amount.
The adjustments to the financial
statements will be required to calculate
taxable income:
1. Any unrealized gains or losses:
For calculating the taxable income
for the relevant tax period, a taxable
person i.e, a business prepares
financial statements on an accrual
basis and has to take into account
gains and losses on a realization
basis concerning the following:
• All assets and liabilities are subjected
to impairment accounting
or fair value under the applicable
accounting standards.
• All assets and liabilities that are
held on the capital account at the
end of a Tax Period, While taking
into account any unrealized gain
or loss that arises in connection
with the assets and liabilities held
onto the revenue account at the
end of that Tax Period.
2. Exempt Income: The following
income and related expenditure
shall not be taken into account in
determining the Taxable Income:
• Dividends and other profit distributions
received from ​a juridical
person i.e; a company that is
incorporated or managed and
controlled in the UAE,
• Dividends and other profit distributions
received from a participating
interest in a foreign
juridical person i.e: a company,
• Any other income from a participating
interest e.g. capital gains,
• Income of a Foreign Permanent
Establishment where an election
is made to claim the “Foreign
Permanent Establishment” exemption
and
• Income derived by a Non-Resident
Person from operating
aircraft or ships in international
transportation.
The UAE Corporate Tax Law fully
exempts dividends from UAE entities,
as well as dividends from other
foreign subsidiaries that qualify as
a “Participation”. A Participation is
a juridical person i.e.; a company in
which the UAE shareholder company
owns a 5% or greater ownership interest
or “Participating Interest” for
at least 12 months, and that meets
August 2023 www.thefinanceworld.com 73

Corporate Tax
the conditions of the participation
exemption regime.
3. Reliefs: The following are the reliefs
that can be claimed:
• Transfers Within a Qualifying
Group: Companies that are part of
a “Qualifying Group” can transfer
assets and liabilities between
themselves at their net book value.
This means that the transfer can
be carried out tax neutrally which
does not give rise to a gain or
loss for Corporate tax purposes.
A Qualifying Group are members
of juridical persons i.e; a company
which are UAE residents or
non-resident persons that have a
permanent establishment in the
UAE, of which they either owns
75% or more of the other, or a
third party owns 75% or more of
both the entities. Neither member
shall be an Exempt Person or a
Qualifying Free Zone Person.
The members shall prepare their
financial statements using the
same standards and also have
the same financial year.
• Business Restructuring Relief:
No gain or loss needs to be taken
into account in determining
Taxable Income in the following
circumstances:
i) A Taxable Person transfers its
entire Business or an independent
part of its Business to another
Person who is a Taxable Person or
will become a Taxable Person as a
result of the transfer in exchange
for shares or other ownership
interests of the Taxable Person
that is the transferee.
ii) One or more Taxable Persons
transfer their entire Business to
another Person who is a Taxable
Person or will become a Taxable
Person as a result of the transfer
in exchange for shares or other
ownership interests of the Taxable
Person that is the transferee, and
the Taxable Person or Taxable
Persons that are the transferor
cease to exist as a result of the
transfer.
4. Deductions
The following is the expenditure
which will be deductible to calculate
taxable income:
• Deductible Expenditure: Expenditure
that is incurred wholly and
exclusively for the purposes of
the Taxable Person’s Business
that is not capital in nature shall
be deductible in the tax period
in which it is incurred.
• Interest Expenditure: The Corporate
Tax Law provides for certain
restrictions on the deductibility of
interest expenditure to discourage
excessive debt financing, and to
ensure that debt financing used
or arising as a result of certain
specific intra-group transactions
will only be deductible if there
is a valid commercial reason for
obtaining the loan.
i) General Interest Deduction
Limitation Rule: Businesses with
net interest expenditure above a
threshold to be set by the Minister
will be allowed to deduct net
interest expenditure up to 30%
of their earnings before interest,
tax, depreciation and amortisation
(EBITDA), excluding any
exempt income. Any net interest
expenditure which exceeds this
limit may be carried forward and
utilised in the subsequent 10 tax
periods.
Businesses with net interest
expenditure below the threshold
to be set by the Minister will not
be subject to the general interest
deduction limitation rule.
The general interest deduction
limitation rule will not apply to
banks and other finance institutions,
insurance providers or
individuals.
ii) Specific Interest Deduction
Limitation Rule: Where a loan is
obtained from a Related Party
and is used to finance income
that is exempt from corporate
tax, the interest on the Related
Party loan will not be deductible
unless the taxpayer can demonstrate
that the main purpose of
obtaining the loan and carrying
out the transaction is not to gain
a corporate tax advantage.
c) Entertainment Expenditure: A
Taxable Person i.e.; a company
shall be allowed to deduct 50% of
any entertainment, amusement,
or recreation expenditure such
74 www.thefinanceworld.com August 2023

as meals, accommodations or
transportation incurred during
a Tax Period.
d) Non-deductible Expenditure:
• Donations, grants or gifts made
to an entity that is not a Qualifying
Public Benefit Entity,
• Fines and penalties, other than
amounts awarded as compensation
for damages or breach
of contract,
• Bribes or other illicit payments,
• Dividends, profit distributions
or benefits of a similar nature
paid to an owner of the Taxable
Person,
• Amounts are withdrawn from
the Business by a natural person
who is a Taxable Person or a
partner in an Unincorporated
Partnership,
• Corporate Tax imposed on a
Taxable Person,
• Input Value Added Tax incurred
by a Taxable Person that is
recoverable,
• Tax on income imposed on
the Taxable Person outside
the State and
5. Transactions with Related Parties
and Connected Persons: Transfer
pricing rules seek to ensure that
transactions between Related Parties
are carried out on arm’s length terms,
as if the transaction was carried
out between independent parties.
To prevent the manipulation of
taxable income, various articles in
the Corporate Tax Law require that
the consideration of transactions
with Related Parties and Connected
Persons needs to be determined by
reference to their “Market Value”.
Taxpayers are required to apply
one or more of the following methodologies
to determine the arm’s
length values for transfer pricing
purposes:
• The comparable uncontrolled
price method
• The resale price method
• The cost-plus method
• The transactional net margin
method
• The transactional profit split
method.
Transfer pricing rules apply to
UAE businesses that have transactions
with Related Parties and
Connected Persons, irrespective
of whether the Related Parties or
Connected Persons are located in
the UAE mainland, a Free Zone or
in a foreign jurisdiction.
Generally, Related Parties of an
individual refer to the individual’s
relatives as well as companies in
which the individual, alone or together
with their Related Parties,
has a controlling ownership interest
(typically 50% or more of shares of
the company).
Similarly, Related Parties of
a company refers to any other
companies in which the company,
alone or together with their Related
Parties, has a controlling ownership
interest (typically 50% or more of
shares of the company), or that are
under greater than 50% common
ownership.
Connected Persons are a person
that is connected to a business
that is within the scope of the UAE
corporate tax if they are the owner
of the business or the director or
officer of the business.
6. Tax Loss Relief: Tax Loss arises
when the total deductions a business
can claim are greater than the total
income that is subject to tax for
the relevant Tax Period, resulting
in negative taxable income.
Tax losses can, subject to certain
conditions, be offset against the
taxable income of future periods,
up to a maximum of 75% of the taxable
income in each of those future
periods. Any excess (unused) tax
losses can be carried forward and
used against the taxable income
of future Tax Periods indefinitely.
Tax losses can be carried forward
without limitation provided the
same person or persons continue to
own at least 50% of the entity with
the losses. Where there is a greater
than 50% change in ownership, tax
losses may still be carried forward
provided there is no major change
in the nature or conduct of the
entity’s business.
The UAE companies must meet
the following conditions to transfer
an amount of tax losses from one
company to another in the same
Tax Period:
• Both companies are UAE resident
juridical persons i.e. companies ;
• Either owns 75% or more of the
other, or a third party owns 75%
or more of both entities and this
ownership existed at the start and
end of the Tax Period in which
the loss was incurred;
• Neither company is an Exempt
Person nor a Qualifying Free Zone
business; and
• The financial statements must
be prepared using the same accounting
standards and using the
same financial year.
7. Any incentives or special reliefs
for a Qualifying Business Activity
8. Any income or expenditure that
has not otherwise been taken
into account in determining
the Taxable Income under the
provisions of this Decree-Law as
may be specified in a decision
issued by the Cabinet at the
suggestion of the Minister.
9. Any other adjustments as may
be specified by the Authority.
Businesses operating in the UAE must
now carefully determine their taxable
income based on the accounting net
profit or loss, making adjustments as
defined in the Corporate Tax Law. The
tax rates, with exemptions for lower
taxable incomes, will play a crucial
role in shaping the business landscape
and encouraging responsible financial
practices.
As businesses navigate these new
regulations, they can benefit from various
reliefs, deductions, and incentives,
as well as opportunities for tax loss
relief, allowing them to strategically
plan their financial positions.
August 2023 www.thefinanceworld.com 75

Corporate Results
MedGulf
Q1’23 Net Profit: SAR 37.19M
During the first quarter (Q1) of 2023,
the Mediterranean and Gulf Insurance
and Reinsurance Company (MedGulf)
achieved net profits before Zakat
amounting to SAR 37.19M. This positive
outcome contrasts with the net losses
before Zakat of SAR 15.95M recorded
in Q1-22. The company’s earnings per
share (EPS) for Q1-23 stood at SAR 0.34,
a significant improvement compared to
the loss per share of SAR 0.16 in Q1-22.
Additionally, MedGulf experienced a
30.16% year-on-year increase in gross
written premiums (GWP), reaching SAR
1.60B in the period between January and
March 2023. However, as of March 31,
2023, the company’s accumulated losses
amounted to SAR 422.40M, representing
40.20% of the subscribed capital of SAR
1.05B.
UAE Islamic Bank
Q1’23: AED 650B
According to the UAE central bank, the
gross assets of Sharia-compliant banks
operating in the UAE experienced a
growth of 7.31 percent in the Q1’23,
reaching AED 650B. The Central Bank
of the UAE released data indicating
that credit provided by Islamic banks
increased by 2.51 percent during Q1,
amounting to AED 400.2B, compared
to AED 390.4B in March 2022. Islamic
banks also saw a rise in deposits,
reaching AED 453.4B, reflecting a 6.2
percent annual increase. By the end
of March 2022, their total investments
stood at AED 111.5B. In contrast,
conventional banks based in the UAE
reported total assets of AED 3.115T,
a 14.1 percent growth from March
last year.
Borouge
Q1’23 Net Profit: $198M
Borouge, a company listed on the Abu
Dhabi Securities Exchange (ADX),
reported a decline in net profits for
the first quarter of 2023. The profits
attributable to the owners amounted
to $198M, compared to $359M in the
same period of the previous year.
Revenues also dropped, standing at
$1.38B in Q1-23, down from $1.590B.
The basic and diluted earnings per
share remained unchanged at $0.01.
However, the CEO, Hazeem Sultan
Al Suwaidi, expressed optimism,
stating that the completion of the
Borouge 2 facility turnaround and
progress in their value enhancement
program would contribute to a strong
performance throughout the year. In
the full-year 2022, Borouge recorded
net profits of $1.39B, lower than the
previous year’s $1.5B.
Qatar Airways
FY 22-23 Net Profit: $1.2B
Qatar Airways Group has reported
a net profit of QR 4.4B ($1.21B) for
the fiscal year 2022/23, showcasing
a robust financial performance. This
achievement coincided with the airline’s
role as the Official Airline Partner of the
FIFA World Cup Qatar 2022, which was
hosted in the country. The company’s
overall revenue surged to QR 76.3B
($21B), marking a significant 45 percent
increase compared to the previous year.
Passenger revenue experienced an
impressive 100 percent growth, driven
by a 31 percent increase in capacity,
nine percent higher yields, and a load
factor of 80 percent, the highest in
the airline’s history. Qatar Airways
also carried 31.7 million passengers,
a remarkable 71 percent increase over
the previous year.
E&
Q1’23 Net Profit: AED 13B
UAE-based telecoms giant e& recently
released its Q1 2023 financial results,
revealing impressive performance.
Consolidated revenues reached AED
13B, showcasing a 6.6% growth at
constant exchange rates. The company
reported a consolidated net profit of
AED 2.2B, while its earnings before
interest, taxes, depreciation, and
amortization (EBITDA) amounted to
AED 6.2B, resulting in an impressive
EBITDA margin of 48%. In the UAE,
etisalat by e& experienced a notable
increase of 6% in subscribers, with a
total of 13.9 million recorded during this
period. Moreover, the group’s aggregate
subscribers amounted to 164 million,
marking a year-on-year increase of 3%.
e&’s strategic focus on expanding its
digital offerings, launching innovative
solutions, and establishing partnerships
with leading technology companies
has been instrumental in driving its
business growth and positioning itself
as a global technology player.
Aljazira Takaful
Q1’23 Net Profit: SAR 7.90M
During the first quarter of 2023, Aljazira
Takaful Taawuni Company witnessed
a significant decline in net profits
before Zakat, reaching SAR 7.90M.
This marked a substantial year-onyear
drop of 53.48% from SAR 16.98M
in the same period of the previous
year. However, the firm experienced
an increase in gross written premiums
(GWP) valued at SAR 75.24M, indicating
a growth of 17.41% compared to SAR
64.08M in Q1-22. Earnings per share
(EPS) for January-March 2023 were
SAR 0.13, lower than the SAR 0.30
reported in the corresponding period
of the previous year. Additionally, the
insurance revenue showed a remarkable
YoY hike of 58.23% to SAR 78.93M in
Q1-23 from SAR 49.88M.
76 www.thefinanceworld.com August 2023

Mashreq
Q1’23 Net Profit: AED 1.6B
Mashreq’s Q1 2023 financial results
showcase a robust performance,
surpassing AED 200B in total assets.
Operating profits nearly doubled yearon-year
due to strong growth in operating
income, improved efficiencies, and a
healthier risk position. As a challenger
bank, Mashreq actively participated
in the UAE’s innovation ecosystem,
becoming a founding member of
Launchpad, the DIFC’s venture-building
program. The bank’s digital strategy
proved effective, leading to increased
customer deposits, a better cost-toincome
ratio, and remarkable net
profit growth. These achievements
were driven by enhanced asset quality,
reduced non-performing loans, and
a favorable non-interest income to
operating income ratio.
Agthia Group
Q1’23 Net Profit: AED 1.18B
Agthia Group PJSC, a leading food and
beverage company in the region, has
announced its first-quarter results for
the three months ending on March 31,
2023. The group achieved a notable
12.3% year-on-year increase in net revenue,
amounting to AED 1.18B, driven
by a balanced contribution of 6% from
pricing and 6% from volume growth.
Excluding the adverse currency impact
in Egypt, the group’s revenue
growth reached an impressive 22.9%
year-on-year. EBITDA demonstrated
even stronger growth, rising by 18.9%
year-on-year to AED 188M, driven by
strong performance in the Snacking
and Water segments and continued
cost discipline.
Fertiglobe
Q1’23 Net Profit: $694M
Fertiglobe, the strategic partnership
between ADNOC and OCI Global,
reported strong Q1 2023 results, with
revenue reaching $694M, adjusted
EBITDA at $297M, adjusted net profit
totaling $135M, and free cash flow
amounting to $271M. The company
achieved a notable 9% increase in
own-produced sales volumes, attributed
to a disciplined commercial strategy
and centralized distribution capabilities
focusing on demand centers with
attractive netbacks. With a strong
order book for the coming months and
tightening markets in Q2, prices have
improved in some regions. Committed
to shareholder value, Fertiglobe plans
to distribute at least $250M in dividends
for Q1 2023.
Salama
Q1’23 Net Profit: AED 8.04M
SALAMA, the largest Sharia’h compliant
Takaful solutions provider listed
as “SALAMA” on the Dubai Financial
Market (DFM), has reported a profit of
AED 8.04M in its Q1 2023 results. The
company successfully implemented
the new IFRS 17 standards, enhancing
transparency and comparability in financial
reporting. SALAMA continued
its growth trajectory, achieving a solid
performance with insurance revenue of
AED 265M, an 18% increase compared
to the same period last year. With total
assets of AED 3,556.61M, SALAMA appointed
H.E. Saeed Alhajeri as Chairman
and Walter Jopp as CEO, reinforcing its
growth ambitions and Emiratisation initiatives.
The company’s focus remains
on profitability, financial stability, and
delivering exceptional Sharia’h compliant
insurance solutions.
Air Arabia
Q1’23 Net Profit: AED 342M
Air Arabia, a Sharjah-based airline, has
reported impressive results for the first
quarter of 2023. The company achieved a
net profit of AED 342M, representing a 17%
increase compared to the same period in
2022 when it recorded Dhs291m in profits.
Moreover, the airline’s turnover reached
AED 1.42B, marking a significant 27% increase
compared to the first quarter of the
previous year. This signifies a remarkable
59% growth compared to the previous
year’s first quarter. During the first quarter
of 2023, Air Arabia experienced an
increase in its average seat load factor,
reaching 85%. This metric represents
the percentage of passengers carried
in relation to the available seats, and it
reflects an 8% improvement compared
to the same period in the previous year.
Al Seer Marine
Q1’23 Net Loss: AED 749.68M
Al Seer Marine Supplies and Equipment
Company faced a challenging first half
(Q1) of 2023, reporting net losses of
AED 749.68M, in contrast to the net
profits of AED 882.97M achieved in
Q1-22. Despite this, the company saw a
remarkable 92.50% year-on-year (YoY)
increase in gross profits, reaching AED
73.77 million in January-June 2023 from
AED 38.33M. Q1-23 revenues grew by
18.90%, amounting to AED 564.34M,
primarily due to the effective operation
of seven vessels since 2022. The
total assets declined by 19.70% YoY to
AED 9.29B in Q1-23 from AED 11.58B.
In Q2-23, Al Seer Marine achieved net
profits of AED 38.25M, compared to
AED 807.34M in Q2-22.
August 2023 www.thefinanceworld.com 77

EVENT
12th IREIS: Unveiling the World of Real
Estate Investment in Abu Dhabi
The 12th edition of the International Real Estate and Investment Show (IREIS) is all
set to kick off in October, promising high-level events that showcase a plethora of
local and international real estate investment opportunities. As the leading investment
platform in Abu Dhabi, IREIS distinguishes itself by targeting investors and consumers,
making it a unique and valuable event in the region. The show will take place at the
Conrad Etihad Towers Abu Dhabi from October 6th to 7th, 2023.
Organized by Dome Exhibitions,
IREIS 2023 is expected to
attract more than 30 exhibitors
from both regional and
international real estate and investment
domains. Investors, brokers, and developers
from the Middle East, Europe, and
the Asia Pacific will gather to present
their diverse property developments,
accompanied by a wide range of investment
options and opportunities
for consultation and financing.
A key aspect of the IREIS exhibition
is its role as a networking platform
for international participants. This
presents an excellent opportunity for
professionals in the real estate and
investment sectors to establish valuable
connections and explore potential
collaborations with counterparts from
around the world.
Concurrent with the IREIS exhibition,
a series of conferences and events will
take place, focusing on the global real
estate market and various investment
prospects, both globally and within the
UAE. One notable event is the ‘International
Investment Conference 2023,’
which will feature renowned experts,
academicians, seasoned practitioners,
investors, government representatives,
legal entities, and consultants. They will
share their insights and experiences,
shedding light on modern investment
strategies, relevant laws and regulations,
and the impact of the latest investment
trends at the national and global levels.
The conference will also emphasize
the importance of attracting foreign
direct investments (FDIs) through
confidence-building initiatives that
aim to produce concrete outcomes and
encourage higher investment inflows
into the region.
Arun Bose, Director of IREIS from
Dome Exhibitions, expressed enthusiasm
for the upcoming edition, stating
that the event will highlight the UAE’s
steadily growing real estate market
and its significance in major countries
worldwide. With the UAE experiencing
continuous economic growth and
becoming an influential global player,
the timing is ideal for individuals and
businesses to explore the investment
prospects available in the region. IREIS
provides the perfect platform for engaging
with the right people and making
informed investment decisions.
78 www.thefinanceworld.com August 2023

Travel
Unforgettable Getaways to Visit in
August
August is the month of sunshine, warm temperatures, and the perfect opportunity to embark
on an unforgettable summer holiday. If you’re in search of destinations that promise
breathtaking landscapes and incredible experiences, look no further. In this article, we’ll
take you on a journey to some of the most beautiful locations as we delve into the wonders
of Svalbard, Tallinn, Masai Mara, and Lucerne, to visit this month.
Tallinn, Estonia
Nestled in the heart of Estonia,
Tallinn proudly stands as the
capital city and a captivating
holiday destination. The
highlight of the city lies within its
remarkably well-preserved Tallinn Old
Town, a captivating UNESCO World
Heritage site and one of the finest
examples of a Hanseatic town center
worldwide. Tallinn’s picturesque coastline,
adorned with scenic promenades
and sandy beaches, offers a refreshing
escape and stunning views of the iconic
cityscape year-round. Immerse yourself
in the atmospheric charm of Tallinn’s
Old Town, wander through medieval
streets adorned with towering spires,
and discover the treasures of the past,
such as the Rocca-al-Mare Open Air
Museum or the magnificent St. Olav’s
Church spire. Whether you’re a history
enthusiast, a culture lover, or an
adventurer seeking new experiences,
Tallinn beckons with its enchanting
allure and promises a memorable
journey through time and modernity.
Masai Mara, Kenya
A
visit to Masai Mara in Kenya
during the month of August
promises an extraordinary
wildlife spectacle. This is
the time when the legendary Great
Migration unfolds, captivating travelers
with its awe-inspiring display of
nature’s grandeur. Spread across an
expansive area of 1,510 square kilometres,
the Masai Mara National Reserve
is a breathtaking landscape of gently
rolling African savannah plains. As
the wildebeest migration reaches the
Mara River in the Masai Mara National
Reserve, you’ll witness a truly perilous
chapter of their journey. Here, nearly
1.5 million wildebeest gather, attempting
to navigate the treacherous river
crossings, evading crocodiles lurking
in the water and lions lurking on the
shore. It’s a heart-stopping experience
that will leave you breathless. The
reserve’s conservation efforts have
created an animal paradise, attracting
tourists from around the world.
80 www.thefinanceworld.com
August 2023

Lucerne, Switzerland
Comporta, Portugal
Located on the west coast of
Portugal, Comporta is a hidden
gem that offers a tranquil
and picturesque escape from
bustling city life. Just an hour’s drive
from Lisbon, this beautiful region
boasts stunning golden-sand beaches,
expansive rice paddies, and lush
fields. Even in the peak summer season,
Comporta remains refreshingly
uncrowded, allowing visitors to fully
unwind and embrace the serenity of
their surroundings.
The name “Comporta” itself refers
to a gate or lock that holds back water,
which perfectly aligns with the region’s
extensive network of canals. Comporta
invites you to experience a destination
like no other, where pristine beaches,
lush landscapes, and a distinct ambiance
create an unparalleled escape. It’s a
place that will captivate your senses
and leave you with memories of a truly
unique getaway.
Lucerne, known as the “Heart of
the Country,” is a captivating
blend of ancient charm and
contemporary vibrancy. This
picturesque Swiss city, nestled on
the shores of a stunning lake and surrounded
by majestic mountains, offers
visitors a truly enchanting experience.
The iconic Chapel Bridge, Europe’s
oldest covered bridge, takes center
stage, while historic houses adorned
with frescoes line the streets. For
breathtaking views, travelers can take
cableways to the Pilatus, Stanserhorn,
or Rigi mountains, or embark on a
steamship cruise on Lake Lucerne. Exploring
Lucerne allows you to immerse
yourself in its rich history and culture
while savoring the awe-inspiring beauty
of the natural surroundings. Lucerne’s
waterfront areas, situated along the
shores of Lake Lucerne and the River
Reuss, offer serene spots to relax and
enjoy the breathtaking scenery. A visit
to Lucerne promises an unforgettable
Swiss holiday, where history, natural
beauty, and cultural treasures converge
to create an experience that will stay
with you long after you leave.
August 2023
www.thefinanceworld.com 81

Sport as a Business
Sports as a Social and Economic Catalyst:
The Power of Major Sporting
Events in the MENA Region
The MENA region is emerging as a significant player in the world of
sports, harnessing the power of major sporting events to drive social
and economic development. It is witnessing a transformative shift
in its sports industry. From strategic investments and national sport
strategies to hosting high-profile events, sports in the MENA region
are becoming a catalyst for change and growth.
82 www.thefinanceworld.com August 2023

The success of the Qatar World Cup has solidified
the MENA region’s status as a leading destination for
international sports events.
The UAE recently unveiled its
comprehensive National Sport
Strategy 2031, which aims
to establish guidelines for
funding elite athletes, increase sports
participation, and develop the sports
industry. Under the leadership of Dr.
Ahmad Belhoul Al Falasi, Minister of
Education and Chairman of the General
Authority of Sports, the strategy
focuses on talent supervision, athlete
development, and support for sports
federations and elite athletes. With
the upcoming Paris Olympics in 2024,
the UAE is committed to nurturing its
athletes and achieving global success.
As part of the national sport strategy,
the UAE has launched the Emirates Committee
for Elite and High-Level Sports,
a significant initiative responsible for
supporting and implementing strategic
programs. The committee prioritizes
talent development, funding support,
and preparation for elite athletes.
Furthermore, 22 gifted Emirati athletes
have been selected to participate in the
Professional Elite Programme, aimed
at enhancing their chances of success
at the Paris 2024 Olympics.
The MENA region recognizes the
economic potential of sports and is
actively leveraging it for development.
Hosting major sporting events like
the FIFA World Cup and Expo 2020
Dubai stimulates tourism, trade, and
job creation. The success of the Qatar
World Cup has solidified the region’s
status as a leading destination for international
sports events. Large-scale
sporting events bring people together,
promote economic growth, and build
infrastructure. The UAE, with its strong
economy and visa reforms, is poised
to capitalize on the economic benefits
of the sports industry.
To support its sports ambitions, the
MENA region boasts world-class facilities
and infrastructure. From the Bahrain
International Circuit hosting Formula
1 races to the Hamdan Sports Complex
in Dubai, the region offers top-level
training and competition venues. These
facilities attract international athletes
and teams for warm-weather training
camps, contributing to the growth of
the wellness and healthcare sectors.
The region’s commitment to developing
state-of-the-art sports facilities
positions it as a preferred destination
for athletes and sports enthusiasts.
Sports in the MENA region are not
limited to professional competitions.
The governments in the region prioritize
mass participation in sports and
encourage grassroots development.
Regulatory bodies and organized events
create opportunities for residents, including
young people, to experience the
physical and mental benefits of sports.
By fostering a competitive climate and
promoting fitness, the MENA region
cultivates a strong sporting culture that
supports the well-being of its citizens.
Beyond the UAE, other Countries
are also actively expanding their involvement
in the world of professional
sports. Notably, Qatar’s ownership of
Paris Saint Germain (PSG) and Saudi
Arabia’s recent purchase of Newcastle
United demonstrate their commitment to
the sports industry. These investments
not only bring international attention
to the region but also enhance the
competitiveness of Gulf-based teams
in global competitions. The success of
the Qatar World Cup in 2022, with its
record attendance levels and impressive
performances, further solidifies the
MENA region’s position as a premier
destination for major sporting events.
The rise of sports in the MENA region
presents exciting opportunities for
entrepreneurship and tourism. With
an increasing number of international
sporting events, there is a growing
demand for services and infrastructure
to support athletes, teams, and spectators.
This includes accommodation,
transportation, dining, and entertainment
options. Entrepreneurs can tap
into this demand by offering tailored
travel packages, event management
services, and sports-related businesses.
The influx of tourists and the growth
of the sports sector contribute to job
creation and economic development.
The MENA region, spearheaded by
countries like the UAE, is harnessing
the power of major sporting events
to drive social and economic growth.
The national sport strategies, transformative
initiatives, and world-class
facilities are paving the way for success
in international competitions. As the
region continues to invest in sports
and host prestigious events, it creates
business opportunities in various sectors,
including tourism, infrastructure
development, and healthcare. The
MENA region’s commitment to sports
as a catalyst for progress ensures a
promising future for the industry and
the region as a whole.
August 2023 www.thefinanceworld.com 83

Sport News
Nahyan bin Zayed Forms Committee for Abu Dhabi 2026 Open Masters
Games
His Highness H.H. Sheikh Nahyan
bin Zayed Al Nahyan,
Chairman of Abu Dhabi Sports
Council (ADSC), has issued
a resolution to establish the Supreme
Organising Committee for the Open
Masters Games Series – Abu Dhabi 2026.
The committee will be chaired by H.H.
Sheikh Theyab bin Mohamed bin Zayed
Al Nahyan. Committee members will
include key representatives from various
government departments and entities.
ADSC has signed an agreement with
the International Federation of Masters
Games to host the Open Masters Games
Series in 2026, marking the first time
the event will take place in the Middle
East. With an expected participation
of 5,000 to 10,000 athletes competing
in 30 sports, the Open Masters Games
Series is set to be one of the largest
sporting events in terms of participants
and events.
Oman secures $8M football grant from FIFA
Oman Football Association
(OFA) plans to allocate nearly
95 percent of the funds
received from FIFA under
the FIFA Forward Programme. The
programme, which aligns with FIFA
President Gianni Infantino’s Vision
2020-2023, aims to promote global
football development. In an exclusive
interview, a FIFA spokesperson disclosed
that the primary investment made by
FIFA and OFA is a technical center and
accommodation infrastructure project.
This project, funded by FIFA Forward
1.0 and 2.0, is nearing completion, with
over 95 percent of the work done.
Furthermore, OFA is set to receive a
total grant of $8 million under FIFA
Forward 3.0, covering the period from
2023 to 2026. The spokesperson also
emphasized that football in Oman would
be eligible for a 29 percent increase
in development funding over the next
four years through FIFA Forward 3.0.
Abu Dhabi Powerboat
Team to Defend Title in
UIM F1H2O Championship
The defending champion Abu
Dhabi Powerboat Team is preparing
to compete in the third
round of the UIM F1H2O World
Championship, aiming to defend its title.
Following the opening two rounds in
Indonesia and China, the championship
now moves to Mâcon, France, where
the picturesque River Saône will host
the event from June 30th to July 2nd.
The Abu Dhabi Powerboat Team represents
the UAE alongside the Sharjah
Powerboat Team and the Victory Team.
Team Abu Dhabi’s star driver Thani
Al Qamzi, alongside defending world
champion Shaun Torrente, is focused
on both securing his first individual
drivers’ championship and defending
their world team title.
84 www.thefinanceworld.com August 2023

Saudi Arabia Considers Major Tennis Investment; Alcaraz, Kyrgios, and ATP
Saudi Arabia’s Public Investment
Fund (PIF) is contemplating a
significant investment in professional
tennis. The ATP chief,
Andrea Gaudenzi, disclosed that the
governing body has engaged in “positive
talks” with the sovereign wealth fund,
exploring potential partnership and
sponsorship opportunities. As Saudi
Arabia seeks to diversify its economy
away from oil dependency, it has
been increasingly looking to invest in
sports. While the ATP organizes the
global tennis tour, it does not oversee
the prestigious Grand Slam events
(Wimbledon, US Open, French Open,
and Australian Open). Nonetheless, it
remains the official organizer of the
men’s tennis tour.
UAE’s GMG Signs JD Sports Franchise Agreement
UAE’s retail giant GMG and JD
Sports Fashion have entered
into a franchise agreement,
marking JD Sport’s first franchise
deal. The partnership aligns with
JD Sport’s global growth strategy announced
by CEO Régis Schultz. GMG
will pave the way for JD Sports to
enter the Middle East market, opening
approximately 50 stores under the JD
fascia by 2028. The focus will be on
locations in the UAE, Saudi Arabia,
Kuwait, and Egypt. This expansion plan
supports JD Sport’s goal of opening
200 to 300 new stores annually over
the next five years. GMG’s extensive
experience in introducing brands to
the Middle East, North Africa, and
Asia markets positions it well for this
strategic collaboration.
UAE announces major sport strategy, eyes
Olympic success
UAE Team Emirates
lead stage 2 of Tour
de France 2023
In Stage 2 of the Tour de France
2023, UAE Team Emirates had
another successful day as Adam
Yates maintained the yellow jersey
and Tadej Pogačar secured third
place, elevating himself to second in
the general classification. The race
heated up on the challenging climb
of Jaizkibel, where the peloton was
reduced to around 30 riders due to the
strong pace set by UAE Team Emirates,
Jumbo-Visma, and Jayco-Alula.
Tadej Pogačar claimed bonus seconds
at the top of the climb, with Jonas
Vingegaard following closely. Adam
Yates remains the race leader, holding
a 6-second advantage over Pogačar in
second place and Simon Yates from
Jayco-Alula in third. Stage 3 will take
the peloton from Amorebieta-Etxano
to Bayonne in France, covering a distance
of 194 km.
The UAE has revealed its
comprehensive national
sport strategy in preparation
for the 2024 Olympics and
beyond. This transformative strategy
aims to focus on sports at both the
national and elite levels, encompassing
investments, societal objectives,
and economic targets. The UAE’s
sport strategy includes guidelines
for funding elite athletes, increasing
participation in sports, and fostering
the development of the sports industry
within the country. Dr. Ahmad Belhoul
Al Falasi, Minister of Education and
Chairman of the General Authority
of Sports, provided an overview of
the National Sports Strategy 2031,
which received approval from His
Highness Sheikh Mohammed bin
Rashid Al Maktoum, Vice President,
Prime Minister, and Ruler of Dubai.
As part of the strategy, the Emirates
Committee for Elite and High-Level
Sports was established to support and
implement key initiatives.
August 2023 www.thefinanceworld.com 85

Tourism
Ajman’s Vision: Unlocking the Potential
of Touristry with the UAE Tourism Strategy
2032
Ajman, a thriving emirate with a population of over half a million people
and a strong manufacturing and industrial sector, is set to benefit from
the UAE’s ambitious tourism strategy. With its rich history, culture,
and growing tourism attractions, Ajman is poised to emerge as a top
leisure and eco-tourism destination. Ajman’s tourism strategy aims to
enhance the contribution of the tourism sector to the GDP, strengthen
the UAE’s position as a global tourism destination and welcome
millions of hotel guests annually by 2031.
86 www.thefinanceworld.com August 2023

The collaboration between the public and private
sectors, along with strong marketing initiatives,
has contributed to the growth of Ajman’s
hospitality sector.
With its unique offerings,
Ajman is actively working
to attract tourists. The
emirate boasts a range
of tourism establishments, including
hotels and serviced apartments,
that cater to the needs of visitors.
The Ajman Department of Tourism
Development (ADTD) has devised a
growth strategy to position Ajman as a
prominent tourist destination. Notable
attractions include Ajman Museum,
Masfout Museum, Al Manama Museum,
and the recently opened Zoya Health
& Wellbeing Resort. Additionally, the
emirate is witnessing the development
of the luxurious Oberoi Family Beachfront
Resort in Al Zorah, adding to its
portfolio of upscale offerings.
To accelerate the development of
tourism infrastructure and facilities,
Ajman has appointed Mahmood Khaleel
Alhashmi as Director-General of Ajman
Tourism. Alhashmi is leading negotiations
with global partners to invest
in the emirate’s tourism industry, securing
agreements and memoranda of
understanding that will shape Ajman’s
tourism landscape in the coming years.
The ADTD, under Alhashmi’s leadership,
held a productive meeting with
hotel general managers to review the
tourism sector’s performance in 2022
and discuss strategies and marketing
plans for 2023. The collaboration between
the public and private sectors,
along with strong marketing initiatives,
contributed to a 9% revenue growth, a
26% increase in foreign visitors, and a
14% rise in average room rates in Ajman.
Ajman continues to attract investments
in the hospitality sector, with projects
such as the Zoya Health & Wellbeing
Resort and the reopening of Ajman
Museum and Masfout Museum. The
government recognizes investors as
key partners in tourism development
and holds regular meetings to coordinate
hospitality matters and support
the growth of hotels and touristic
destinations. Ajman’s commitment to
establishing essential pillars of the
travel and tourism sector is evident
through its cooperation with strategic
partners and active participation in
international forums and exhibitions.
By promoting its unique elements and
engaging in global campaigns, Ajman
aims to position itself as a leading
travel destination in the UAE.
Through the efforts of the Ajman
Department of Tourism Development,
Ajman aims to improve local, regional,
and international tourism by implementing
comprehensive strategies.
These strategies include planning and
executing global tourism promotion
campaigns, participating in conferences
and exhibitions, regulating and
developing the tourism industry, and
enhancing the capacities and services of
tourism facilities and businesses within
the emirate. By setting regulations
and legislations, ensuring appropriate
standards and services for tourists, and
issuing licenses for travel and tourism
agencies, the department plays a crucial
role in maintaining the quality and
efficiency of Ajman’s tourism sector.
Recognizing the vital role of investors
in tourism development, Director
General Alhashmi emphasizes their
importance as key partners. Regular
meetings are held to foster collaboration
and coordination, facilitating the
development of hotels and touristic
destinations. These investments act as
catalysts for tourism growth, attracting
visitors from around the world. Ajman’s
commitment to establishing strong
pillars in the travel and tourism sector
is further demonstrated by its active
engagement with strategic partners and
participation in international forums
and exhibitions associated with trade
and tourism.
As Ajman embraces its potential as
a thriving tourism destination, visitors
can look forward to experiencing the
emirate’s rich heritage, culture, and
natural beauty. With a wide range of
attractions, including museums, resorts,
and natural landscapes, Ajman offers a
diverse and immersive tourism experience.
The emirate’s commitment to
growth, investment, and collaboration
ensures that it will continue to be a
compelling choice for tourists seeking
unique and memorable experiences
in the UAE.
Ajman’s vision of amplifying touristry
with the UAE Tourism Strategy 2032
is set to transform the emirate into a
prominent travel destination. With its rich
history, cultural heritage, and growing
tourism infrastructure, Ajman is ready
to welcome an increasing number of
visitors from around the world.
August 2023 www.thefinanceworld.com 87

Investing in Art
Exploring the Lucrative Art Investment
Landscape in Dubai
The United Arab Emirates is witnessing a burgeoning art industry that
is rapidly gaining momentum. Industry experts estimate the current
value of the art market to be around $20 million to $30 million, reflecting
its nascent stage. The burgeoning art scene in Dubai is witnessing a
remarkable growth trajectory, attracting the attention of art enthusiasts
and collectors worldwide. Dubai’s art landscape offers a rich tapestry
of galleries and artists, both local and international, providing ample
opportunities to explore and appreciate diverse artistic expressions.
v
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Recognizing the potential
for a thriving art market, an
increasing number of international
galleries are considering
establishing their presence
in Dubai and Abu Dhabi. This trend is
fueled by the region’s wealth creation
and the expanding international collector
base, underscoring the growing
significance of Dubai as a global hub
for the arts.
In recent years, the art market has
emerged as a captivating investment
opportunity, attracting collectors who
view artworks as valuable additions to
their investment portfolios. Similar to
stocks and bonds, art has the potential
to appreciate in value, particularly if
potentially yielding returns of up
to 80 percent. Instead of personally
acquiring artwork, the fund operates
on behalf of investors, allowing them
to access and display remarkable art
pieces by borrowing them. Additionally,
investors have the flexibility to
exchange artworks when desired,
ensuring a dynamic and ever-changing
collection to adorn their walls. This
alternative approach to art investment
showcases a unique and engaging way
to appreciate and benefit from the art
market.
One notable advantage of art as an
asset is its independence from stock
market fluctuations. Even during periods
of stock market downturns, art
the location of art purchases irrelevant.
In the UAE, specific financing
products tailored for art investments
are currently unavailable. However,
for those who prefer a more cautious
approach, art funds that offer advisory
services can serve as alternative
investment options.
Investing in art can reduce portfolio
volatility as it shows a low correlation
with monetary assets, serving as a
hedge against financial market downturns.
The top sectors of the art market
often exhibit little to no correlation
with stock markets. Art’s intrinsic
value and limited supply contribute to
its potential to retain and appreciate
in value over time. Beyond financial
Investing in art can reduce portfolio volatility as it
shows a low correlation with monetary assets, serving
as a hedge against financial market downturns.
an artist garners significant success
in their career. While it’s important to
note that art investment is a long-term
endeavour, typically spanning 10 years
or more, the patience of investors
can yield substantial profits. Many
art investors even include paintings
in their estate planning, considering
them as assets to be passed down to
future generations.
Contrary to popular belief, art investment
goes beyond simply selecting
a piece at a gallery and making
a purchase. High-end art investment
entails a more sophisticated approach.
For instance, the Middle Eastern Fine
Art Fund offers an opportunity for
investors to enter with a minimum
investment of AED 370,000, While
investments can continue to thrive,
providing diversification and risk
mitigation for savvy investors. Ideally,
although not guaranteed, artworks
tend to appreciate value over time,
further enhancing their appeal as an
investment choice.
The art market in the UAE, particularly
exemplified by the success
of Art Dubai, the region’s premier
contemporary art fair, showcases a
thriving and growing industry. Despite
the challenges posed by the pandemic,
the resilience of various art initiatives
conducted online underscores the
vitality of this market. Moreover, the
art world is transitioning towards an
online presence, transcending geographical
boundaries and rendering
gains, art investment offers aesthetic
enjoyment, cultural enrichment, and
the opportunity to pass down tangible
assets. Seeking guidance from art advisors
is crucial for navigating the art
market successfully. Incorporating art
into an investment portfolio provides
an intriguing opportunity to diversify
and potentially mitigate risk.
The art market offers a dynamic and
creative avenue for investment, with
the potential for long-term financial
growth. The thriving art scene in the
UAE, as evidenced by Art Dubai and
the involvement of prestigious galleries,
further solidifies the region’s
position as an emerging hub for art
enthusiasts and investors alike.
August 2023 www.thefinanceworld.com 89

Global News
Tesla cuts prices in
Japan for Model 3 & Y
Tesla Inc announced a price
reduction for its Model 3 and
Model Y electric vehicles in
Japan, effective from the beginning
of this month. The company
lowered prices by low single-digit percentages
for all variants of the Model
3 and Model Y. The price reduction,
which amounted to around 3% for the
Model 3 and 4% for the Model Y, made
the vehicles more affordable in Japan,
especially when combined with various
subsidies. This adjustment comes just
two months after Tesla increased the
prices of the Model 3 and Model Y in
the Japanese market. The prices for
the higher-end variants of both models
remain slightly higher, while the prices
of the Model S and Model X were left
unchanged.
Meta to launch Twitterlike
app Threads
Meta Platforms, the parent
company of Instagram, is
set to introduce a microblogging
app called Threads
shortly after Elon Musk, Twitter’s executive
chair, implemented a temporary
limit on the number of posts users can
read on the platform. The app, listed
on Apple’s App Store, is expected to
be available for download. Threads
will enable users to follow the same
accounts they do on Instagram and
retain their existing usernames. This
launch follows Twitter’s recent introduction
of several restrictions, such
as the requirement of verification to
access TweetDeck. Musk’s data scraping
initiatives have faced criticism,
creating challenges for new CEO Linda
Yaccarino. Meta has yet to respond to
inquiries regarding a potential launch
on the Google Play Store.
EV maker Rivian delivers 12,640 vehicles in the
second quarter
Rivian Automotive, the electric-vehicle
manufacturer,
announced on Monday that it
had delivered 12,640 vehicles
in the second quarter, representing a
significant 59% increase compared to
the previous quarter. During the same
period, the company produced 13,992
vehicles at its manufacturing facility
located in Normal, Illinois. These
Standard Chartered: High-Quality Government
Bonds Enhance Investor Yields
Standard Chartered has advised
investors to increase
their allocation to high-quality
government bonds while maintaining
a cautious approach to equities,
according to their recent Global Market
Outlook report. The bank suggests that
high-quality government bonds offer
an attractive risk/reward profile and
yield in comparison to other assets.
With economic growth projected to
slow, bond prices are expected to rise,
and returns are anticipated to be less
affected by a potential increase in the
Federal Reserve’s peak rate. The report
also recommends upgrading equity
to a core allocation, particularly in
impressive figures reflect Rivian’s
continued growth and strong performance
in the electric vehicle market.
As a result of this positive news, the
company’s shares experienced a 4%
rise to $17.3 during premarket trading.
Rivian’s success underscores the
increasing demand for electric vehicles
and highlights its position as a key
player in the industry.
combination with Developed Market
(DM) investment-grade government
bonds. Standard Chartered is overweight
on Asian equities, including
Japan, due to strong stock buybacks,
earnings growth, and favourable economic
conditions.
90 www.thefinanceworld.com August 2023

Japan’s firms offer biggest pay hikes in 30 years, wage growth broadens
Japanese firms have offered
the largest pay hikes in three
decades, according to Japan’s
largest trade union group, Rengo.
The survey conducted by Rengo
revealed an average pay increase
of 3.58%, or 10,560 yen ($73.04) per
month, the highest since 1993. Small
and medium enterprises (SMEs) also
raised wages at a rapid pace, with a
growth rate of 3.23%, the fastest in
three decades. Economists believe
that these pay hikes will help boost
consumer demand and revive the
economy. The Bank of Japan is closely
monitoring wage growth as it considers
the timing of unwinding its monetary
stimulus, while Prime Minister Fumio
Kishida aims to address rising living
costs by prioritizing wage increases.
Metro Cebu office take-up remains strong in Q1
Metro Cebu continues to be the
top choice for outsourcing
firms looking to expand in
the Philippines, leading
other provincial locations in office
space take-up during the first quarter of
2023, according to a report by Colliers
Philippines. Although vacancies remain
high due to new supply, the report
suggests that expanding outsourcing
companies will occupy more office
spaces in the area. Cebu’s abundant
China growth concerns
weigh on European
shares at open
European shares experienced a
decline on Wednesday due to
concerns over China’s faltering
economic recovery, causing
uncertainty among investors already
grappling with doubts about future
monetary policies by major central
banks. The pan-European STOXX 600
index dropped 0.4% by 7:02 GMT. A private-sector
survey revealed that China’s
services activity expanded at its slowest
pace in five months in June, adding to
existing data indicating weakness in the
world’s second-largest economy following
the pandemic. The mining sector was
particularly affected, declining by 1.0%,
as worries about weak demand from
China and slowing growth in other major
economies impacted metal prices.
labour pool, infrastructure, and matured
industry make it an attractive option
for shared services and multinational
companies (MNCs). The report also
encourages property landlords to
actively pursue major occupants
seeking expansive and sustainable
office spaces. Additionally, existing
occupiers in Metro Manila may consider
Cebu for their business continuity
plans, given its quality office spaces
and skilled workforce.
China’s Xi says focus should be on cooperation,
economic recovery
Chinese President Xi Jinping
emphasized the importance
of pragmatic cooperation and
expediting economic recovery
during his virtual speech at the 23rd
meeting of the Council of Heads of
State of the Shanghai Cooperation Organization
(SCO) Summit. The summit,
attended by leaders from SCO member
countries, witnessed President Xi’s
call for closer collaboration and a
focused approach to tackle prevailing
challenges. As the SCO plays a crucial
role in promoting regional stability and
economic development, Xi’s remarks
underscored China’s commitment
to fostering productive partnerships
within the organization. The summit
provided a platform to discuss key
regional issues and strengthen ties
among participating nations.
August 2023 www.thefinanceworld.com 91

Investing in Tourism
Driving Dubai’s Tourism Boom: Key
Factors Fueling Growth in the Tourism
Industry
The tourism industry is undergoing a profound transformation driven by
rapid technological advancements and shifting consumer expectations.
This dynamic landscape presents both challenges and opportunities for
investors seeking to capitalize on the industry’s evolution. Keeping in
mind the digital and technology trends, let’s throw light on investment
opportunities, challenges and insights for the future of the tourism
industry by 2030. By embracing adaptability and staying attuned to
the macro-trends, investors can position themselves for success in the
thriving tourism market of the future.
92 www.thefinanceworld.com August 2023

Dubai’s thriving population, tax-free trading zones,
culinary diversity, retail sector, educational institutions,
and multicultural environment further enhance its
appeal to international visitors
The local tourism authorities
in the UAE have introduced
initiatives to boost the travel
and tourism sector. They are
implementing various tourism plans
and projects to create environmentally
friendly destinations, promote
cultural tourism, organise tourism
events, activities, and festivals, as
well as sustainability projects. His
Excellency Sultan Al Mansoori, Minister
of Economy, said that the tourism
sector is among the priorities on the
UAE Development Agenda, as it is a
central pillar in the economic diversification
and preparation for the post-oil
economy.
One crucial aspect of enhancing
the tourism experience is investing in
the food and beverages sector. Dining
plays a pivotal role in the overall travel
experience, and investing in this sector
ensures that tourists have access
to a diverse range of dining options
that cater to their various tastes and
preferences. The UAE’s food and beverage
market is already a frontrunner
in the Middle East, thanks to the consistent
influx of tourists throughout
the year. Shuraa predicts a promising
7% year-on-year increase in the food
industry, showcasing the significant
potential for growth and investment
in this sector.
By prioritising the development of
the food and beverages sector, the
UAE can further elevate its tourism
offerings and solidify its position as a
top global travel destination.
Throughout the years, there has
been a steady evolution in the food industries
in UAE, especially in the food
processing industries. Even during
the Covid-19 pandemic, there was no
shortage of food experienced in Dubai
due to the diverse import strategies
and trade logistics infrastructures
employed by the government. A study
by the Dubai chambers states that UAE
recorded a 6% growth in fresh food
products and a 4% growth in sales of
packaged food products in 2020 itself.
Moreover, the UAE’s food and beverage
market witnessed a remarkable
surge in online sales, with a staggering
year-over-year growth of 255% in
2020, according to the Dubai chamber.
This impressive growth trajectory is
projected to continue, with forecasts
indicating that the market’s online
sales will reach a remarkable $619
million by 2025. These statistics serve
as strong indicators that the UAE is
positioning itself as a frontrunner in
the food trading business, poised for
leadership in the industry.
In line with the UAE’s commitment
to promoting its culinary prowess,
the Dubai food festival was introduced
in 2014. This esteemed event
was initiated by the Dubai Festivals
and Retail Establishment (DFRE),
an agency operating under the Department
of Tourism and Commerce
Marketing (DTCM) in Dubai. The
festival has since become an integral
part of Dubai’s annual events calendar,
captivating both locals and tourists
with its celebration of diverse flavours,
renowned chefs, and culinary
experiences.
The tenth annual DFF took place
this year, beginning on April 21st and
lasting until May 7th. During the 17-day
event, more than 95,000 people visited
Etisalat by e& Beach canteen, which
collaborated with various restaurants
throughout the city to present thoughtfully
crafted dishes at an affordable
price of Dhs10 per plate. The 10 Dirham
Dish initiative aims to make the
culinary culture of Dubai more accessible
than ever before.
The primary aim of the Dubai Food
Festival is to celebrate and showcase
the diverse culinary offerings of the
city. It was launched to promote Dubai
as a global gastronomic destination,
highlighting its vibrant food scene, rich
culinary heritage, and the presence of
renowned local and international chefs
and restaurants.
The Dubai Food Festival has played
a significant role in boosting the city’s
reputation as a culinary hotspot and
has contributed to the growth of its
tourism industry. It has become an
integral part of Dubai’s annual events
calendar, attracting both locals and
tourists who come to experience the
diverse flavours and culinary experiences
the city has to offer.
The flourishing food industry in the
UAE has sparked tremendous interest
among global investors, who recognise
the immense business potential
it holds. Dubai, in particular, offers a
wide range of accessible licenses for
various food-related ventures, including
restaurants, food trucks, catering
businesses, and bakeries. This not
only highlights the government’s recognition
of the pivotal role played by
the food and beverage industry in promoting
tourism but also underscores
their understanding of the importance
of facilitating entrepreneurial opportunities
in this sector.
August 2023 www.thefinanceworld.com 93

Local News
UAE says additional oil cuts should be enough to balance market
According to United Arab Emirates’
energy minister, Suhail
Al Mazrouei, the additional oil
output and export cuts made by
Saudi Arabia and Russia are expected to
be sufficient in balancing the oil market.
The OPEC+ group, which includes the
Organization of the Petroleum Exporting
Countries and Russia, has been implementing
production cuts since November
to combat declining oil prices. Despite
the recent cuts, benchmark Brent futures
traded at a more than 1% decrease at
$75.30 per barrel on Wednesday, still
below the $80-$100 per barrel range
needed by most OPEC nations to balance
their budgets. Mazrouei stated that the
current cuts are enough to evaluate the
market balance, and the UAE will not be
implementing further reductions.
UAE non-oil sector
remained on a strong
footing in June
Non-oil business conditions
in the UAE strengthened in
June, driven by increased
output and a surge in new
orders. The seasonally adjusted S&P
Global UAE Purchasing Managers’
Index (PMI) rose to 56.9 in June, indicating
consistent improvement for 31
consecutive survey periods. Andrew
Harker, Economics Director at S&P
Global Market Intelligence, highlighted
the sustained growth in securing new
business, reaching a four-year high.
However, the growth was partly reliant
on offering discounts to customers,
which may not be viable in the long
run due to rising input costs. Despite
this, job opportunities expanded for
the 14th consecutive month, driven
by higher workloads and the recruitment
of additional sales staff. The
survey suggests that backlogs of work
continued to rise, indicating the need
for further job creation and increased
staffing levels in the future.
ENOC Link Fuels Dubai Airport Fleet
ENOC Link, the digital fuel
supply service by ENOC
Group in the UAE, has started
providing fuel to Dubai
International Airport’s fleet, offering
reliability, safety, and convenience. By
eliminating the need for two weekly
fuel stops, the airport fleet is expected
to reduce vehicle movement by 31,616
kilometres annually, aligning with the
UAE’s sustainability objectives. The
Dubai Chamber of Digital Economy,
operating under Dubai
Chambers, hosted a workshop
with over 20 government
entities to tackle challenges within the
digital industries. The session aimed
to find solutions that foster a thriving
digital ecosystem, creating opportunities
and contributing to a sustainable digital
economy in Dubai and the UAE. Previous
interactive workshops focused on areas
such as Artificial Intelligence, 3D printing,
esports, healthtech, and ecommerce.
These discussions explored challenges
in targeted sectors, seeking to develop
appropriate solutions for improved performance
and enhanced competitiveness.
Mohammad Ali Rashed Lootah, President
and CEO of Dubai Chambers, emphasized
the importance of engaging with
stakeholders to strengthen the national
economy and establish Dubai as a global
digital capital.
collaboration between ENOC Link,
Dubai Airports, and EPPCO Aviation
ensures adherence to the highest
safety standards. ENOC Link drivers
underwent specialized training to
secure the Airport Driving Permit,
allowing them to operate vehicles and
equipment within the airport premises,
contributing positively to the UAE’s
climate change agenda.
Dubai Chamber of Digital Economy Explores Opportunities
and Challenges
94 www.thefinanceworld.com August 2023

Medcare Royal Hospital to be launched in Al Qusais, Dubai
Aster DM Healthcare, a leading
healthcare provider in the
GCC and India, has unveiled
the upcoming Medcare Royal
Hospital in Al Qusais. Developed by
Dubai Developments, the state-of-theart
medical facility will span 334,736
square feet and feature 126 beds. It
will be the fourth Medcare Hospital
in Dubai and the fifth in the UAE
overall, complementing the existing
Iberdrola, UAE’s Masdar
to develop $1.5B Baltic
wind farm, Expansion
reports
Spanish utility company Iberdrola
has entered into an exclusive
partnership with Abu Dhabi’s
Masdar to develop a 476 MW
offshore wind farm in the Baltic Sea,
according to Expansion newspaper.
The Baltic Eagle wind farm, situated
off Germany’s northeastern coast, will
consist of 50 wind turbines and is part
of Iberdrola’s strategy to sell advanced
renewable projects and raise funds for
its 47 billion euro investment plan.
Expansion reports that Masdar, owned
by the United Arab Emirates’ sovereign
wealth fund Mubadala, may acquire
up to a 49% stake in the project. The
Baltic Eagle wind farm is estimated
to be worth approximately 1.4 billion
euros ($1.52B).
network of 20 Medcare Medical Centres.
The agreement between Aster DM
Healthcare and Dubai Developments
was recently signed, with plans for
the hospital to commence operations
by December 2023. This collaboration
aligns with the UAE’s vision to become
a global healthcare destination, offering
exceptional medical services and
patient experiences.
Abu Dhabi, Ajman, and Dubai ranked among world’s
5 safest cities
According to data released by
Numbeo, Abu Dhabi, Ajman,
and Dubai have been ranked
among the world’s five safest
cities, solidifying the United Arab
Emirates’ reputation as a secure and
stable destination to live and work.
The first half of 2023 data revealed
that Abu Dhabi claimed the top spot
as the safest city globally, with Ajman
ranked second and Dubai at fifth place.
Abu Dhabi has consistently held the
leading position since 2022. Doha and
Taipei secured the third and fourth
positions, respectively, while Muscat
ranked eighth, making it the only other
city from the region in the top 10.
The Numbeo rankings cover various
aspects such as quality of life, crime,
healthcare, pollution, and traffic.
Dubai Hosts First Assembly for Generative AI to
Explore Advanced Technologies
The inaugural Dubai Assembly
for Generative AI is scheduled
for October 11-12, as announced
by the Dubai Media Office. The
event aims to introduce governments and
societies to the potential of generative
AI tools, showcasing how advanced
technologies can be harnessed to
advance progress and improve quality
of life. Under the guidance of Sheikh
Hamdan bin Mohammed bin Rashid
Al Maktoum, the Crown Prince of
Dubai, the Assembly aims to develop
an inclusive vision for the future of
generative AI, focusing on forthcoming
advancements and promising opportunities
it offers. Dubai’s commitment to
embracing AI is set to lead the way in
tech advancements.
August 2023 www.thefinanceworld.com 95

M IDDLE E AST & AFRICA
R
THREE EXCLUSIVE DAYS OF
DEAL-MAKING, NETWORKING
AND IMPACTFUL
INDUSTRY DISCUSSIONS
futurehospitality.com/ae
CONFIRMED SPEAKERS INCLUDE
KHALID SAUD
ABU HAIMED
Chief Executive Officer
Al Khozama Investments
SÉBASTIEN
BAZIN
Group Chairman & CEO
and Luxury & Lifestyle
Division CEO
Accor
MARIAM AL
MUSHARREKH
Executive Director of
Human Resources
Miral
JS
ANAND
Founder & CEO
Leva Hotels & Resorts
OLIVER
BONKE
CEO & Chairman of the
Board of Management
Deutsche Hospitality
PUNEET
CHHATWAL
Managing Director & CEO
The Indian Hotels Company
Limited (IHCL)
ANDREW
GILMOUR
Principal Economist
The Economist Group
CHADI
HAUCH
Regional Vice President
Lodging Development ME
Marriott International
GUY
HUTCHINSON
President & CEO
Rotana
KEVIN
JACOBS
Chief Financial Officer
and President, Global
Development
Hilton
RAED
KUHAIL
Executive Director of
Digital & Technology
Miral
DIMITRIS
MANIKIS
President, Europe,
Middle East, Eurasia &
Africa (EMEA)
Wyndham Hotels & Resorts
GILDA
PEREZ-ALVARADO
Global CEO
JLL Hotels & Hospitality
STEPHEN
SACKUR
Presenter
HARDTalk
SPONSORS
HOST SPONSORS PLATINUM SPONSORS SILVER SPONSORS MEDIA PARTNER
EMERALD SPONSORS
GRIF EXHIBITORS
SUPPORTERS
GOLD SPONSORS
25 - 27 SEPT 2023
FOCUS ON INVESTMENT
HILTON ABU DHABI YAS ISLAND
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