The Finance World Magazine| Edition: September 2023

UAE Central Bank Allocates Dhs650 Billion Budget for First Half of the Year 

September’s Startups: Unveiling the Month’s Most Promising Ventures 

UAE’s Corporate Tax Law: Shaping a Competitive Business Landscape 

Unlocking Startup Success: A Guide to Securing Funding in the UAE 

September 2023 

Middle East's 

Green 

Renaissance 

Nurturing Sustainability 

and Eco-Initiatives 

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

61 | Qatar - QAR 60 Oman - OMR 6.3 | 

Bahrain - BD 6.2 Kuwait - KWD 5 | UK - 

£12 | EU - €14 

P22 | Building Resilience: Risk 

Management Best Practices for 

Ensuring Business Continuity 

P64 | Diversification: The Key 

to Mitigating Risks in Stock 

Market Portfolios 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

The Middle East is currently experiencing a transformative 

Editor’s Note 

era characterized by sustainability and governance, known 

as the Middle East’s Green Renaissance. At the heart of this 

movement is the Environmental, Social, and Governance 

(ESG) framework, which is reshaping corporate success by placing 

a strong emphasis on transparency, accountability, and responsible 

global citizenship. 

ESG investing is reshaping financial markets, aligning financial gains 

with societal and environmental impacts. The Middle East has pledged 

significant net-zero commitments, underscoring its commitment to 

environmental stewardship. 

As the Middle East prepares to host COP28 in Dubai, it remains 

committed to sustainability. This edition explores the Middle East’s 

ESG journey, from milestones to future horizons. 

This edition provides insightful perspectives across diverse sectors 

within the UAE. it provides insights on certain areas of focus, such 

as The Key to Mitigating Risks in Stock Market Portfolios, Cross- 

Border M&A: Challenges and Opportunities in Global Transactions, 

Risk Management Best Practices for Ensuring Business Continuity, 

Fintech Innovations Shaping the Future, 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. 

September 2023 www.thefinanceworld.com 5 

September 2022 3

Contents September 

2023 

PERSONAL FINANCE 

P08 | Navigating Financial Independence 

Amidst High Inflation: 

Long-Term Strategies for Success 

UAE BANKING 

BUSINESS 

P22 | Building Resilience: Risk 

Management Best Practices for 

Ensuring Business Continuity 

P24 | Business News 

COVER STORY 

HEALTHCARE 

P44 | Healthcare Analytics in the 

UAE: Leveraging Data for Improved 

Decision-Making 

MERGERS AND 

ACQUISITIONS 

P10 | UAE Central Bank Allocates 

AED 650B Budget for First Half of 

the Year 

P12 | UAE Banking News 

UAE REFORMS 

P14 | Global Economists and 

Finance Leaders Forge Path for 

International Climate Finance at 

COP28 Summit 

FINTECH 

P16 | September Spotlight: 

Fintech Innovations Shaping the 

Future 

P18 | Fintech News 

P20 | Fintech Application 

6 www.thefinanceworld.com September 2023 

P26 | Middle East’s Green 

Renaissance: Nurturing 

Sustainability and Eco-Initiatives 

START-UP 

P36 | September’s Startups: 

Unveiling the Month’s Most 

Promising Ventures 

ENERGY 

P38 | Electric Vehicles: Driving the 

Transition to Clean Transportation 

P40 | Energy News 

P46 | Cross-Border M&A: 

Challenges and Opportunities in 

Global Transactions 

P48 | Mergers & Acquisitions News 

CRYPTOCURRENCY 

P50 | Crypto Innovations: 

Exploring the Latest Blockchain 

Projects and Protocols

REAL ESTATE 

STOCK MARKET 

TOURISM 

P52 | Risk Management in Real 

Estate Financing: Strategies for 

Mitigating Market Volatility 

P54 | Real Estate News 

FUNDING & INVESTMENT 

P64 | Diversification: The Key to 

Mitigating Risks in Stock Market 

Portfolios 

CORPORATE TAX 

P66 | UAE’s Corporate Tax Law: 

Shaping a Competitive Business 

Landscape 

P68 | Corporate Results 

TRAVEL 

P78 | Unveiling the Future of 

Tourism: 6 Key Trends Fueling 

Hospitality Growth in Dubai and 

Beyond 

INVESTING IN ART 

P58 | Unlocking Startup Success: 

A Guide to Securing Funding in the 

UAE 

P60 | Funding & Investment News 

DIGITAL ASSETS 

P72 | Unforgettable Getaways to 

Visit in August 

SPORT AS A BUSINESS 

P80 | Art Investment: A Canvas of 

Potential and Discovery 

P82 | Global News 

INVESTING IN TOURISM 

P62 | The Future of Digital 

Assets: Innovations and Potential 

Disruptions 

P74 | The Future of Sports 

Business: Emerging Trends in 

2023 

P76 | Sports News 

P84 | Reviving Soar: UAE Tourism 

Investment Surges 

P86 | Local News 

P21 | P33 | P43 | Launch Express 

P34 | P56 | Wheels 

P32 | P42 | Tech My Money 

September 2023 www.thefinanceworld.com 7

Personal Finance 

Navigating Financial Independence 

Amidst High Inflation: Long-Term Strategies 

for Success 

In today’s high-inflation environment, achieving financial independence may 

seem challenging, but it’s not impossible. With the right personal finance 

strategies, you can secure your financial future and navigate through economic 

uncertainties. In this article, we will explore essential tactics that will help 

you thrive in a high-inflation economy and work towards achieving your 

long-term financial goals. 

8 www.thefinanceworld.com September 2023

Creating a comprehensive budget is 

the foundation of sound personal 

finance. By tracking your income, 

expenses, and savings, you gain 

a clear understanding of your financial 

situation. A well-crafted budget allows 

you to identify areas where you can cut 

unnecessary expenses and increase your 

savings, bringing you closer to financial 

independence. 

Inflation erodes the purchasing power 

of money, making it vital to invest 

in assets that can outpace inflation. 

Consider allocating your funds to inflation-resistant 

assets like real estate, 

gold, mutual funds, and stocks. These 

to market volatility and enhances your 

chances of achieving higher returns. 

In a high-inflation environment, managing 

debt becomes even more critical. 

Prioritize paying off high-interest debt, 

such as credit cards, to prevent interest 

from eating into your finances. Limit your 

use of credit and opt for responsible borrowing 

when necessary. Reducing debt 

will strengthen your financial position 

and accelerate your journey towards 

financial independence. 

Investing in yourself is one of the most 

valuable financial decisions you can 

make. Enhance your skills, education, and 

safety net will protect your long-term 

savings and provide peace of mind during 

challenging times. 

Stay proactive with your investments 

by reviewing and adjusting them regularly. 

Keep track of their performance and 

make changes when necessary to stay 

aligned with your financial objectives. A 

well-monitored investment strategy will 

optimize your returns and contribute to 

your financial independence. 

Navigating a high-inflation environment 

requires a strategic approach to 

personal finance. By adopting these 

essential strategies, including budgeting, 

High inflation won’t deter your 

financial independence journey. 

Embrace budgeting, wise 

investments, and personal growth. 

Navigate wisely, and you’ll reach 

your goals. 

investments have historically provided 

a hedge against rising prices and the 

potential for attractive returns. 

Avoid the risk of putting all your eggs 

in one basket by diversifying your investment 

portfolio. Mix a variety of asset 

classes, such as equities, fixed-income 

instruments, and alternative investments 

like real estate and commodities. This 

diversification reduces your exposure 

health to increase your earning potential 

and employability. Continuous personal 

growth opens up new opportunities for 

higher income and provides a safety net 

during economic downturns. 

Unforeseen expenses can destabilize 

your financial plans, especially in times 

of inflation. Establish an emergency fund 

to cover at least three to six months’ 

worth of living expenses. Having this 

diversified investments, debt management, 

and self-improvement, you can 

secure your financial future and achieve 

financial independence. Embrace these 

tactics and set yourself on the path to 

long-term financial success, even amidst 

economic challenges. Remember, with 

the right financial mindset and perseverance, 

financial independence is within 

your reach. 


UAE Banking 

UAE Central Bank Allocates AED 650B Budget 

for First Half of the Year 

In a significant revelation, the Central 

Bank of the UAE has achieved 

a remarkable milestone by reaching 

an all-time high public budget 

of AED 650B by the end of June 2023. 

This remarkable accomplishment, as 

detailed in the latest fiscal report, 

underscores the financial prowess 

and strategic acumen of the nation’s 

central financial institution. 

The report for June 2023 revealed 

a steady upward trajectory, with a 

monthly increment of 0.2 percent 

propelling the public budget to an 

impressive AED 649.4B by the end 

of June, compared to the previous 

month’s figure of AED 648.12B. This 

surge of AED1.3B within just a single 

month showcases the Bank’s agility 

and capability to manage and optimize 

its resources. 

A notable surge on an annual basis 

is equally striking, with the central 

bank’s public budget skyrocketing by 

an impressive 32.15 percent, equivalent 

to a staggering AED 158B, in contrast 

to the AED 491.4B reported in June 

2022. This substantial growth not 

only underscores the bank’s effective 

financial management but also its 

adeptness at navigating the complex 

economic landscape. 

This remarkable momentum has 

extended into the current year, with an 

outstanding 17.5 percent rise since the 

beginning of the year. This translates 

to an impressive increment of AED 

97B during the first half of the year, 

compared to the AED 552.5B recorded 

at the close of December 2022. Such 

consistent growth is a testament to the 

Central Bank’s strategic planning and 

prudent financial decisions. 

Delving into the specifics of the 

budget’s allocation, the assets side 

reveals a meticulous distribution. 

Notably, AED 257.2B has been allocated 

to cash and bank balances for 

the month of June, reflecting a robust 

liquidity position. Investments held 

until maturity have been earmarked at 

AED 211.32B, while deposits account 

for AED 135.34B. The allocation for 

loans and advances stands at AED 

4.18B, with AED 41.38B allocated to 

other assets, underscoring a diverse 

investment portfolio. 

On the liabilities and capital side, 

a judicious approach is evident. AED 

284.78B has been allocated for current 

and deposit accounts, while 

AED 205.72B has been earmarked 

for cash permits and Islamic deposit 

certificates. Moreover, AED 136.48B 

has been apportioned for issued cash 

securities and coins, and AED 12.73B 

has been allocated for capital and reserves, 

highlighting a prudent capital 

management strategy. 


UAE Banks Unveil $52B in Elegant Green 

Financing Solutions 

In a significant stride towards 

combating climate change and 

fostering sustainable development, 

UAE banks have committed 

over AED 190B (approximately $51.8B) 

in green financing deals. The UAE 

Banks Federation (UBF) recently unveiled 

this monumental achievement, 

underscoring the financial sector’s 

pivotal role in aligning with the UAE’s 

emission reduction strategy and the 

United Nations’ Sustainable Development 

Goals. 

The UBF applauded the proactive 

stance of the banking industry in 

addressing climate change through 

robust green financing initiatives 

and climate-conscious endeavours. 

These initiatives have emerged as 

potent tools to fulfil the sustainability 

pledges of various UAE organizations, 

both within the nation and across the 

region. This collective push towards 

green finance and the issuance of 

environmentally-oriented funds signifies 

a resolute step towards realizing 

the UAE’s ambitions for a greener, 

climate-neutral future. 

UBF stands as a dedicated partner 

in the UAE’s journey towards sustainability, 

closely collaborating with the 

Central Bank of the UAE and all its 

member banks. Together, they are laying 

the groundwork for the transition 

to a sustainable economy, echoing the 

nation’s ambitious agenda. 

The data shared by UBF members 

echoes this commitment, revealing 

that six major banks have jointly 

pledged more than AED 190B for 

diverse projects in renewable energy, 

waste-to-energy, and green technology 

by the conclusion of 2022. These banks 

include First Abu Dhabi Bank (FAB), 

Abu Dhabi Commercial Bank (ADCB), 

Emirates NBD (ENBD), Dubai Islamic 

Bank (DIB), Mashreq Bank, and Abu 

Dhabi Islamic Bank (ADIB). 

This surge in green funding harmonizes 

with the guidelines set forth by 

the Central Bank of the UAE’s Sustainable 

Finance Working Group and 

broader sustainability objectives for 

the sector. These efforts have been 

particularly relevant in the context 

of the “Year of Sustainability” and the 

UAE’s hosting of the 28th Conference 

of the Parties (COP28). 

A standout feature of UBF’s commitment 

to sustainability is the establishment 

of an expert-driven ESG 

steering committee. This committee is 

diligently working under the guidance 

of the Central Bank of the UAE’s policies, 

which are aimed at integrating 

sustainability principles into reserves 

management and monetary operations. 

This approach is aimed at fortifying 

the principles and frameworks that 

underpin green finance. 

One noteworthy achievement has 

been the issuance of green sukuk 

and bonds, which have amounted to 

approximately AED 62.4B ($17B) in 

the UAE. These financial instruments 

not only enable access to funding 

sources that contribute to climate and 

environmental preservation but also 

yield attractive returns for investors. 


UAE Banking News 

Abu Dhabi Islamic Bank Boosts Digital Transformation with Cloud Migration 

Abu Dhabi Islamic Bank 

(ADIB), a leading Islamic 

financial institution, 

announced the successful 

migration of a significant portion 

of its applications and workloads, 

including customer-facing platforms 

and core banking applications, to the 

Azure Cloud, using advanced cloud 

computing services like Blockchain, 

AI, and Data warehouse. This move 

enhances the bank’s infrastructure, 

offering customers a seamless and 

convenient banking experience within 

a cloud-based ecosystem. ADIB’s 

commitment to digital transformation 

and customer-centricity led them to 

select Cloud4C as their partner for 

this transformation project, benefiting 

from their expertise in Azure cloud 

and extensive financial services experience. 

The migration allows ADIB 

to rapidly deploy new applications 

while ensuring the highest security 

standards. 

Nasdaq Dubai Lists Dar Al-Arkan’s $600M Sukuk 

Nasdaq Dubai recently welcomed 

the listing of a $600M 

sukuk by Dar Al-Arkan 

Sukuk Company Ltd, Saudi 

Arabia’s leading residential property 

developer. The sukuk is part of a $2.5B 

Trust Certificate Issuance Programme 

and matures in 2029. This marks Dar 

Al-Arkan’s 13th issuance and 9th 

under the programme, reflecting the 

unwavering support of their investors. 

The total value of Dar Al-Arkan’s 

listed securities on Nasdaq Dubai 

now stands at $2B, comprising four 

sukuks. Nasdaq Dubai’s CEO, Hamed 

Ali, extended congratulations and reaffirmed 

the exchange’s commitment 

to fostering growth and providing a 

transparent marketplace for issuers. 


CBI Reports Impressive 44% Net Profit Growth, Reaching $21M in H1 2023 

Commercial Bank International 

(CBI) has announced its halfyear 

financial results for 2023, 

showcasing robust performance 

and significant growth. The bank reported 

a remarkable 44 percent year-to-date 

increase in net profit, reaching AED 

79M in H1 2023, compared to AED 

55M in H1 2022. Net operating income 

remained steady, slightly rising from 

AED 268M to AED 270M during the same 

period. Moreover, loans and advances 

demonstrated positive growth, climbing 

from AED 12B in H1 2022 to AED 12.3B 

in H1 2023. CBI’s CEO, Ali Sultan Rakkad 

Al Amri, attributed this success to their 

customer-first approach and continuous 

pursuit of innovation. 

UAE Banks Processed 

AED 6.74T in Remittances 

in 2023’s First 

Five Months 

During the first five months of 

2023, UAE banks efficiently 

handled remittances worth 

approximately AED 6.74T 

through the UAE Funds Transfer System 

(UAEFTS), according to the latest data 

from the Central Bank of the UAE. This 

represented a remarkable surge of 39.20 

per cent compared to the same period 

in 2022, with the total value increasing 

from AED 4.84T to AED 6.74T year-onyear. 

The transactions involved AED 

4.27T transferred between banks and 

AED 2.47T exchanged between bank 

customers. Additionally, during the 

same period, cash deposits with the 

Central Bank reached AED 69.52B, 

while cash withdrawals amounted to 

AED 76.98 B. 

DIFC Attracts Record Number of Companies in H1 

2023 with 23% Surge 

In the first half of 2023, the Dubai 

International Financial Centre 

(DIFC) experienced remarkable 

growth, with 661 new companies 

joining, marking a 23% increase from 

the previous year. This brought the 

total number of registered companies 

to 4,949, up from 4,031 in the same 

period last year. As a result of this 

expansion, a record 3,057 jobs were 

created, elevating the total workforce 

in DIFC by 20% year-on-year to 39,140. 

Sheikh Maktoum bin Mohammed, the 

president of DIFC, highlighted the 

centre’s role in fostering investment, 

innovation, and enterprise, contributing 

to Dubai’s ambitious economic 

development plans with a focus on 

advanced financial technologies. 


UAE Reforms 

Global Economists and Finance 

Leaders Forge Path for International 

Climate Finance at COP28 Summit 

In a pivotal two-day gathering 

of preeminent economists and 

finance leaders convened by the 

COP28 Presidency, a unanimous 

consensus has emerged on the critical 

next steps required to establish a novel 

framework for international climate 

finance. The outcomes of this high-level 

meeting not only set the stage for 

the upcoming COP28 but also extend 

their impact to the subsequent COP29 

and COP30. 

Distinguished economists from the 

Independent High-Level Expert Group 

(IHLEG) joined forces with prominent 

figures representing global institutions 

such as the World Bank, IMF, ECF, 

IFC, as well as the COP28 and COP27 

Presidencies and UN Climate Change 

High-Level Champions. The intensive 

discussions transpired in Abu Dhabi 

from August 15th to 16th, shaping a 

definitive roadmap towards sustainable 

climate finance. 

An essential commitment emerged 

from this assembly: to present COP28 

with recommendations for a fresh international 

climate finance framework 

alongside a concrete plan for their implementation. 

The framework is set to 

address pressing concerns, including 

managing debt distress in vulnerable 

nations and determining the private 

sector’s role in amplifying financial 

support. While private finance inflows 

are witnessing growth, the consensus 

was that their acceleration must be 

swifter to meet the estimated $2.4 

trillion annual investment required 

by 2030 to combat climate change 

in emerging markets and developing 

economies. 

This comprehensive roadmap will 

guide a spectrum of institutions, encompassing 

UN agencies, the IMF, 

World Bank, regional MDBs, national 

governments, and the private sector. 

By establishing alignment on this roadmap 

at COP28, leaders across various 

sectors will rally around a cohesive 

plan of action for international climate 

finance. 

Collectively, the meeting attendees 

affirmed the pivotal role of finance in 

facilitating solutions for transitioning 

toward a net-zero, climate-resilient 

future. They agreed on the imperative 

to expedite the growth of international 

climate finance within this decade, 

bolstering mitigation and adaptation 

initiatives in emerging markets and 

developing economies. 


UAE’s Economy Poised for Strong and 

Diverse Growth Amidst Global Uncertainty 

The United Arab Emirates 

(UAE), known for its rapid 

economic ascent, is set to 

maintain its robust growth 

trajectory, with an average expansion 

of 4.6 percent anticipated until 2024. 

This surge is underpinned by factors 

such as increased oil prices, a surge 

in tourist arrivals, buoyant real estate 

transactions, and improved business 

sentiment. 

According to the International Monetary 

Fund (IMF), the UAE’s economy 

is poised to accelerate its pace in 

the upcoming years. Despite a slight 

revision to the global growth outlook 

due to financial system uncertainties, 

the IMF predicts that the country’s 

GDP will rise by 3.9 percent in 2024, 

surpassing the 3.6 percent projected 

for this year. These forecasts are 

resilient even in the face of geopolitical 

challenges and the uncertain 

global recovery landscape. The IMF’s 

executive board remains confident in 

the UAE’s positive economic outlook, 

bolstered by robust domestic activity 

and heightened business confidence. 

Experts believe that the UAE’s 

commendable progress in forging 

comprehensive economic partnerships 

with key nations will be instrumental 

in enhancing trade integration and 

foreign direct investment (FDI) inflows. 

These partnerships are seen as 

vital growth drivers, generating trade 

opportunities and reinforcing regional 

and global economic dynamics in 2024. 

This optimism extends to the latter 

half of 2023, as the real estate and travel 

sectors rebound vigorously due to 

the influx of global businesses, investors, 

and high-net-worth individuals. 

Major international events, including 

the Dubai Airshow 2023 and the United 

Nations Climate Change Conference 

(COP 28), are set to significantly boost 

the travel and hospitality industry. 

S&P Global reports that the UAE’s 

thriving business landscape reflects 

growing business community confidence 

in sustained economic prospects. 

Expectations for the next year’s 

economic activity have consistently 

improved over the past five months, 

reaching the highest levels since late 

2021. 

After conducting the 2022 Article IV 

consultation with the UAE, the IMF’s 

directors anticipate a 3.8 percent 

surge in non-hydrocarbon growth. 

This growth is attributed to ongoing 

tourism activity and increased capital 

expenditure. However, the outlook 

remains influenced by global uncertainties, 

including weaker growth, 

tighter financial conditions, and geopolitical 

shifts. 

The IMF’s board predicts a 6.9 percent 

overall growth for 2022, with 

non-hydrocarbon GDP growth at 5.3 

percent and hydrocarbon GDP growth 

at 11.1 percent. While inflation has 

mirrored global trends, it is projected 

to ease to 3.4 percent in 2023. 

Fiscal and external surpluses are 

expected to remain robust, supported 

by elevated oil prices. The financial 

sector is reasonably well-capitalized 

and liquid, although nonperforming 

loans persist at elevated levels. In 

certain real estate segments, prices 

have witnessed sharp increases. 

The UAE’s economic outlook remains 

buoyant, promising sustained 

growth through strategic partnerships, 

fiscal reforms, and a commitment to 

environmental sustainability. While 

potential obstacles exist, including oil 

production cuts and external demand 

fluctuations, the UAE’s determination 

to modernize and diversify its economy, 

coupled with its resilient business 

environment, positions it as a beacon 

of growth amidst an ever-evolving 

global landscape. 


Fintech 

September Spotlight: Fintech Innovations 

Shaping the Future 

In an era marked by rapid technological advancement, the intersection of finance 

and technology has given rise to a wave of transformative solutions, challenging 

traditional norms and redefining the way we manage, invest, and transact. In 

the present context, the spotlight redirects its beam towards the ingenious 

marvels of fintech, with Xpence, Bankiom, and Foloosi standing as catalysts 

in the process of revolutionizing facets extending from digital payments and 

blockchain applications to the intricate mechanisms of decentralized finance. 

Foloosi 

Foloosi, under the visionary 

guidance of its Founder and 

CEO, Omar Bin Brek, emerges 

as a transformative force in 

shaping the modern financial landscape. 

With an unwavering mission 

to empower businesses, both large 

enterprises and startups alike, Foloosi’s 

cutting-edge software and APIs 

have revolutionized payment acceptance, 

payouts, and online business 

management. This unified platform 

offers an integrated suite of payment 

products, providing the essential 

foundation for websites and apps to 

seamlessly accept payments and send 

payouts across the globe. From powering 

payments for online retailers and 

subscriptions to software platforms 

and marketplaces, Foloosi’s reach is 

comprehensive and all-encompassing. 

Central to Foloosi’s prowess is the 

Foloosi App, a mobile payment enabler 

supported by seamless integrations 

and a robust customer relations 

management system. This synergy 

results in a fast, modern, and secure 

ecosystem that leverages technology’s 

advanced potential. Functioning as a 

UAE business enabler, Foloosi offers 

user-friendly options designed for 

accessibility, convenience, and simplicity. 

With trusted partners ensuring 

security, Foloosi’s online marketplace 

provides a streamlined platform for 

customers to make payments for products 

and services, thus enhancing the 

overall customer experience. 

Driven by an inventive, safe, and 

convenient ethos, Foloosi’s mission 

is to become the go-to companion 

for innovative technology in a smart 

mobile-powered digital economy. It 

stands committed to introducing the 

latest innovations while fortifying 

IT security measures and enhancing 

user experiences. Foloosi envisions 

being among the world’s premier 

online marketplace payment portals, 

fostering comprehensive business 

empowerment for all. Businesses, irrespective 

of size, gain a multitude of 

advantages through increased Foloosi 

usage, including reduced fraud, faster 

payment processing, lower fees, and 

enhanced customer loyalty. 

Omar Bin Brek, 

Founder and CEO 


Xpence 

At the forefront of innovative 

financial solutions stands 

Xpence, led by its visionary 

CEO, Saad Ansari. With an 

unwavering commitment to revolutionizing 

business spending practices, 

Xpence offers a groundbreaking 

platform that seamlessly integrates 

smart payment cards for freelancers, 

corporates, and every entrepreneurial 

endeavour in between. As a pioneering 

smart business spend platform, 

Xpence envisions a global landscape 

where launching and scaling businesses 

becomes effortless through 

its all-encompassing app. The essence 

of Xpence lies in its array of features 

meticulously designed to empower 

businesses worldwide. The platform’s 

smart Xpence cards redefine spending 

norms, enabling teams to make 

purchases both online and in-store 

with confidence while maintaining 

impeccable control over financial 

outflows. The Xpence account further 

transforms the business landscape by 

automating time-consuming bookkeeping 

tasks, granting entrepreneurs more 

time to nurture growth. A highlight 

of Xpence’s repertoire is its invoicing 

capability, allowing users to craft and 

track professional invoices on the go, 

expediting payment processes through 

online payment options. In the realm 

of team empowerment, Xpence cards 

prove to be a dynamic asset, equipping 

teams with the tools they need 

to drive efficiency and productivity. 

Additionally, Xpence’s virtual cards 

provide unparalleled control over 

online expenses, bolstering security 

while optimizing online spending practices. 

With an unwavering commitment 

to safeguarding data and finances, 

Xpence employs industry best practices 

to ensure the utmost security 

for businesses and their stakeholders. 

Saad Ansari, 

Co-Founder and CEO 

Bankiom 

Under the visionary leadership 

of Founder and CEO Danny 

Abla, Bankiom emerges as 

a beacon of transformative 

financial solutions. A trailblazer in the 

realm of finance, Bankiom reshapes the 

way individuals manage their money 

while seamlessly integrating the essence 

of the Passion Economy. Pioneering a 

financial revolution, Bankiom’s innovation 

lies in its holistic approach to financial 

management. Nestled in the heart of 

Dubai, UAE, this dynamic institution 

offers a suite of digital financial services 

that extend beyond the conventional. 

With a steadfast mission to enhance 

global financial well-being, Bankiom 

not only empowers users to take control 

of their finances but also enriches their 

lives with tailor-made experiences. 

Bankiom’s commitment to simplicity 

and user-centered design sets it apart. It 

goes beyond mere transactions, instilling 

a sense of financial security and peace 

of mind. Accessible virtually, Bankiom’s 

prepaid card options, including the 

versatile virtual visa card, redefine 

the shopping experience, transforming 

it into a stress-free endeavour. The 

integration of real human support and 

co-creation furthers its distinctiveness, 

reflecting a genuine dedication to users’ 

needs. From secure money transfers to 

budget planning, Bankiom’s multifaceted 

approach encompasses every aspect 

of financial well-being. 

By bridging the gap between finance 

and lifestyle, Bankiom’s digital prowess 

makes financial empowerment an 

integral part of daily living. Whether 

it’s a virtual card for seamless online 

payments or a comprehensive budget 

planner, Bankiom is reshaping financial 

journeys, one transaction at a time. 

Danny Abla, 

Founder and CEO 


Fintech News 

Saudi FinTech Mozn Earns Prestigious Recognition as a Top Fintech in 2023 

Saudi Arabia’s Mozn, a leading 

enterprise AI technology provider, 

proudly joins the ranks 

of the “World’s Top FinTechs 

2023” as recognized by Statista, with a 

place in the Top 200 globally and the Top 

25 in the “Digital Business Solutions” 

category. Mozn’s acclaimed AI-powered 

risk and compliance platform, FOCAL, 

has gained traction among financial 

institutions, including banks, insurers, 

and fintechs in emerging markets. The 

comprehensive assessment by Statista 

examined over 1,500 companies, 

employing a multi-level KPI research 

approach, considering overarching 

and segment-specific KPIs. With over 

1 billion screening checks conducted 

on beneficiaries, FOCAL enhances 

efficiency, customer experience, and 

compliance on an international scale, 

setting new industry standards. 

Qatar FinTech Hub Sets Sights on Emerging Trends 

in 2023 

The Qatar FinTech Hub (QFTH) 

is actively driving the country’s 

economic development 

through the implementation of 

the Qatar Central Bank’s (QCB) National 

FinTech Strategy, according to Qatar 

Development Bank’s (QDB) CEO, Abdulrahman 

Hesham al-Suwaidi. QFTH 

is focusing on paytech, insurtech, buy 

now, pay later (BNPL), and collective 

debt-based crowdfunding, targeting 

emerging trends and market demand. 

The hub aims to enable the digital transformation 

of Qatar’s financial services 

ecosystem, attract industry partners, 

and build future financial services 

skillsets. Partnered with esteemed 

organizations like Qatar Central Bank, 

Microsoft, Visa, and more, QFTH has 

made significant investments in the 

fintech portfolio, fostering innovation 

and economic diversification through 

job creation and adopting emerging 

technologies. 

E& Money Introduces Prepaid Card Offering Cash 

Rewards 

E& money, the fintech arm of 

e& group, has introduced the 

e& money card, a digital-first 

prepaid card aimed at promoting 

financial inclusivity and driving 

a cashless economy in the UAE. The 

card is easily accessible through the 

e& money app, with residents getting 

a 16-digit Mastercard branded card 

within 10 seconds. Already, over 180,000 

digital cards have been issued since 

the launch in March. The card offers 

seamless global transactions by integrating 

with Apple Pay, Samsung, and 

Google Wallet for contactless payments. 

An enticing feature is the one percent 

cash rewards on all card spends until 

the end of 2023, making it a unique 

offering among prepaid cards. The 

rewards can be conveniently accessed 

through the app and redeemed for 

various deals and vouchers, fostering 

financial inclusion and embracing a 

cashless society’s advantages. 

Qatar FinTech Hub Unveils 

Wave 5 of Incubator & 

Accelerator Programs 

Qatar FinTech Hub (QFTH), 

founded by Qatar Development 

Bank (QDB), has announced 

the final list of FinTech Startups 

to join Wave 5 of its Incubator and 

Accelerator Programs. The series is part 

of QDB’s efforts to support startups in 

their entrepreneurial journey through 

various programs and venture capital 

investments. Since its launch in 2020, 

QFTH has played a key role in growing 

Qatar’s Fintech industry by graduating 

57 FinTech Startups, with the cumulative 

valuation of portfolio start-ups coming up 

to $500M. QDB’s commitment is evident 

by their investment of $6.46M in these 

FinTech Startups, with more than $4M 

already disbursed. 


Mastercard Collaborates 

with One Global 

to Bring Click to Pay to 

Kuwait 

One Global, operating under 

its Payment Service Provider 

(PSP) license, partners with 

Mastercard to introduce Click 

to Pay in Kuwait. This solution offers a 

consistent, secure, and fast checkout 

experience for consumers, eliminating 

the need to enter card details with 

every merchant. Once enrolled, users 

can seamlessly check out with their 

stored cards on any supporting merchant. 

One Global enables Click to Pay 

for digital gift cards, gaming vouchers 

(Amazon, Apple Cards, PlayStation, 

Nintendo), and bill payments through 

their platform, Og Money. They plan to 

expand the service to other countries 

and support more use cases, reflecting 

the growing adoption of this convenient 

payment method. The collaboration 

between Mastercard and One Global 

began in 2007, with a recent focus on 

tailored financial solutions and digital 

mobile wallets in the Middle East and 

North Africa. 

noon.com Introduces noon Pay: A Peer-to-Peer 

Payments Service 

Saudi Arabian e-commerce platform 

noon.com has unveiled “noon 

Pay,” a peer-to-peer payments 

service catering to users in Saudi 

Arabia and the United Arab Emirates. 

This innovative offering empowers 

individuals to transfer money in the 

form of noon credits to anyone using 

just a mobile phone number or email 

ID. To initiate the process, users grant 

noon Pay access to their contacts list. 

The service allows users to utilize 

existing credits or add money to their 

balance through debit or credit cards. 

The noon Pay balance can be utilized 

on the noon super app, encompassing 

noon, noon Minutes, noon Grocery, and 

noon Food, as well as the SIVVI app. 

Additionally, users can send money 

instantly to others through their mobile 

number or email address at no cost. 

Bahrain Unveils Digital Auction Platform for 

Enhanced Trade Opportunities 

Mazad, the national overseer 

of public and electronic 

auctions in Bahrain, has 

unveiled a new digital auction 

platform and an updated website. 

The platform, accessible via Android 

and iOS apps, is a key component of 

Mazad’s innovative strategy, aiming to 

enable the purchase of diverse assets 

through cutting-edge digital technologies. 

Noteworthy features include 

asset location through Google Maps, 

automated bidding, and expanding 

auction categories to include unique 

car plate ranges and real estate opportunities. 

The accompanying website, 

“Mazad.app,” offers comprehensive 

access to asset information, allowing 

bidders to complete all auction processes 

electronically. Talal Al Araifi, 

CEO of Mazad, emphasized their 

commitment to seamless and convenient 

service provision. As a portfolio 

company of Bahrain’s sovereign wealth 

fund Mumtalakat, Mazad is determined 

to remain at the forefront of digital 

innovation. 

Saudi Central Bank 

Allows New BNPL 

Company 

The Saudi Central Bank (SAMA) 

has granted permission to “Tabby” 

to offer Buy Now Pay Later 

(BNPL) solutions in the country. 

With Tabby’s inclusion, there are now five 

authorized companies providing BNPL 

services in Saudi Arabia, offering customers 

the option to purchase products 

and services without incurring financing 

costs. This move demonstrates SAMA’s 

commitment to bolstering the Finance 

and FinTech sectors, fostering operational 

efficiency, and promoting innovative 

financial solutions to enhance financial 

inclusion in Saudi Arabia. SAMA reiterates 

the significance of conducting transactions 

solely with authorized financial 

institutions. 


Fintech Application 

QLUB 

The QR Payment 

Solution for Dining 

Venues 

Qlub revolutionizes the 

dining experience by offering a seamless 

QR payment solution for restaurants, 

cafes, lounges, and other dine-in venues. 

With Qlub, customers can conveniently 

view, split, tip, and settle their bills by 

simply scanning a QR code using their 

smartphones. 

What sets Qlub apart is its user-friendly 

approach - customers can make 

instant payments without the need for 

any app downloads or registrations. 

Currently operational in the UAE, 

KSA, Turkey, Brazil, Japan, Australia, 

India, and Singapore, Qlub has already 

become a game-changer for the dining 

industry in multiple countries. 

By streamlining the payment process, 

Qlub accelerates table turnover, leading 

to more efficient service and improved 

customer satisfaction. Waiters benefit 

from increased tips, further enhancing 

their motivation to provide top-notch 

service. Additionally, Qlub fosters 

customer loyalty by offering an easy 

and hassle-free payment experience. 

The versatility of Qlub’s platform 

allows customers to split bills with 

friends, affording them flexibility in 

settling expenses. Accepted payment 

methods include Apple Pay, Credit 

Card, and instalments. 

As a thriving fintech startup, Qlub 

boasts a presence in six countries and 

has onboarded over 2,000 restaurants, 

including renowned brands like Eataly, 

Paul, and Bateel. 

Recently, Qlub secured substantial 

funding from a blend of existing investors 

and new backers, such as Al 

Dhabi Capital and major family offices 

in the UAE. These funds will fuel Qlub’s 

expansion plans, focusing on further 

development in the UAE, Saudi Arabia, 

and Singapore. 

With its innovative approach and successful 

growth trajectory, Qlub stands 

poised to reshape the dining landscape 

and transform the way customers pay 

at their favorite venues. 


Wyze Battery Cam Pro 

The Wyze Battery Cam Pro is a 

battery-powered smart home 

camera with a unique feature: it’s 

capable of continuous recording 

even when running solely on battery. So if 

your power goes out, the camera won’t miss 

a beat (until its battery needs recharging). 

Features: 

Outdoor/Indoor 

No Wires - 100% Wire-Free and Battery-Powered 

No Hub or Base Station required 

Place it anywhere with hassle free setup 

2K HDR Video with Color Night Vision 

Capture 

Radar + PIR Motion Detection - Double 

the sensors for more accurate detections 

Integrated Spotlight & Siren 

Removable battery packs to avoid downtimes 

Twelve South Curve SE 

Twelve South’s newest offering 

is a more affordable version of 

its popular Curve laptop stand. 

It looks almost identical to the 

Curve, but it has a three-piece design that 

snaps together instead of a one piece design. 

Curve SE enhances your laptop experience 

by providing ergonomic comfort 

and better-looking video calls. Its silver 

aluminum finish complements most laptops, 

and the sturdy design allows for 

comfortable typing. Elevate your screen 

to a healthier height and lift your webcam 

to eye level for improved video calls. For 

the perfect dual-screen setup, pair Curve 

SE with an external display, or create a 

mini desktop with a full-size keyboard and 

mouse for added comfort, benefiting your 

neck and shoulders. 


Business 

Building Resilience: Risk Management 

Best Practices for Ensuring Business 

Continuity 

In today’s dynamic and unpredictable business landscape, the ability 

to withstand and swiftly recover from disruptions is more critical than 

ever. The evolving nature of risks, from cyber threats to natural disasters, 

global pandemics, and supply chain disruptions, has emphasized the 

need for businesses to adopt risk management best practices to ensure 

continuity. Building resilience is not merely about preparing for the 

worst; it’s about creating a flexible, adaptable, and robust business that 

can thrive amidst uncertainty and change. 


Effective risk management breeds resilience, 

enabling businesses to overcome challenges 

and thrive amidst uncertainties. 

Businesses can adopt some 

key risk management best 

practices to bolster their 

resilience against the ever-present 

threats. From conducting 

comprehensive risk assessments and 

developing business continuity plans 

to fostering a resilient workforce and 

ensuring effective governance, these 

guidelines offer a roadmap to fortifying 

your business against potential 

disruptions. By applying these risk 

management best practices, businesses 

can not only withstand challenges but 

also emerge stronger and more innovative 

in their aftermath. 

The foundation of effective risk 

management is a thorough understanding 

of vulnerabilities. Conducting a 

comprehensive risk assessment involves 

identifying all potential disruptions 

that could impact your business, 

from natural disasters to cyber-attacks 

and supply chain breakdowns. Once 

you understand the risks, you can 

begin implementing plans to mitigate 

them effectively. 

A proactive business continuity 

planning process ensures that critical 

services or products can be delivered 

during a disruption. The plan should 

outline the necessary steps to resume 

operations as quickly and seamlessly 

as possible after a disruption. Regular 

testing and updating of this plan are 

essential to its effectiveness. 

Relying heavily on a single supplier 

or location for critical resources can 

leave your business vulnerable to 

disruptions. By diversifying suppliers, 

you reduce the risk of a single point of 

failure in your supply chain. 

Leveraging technology is another 

vital risk management best practice. 

This could include investing in cloud 

storage to protect against data loss, 

utilizing cybersecurity measures to 

fend off cyber threats, or harnessing 

AI and automation to streamline processes 

and reduce human error. 

Cyber attacks pose a significant risk 

to business continuity. Implementing 

strong cybersecurity measures, including 

firewalls, encryption, regular 

system updates, staff training, and 

regular audits, can go a long way in 

protecting your business. 

Having a financial cushion can 

greatly improve your business’s resiliency. 

This could include maintaining 

a certain level of cash reserves, having 

access to lines of credit, or taking 

out business interruption insurance. 

This provides the necessary funds to 

keep your business operating during 

a disruption. 

A resilient workforce is critical to 

navigating disruptions effectively. 

Fostering a culture of resilience among 

your staff means training them to 

handle disruptions, promoting flexible 

thinking and problem-solving, and encouraging 

staff to take ownership and 

responsibility. A resilient workforce 

can adapt and respond effectively to 

disruptions, helping your business 

bounce back more quickly. 

An important aspect of risk management 

is having a well-defined 

and effective crisis management process. 

This process should include 

clear roles and responsibilities for 

decision-making during a crisis, a 

communication plan to keep all stakeholders 

informed, and protocols for 

coordinating with external organizations 

such as emergency services, local 

governments, and industry regulators. 

Regular drills and exercises ensure 

that everyone knows their roles and 

responsibilities when a real crisis 

occurs. 

Transparent reporting to senior executives 

and the board on risk management 

efforts is essential for informed 

decision-making. Regular reports 

should include updates on the status 

of risk mitigation initiatives, outcomes 

of testing or crisis exercises, current 

risk assessments, and any necessary 

recommendations for improvement. 

Including senior leadership and board 

members in risk management planning 

and training ensures that they understand 

the company’s preparedness 

level and can effectively support and 

advocate for these efforts. 

Wrapping it up, effective risk management 

is the cornerstone of ensuring 

business continuity in today’s ever-changing 

business landscape. By integrating 

these nine risk management 

best practices into their operations, 

businesses can significantly increase 

their capacity to weather disruptions 

and emerge stronger. Resilience is not 

just about surviving challenges but 

using them as catalysts for growth and 

innovation. By embracing risk management 

best practices, your business is 

not just safeguarding its present but 

actively shaping a more successful, 

sustainable, and resilient future. 


Business News 

Emirates Group & PwC’s Academy Enhance Emirati Workforce Training 

The Emirates Group has entered 

a significant partnership by 

signing a Memorandum of 

Understanding (MoU) with 

PwC’s Academy. This collaboration 

aims to provide top-tier training and 

certification for the Emirati workforce. 

The partnership focuses on enhancing 

the skills of Emirati professionals in 

key departments like human resources, 

finance, and audit within the Emirates 

Group. PwC Academy, a reputable 

institution in the realm of consulting 

and advisory services, will offer qualification 

training in CIPD, CIA, and 

CFA. This strategic move aligns with 

the Emirates Group’s Rehlaty strategy, 

designed to empower, attract, and 

develop UAE nationals. 

Emirates and Philippine 

Airlines Forge Partnership 

Agreement 

Emirates has solidified its 

presence in the Philippines 

through an expansive partnership 

deal with Philippine 

Airlines (PAL), ushering in broader travel 

options within the region. Building 

on their interline agreement, Emirates 

travellers can now seamlessly access 

PAL’s domestic destinations via Cebu 

and Clark, in addition to the previously 

established connections through 

Manila. By encompassing Emirates’ 

gateways in the Philippines—Manila, 

Cebu, and Clark—this collaboration 

enables passengers to effortlessly 

explore more Philippine locales using 

a single ticket and convenient luggage 

rules. The enhanced deal extends convenient 

booking for Emirates travellers 

to Philippine Airlines’ network, while 

PAL passengers can similarly access 

Emirates-operated flights to numerous 

global destinations via Dubai. 

Saudi Arabia and UAE Report July Surge in 

Business Activity Amid Ongoing Growth 

Business activity in the non-oil 

private sector economies of 

Saudi Arabia and the UAE 

continued to expand in July, 

maintaining the positive growth trend 

in the Arab world’s largest economies. 

The Riyad Bank Saudi Arabia purchasing 

managers’ index (PMI) recorded 

a reading of 57.7, down from June’s 

59.6, but still comfortably above the 

BEDU, a regional pioneer in 

Web 3.0 and AI is set to transform 

digital engagement for 

individuals and businesses. 

The announcement coincides with their 

pre-seed investment round, aimed at 

propelling growth and industry leadership. 

With global AI investments 

projected to hit $110B by 2024 and a 

potential $15.7T contribution by 2030, 

BEDU’s vision is ripe for investment. 

Fusing AI and blockchain, BEDU aims 

to redefine industries, offering new 

user experiences that connect, engage, 

and entertain. Notable achievements 

include the Virtual Mars Experience 

2117 launch with Mohammed bin 

Rashid Space Centre and showcasing 

technology’s role in art at Art Dubai 

2023. 

50-point mark denoting growth. The 

strong performance by non-oil private 

sector companies in July can 

be attributed to favourable domestic 

economic conditions, driving increased 

business activity. However, the rate 

of new order growth slightly slowed 

due to rising competitive pressures 

and subsequent price discounting to 

boost sales. 

Dubai’s BEDU Unveils AI Vision for Internet’s 

Future Amid Pre-Seed Round 


ADNOC Gas Inks Multi-Million Dollar LNG Supply Agreement with Japex 

ADNOC Gas of the UAE has 

entered into a five-year LNG 

supply agreement with Japan 

Petroleum Exploration Company 

(Japex), with a value ranging from 

$450M (AED 1.65B) to $550M (AED 

2B). This deal, fostering the UAE-Japan 

relationship, comes in the wake of Japanese 

Prime Minister Fumio Kishida’s 

July visit to the UAE and other GCC 

nations, emphasizing energy security. 

Notably, Japan holds a significant position 

as a vital energy partner for the 

UAE. ADNOC Gas CEO Ahmed Alebri 

highlighted the strengthening ties and 

global LNG presence facilitated by this 

agreement, further supported by AD- 

NOC’s ambitious low-carbon LNG growth 

project in Al Ruwais Industrial City. 

Emirates and Air Canada 

Expand Montreal 

Codeshare Partnership 

Emirates has expanded its 

codeshare collaboration 

with Air Canada, enabling 

passengers to seamlessly 

connect from 11 Canadian cities 

through Montreal and join Emirates’ 

global network. The partnership offers 

a convenient single-ticket option for 

travellers connecting between these 

cities and international destinations. 

The 11 Canadian cities encompass 

Halifax, Edmonton, Ottawa, and Calgary, 

among others. Emirates initiated 

services to Montreal with seven weekly 

flights on its Boeing 777 aircraft, 

while its daily A380 flights connect 

Dubai and Toronto. Additionally, the 

extended network includes interline 

access to 69 more points from the 

gateway, strengthening the reach of 

this partnership. 

Luxe Developers to Decide Contractor for $408M 

RAK Luxury Project in Q3 

Dubai’s Luxe Developers is 

gearing up to select the primary 

contractor for their impressive 

1.5B UAE dirhams ($408.39M) 

residential endeavour, The Oceano, 

located on Al Marjan Island in Ras Al 

Khaimah. In the upcoming third quarter, 

Managing Director and Co-owner Siddharta 

Banerji informed Zawya Projects 

Emirates Development Bank 

(EDB), the government-owned 

financial institution with a focus 

on key sectors in the UAE, has 

entered into a preliminary agreement to 

introduce supply-chain financing and 

working capital solutions for small and 

medium-sized enterprises (SMEs) in 

the country. The collaboration involves 

Trade Capital Partners (TCP), a technology 

platform based in Abu Dhabi 

of their intentions. Enabling works have 

already commenced at the site, with the 

towering 18-story structure projected for 

completion by the third quarter of 2026. 

While concentrating on enhancing its 

presence in the UAE market, Chairman 

and co-owner Shubam Aggarwal revealed 

the firm’s exploration of opportunities in 

Saudi Arabia. 

EDB Inks Deal to Introduce Supply-Chain Financing 

for UAE SMEs 

that specializes in providing working 

capital finance solutions to SMEs. This 

initiative aligns with EDB’s mission to 

bolster startups by leveraging its network 

of government and corporate partners. 

Facilitated by Abu Dhabi’s tech hub, 

Hub71, the partnership aims to establish 

a working group to explore innovative 

approaches to supply-chain financing, 

enhancing working capital optimization 

for both buyers and suppliers. 


Cover Story 

Middle East’s Green 

Renaissance: Nurturing 

Sustainability and Eco- 

Initiatives 

Embracing ESG Principles for Sustainable 

Eco-Initiatives 

The Middle East stands at the 

threshold of a transformative 

era, one that heralds a 

profound shift towards sustainability 

and eco-initiatives. In this 

journey, the region is embracing the 

Environmental, Social, and Governance 

(ESG) framework as a guiding 

star, revolutionizing the way businesses 

operate, and influencing investment 

strategies. This paradigm shift transcends 

traditional notions of profit 

and loss, championing sustainability, 

ethics, and corporate governance as 

core tenets of success. 

ESG, as a framework, serves as a 

multifaceted lens through which organizations 

scrutinize their business 

practices and assess their performance 

on a spectrum of sustainability and 

ethical issues. It’s not merely about financial 

metrics; it’s a holistic approach 

to business that takes into account 

environmental impact, social responsibility, 

and corporate governance. 

More than a buzzword, ESG represents 

a commitment to transparency, accountability, 

and a proactive stance 

on global issues. 

In the realm of capital markets, 

ESG criteria are reshaping investment 

strategies. Investors are increasingly 

leveraging ESG data to evaluate companies, 

not just for financial performance 

but also for their ethical and 

sustainable practices. ESG investing 

is not a fleeting trend; it’s a fundamental 

shift in how we allocate capital, 

aligning financial gains with positive 

societal and environmental impacts. 

The Middle East is witnessing a 

confluence of ESG trends that are 

catalyzing rapid social and economic 

change. Governments in the region are 

making significant net-zero pledges in 

response to climate change, signaling 

a bold commitment to environmental 

stewardship. Climate change has 

emerged as a top environmental priority 

for 54% of respondents in a recent 

survey conducted by PwC Middle East, 

highlighting the growing urgency and 

focus on sustainability. 

However, there’s a need to bridge 

the gap between governmental ESG 

priorities and those of corporations. 

For meaningful progress, businesses 

and governments must align their 

strategies, leveraging ESG as a unifying 

force for sustainable development. 

While the Middle East is firmly on 

the ESG radar, it’s evident that the 

region is still in the nascent stages 

of developing comprehensive ESG 

strategies. Although nearly 60% of 

surveyed companies, as revealed in 

a comprehensive study conducted by 

PwC Middle East, claim to have formal 

ESG strategies, further examination 

reveals gaps in governance and dedicated 

ESG teams. 

The role of specialized ESG teams 

becomes evident when considering the 

scale and ambition of ESG commitments 

in the region. Gender equality, 

independent ESG auditing, carbon 

neutrality, and net-zero commitments 

are becoming focal points. To navigate 

these complex challenges effectively, 

dedicated teams and systems are 

essential. 



Cover Story 

Towards a 

Sustainable Future 

To harness the transformative power 

of ESG, a dual approach is imperative. 

Businesses must prioritize ESG issues, 

with board-level commitment and standardized 

disclosures, risk assessments, 

and diversity and inclusion mandates. 

Simultaneously, government bodies 

and regulators must formulate clear 

policies and regulations to support 

businesses in their ESG transformations, 

particularly in environmental 

matters. 

As the Middle East prepares to host 

COP28 in Dubai, sustainability and environmental 

issues remain in the global 

spotlight. The region’s commitment 

to net-zero and carbon-neutral pledges 

necessitates decisive action across 

multiple fronts. The journey toward 

sustainability is not just a regional 

endeavor; it’s a global imperative 

that requires concerted efforts from 

governments and businesses alike. 

In this era of the Middle East’s 

Green Renaissance, ESG principles 

are steering the course towards a more 

sustainable and equitable future. The 

region is embracing the opportunity 

to pioneer a new era of responsible 

corporate management, ethical business 

strategies, and a commitment 

to global well-being. The journey has 

begun, and the Middle East is poised 

to lead the way. 


Key Milestones: Navigating the 

Middle East’s ESG Landscape 

The Middle East’s journey towards a greener future is marked by significant milestones 

that underscore its commitment to ESG principles: 

1. Saudi Green Initiative & Middle 

East Green Initiative: 

3. National Net Zero 

Commitments: 

5. Green Funds and Sustainability 

Initiatives: 

In 2021, Saudi Arabia launched 

these ambitious long-term sustainability 

plans, aimed at addressing 

climate change, reducing emissions, 

and promoting clean energy 

usage. 

2. UAE’s Non-Mandatory Sustainability 

Reporting: 

Several Middle East nations, including 

KSA, UAE, Qatar, and 

Bahrain, made official net-zero 

commitments in October 2021, 

reinforcing their dedication to 

combatting climate change. 

4. Oman’s National Net Zero Plan: 

Institutions like the Saudi Public 

Investment Fund and Saudi Aramco 

pledged significant funds to support 

green initiatives, underlining 

their commitment to environmental 

sustainability. 

6. Global Climate Conferences: 

In January 2021, the UAE introduced 

non-mandatory sustainability 

reporting requirements for 

companies, a step towards greater 

transparency and accountability. 

In October 2022, Oman unveiled 

a National Net Zero plan and a 

green hydrogen strategy, signaling 

its intent to create green jobs and 

contribute to a sustainable future. 

The upcoming COP28 in Dubai 

solidify the Middle East’s position 

as a global hub for climate discussions, 

bringing international 

attention to the region’s sustainability 

efforts. 


Cover Story 

Future Horizons: 

ESG’s Next Steps 

As the Middle East gears up to host 

COP28 in Dubai, the world’s focus on 

environmental sustainability remains 

unwavering. The region must continue 

to accelerate its ESG journey, fostering 

sustainability efforts in four critical 

areas: 

1. Business Leadership: To drive 

progress on ESG, companies in the 

Middle East must prioritize ESG 

at the board level. Standardizing 

ESG disclosures and risk assessments 

is imperative, along with 

mandates for diversity, inclusion, 

and equal pay. 

2. Government Policies and Regulations: 

A strong call exists for 

governments to provide clearer 

guidance and policies on ESG, 

especially concerning environmental 

matters. While regulations 

may vary across industries, 

international regulations, such as 

the European Union’s proposed 

Carbon Border Adjustment Mechanism, 

could impact the region’s 

energy exports. 

3. Measurement and Impact Assessment: 

Metrics for measuring the 

tangible impact of ESG initiatives 

on communities are essential. Mandates 

for diversity, inclusion, and 

equal pay in the workplace should 

also be reinforced. 

4. Global Collaboration: The Middle 

East should actively engage in 

international cooperation on ESG 

matters. Collaborative efforts can 

accelerate the region’s sustainability 

journey and contribute to global 

sustainability goals. 

With the Middle East taking center 

stage as the host of COP28 in Dubai 

and with a slew of recent net-zero 

commitments, the region’s commitment 

to sustainability remains resolute. 

The spotlight on environmental 

sustainability will persist until the COP 

presidency is handed over to the next 

host country. However, the journey 

does not end there; it accelerates. 

In conclusion, the Middle East’s 

Green Renaissance, guided by ESG 

principles, is forging a path towards a 

sustainable and equitable future. The 

region’s commitment to environmental 

stewardship and responsible corporate 

management is inspiring. As it assumes 

the presidency of COP28, the Middle 

East has a unique opportunity to influence 

global sustainability discussions. 

Beyond this, the region must continue 

its transformative journey, partnering 

with businesses and governments 

worldwide to make ESG a cornerstone 

of our shared sustainable future. 


SAMSUNG Galaxy Z Flip5 

In the ever-growing Flip-style foldable 

phone market, competitors 

like Motorola and Oppo have 

made notable strides. Samsung, 

a pioneer in this segment, responds 

with the Samsung Galaxy Z Flip 5, an 

exciting iteration of its Flip series. 

While building on the foundation of 

the Flip 4, the Galaxy Z Flip 5 stands 

out with its standout feature, the 

larger 3.4-inch cover display, offering 

enhanced functionality without flipping 

the phone open. 

Retaining its signature design language, 

Samsung ensures continuity in 

the Galaxy Z Flip 5’s aesthetics. The 

phone maintains the IPX8 water-resistance 

rating, proving its durability and 

reliability once again. 

The most significant improvement on 

the Galaxy Z Flip 5 lies in its upfront 

cover display, now referred to as Flex 

Window. With a diagonal measurement 

of 3.4 inches, this screen offers 3.78x 

more real estate than the Flip 4, making 

the 720p 60Hz cover display more 

practical and versatile. Users can now 

access widgets for controlling music 

playback, checking weather updates, 

catching up on news, and more, without 

even opening the phone. A pinch 

gesture activates the Multi Widget 

View, allowing easy access to apps 

and widgets. 

Specifications: 

• SoC: Qualcomm Snapdragon 8 Gen 2 

• Display: 6.7” 2640 x 1080 120Hz OLED 

primary display, 3.4” 720 x 748 60Hz 

OLED cover display 

• RAM: 8GB LPDDR5X 

• Storage options: 256GB or 512GB 

• Battery: 3,700mAh 

• Ports: USB-C 

• Operating System: Android 13 (OneUI 

5.1.1) 

• Front camera: 10MP f/2.2 (1.22μm 

pixels) 

• Rear cameras: 12MP f/1.8 wide-angle, 

12MP f/2.2 ultra-wide 

• Connectivity: 5G (including mmWave), 

LTE, Wi-Fi 6e 

• Dimensions: Unfolded: 71.9 x 165.1 x 

6.9mm, Folded: 71.9 x 85.1 x 15.1mm 

• Colors: Graphite, Cream, Lavender, 

Mint 

• Weight: 187g 

• IP Rating: IPX8 

• Price: Starting at $1,000 


Samsung Galaxy Watch 6 

The Samsung Galaxy Watch 

6 combines style and functionality, 

featuring a classic 

watch face and bezel design 

available in gold or graphite, with various 

band options like sport, extreme 

sports, hybrid leather, and fabric. 

This smartwatch goes beyond just 

telling the time. It scans your health 

data and provides personalized heart 

rate zones to optimize your workouts. 

You can target specific heart rate 

zones for more efficient exercise 

routines. 

Similar to its predecessor, the Samsung 

Galaxy Watch 5, the Galaxy 

Watch 6 acts as a sleep coach, offering 

insights into your sleep patterns and 

suggestions for improving sleep habits. 

It can even detect nighttime snoring 

and tracks sleep stages. Additionally, 

the watch has an always-on heart rate 

monitor and can identify irregular 

rhythms that may indicate A-fib. 

The Samsung Galaxy Watch 6 includes 

a BIA sensor, providing readings 

on body fat, skeletal muscle, body 

water, and Body Mass Index (BMI). 

Its seamless connection with Galaxy 

devices allows you to access your favorite 

music, control your smartphone 

camera, make calls, and send texts 

from anywhere with ease. 


Wheels 

2024 Nissan Z Nismo 

Introducing the 2024 Nissan Z 

Nismo: A Track-Focused Performance 

Marvel 

Nissan raises the bar with the 

NISMO edition of the 2024 Nissan Z, 

positioned above the Z Performance 

in the sports car lineup. Designed for 

serious track enthusiasts, the Nismo Z 

boasts enhanced stiffness, power, and 

track-readiness. 

Under the hood, the all-new sports 

car features an upgraded 3.0-liter 

twin-turbocharged petrol V6 engine, 

delivering a staggering 420 horsepower 

and 521 Nm of peak torque. 

The driving experience is elevated 

with a 9-speed automatic transmission, 

providing dynamic and faster-shifting 

performance. Launch control ensures 

exhilarating standing-start acceleration, 

while the Nismo trim offers 

additional Sport+ mode alongside the 

Sport and Normal drive modes. 

Aesthetically striking, the “Grand 

Nose” design element pays homage 

to the iconic Nissan Fairlady 240ZG, 

adding a touch of heritage to the Z 

Nismo’s appearance. 

The 2024 Nissan Z Nismo takes 

performance to new heights with a 

range of upgrades, including gloss 

black RAYS 19-inch wheels paired 

with Dunlop SP SPORT MAXX GT600 

tires, a 2.5% increase in torsional 

rigidity through a stiffened chassis, 

a track-enhanced brake system with 

performance-oriented brake pad compound, 

and an enhanced suspension 

with re-tuned dampers, stiffer springs, 


and new anti-roll bars. 

With acceleration reaching 60 mph 

in an impressive 4.3 seconds, the 2024 

Nissan Z Nismo promises an exhilarating 

driving experience for sports 

car enthusiasts seeking dynamic performance 

and exceptional handling. 

The Nismo edition adds a new dimension 

to the legendary Z series, 

making it an ideal choice for those 

seeking optimized performance, improved 

aerodynamics, and enhanced 

driving dynamics on and off the track. 

Specifications 

Horsepower: 420 hp 

Torque: 521 NM 

Engine: 0-60 mph in under 4.3 seconds 


Start-up 

September’s Startups: Unveiling the 

Month’s Most Promising Ventures 

In the dynamic landscape of entrepreneurship, the month of September has 

ushered in a wave of innovation and creativity, as ambitious minds converge 

to introduce their groundbreaking ideas to the world. This compilation 

celebrates the spirit of ingenuity as we shine a spotlight on a diverse array 

of startups that have emerged this month. From revolutionizing tech solutions 

to reimagining sustainable consumer goods, these visionary entrepreneurs 

are carving their paths to success. Join us as we explore the journeys of 

these forward-looking startups: Bayzat, Yallacompare and Remitr. 

Bayzat 

Talal Bayaa, 


At the helm of innovation 

stands Talal Bayaa, the visionary 

CEO of Bayzat, a 

leading HR management 

software company. Bayzat has transformed 

the landscape of human resources 

and employee benefits through 

its comprehensive, all-in-one platform. 

With the mission to simplify and automate 

HR tasks, Bayzat’s platform 

eliminates the complexities of administrative 

work while providing access 

to world-class benefits for employees. 

Bayzat’s platform offers a multitude 

of possibilities, all housed within a 

single ecosystem. The platform’s offerings 

range from streamlining payroll 

calculations to providing accessible 

and intuitive health insurance options. 

This automation frees up HR teams to 

focus on strategic initiatives, nurturing 

a productive and engaged workforce. 

The dedicated support provided by 

Bayzat ensures a seamless experience, 

combining cutting-edge technology 

with responsive assistance. 

The impact of Bayzat extends far 

beyond convenience—it has redefined 

the way businesses function. By automating 

and streamlining operations, 

companies can cut costs by up to 40% 

and save an impressive 63% of time 

previously spent on manual HR and 

payroll processes. This efficiency 

empowers organizations to redirect 

their efforts toward fostering a worldclass 

employee experience. Moreover, 

Bayzat’s platform ensures 100% compliance 

with labor laws, providing 

companies with peace of mind in a 

regulatory landscape. 

Since its inception in 2012, Bayzat 

has been a trailblazer in the industry, 

offering its unique solutions tailored 

to the needs of businesses in the UAE. 

Through its visionary leadership and 

commitment to innovation, Talal Bayaa 

and his team have brought about a 

transformation that empowers businesses 

to thrive and employees to 

flourish. Bayzat’s impact is unmistakable—it’s 

not just a software platform, 

but a catalyst for positive change 

in the way work is approached and 

experienced. 


Remitr 

At the helm of Remitr is CEO 

Kanchan Kumar, a visionary 

leader driving the company’s 

mission to revolutionize financial 

services for small businesses. 

With a resolute vision to champion 

small business success, Remitr is committed 

to making financial services 

agile, accessible, and convenient. By 

providing equitable access to financial 

services, Remitr seeks to offer a competitive 

advantage to its customers. 

Guided by a set of core values that 

include challenging the status quo, 

valuing honesty and integrity, and 

championing collective success, Remitr 

believes in the power of anyone 

to drive change. The company’s focus 

on clarity of purpose and its commitment 

to learning and leading with 

compassion underscore its dedication 

to the betterment of its customers and 

partners. 

Since its inception in 2016, Remitr 

has been steadfast in its mission to 

facilitate small business growth and 

enhance global commerce. With the 

motto “Effortless, On-Time, Wherever 

You Do Business,” Remitr prioritizes 

providing seamless and timely business 

payments, allowing small business 

owners to concentrate on their 

essential work of business expansion. 

Remitr doesn’t just stop at payments; 

it extends to funding options 

as well. Whether it’s Direct Debit, 

Ledger Transfer, or eTransfer, Remitr 

breaks down the complexities, enabling 

informed decisions on payment 

methods. Regardless of the funding 

method chosen, Remitr ensures faster 

payment processing compared to 

traditional banking, offering a total 

win for businesses seeking efficiency. 

Under Kanchan Kumar’s leadership, 

Remitr is reshaping the landscape of 

Kanchan Kumar, 


financial services for small businesses, 

offering solutions that inspire trust, 

reduce friction, and drive growth. 

With an unwavering commitment to 

its vision and values, Remitr stands 

as a catalyst for positive change in the 

world of business finance. 

Yallacompare 

Jon Richards, 

Co-Founder & CEO 

Under the visionary leadership 

of CEO Jon Richards, Yallacompare 

has emerged as the 

premier finance comparison 

platform in the Middle East. With a 

dedication to helping users find the 

best financial products, from credit 

cards to insurance, Yallacompare simplifies 

complex choices by presenting 

a comprehensive range of options 

from local and international banks 

and financial institutions. 

The company’s recent rebrand introduced 

a set of core values that 

drive every aspect of its operations. 

Data-driven decision-making is at the 

forefront, enabling Yallacompare to 

tailor its offerings to match customer 

needs. The commitment to accessibility 

extends beyond customers to 

employees, ensuring an open line of 

communication at all times. Transparency 

and fairness define the company’s 

interactions, as Yallacompare 

provides clear and honest information 

to its users. 

Yallacompare’s dedication goes 

above and beyond, as it strives for 

excellence and perfection in all endeavors. 

Since its launch in August 

2011 in the UAE, Yallacompare has 

stood by its promise to be a free 

resource for users, offering valuable 

information without any charges. The 

platform’s extensive array of insurance 

and financial products empowers users 

to make informed decisions, securing 

the best deals and rates for their hardearned 

money. 

Uniquely impartial, Yallacompare 

remains unaffiliated with any specific 

insurer or bank. Its user-friendly website 

ensures a hassle-free experience 

for individuals, regardless of their 

financial expertise. A customer-centric 

approach is exemplified by a 

dedicated support team, ensuring real 

human assistance instead of automated 

responses. 

Founded by a team of experienced 

Western expats well-versed in the 

UAE’s insurance and financial sectors, 

Yallacompare bridges the gap between 

traditional and Islamic financial products. 

The platform injects humor into 

the comparison process, alleviating the 

tedium often associated with financial 

decisions. Yallacompare’s journey 

under Jon Richards’ leadership has redefined 

how individuals approach their 

financial choices, turning complex 

decisions into opportunities for empowerment 

and financial well-being. 


Energy 

Electric Vehicles: Driving the Transition to 

Clean Transportation 

Electric vehicles (EVs) have emerged as a key solution to combat climate change 

and reduce greenhouse gas emissions. As the transportation sector is responsible 

for about a quarter of global CO2 emissions, transitioning the global vehicle 

fleet to zero-emission technologies is crucial for decarbonizing road transport 

and meeting climate goals. 

38 www.thefinanceworld.com 

September 2023

Revolutionary changes in transportation, 

like electric vehicles and ride sharing, could 

slow global warming if done right. 

The United Arab Emirates 

(UAE) is at the forefront of 

embracing technological 

advancements, and as the 

world shifts towards sustainability, 

the country is making significant 

strides in promoting electric vehicles 

(EVs) as a key component of its 

transportation system. With robust 

government support, incentives, and 

collaborations with automakers, the 

UAE is well-positioned to become a 

global leader in electric mobility. This 

article explores the future of EVs in 

the UAE, highlighting initiatives, incentives, 

and infrastructure developments 

that are driving the growth of electric 

transportation. 

The UAE government is committed 

to sustainable development and has 

launched the Green Mobility Initiative 

to promote electric vehicles. Their 

ambitious goal is to have 10,000 EVs 

on the road and achieve a 20% share 

of electric and hybrid vehicles in the 

government fleet by 2020. These initiatives 

lay a solid foundation for the 

future of EVs in the country. 

To encourage EV adoption, the UAE 

government offers a range of incentives, 

making ownership attractive 

and cost-effective. EV owners enjoy 

exemptions from registration and 

renewal fees, free charging at public 

stations until 2021, priority parking, 

reduced toll fees, lower insurance 

rates, and exemption from Salik road 

tolls. These benefits make owning an 

electric vehicle more appealing to 

consumers. 

A robust charging infrastructure is 

crucial for EV growth. The UAE has 

invested significantly in establishing 

over 200 charging stations, with plans 

to expand this network further. Innovative 

solutions, such as fast-charging 

stations and wireless charging technology, 

are being explored to enhance 

convenience and accessibility for EV 

owners. 

The UAE has fostered strong partnerships 

with leading automakers 

like Tesla, Nissan, and BMW, offering 

a diverse range of electric and hybrid 

models to cater to different consumer 

preferences. These collaborations not 

only provide various options for buyers 

but also contribute to a supportive 

ecosystem for EV owners, including 

maintenance services and spare parts 

availability. 

The UAE prioritizes electrifying public 

transportation to reduce emissions 

and enhance sustainability. Initiatives 

like the Dubai Green Mobility program 

introduce electric buses and taxis, 

encouraging residents and tourists 

to consider electric mobility options. 

The future of electric vehicles in 

the UAE looks promising. As battery 

technology advances and costs decrease, 

EVs become more affordable 

and accessible to a wider audience. 

With ambitious sustainability goals 

and strong government commitment, 

the UAE is poised to become a leader 

in electric mobility. 

In response to the growing demand 

for EVs and the need for reliable 

charging solutions, companies like 

MEV Charger have emerged to provide 

a wide range of EV chargers for 

residential, commercial, and public 

use. These companies offer installation 

services, maintenance, and 

support, ensuring a seamless charging 

experience for EV owners. 

The UAE’s commitment to sustainability 

and innovation in the electric 

mobility market extends beyond government 

initiatives. A recent survey 

indicates that 70% of respondents in 

the UAE would consider buying an 

electric vehicle in the next five years. 

Automakers like Hyundai are investing 

in the UAE’s electric mobility market 

and offering impressive battery 

warranties, making EVs an attractive 

option. 

Hyundai batteries, made from lithium, 

offer several advantages over 

other battery materials. They are safer, 

more temperature-tolerant, and have a 

longer lifespan. Lithium batteries are 

also environmentally friendly, as they 

can be recycled and reused multiple 

times without losing performance 

capabilities. 

The UAE ranks among the top 10 

countries globally in terms of readiness 

for electric mobility. The market 

is projected to grow at an annual rate 

of 30% between now and 2028, with 

significant growth trends in the EV 

sector and increased tourist footfall. 

The country’s aim to become carbon 

neutral by 2050 drives the rapid expansion 

of the electric mobility market. 

The UAE’s dedication to sustainable 

and innovative transportation is inspiring. 

With robust government support, 

incentives, and collaborations, electric 

vehicles are driving the transition to 

clean transportation. The future of 

electric mobility looks bright, and as 

the UAE embraces this transformative 

movement, it leads the way towards a 

greener and more sustainable transportation 

system. 


Energy News 

UAE Unveils $4.5B Funding Initiative to Support Clean Energy Projects in 

Africa 

The UAE has pledged $4.5B to 

accelerate clean energy projects 

in Africa. Major UAE organizations, 

including Masdar, Abu 

Dhabi Fund for Development, Etihad 

Credit Insurance, and AMEA Power, will 

contribute to this initiative. Africa50, a 

platform backed by African governments 

and the Africa Development Bank, will 

collaborate in identifying and executing 

projects. Dr. Sultan Al Jaber, Cop28 

President-designate, highlighted the 

UAE’s history of using commercially 

driven blended finance for clean energy 

promotion in emerging nations. 

The focus is on investing in African 

countries with clear transition plans, 

regulatory improvements, and integrated 

grid infrastructure development. 

Countries are encouraged to address 

financial sustainability, modernize 

energy infrastructure, and remove 

barriers to investment. 

Chinese Solar Company 

Explores Saudi Arabia as 

Location for Its Overseas 

Plant 

China’s GCL Technology Holdings 

is in advanced discussions with 

Saudi Arabia to establish its 

first overseas factory as both 

nations seek to diversify their energy 

collaboration beyond oil. GCL, the world’s 

second-largest polysilicon manufacturer, 

plans to build a facility in Saudi Arabia capable 

of producing 120,000 tons annually, 

with operations potentially commencing 

by 2025. The move capitalizes on Saudi 

Arabia’s infrastructure and abundant 

sunlight, supporting its shift toward 

solar energy. GCL is exploring similar 

opportunities in other nations but is 

most advanced in Saudi Arabia, where 

it has filed for registration and engaged 

with local authorities. 

Tabreed Explores Expansion of Geothermal 

Energy Projects in the UAE 

Tabreed, in collaboration with 

Adnoc, is actively exploring 

additional geothermal energy 

projects in the UAE to 

meet the surging cooling demands in 

the country. The companies recently 

unveiled the Gulf region’s inaugural 

geothermal energy initiative, aimed at 

fulfilling 10% of Masdar City’s cooling 

needs. The technology utilizes the 

Earth’s constant heat source from its 

core, providing a stable energy supply 

compared to intermittent solar or wind 

energy. In the UAE, cooling accounts 

for over 50% of electricity consumption 

in buildings and is expected to surge 

due to population growth. District 

cooling is set to play a significant role 

in demand aggregation. 


Abu Dhabi’s New Net-Zero Buildings to Propel UAE’s Decarbonization Drive 

Three innovative net-zero energy 

buildings in Abu Dhabi, part 

of Masdar City’s sustainable 

real estate project, signify 

a significant step toward the UAE’s 

energy reduction and emissions goals. 

These high-tech structures employ airtight 

envelopes to minimize air leaks, 

window design to reduce direct sun 

exposure and cooling requirements 

and operate entirely on solar power. 

Net-zero buildings consume only the 

energy they generate on-site, reducing 

reliance on the national grid. These 

projects align with the UAE’s Net Zero 

2050 Strategic Initiative, making a 

substantial contribution to decarbonization 

efforts. More net-zero energy 

projects are planned, further promoting 

sustainability in the region. 

Dubai Achieves 100% Energy Transmission Reliability 

with DEWA’s Smart Technology 

Dubai Electricity and Water 

Authority (DEWA) has embarked 

on power transmission 

projects worth over AED 

4.2 billion ($1.14 billion), enhancing the 

reliability of its energy transmission 

systems. In the first half of 2023, DEWA 

successfully commissioned seven 132 

kV substations as part of this initiative. 

By adopting Fourth Industrial Revolution 

technologies, smart solutions, 

and innovation across its operations, 

DEWA has achieved a remarkable 

100% reliability and availability rate for 

Dubai’s energy transmission network, 

marking a significant milestone in 

ensuring uninterrupted power supply 

in the emirate. 

Dubai Utility Company Seeks Patent for Chemical 

Liquid to Boost Energy Storage 

UAE’s Green Ambitions 

Provide Energy Businesses 

the Opportunity 

to Transition to Clean 

Energy 

The UAE is making significant 

strides towards a greener future, 

ranking second in the 

Energy Transition category 

of this year’s Green Future Index. The 

country’s Hydrogen Strategy and updated 

UAE Energy Strategy 2050 signal its 

commitment to sustainability. The UAE 

is rapidly becoming both a producer 

and supplier of low-carbon hydrogen, 

aiming to generate 1.4 million tons 

annually by 2031, with the potential 

to reach 15 million tons by 2050. This 

aligns with growing global demand, 

including the EU’s plan to import 10 

million tons of renewable hydrogen 

within seven years, particularly driven 

by geopolitical concerns like the 

Russia-Ukraine conflict. 

The Dubai Electricity and Water 

Authority’s Research and Development 

Center has applied 

for a patent for a chemical 

liquid with exceptional thermal and 

electrochemical stability, aimed at 

enhancing energy storage systems. 

This development aligns with the UAE’s 

commitment to sustainability and its 

transition towards renewable energy 

sources and electric vehicle adoption. 

The chemical liquid is anticipated to 

significantly improve the efficiency 

of energy storage, especially in lithium-ion 

batteries commonly used in 

electric vehicles. DEWA’s CEO, Saeed 

Mohammed Al-Tayer, emphasized the 

importance of such innovations in 

advancing energy security and sustainability, 

reinforcing Dubai’s position 

as a global hub for clean energy and a 

sustainable economy. 


SAMSUNG Galaxy Z Fold5 

Unveiled at the Galaxy Unpacked 

event in Seoul, South Korea, 

the Samsung Galaxy Z Fold5 

marks a step forward in the 

world of foldable phones. While it may 

seem like a minor refinement compared 

to its predecessor, the Z Fold5 packs in 

some impressive features that set it apart 

from the competition. 

Under the hood, the Galaxy Z Fold5 

boasts a speedy Snapdragon 8 Gen 2 

chip, 12GB RAM, and superfast UFS 4.0 

storage, ensuring a seamless and powerful 

performance. 

One standout improvement is the new 

Flex Hinge, which allows the phone 

to close fully flat, addressing previous 

concerns about dust settling on the inner 

screen. This enhancement showcases 

Samsung’s commitment to refining their 

foldable technology. 

Although some similarities exist with 

the Z Fold4, the Samsung Galaxy Z Fold5 

stands strong as one of the best foldable 

phones available. 

Key Specifications: 

• SoC: Snapdragon 8 Gen 2 

• Display: 7.6” 2176 x 1812 120Hz OLED 

primary, 6.2” 2316 x 904 120Hz OLED 

cover display 

• RAM: 12GB 

• Storage options: 256GB, 512GB, or 1TB 

• Battery: 4,400mAh 

• Ports: USB Type-C 3.2, OTG 

• Operating System: Android 13 (One 

UI 5.1.1) 

• Front camera: 4MP f/1.8 under-display 

camera, 10MP f/2.2 cover display 

camera 

• Rear cameras: 50 MP f/1.8 wide-angle, 

12MP f/2.2 ultra-wide, 10MP f/2.4 

telephoto 

• Connectivity: 5G (including mmWave), 

LTE, Wi-Fi 6E, Bluetooth 5.3, NFC 

• Dimensions: 67.1 x 155 x 13 mm 

folded, 130 x 155.6 x 6.1 mm unfolded 

• Colors: Ice Blue, Phantom Black, 

Cream + Samsung.com exclusive 

Gray, Blue 

• Weight: 253g (8.92Oz) 

• Charging: 25W Super Fast Charging 

wired, 15W wireless (Qi) 

• IP Rating: IPX8 



Beats Studio Pro 

Beats by Dre latest offering is 

the Beats Studio Pro overear 

headphones, designed 

to elevate your listening 

experience to new heights. These 

headphones feature a fully custom 

acoustic platform, delivering personalized 

spatial audio with dynamic head 

tracking for an immersive sensation. 

Enjoy the utmost clarity with fully 

adaptive Active Noise Cancelling, allowing 

you to immerse yourself in your 

favorite tunes without any distractions. 

And when you need to stay aware of 

your surroundings, the Transparency 

mode seamlessly blends ambient sounds 

with your music. 

The Beats Studio Pro’s cutting-edge 

technology includes an updated driver 

with a two-layer diaphragm, refined 

micro-venting, and stronger magnets, 

resulting in rich, balanced sound 

with minimal distortion. Compared 

to its predecessor, the Beats Studio3 

Wireless, the Studio Pro offers up to 

80% improved audio fidelity, delivering 

an extraordinary surround sound 

experience. 

With up to 40 hours of battery life, 

you can enjoy your music all day long, 

and the enhanced compatibility with 

both Apple and Android devices ensures 

smooth and seamless performance. 


Healthcare 

Healthcare Analytics in the UAE: 

Leveraging Data for Improved Decision- 

Making 

The future of healthcare in the UAE has never been more promising, 

thanks to the integration of artificial intelligence (AI) and data 

analytics. With the rapid pace of technological advancements, AI is 

transforming the healthcare landscape in unprecedented ways. This 

includes the adoption of advanced analytics and machine learning, 

presenting an enormous opportunity for the healthcare industry in the 

UAE and across the MENA region. 


Harnessing healthcare analytics in the UAE 

for a data-driven and healthier tomorrow. 

As convenience and easy accessibility 

become essential for 

meeting patient expectations, 

the collaboration between 

AI and data analytics organizations, 

alongside healthcare professionals, has 

become vital. By harnessing data-driven 

insights, healthcare professionals can 

focus on a holistic approach to patient 

care, ultimately winning patient trust. 

Emirates Health Services (EHS) and 

Cerner, a global healthcare technology 

company, have recently joined forces 

with SAS, the leading global analytics 

provider, to develop a unique analytics 

solution aimed at improving the efficiency 

and quality of national health 

services in the UAE. This strategic 

partnership aligns closely with the UAE 

Centennial Plan 2071, which focuses 

on enhancing the quality of life for all 

citizens through improved healthcare 

services. 

The collaborative solution seeks to 

support decision-makers in the UAE 

healthcare industry by leveraging the 

vast data of current and potential patients, 

including their medical history, 

clinical data, and financial information 

associated with EHS facilities. Utilizing 

machine learning-based solutions, the 

analytics platform aims to provide 

sustainable, integrated, accessible, 

efficient, innovative, and high-quality 

healthcare services in line with international 

standards and the UAE’s vision. 

The solution acts as a decision enabler, 

offering predictive and prescriptive 

capabilities such as predicting patient 

outcomes and forecasting resource 

utilization. 

The sheer volume of valuable data 

generated by EHS, with over 2.5 million 

patient visits annually, calls for a technology 

solution that can efficiently 

deliver accurate and timely clinical, 

administrative, and operational data. 

The implementation of advanced data 

analytics simplifies data access and 

analysis, removing traditional barriers 

to data-based decision-making and 

fostering a culture of continuous improvement 

at EHS. 

The analytics-driven approach facilitates 

prescriptive analysis, empowering 

clinicians to devise focused action plans 

and quality care management for at-risk 

patients, leading to improved health 

outcomes. Additionally, financial analysis 

provides healthcare decision-makers 

with crucial insights to reduce overall 

healthcare costs, particularly for 

chronic diseases. 

Data analytics plays a vital role in 

driving digital transformation across 

various sectors in the UAE. Organizations 

can gather and analyze data from 

multiple sources, enabling data-driven 

decisions that enhance operational 

efficiency and customer experiences. 

By analyzing customer data, businesses 

can personalize offerings and marketing 

campaigns, resulting in improved 

customer satisfaction and loyalty. 

Data analytics also helps identify 

inefficiencies and streamline workflows, 

leading to greater operational efficiency 

and cost savings. In addition, analytics 

aids in managing risks and detecting 

fraudulent activities, particularly in 

finance, healthcare, and cybersecurity 

industries. With advanced analytics 

techniques, proactive decision-making 

and strategic planning become possible 

by anticipating future trends and 

behaviors. Moreover, data analytics is 

a cornerstone of smart city initiatives, 

optimizing resource allocation and 

enhancing the sustainability of cities, 

making the UAE well-equipped to harness 

the power of data for a prosperous 

and innovative future. 

The healthcare analytics market in 

the UAE is set for exponential growth, 

offering insights at both macro and micro 

levels across various business verticals. 

As the country invests in medical infrastructure 

and healthcare technologies, 

the adoption of data analytics promises 

to revolutionize healthcare standards, 

clinical data analysis, and business 

administration. By democratizing data-based 

decision-making and fostering 

a culture of continuous improvement, 

the UAE is well-positioned to harness 

the full potential of healthcare analytics 

and drive the nation towards a healthier 

and more prosperous future. 

Healthcare analytics holds the key to 

transforming the future of healthcare 

in the UAE. Leveraging data-driven 

insights, healthcare organizations can 

make informed decisions, optimize 

operations, improve patient care, and 

reduce costs. The strategic partnership 

between EHS, Cerner, and SAS 

demonstrates the commitment of the 

UAE to achieving its healthcare vision 

and delivering world-class services 

to its citizens. With a focus on digital 

transformation and data analytics, the 

UAE’s healthcare system is poised to 

pave the way for a healthier and more 

sustainable future for all. 


Mergers & Acquisitions 

Cross-Border M&A: Challenges and 

Opportunities in Global Transactions 

Cross-border mergers and acquisitions (M&A) have become increasingly popular 

as businesses seek to expand into new markets, diversify their product offerings, 

and strengthen their supply chains. However, this type of international dealmaking 

comes with its own set of challenges that can jeopardize the success of 

the transaction. In this article, we will explore some of the key challenges faced 

during cross-border M&A integration and how an Employer of Record (EOR) 

can help alleviate these issues. 


One of the major challenges 

in cross-border M&A is the 

need to hire and pay new 

employees quickly. Delays 

in this process can lead to increased 

costs and prolong the integration 

phase. An EOR, like Deel, can provide 

a stopgap solution by assisting with 

the migration of employees to the 

acquiring company or setting up new 

entities efficiently. 

Companies pursuing international 

M&A often incur high consultation 

costs and entity set-up fees. These expenses 

can add up quickly and impact 

the overall deal economics. However, 

by leveraging an EOR, businesses can 

save significant costs on legal entity 

set-up and HR staff, providing a more 

operational challenges. EORs like 

Deel offer a wide range of software 

integrations to facilitate seamless 

alignment and data sync across the 

HR tech stack. 

Each country classifies employees 

and independent contractors differently, 

leading to potential legal risks 

during cross-border deals. Engaging an 

EOR can help reduce the risk of misclassification 

by correctly classifying 

workers according to local regulations. 

Acquiring a company with expat 

employees may require the acquiring 

company to sponsor their visas. Navigating 

the visa application process can 

be complex, but an EOR with in-house 

immigration and mobility support can 

provide valuable assistance. 

strategies in place to manage IP rights 

and data protection, offering a secure 

and compliant solution. 

Establishing a permanent presence 

in a foreign country can trigger increased 

tax burdens. EORs can facilitate 

international expansion without 

the complexities of setting up a local 

entity, reducing the risk of permanent 

establishment and ensuring compliance 

with local tax rules. 

Maintaining employees’ service history 

and rights during data migration is 

essential for performance management 

and legal compliance. EORs with HR 

technology solutions can help retain 

crucial employee data and ensure 

smooth transitions. 

Unlocking global potential: An EOR’s 

embrace transforms cross-border M&A 

hurdles into triumphs. 

cost-effective alternative. 

Navigating complex international 

compliance requirements can be a 

daunting task during cross-border 

M&A. Failure to comply with local 

employment laws and regulations can 

result in fines and penalties. An EOR 

can offer robust compliance support, 

ensuring that employment contracts 

are generated in accordance with global 

HR practices and local labor laws. 

Merging or acquiring companies 

often involves integrating their 

tech and system synergies. However, 

mismatched systems can create 

Retaining talent from the acquired 

company is crucial for successful 

integration. Poor communication, 

benefits harmonization issues, and 

unclear onboarding processes can 

lead to employee attrition. An EOR can 

provide change management support, 

tailored benefits packages, and smooth 

onboarding experiences to increase 

retention rates. 

Cross-border M&A raises concerns 

about protecting intellectual property 

and data. Rehiring acquired employees 

as independent contractors can 

jeopardize IP rights. EORs often have 

In conclusion, cross-border M&A 

presents a range of challenges that 

can impact the success of international 

transactions. Engaging an Employer of 

Record can provide valuable solutions 

to reduce friction during integration, 

address compliance requirements, and 

support talent retention. By partnering 

with an EOR like Deel, businesses can 

unlock the true potential of their global 

mergers and acquisitions and drive 

value creation in the international 

marketplace. 


Merger and Acquisition News 

EIH Ethmar International Holding Acquires Stake in Gewan Holding 

EIH Ethmar International Holding 

has strategically acquired a stake 

in Gewan Holding, driven by 

UAE’s leadership vision. This 

move aims to diversify EIH’s investments 

and aligns with Abu Dhabi 2030 economic 

vision. With a portfolio spanning real 

estate, energy, tech, and more, EIH’s 30+ 

companies thrive sustainably. Gewan, a 

diversified Holding company, operates 

in real estate, trading, hospitality, and 

agri-tech. Ali El Gebely, EIH’s CEO, sees 

this as a step towards diversified growth 

and sustainable returns. Alaa Al Ali, 

Gewan’s Group CEO, echoes the sentiment, 

highlighting the shared vision for 

impactful projects and UAE’s economic 

development. The acquisition promises 

exciting prospects for both entities. 

Abu Dhabi Firms Plan 

Giant AED Merger 

worth AED 44B 

Abu Dhabi’s ADQ and IHC Capital 

Holding have unveiled an 

ambitious proposition to merge 

ADQ’s complete ownership of 

Abu Dhabi National Exhibitions Company 

(Adnec) and its majority stake in Modon 

Properties, along with IHC Capital’s entire 

interest in Modon, forming Q Holding. This 

integration would result in a conglomerate 

valued at around AED 44B ($12B). The 

merged entity’s diverse portfolio will 

encompass real estate developments, 

hospitality assets, land plots, and event 

venues. Post-merger, Q Holding will 

issue a convertible instrument to ADQ 

and IHC Capital, which, at a conversion 

price of AED 2.70 per share, will translate 

to roughly 9,491 million ordinary shares. 

UAE’s e& Ventures into Central and East Europe, 

Acquires Majority Stake in PPF Telecom 

Abu Dhabi-based e&, formerly 

known as Etisalat, 

has acquired a controlling 

stake in PPF Telecom Group’s 

assets in Bulgaria, Hungary, Serbia, 

and Slovakia. The telecom company 

purchased a 50% plus 1 share stake 

in the European company, through 

its telecom vertical, e& international. 

The acquisition includes operations 

such as Yettel Bulgaria, Yettel Hungary, 

Yettel Serbia, and O2 Slovakia, 

along with CETIN and O2 Networks 

infrastructure businesses. The upfront 

cost is €2,150M, with potential earn-out 

payments of up to €350M if financial 

targets are met. e& and PPF intend to 

capitalise on synergies and roll out 

digital products across Central and 

Eastern Europe. 

Al Ansari Proposes Majority Stake Acquisition 

in Oman Exchange 

Al Ansari Financial Services 

PJSC has put forth a formal 

proposal to acquire a majority 

stake in one of Oman’s 

prominent exchange companies. While 

the proposal has received initial approval, 

it is contingent upon meeting 

regulatory conditions. This move aligns 

with Al Ansari’s expansion plans in 

the GCC region, leveraging the flourishing 

Omani economy and its global 

partnerships. The demand for reliable 

exchange services in Oman has surged 

due to its robust economy and business 

ties. Al Ansari aims to provide 

cutting-edge financial solutions to both 

individuals and businesses in Oman 

by capitalizing on its expertise. Group 

CEO Rashed Al Ansari expressed confidence 

in this strategic expansion, 

anticipating growth in customer base 

and shareholder value. 


Ma’aden to Secure 10% Stake in Brazilian Base Metals Firm 

Saudi Arabian Mining Company 

(Ma’aden) is set to obtain a 

10% share in Brazil’s Vale, a 

base metals firm, as part of 

its global mining asset investment 

strategy. Through its joint venture 

Manara, established with the Public 

Investment Fund, Ma’aden inked a 

binding agreement for the acquisition. 

The deal, based on an enterprise 

value of $26B, aims to bolster Vale’s 

copper and nickel production critical 

for advancing new energy transition 

technologies. The transaction, financed 

from Ma’aden’s resources, is subject to 

regulatory approvals and is projected 

to conclude by Q1 2024, according to 

the company’s statement. 

UAE’s e& Bids to Raise 

Vodafone Stake by 20% 

UAE’s Etisalat (e&) has 

expressed interest in boosting 

its ownership in Vodafone by 

20%, according to CEO Hatem 

Dowidar’s statement to CNBC Arabia. 

This move highlights e&’s strategic 

intent to expand its presence within 

the telecommunications sector. As 

technology and connectivity continue 

to evolve, such an investment could 

solidify e&’s position in the global 

market. However, potential implications 

on Vodafone’s operations, management, 

and overall market dynamics warrant 

consideration. 

This situation highlights how the 

dynamics of global business collaborations 

are constantly evolving, and companies 

are continuously striving to reinforce 

their position in essential industries. 

Nesma & Partners to Acquire Dubai Energy 

Services Firm 

Nesma & Partners, a Saudi 

contracting firm partially 

owned by Saudi Arabia’s 

wealth fund, has entered an 

agreement to acquire Dubai-based energy 

services firm Kent, according to a joint 

statement. The deal, set to conclude by 

year-end, will make Nesma & Partners 

the exclusive owner of Kent. Regulatory 

approvals and closing conditions are 

pending. The transaction’s value remains 

undisclosed. In February, Saudi Arabia’s 

Public Investment Fund (PIF), holding 

over $600B in assets, invested $1.3B 

in local construction firms, including 

Nesma & Partners. This strategic move 

aims to foster sector growth and global 

business expansion for the companies. 

ADNOC to Secure 30% Stake in Azerbaijan’s Absheron 

Gas Field 

Abu Dhabi National Oil Company 

(ADNOC) is set to acquire 

a 30% stake in Azerbaijan’s 

Absheron gas and condensate 

field in the Caspian Sea. The State 

Oil Company of Azerbaijan (SOCAR) 

and TotalEnergies will each maintain 

a 35% stake, marking ADNOC’s entry 

into the global gas market. While 

financial details remain undisclosed, 

TotalEnergies and SOCAR had previously 

owned 50% shares in the field. 

The partnership positions ADNOC to 

establish a significant presence in a 

region abundant with natural resources 

and growth potential, enabling access 

to international gas markets in Europe 

and Central Asia during the transition 

to low-carbon energy systems. 


Cryptocurrency 

Crypto Innovations: Exploring the Latest 

Blockchain Projects and Protocols 

In today’s fast-paced digital age, the world of cryptocurrency and 

blockchain technology has undergone significant transformation, 

presenting numerous innovative projects and protocols that continue 

to disrupt various industries. Blockchain protocols, in particular, have 

emerged as the backbone of this revolutionary technology, enabling 

secure, transparent, and decentralized transactions. In this article, we 

will delve into the latest blockchain projects and protocols that are 

driving the crypto innovation landscape. 


Before diving into the latest 

innovations, it is crucial to 

grasp the fundamentals of 

blockchain protocol technology. 

At the heart of blockchain lies a 

set of rules and procedures that govern 

the behavior of the entire network, 

known as a blockchain protocol. This 

protocol outlines how transactions 

are validated, recorded, and stored 

on the blockchain, ensuring that all 

participants in the network follow 

the same rules to create a consensus 

mechanism that guarantees the integrity 

and immutability of the blockchain. 

One of the key components of blockchain 

protocols is cryptography, which 

plays a vital role in securing transactions 

and data within the blockchain 

network. Cryptographic algorithms 

enable secure communication, data 

privacy, and authentication of participants. 

Techniques like hash functions, 

digital signatures, and public-key cryptography 

are widely used in blockchain 

protocols to ensure the confidentiality 

and integrity of transactions and data. 

The creation of an immutable ledger 

is a fundamental characteristic 

of blockchain protocols. This feature 

enhances the trustworthiness of the 

blockchain, as every transaction is 

recorded and visible to all participants. 

Moreover, the decentralized nature 

of blockchain ensures that no single 

entity has the power to manipulate or 

tamper with the ledger. Decentralization 

spreads power among multiple nodes, 

increasing security, reducing the risk of 

single points of failure, and fostering 

transparency and trust. 

One of the most revolutionary aspects 

of blockchain protocols is the introduction 

of smart contracts. Smart contracts 

are self-executing contracts with the 

terms of the agreement directly written 

into code. They enable automation of 

processes, eliminate the need for intermediaries, 

and provide tamper-proof 

and transparent execution. Ethereum’s 

protocol, for instance, introduced the 

concept of Turing-complete smart 

contracts, leading to a wide range of 

decentralized applications (DApps) and 

use cases across various industries. 

Consensus mechanisms are another 

integral part of blockchain protocols, 

ensuring that all participants agree 

Blockchain 

protocols are 

revolutionizing 

industries, 

empowering 

businesses 

to innovate 

and thrive in 

a dynamic 

crypto 

landscape, 

where 

possibilities 

are boundless. 

on the validity of transactions. These 

mechanisms are crucial in distributed 

systems with the potential for malicious 

actors. Various consensus algorithms, 

such as Proof-of-Work (PoW), Proof-of- 

Stake (PoS), and Delegated Proof-of- 

Stake (DPoS), offer unique advantages 

and trade-offs. They collectively aim 

to maintain network security, achieve 

agreement on the state of the blockchain, 

and prevent fraudulent activities. 

Now that we have a solid understanding 

of the core features of blockchain 

protocols, let’s explore some of the 

latest blockchain projects and protocols 

that are making waves in the crypto 

innovation space. 

Polkadot (DOT) is a pioneering 

blockchain project that focuses on 

interoperability between different 

blockchains. It achieves this through 

its unique heterogeneous multi-chain 

architecture, allowing various blockchains 

to connect and share information 

securely. Polkadot’s protocol enables 

cross-chain communication, facilitating 

seamless integration between different 

applications and ecosystems. By eliminating 

the siloed nature of traditional 

blockchains, Polkadot paves the way 

for increased scalability, efficiency, 

and innovation in the crypto space. 

Filecoin (FIL) is a blockchain protocol 

that reimagines cloud storage solutions 

by leveraging decentralized file storage. 

It incentivizes users to rent out their 

unused storage space in return for 

cryptocurrency rewards. This approach 

creates a vast and decentralized storage 

network that ensures data redundancy 

and enhanced security. Filecoin’s 

protocol fosters a peer-to-peer storage 

marketplace, providing a cost-effective 

and censorship-resistant alternative to 

centralized cloud storage providers. 

Solana (SOL) is a high-performance 

blockchain protocol designed 

to address scalability issues faced by 

other blockchain networks. Its unique 

architecture utilizes a combination of 

Proof-of-History (PoH) and Proof-of- 

Stake (PoS) consensus mechanisms 

to achieve high throughput and low 

transaction fees. Solana’s protocol 

enables developers to build decentralized 

applications that can handle high 

transaction volumes, making it suitable 

for various real-world use cases. 

Cardano (ADA) is a third-generation 

blockchain protocol that focuses on 

sustainability, scalability, and interoperability. 

Its protocol employs a unique 

PoS mechanism known as the Ouroboros 

algorithm, ensuring energy efficiency 

and reducing the environmental impact 

compared to PoW-based networks. Cardano’s 

commitment to peer-reviewed 

academic research and a modular design 

approach makes it a promising platform 

for enterprise-level applications and 

smart contract development. 


Real Estate 

Risk Management in Real Estate Financing: 

Strategies for Mitigating Market Volatility 

Investing in real estate can be a lucrative venture, but it is not without 

its risks. One of the most significant risks in real estate financing is 

market volatility. The unpredictable nature of the real estate market 

can lead to fluctuations in property values, interest rates, and demand, 

all of which can impact your investment returns. To safeguard your 

investments and minimize potential losses, it is essential to adopt 

effective risk management strategies. In this article, we will explore 

some key strategies to mitigate market volatility in real estate financing. 


Minimize real estate risk, embrace 

opportunity: Diversify, leverage wisely, stay 

informed, manage assets proactively, and 

build reserves to conquer market volatility. 

Diversification is a time-tested 

strategy that can help reduce 

risk in any investment 

portfolio, and real estate 

is no exception. By spreading your 

investments across various types of 

properties in different locations, you 

can mitigate the impact of market volatility 

in any single region or sector. For 

example, owning a mix of residential, 

commercial, and industrial properties 

in different cities or states can 

provide a more stable and balanced 

investment profile. Diversification 

allows you to capture the potential 

upside in different markets while also 

minimizing exposure to any specific 

market downturn. 

Leveraging debt to invest in real 

estate can enhance returns when the 

market is favorable, but it can also 

amplify losses during downturns. Overleveraging 

increases your exposure to 

interest rate fluctuations and may put 

you at risk of default if property values 

decline. To manage risk effectively, 

maintain a conservative approach to 

debt. Limit your loan-to-value ratio 

and ensure that your rental income 

covers mortgage payments comfortably. 

A well-calculated debt strategy 

will provide financial flexibility and 

a cushion during market downturns. 

Staying informed about market 

trends and economic conditions is 

crucial for any real estate investor. 

Regularly monitor local and national 

real estate data, economic indicators, 

and demographic trends. This information 

will help you anticipate potential 

shifts in the market and make well-informed 

decisions. Being proactive in 

monitoring market conditions allows 

you to adjust your investment strategy 

promptly, reducing the impact of market 

volatility on your portfolio. 

Property management plays a vital 

role in risk mitigation. Effective asset 

management helps minimize vacancies 

and ensures timely maintenance and 

repairs. Well-maintained properties 

are more likely to attract and retain 

tenants, providing a steady income 

stream even during uncertain market 

conditions. Additionally, proactively 

addressing repair issues can prevent 

potential larger problems, saving you 

time and money in the long run. 

Investing in Real Estate Investment 

Trusts (REITs) can be a viable strategy 

to hedge against market volatility. 

REITs are investment vehicles that 

pool capital from multiple investors 

to invest in a diversified portfolio of 

income-generating properties. They 

provide exposure to the real estate 

market without direct ownership of 

physical properties. By diversifying 

your real estate holdings with REITs, 

you can spread risk across multiple 

properties and markets, further reducing 

the impact of market fluctuations 

on your overall portfolio. 

Maintaining sufficient cash reserves 

is a crucial risk management strategy 

in real estate financing. Economic 

downturns or unexpected property-related 

expenses can strain your cash 

flow, making it challenging to meet 

financial obligations. Having adequate 

reserves ensures that you can continue 

to hold your real estate assets during 

challenging times, avoid forced sales, 

and capitalize on opportunities when 

the market rebounds. 

Real estate investing offers significant 

potential for long-term wealth 

creation, but it also involves inherent 

risks, particularly when it comes to 

market volatility. Employing effective 

risk management strategies is essential 

for protecting your investments and 

minimizing the impact of market fluctuations. 

Diversification, prudent use 

of debt, continuous market research, 

proactive asset management, REIT 

investments, and building reserves are 

all integral components of a comprehensive 

risk management plan in real 

estate financing. By adopting these 

strategies, you can position yourself 

to weather market ups and downs 

while achieving sustainable success 

in the dynamic world of real estate 

investment. 


Real Estate News 

Al Habtoor Tower Redefines Luxury Living in Dubai 

Al Habtoor Group, a leading 

UAE conglomerate, has raised 

the benchmark for luxury and 

comfort with the recently 

launched Al Habtoor Tower. The largest 

residential building in the world, the 

tower spans 81 floors (G+7+73) and 

covers 3,517,313 sq ft, offering 1,701 

keys for ultra-luxurious living. Its 

completion is expected by mid-2026. 

Positioned in a highly sought-after 

area in Dubai, the skyscraper provides 

stunning views of the city skyline. 

Spread across three levels, the tower’s 

unique and world-class amenities 

promise unparalleled hospitality to its 

residents. Al Habtoor Tower sets out 

to redefine urban living and meet the 

rising demand for luxury residences 

in Dubai. 

Dubai’s Prime Office Rent Surges 50% in H1, Report 

Shows 

In H1 2023, demand for office space 

in Dubai saw a remarkable 23% 

increase, resulting in a severe 

supply shortage and driving up 

rents in prime locations. Knight Frank, 

the global real estate consultancy, 

reported that the market witnessed 

an unprecedented spike, with office 

space demand reaching 580,000 square 

feet during the period. Notably, the 

Dubai International Financial Centre 

(DIFC) emerged as the most expensive 

location, while Business Bay, the Trade 

Center District, and Dubai Marina also 

experienced a surge in demand, leading 

to corresponding rent increases of 

69%, 54%, and 54%, respectively. The 

investment market also thrived with a 

35% increase in transaction volumes, 

totaling AED 2.2B. 

Qatar’s Q2 2023 sees 

Apartment Rents Revert 

to Pre-World Cup Levels 

In the second quarter of 2023, Qatar’s 

real estate market witnessed 

a significant decline in apartment 

rents, with rates either returning 

to or even dropping below pre-World 

Cup levels. The Cushman & Wakefield 

Qatar’s ‘Q2 Real Estate Market Review’ 

revealed that the surge in demand during 

the 2022 FIFA World Cup has subsided, 

leading to a decrease in residential 

rents since March of this year. The 

availability of vacant apartments has 

notably increased during the first half 

of 2023, contributing to the downward 

trend. As additional apartment supplies 

by Ezdan and ongoing constructions 

emerge, the market is expected to 

experience further pressure on rental 

prices. The report highlights new developments, 

such as La Plage South and 

Giardino Village on The Pearl Island, 

and Lusail, which have introduced 

more prime apartments, resulting in 

declining rents. 

Kerten Plans 200-Unit 

Serviced Apartments 

in NEOM 

Ireland-based Kerten Hospitality 

has partnered with NEOM, the 

developer of a futuristic city in 

Saudi Arabia, to introduce its 

House Residence brand within the 

Oxagon development. The agreement 

entails the opening of an upscale 

200-unit serviced apartments within 

Oxagon’s first residential community, 

scheduled to open in 2025. Oxagon aims 

to redefine urban living by integrating 

offices, recreational and sports facilities, 

mobility solutions, and unique 

hospitality and retail concepts in harmony 

with nature. Kerten Hospitality’s 

CEO, Marloes Knippenberg, views the 

venture as a transformative statement 

to evolve habitats, foster thriving 

communities, and redefine the human 

experience. NEOM, located in Saudi 

Arabia’s northwest region, aspires to 

be a global leader in sustainable urban 

living and enhanced livability. 


Bahrain’s Real Estate 

Sector Sustains Growth 

Momentum 

According to the Q2 2023 

Bahrain Property Market in 

Minutes report by Savills, 

Bahrain’s real estate sector 

experienced continued growth during 

this period. Residential sales, rents, and 

office spaces all saw similar increases, 

while the industrial warehousing sector 

enjoyed greater rent stability due to 

government efforts to diversify the 

economy. On the other hand, retail 

rental rates faced intense downward 

pressure, with prices falling by an 

average of 7 percent over the past 

year. The demand for villas outpaced 

the apartment sector, especially in the 

mid-range segment. Capital values for 

both villas and apartments remained 

steady during the second quarter, but 

year-on-year values increased by 2.3 

percent. High-end villa developments 

experienced a slight decrease in average 

capital values on a quarterly basis. 

Settler Reveals Luxury Apartment Transformation 

in Dubai 

Settler, a visionary in interior 

renovations, has collaborated 

with a renowned designer to 

unveil a luxurious apartment 

transformation at City Walk in Dubai. 

The project, meticulously crafted over a 

month, showcases bespoke design and 

attention to detail, promising to leave 

a lasting impression on all who enter. 

Settler’s expertise extends beyond 

visual aesthetics, as the apartment’s 

layout was thoughtfully redesigned to 

maximize space and create a harmonious 

and comfortable environment. 

With a focus on quality, the walls were 

adorned with exquisite paints, and 

carefully chosen flooring ensures both 

visual appeal and long-lasting durability. 

Settler’s commitment to excellence has 

earned them a reputation as industry 

trailblazers. 

Saudi’s GASTAT Reports 0.8% Real Estate Price 

Increase in Q2 2023 

According to the General 

Authority for Statistics 

(GASTAT), the real estate 

price index in Riyadh increased 

by 0.8% in the second quarter 

of 2023 compared to the same period 

in 2022, mainly driven by a 1.1% surge 

in residential property prices. The 

report highlighted a 1.2% annual increase 

in prices for residential plots, 

while apartment prices rose by 1.0%. 

However, building and villa prices 

declined by 0.9% and 5.0% respectively, 

and house prices dipped by 0.1%. In the 

commercial sector, real estate prices 

increased by 0.2%, influenced by a 0.2% 

rise in commercial plot prices, while 

agricultural land prices decreased by 

0.3%. Consequently, GASTAT computes 

the index on a quarterly basis, categorizing 

it by various sectors and types 

of real estate across all administrative 

regions of Saudi Arabia. 

RAK Properties Reports Soaring H1 Revenue Due to High Residential Demand 

RAK Properties, a leading 

UAE real estate development 

company, experienced robust 

growth in H1 2023, with a 

remarkable 164% surge in revenue, 

totaling AED 511.64M ($140M). The 

significant revenue increase was primarily 

fueled by strong demand for new 

project launches in Abu Dhabi and Ras 

Al Khaimah, as well as the successful 

handover of residential projects. Net 

profit also witnessed exceptional 

growth, exceeding three-fold to AED 

88.19M compared to AED 25.55M in 

the previous year. The company’s 

hospitality assets played a key role in 

strengthening revenue streams and 

enhancing Mina Al Arab’s reputation 

as a premier lifestyle destination in 

Ras Al Khaimah. 


Wheels 

2023 Ford F-150 

The 2023 F-150 has evolved 

significantly, featuring an 

aluminum body, turbocharged 

powertrains, and even a 

hybrid option, showcasing Ford’s 

latest technology. It caters to various 

needs, from the practical XL work truck 

to upscale trims like Platinum and 

Limited, offering luxurious features. 

While it may not match the ride comfort 

of the Ram 1500 or the handling of 

the Chevy Silverado, its impressive 

capability and configurability maintain 

its competitive edge. 

New for 2023 is the off-road-oriented 

Rattler trim, a more affordable option 

with unique features like 18-inch wheels, 

dual exhaust, hill-descent control, a 

locking rear differential, and off-road 

suspension, all adorned with distinctive 

rattlesnake-inspired logos. 

The lineup offers various body styles 

and bed lengths. The XLT improves 

upon the XL, while the Lariat adds 

more luxury for a slightly higher price. 

Under the hood, the 2023 F-150 offers 

multiple engine options, including a 

290-hp 3.3-liter V-6, a 400-hp 5.0-liter V-8, 

twin-turbocharged 2.7-liter and 3.5-liter 

V-6 options, and a 250-hp 3.0-liter 

diesel V-6, all mated to a 10-speed 

automatic transmission. Additionally, 

there’s a hybrid powertrain with a 

400-hp combination of a twin-turbo 

V-6, a 35 kW electric motor, and a 

10-speed automatic transmission, 


offering impressive driving range and 

acting as an onboard generator. 

The F-150 excels in performance and 

versatility, with rear- and four-wheel 

drive options available. The four-wheel 

drive Lariat hybrid can reach 60 mph 

in just 5.4 seconds, highlighting its 

impressive acceleration. The Tremor 

model, with robust off-road capabilities, 

reaches 60 mph in 5.3 seconds, just 0.1 

second slower than the more powerful 

Raptor. 

Specifications 

Horsepower: 400-hp 5.0-liter V-8 

Transmission: 10-speed automatic 

Acceleration: 0-60 mph in 5.3 seconds 


Funding & Investment 

Unlocking Startup Success: A Guide to 

Securing Funding in the UAE 

Launching a startup is an exhilarating endeavour, but turning innovative 

ideas into a viable business requires more than just a great concept. 

One of the most critical aspects of nurturing a startup’s growth is 

securing adequate funding. For entrepreneurs in the United Arab 

Emirates (UAE), a country known for its dynamic business landscape 

and robust economy, opportunities for startup funding are abundant. In 

this guide, we will delve into the strategies and resources that can help 

aspiring entrepreneurs unlock startup success by securing funding in 

the UAE. 


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. 

Understanding the Startup 

Ecosystem in the UAE 

The UAE has rapidly 

emerged as a hub for innovation 

and entrepreneurship in the 

Middle East. The government’s strategic 

focus on diversifying the economy has 

resulted in a supportive ecosystem 

for startups, attracting both local and 

international investors. Dubai and 

Abu Dhabi, in particular, have become 

global business destinations, offering 

infrastructure, connectivity, and policies 

that favour startups. 

Business Incubators and Accelerators 

Startup incubators and accelerators 

play a pivotal role in nurturing new 

businesses. These programs provide 

not only funding but also mentorship, 

resources, and networking opportunities. 

In the UAE, several renowned programs 

like Dubai Future Accelerators, in5 Innovation 

Centers, and Flat6Labs offer 

tailored support for startups across 

various industries. 

Venture Capital Firms 

Venture capital firms are actively 

seeking investment opportunities in the 

UAE’s burgeoning startup scene. These 

firms provide funding in exchange for 

equity, making them a crucial source 

of capital for startups. Prominent 

venture capital firms operating in the 

UAE include BECO Capital, Middle 

East Venture Partners (MEVP), and 

Wamda Capital. 

Angel Investors 

Angel investors are high-net-worth 

individuals who invest their personal 

funds in startups. They often provide 

not only financial support but also 

valuable expertise and connections. 

Platforms like AngelList have facilitated 

connections between startups and 

angel investors in the UAE, helping 

entrepreneurs access the resources 

they need to succeed. 

Government Initiatives 

The UAE government has been proactive 

in fostering entrepreneurship 

through various initiatives and funds. 

The Mohammed bin Rashid Fund for 

SMEs, for instance, offers financial 

support to Emirati entrepreneurs, 

while the Khalifa Fund provides funding 

to startups in Abu Dhabi. These 

initiatives can significantly ease the 

financial burden on startups during 

their early stages. 

Crowdfunding 

The rise of digital platforms has 

democratized funding through crowdfunding. 

Entrepreneurs can present 

their business ideas to a broad audience 

and raise capital from individual 

contributors. Platforms like Eureeca, 

based in Dubai, specialize in equity 

crowdfunding, allowing startups to 

attract a diverse range of investors. 

Pitch Competitions and Events 

Participating in startup pitch competitions 

and events is an excellent way 

to gain exposure and secure funding. 

Events like GITEX Future Stars, STEP 

Conference, and Seedstars World often 

offer cash prizes, investment opportunities, 

and valuable feedback from 

seasoned entrepreneurs and investors. 

Networking and Relationship Building 

Building relationships within the 

UAE’s business community is crucial 

for securing funding. Attending industry 

events, workshops, and networking 

sessions can help entrepreneurs connect 

with potential investors and partners. 

Establishing a strong presence on professional 

platforms like LinkedIn can 

also facilitate meaningful connections. 

Preparing a Strong Pitch 

Regardless of the funding source, a 

compelling pitch is essential. It’s crucial 

to clearly articulate the problem your 

startup addresses, your solution, market 

potential, competitive advantage, and 

your team’s expertise. A well-prepared 

pitch deck can captivate investors and 

instill confidence in your startup’s 

potential for success. 

Securing funding is a pivotal step 

in the startup journey, and the UAE 

offers a plethora of opportunities for 

entrepreneurs to obtain the financial 

support they need. By leveraging the 

diverse funding sources available in the 

country, startups can not only secure 

the necessary capital but also gain 

access to valuable mentorship, guidance, 

and networks that are essential 

for long-term success. 

Remember, the process of securing 

funding requires persistence, adaptability, 

and a willingness to learn from rejections. 

Each interaction with potential 

investors is an opportunity to refine 

your pitch and better understand the 

needs and expectations of the market. 

As the UAE’s startup ecosystem continues 

to flourish, the possibilities for 

innovative entrepreneurs are boundless, 

making this vibrant country a promising 

destination for those looking to unlock 

their startup’s true potential. 


Funding and Investment News 

UAE Ministry of Culture and Youth Unveils Funding Program for Creatives 

The UAE Ministry of Culture and 

Youth has taken a significant step 

in bolstering the creative industry 

by launching a new funding 

program. Geared towards supporting 

creatives, this initiative aims to nurture 

talent and drive innovation across various 

artistic fields. The program provides financial 

assistance to individuals and groups 

engaged in art, literature, music, film, 

design, and other creative disciplines. By 

facilitating access to funds, the ministry 

seeks to empower artists and encourage 

the development of cultural projects that 

enrich the nation’s vibrant artistic landscape. 

This move highlights the UAE’s 

commitment to promoting creativity and 

nurturing a thriving environment for its 

creative community. 

MENA Startup Ventures 

Face 26% Funding 

Plunge in Q2 

The MENA region experienced 

a troubled quarter in venture 

financing, with startup ventures 

witnessing a significant 26 

percent plunge in funding to reach $1.4B 

in Q2 2023, compared to the same period 

last year, according to the latest market 

research. The number of funding deals 

also declined for the second consecutive 

quarter, totaling 206 in the April-June 

period, a 20 percent fall from Q1 2023, 

as reported by the latest CB Insights 

report. Despite the challenging funding 

environment, digital health startups in the 

region stood out, with a remarkable 106 

percent increase in funding over Q2 2022. 

Mubadala Invests in US Data Centre Firm 

Abu Dhabi’s sovereign investor, 

Mubadala Investment Company, 

has recently invested 

in Aligned Data Centres, a 

prominent data centre company headquartered 

in the US. Mubadala will 

become a minority partner alongside 

Macquarie Asset Management, the 

majority partner. Aligned offers Scale 

Data Centres and Build-to-Scale solutions, 

catering to global hyperscale 

and enterprise customers, addressing 

the need for sustainable and scalable 

infrastructure. At full buildout, Aligned’s 

footprint will exceed 2.5 GW of critical 

capacity across 40+ data centres. 

Although primarily operating in North 

America, Aligned has expanded into 

Latin America with the acquisition of 

ODATA, establishing its position as 

one of the largest private data centre 

operators in America. 

Al Ansari Proposes Majority Stake Acquisition 

in Oman Exchange 

Al Ansari Financial Services 

proposes acquiring a majority 

stake in a prominent 

exchange company in Oman. 

The company has received initial approval, 

pending regulatory conditions. 

This strategic move aligns with Al Ansari’s 

expansion plans in the GCC region. 

Oman’s thriving economy and global 

business partnerships have driven the 

demand for reliable exchange services. 

Recognizing the market’s potential, 

Al Ansari aims to offer state-of-theart 

financial solutions to residents 

and businesses. Rashed A. Al Ansari, 

Group CEO, believes this expansion 

will broaden their customer base 

and further establish their presence 

in countries with a significant expat 

population and a resilient economy. 


Disprz Secures $30M in Series C Funding for 

Middle East Market Expansion 

AI-powered learning and skilling 

suite, Disprz, secures $30M 

in Series C funding led by 

Lumos Capital and 360 ONE 

Asset (IIFL), with participation from 

Kae Capital, KOIS, and Dallas Venture 

Capital. The funds will fuel global market 

expansion and product development using 

advanced technologies like Generative 

AI, focusing on emerging markets in 

the Middle East, India, and the US. 

JETRO President 

Focused on Enhancing 

Trade and Investment 

with UAE 

In a bid to foster economic ties, the 

President of Japan External Trade 

Organization (JETRO) expressed 

eagerness to bolster trade and 

investment relations with the United 

Arab Emirates (UAE). The focus is on 

enhancing bilateral cooperation to open 

new avenues for businesses in both 

nations. The UAE’s strategic location as 

a regional hub and its growing economy 

present attractive opportunities for 

Japanese companies seeking expansion 

in the Middle East. With mutual 

interests in various sectors, such as 

technology, energy, and infrastructure, 

the collaboration is poised to generate 

economic growth and strengthen the 

longstanding friendship between Japan 

and the UAE. 

Since its 2015 inception, Disprz has 

witnessed remarkable growth, serving 

industry leaders such as Sharaf DG, 

Jumbo Electronics, NEOM, and Saudi 

Research. The company plans to hire 

data scientists, skilling scientists, and 

engineers, forming strategic partnerships 

and acquisitions to evolve into a global 

people intelligence suite, empowering 

organisations to unlock their workforce 

potential. 

GCC Investors to Inject $3.2B in UK’s Property 

Market in 2024 

According to a report by the 

Bank of London and The 

Middle East (BLME), GCC 

investors are expected to 

inject $2.5B ($3.21B) into the UK’s 

real estate sector in 2024. Lower asset 

prices in the UK’s residential and commercial 

properties, coupled with the 

Gulf economies’ strength and the desire 

for asset diversification, are driving 

the increased interest from investors 

in the Gulf states. Despite geopolitical 

and economic uncertainties, London 

remains the top choice for investment, 

but other regional towns and cities such 

as Manchester, Birmingham, Newcastle, 

and Bristol are also catching the 

attention of GCC investors. 

EIH Ethmar International Acquires Stake in Gewan 

Holding, UAE 

Abu Dhabi-based EIH Ethmar 

International Holding has 

acquired a strategic stake in 

Gewan Holding, a diversified 

company operating in key sectors such 

as real estate, general trading, hospitality, 

travel and tourism, restaurant 

management, and agri-tech. EIH Ethmar 

International Holding has built a diverse 

and sustainable investment portfolio, 

comprising more than 30 companies 

across various sectors, including real 

estate, energy, technology, investment, 

healthcare, and hospitality. The acquisition 

aligns with EIH’s vision to 

diversify and expand its presence in 

multiple sectors, aiming to generate 

sustainable returns for its investors. The 

partnership will create opportunities 

for joint projects, contributing to job 

creation in vital sectors and positively 

impacting the UAE’s economy. 


Digital Assets 

The Future of Digital Assets: Innovations 

and Potential Disruptions 

Digital assets are poised to reshape the landscape of the financial industry, 

and the United Arab Emirates (UAE) is at the forefront of this transformative 

trend. As the world embraces the power of digital currencies and blockchain 

technology, leaders in the UAE’s banking sector must recognize the potential 

disruptions and opportunities that come with it. Customers are demanding 

digital asset services, and new competitors are emerging to capitalize on 

the rapid growth and high profit margins in the digital asset market. 


UAE’s financial landscape embraces 

digital assets for a transformative future. 

The digital asset market in the 

UAE is experiencing rapid 

growth, mirroring the global 

trend. More individuals and 

institutions are showing interest in 

digital assets as alternative investments 

and stores of value. The number of 

cryptoasset users in the UAE has surged 

in recent years, reflecting a growing 

appetite for digital currencies and their 

potential for high returns. 

Despite the promising potential of 

digital assets, there are challenges and 

uncertainties that UAE banks must 

navigate. Price volatility remains a 

concern, and regulatory frameworks 

for digital assets are still evolving. The 

lack of clear guidelines and standards 

can hinder innovation and growth in 

the sector. Therefore, careful strategic 

analysis and operational management 

are essential for UAE banks to embrace 

digital assets fully. 

The UAE’s banking industry faces 

competition from various fronts in 

the digital asset space. Crypto-native 

firms with ambitious financial goals 

are gaining momentum, backed by 

substantial profits and scalable business 

processes. Decentralized Finance (DeFi) 

is another disruptive force, promising 

faster and more cost-effective financial 

services. Moreover, central banks 

worldwide are exploring the issuance 

of CBDCs, which could revolutionize 

the payments ecosystem. 

The embrace of digital assets presents 

several opportunities for UAE banks: 

Meeting Customer Demand: A growing 

number of UAE customers are seeking 

digital asset services. By providing reliable 

and secure platforms for digital 

asset transactions and custody, banks 

can cater to this demand and build 

customer loyalty. 

Innovation in Financial Products: 

Digital assets open the door for designing 

innovative financial products that cater 

to new needs and possibilities. Banks 

can explore products that leverage 

blockchain technology for improved 

efficiency and accessibility. 

Risk Reduction and Efficiency: 

Digital assets, including CBDCs and 

stablecoins, offer the potential to reduce 

complexities and costs in the financial 

system. UAE banks can streamline 

cross-border payments and securities 

settlement, enhancing efficiency and 

risk management. 

Investment Opportunities: With increasing 

institutional interest in digital 

assets, UAE banks can explore the 

option of investing in cryptocurrencies 

and other digital assets. However, thorough 

risk assessments and compliance 

with evolving regulations are essential. 

Collaborations and Partnerships: 

UAE banks can consider collaborating 

with digital asset firms or exploring 

partnerships with fintech companies to 

leverage their expertise and offerings. 

Insurtech Innovations for UAE Digital 

Asset Investors: 

As more UAE investors venture into 

digital assets, insurtech startups are 

stepping in to offer specialized insurance 

solutions. These innovations include: 

Smart Contracts and Automated Claims 

Processing: Automating claims through 

smart contracts enhances transparency 

and efficiency in insurance processes, 

boosting investor confidence. 

Decentralized Insurance Platforms: 

Connecting insurers directly with 

digital asset investors, decentralized 

insurance platforms offer real-time data 

and secure records of transactions, 

reducing reliance on intermediaries. 

Parametric Insurance: Providing 

protection against losses due to market 

volatility or unforeseen events, 

parametric insurance can reassure 

investors amidst market uncertainties. 

Tokenization of Insurance Policies: 

Tokenized insurance policies allow 

fractional ownership and increased 

liquidity, enabling UAE investors to 

diversify their portfolios and access 

new investment options. 

Data Security and Privacy: Utilizing 

blockchain’s security features, insurers 

can ensure encrypted data exchange, 

safeguarding sensitive information 

related to digital asset investments. 

The UAE’s banking sector stands on 

the cusp of a digital revolution driven 

by digital assets and blockchain technology. 

Embracing this transformative 

trend is crucial for banks to stay 

competitive, meet customer demands, 

and explore new opportunities for 

growth and efficiency. While there 

are challenges and uncertainties, the 

UAE’s forward-thinking approach and 

strategic planning can position it as a 

leader in the digital asset revolution. 

As the digital asset market continues 

to expand, insurtech innovations will 

play a critical role in protecting UAE 

investors and fostering a robust and 

secure financial ecosystem. By actively 

participating in this transformative trend, 

UAE banks can secure their position 

as pioneers in the future of finance. 


Stock Market 

Diversification: The Key to Mitigating 

Risks in Stock Market Portfolios 

Investing in the stock market offers great potential for wealth accumulation, 

but it also comes with inherent risks. The key to navigating these risks 

lies in the principle of diversification. Diversification is a strategy that 

involves spreading your investments across different asset classes, industries, 

companies, and geographical regions to reduce the overall risk of your 

portfolio. While it may not guarantee against losses, diversification remains 

the cornerstone of reaching long-term financial goals while minimizing risk. 


Unlock the power of diversification: Safeguard 

your investments, mitigate risks, and unlock a 

world of opportunities in the stock market. 

Imagine having an investment portfolio 

entirely composed of airline 

stocks. Any industry-specific bad 

news, such as a pilots strike, 

would cause the share prices of all 

those stocks to drop simultaneously, 

leading to a noticeable decrease in the 

portfolio’s value. However, diversifying 

the portfolio with railway stocks 

would mitigate this risk. While airline 

stocks may be affected negatively, the 

railway stocks could potentially rise 

as passengers seek alternative transportation 

options. 

Diversification involves proactively 

balancing your investments across 

different assets, industries, and geographies. 

By doing so, you protect your 

portfolio from suffering significant 

losses due to adverse events affecting 

a specific sector or company. This 

defensive approach to investing is actively 

promoted by financial regulators 

and investment professionals alike. 

Diversification begins by investing 

in different sectors and industries. For 

instance, instead of focusing solely 

on transportation, investors should 

consider spreading their holdings 

across technology, healthcare, finance, 

and other sectors. This way, if one 

industry faces challenges, the other 

sectors may continue to perform well, 

helping to balance the overall portfolio 

performance. 

Company-specific risks can also 

be mitigated through diversification. 

Investing in a variety of companies 

reduces the impact of events that may 

negatively affect one particular company’s 

performance. Even if an investor 

has a favorite company, they should 

consider diversifying by acquiring 

shares of other companies within the 

same or related industries. 

Beyond stocks, investors can diversify 

across different asset classes like 

bonds, real estate, cryptocurrencies, 

precious metals, and commodities. 

Each asset class has its own characteristics 

and responds differently to 

macroeconomic conditions, providing 

further protection against widespread 

financial risks. 

Political, geopolitical, and international 

risks can have global impacts. 

By diversifying across different countries 

and regions, investors can reduce 

their exposure to specific country 

risks and take advantage of varied 

opportunities and risk levels in different 

markets. 

Considering investments with different 

time frames is also crucial. Some 

assets, like long-term bonds, may have 

higher returns but carry more risk, 

while short-term investments are more 

liquid but yield less. Balancing these 

various investments based on their 

time frames can enhance risk-adjusted 

returns. 

While diversification is essential for 

reducing risk, it can also limit potential 

gains. A well-diversified portfolio 

is optimized to achieve the highest 

risk-adjusted returns rather than 

seeking the highest absolute returns 

possible. Investors may miss out on 

high returns from a specific stock, 

asset class, or market segment that 

outperforms others. Striking a balance 

between diversification and maximizing 

returns depends on individual risk 

tolerance and investment goals. 

Diversification is crucial for managing 

risk and reducing the volatility 

of a portfolio’s value. It is especially 

vital for older investors who aim to 

preserve wealth and retirees who 

rely on their portfolios for living expenses. 

Diversification also increases 

the potential for better risk-adjusted 

returns, as investors efficiently deploy 

their capital across various assets and 

industries. 

In the world of stock market investing, 

diversification remains the 

key to mitigating risks and achieving 

long-term financial goals. By spreading 

investments across different assets, 

industries, and regions, investors can 

safeguard their portfolios against 

specific risks and market downturns. 

While diversification may not eliminate 

all risks, it significantly improves the 

odds of weathering market fluctuations 

and realizing steady, sustainable 

returns. Striking the right balance 

between diversification and maximizing 

returns is essential, as investors 

seek to preserve capital, capitalize 

on market opportunities, and sleep 

soundly at night. 


Corporate Tax 

UAE’s Corporate Tax Law: Shaping a 

Competitive Business Landscape 

The Corporate Tax Law serves as the legislative foundation for implementing 

the Corporate Tax regime, which came into effect for financial years 

commencing on or after June 1, 2023. At its core, this strategic move reflects the 

UAE’s commitment to its strategic objectives, further catalyzing development 

and transformation within its economic landscape. A cornerstone of the 

Corporate Tax Law is its alignment with international standards and best 

practices. 



The introduction of the Corporate 

Tax Law showcases the UAE’s 

commitment to sustainable 

economic development and 

resilience. This move aligns with the 

nation’s vision of reducing its reliance 

on hydrocarbon revenues and 

diversifying its economic portfolio. By 

implementing a progressive taxation 

framework, the UAE not only generates 

additional revenue streams but 

also lays the foundation for a more 

balanced and resilient economy. The 

tax revenues garnered will contribute 

to funding essential public services and 

infrastructure projects, further enhancing 

the nation’s socio-economic fabric. 

The application of Corporate Tax on 

manufacturing and processing companies 

is a testament to the UAE’s strategic 

approach to taxation. By focusing on 

key sectors that contribute significantly 

to the country’s GDP, the UAE aims to 

strike a harmonious balance between 

taxation and economic growth. This 

targeted approach ensures that the 

tax burden is distributed equitably, 

allowing the government to foster a 

business-friendly environment while 

promoting economic diversification. 

As the UAE’s economy continues to 

evolve, the Corporate Tax Law serves 

as a testament to its commitment to responsible 

fiscal policies and sustainable 

growth. By striking a balance between 

taxation and economic development, 

the UAE is charting a course towards 

a prosperous future. As businesses and 

investors navigate this new landscape, 

they can find assurance in the UAE’s 

commitment to transparency, stability, 

and competitiveness—a foundation 

upon which mutual success can be built. 

The scope of the Corporate Tax Law 

encompasses various types of companies 

engaged in manufacturing, toll 

manufacturing, contract manufacturing, 

and processing of goods and materials. 

Companies falling under these categories, 

termed manufacturing and processing 

companies (MnPCs), are subject to 

the Corporate Tax, unless they qualify 

for exemptions or operate as natural 

persons with an annual income below 

Dh1 million. 

For resident juridical MnPCs, whether 

established within or outside the UAE 

but controlled and managed from 

the UAE, the Corporate Tax applies 

to their worldwide taxable income. 

Sole establishments, civil companies, 

or individuals conducting freelance 

manufacturing businesses in the UAE 

are subject to Corporate Tax solely on 

their income related to UAE business 

activities. 

The Corporate Tax regime introduces 

progressive rates based on income 

thresholds. For taxable natural persons 

operating as MnPCs, exemptions are 

granted for those with annual business 

income up to Dh1 million, and extended 

to Dh3 million until the end of 2026. 

Meanwhile, non-free zone juridical 

MnPCs earning up to Dh3 million in 

annual income remain exempt from 

Corporate Tax until the same period. 

Beyond these thresholds, the Corporate 

Tax ranges from zero percent to nine 

percent, depending on income levels. 

The UAE’s commitment to enhancing 

its regulatory regime extends beyond 

tax provisions. With a focus on financial 

stability and international compliance, 

the UAE has taken steps to strengthen 

its anti-money laundering and counter-financing 

of terrorism (AML/CFT) 

measures. This commitment aligns with 

global standards and underscores the 

nation’s dedication to responsible governance 

and international cooperation. 

As the Corporate Tax Law sets 

the stage for a competitive business 

environment, the UAE propels its 

journey toward diversified growth 

and economic prosperity. By adopting 

globally recognized practices, the nation 

demonstrates its preparedness to 

navigate the complexities of modern 

economics while fostering an attractive 

landscape for businesses and investors 

alike. The Corporate Tax regime stands 

as a testament to the UAE’s vision, 

solidifying its role as a pivotal player 

in the global economic arena. 


Corporate Results 

Abu Dhabi Commercial Bank 

Q2’23 Net Profit: AED 1.93B 

($525M) 

Abu Dhabi Commercial Bank, the thirdlargest 

bank in the UAE in terms of 

assets, announced a 23% increase in its 

second-quarter profit compared to the 

previous year. The rise was attributed to 

a significant surge in net interest income 

and income from Islamic financing, 

supported by the ongoing economic 

momentum. The bank reported a net 

profit of AED 1.93B ($525M) for the three 

months ending in June, as disclosed in 

a statement to the Abu Dhabi Securities 

Exchange where the bank’s shares are 

traded. ADCB’s group chief executive, 

Ala’a Eraiqat, expressed satisfaction 

with the solid growth momentum 

and continuous achievement of new 

growth records. During the reporting 

period, non-interest income also saw a 

substantial year-on-year increase of 22% 

to AED 1.13B, while the overall operating 

income grew by 16% to AED 4.06B on an 

annual basis. 

DIFC Courts 

Q1’23 Net Profit: AED 15B 

In Q1 2023, the Dubai International 

Financial Centre (DIFC) Courts saw 

substantial growth, with a 692 per 

cent increase in the total value of 

cases across all divisions compared 

to Q1 2022, reaching AED 15B in 455 

cases. The Court of First Instance 

(CFI) received 52 cases, totaling AED 

14.9B with an average case value of 

AED 427.2M. The Arbitration Division 

under the CFI also rose to AED 12.9B, 

with an average claim value of AED 

1.6B. The claims covered various 

sectors, involving breach of contract, 

outstanding payments, wills, probate, 

and employment disputes. Remote 

virtual hearings were widely adopted, 

leading to increased efficiency. 

Saudi Tadawul Group 

Q1’23 Net Profit: $198M 

During Q1 2023, Saudi Tadawul Group 

Holding Company reported a net profit 

after Zakat and tax of SAR 196M, representing 

a 29.57% decline compared 

to the same period in the previous 

year when it recorded SAR 278.30M. 

The earnings per share (EPS) also decreased 

from SAR 2.32 to SAR 1.63 in 

H1-23. The company’s revenue for January-June 

2023 stood at SAR 463.30M, 

marking a 21.75% year-on-year (YoY) 

decrease. In Q2-23, the net profit saw a 

23.60% annual decline to SAR 105.20M, 

while revenues decreased by 15.46% 

to SAR 252M. However, on a quarterly 

basis, Q2-23 net profits were 15.86% 

higher than Q1-23, with revenues rising 

by 19.26%. 

Bank Albilad 

Q1’23 Net Profit: SAR 1.14B 

Bank Albilad posted SAR 1.14B in net 

profits for Q1 2023, a 14.43% increase 

from Q1 2022’s SAR 1B. Earnings 

per share (EPS) rose to SAR 1.15 in 

January-June 2023, compared to SAR 

1.01 in the previous year. Client deposits 

reached SAR 106.28B, with a remarkable 

19.28% annual growth. Assets rose to 

SAR 135.40B, an 11.43% increase, and 

investments surged to SAR 22.42B, a 

22.68% growth. In Q2 2023, net profits 

amounted to SAR 585.90M, up 14.66% 

YoY, and 4.64% higher than Q1 2023’s 

SAR 559.90M. 

First Abu Dhabi Bank 

Q2’23 Net Profit: AED 4.2B 

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. 

Yansab 

H1’23 Net Loss: SAR 342.30M 

Yanbu National Petrochemical Company 

(Yansab) faced net losses after Zakat 

and tax of SAR 342.30M in H1 2023, a 

significant shift from the net profits 

of SAR 571.50M in H1-22. The loss 

per share was SAR 0.61 in H1-23, in 

contrast to the earnings per share (EPS) 

of SAR 1.02 in the same period a year 

earlier. The company experienced a 

substantial 50.85% annual decline in 

revenue, reaching SAR 1.98B during 

January-June 2023, compared to SAR 

4.04B. However, in Q2 2023, Yansab 

achieved net profits of SAR 27.40M, a 

90.50% decrease YoY, with revenues of 

SAR 1.32B, down 36.06% YoY. 


Saudi National Bank 

Q2’23 Net Profit: $1.34B 

In the second quarter of 2023, Saudi 

National Bank (SNB), the largest 

lender in Saudi Arabia, recorded a 

9.3% year-on-year (YoY) increase in net 

profit, reaching 5.01B riyals ($1.34B), 

primarily driven by higher operating 

income. The bank reported a 9% YoY 

growth in net income attributable to 

equity holders, amounting to SAR 5B, 

while total operating income rose by 

2% YoY, and total operating expenses 

decreased by 14% YoY. For the first 

half of 2023, SNB’s net profit saw a 

10.4% rise to SAR 10.04B, compared 

to SAR 9.09B in the same period last 

year, mainly due to increased operating 

income and reduced operating 

expenses. In May, the bank’s shareholders 

approved a 6% cash dividend 

for Q2 2022 as proposed by the board. 

Saudi: Advanced 

Petrochemical 

Q2’23 Net Profit: SAR 60M 

In Q2-23, Advanced Petrochemical 

recorded a net profit of SAR 60M, a 

45.45% YoY decrease from SAR 110M, 

and revenues of SAR 582 million, 

down 28.50% from SAR 814M in Q2- 

22. On a quarterly basis, the Q2-23 

net profits were 39.53% higher than 

Q1-23’s SAR 43 million, while revenues 

contracted by 7.18% from SAR 627M. 

It is worth mentioning that in Q1-23, 

Advanced Petrochemical also reported 

lower net profits compared to Q1-22. 

During January-June 2023, the company 

generated revenues of SAR 1.20B, 

signifying a 28.09% annual decrease 

from SAR 1.68B. 

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 ownproduced 

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. 

NBQ 

Q2’23 Net Profit: AED 255M 

In Q2 2023, the National Bank of Umm 

Al Quwain in the United Arab Emirates 

reported a net profit of AED 255M, reflecting 

a 54% increase from AED 165M 

in Q2 2022. The bank’s cost-to-income 

ratio improved significantly to 20.58%, 

showing an 880 basis point year-on-year 

improvement, which demonstrates the 

bank’s operational efficiencies and disciplined 

cost management. The bank also 

showcased improvements in its impairment 

coverage ratio, reaching 254% as 

of June 30, 2023, compared to 183% at 

the end of December 2022. Additionally, 

the bank maintained a prudent deposits 

to net advances ratio of 129%. 

Sharjah Islamic Bank 

H1’23 Net Profit: AED 648.7M 

Sharjah Islamic Bank (SIB) announced 

robust financial performance for H1 

2023. The bank’s operating profit before 

provisions surged by 31%, reaching 

AED 648.7M, compared to AED 497.2M 

in the same period the previous year. 

The net profit displayed remarkable 

growth, increasing by 36.7% to AED 

494.6M, compared to AED 361.9M in 

the corresponding period last year. Net 

income from financing and investment 

products witnessed a significant 22% increase, 

amounting to AED 716.7M, while 

net fees, commissions, and other income 

rose by 34.6% to AED 247.8M. SIB’s balance 

sheet stabilized at AED 61.1B, with 

strong liquidity at AED 12.2B, equivalent 

to 20.0% of total assets. 

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. 


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 

ORGANISED BY

Travel 

4 Cultural Gems to Unearth Around the 

World 

Discover a world of enriching cultural journeys and immersive travel experiences. Immerse 

yourself in different ways of life, form meaningful connections, and embrace a sustainable 

approach to travel. Whether you’re a seasoned cultural traveler or new to off-the-beatentrack 

adventures, this guide to culture and travel offers inspiring insights for unforgettable 

trips. Unveil the beauty of cultural gems that await you, fostering deeper understanding 

and appreciation of diverse cultures worldwide. Embark on a journey and let these cultural 

treasures take you on a transformative adventure of a lifetime. 

Embrace Ecuador’s Cultural Tapestry 

Explore Ecuador’s rich cultural 

diversity, a hidden gem for 

cultural enthusiasts. With just 

over 17 million people, it offers 

a vibrant tapestry of traditions. From 

enduring Spanish colonial heritage and 

Andean Indigenous practices to the 

strong influence of Amazonian Indigenous 

traditions, Ecuador promises a 

kaleidoscope of experiences. 

For a transformative adventure, delve 

into the Amazon rainforest, connect 

with Indigenous communities, and 

immerse yourself in their wisdom and 

cuisine. Consider an ayahuasca retreat 

for a profound spiritual experience. 

Delight in Greece’s Cultural Odyssey 

Explore Greece, a country brimming 

with cultural heritage 

and immersive experiences. 

From the legendary ruins of 

Athens to the bustling Athens Central 

Market, Greece offers a captivating 

Join heartfelt celebrations like Día 

de los Difuntos, rooted in Indigenous 

cultural adventure. Unveil the secrets 

of ancient Athens with a Mythology 

Tour, providing skip-the-line access to 

the Acropolis and Parthenon, while a 

knowledgeable guide shares captivating 

tales of gods and legends. 

origins, to honor the departed and 

savor local treats. 

For food enthusiasts, a visit to the 

Athens Central Market leads to a gastronomic 

tour, where you can discover 

local produce and savor traditional 

delicacies. Then, hone your culinary 

skills in a local cookery class. Amidst 

ancient grandeur, immerse yourself in 

the Epidaurus Festival at the Ancient 

Theatre, blending contemporary and 

classical arts against a stunning Greek 

backdrop. Icons like Frank Sinatra and 

Maria Callas have left their mark on this 

annual celebration of art and culture. 

Greece invites cultural travelers to 

partake in a tapestry of history and flavors, 

offering a transformative journey 

that nourishes the soul and enriches 

the mind. Discover the timeless allure 

of this enchanting Mediterranean gem. 



Andalusia’s Cultural Symphony 

Andalusia, along the southern 

coast of Spain, offers a unique 

cultural immersion shaped 

by its Moorish heritage. This 

vibrant region’s distinctive charm sets it 

apart from other Spanish destinations. 

Andalusian architecture gracefully 

weaves Moorish influence, intricate 

details, and Islamic calligraphy into 

UNESCO-listed masterpieces like Seville’s 

Real Alcazar Palace, Granada’s 

Alhambra, and Cordoba’s Mezquita, 

each reflecting a unique blend of cultural 

evolution. 

No Andalusian visit is complete without 

the soul-stirring art of Flamenco. 

Witness passionate performances in 

Seville and other cities, where this 

dynamic dance form embodies the 

essence of Southern Spanish culture, 

captivating hearts and souls. 

Discover Andalusia’s enchantment, 

where Moorish elegance, mouthwatering 

tapas, and fiery Flamenco rhythms 

converge, weaving a cultural tapestry 

that leaves you spellbound and yearning 

for more. 

Uzbekistan’s Cultural Treasures 

Journey to the heart of Central Asia 

and discover the rising cultural 

gem of Uzbekistan, where a rich 

heritage from its Silk Road past 

awaits exploration. Uzbekistan beckons 

cultural enthusiasts with a fascinating 

blend of Islamic architecture, historic 

sites, and warm hospitality. 

Once multicultural melting pots on 

the famed Silk Road, cities like Samarkand, 

Khiva, and Bukhara still resonate 

with influences from Turks, Greeks, 

Persians, Russians, and Mongols who 

once roamed these lands. 

Delight your taste buds with the 

tantalizing Uzbek cuisine by partaking 

in an Uzbek cooking class in Tashkent. 

Sample the national dish, Plov, at the 

bustling Plov Center, where steaming 

pots serve thousands daily, leaving an 

impression to cherish. 

Uzbekistan’s warmth, delectable 

flavors, and exquisite craftsmanship 

make it a cultural treasure trove waiting 

to be explored. Embrace the allure 

of this emerging destination, where 

history, hospitality, and handcrafted 

artistry converge to create a journey 

of lasting memories. 

September 2023 

www.thefinanceworld.com 73

Sport as a Business 

The Future of Sports Business: Emerging 

Trends in 2023 

The world of sports business is rapidly evolving, with the lines between 

sports and commerce becoming increasingly blurred. As we enter 

2023, several trends that emerged in the previous year are set to shape 

the future of global sports. From a greater focus on individual athletes 

to the growing importance of fan engagement and ethical sponsorship 

practices, the landscape of sports business is undergoing significant 

transformation. In this article, we explore the key trends that are set 

to dominate the sports industry in the coming year. 


In 2023, sports and business converge, reshaping 

the game with individual athlete focus, ethical 

sponsorships, and AI-powered strategies. 

A 

notable shift in the sports 

landscape is the increasing 

spotlight on individual athletes. 

While team achievements 

have traditionally taken precedence, 

the rise of superstar athletes like 

Lionel Messi and Cristiano Ronaldo 

has sparked debates about football’s 

greatest players. Recognizing the impact 

of individual brilliance on team 

success and marketing potential, both 

fans and athletes are now placing more 

emphasis on the achievements and 

quality of individual players. This trend 

is reshaping how clubs approach player 

acquisitions and marketing strategies. 

As athletes become valuable assets, 

teams are acknowledging the importance 

of supporting their overall health and 

wellbeing. The realization that stressed 

and distracted athletes cannot perform 

at their best has led to a new era of 

athlete-centric policies. Clubs are now 

providing crisis management platforms 

and support systems to ensure athletes 

can focus on their performance without 

external distractions. Preston North 

End’s pioneering move with the MA- 

Change Crisis Management Platform 

is an example of this evolving trend. 

The sports industry is witnessing a 

surge in mergers and acquisitions, driven 

by the interest of foreign investors 

in football and other sports. Overseas 

financiers recognize the economic potential 

of sports and are investing in clubs 

worldwide. High-profile acquisitions, 

such as Saudi Arabia’s Public Investment 

Fund buying Newcastle United 

and American consortiums acquiring 

Chelsea F.C. and A.F.C. Bournemouth, 

exemplify this trend. As sports organizations 

demonstrate their financial 

viability, the number of M&As is expected 

to grow. 

The changing dynamics of football 

club ownership have shifted the focus 

towards profitability and commercial 

viability. With streaming platforms 

becoming a significant medium for 

sports consumption, clubs are keen 

on appealing to global audiences to 

maximize revenue. Traditionally, teams 

catered to local fan bases, but globalization 

has opened up opportunities 

for international commercial success. 

As clubs target fans worldwide, their 

engagement strategies are evolving to 

capture a wider audience. 

Following the success of the NFL 

and NBA’s international fixtures, other 

sports, including football, are exploring 

‘one off’ events to expand their global 

reach. The idea of playing Premier 

League games abroad has garnered 

attention, despite some resistance from 

local fans. Such events have proven 

effective in attracting new fans and 

increasing viewership, boosting the 

appeal of major sports leagues on an 

international scale. 

Environmental, Social, and Governance 

(ESG) concerns have become a 

priority for businesses worldwide, and 

sports organizations are no exception. 

Positive corporate image and ethical 

practices are increasingly valued, 

impacting sponsorship decisions and 

commercial success. English Premier 

League teams, in particular, are facing 

scrutiny over their associations with 

betting sponsors. As clubs realize the 

link between reputation and financial 

success, expect greater emphasis on 

ethical sponsorships in 2023. 

Artificial Intelligence (AI) is set 

to play a pivotal role in the sports 

industry. Clubs and organizations 

will leverage AI for various purposes, 

including content creation, marketing 

campaigns, and data analysis. The use 

of AI in decision-making, such as player 

transfers and sponsorship deals, will 

become increasingly common as teams 

prioritize data and scientific analysis 

in their strategies. 

As we venture into 2023, the sports 

business landscape continues to evolve 

rapidly, with emerging trends reshaping 

the industry’s future. The growing focus 

on individual athletes, heightened 

importance of fan engagement, and 

the rise of ethical sponsorships are 

among the key shifts driving change. 

Embracing technology, such as AI, 

will further enhance clubs’ operations 

and decision-making capabilities. 

With sports organizations increasingly 

resembling commercial entities, the 

sports industry is primed for further 

growth and financial strength. 


Sport News 

UAE’s Fahad Al Hammadi Secures Fourth Gold at IMMAF Youth World 

Championships 

Fahad Al Hammadi made the 

UAE proud by winning a fourth 

gold medal at the IMMAF Youth 

World Championships, held at 

the Mubadala Arena over four days. 

He triumphed over Italy’s Damiano 

Grillo in the 70.3kg division (16-17 

age group), contributing to the UAE’s 

impressive tally of four golds, four 

silvers, and four bronze medals. The 

UAE national team’s success was lauded 

by Mohammed Al Hosani, a member of 

the MMA Committee, who praised the 

meticulous preparation and selection 

process. The championship drew a 

record 46 countries, and the UAE’s 

achievements signify the promising 

future of MMA in the region. 

Baseball United Reveals Dubai Wolves and Abu 

Dhabi Falcons Franchises 

Baseball United, the groundbreaking 

professional baseball 

league dedicated to the Middle 

East and Indian Subcontinent, 

recently unveiled the names and 

branding of its Dubai and Abu Dhabi 

franchises. The Dubai team will be 

known as the Dubai Wolves, symbolizing 

the transformation of the region 

from desert to a thriving urban center, 

with their logo featuring a wolf visage 

inspired by the Arabian Wolf. The Abu 

Dhabi franchise, called the Abu Dhabi 

Falcons, pays tribute to the UAE’s national 

bird, the peregrine falcon, and 

represents the capital’s rich history 

and blend of strength and beauty. The 

league’s inaugural Dubai Showcase will 

take place in November, promising a 

historic moment for the UAE and the 

sport of baseball. 

Riyad Mahrez Signs 

with Al Ahli in Saudi 

Pro League 

Riyad Mahrez, the talented Algerian 

footballer, has made a 

notable move to the Saudi Pro 

League, joining Al Ahli after 

his successful stint with Manchester 

City. Mahrez played a pivotal role in 

Leicester City’s unexpected Premier 

League title win in 2016 and went on 

to claim four more league titles with 

Manchester City. Departing after a 

triumphant season with City, securing 

the Premier League, FA Cup, and Champions 

League, Mahrez expressed his 

gratitude for the wonderful memories 

created during his time in England. At 

Al Ahli, he will team up with Roberto 

Firmino and Edouard Mendy. The 

club is also set to acquire highly-rated 

coach Matthias Jaissle from Austrian 

club Salzburg. 


Emirates Renews Sponsorship with Arsenal’s Jersey 

Emirates, the world-renowned 

airline, has extended its 

longstanding and historic 

front-of-shirt sponsorship 

deal with Arsenal Football Club, 

reaffirming their unwavering support 

and commitment to the Premier League 

giants. Having been associated with 

the club since July 2006, the Dubaibased 

carrier will now continue its 

collaboration with Arsenal until at 

least 2028, marking an impressive 22 

years of partnership. The renewal was 

celebrated with Arsenal’s triumphant 

performance in the Emirates Cup, where 

they secured a thrilling 5-4 victory 

on penalties against AS Monaco. The 

enduring alliance between Emirates and 

Arsenal continues to unite and inspire 

football fans worldwide, promising 

more magical moments ahead. 

Dubai to Host UAE’s Inaugural E-Scooter Race 

The Federation for Micromobility 

and Sport, in collaboration 

with the Dubai Sports Council, 

announces the inaugural Dubai 

Electric Scooter Cup, a prestigious 

event showcasing e-scooter racing and 

micromobility potential. Set to coincide 

with the Year of Sustainability in the 

UAE, the race will be held on December 

9, 2023, featuring the world’s top 

riders competing on the fastest electric 

scooters through the streets of Dubai. 

The twelve best male and female riders 

will engage in a knockout style race, 

vying for the title of the first Dubai 

Electric Scooter Cup Champion. The 

event emphasizes sustainability, new 

mobility, safety, and inclusivity, further 

promoting micromobility as a promising 

form of urban transportation. 

Qatar’s Al Sadd to face 

Iraq’s Al Shorta in King 

Salman Club Cup Quarterfinals 

Qatar’s Al Sadd club is set to 

face Iraq’s Al Shorta in the 

King Salman Club Cup 2023 

quarter-finals in Abha, Saudi 

Arabia. Al Shorta secured their spot 

as Group A runner-up after losing 1-2 

to Ittihad of Saudi Arabia but winning 

1-0 against Tunisia’s Sfaxien and drawing 

with Esperance. Al Sadd topped 

Group B with 7 points, drawing with 

Wydad, defeating Al Hilal 3-2, and Al 

Ahli Tripoli 1-0. They aim to continue 

their impressive performance throughout 

the tournament. Al Shorta boasts 

standout players from Iraq’s previous 

Gulf Cup victory. Excitement mounts 

as both teams compete for a spot in 

the semi-finals. 

Para Powerlifting World Championships 2023: 

Global Contenders Head to Dubai 

The Dubai 2023 Para Powerlifting 

World Championships, set 

to take place from August 22 

to 30, promises an epic showdown 

of the world’s finest Para Powerlifters. 

The event will be held under 

the patronage of Sheikh Mansoor bin 

Mohammed bin Rashid Al Maktoum, 

Chairman of the Dubai Sports Council 

and Chairman of the Higher Committee 

for the Protection of the Rights 

of People of Determination. With 

610 powerlifters from 79 countries 

competing at the Hilton Al Habtoor 

City Hotel, the stage is set for intense 

battles and inspiring performances. 

Notable participants include Paralympic 

champions such as Egypt’s Osman 

Sherif and UAE’s own legend, Mohammed 

Khamis Khalaf. The championship 

emphasizes the importance of empowering 

People of Determination, with 

the support of visionary leadership. 


Tourism 

Unveiling the Future of Tourism: 6 Key 

Trends Fueling Hospitality Growth in 

Dubai and Beyond 

The world of tourism and hospitality is rapidly evolving, with new 

trends and developments shaping the industry’s future. As we step into 

2023, the hospitality sector is witnessing a remarkable resurgence, 

particularly in the UAE, with Dubai leading the way as a global tourism 

powerhouse. From hyper-personalization to budget travel and the rise 

of online travel agencies (OTAs), let’s explore the six key trends driving 

growth in the hospitality sector, not just in Dubai but worldwide. 


Gone are the days when summers 

were considered quiet 

months for the Middle 

East’s hospitality industry. 

The UAE has experienced a boost in 

inbound tourism due to relaxed visa 

laws and a growing trend of “bleisure” 

travel - a combination of business 

and leisure trips. With remote work 

becoming more prevalent, a new genre 

of travelers and freelancers seeks to 

explore the world while working from 

exotic locations. The UAE’s strategic 

location and world-class infrastructure 

make it a prime pit-stop for long-haul 

flights and a haven for digital nomads. 

on experiences. Lavish amenities 

no longer hold the same appeal, as 

consumers prioritize cost-conscious 

travel. The internet enables travelers 

to compare deals and find competitive 

rates, leading to an emphasis on value 

for money in hospitality offerings. 

Online Travel Agencies (OTAs) have 

become a go-to platform for travelers 

looking for convenience and competitive 

prices. Around 55 to 60 percent 

of hotel bookings in the region are 

made through popular OTA sites like 

Booking.com, Expedia, Agoda, and 

Make My Trip. Location, services, and 

In today’s digital age, online reviews 

and traveler recommendations play a 

crucial role in travel planning. Travelers 

start their journey by browsing the 

internet for authentic experiences and 

advice from fellow travelers. Positive 

reviews significantly influence the 

decision-making process, making guest 

satisfaction and positive feedback 

vital for the success of hospitality 

establishments. 

As Dubai’s tourism industry experiences 

rapid growth and success, driven 

by various mega-projects and global 

recognition, it is important to keep an 

Dubai’s tourism: Where luxury meets 

budget, and hyper-personalization 

rules the game. 

As global travel opportunities open 

up, travelers are opting for international 

destinations for long holiday breaks. 

However, neighboring countries, such 

as Georgia and Armenia, have become 

preferred travel destinations for quick 

getaways from the UAE. To cater to 

the growing trend of staycations, the 

hospitality industry has adjusted its 

pricing strategy, expecting a surge in 

demand from GCC tourists compared 

to the previous year. 

With economic uncertainties, travelers 

are increasingly looking to stretch 

their budgets without compromising 

offers play a significant role in travelers’ 

decisions, with prime locations 

and unique amenities enjoying higher 

occupancy rates. 

Technology has revolutionized the 

hospitality industry, and digital and 

contactless services are now integral 

to the guest experience. Mobile 

check-ins, biometrics, and contactless 

payments are just a few of the innovations 

transforming guest interactions. 

Moreover, travelers now expect 

personalized offers and promotions 

tailored to their preferences, thanks 

to AI-driven technologies. 

eye on these six key trends shaping the 

future of the hospitality sector. From 

catering to budget-conscious travelers 

to embracing the power of technology, 

Dubai and the UAE are poised to 

remain at the forefront of the global 

tourism landscape. By capitalizing on 

these trends, the hospitality industry 

can create innovative concepts that 

cater to the evolving demands of travelers, 

ensuring a bright and prosperous 

future for tourism in the region and 

beyond. 


Investing in Art 

Art Investment: A Canvas of Potential 

and Discovery 

The world of art has long been a realm of creativity and self-expression, 

a canvas upon which artists breathe life into their visions. However, 

beneath the strokes of paint and the sculpted forms lies a dimension 

of investment that adds depth to the allure of art. In recent years, art 

investment has emerged as a distinct avenue that offers a unique blend 

of potential financial returns and aesthetic appreciation. 


The allure of art investment is heightened by the ever-evolving art 

market, offering opportunities to tap into rising stars. However, like 

any investment, it comes with nuances and challenges, demanding 

research, analysis, and expert guidance. 

For many art enthusiasts, the 

journey into the art world 

begins with an emotional 

connection. The way a piece 

resonates with the soul evokes memories, 

or sparks a sense of wonder is 

often the catalyst that ignites a lifelong 

appreciation for art. The emotional 

resonance with a work of art is, in 

itself, a powerful reward. However, 

beyond the realm of sentimentality, a 

deeper layer of potential lies waiting 

to be discovered. 

Astute investors have come to recognize 

that art can be more than just 

a source of aesthetic pleasure; it can 

also serve as a tangible asset that 

holds the potential for appreciation 

over time. The world of art investment 

offers an opportunity to marry 

one’s passion for creativity with the 

potential for financial growth. Just 

as a skilled artist blends colours on a 

canvas to create something extraordinary, 

the world of art investment 

blends the hues of cultural value and 

economic potential. 

Historically, certain artworks have 

not only held their value but have 

also witnessed substantial appreciation. 

Iconic pieces by celebrated 

artists have achieved remarkable 

price growth, turning art into an asset 

class that can yield significant returns. 

The story of paintings purchased for 

modest sums that later sell for millions 

is not a rarity; it’s a testament to the 

dynamics of the art market and the 

enduring appeal of creativity. 

The allure of art investment is also 

heightened by the ever-evolving art 

market. Just as brushstrokes blend to 

create intricate patterns, the forces of 

supply, demand, and trends interact 

to shape the art landscape. Emerging 

artists, previously overlooked 

masterpieces, and shifting collector 

preferences can create opportunities 

for investors to tap into the rising stars 

of the art world. 

However, like any investment, the 

world of art comes with its nuances 

and challenges. Determining the potential 

value of an artwork requires a 

delicate blend of research, analysis, 

and expert advice. The art market’s 

subjective nature demands an understanding 

of artistic provenance, 

market trends, and the dynamics that 

influence valuations. 

The journey of art investment is not 

only about seeking potential financial 

gains but also embarking on a voyage 

of artistic discovery. It’s a pathway 

that encourages individuals to delve 

into the stories behind each brushstroke, 

each sculpture’s curve, and 

each intricate detail. Each artwork 

carries with it the artist’s vision, the 

historical context, and the emotions 

that it evokes. Investing in art means 

becoming a custodian of these narratives, 

preserving them for future 

generations. 

Art investment also reflects the 

evolving landscape of cultural and 

societal values. Just as art has the 

power to capture the essence of an 

era, investing in art allows one to 

align with shifts in taste, innovation, 

and expression. It’s a way to stay 

attuned to the pulse of creativity and 

to participate in the dialogue that art 

initiates with its audience. As artists 

experiment with new forms, materials, 

and concepts, art investment becomes 

a means to partake in the continuous 

evolution of human expression. 

The global art market itself is a 

vibrant ecosystem where galleries, 

auction houses, collectors, and artists 

interact. Engaging with this ecosystem 

offers not only a chance to acquire 

valuable assets but also an opportunity 

to connect with a community 

that shares a passion for creativity. 

The camaraderie among collectors, 

the thrill of bidding at auctions, and 

the exploration of emerging talents all 

contribute to the multifaceted experience 

of art investment. 

Ultimately, art investment transcends 

the boundaries of traditional 

investing. It offers a chance to engage 

with culture, to support emerging 

talents, and to contribute to the preservation 

of creativity. While financial 

returns are a compelling facet, the 

intrinsic value of owning a piece of 

cultural history is immeasurable. 

As the global investment landscape 

evolves, the world of art investment 

stands as a canvas of opportunity. It 

invites individuals to explore a realm 

where aesthetics and economics converge, 

where emotions and finances 

intertwine, and where the strokes of 

a brush can shape both a masterpiece 

on the canvas and a unique addition 

to an investment portfolio. Just as 

artists breathe life into their creations, 

investors can infuse their portfolios 

with a new dimension of potential by 

embracing the art world’s palette of 

returns. 


Global News 

World Rice Price Index Reaches Near 12-Year High in July -FAO 

The United Nations food agency 

reported a 2.8% increase in 

their rice price index for July, 

reaching its highest level in 

nearly 12 years. The surge was driven 

by strong demand and India’s decision 

to limit rice exports, causing prices to 

soar in key exporting countries. The 

Food and Agriculture Organization’s All 

Rice Price Index reached an average of 

129.7 points in July, compared to 126.2 

points the previous month. This figure 

was almost 20% higher than last year’s 

and the highest since September 2011. 

Furthermore, the world food price 

index also rose in July, recovering 

from two-year lows. India, with 40% 

of the world’s rice exports, halted its 

largest rice export category last month 

to control domestic prices amid erratic 

weather affecting production. 

Bank of England Raises 

Interest Rates to 5.25%, 

Highest Since 2008 

The Bank of England has taken 

decisive action to address 

soaring inflation, raising the 

base rate by 0.25 percentage 

points to 5.25%, the highest since February 

2008. This move aims to mitigate 

inflationary pressures and maintain a 

low inflation environment. The bank’s 

target is to achieve the 2% inflation 

rate by early 2025. Recent data from 

the Office of National Statistics (ONS) 

revealed that UK inflation stood at 7.3% 

in June, down from a peak of 9.6% in 

October 2022, the highest in nearly 

three decades. Experts predict that 

the base rate is likely to remain above 

5% throughout 2024, possibly reaching 

5.75% or even 6%. 

Goods and Services Trade Surges by 13% to $31T 

According to a new report by 

the World Trade Organisation 

(WTO), global trade in goods 

and services surged to $31T 

in 2022, experiencing a notable 13% 

year-on-year increase. Trade in goods 

had already surpassed pre-pandemic 

levels in 2021, with services catching 

up in 2022. China remained the leading 

merchandise exporter but saw its share 

in world exports slightly decline to 

14%. The United States and Germany 

followed closely in second and third 

India’s July Services Sector Hits 13-Year High 

with Robust Demand 

India’s services sector showed 

remarkable growth in July, reaching 

its highest pace in 13 years 

despite inflationary pressures. 

S&P Global’s India services purchasing 

managers’ index surged to 62.3, 

surpassing expectations and indicating 

a strong contribution to the country’s 

GDP for the second fiscal quarter. 

The economy is projected to grow 

by 6.2% in the July-September quarter. 

Demand remained robust, with 

the new business sub-index showing 

significant growth since August 2021. 

International demand also increased 

notably. Although inflation rose to 

4.81%, within the RBI’s target range, 

positions, respectively. The report 

noted that the share of manufactured 

goods in world merchandise exports 

decreased to 63% in 2022 due to high 

energy prices limiting demand. Intra-regional 

merchandise trade represented 

a significant portion of Europe’s world 

trade, accounting for 65% in 2022. 

Additionally, the value of merchandise 

trade grew at a faster pace than 

volume globally, partly influenced by 

high global commodity prices. 

firms remained cautious about pricing 

strategies while expanding headcount. 

Optimism for future activity remained 

strong despite concerns over extreme 

weather. 


Dubai Chamber Aims to Aid 100 Businesses in 

Global Expansion by 2024 

Dubai International Chamber, 

a part of Dubai Chambers, 

unveiled its ‘New Horizons’ 

initiative to support local 

private sector companies in global 

expansion. In the first half of 2023, 

successful trade missions to Central 

Asia, the UK, and South Africa were 

conducted, benefiting member companies. 

Upcoming roadshows are planned 

for Asia, Europe, East and West Africa, 

the Baltic region, ASEAN countries, 

Turkey, and other African markets 

in 2024. The New Horizons initiative 

aims to help 100 Dubai businesses 

expand globally by the end of 2024. 

The roadshows have already facilitated 

over 550 business meetings, fostering 

potential partnerships and strengthening 

bilateral ties. 

U.N. Climate Chief Urges G20 to Lead on Mitigation at Summit 

Simon Stiell, the Executive 

Secretary of the United Nations 

Framework Convention on 

Climate Change, and Sultan 

al-Jaber, the incoming president of the 

COP28 climate summit, jointly urged 

the Group of 20 major economies 

to take a leading role in addressing 

climate change mitigation during this 

year’s meeting. They emphasized the 

importance of the G20 in paving the 

way for a robust and credible outcome 

that supports developing countries 

in implementing a just transition. 

As the world faces pressing climate 

challenges, their call highlights the 

critical role that G20 nations play in 

shaping climate action and fostering 

global cooperation. 

Global Central Banks 

Adjust Policies as 

Inflation Cools 

Central banks globally continued 

with interest rate hikes amid 

cooling inflation, but their 

approach now leans towards 

caution, hinting that the year-long round 

of monetary tightening may be reaching 

its end. Both the U.S. Federal Reserve and 

the European Central Bank raised rates 

by a quarter-percentage point this week 

while leaving room for further increases 

if needed. The Bank of England is also 

expected to raise rates next week due to 

positive inflation news. Meanwhile, the 

Bank of Japan opened discussions on 

ending ultra-loose policies. Central banks 

are now taking a more comprehensive 

approach, considering overall economic 

conditions and potential slowdowns as 

indicators of falling inflation. Fed Chair 

Jerome Powell emphasized the importance 

of patience in making further rate 

hike decisions. 

Voyager 2’s Communication Restored by NASA 

After ‘Interstellar Shout 

NASA successfully restored 

full contact with Voyager 2 

using a powerful “interstellar 

shout” that corrected the 

probe’s antenna orientation, the space 

agency announced. Launched in 1977 

to explore outer planets and represent 

humanity to the universe, Voyager 2 

currently sits over 12.3 billion miles 

away from Earth, far beyond the solar 

system. Erroneous commands in July 

misaligned its antenna by two degrees, 

jeopardizing communications and the 

mission. Initially projected to resolve 

by October 15 through an automated 

realignment, engineers enlisted Earth 

observatories in the Deep Space Network, 

detecting a faint signal. A daring 

18.5-hour “interstellar shout” finally succeeded, 

reestablishing communication. 


Investing in Tourism 

Reviving Soar: UAE Tourism Investment 

Surges 

The United Arab Emirates (UAE) is poised for a remarkable resurgence 

in its tourism sector, with investments set to surge by nearly 10 percent 

in 2023, according to a comprehensive global report. In a strong 

indication of the nation’s rebound to pre-pandemic boom levels, the 

report, published by the London-based World Travel and Tourism 

Council (WTTC), forecasts tourism and travel investments to reach 

approximately 28.1 billion UAE dirhams ($7.65 billion) this year. 


The establishment of a new federal ministry of 

investment underscores the nation’s strategic approach 

to managing economic competition and ensuring longterm 

growth. 

This is a substantial increase 

from the AED 25.6 billion 

($6.97 billion) recorded in 

2022. The study, published in 

the semi-official UAE daily Alittihad, 

also projects a steady growth trajectory, 

estimating investments to rise to 

a staggering AED 47.3 billion ($12.88 

billion) by the year 2033. 

This uptick in tourism investments 

is anticipated to have a significant 

impact on the overall capital structure 

of the UAE economy. The report 

highlights a projected increase in the 

share of tourism investment within 

the total capital, expected to rise to 

9.1 percent in 2023 from the previous 

year’s nearly 8.3 percent. Such growth 

not only demonstrates the resilience 

of the UAE’s tourism industry but also 

underscores its strategic importance 

in the country’s economic landscape. 

In addition to its impact on capital 

distribution, the flourishing tourism 

sector is poised to contribute substantially 

to the UAE’s Gross Domestic 

Product (GDP). The report estimates 

that the sector’s contribution to GDP 

will rise by approximately 8.3 percent, 

reaching AED 180.6 billion ($49.2 billion) 

in 2023. 

The resurgence in tourism investments 

aligns with the findings of the 

WTTC’s Travel & Tourism Economic 

Impact 2023 Global Trends Report, 

which paints an optimistic picture 

of the sector’s resurgence after the 

setbacks caused by the COVID-19 

pandemic. The report reveals that 

global investment in Travel & Tourism 

is rebounding impressively after a 24 

percent decline in 2020 and a further 8 

percent drop in 2021. In 2022, spurred 

by pent-up demand, investment surged 

to $856 billion, marking an 11.1 percent 

increase from the previous year 

and a significant step toward recovery. 

The UAE’s commitment to diversifying 

its economy and attracting foreign 

investment remains unwavering. The 

establishment of a new federal ministry 

of investment underscores the nation’s 

strategic approach to managing 

economic competition and ensuring 

long-term growth. As the UAE pioneers 

sectors such as financial services 

and tourism ahead of its neighbors, 

it stands as a testament to effective 

governance and foresight in the face 

of changing economic landscapes. 

Flight bookings to the UAE for 

the latter half of 2023 offer further 

validation of the country’s tourism 

resilience. With bookings ahead by 

29 percent, the UAE is poised to harness 

the momentum of this upward 

trend. Amid a global push for tourism 

investment and the country’s strategic 

initiatives, the UAE’s tourism sector is 

carving an exciting trajectory toward 

sustained growth and prosperity. 

According to the World Travel and 

Tourism Council (WTTC), Dubai’s 

tourism sector orchestrated a substantial 

contribution of US$29.4 billion to 

the UAE’s economy in the year 2022. 

This year’s promising trajectory is 

further solidified by the fact that 

Dubai welcomed over 4.75 million 

tourists in the first quarter of 2023 

alone – a remarkable 17 percent surge 

compared to the same period in the 

previous year. 

The spotlight on Dubai is set to 

intensify as the city gears up to host 

COP28 for the first time, slated to take 

place from November 30 to December 

12. With the climate change convention 

poised to draw world leaders, ministers, 

negotiators, and environmental 

enthusiasts to Expo City Dubai, hoteliers 

are bracing for heightened 

interest in accommodations. The 

event’s timing, coinciding with the 

UAE’s National Day celebrations on 

December 2, is expected to drive up 

hotel room bookings even further. 

The industry’s focus on diversity, arts, 

culture, and corporate responsibility 

is spurring a paradigm shift, elevating 

Dubai’s hospitality sector to newfound 

maturity. Bolstered by a forward-thinking 

governmental vision, the UAE’s 

hospitality landscape has emerged 

stronger than ever. 

Dubai’s hospitality market stands 

out as a testament to resilience, 

achieving the world’s highest occupancy 

rates and underlining its global 

allure. With sustainability, innovation, 

and strategic planning at the forefront, 

Dubai is not just recovering but thriving, 

setting an inspiring example for 

the industry worldwide. As the UAE 

continues to diversify its economy 

and prioritize responsible growth, its 

tourism sector’s upward trajectory remains 

steadfast, promising a resilient 

and promising future. 


Local News 

Paraguay President Holds Key Meeting with Saudi Minister of Investment 

Paraguay’s President Mario Abdo 

Benítez met with Saudi Arabia’s 

Minister of Investment, Khalid 

Al-Falih, to discuss strengthening 

Saudi-Paraguayan relations and 

exploring opportunities for cooperation 

in various fields. Al-Falih conveyed 

greetings from King Salman and Crown 

Prince Mohammed bin Salman to the 

Paraguayan president and people. A 

roundtable meeting with representatives 

from both countries’ private sectors 

aimed to foster economic ventures and 

bilateral cooperation. The discussions 

covered joint investment and ways to 

enhance collaborations, considering the 

promising opportunities in both nations. 

Additionally, Al-Falih held a separate 

meeting with Paraguayan Minister of 

Industry and Commerce Luis Alberto 

Castiglioni to further discuss investment 

and economic cooperation matters. 

UAE and China Leaders 

Review Bilateral Relations 

and Strategic Partnership 

H.H. Sheikh Abdullah bin 

Zayed Al Nahyan, the UAE’s 

Minister of Foreign Affairs, 

held a phone discussion with 

Wang Yi, China’s Foreign Minister, 

focusing on bilateral relations and the 

strategic partnership between their 

countries. They explored opportunities 

to strengthen cooperation across all 

domains. The two ministers agreed 

to celebrate the 40th anniversary of 

diplomatic relations between the UAE 

and China next year. Sheikh Abdullah 

praised the deep-rooted strategic ties 

between the two nations, expressing 

the UAE’s commitment to enhancing 

cooperation and comprehensive partnership 

with China for the mutual 

benefit of their countries and peoples. 

UAE Urges Global Action to Address Food Insecurity 

Noura Al Kaabi, UAE’s Minister 

of State, called for increased 

global cooperation to address 

food insecurity during a UN 

Security Council open debate on “Famine 

and Conflict-Induced Global and 

Food Insecurity.” Al Kaabi stressed 

the importance of collective efforts 

to end famine and emphasized the 

need to focus on climate change as a 

growing driver of food insecurity. She 

advocated for inclusive responses that 

The Emirates Institute of Finance 

(EIF) and the Commercial Bank 

of Dubai celebrated the graduation 

of 48 UAE National high 

school graduates from the esteemed 

“Bedayati” Programme, symbolizing a 

strategic commitment to fostering young 

talents in alignment with the UAE’s 

Emiratisation vision. The rigorous sixmonth 

learning and development journey, 

encompassing various disciplines like 

prioritize the participation of marginalized 

groups, especially women and 

youth. Al Kaabi highlighted UAE-led 

initiatives, such as the one billion 

meals campaign and the Agriculture 

Innovation Mission for Climate, aimed 

at tackling food insecurity. She also 

met with US Secretary of State Antony 

Blinken and Japanese Minister of 

Foreign Affairs Yamada Kenji during 

her visit to New York. 

Emirates Institute & Commercial Bank Celebrate 

‘Bedayati’ Graduation 

banking operations and customer service, 

equipped participants with indispensable 

knowledge and skills essential for excelling 

in the dynamic banking industry. The 

program’s emphasis on holistic personal 

and professional growth and invaluable 

on-the-job training ensured the graduates 

were well-prepared for their pivotal roles 

within the bank. The ceremony marked 

a significant milestone in empowering 

future Emirati leaders. 


Emiratis Dominate FANR’s Workforce at 74% 

The Federal Authority for Nuclear 

Regulation (FANR) is committed 

to offering long-term 

career prospects for Emirati 

employees, emphasizing recruitment, 

knowledge transfer, and training and 

development programs. As of 2022, 

Emiratis accounted for an impressive 

74% of FANR’s 248-strong workforce. 

The authority continues to attract talented 

Emirati professionals, recruiting 

an additional 22 during the review 

period, as reported in FANR’s 2022 

Annual Report. Recognizing the pivotal 

role of women, FANR has appointed 

two Emirati Champions to promote 

gender balance and equality in line 

with government directives. Women 

hold over 45% of FANR’s workforce and 

occupy leadership positions, demonstrating 

the organization’s commitment 

to fostering inclusivity and providing 

opportunities for women to excel in 

the nuclear industry. 

Saudi-Brazilian Roundtable 

Explores Investment 

Opportunities 

Saudi-Brazilian roundtable meeting 

held in São Paulo explored 

diverse investment opportunities 

and economic cooperation 

between the two nations. Attended by 

Saudi Arabia’s Investment Minister 

Eng. Khalid Al-Falih and numerous 

officials and CEOs from both countries, 

over 30 Saudi and 90 Brazilian 

companies participated in the session. 

Discussions revolved around enhancing 

investment relations, empowering 

the private sector, and capitalizing on 

investment prospects in sectors such as 

energy, mining, petrochemicals, food 

processing, and real estate. Additionally, 

potential investments in oil, gas, 

renewable energy, defense, healthcare, 

environment, sports, entertainment, 

and more were addressed, reflecting 

the shared interests and commitment 

to fostering economic collaboration. 

Saudi Arabia’s Q2 Budget Deficit Reaches $1.41B 

- Finance Ministry 

In the second quarter of 2023, Saudi 

Arabia faced a budget deficit of 

5.3B riyals ($1.41B), as lower oil 

revenue weighed on the nation’s 

finances. While the world’s leading oil 

exporter achieved a budget surplus of 

almost $30B in 2022, surpassing its own 

projections due to higher oil prices, 

the scenario has changed this year. 

Data released on Thursday showed 

that the budget deficit extended to 

8.2B riyals year-to-date in 2023, raising 

concerns of a potential full-year 

deficit. The decline in oil revenue led 

to a 15% drop in total revenues, while 

spending increased by 9% over the 

same period last year, according to 

the finance ministry’s quarterly budget 

performance report. Despite the 

challenges, the Saudi economy grew 

8.7% last year, benefiting from high 

oil prices that boosted revenue and 

resulted in the kingdom’s first budget 

surplus in almost a decade. However, 

the government anticipates a narrower 

surplus this year as oil export revenues 

have significantly dropped due to lower 

prices and production cuts. 

Mideast Stocks Extend Gains on Strong Oil and 

Corporate Earnings 

UAE’s stock markets continued 

their upward trend, 

bolstered by robust corporate 

earnings and strong oil 

prices. Crude oil prices surged for the 

sixth consecutive week, with Brent 

crude futures rising to $85.57 a barrel 

by 0825 GMT, after Saudi Arabia and 

Russia pledged to cut output through 

September. In Dubai, the main share 

index climbed 0.8%, led by significant 

gains in Emirates NBD Bank (up over 

3%) and Emaar Properties (up 2%). 

However, Empower, Dubai’s district 

cooling provider, reported a decline 

in quarterly profit, causing a 0.5% dip. 

Abu Dhabi’s benchmark index closed 

flat, with Burjeel Holding surging more 

than 10% after reporting a 51% jump in 

Q2 profit. ADNOC Logistics & Services, 

a maritime logistics services firm, saw 

a significant boost as its second-quarter 

profit tripled. Both Abu Dhabi and 

Dubai indexes recorded weekly gains 

of 0.3% and 1.2%, respectively. 


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The Finance World Magazine| Edition: September 2023

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