The Finance World Magazine| Edition: October 2023

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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
In this dynamic era of technology and innovation, Editor’s the Note world
stands at the crossroads of boundless possibilities, where the
future is shaped by visionary endeavours and transformative
innovations. The issue revolves around innovative tech startups
that play a pivotal role in shaping the Middle East and North Africa
region, highlighting 20 startups that have gained prominence for their
innovative approaches and revolutionary visions.
Within the ever-evolving financial landscape, the enduring strength
of long-term investments is subject to in-depth analysis. Discover how
strategic patience, persistence, and a keen eye for innovation can lead
to long-term financial success in the “Building Wealth for the Future:
The Power of Long-Term Investment” segment.
This edition also provides a comprehensive exploration of the
AI innovation landscape, with a focus on the UAE’s vibrant startup
ecosystem. It offers valuable insights into stock market trends and
dynamics, providing a roadmap for navigating the intricacies of the
financial markets. The domain of mergers and acquisitions (M&A)
gives a detailed understanding of how technological acquisitions are
fundamentally transforming industries, paving the way for remarkable
and unprecedented changes. A dedicated feature highlights the top
three robo-advisors, serving as a trustworthy resource for informed
and efficient investment decisions.
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
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October 2023 www.thefinanceworld.com 5
September 2022 3

Contents October
2023
PERSONAL FINANCE
P8 | Building Wealth for the
Future: The Power of Long-Term
Investment
UAE BANKING
COVER STORY
HEALTHCARE
P10 | Opportunities and
Challenges: The Road Ahead for AI
Adoption in UAE Banks
P12 | UAE Banking News
UAE REFORMS
P14 | UAE Pioneers end-ofservice
benefits scheme
FINTECH
P16 | Discover the Top 3 Robo-
Advisors for Smart Investments
P18 | Fintech News
P20 | Fintech Application
BUSINESS
P22 | Digital Evolution: Navigating
Business Process Modernization
in the Tech Era
P24 | Business News
P28 | Revolutionizing the Region:
Top Innovative Tech Startups
Shaping MENA in 2023
START-UP
P40 | Unleashing AI Innovation:
Exploring the Landscape of
Startups in UAE
ENERGY
P42 | UAE’s Leadership in Global
Energy Transition Efforts
P44 | Energy News
P48 | Health Tech Innovations: The
Future of Medical Technology
MERGERS AND
ACQUISITIONS
P50 | Tech M&A Boom in
the Middle East: Reshaping
Industries Through Technological
Acquisitions
P52 | Mergers & Acquisitions News
CRYPTOCURRENCY
P54 | Decentralized Exchanges:
A New Era of Trading
Cryptocurrencies
6 www.thefinanceworld.com October 2023

REAL ESTATE
STOCK MARKET
INVESTING IN ART
P56 | Dubai’s Luxury Real Estate
Market: Emerging Trends and
Amenities
P58 | Real Estate News
FUNDING & INVESTMENT
P66 | Navigating the Markets:
Insights and Trends in the Stock
Market
CORPORATE
P68 | Corporate Results
EVENT
P84 | The Digital Canvas:
Navigating the NFT Art Investment
Landscape
P86 | Local News
TRAVEL
P60 | Carbon Funding in the
UAE: Unveiling Successes and
Confronting Limitations
P62 | Funding & Investment News
DIGITAL ASSETS
P64 | Assessing the Security of
Your Digital Assets: Are They Truly
Protected?
P70 | Abu Dhabi International
Hunting and Equestrian Exhibition
(ADIHEX)
P72 | Connecting Trade Worldwide
2023
SPORT AS A BUSINESS
P74 | E-sports Revolution: The
Business of Competitive Gaming
P76 | Sports News
TOURISM
P78 | Medical Tourism: Bridging
Healthcare and Travel Experiences
P80 | Key Factors Fueling Growth
in the Tourism Industry
P82 | Global News
P88 | Top 4 Destinations to visit in
October
P21 | P27 | Launch Express
P38 | P46 | Wheels
P26 | Tech My Money
October 2023 www.thefinanceworld.com 7

Personal Finance
Building Wealth for the Future: The
Power of Long-Term Investment
Investing offers a promising direction toward realizing financial growth,
security, and the fulfilment of long-term goals. While the pull of quick,
short-term gains may be tempting, it’s essential to recognize that long-term
investments remain one of the most reliable strategies for building wealth and
securing your financial future. This article comprehends long-term investing
and provides practical strategies to commence your journey toward securing
a prosperous future through long-term investment.
8 www.thefinanceworld.com October 2023

Comprehending Long-term
investment
Long-term investment is a
concept that encourages investors
to allocate their funds to assets
and hold them for extended periods,
typically ranging from several years to
decades. While long-term investments
are typically not influenced by temporary
market fluctuations, they can be subject
to write-downs when their values decline
to accurately represent their reduced
market worth. Some of the ideal longterm
investments for new investors
include investing in bond funds, real
estate, and stocks.
While it may seem overwhelming at
first, focusing on the advantages of longterm
investments mentioned below will
help you realize their worth.
Compounding Returns:
The longer your investments are
held, the more they can benefit from
compounding returns. This snowball
effect can lead to substantial wealth
accumulation over time.
Stress Reduction:
Long-term investors typically experience
less anxiety related to daily market
fluctuations. They understand that
short-term ups and downs are part of the
investing journey and remain committed
to their long-term goals.
Tax Efficiency:
The expenses associated with investing,
primarily comprising brokerage fees and
capital gains taxes, play a significant role
in the cost structure, independent of risk
considerations. Long-term investors encounter
transaction fees less frequently,
often at reduced rates compared to shortterm
investors. Many investors have the
opportunity to benefit from compounding
returns while postponing capital gains
tax liabilities. Notably, capital gains taxes
are assessed at a more favourable rate
compared to short-term gains.”
While long-term investments hold
the potential for wealth-building, they
do necessitate careful planning and
execution. Here are some practical tips
to aid you in commencing your journey:
Set Financial Goals:
Once you understand the key principles
of long-term investments, the next step
is to create an investment strategy. This
will begin by determining your financial
goals, which can be related to retirement,
buying a home, or funding your child’s
education.
Portfolio Creation:
Referring to the diversification principle
of long-term investment create
your portfolio after assessing different
platforms and relating these with your
interest and risk factors.
To identify the right company for investment
you should follow a strategy in
accordance with your investment goals.
Current Income Strategy:
The current income strategy involves
a series of allocation decisions with
the objective of identifying established
entities that offer above-average distributions
without the risk of default, such
as large-cap and blue-chip equities. This
strategy is most appropriate for investors
seeking a relatively stable and dependable
approach.
Capital Growth Strategy:
The capital growth strategy strives to
optimize the value increase of all assets
within the portfolio over a time span
of 10 years or longer. These portfolios
may consist of various assets, including
equities and bundled products such as
exchange-traded funds (ETFs) and mutual
funds. The specific composition of the
portfolio can vary widely, contingent on
the risk tolerance of individual investors.
Balanced investment strategy:
The balanced investment strategy
seeks to create a portfolio that achieves a
balance between risk and return. In such
portfolios, stocks and bonds typically
comprise an equal proportion of the
holdings. This strategy is particularly
well-suited for investors with a moderate
risk tolerance.
Once you have made your portfolio it
is mostly maintaining your investments
Avoid Over-trading:
It is important to Keep yourself informed
about the market and explore
investments with the potential to build
but don’t overtrade. Continual purchasing
and selling may result in increased
transaction expenses and tax liabilities,
which could potentially diminish your
overall returns.
Reviewing Portfolio:
Regularly assess your investment
portfolio to ensure it continues to align
with your financial objectives and risk
tolerance. Adjust the portfolio’s balance
Unlock the
potential of
long-term
investments
for a
prosperous
future. Start
early, stay
patient, and let
compounding
pave the way
to lasting
financial
security and
wealth.
when necessary to uphold diversification.
Building wealth for the future through
long-term investment is a powerful and
proven strategy. The key is to start
early, stay disciplined, and maintain a
long-term perspective. As time goes by,
the power of compounding will work in
your favour, helping you achieve financial
security and prosperity for the years
ahead. Remember, the road to wealth
is a marathon, not a sprint.
October 2023 www.thefinanceworld.com 9

UAE Banking
Opportunities and Challenges: The
Road Ahead for AI Adoption in UAE
Banks
Over the past decade, UAE banks have made significant strides in adopting
artificial intelligence (AI) to enhance their services and operations. However,
as banks in the UAE navigate the evolving landscape of AI, they experience
both opportunities and challenges.
10 www.thefinanceworld.com October 2023

UAE’s banks adopt AI for efficiency and customer
experiences, overcoming regulatory and talent
challenges.
The UAE’s banking sector is on
a transformative path towards
a future driven by artificial
intelligence (AI). Recent developments
underscore the nation’s
unwavering commitment to unlocking
AI’s potential in the financial landscape.
A Memorandum of Understanding
(MoU) signed between the UAE’s Artificial
Intelligence, Digital Economy,
and Remote Work Applications Office
and Mastercard exemplifies a strategic
push to enhance AI capabilities in the
region. Simultaneously, UAE-based
banking leader Emirates NBD is embarking
on a journey to leverage the
capabilities of generative AI, aiming to
enhance productivity across various
operational facets.
Collaborating with IBM Consulting,
Dubai Islamic Bank seeks to elevate
its digital service offerings, aligning
with the industry’s evolving demands.
First Abu Dhabi Bank’s partnership
with IBM Consulting to enable a cloud
transformation program reflects another
milestone in the UAE’s AI integration
journey. Furthermore, Mashreq’s pioneering
implementation of electronic
facial recognition (EFR) technology
simplifies and streamlines the onboarding
process for large corporate
clients, embracing a fully paperless
approach. As the UAE’s banking sector
advances with AI integration, it faces a
landscape rich with opportunities and
challenges, both of which we explore
in depth in this article.
AI stands as a transformative force in
shaping the customer experience within
UAE banks. With the integration of chatbots,
virtual assistants, and personalised
recommendation engines, banks can
offer customers unparalleled support
and convenience. These AI-driven tools
are available 24/7, efficiently handling
inquiries and providing tailored financial
advice. Customers can navigate
their accounts, access information,
and complete transactions with ease,
ultimately leading to elevated levels of
satisfaction. By streamlining processes
and offering personalized services,
banks can create more meaningful
and engaging interactions with their
clients, reinforcing customer loyalty
and trust.
One of the significant advantages
of AI in UAE banks is its capacity to
fortify fraud detection and enhance risk
management. AI-powered algorithms
are equipped to analyse vast datasets
in real time, which enables them to
detect unusual patterns and pinpoint
potential instances of fraud swiftly
and accurately. This not only protects
the bank’s assets but also reinforces
customer trust in the security of their
accounts.
Additionally, AI plays a pivotal role in
assessing credit risk, enabling banks to
make more informed lending decisions.
By evaluating borrower profiles and
market conditions in real time, banks
can reduce default rates and optimise
their lending portfolios. This proactive
risk management approach not only
strengthens the bank’s financial stability
but also ensures more responsible
lending practices, benefitting both the
institution and its customers.
In the UAE, banks operate within a
highly regulated environment, which
poses a significant challenge when it
comes to implementing AI solutions.
Adhering to strict compliance standards,
including data privacy, security, and
legal requirements, is essential for successful
AI adoption. Banks must work
closely with regulatory authorities to
develop a comprehensive framework
that allows for the integration of AI
while ensuring strict compliance with
evolving regulations. Moreover, the
UAE places a strong emphasis on data
privacy and security. Banks must go to
great lengths to safeguard customer
data during the implementation of AI
systems. Any breach or misuse of AI
can have severe legal and financial
consequences, underscoring the need
for robust data protection and cybersecurity
measures.
In addition to regulatory challenges,
UAE banks face a shortage of skilled
professionals in AI and machine learning.
Attracting and retaining AI experts in a
competitive global market is no small
feat. To bridge this talent gap, banks
must invest in comprehensive training
and development programs to nurture
local AI talent pools. Furthermore, as
AI becomes increasingly integrated into
banking operations, ethical concerns
come to the forefront. Decision-making
algorithms must not only be accurate
but also transparent, explainable, and
free from biases to ensure fairness
in customer interactions. Striking
a balance between automation and
human intervention to address ethical
issues remains an ongoing challenge,
requiring banks to continually refine
their AI systems and processes to
align with evolving ethical standards
and practices.
As AI continues to evolve and become
an integral part of the banking
industry, UAE banks that effectively
leverage these technologies while
addressing the associated challenges
will be well-positioned to lead the way
in the region’s financial sector, offering
customers innovative and efficient
banking services.
October 2023 www.thefinanceworld.com 11

UAE Banking News
Emirates Islamic
Bank Appoints Farid
Al Mulla as CEO
Emirates Islamic Bank has appointed
Farid Al Mulla as its
new CEO, succeeding Salah
Amin, who served the Emirates
NBD Group for nearly 35 years.
As the current Head of Consumer
Banking and Wealth Management, Al
Mulla played a pivotal role in driving
the bank’s strong profitability, notably
achieving a 21% surge in online
and mobile banking transactions in
2022. Hesham Abdulla Al Qassim,
Chairman of Emirates Islamic, praised
Al Mulla’s 32-year industry track record
and Shari’a banking expertise,
asserting that he is the ideal leader
for the bank’s next growth phase.
Emirates Islamic recently announced
a record net profit of AED 1.2B for
H1-2023, a remarkable 73% increase
year-over-year.
Abu Dhabi Commercial Bank Initiates Sale of 5-Year
Green Bonds
Abu Dhabi Commercial Bank
(ADCB) has set an initial
price guidance of approximately
150 basis points
above US Treasuries for its forthcoming
dollar-denominated five-year green
bonds, as revealed in a bank document.
This marks ADCB’s intent to
issue a benchmark-size bond, typically
translating to a minimum of $500M.
Investor meetings commenced, with
Barclays, Deutsche Bank, Emirates
NBD Capital, JPMorgan, and Mizuho
serving as joint bookrunners for the
debt sale. Notably, Barclays has been
designated as the sole ESG coordinator
for this endeavour, highlighting
ADCB’s dedication to environmentally
responsible finance in response to
growing global demand.
Huawei AppGallery Joins Forces with UAE
Banking Apps
Huawei Mobile Services
(HMS) has entered into
strategic partnerships with
prominent UAE banking
apps, including ADCB, ENBD, FAB,
Mashreq, ADIB, and Standard Chartered
Bank UAE, signifying a pivotal
moment in the evolution of digital
banking in the region. These collaborations
promise substantial progress. For
Huawei users, this alliance unlocks a
broader spectrum of financial services
accessible through the Huawei AppGallery,
facilitating account management
and secure transactions through
facial recognition or fingerprint authentication.
Simultaneously, banking
apps stand to gain by extending
Emirates NBD Acquires Strategic Equity Stake in Komgo
their services to a wider audience of
Huawei users. This synergy is set to
enhance digital banking accessibility
and convenience in the UAE, marking
a mutually beneficial milestone for
both Huawei and its banking partners.
Emirates NBD has invested in
Komgo, a trailblazing software
and technology services
company in the trade finance
sector. This strategic equity investment
was orchestrated through Emirates
NBD’s Innovation Fund, the bank’s
corporate venture fund. This venture
enables the bank to support tech startups
and companies that align with its
digital strategy, fostering innovation
in the financial sector. The Innovation
Fund’s mission encompasses investments
across various stages, from
early-stage to growth, with the goal of
securing long-term returns that align
with the group’s strategic objectives.
Komgo, originating in Switzerland, has
expanded its global presence to major
hubs like Singapore, Paris, London,
Toronto, and Houston. With a diverse
customer base comprising over 200
multinational corporations and global
trade banks, the Komgo Network
facilitates approximately $1B in daily
transaction value.
12 www.thefinanceworld.com October 2023

Mashreq Appoints Former KPMG Partner Norman Tambach as CFO
Mashreq Bank, based in
Dubai, UAE, has appointed
Norman Tambach, a former
KPMG partner, as its new
Chief Financial Officer. Tambach,
a Dutch national, brings more than
three decades of experience to the
role, where he will oversee the bank’s
AED 3.7B revenue base and lead its
finance function. Mashreq Bank offers
corporate and retail banking services
across several countries, including the
UAE, Bahrain, Qatar, Kuwait, Egypt, and
India, with foreign exchange operations
in countries like Bangladesh, Pakistan,
and Nepal. Norman Tambach’s extensive
career includes roles at KPMG and ING,
encompassing financial strategy, mergers
and acquisitions, risk management, and
digital transformation. His appointment
marks a significant addition to Mashreq
Bank’s leadership team as they expand
their banking operations.
Bank of Sharjah Leads
$500M Financing Deal
Bank of Sharjah (BoS) recently
served as the Mandated Lead
Arranger in a substantial $500
million syndicated facility for
the Government of Sharjah, alongside a
consortium of regional and local banks.
This dual-tranche, six-year facility,
offering both conventional and Islamic
financing options, is earmarked for
general corporate purposes. Mohamed
Khadiri, CEO of BoS, stressed the
bank’s unwavering commitment to
supporting the strategic initiatives
and financial needs of the Sharjah
Government and its related entities.
Strong market demand resulted in
oversubscription, enabling the Sharjah
Government to secure $500M instead of
the initially planned $400M, reaffirming
its robust fundamentals and strong
credit standing.
Saudi Banks Report $4.7B in Q2 2023 Profits, A
Slight Decrease
In Q2 2023, the net profit of Saudi
Arabia’s top ten listed banks
dipped by 0.3% to 17.4 billion
Saudi riyals ($4.64B), according
to Alvarez & Marsal’s “Saudi Arabia
(KSA) Banking Pulse for Q2 2023”
report. The report anticipates a slowdown
in credit growth due to economic
challenges. Impairment costs
decreased significantly by 23.3% QoQ,
while operating expenses increased
by 2.2%, resulting in a slight rise in
net income. Operating income fell by
0.7% due to flat net interest income
Abu Dhabi Islamic Bank
(ADIB) has responded to a
20% year-on-year increase in
remittances during the first
half of 2023 by enhancing its mobile
app and internet banking for international
transfers. ADIB stands as the
first UAE bank to introduce Promo
Codes for remittance discounts, aiming
to create an all-encompassing solution
for remittance needs. Following this
addition, over 2,000 customers have
employed the app for remittance
transactions. Ongoing improvements
include wallet-to-wallet and card-tocard
transfers, expansion of instant
transfer options to 60+ countries, and
and a decline in non-core income by
3.2%. Despite these challenges, loans
and advances grew by 2.6% QoQ, and
deposits increased by 1.7% QoQ, with
an improved cost of risk at 0.4% in Q2.
ADIB Enhances Mobile App for Seamless Global
Money Transfers
support for over 80 currencies across
200 countries. Approximately 95% of
ADIB’s remittances occur digitally, primarily
directed towards the Americas,
Europe, the Middle East, and Asia.
October 2023 www.thefinanceworld.com 13

UAE Reforms
UAE Pioneers end-of-service benefits
scheme
In a progressive step towards the advancement of labor laws and the improvement
of employee welfare, the United Arab Emirates (UAE) cabinet has recently
approved a pioneering initiative. It introduces a paradigm shift in the way end-ofservice
benefits (gratuity) are handled for employees, particularly in the private
sector, including free zones. The UAE’s new approach promises greater financial
security, flexibility, and long-term investment potential for workers while aligning
the nation with international employment standards.
14 www.thefinanceworld.com October 2023

The UAE’s innovative Savings and
Investment Funds Scheme introduces
a novel concept where employees
have the option to replace the traditional
gratuity system with contributions to
investment funds. Key features of this
revolutionary scheme include:
1. Voluntary Participation:
Employers can participate in this
scheme voluntarily, signalling the government’s
commitment to promoting a
business-friendly environment. Those who
opt-in will make monthly contributions
to selected investment funds on behalf
of their employees.
2. Diverse Investment Options:
Employees will have the freedom to
choose from a range of investment options.
These options are expected to include a
risk-free investment to protect capital,
risk-based investments, and sharia-compliant
investment opportunities, catering
to a wide range of financial preferences.
3. Regulatory Oversight:
To ensure the scheme’s integrity and
transparency, the UAE Securities and
Commodities Authority will supervise the
funds in coordination with the Ministry
of Human Resources and Emiratization.
4. Employee Benefits:
Upon the termination of employment,
participating employees will be entitled
to receive their accumulated savings
and investment returns based on their
chosen investment strategy. Employees
who leave their jobs will also have the
option to continue with the fund without
additional contributions from their
former employers.
The new scheme will bring about several
significant changes for employers:
1. Gratuity Replacement:
Participating employers will no longer
be required to provide end-of-service
gratuity payments to employees. Instead,
they will channel funds into the designated
investment options.
2. Financial Prudence:
Employers will need to budget for
monthly contributions to the investment
funds. This requirement encourages financial
responsibility and ensures that
employees’ benefits remain safeguarded,
even if the employer faces financial
challenges.
The UAE is becoming a more
sophisticated environment
for employers and employees,
and this is an important
development in that respect.
The concept of creating a
national savings scheme that
is available to all employees in
the private sector will be one of
the first saving schemes of its
kind in the region
3. Accounting Reforms:
Unlike the current system, where
employers don’t have to account for
end-of-service benefits until the point
of payment, the new scheme mandates
monthly contributions. This shift offers
greater financial transparency and ensures
that employee benefits are more secure.
The UAE’s introduction of the Savings
and Investment Funds Scheme marks a
significant milestone in the nation’s commitment
to fostering a prosperous and
secure work environment for employees.
This forward-thinking initiative aligns the
UAE with global employment standards
and enhances the nation’s appeal as a
destination for businesses and skilled
professionals.
By offering a more flexible and transparent
system, the UAE not only empowers
its workforce but also ensures that employers
can better manage their financial
obligations. As detailed legislation and
implementation guidelines for the scheme
are expected to emerge in due course, it
is evident that the UAE is committed to
further enhancing the well-being of its
employees and solidifying its position
as a global business leader.
October 2023 www.thefinanceworld.com 15

Fintech
Discover the Top 3 Robo-Advisors for
Smart Investments
In today’s fast-paced and digitally driven world, investment opportunities have
become more accessible to the average person than ever before. One of the most
notable advancements in the area of investing is the rise of robo-advisors. These
automated investment platforms offer a convenient and cost-effective way for
individuals to grow their wealth through smart investment strategies. This article
explores the top 5 robo-advisors for smart investments.
Betterment (Best Robo-Advisor Overall)
Betterment stands as the top
choice for investors seeking
the best robo-advisor overall
due to its winning combination of
user-friendliness, personalized portfolio
construction, and tax-efficient
strategies.
Betterment, as a robo-advisor, excels
in tailoring portfolios to align
with your specific financial goals. To
get started, you choose from a list of
common financial objectives, which
encompass Major Purchases, Education,
Retirement, Retirement Income,
General Investing, and Safety Net.
Each goal can have its unique portfolio,
and you set the time horizon for
each one. Betterment’s robo-advisor
offers a recommended portfolio allocation
based on your chosen goal and
time horizon.
These recommendations become
more conservative as you approach
your goal, and they can also be adjusted
according to your risk tolerance,
ranging from very aggressive to very
conservative. Betterment’s forecasting
capabilities estimate your likelihood
of achieving long-term goals, factoring
in your current savings and projected
investment returns. You can even
link other investment accounts to
the platform for a comprehensive
outlook. Additionally, Betterment
offers goal-setting options for crypto
investing and saving through its
cash management accounts. These
goal-setting tools simplify the process
of effectively harnessing Betterment
for your financial aspirations.
Betterment creates portfolios using
stock and bond ETFs based on modern
portfolio theory. It offers a variety of
equity investments, including U.S.,
international, and emerging market
stocks, along with the unique inclusion
of international bonds. Investors can
choose from eight distinct strategies
to align with their preferences, from
the Core for long-term, cost-effective
investing to the Sustainable, which
prioritizes energy-efficient crypto assets.
Notably, REITs are absent from
Betterment’s robo-advisor portfolios
but can be accessed via the Flexible
portfolio, allowing customization of
allocations and assets. However, selecting
a Flexible portfolio disables
the auto risk adjustment as the target
goal date approaches.
A strong emphasis on tax efficiency
sets Betterment apart. It implements
advanced strategies like tax-loss harvesting
to enhance after-tax returns,
appealing to investors seeking to
minimize tax liabilities. Moreover,
Betterment offers highly competitive
pricing, with a modest advisory fee
of 0.25%, considerably lower than
traditional financial advisors.
Beyond investment management,
Betterment also provides access to
Sarah Kirshbaum Levy,
CEO
certified financial planners, comprehensive
financial planning tools, and
a wealth of educational resources.
Whether you’re a newcomer to investing
or a seasoned pro, Betterment’s
holistic and user-centric approach
accommodates a diverse range of
investors. This commitment to user-friendliness
and comprehensive support
solidifies Betterment’s position as
the best robo-advisor overall, setting it
apart in the competitive robo-advisory
landscape.
16 www.thefinanceworld.com October 2023

SoFi Automated Investing
Established in 2011, SoFi introduced
its fee-free Automated Investing
platform in 2019, with the aim of
providing accessibility and simplicity for
individuals initiating their investment
journey. Investors can kickstart their
accounts with just $1, and the core
objective of Automated Investing is to
assist members in crafting a strategy
aligned with their risk tolerance and
financial objectives. Beyond offering
cost-effective investment choices, SoFi
Automated Investing extends benefits
to users, including complimentary
consultations with certified financial
planners (CFPs), an array of educational
resources, access to events, exclusive
discounts, and additional perks.
SoFi Automated Investing allows you
to invest towards a diverse range of
goals, although in-platform retirement
and large purchase planning tools are
not available. Members have access
to credentialed financial planners to
discuss their objectives. SoFi also offers
resources for credit score monitoring,
expense breakdowns, financial insights,
and property tracking. For shortterm
goals, users can establish a SoFi
checking and savings account, with the
savings account featuring zero fees, a
competitive APY, and the option to save
for specific goals by creating “Vaults.”
These Vaults can be designated for
various purposes, such as a car, home,
or emergency fund, and members
can automate their savings through
Autopilot. SoFi’s diverse investment
options cater to a wide range of risk
tolerances and financial goals, making
it a suitable platform for all kinds of
investors. This versatility ensures that
users have the flexibility to construct
portfolios that align precisely with their
unique preferences and objectives.
SoFi Automated Investing stands
out not just for its financial tools and
low fees but also for its commitment
to sustainability. The platform offers
users the option to invest in portfolios
Anthony Noto,
CEO
aligned with environmental, social,
and governance (ESG) principles.
This reflects SoFi’s recognition of
the growing importance of socially
responsible investing.
Vanguard Digital Advisor
Since its inception in 2019, Vanguard
has consistently refined
its Digital Advisor service to
enhance the provision of personalized
and convenient financial advice.
While the foundational strength of
Vanguard’s offering has always been
the passive management of your assets
through top-tier, cost-effective index
funds, the past year has witnessed
substantial enhancements to the digital
investment management platform.
These enhancements include the introduction
of tax-loss harvesting, an ESG
portfolio, active funds, select municipal
bonds, tailored goal planning and
optimization, a spouse-oriented user
experience, and Medicare matching.
Vanguard Digital Advisor also boasts
impressively low fees, charging a mere
0.15% of assets under management
(AUM), a rate significantly below industry
averages. This cost-efficiency
is a major draw for those seeking to
maximize returns while keeping expenses
in check.
Vanguard’s Digital Advisor offers
a wide range of advanced planning
tools to help investors achieve their
financial goals. These tools include
comprehensive retirement planning,
personalized goal setting, and specific
tools for various financial goals.
For instance, the “Next Steps” feature
offers step-by-step guidance to
ensure investors stay on track. The
“Rainy Day Tool” helps with emergency
savings, and the “Debt Calculator”
aids in efficient debt repayment. The
“Medicare Match” aligns Medicare
plans with individual preferences
and health status. The “Health Care
Cost Estimator” estimates healthcare
expenses, and the “Social Security
Optimizer” assists in informed Social
Security decisions. Vanguard’s unique
approach combines all funds into a
single portfolio, making it versatile
for managing multiple goals. During
goal-setting, users gain insights into
projections and risk management,
helping them make informed financial
decisions.
Vanguard Digital Advisor offers a
user-friendly mobile app for convenient
portfolio management on the
Mortimer J. Buckley,
CEO
go. Its access to Vanguard’s extensive
expertise in asset management,
coupled with a wealth of educational
resources, empowers investors to
make informed decisions. Automatic
rebalancing and an intuitive user interface
add to the platform’s appeal,
making Vanguard Digital Advisor an
ideal choice for investors seeking a
cost-effective and hassle-free investment
experience.
October 2023 www.thefinanceworld.com 17

Fintech News
Mastercard and Fintech Saudi Partner for Kingdom’s Fintech Digital
Transformation
Mastercard and Fintech Saudi
have recently signed a memorandum
of understanding
during the Seamless Saudi
Arabia 2023 event, signaling their joint
commitment to fostering the growth and
development of Saudi Arabia’s fintech
industry. This announcement represents
a significant stride towards cultivating an
inclusive digital economy and promoting
entrepreneurship within the Kingdom,
aligning with the objectives of Saudi
Arabia’s Vision 2030. The partnership
is designed to create a supportive environment
for the Kingdom’s emerging
fintech community, offering them the
resources and expertise of Mastercard
to scale and seize new opportunities.
Ultimately, this collaboration aims to
bolster the Kingdom’s rapidly expanding
fintech sector, accelerate its digital
transformation, and empower local
fintech entities to enter the market
more swiftly, thereby contributing to
the broader goals of Saudi Arabia’s
economic vision.
Saudi’s SAMA Aims to Grow FinTech Firms to 525,
Creating 18,000 Specialized Jobs
Saudi Central Bank (SAMA)
Governor Ayman Al-Sayari unveiled
SAMA’s ambitious plan to
boost the number of financial
technology (FinTech) companies to 525,
as he discussed the key objectives of
the central bank’s FinTech strategy for
the upcoming years. Speaking at the
Arab Banking Conference in Riyadh,
Al-Sayari stressed that this strategy is
designed to have a substantial economic
impact, aiming to not only increase the
number of FinTech companies but also
generate 18,000 specialized jobs and
contribute over SR 13B to the gross
domestic product (GDP) by 2030. By
the end of last month, the number of
FinTech companies in Saudi Arabia had
already exceeded 200, showcasing significant
growth. Additionally, Al-Sayari
highlighted the robust performance of
the Saudi financial sector, with a capital
adequacy ratio (CAR) of 20.1 percent
by the end of the second quarter of
2023, along with strong liquidity and
funding ratios.
Archie Chooses UAE for First Global Market Launch
Archie has made a strategic decision
to launch its innovative
growth acceleration model
in the UAE as its first global
market, capitalising on the region’s
rapidly expanding fintech sector. The
UAE’s Digital Economy Strategy, aimed
at boosting the digital sector’s contribution
to the GDP from 9.7% to over 20%
by 2031, sets the stage for significant
growth. The current estimated value
of the UAE’s digital economy at $38B
is projected to surge to over $140B
by 2031. This ambition positions the
region prominently in the global fintech
landscape, with substantial investment
pools and a strong focus on attracting
top talent. Investor funding for fintech
startups in MENA witnessed substantial
growth, surging from nearly $200M in
2020 to around $885M in 2022. Archie
recognizes the UAE and the broader
GCC as integral to its long-term plans,
aiming to partner with some of the
world’s most promising fintechs.
Qatar Central Bank
Receives 25 BNPL
Fintech Applications
The Qatar Central Bank (QCB)
received an impressive 25 applications
from fintech companies
within a mere two days of the
launch of its ‘Buy Now Pay Later’ (BNPL)
campaign. This rapid response illustrates
the growing importance of digitalization
in Qatar’s burgeoning e-commerce sector.
Announcing this milestone on its social
media platform X, the QCB revealed, “Since
the launch of the BNPL QCB campaign,
the fintech licensing and registration platform
has received more than 25 requests
to apply for the service.” The application
window for BNPL licenses remained open
until November 3, 2023, as part of the
QCB’s efforts to regulate and facilitate
BNPL services in the country, promoting
innovation and consumer protection in
the financial technology sector.
18 www.thefinanceworld.com October 2023

Oman Boosts Contactless
Payments with Card
Tokenization Service
The Central Bank of Oman
(CBO) issued comprehensive
guidelines and instructions to
banks and Payment Service
Providers (PSPs) to introduce the Card
Tokenisation Service (CTS). This service
aimed to enable local and international
electronic payment applications on
smart devices within the Sultanate
of Oman, creating a safer online and
mobile payments environment. The
CBO utilised its communication channels,
including X (formerly known as
Twitter), to disseminate information
about the guidelines, emphasising
their goal of enhancing security in
card payment transactions. The CTS,
a fundamental shift, replaced primary
card numbers with ‘tokens’ for secure
smart device transactions. Its objectives
encompassed promoting innovation in
electronic payments, reducing cash
dependency, providing a seamless
payment experience, and bolstering
transaction security.
Saudi Venture Capital Invests $5M in Venture
Souq to Boost Fintech
Saudi Venture Capital (SVC),
backed by the state, is making
a substantial $5M investment
into a fintech fund managed
by VentureSouq (VSQ) in the MENA
region. This strategic move aims to
bolster the growth of the venture capital
ecosystem and further enhance the
flourishing fintech sector within the
kingdom. SVC, established in 2018 as
a government investment entity, has
actively supported startups and SMEs
by backing 43 funds that have, in turn,
invested in over 700 businesses. The
subscription agreement for this new
investment has already been executed.
Nabeel Koshak, CEO and Board
Member at SVC, highlighted the recent
surge in the fintech sector, making it
a prominent player in Saudi Arabia’s
venture capital landscape, attributing
this growth to various government
initiatives, including the launch of a
comprehensive fintech strategy in the
country, which aims to significantly
increase the number of fintech firms
operating in Saudi Arabia by 2025.
Astra Tech and Ant Group Unveil Cross-Border
Digital Payments in UAE
Astra Tech, a leading consumer
technology holding group
in the MENA region, has
announced a groundbreaking
partnership with Ant Group, one
of the world’s largest digital payment
platforms. This transformative collaboration
will integrate Alipay+’s global
cross-border digital payment and marketing
solutions into the PayBy merchant
network, encompassing nearly
7,000 taxis in Abu Dhabi and over
3,000 nationwide merchants. Commencing
as soon as September, this
integration aims to enable over 1.4 billion
wallet users to conduct seamless
transactions in the UAE directly from
their home e-wallets, eliminating the
need for currency conversion. Astra
Tech becomes one of the first regional
partners to launch Alipay+ solutions,
enhancing its portfolio of innovative
fintech offerings. This dynamic collaboration
is poised to revolutionize the
retail landscape in the UAE, providing
an unprecedented seamless payment
and digital marketing experience for
international visitors.
Saudi’s SAB Partners with
Wise to Enhance International
Money Transfers
Saudi Awwal Bank (SAB) has joined
forces with Wise Platform, forging
an agreement to provide swift,
secure, and cost-effective international
money transfer solutions. This
partnership aligns with SAB’s mission to
advance the objectives of the financial
sector development program in harmony
with Saudi Vision 2030. By collaborating
with Wise, the Saudi bank aims to bolster
investment and reinforce its commitment
to delivering cutting-edge banking solutions.
Bandar Al Gheshayan, Chief of
Wealth and personal Banking Officer at
SAB, emphasised that this partnership
empowers customers to conduct seamless
international transfers and contributes to
the evolution of the Kingdom’s financial
sector through digital transformation. Steve
Naudé, Head of Wise Platform, highlighted
their goal of simplifying international
payments and enabling SAB’s customers
to access Wise’s innovative technology
via the bank’s digital channels.
October 2023 www.thefinanceworld.com 19

Fintech Application
TAMARA
Founded in 2020, Tamara is a
shopping and payment platform
headquartered in Riyadh, Saudi
Arabia, that has swiftly risen to prominence
in the Middle Eastern financial
technology landscape. Co-founded
by Abdulmajeed Alsukhan, Turki Bin
Zarah, and Abdulmohsen Al Babtain,
Tamara offers a unique shopping and
payments platform, with its flagship
product being the Buy Now, Pay Later
(BNPL) service.
Tamara’s BNPL platform enables
merchants to provide customers with
flexible payment options, making purchases
more accessible and affordable.
This service is seamlessly integrated into
online shopping experiences through
APIs and plugins, allowing consumers
to defer their payments and split them
into manageable instalments. This
approach has led to larger shopping
baskets for consumers and boosted
conversion rates while simultaneously
reducing returns. Moreover, Tamara
facilitates co-marketing efforts that
grant businesses access to high-intent
shoppers, thereby further enhancing
their sales.
In a relatively short time, Tamara
has achieved remarkable growth. The
company boasts six million customers
and partnerships with over 15,000
merchants, which include globally
recognized brands like Shein, Jarir,
Noon, Ikea, and H&M, as well as local
small and medium-sized enterprises.
Its operations extend across key Middle
Eastern markets, including Saudi
Arabia, the United Arab Emirates,
and Kuwait.
Tamara’s financial journey has been
impressive, with total funding of $366
million in equity and debt secured since
its inception. In March 2023, the company
raised an additional $150 million
in a credit facility from Goldman Sachs,
earmarked for meeting the surging
demand for its BNPL product and
expanding into new business verticals.
One of the standout features of
Tamara is its unwavering commitment
to core principles: fairness, transparency,
and seamlessness. These
values are at the heart of its product
development, making Tamara a reliable
and customer-centric platform in the
financial sector often criticized for
lacking these qualities.
Tamara’s shariah-compliant foundation
and dedication to social responsibility
have further solidified its position
as an industry trailblazer in the Middle
East’s BNPL market. With substantial
funding, a growing global presence, and
an expanding customer base, Tamara is
poised to continue making a significant
impact on the financial services sector.
Its unique vision and values, coupled
with innovative BNPL solutions, are
setting new standards for the industry
in the Middle East and beyond.
Availability: Google Play Store and
Apple App Store
Website: www.tamara.co/en/app
20 www.thefinanceworld.com October 2023

BenQ W4000i
BenQ W4000i 4K HDR 4LED
home theatre projector marks
the latest addition to BenQ’s
esteemed home cinema collection.
This projector incorporates advanced
technologies, including BenQ’s exclusive
100% DCI-P3 CinematicColor
and HDR-PRO innovations, ensuring a
genuine 4K image quality with precise
HDR colour representation, promising
a deeply immersive viewing experience.
With its stunning 4K UHD resolution,
remarkable 3200 lumens of brightness,
and an outstanding 2,000,000:1 contrast
ratio enhanced by advanced Dynamic
Black algorithms, the W4000i is a true
powerhouse in delivering top-tier visual
performance. It offers support for various
HDR formats such as HDR10, HDR10+,
and HLG. Moreover, it comes meticulously
factory-calibrated to faithfully
reproduce magnificent CinematicColor
visuals within both the 100% DCI-P3 and
100% Rec.709 colour spaces.
Key Highlights:
• Comprehensive 100% DCI-P3 and
100% Rec.709 colour space coverage
• Impressive 3200lm brightness with
HDR10 compatibility
• Equipped with dual HDMI 2.0b (HDCP
2.2), SPDIF, and eARC, providing support
for 7.1 channel and Dolby Atmos
audio pass-through.
BenQ W4000i projector seamlessly
blends exceptional image quality with
user-friendly features, offering versatility
that suits different room sizes, making
it the ideal choice for dedicated home
theatre fans.
October 2023 www.thefinanceworld.com 21

Business
Digital Evolution: Navigating Business
Process Modernization in the Tech Era
In the ever-evolving landscape of the business world, adaptability and
innovation have become the keys to success. As technology advances
at a breakneck pace, organizations must embark on a digital evolution
journey to remain competitive and relevant. This transformation, often
referred to as business process modernization, involves reimagining
and optimizing workflows, systems, and operations by integrating
cutting-edge technology. This article explores the critical components
of digital evolution, the Digital Triad (Digitization, Digitalization, and
Digital Transformation), and provides insights into developing digital
transformation strategies to modernize your business.
22 www.thefinanceworld.com October 2023

Digital evolution is more than
just a fancy word; it’s a strategic
imperative. In today’s
tech-driven world, organizations that
resist change risk becoming obsolete.
Modernizing your businesses in the
tech era has become a necessity that
comes with numerous advantages.
A tech-driven approach to modifying
your business will significantly
improve operational efficiency. Automation,
artificial intelligence (AI), and
machine learning (ML) technologies
can streamline repetitive tasks, reduce
errors, and allow employees to focus
on more value-added activities. This,
in turn, leads to cost savings and increased
productivity. It also enables
businesses to meet and exceed rising
customer expectations, stay competitive
in a rapidly evolving market, and
make data-driven decisions for more
effective operations.
Before diving into the strategies to
evolve your business, let us decipher
the critical components of digital
evolution.
Digitization:
It is a fundamental step in a business’s
digital journey, involving the
conversion of analogue information
into digital format. This includes converting
paper documents into digital
data simplifying storage, access, and
analysis.
Digitalization:
It involves leveraging digitized data
to enhance business processes
by utilizing digital technologies to
streamline workflows, reduce costs,
and improve customer service. Digitalization
goes beyond just technology;
it involves a significant change in
perspective that demands rethinking
and revamping processes with a digital-first
mindset.
Digital Transformation:
After preparing your mindset for
business modernization, it’s time to
integrate technology into all aspects
of your operations; this stage is known
as digital transformation. At this stage,
your business will evolve digitally to
better fulfil and operate according
to customer needs. This transformation
goes beyond simple process
adjustments, instead concentrating
on the development of innovative,
digital-centric business models that
involve doing things differently and
There is no alternative to digital
transformation. Visionary
companies will carve out new
strategic options for themselves,
those that don’t adapt will fail.
embracing entirely new approaches.
Creating a successful digital transformation
strategy is a multi-step
process that involves careful planning
and execution. Following is a
detailed navigation for modernizing
your business process through small
but powerful actions
Assess and Define Goals:
Start by assessing your company’s
current processes, technologies, and
business models. Identify areas for
improvement, define your goals and
target audience, map customer journeys
and touchpoints, and evaluate
the technology landscape for gaps and
inefficiencies.
Create a Business Modernization
Team: Assemble a team with diverse
skills, including IT experts, data analysts,
and business strategists. This
team will play a crucial role in implementing
and managing your transformation
initiatives.
IT Modernization:
Another significant step for your
company’s digital evolution is its IT
modernization. This will be done in
four steps: First is the alignment of
IT with business strategies within
your company to understand the
current state of its IT infrastructure
and relate it to your future goals. The
next step is to simplify and optimize
your IT environment by implementing
lean processes and automation.
The third step is to modernize your
data and applications by adopting
several services including cloud-based
software-as-a-service (SaaS) operating
models and launching agile DevSecOps
processes. Lastly, it is recommended
to operate a hybrid IT Environment.
Pilot and Scale Start with smallscale
pilot projects to test new technologies
and processes. This allows
you to identify any issues and refine
your approach before scaling up. As
you gain confidence in your digital
evolution efforts, gradually expand
them across the organization.
Train and Educate:
Invest in training and education
for your employees to ensure they
can effectively use new technologies
and adapt to new processes. Change
management is a vital component of
successful digital evolution.
Monitor and Iterate:
Digital evolution is an ongoing
process. Continuously monitor the
performance of your new systems and
processes, gather feedback, and make
iterative improvements. Technology
and market conditions will continue
to change, so adaptability is key.
The digital evolution journey is not
an option; it’s a necessity for businesses
to remain competitive and resilient.
By understanding the Digital Triad,
developing a practical digital transformation
strategy, and embracing
IT modernization, organizations can
unlock their full potential in the digital
age. It’s time to take action, adapt,
and thrive in this ever-evolving digital
landscape.
October 2023 www.thefinanceworld.com 23

Business News
UAE’s Non-Oil Business Growth Slows in August, but Confidence Remains
High
In August, non-oil business growth
in the United Arab Emirates showed
signs of deceleration, marking
its slowest pace in six months.
However, there was a notable increase
in business confidence, reaching its
highest level since before the pandemic,
according to a recent survey. The S&P
Global UAE Purchasing Managers’
Index (PMI), adjusted for seasonal
variations, dipped to 55.0 in August,
down from July’s 56.0. Although this
was its lowest reading since February,
it remained comfortably above the critical
50.0 threshold, indicating ongoing
activity growth. The output subindex,
while still pointing to strong expansion,
registered a decline to 61.9 in August,
compared to the previous month’s 62.8,
marking its lowest level since January.
David Owen, a senior economist at S&P
Global Market Intelligence, noted that
while operating conditions maintained
improvement in August, momentum
has waned since the four-year peak
observed in June.
UAE’s Landmark Group
Expanding with Hundreds
of New Stores
The Landmark Group in the
UAE is experiencing a robust
demand for physical retail
and anticipates a significant
expansion with the opening of hundreds
of stores in the upcoming years.
Kabir Lumba, the Chief Executive of
Landmark Retail, revealed that they
have been consistently launching 150
stores annually, projecting an average
of 200 to 250 store openings worldwide
annually over the next three years.
While focusing on brick-and-mortar
growth, the company is also keenly
invested in e-commerce, which presently
contributes nearly 20 percent
to their overall business. Founded by
Micky Jagtiani in 1973, the Landmark
Group has evolved into a prominent
conglomerate in the Middle East and
India, encompassing the retail and
hospitality sectors.
UAE Boosts ASEAN Ties at Jakarta Summit
Dr Thani bin Ahmed Al-Zeyoudi,
the UAE’s minister of state
for foreign trade, led a delegation
to the Association of
South East Asian Nations Business and
Investment Summit in Jakarta. This
Dubai-based Fintech company
Qashio has exciting news of
a strategic partnership with
Carasti, a prominent car subscription
service in Dubai. Together,
they aim to revolutionise the leasing
landscape and elevate the corporate
expense experience for UAE-based organisations.
As more businesses explore
alternative vehicle ownership methods,
Qashio and Carasti have joined forces
to introduce an innovative solution
that not only streamlines leasing but
also delivers immediate advantages to
companies. Through this collaboration,
anyone signing up for a vehicle leasing
agreement with Carasti via Qashio’s
Corporate Cards will receive instant
annual economic policy forum involves
heads of state, politicians, and corporate
leaders discussing key issues in
Southeast Asia. During a session titled
“Innovation, Sustainability, and Prosperity:
Strengthening the UAE-ASEAN
Partnership,” Al-Zeyoudi emphasized
the significance of ASEAN to the UAE’s
foreign trade agenda. He highlighted
Southeast Asian countries as natural
trade and investment partners due to
their pro-growth, pro-trade agendas,
and pointed to opportunities in sectors
like agriculture, renewable energy,
advanced technology, logistics, and
sustainable travel and tourism.
Qashio and Carasti: Transforming Leasing and
Business Expenses in the UAE
cashback, highlighting both companies’
commitment to providing tangible value
to their clients.
24 www.thefinanceworld.com October 2023

Abu Dhabi’s G42 Partners with Microsoft to Enhance UAE’s Cloud Infrastructure
Abu Dhabi’s G42, an AI and
cloud computing company,
has unveiled the next phase of
its strategic partnership with
Microsoft, aiming to bolster the cloud
and technology infrastructure in the
UAE. Together, they plan to co-innovate
and introduce advanced AI capabilities
while expanding the existing data centre
infrastructure in the Emirates. Peng
Xiao, Group Chief Executive of G42,
emphasized that this collaboration with
Microsoft goes beyond technology; it’s
UAE Company Acquires
$625M Stake in Egyptian
Tobacco Giant
An investment firm from
the United Arab Emirates
has successfully acquired
a significant 30% stake in
Egypt’s largest tobacco company
for a substantial sum of $625M. This
transaction marks a significant step in
Egypt’s ongoing effort to divest state
assets and bolster its foreign currency
reserves. The UAE-based firm, recognized
by Egypt’s cabinet as Global
Investment Holding Ltd., has also
committed to providing an additional
$150M to Eastern Company for the
procurement of raw materials essential
for its manufacturing processes. While
the Egyptian government released this
information on its Arabic-language
Facebook page, it did not provide additional
specifics regarding the investor.
about establishing a comprehensive
ecosystem for societal resilience and
growth. By combining their expertise
and forward-thinking approach, their
goal is not only to transform industries
but also to create positive economic
opportunities and long-lasting impacts
on the well-being of individuals, communities,
and society as a whole. This
development follows their announcement
of intent to partner in April of
the same year.
UAE startups raise funding to expand to Saudi Arabia
Transportr, a UAE-based digital
logistics platform, has concluded
its successful seed funding round
with the participation of Ittihad
Ventures Holding and Industrial Capital
Group. Launched in 2020, Transportr acts
as a digital freight marketplace, connecting
shippers and carriers across industries
for efficient and cost-effective goods
transportation. The platform addresses
concerns such as freight rates, manual
The UAE government has introduced
the Small Business
Relief (SBR) to support small
businesses in coping with corporate
tax requirements. This privilege
is exclusively accessible to resident taxable
individuals or entities with a gross
business income of up to AED 3M in the
relevant tax period, including any prior
tax periods ending on or before December
31, 2026. The Federal Tax Authority
(FTA) recently issued a comprehensive
Corporate Tax Guide on Small Business
processes, visibility, traceability, and
customer service. The funding will drive
Transportr’s growth in the UAE market
and expand into Saudi Arabia, tapping into
the thriving logistics sector. Transportr
aims to be a one-stop digital solution,
managing all supply chain activities
with a focus on environmental, social,
and governance factors, while offering
benefits like cost savings, data analytics,
and artificial intelligence to partners.
UAE Corporate Tax Offers Relief and Simplified
Returns for Small Businesses
Relief (CTGSBR1) to provide clearer
guidelines on how the UAE Corporate
Tax Law applies to small businesses.
As stipulated by Article 21 of the law, if
a resident taxable entity’s gross income
remains below the threshold set by the
Minister (Dh3 million, established via
Ministerial Decision No. 73 of 2023 issued
on April 03, 2023), in the current and past
tax periods, the entity may choose not
to be treated as having derived taxable
income.
October 2023 www.thefinanceworld.com 25

Google Pixel 8 Pro
Google has launched the company’s
new high-end smartphone,
Pixel 8 Pro.The device boasts a
6.7-inch Super Actua display, offering
the brightest display yet, ensuring that
even in direct sunlight, your Ultra HDR
images appear true to life.
Pixel 8 Pro features a sleek design
with a matte glass back and a polished
aluminium frame, available in three
stylish colours: Porcelain, Bay, and
Obsidian.
One standout feature is the inclusion
of a new temperature sensor on the
back, allowing users to quickly scan
objects and determine their temperature.
This versatile feature can be used for
various tasks, from checking if your
cooking pan is hot enough to ensure
the baby’s bottle contains milk at the
right temperature.
The camera system on the Pixel 8 Pro
has seen significant upgrades across
the board. The main camera captures
stunning photos and videos, even in lowlight
conditions. The larger ultrawide
lens enhances Macro Focus, while the
telephoto lens captures 56% more light
and takes 10x optical-quality photos.
Additionally, the front-facing camera
now features autofocus, ensuring the
best possible selfies on a Pixel phone.
Pixel 8 Pro offers Pro Controls for
photography enthusiasts, granting users
more creative control over the Pixel
Camera. This includes settings like
shutter speed, ISO adjustments, and
the ability to capture 50 MP photos
throughout the zoom range, offering
endless possibilities for capturing the
perfect shot. It also provides a unique
AI feature that allows the user to edit
pictures with AI commands.
With its cutting-edge features and
enhancements, Google Pixel 8 Pro is
set to redefine the smartphone experience,
delivering top-tier performance
and versatility to users.
26 www.thefinanceworld.com October 2023

WD Blue SN580 NVMe SSD
Western Digital has introduced
the WD Blue SN580 NVMe
solid-state drive (SSD) to
further enhance its acclaimed SSD lineup.
Designed with creative enthusiasts
and professionals in mind, this internal
flash drive, operating on NVMe PCIe
Gen 4.0, offers an excellent solution
for upgrading current PCs or enhancing
custom-built systems.
WD Blue SN580 represents a pioneering
addition to the WD Blue product range,
introducing nCache 4.0 technology and
NVMe PCIe Gen 4.0 capabilities.
Key attributes of the WD Blue SN580
NVMe SSD encompass:
NVMe PCIe Gen 4.0:
Facilitating enhanced productivity and
seamless multitasking across intricate
projects, the SSD boasts impressive
read and write speeds of up to 4,150
MB/s (for 1TB-2TB models).
nCache 4.0 Technology:
This innovation enables swift copying
of substantial files and media assets,
featuring high burst write performance
and a hybrid SLC cache to optimize
creator workflows.
Sleek Design:
The drive accommodates storage
capacities of up to 2TB in a slim M.2
2280 form factor, ensuring reliable storage
for applications, data, and media,
including high-resolution photos, 4K
videos, and music.
Reliability:
Western Digital provides peace of
mind with a 5-year limited warranty
and a rating of up to 900TBW (for the
2TB model).
Low Power Requirements:
With DRAM-less, low-power storage,
users can seamlessly continue their
creative endeavours without worrying
about battery life.
Pricing and Availability:
WD Blue SN580 NVMe SSD is currently
accessible for purchase through the
Western Digital Store, select retailers,
e-tailers, resellers, and system integrators.
It comes with a 5-year limited
warranty and is offered in capacities
ranging from 250GB to 2TB, with prices
starting at 165 AED in the UAE.
October 2023 www.thefinanceworld.com 27

Cover Story
Revolutionizing the Region:
Top Innovative Tech Startups Shaping
MENA in 2023
YAP, a digital banking app, is spearheading a financial
revolution in the MENA region with its innovative approach
to banking. By prioritizing a digital-first strategy, YAP has
streamlined financial transactions, empowering users to
conduct all their banking activities through their smartphones
and computers. This approach not only aligns with the preferences
of tech-savvy users but also extends financial services
to a broader audience, promoting financial inclusion. YAP’s
seamless user experience, advanced security measures, and
innovative features like budgeting tools and expense tracking
have set it apart in the market. Furthermore, its integration
within the fintech ecosystem enhances the range of financial
services available to users while reducing costs, making
financial services more affordable and accessible. With its
focus on personalization, financial literacy, and mobile payments,
YAP is at the forefront of transforming traditional
banking practices in MENA, bringing convenience, security,
and financial empowerment to its users.
Tarabut Gateway is a game-changer in the MENA region, as
it ushers in a financial revolution through its open banking
platform. By facilitating secure data sharing and collaboration
among financial institutions and fintech companies, it creates
an open banking ecosystem that enhances the customer experience
and promotes innovation. This platform empowers
consumers with a wide range of financial services, ensures
stringent security measures and regulatory compliance, and
encourages cost efficiency across the financial sector. Tarabut
Gateway’s role in driving financial inclusion and seamlessly
integrating with existing banking systems underscores its
transformative impact on the region’s financial landscape,
positioning it as a pioneering force in the evolution of banking
and financial services.
28 www.thefinanceworld.com October 2023

COFE, an online marketplace, is a transformative force in
the MENA region’s e-commerce landscape. By embracing a
unique and localized approach, COFE caters to the region’s
rich coffee culture while championing local businesses, particularly
coffee shops and cafes. This focus on supporting and
promoting local enterprises sets it apart from conventional
e-commerce platforms. COFE’s user-friendly mobile app simplifies
the shopping experience, allowing coffee enthusiasts
to easily explore menus, place orders, and make payments.
The platform’s commitment to efficiency ensures that orders
are swiftly delivered, aligning with the fast-paced lifestyle of
urban consumers. Furthermore, COFE’s encouragement of
digital payments enhances financial inclusivity and security.
As it fosters a sense of community among coffee lovers, COFE
not only transforms the way people shop for coffee-related
products but also plays a pivotal role in the growth and
sustainability of local businesses, all while celebrating the
cultural significance of coffee in the region.
Qashio, a spend management app, is at the forefront of
revolutionizing financial management for businesses and
individuals alike. With its user-friendly platform and robust
features, Qashio simplifies expense tracking, providing
real-time insights into spending patterns and automating
time-consuming tasks. It empowers users to set and adhere to
budgets, enhancing overall financial control. For businesses,
Qashio streamlines expense reporting and integrates seamlessly
with other financial tools, driving efficiency and transparency.
Its data-driven approach offers actionable insights,
enabling cost savings and better financial decision-making.
Qashio’s commitment to security and compliance ensures the
protection of sensitive financial data. Ultimately, Qashio is a
game-changer, empowering users to manage their finances
with ease, make informed financial choices, and achieve
greater financial stability and success.
October 2023 www.thefinanceworld.com 29

Cover Story
Rain, a crypto exchange platform, is transforming the MENA
region’s financial landscape by introducing and democratizing
cryptocurrencies. Its pioneering role in offering accessible
and secure cryptocurrency trading has opened up new horizons
for individuals and businesses alike. By emphasizing
financial inclusion, transparency, and compliance with local
regulations, Rain is not just making crypto accessible but also
fostering trust in the emerging digital asset market. This commitment
extends to educating users about cryptocurrencies
and providing them with valuable market insights. With its
regional focus, Rain recognizes the unique characteristics
and preferences of the MENA region, making it an essential
catalyst for the adoption of blockchain technology and digital
assets in the region. Rain is not just a crypto exchange; it is
a beacon of innovation, guiding the financial future of the
MENA region into the digital era.
Alma Health, a digital healthcare platform, is pioneering
a healthcare transformation in the MENA region, leveraging
advanced technology to reshape the way healthcare is accessed
and delivered. With its focus on providing convenient and
efficient healthcare services, Alma Health bridges the gap
between patients and healthcare providers. It offers telemedicine
consultations, remote monitoring, and streamlined
appointment scheduling, making healthcare more accessible
and responsive to individual needs. By incorporating
electronic health records and data analytics, Alma Health
empowers both patients and healthcare professionals with
valuable insights for better-informed medical decisions. Its
commitment to security and privacy ensures the protection
of sensitive healthcare data, fostering trust in the platform.
Alma Health is not just improving access to healthcare; it is
enhancing the overall quality of healthcare services in the
region, promoting better patient outcomes and a healthier
population.
30 www.thefinanceworld.com October 2023

Munjz, a proptech platform, stands as a trendsetter in
the MENA region’s real estate landscape, orchestrating a
profound transformation in property management practices.
By offering a comprehensive suite of innovative solutions,
Munjz simplifies and streamlines property management
tasks for landlords and property managers. It empowers
them with the tools to efficiently oversee rent collection,
maintenance requests, tenant communications, and lease
management, reducing operational complexities and cutting
costs. Munjz’s tenant-centric approach enhances the overall
tenant experience with features like digital rent payments,
online lease agreements, and simplified maintenance coordination.
Furthermore, its data-driven insights equip property
professionals with valuable market information and property
performance metrics, enabling them to make informed decisions.
With a strong focus on sustainability and compliance,
Munjz is revolutionizing property management by promoting
transparency, efficiency, and environmental responsibility in
the MENA real estate sector.
Darent, a property management platform, stands as a
beacon of transformation in the MENA region’s property
management landscape. With an array of innovative solutions,
Darent simplifies and streamlines property management
for landlords and property managers, offering a centralized
platform for tasks like rent collection, lease management,
maintenance coordination, and tenant communication. This
operational efficiency translates into substantial cost savings
and improved profitability for property owners. Additionally,
Darent’s commitment to enhancing the tenant experience
through digital rent payments, online lease agreements, and
streamlined communication channels fosters higher tenant
satisfaction and lower turnover rates. By providing data-driven
insights into market trends and property performance, Darent
empowers property professionals to make well-informed decisions,
while its maintenance management tools ensure timely
property upkeep. With a focus on transparency, compliance,
and sustainability, Darent is not just revolutionizing property
management—it is shaping a more efficient, tenant-centric,
and environmentally responsible future for property management
in the MENA region.
October 2023 www.thefinanceworld.com 31

Cover Story
Sila, an AI Consumer Intelligence platform, stands as a
groundbreaking application that is reshaping the business
landscape in the MENA region. By harnessing the power of
advanced AI and data analytics, Sila empowers businesses
to truly understand their customers in unprecedented ways.
This deep insight into customer behaviour, preferences, and
sentiment enables companies to personalize their products,
services, and marketing efforts, fostering stronger customer
loyalty and satisfaction. Sila’s real-time feedback mechanisms
and predictive analytics further position businesses to stay
agile and proactive in a rapidly changing market. Moreover,
its commitment to data security and compliance ensures that
customer information is protected, instilling trust in both
consumers and businesses. Sila is not just a tool for gaining
insights; it’s a catalyst for a customer-centric revolution, where
data-driven decision-making leads to enhanced customer
experiences and long-term business success.
Huspy, a prop-tech platform, is in highlight for the real estate
revolution in the MENA region, fundamentally transforming
the property market with its innovative approach to property
technology. By providing a seamless, transparent, and efficient
platform for buying, selling, and managing properties, Huspy
streamlines the real estate transaction process. This digital
ecosystem offers real-time market insights, virtual property
tours, and secure financial transactions, ensuring convenience
and trust for both buyers and sellers. Huspy’s commitment
to transparency and efficiency is not only changing how
real estate transactions occur but also shaping the future of
property management. With its emphasis on sustainable and
eco-friendly property options, Huspy is paving the way for
a more responsible and forward-thinking approach to real
estate. In doing so, it is revolutionizing the MENA real estate
industry, making property transactions more accessible,
secure, and environmentally conscious.
32 www.thefinanceworld.com October 2023

Foodics, a restaurant tech and payments platform, stands as
a pioneering force in the MENA region’s restaurant industry,
orchestrating a transformative revolution that redefines how
restaurants operate and how customers experience dining.
By offering an integrated system that streamlines order management,
provides dynamic digital menus, and encourages
contactless payments, Foodics is at the forefront of adapting
to changing consumer preferences and industry trends. Its
data-driven insights empower restaurants to understand
their customers better, tailor their offerings, and create
more personalized dining experiences. From efficient table
management to real-time kitchen displays, Foodics enhances
restaurant efficiency while maintaining a sharp focus on health
and safety, especially in today’s context. Foodics is not just a
tech platform; it’s a catalyst for a modern dining experience,
where convenience, efficiency, and customer satisfaction
take centre stage, propelling the restaurant industry into a
digital and customer-centric era.
Starzplay, a video streaming service, is a trailblazer in the
MENA region’s entertainment landscape, driving a transformative
shift in how people consume content. With its vast
and diverse content library, including original productions,
Starzplay caters to the varied tastes and preferences of its
viewers. Its on-demand viewing feature empowers users to
watch their favourite shows and movies on their own terms,
breaking free from traditional broadcast schedules. The platform’s
accessibility across multiple devices and languages
ensures that entertainment knows no boundaries, fostering
inclusivity in a culturally diverse region. Starzplay’s commitment
to continuous content updates, affordable subscriptions,
and features like offline viewing and parental controls further
enhance its appeal. As a pioneer in the region’s streaming
industry, Starzplay is not just a source of entertainment but
a catalyst for cultural exchange, creativity, and connectivity,
making it a cornerstone of modern entertainment in the
MENA region.
October 2023 www.thefinanceworld.com 33

Cover Story
Unifonic, a communication platform, is at the forefront of
transforming how businesses in the MENA region engage with
their customers. With its multi-channel approach, businesses
can connect with their audience through SMS, voice messages,
WhatsApp, and more, meeting customers where they
are. Unifonic’s automation tools streamline communication
processes, delivering personalized messages and notifications
efficiently. Its commitment to customer engagement,
international reach, and data security sets a new standard
for effective and reliable communication solutions. Through
API integration, data analytics, and real-time capabilities,
Unifonic empowers businesses to not only communicate
effectively but also measure and improve their communication
strategies. In an era where seamless and meaningful
customer interactions are essential, Unifonic is leading the
charge, making communication a powerful tool for fostering
customer loyalty, driving business growth, and building trust
in the MENA region’s business landscape.
Qlub, a QR-code checkout solutions app, stands as a pioneering
force in revolutionizing the way businesses handle payments
and streamlining the customer checkout experience across
the MENA region. By offering contactless payment options
through QR codes, Qlub aligns perfectly with the evolving
preference for touchless transactions, ensuring the health
and safety of both customers and businesses. Its simplicity
and speed in the checkout process not only enhance the
overall customer experience but also significantly reduce wait
times, fostering greater customer satisfaction. Additionally,
by eliminating the need for traditional POS hardware and
integrating seamlessly with existing systems, Qlub delivers
cost savings and operational efficiency to businesses of all
sizes. With features like inventory management, data insights,
and security measures, Qlub is not merely a payment solution
but a catalyst for modernizing and streamlining the payment
landscape in the MENA region, ultimately helping businesses
thrive in the ever-evolving digital economy.
34 www.thefinanceworld.com October 2023

Lyve, an AI & SaaS logistics delivery platform, is a true
game-changer in the MENA region’s logistics and delivery
landscape. Leveraging the power of advanced AI, Lyve optimizes
delivery routes with unmatched efficiency, reducing
costs and ensuring packages reach their destinations swiftly.
Real-time tracking and transparent communication with
customers redefine the delivery experience, fostering trust
and satisfaction. Specializing in the crucial last-mile delivery,
Lyve addresses one of the most challenging aspects of logistics,
making it a valuable ally for businesses of all sizes. Its
data-driven approach, scalable solutions, and sustainability
initiatives position it as a catalyst for modernizing the logistics
industry. By providing actionable insights, optimizing supply
chains, and enhancing the overall customer experience, Lyve
is not just a logistics platform; it’s a driving force behind the
transformation of delivery services, aligning them with the
demands of today’s digital economy.
Grizzly, a liquidity mining app, stands as a pioneering force
in revolutionizing the world of decentralized finance (DeFi)
and cryptocurrency. By introducing innovative incentives for
liquidity provision, Grizzly empowers users to actively participate
in the DeFi ecosystem, contributing to its growth and
liquidity while earning rewards in the process. Its commitment
to community governance amplifies the democratic nature
of DeFi, allowing users to have a say in platform decisions.
Grizzly’s emphasis on accessibility means that users can engage
with DeFi services without the need for intermediaries,
making financial services more inclusive and accessible to
a global audience. As a catalyst for DeFi ecosystem growth
and a promoter of token utility, Grizzly is a cornerstone of
the rapidly evolving cryptocurrency landscape, reshaping
how individuals interact with and benefit from blockchain
networks.
October 2023 www.thefinanceworld.com 35

Cover Story
Baraka, a stock and ETF investment platform, stands as a
transformative force in the MENA region’s financial landscape,
reshaping how individuals invest, diversify their portfolios, and
participate in global markets. By offering access to a broad
spectrum of global stocks and ETFs, Baraka democratizes
investment opportunities, enabling users to seize global market
potential with ease. Its user-friendly interface, fractional share
options, and educational resources make investing accessible
to all, breaking down the traditional barriers to entry in
finance. Baraka’s commitment to low costs and community
engagement further fosters financial inclusivity, empowering
individuals to make informed investment decisions and
connect with a vibrant community of investors. As a catalyst
for financial literacy and global investment, Baraka is paving
the way for a more accessible and interconnected future of
wealth management in the MENA region.
Quint, a cryptocurrency and NFT trading app, is an innovator
in the rapidly evolving landscape of digital assets, leading a
transformative revolution that is changing how individuals
trade, invest, and interact with blockchain-based assets. By
offering a diverse array of cryptocurrencies and NFTs, Quint
provides users with a gateway to the global digital asset market,
fostering accessibility and diversification. Its commitment
to security ensures that users can engage in trading and
investing with confidence, while the user-friendly interface
simplifies the complex world of cryptocurrencies and NFTs.
Quint’s contribution to liquidity, educational resources, and
community engagement not only empowers traders but also
fuels the growth of the broader digital asset ecosystem. As
a catalyst for financial inclusivity and innovation, Quint is
shaping the future of finance, where digital assets take center
stage in a more accessible, secure, and interconnected
financial world.
36 www.thefinanceworld.com October 2023

Numi, a Social Metaverse platform, is a trailblazer in revolutionizing
the way individuals connect and interact in virtual
worlds. By seamlessly integrating various virtual environments,
Numi fosters a metaverse where users can explore, interact,
and build their digital identities across different digital realms.
Its provision for realistic avatars and customization allows
users to express themselves in virtual spaces authentically.
Numi’s emphasis on social interaction, content creation,
and immersive experiences is redefining how users engage
with the metaverse, creating a dynamic and vibrant digital
society. With its virtual economy, cross-platform accessibility,
and reputation systems, Numi is pioneering the future
of social interaction, commerce, and digital identity in the
metaverse. Numi is not just a platform; it’s a catalyst for the
metamorphosis of social interaction and personal expression
in a digital world that knows no boundaries.
Pemo, a cloud-based accounting and spend management
solutions app, is leading the charge in revolutionizing how
businesses navigate their financial landscape. By automating
expense tracking and providing real-time financial insights,
Pemo empowers businesses to stay on top of their financial
health effortlessly. Its streamlined approval workflows and
cloud-based accessibility enhance efficiency, whether in the
office or remotely. Pemo’s commitment to integration with
other business tools and robust security measures ensures
a seamless and secure financial management experience.
Scalable to meet the needs of businesses of all sizes, Pemo
is not just a tool for expense management; it’s a catalyst for
financial efficiency and cost control, positioning businesses
to thrive in an ever-evolving financial world. In an era where
data-driven decision-making and financial transparency are
paramount, Pemo is reshaping the financial management
landscape, empowering businesses to make smarter financial
choices and achieve sustained growth and success.
October 2023 www.thefinanceworld.com 37

Wheels
Specifications
Torque: 610 Nm
Horsepower:500 Hp
Acceleration: 0 to 60mph in under 5.7s
Battery Capacity: 102 kWh
38 www.thefinanceworld.com October 2023

Cadillac Lyriq Al Awael
The 2024 Cadillac Lyriq Al Awael
is an electric vehicle that comes
equipped with an Ultium EV
12-module 102 kWh battery pack,
offering a power output of 500
horsepower and 610 Nm of torque. It
also features an all-wheel drive system,
which contributes to the car’s handling
and trailering capabilities.
To cater to various road conditions,
the Lyriq provides different driving
modes, including Tour, Sport, Snow/
Ice, and My Mode. Additionally, it
incorporates regenerative braking for
a smoother ride experience.
Charging the Lyriq is convenient, as
it can be charged at home or at public
DC fast charge stations, public charging
units, and industry-level 2 charging
units. It offers a range of 494 km on a
full charge and can gain up to 125 km
of range in just ten minutes.
In terms of design, the Lyriq features a
sleek Celestial Metallic armour exterior,
a distinctive black-coloured car grille,
and dark-colored accent finishes on the
body and wheels. Practicality meets
aesthetics with a discreetly integrated
charging port that emerges when the
Cadillac crest is pressed on the port
door. LED taillights enhance the rear
profile of the Lyriq.
Safety is a key focus for the Cadillac
Lyriq, with a range of standard features
offered through the Cadillac Smart
System, including automatic emergency
braking, front pedestrian braking,
forward collision alert, safety alert
seat, rear seat reminder, rear park
assist, HD rear vision camera, Teen-
Driver designated key fob and vehicle
diagnostics. Furthermore, the Lyriq
includes other advanced safety features
like front and rear park assist, enhanced
automatic parking assist, intersection
automatic emergency braking, adaptive
cruise control, front pedestrian and
bicyclist braking, side bicyclist alert,
and blind zone steering assist. The
Cadillac Lyriq Al Awael combines
advanced technology, performance,
and safety to provide a well-rounded
electric vehicle option.
October 2023 www.thefinanceworld.com 39

Start-up
Unleashing AI Innovation: Exploring the
Landscape of Startups in UAE
Introduction: In recent years, the United Arab Emirates (UAE) has surged as a
dynamic hub for technological innovation, especially in Artificial Intelligence
(AI). This burgeoning AI startup ecosystem in the UAE has drawn both
domestic and international investors, researchers, and industry enthusiasts.
Within this context, this exploration delves into remarkable startups like
Fluid, Nybl, and Xpence, which are pushing the boundaries of AI technology
and establishing new benchmarks for innovation in the region.
FluidAi
Ahmed W Ismail,
CEO
FluidAI, under the leadership
of CEO Ahmed W Ismail, has
revolutionized the landscape
of tokenized market access within
the digital asset industry. Focused on
addressing the inefficiencies plaguing
crypto markets, FluidAI harnesses the
power of predictive AI-based models
to tackle issues like high volatility,
large price slippages, market manipulation
vulnerability, and flash crashes.
At the core of FluidAI’s innovative
approach lies a proprietary AI-driven
liquidity infrastructure that leverages
predictive modeling with an astounding
95% accuracy rate. Developed in
collaboration with esteemed academics
from institutions such as Imperial
College London and the Blekinge
Institute of Technology, this AI model
provides invaluable insights into
two critical aspects of digital asset
markets: predicted price and margin
of error.
FluidAI further enhances its offerings
with a Smart Order Router,
empowered by ultra-low latency technology,
ensuring seamless connectivity
with major exchanges to hedge exposures
and enhance liquidity.
FluidAI’s commitment to providing
institutional-grade solutions is evident
in its comprehensive pre-trade,
in-trade, and post-trade analytics.
This suite of services ensures optimal
execution for trades of all sizes,
whether large, medium, or small, and
offers users access to deep liquidity
consolidated from the most liquid
CEXs and DEXs.
To further enhance the user experience,
FluidAI has forged partnerships
with liquidity providers and market-makers,
enabling the platform to
offer ultra-low fees. This, coupled with
staking and rewards programs, trading
fee discounts, access to FluidAI’s
proprietary AI price-prediction model,
and the ability to follow and interact
with top traders within the FluidAI
network, positions the platform as
a leader in making tokenized market
access more efficient and accessible
for institutions, trading platforms, and
retail investors alike.
40 www.thefinanceworld.com October 2023

Nybl
Nybl, under the leadership of
CEO Noor Alnahhas, stands as
a pioneering force in the world
of AI. Their platform is a beacon of
innovation, offering a knowledge-driven
machine-learning solution that
possesses the unique ability to transform
vast reservoirs of underutilized
data into actionable intelligence. What
sets Nybl apart is their departure from
traditional methods; they’ve eschewed
training data in favour of turnkey
intelligence rooted in subject-matter
expertise and established data
behaviour models. Nybl’s brilliance
knows no bounds; it’s been meticulously
designed to expand limitlessly,
without constraints tied to industry,
application, or hardware.
The platform’s track record
speaks volumes, with governments,
multinational corporations, and national
oil companies alike relying
on Nybl for its suite of products like
asset.ai, factory.ai, lift.ai, supplychain.
ai, and anything.ai. These products
cover a wide spectrum, from managing
assets and production processes to
optimizing oil wells and supply chains,
making Nybl an indispensable ally in
the pursuit of data-driven excellence.
Nybl forged a global partnership
with Lenovo, the world’s fourth-largest
PC maker, as announced at the Gitex
Global event. This collaboration seamlessly
integrated Lenovo’s cutting-edge
Edge AI servers with Nybl’s powerful
software, bringing Nybl closer to its
goal of constructing a comprehensive
end-to-end AI ecosystem. This ecosystem
empowers users to effortlessly
connect to and analyze extensive
Noor Alnahhas,
CEO
datasets in real-time, eliminating the
need for coding or reliance on historical
training data, marking a noteworthy
achievement in the field of AI.
Xpence
Saad Ansari,
CEO
Xpence, under the leadership of
CEO Saad Ansari, is making
significant strides in reshaping
the landscape of business expense
management. As the first-of-its-kind
platform in the region, Xpence caters
to a wide spectrum of users, ranging
from freelancers to established
corporate entities. Its core offering
revolves around an integrated payment
card solution designed to streamline
and modernize expense tracking and
management.
At the heart of Xpence’s value proposition
are its versatile spending cards,
available in both physical and virtual
forms. These cards empower teams
to monitor expenses in real-time,
providing a comprehensive view of
financial activities. A standout feature
is the platform’s automated bookkeeping
functionality, which categorizes
transactions instantaneously.
This eliminates the need for arduous
and time-consuming manual expense
reporting. Moreover, users can conveniently
attach receipts and notes
to transactions, ensuring meticulous
record-keeping.
One of Xpence’s distinctive
strengths lies in its flexibility and
control. Users can establish custom
rules and controls for each card,
allowing for precise management of
spending limits and usage parameters.
This level of granularity simplifies
oversight and ensures adherence to
budgetary guidelines. Furthermore,
Xpence expedites decision-making
through real-time approvals, providing
a seamless workflow for managing
expenses.
Xpence’s global acceptance ensures
that its cards can be utilized anywhere
around the world, making it a valuable
asset for businesses with international
operations. By offering an integrated
prepaid Visa card, Xpence empowers
business owners and their employees
to navigate the often complex world
of expense management with ease.
Currently operational in the United
Arab Emirates and Bahrain, Xpence is
poised for expansion into new markets,
including Saudi Arabia, Egypt,
Pakistan, Kuwait, Oman, and Qatar. As
it continues to redefine smart business
spending, Xpence promises to simplify
and enhance the financial management
landscape for a broader audience.
October 2023 www.thefinanceworld.com 41

Energy
UAE’s Leadership in Global Energy
Transition Efforts
The United Arab Emirates (UAE) is emerging as a global leader in the transition
to clean and sustainable energy sources, with a strong focus on solar energy and
hydrogen production. A recent report published by the Energy Institute Statistical
Review of World Energy highlights the UAE’s remarkable achievements in
solar energy utilization, positioning it among the world’s leaders in this field.
42 www.thefinanceworld.com October 2023

The UAE’s impressive strides in
solar energy can be attributed
to the visionary leadership of
the country. The government has embarked
on a bold and ambitious mission
to harness solar power, making
significant investments to ensure its
success. Currently, the UAE ranks as
the sixth-highest per capita consumer
of solar energy globally, a testament to
its commitment to clean energy.
At the heart of the UAE’s solar endeavours
are several mega projects,
including Shams, Noor Abu Dhabi, and
Al Dhafra in Abu Dhabi. Additionally,
the UAE boasts the world’s largest single-site
solar project, the Mohammed
bin Rashid Al Maktoum Solar Park in
Dubai. These initiatives have not only
contributed to the nation’s energy
needs but have also set an example
for others to follow.
A critical player in the UAE’s clean
energy journey is Masdar, the country’s
leading renewable energy company.
Masdar has been instrumental in collaborating
with both government and
private sector partners to expand the
UAE’s solar capacity. Their dedication
to sustainability aligns perfectly with
the UAE’s vision for a cleaner and
greener future.
The UAE’s commitment to the global
energy transition is further evidenced
by its role as the host of COP28,
scheduled to be held at Expo City
Dubai from November 30 to December
12. This premier climate conference
will bring together over 70,000 participants,
including heads of state,
government officials, industry leaders,
and experts. The UAE aims to leverage
this platform to accelerate its efforts
towards a net-zero future.
Recently, at the G20 energy ministers
meeting in Goa, India, The
Minister of Energy and Infrastructure,
Suhail bin Mohammed al-Mazrouei,
outlined the UAE’s ambitious goals
in clean energy. The country is on a
mission to triple its renewable energy
capacity and double hydrogen
production by 2030. These initiatives
align with the objectives of the Paris
Agreement, and the UAE is committed
to reducing emissions by 43 percent by
the same year.
Hydrogen, often considered a climate-friendly
energy source, holds
immense potential. The UAE is strategically
positioning itself to be a
major player in the global hydrogen
economy by developing supply chains
and research centres.
The UAE’s commitment to clean
energy is a top priority, as it seeks to
achieve net-zero emissions by 2050.
The country’s strategies, including the
updated UAE Energy Strategy 2050
and the National Hydrogen Strategy,
represent significant investments
totalling AED 200B ($54B) by 2030.
These initiatives will propel the UAE
to the forefront of the global energy
transition, with a target of reducing
carbon emissions by 40 percent by the
end of this decade.
Recognizing the urgency of the
climate crisis, the UAE is actively engaging
with international partners to
drive global clean energy initiatives.
Hosting the International Solar Alliance
meeting in Abu Dhabi is just one
example of the country’s commitment
to collaborating with other nations to
accelerate the adoption of clean energy
solutions. The UAE acknowledges
that achieving the Paris Agreement’s
goals requires a rapid and substantial
increase in renewable energy capacity,
energy efficiency, and clean hydrogen
production. To this end, it calls upon
industry partners to join in this collective
effort and invest in sustainable
solutions.
As the UAE continues to lead the
way in global energy transition efforts,
it is setting an example for nations
worldwide. Its ambitious targets, investments,
and collaborations demonstrate
a clear path forward in the fight
against climate change. The nation’s
dedication to a cleaner, greener future
extends beyond its borders, making it
a global champion for sustainability.
As we look to a world that urgently
needs to reduce its carbon footprint,
the UAE’s leadership serves as an
inspiring beacon of hope, showing
that with determination and visionary
The nation’s
dedication
to a cleaner,
greener future
extends beyond
its borders,
making it
a global
champion for
sustainability.
leadership, we can transition to a
more sustainable and environmentally
responsible future. The global community
must rally behind such efforts and
work together to address the pressing
challenges of our time.
The UAE’s leadership in global
energy transition efforts is evident
through its remarkable achievements
in solar energy utilization, hydrogen
production plans, and commitment to
international climate initiatives like
COP28. As the world faces increasing
environmental challenges, the UAE
is emerging as a beacon of hope and
inspiration, demonstrating that a sustainable
and clean energy future is not
only achievable but also essential for
the well-being of our planet.
October 2023 www.thefinanceworld.com 43

Energy News
Masdar and Africa50 Join Forces to Boost Clean Energy in Africa
Abu Dhabi’s clean energy leader,
Masdar, has formed a strategic
partnership with Africa50, an
investment platform, with
the primary goal of identifying and
expanding clean energy projects across
the African continent. Through this
collaboration, Masdar has committed
to closing the infrastructure funding
gap and facilitating the mobilization
of both public and private financial
resources. Dr. Sultan Al Jaber, Cop28
President-designate and Chairman of
Masdar, expressed the significance of
this partnership in fostering an inclusive,
equitable, and environmentally
just transition. He stressed the urgent
need to address the climate finance
disparity, particularly affecting the
global south, and called for a united
effort between the public and private
sectors to ensure widespread access
to clean energy throughout Africa,
aligning with Africa50’s core mission.
ADNOC Gas Secures
Supply Agreement
with PetroChina
International
ADNOC Gas has entered into a
significant agreement for liquefied
natural gas (LNG) supply
to PetroChina International
Company Limited (PCI), a subsidiary
of China’s major oil and gas player,
PetroChina Company Limited. The deal
is valued between $450M and $550M.
This partnership highlights ADNOC Gas’
expanding global reach, particularly
in the rapidly growing East and South
Asian markets. Natural gas is pivotal as
a cleaner transitional fuel, emitting fewer
carbon emissions than other fossil fuels,
aligning with ADNOC Gas’ commitment
to ensuring reliable global supply. CEO
Ahmed Mohamed Alebri emphasized the
importance of this LNG supply deal in
strengthening their presence in one of
the world’s fastest-growing gas markets,
further solidifying ADNOC Gas’ role as
a major LNG supplier in East and South
Asia and beyond.
UAE Joins Global Push to Triple Nuclear
Capacity by 2050
The UAE has joined a global
effort to triple nuclear capacity
by 2050, a call led by the World
Nuclear Association (WNA)
and the Emirates Nuclear Energy Corporation
(ENEC), with support from the
International Atomic Energy Agency’s
(IAEA) Atoms4NetZero initiative. This
ambitious initiative seeks extensive
collaboration among governments,
industry leaders, and civil society to
expand nuclear capacity significantly,
aiming to achieve carbon neutrality by
2050. The call for rapid deployment of
nuclear technologies was made during
the launch of “Net Zero Nuclear” at the
World Nuclear Symposium in London.
Sheikh Mohammed Witnesses World’s Largest
Solar Park Partnership
His Highness Sheikh Mohammed
bin Rashid Al Maktoum,
the Vice President and Prime
Minister of the UAE and Ruler
of Dubai, presided over the signing
of a significant agreement between
the Dubai Electricity and Water Authority
(DEWA) and Masdar, the Abu
Dhabi Future Energy Company PJSC.
This agreement marks a pivotal step
toward the construction and operation
of the sixth phase of the Mohammed
bin Rashid Al Maktoum Solar Park.
This phase, set to become the largest
single-site solar park globally, will
boast a remarkable capacity of 1,800
megawatts (MW) and is estimated to
cost AED 5.5B. The signing ceremony
was attended by prominent UAE figures,
including Sheikh Mansour bin Zayed
Al Nahyan, Sheikh Saif bin Zayed Al
Nahyan, Sheikh Abdullah bin Zayed Al
Nahyan, and Mohammad bin Abdullah
Al Gergawi.
44 www.thefinanceworld.com October 2023

ADNOC Completes Investment in Habshan Carbon Capture Project
ADNOC Group, committed to
achieving Net Zero by 2045,
has unveiled its investment
in the Habshan Carbon Capture,
Utilisation, and Storage (CCUS)
project, one of the largest initiatives of
its kind in the Middle East and North
Africa (MENA) region. This project
will possess the capacity to capture
and store 1.5 million tonnes per annum
(mtpa) of carbon dioxide (CO2)
deep underground within geological
formations. Expanding ADNOC’s carbon
capture capabilities to 2.3 mtpa,
equivalent to removing over half a
million gasoline-powered cars from
the roads annually, this project is part
of the company’s $15B investment in
low-carbon solutions. ADNOC Gas will
oversee the construction, operation, and
maintenance, which will include carbon
capture units, pipeline infrastructure,
and CO2 injection wells.
Saudi Arabia and Russia Extend Production Cuts
Amid Rising Oil Prices
Global oil prices surged, reaching
a ten-month high, with
Brent oil surpassing $90 a
barrel for the first time in
2023, driven by concerns about supply
shortages. The rally followed Saudi
Arabia and Russia’s joint announcement
of extending voluntary production cuts
for an additional three months until
December. U.S. crude surged by 1.9
percent to $87.56 a barrel, the highest
since November 2022, while Brent
oil soared by 2.1 percent to $90.72 a
barrel, also marking its highest point
since November 2022. Saudi Arabia’s
extension of voluntary production cuts,
in addition to OPEC+ cuts initiated
last April, and Russia’s commitment
to reducing oil exports by 300,000
barrels per day until year-end, further
contributed to the price rally.
India’s L&T Preferred for Saudi Aramco’s $2.9B
Jafurah Gas Project
Indian infrastructure firm Larsen
& Toubro (L&T) has reportedly
secured a $2.9B contract from
Saudi Aramco for part of the Jafurah
unconventional gas development
project. L&T is said to be one of the
selected contractors for one of the
five main engineering, procurement,
and construction (EPC) packages in
the estimated $10B second expansion
phase of the Jafurah project. Although
Aramco has issued letters of intent to the
contractors, the company has not officially
commented on this information.
The specific EPC package assigned to
L&T involves the gas processing plant
and main process units, advancing
the significant Jafurah basin project
in Saudi Arabia’s Eastern Province,
which is home to one of the Middle
East’s largest liquid-rich shale gas
reserves, estimated at 200T cubic feet
of gas in place.
DEWA’s Massive Hatta
Water Reservoir Reaches
90% Completion
The Dubai Electricity and Water
Authority (DEWA) has
announced that it has reached
89.42% completion on its 30
million imperial gallons (MIG) water
reservoir project in Hatta. The project,
with an estimated cost of AED 86M
($23.4M), involves constructing two
reservoirs with a combined storage
capacity of 30 million gallons of desalinated
water, along with supporting
buildings and pipeline extensions.
Structural foundation work for all
facilities and reservoirs is now 100%
complete, above-ground work stands at
92% completion, and nearly 99% of the
pipes have been laid. The reservoir is
set to become operational in the fourth
quarter of this year, contributing to
Hatta’s comprehensive development
plan and creating job opportunities
in the region.
October 2023 www.thefinanceworld.com 45

Wheels
Specifications
Horse Power: 235 Hp
Torque: 350 Nm
Acceleration: 0 to 100 km/h in 7.7 seconds
46 www.thefinanceworld.com October 2023

Geely Monjaro
Geely Auto introduces the
Monjaro, a milestone in their
lineup as their most advanced
SUV yet. This meticulously crafted
vehicle is loaded with industry-leading
features, including the innovative
Highway Assisted Driving system
that actively monitors the road and
autonomously changes lanes. Equipped
with a powerful 4-cylinder, 2.0-litre
turbo engine producing 175kW (235hp)
and 350Nm of torque via an 8-speed
automatic transmission, the Monjaro
combines performance with efficiency.
Built on the CMA platform, it boasts
strong proportions with a wide 1610mm
wheel track and a spacious 2845mm
wheelbase. The exterior design exudes
rugged yet refined aesthetics, leaving a
lasting impression. Inside, the Monjaro
seamlessly blends Eastern and Western
styling, focusing on details such as
premium materials and intricate
weaving inspired by Chinese elements
like classical knots.
The cabin features a panoramic
integrated cockpit with three screens
for an immersive experience. It also
includes a 10-speaker BOSE premium
sound system, advanced noise reduction
technology, and customizable ambient
lighting for a luxurious experience.
Monjaro comes equipped with
BorgWarner’s advanced four-wheel-drive
system, offering various driving modes
to tackle diverse terrains. The vehicle
accelerates from 0-100km/h in just
7.7 seconds, powered by a joint
development from Volvo and Geely,
a 2.0L turbo direct injection engine.
Safety is a top priority, with features
like blind spot warning, forward collision
alert, and a 540° Transparent Chassis for
added confidence during challenging
driving situations. Geely’s Monjaro
blends sophistication, technology, and
safety to redefine the SUV experience.
October 2023 www.thefinanceworld.com 47

Healthcare
Health Tech Innovations: The Future of
Medical Technology
The United Arab Emirates has consistently been recognized for its rapid
transformation, and healthcare is no exception in this regard. The
country’s sustained efforts to introduce technological advancements
in the sector have earned it a top-ranking position among all GCC
countries for having the best healthcare system, placing it in the top 50
globally. It has emerged as a regional healthcare innovation hub, fostering
ideas, partnerships, and collaborations through premier healthcare
conferences and events, catalyzing growth and development in
the industry. This article explores how telemedicine and Artificial Intelligence
are shaping the future of medical technology and medical
tourism in the UAE.
48 www.thefinanceworld.com October 2023

According to reports Dubai’s
healthcare market will be a
key in driving Middle East and
North Africa healthcare growth from
$144 billion in 2020 to $243 billion by
2023. In February 2023, Emirate Health
Services (EHS) in the UAE unveiled
its 2023-2026 innovation strategy, prioritizing
sustainability in healthcare
innovations. Telemedicine and Artificial
intelligence are at the forefront
of brightening the future of medical
technology in the UAE.
Artificial Intelligence
The UAE’s commitment to enhancing
medical technology has resulted in the
integration of artificial intelligence in
different ongoing projects including
telemedicine, wearable gadgets, and
smart clinics. The future of artificial
intelligence is nothing but bright and
full of opportunities for the nation’s
health, economy, and world prominence.
Several initiatives have been taken
by both the government and private
sectors to innovate health technology,
including the development of Dubai
Health Innovation Center which serves
as a platform for developing and testing
new healthcare technologies, including
AI-powered solutions.
Partnerships
Apart from this Mohamed bin Zayed
University of Artificial Intelligence (MB-
ZUAI) of UAE is also taking potential
steps in shaping the future of AI by
collaborating on upcoming projects
three such collaborations include
Biocomputing Innovation Research
Lab
MBZUAI announced a pioneering MoU
with BioMap, a super-scale AI-powered
life science platform. Together,
they will establish a groundbreaking
biocomputing innovation research lab,
marking a unique initiative in the Middle
East. The collaboration focuses
on AI-generated proteins (AIGP) to
address regional healthcare needs,
driving innovation in protein generation,
structure prediction, and cell function
prediction, reshaping the landscape of
biocomputing innovation in life science.
Digital Therapeutics
MBZUAI and IBT joined forces in a
five-year research and development
collaboration. They established a joint
research lab with a mission: to leverage
From
telemedicine
and remote
monitoring
to artificial
intelligence (AI)
and predictive
analytics, the
healthcare
industry
will undergo
transformations
through
previously
unimaginable
technology.
the power of AI technologies for the
development of personalized digital
therapeutics aimed at improving human
brain health. This partnership
collaborates IBT’s expertise in digital
therapeutics development and commercialization
with MBZUAI’s deep
knowledge of artificial intelligence.
Together, they share the common goal
of revolutionizing treatments for brain
and mental disorders, making significant
progress in the future of digital
therapeutics.
Bio AI Center
MBZUAI and Quris-AI partnered to
establish a cutting-edge bio-AI centre
in Abu Dhabi, poised to revolutionize
medication development with a focus
on personalized drugs for the diverse
MENA region. Quris-AI, the world’s
first bio-AI clinical prediction platform,
conducts groundbreaking drug trials
on miniaturized ‘patients-on-a-chip,’
accelerating bio-AI advancements and
reshaping pharmaceutical innovation.
Medical AI Market Analysis
The UAE Artificial Intelligence (AI)
In Healthcare Market is projected to
grow from $0.04 Bn in 2022 to $0.72 Bn
by 2030, registering a CAGR of 46.22%
during the forecast period of 2022-2030.
As the UAE’s AI in Healthcare Market
continues its remarkable growth, this
presents a compelling opportunity for
forward-thinking investors to explore
the promising landscape of AI-driven
healthcare innovations.
Virtual Reality
The UAE’s Vision 2071, aimed at becoming
the best country in the world,
prioritizes healthcare by promoting
medical tourism and innovations in
medical technology, with virtual reality
being one of the approaches that support
this vision. The primary feature of
including virtual reality is to generate
empathy, UAE has been taking innovative
steps to integrate VR in healthcare.
VR- Based Rehabilitation
Recently, The Ministry of Health and
Prevention (MoHAP) in the UAE has
announced plans to implement VR-based
rehabilitation in physiotherapy for patients
recovering from strokes, those
dealing with balance disorders, and
children with developmental conditions
such as cerebral palsy and Parkinson’s
syndrome.
Virtual Reality Market Analysis
The market for Virtual Reality (VR)
applications is set to expand significantly,
with projections indicating growth from
$3.11 billion in 2023 to a substantial
$25.22 billion by 2030, demonstrating
a remarkable CAGR of 34.9%.
The United Arab Emirates’ commitment
to healthcare innovation is propelling
it towards a future of cutting-edge
medical technology and transformative
enhancing the potential of investments
in the healthcare sector. With pioneering
initiatives, strategic partnerships, and
impressive market projections, the
UAE is poised to redefine healthcare
on a global scale.
October 2023 www.thefinanceworld.com 49

Merger & Acquisitions
Tech M&A Boom in the Middle
East: Reshaping Industries Through
Technological Acquisitions
The Middle East region, known for its oil-rich economies and rapid modernization,
is currently experiencing a significant surge in technology mergers and
acquisitions (M&A). The PcW latest annual CEO Survey report notified that
84% of Middle Eastern respondents are interested in investing in automation
processes and systems, whereas 66% mentioned their interest in deploying cloud
technology, artificial intelligence, and other advanced technology in operations.
This boom in tech M&A activity is reshaping industries across the Middle East as
companies strive to stay ahead in the digital age.
50 www.thefinanceworld.com October 2023

The Middle East region continues to
flourish the mergers and acquisitions
values after Q1 2023. The EY
MENA M&A Insights report highlighted
a 42% surge in the total value of M&A as
compared to the Q1 of 2022. The report
also mentioned that a total of 165 deals
worth US $25.8b were made during the
first quarter and that the UAE ranked
as the highest deal maker in the region
by locking 42 deals worth US$2.0b. The
sectoral analysis of the report stated that
the technology sector led domestic market
deals with 19 transactions totalling $461
million, while the fintech and e-commerce
forward-looking approach within the
fintech landscape.
In May 2023, Al Jabeer Technology
successfully acquired Ledgerblock International
Technology for expansion.
This move signified a significant investment
in blockchain’s potential and the
promising LBVV coin and allowed AL
Jabeer to offer cutting-edge blockchain
solutions, positioning itself as a major
player in the evolving industry. Adding
to the excitement is the recent launch
of LEDGERBLOCK’s LBVV Coin, valued
at USDT 0.33 cents on May 18th, 2023,
Macnica, a powerhouse with a global
presence and a focus on cutting-edge
technologies, including AI, IIoT, cybersecurity,
and more, is set to expand its
footprint into the Middle East, Turkey, and
Africa. This strategic partnership brings
together Macnica’s extensive Japanese
technology expertise and professional
services with CyberKnight’s Zero Trust
Security specialization and deep Middle
East experience. Headquartered in
Dubai, CyberKnight has rapidly become
a cybersecurity leader in the region,
boasting a vast network of partners
and clients across sectors like banking,
Investor interest focused mainly on cybersecurity, cloud
computing, fintech and e-commerce, clearly indicating the
segments that are poised to shape the future of the industry
sectors also saw significant activity.
The Tech M&A boom in MENA is not
just about big numbers and high-value
deals; it represents a transformative wave
that is reshaping industries, fostering innovation,
and creating new opportunities.
As companies in the region continue to
invest in technology, they are positioning
themselves for future growth and success
in an increasingly digital world. Some of
the recent mergers that are dedicated to
reshaping their industry are as follows
NymCard recognized as a pioneer in
payment infrastructure within the ME-
NA region, has recently completed its
acquisition of Spotii, a prominent Buy
Now, Pay Later (BNPL) firm. This strategic
collaboration reflected NymCard’s
commitment to delivering pioneering
solutions to its financial services clientele.
Specifically tailored to meet the unique
requirements of local markets, it marks a
substantial stride in democratizing BNPL
services across the region, signifying a
signaling the beginning of an exciting
journey in AL Jabeer’s technological
pursuits.
The acquisition of Adfolks by Zain
through its enterprise unit, ZainTech,
is poised to be a game-changer in the
tech industry, catalyzing transformation
and innovation. Adfolks, with its strong
emphasis on cloud solutions and its
valuable partnerships with tech giants
like Microsoft and AWS, brings a wealth
of expertise in cloud infrastructure,
data analytics, cybersecurity, automation,
and machine learning to the table.
This strategic merger is set to enhance
ZainTech’s cloud portfolio significantly,
positioning it at the forefront of cloudbased
technologies.
In a move that promises to revolutionize
the tech landscape, Macnica, Inc., a
global value-added distributor (VAD)
and solution provider, has announced
its intent to acquire a majority stake in
Cyber Knight Technologies (CyberKnight).
telecom, energy, and government. As
these two industry titans join forces,
the tech industry can anticipate a surge
in innovation, portfolio enhancement,
and strengthened vendor relationships
that will shape the future of technology
in the Middle East and beyond.
The tech M&A boom in the Middle East
is transforming the region’s business
landscape at an exceptional rate. As
companies race to acquire technology
and innovation, they are not only driving
economic diversification but also
positioning themselves as global players
in various industries. This trend is reshaping
the Middle East into a dynamic
hub for technology and innovation, and
its impact will likely be felt for years to
come. As the Middle East continues its
journey towards a more digitally-driven
future, the tech M&A boom will remain a
defining feature of the region’s evolving
business landscape.
October 2023 www.thefinanceworld.com 51

Merger and Acquisition News
Aldar Estates Expands Portfolio with FAB Properties Acquisition
Aldar Estates, the largest integrated
property and facilities
management company in the
region, has expanded its operations
by acquiring FAB Properties, a
UAE-based property management services
provider. This acquisition adds 22,000
residential units across 600 properties to
Aldar Estates’ growing portfolio in the
UAE. Combined with the recent merger
with Eltizam Asset Management Group,
Aldar Estates now manages a total of
157,000 residential units, prime retail
and commercial spaces spanning over
1 million gross leasable area (GLA), and
facilities management contracts worth
around AED 2.5B. The transaction,
pending regulatory approvals, is expected
to provide a steady stream of recurring
income due to FAB Properties’ strong
occupancy and financial performance.
Wego Acquires
Travelstop for Business
Travel Expansion
Wego, the largest online
travel marketplace in the
Middle East and North
Africa (MENA), has acquired
Travelstop, a platform simplifying business
travel and expense management globally.
This strategic move enables Wego to
expand into the business travel sector.
Additionally, Travelstop gains access to
Wego’s regional network and industry
knowledge, facilitating growth and
improved services for its customers.
Wego is renowned for innovation and
exceptional travel experiences, while
Travelstop has transformed business
travel with its modern platform. Together,
they aim to revolutionize corporate travel
management and contribute to the growth
of the travel industry in the Middle East
and Asia-Pacific regions, streamlining
processes for companies of all sizes.
Dubai’s Sukoon Acquires Chubb Tempest’s UAE
Life Insurance Portfolio
Dubai’s Sukoon, formerly
known as Oman Insurance,
has completed the acquisition
of Chubb Tempest Life
Reinsurance’s life insurance portfolio
in the UAE. This strategic move,
involving unit-linked life insurance
and protection policies, aligns with
Sukoon’s goal to strengthen its market
presence. The agreement was signed
on August 24, pending regulatory approvals.
Sukoon reassured existing
Chubb Tempest policyholders that
their policies will remain unaffected,
emphasizing a smooth transition and
continued access to insurance services
and systems. Emmanuel Deschamps,
head of individual life and workplace
savings at Sukoon, sees this acquisition
as a means to “accelerate” portfolio
expansion, aligning with the company’s
strategic objectives.
NMC Announces Share Purchase Deal and
Secures $93.3M Loan
National Medical Care Company
(NMC) has entered into
a share purchase agreement
with Saudi Medical Care
Group, aiming to fully acquire Chronic
Care Specialized Medical Hospital
Company for SAR 193.21M. However,
the completion of the transaction is
pending regulatory approvals. The
purchase price will be covered through
cash from internal sources and bank
loans. This move aligns with NMC’s
investment strategy, focusing on expanding
its presence in the health
services sector and capitalizing on
growth opportunities within the market.
Additionally, NMC secured a SAR
350M loan from Gulf International Bank
(GIB), split into a SAR 100M revolving
loan and a SAR 250M long-term loan
for ten years, featuring a one-year
grace period.
52 www.thefinanceworld.com October 2023

Emirati Company Acquires 30% Stake in Egypt’s Eastern Co.
Global Investment Holding
Co. from the UAE has agreed
to purchase a 30% stake in
Eastern Co., Egypt’s primary
tobacco product manufacturer, for
$625M. This move aims to increase
private sector involvement in Egypt’s
economy. The sale will reduce the
state-owned Holding Company for
Chemical Industries’ stake in Eastern
to 20.95%, providing momentum to
Egypt’s privatisation efforts. As part
of the agreement, Global Investment
will contribute $150M for tobacco
procurement, though it’s unclear if this
is in addition to the $625M purchase
price. Egyptian Prime Minister Mostafa
Madbouly and ministers attended the
signing ceremony, highlighting the
government’s commitment to encouraging
private investment across sectors.
SABIC to Sell Steel
Unit Hadeed to PIF for
$3.3B
Saudi Basic Industries Corp (SAB-
IC) has reached an agreement
to sell its subsidiary, Saudi Iron
and Steel Company (Hadeed),
to the Public Investment Fund (PIF)
for an enterprise value of 12.5B riyals
($3.33B). The transaction is set to be
completed before the end of the first
quarter of 2024. Proceeds from the
sale will support SABIC’s growth in
the chemicals industry. The final sale
price will be disclosed closer to the
closing date. Hadeed has been a significant
player in the construction of
Saudi Arabia’s infrastructure projects,
aligning with the nation’s Vision 2030
economic transformation plan led by
PIF. SABIC anticipates a non-cash
loss of between 2 to 2.5B riyals in Q3
earnings due to the fair valuation of
Hadeed’s net assets.
STC Group to Become Top Shareholder in Telefonica
with 9.9% Stake
Saudi Arabia’s STC Group has
acquired a 9.9% stake in Telefonica
valued at 2.1B euros
($2.25B), positioning itself as
the top shareholder in the Spanish
telecom giant. This holding comprises
4.9% of Telefonica’s shares and an additional
5% economic exposure through
financial instruments. STC intends to
secure voting rights for the 5% held
through these instruments upon regulatory
approvals. STC’s CEO, Olayan
Alwetaid, views this investment as an
attractive opportunity to leverage their
strong balance sheet while maintaining
their dividend policy, emphasizing they
have no intention to gain “control or a
majority stake.” Telefonica acknowledged
the investment as “friendly.” The
position was built with the assistance
of Morgan Stanley, with Linklaters and
Allen & Overy acting as legal advisers.
UAE’s Multiply Group Acquires 55% Majority Stake
in Media 247
Multiply Group has successfully
acquired a 55%
majority stake in Media
247, a prominent outdoor
advertising company in the UAE, for
AED 225M. This strategic move, subject
to regulatory approvals, builds upon
Multiply Group’s intent announced in
April 2023. The acquisition price was
adjusted due to Media 247’s strong
financial performance, surpassing
revenue and profitability targets by
approximately 10% and 37%, respectively,
in the first half of 2023. Media 247’s
extensive portfolio of premium outdoor
hoardings and other offerings across
Dubai strengthens Multiply Group’s
position in the media and advertising
sector. The company’s resilience, particularly
during challenging times like
the pandemic, underscores the value
of this investment.
October 2023 www.thefinanceworld.com 53

Cryptocurrency
Decentralized Exchanges: A New Era of
Trading Cryptocurrencies
Cryptocurrency trading has seen remarkable innovation in recent years,
with decentralized exchanges, or DEXs, emerging as a revolutionary force in
the world of digital assets. These peer-to-peer marketplaces have reshaped
how individuals trade cryptocurrencies, offering a level of autonomy and
privacy that was previously unimaginable. In this article, we delve into the
world of decentralized exchanges, exploring their workings, benefits, and
their role in shaping the future of crypto trading.
54 www.thefinanceworld.com October 2023

DEXs operate on the principles of decentralization
and blockchain technology
Decentralized exchanges,
commonly known as DEXs,
represent a fundamental
departure from the traditional
model of centralized exchanges.
In a centralized exchange, like the
ones most of us are familiar with, a
third-party entity plays the role of an
intermediary that oversees and facilitates
transactions. Users must trust
this intermediary with their funds and
personal information, which can be a
cause for concern in an industry that
values privacy and security.
DEXs, on the other hand, leverage
blockchain technology and smart
contracts to enable peer-to-peer trading
of cryptocurrencies. These smart
contracts are self-executing agreements
written in code, ensuring that trades
are executed automatically without
the need for a central authority. This
approach eliminates the need for users
to relinquish control of their funds to
an exchange, a game-changing shift in
the crypto landscape.
This commitment to user privacy and
autonomy has resonated with a growing
segment of the crypto community.
For those who value their financial
independence and privacy, DEXs have
emerged as an attractive alternative to
centralized exchanges.
Additionally, DEX aggregators and
wallet extensions have further accelerated
the growth of decentralized
platforms. These tools optimize token
prices, swap fees, and slippage, ultimately
offering users a superior trading
experience. The result is a thriving
ecosystem of DEXs that can compete
with centralized counterparts in terms
of usability and efficiency.
To appreciate the significance of
DEXs, it’s important to understand
the fundamental differences between
centralized and decentralized exchanges.
Centralized exchanges (CEXs) are
operated by centralized organizations,
often resembling traditional financial
institutions in their structure and operations.
These exchanges custody of
users’ funds, provide security and offer
a user-friendly trading experience. Some
even provide insurance to safeguard
deposited assets.
In contrast, DEXs operate on the
principles of decentralization and
blockchain technology. Traders interact
directly with smart contracts on the
blockchain, eliminating the need for
intermediaries. While this grants users
full control over their funds, it also
means that they bear the responsibility
for safeguarding their assets, including
private keys.
The evolution of crypto exchanges
is a dynamic interplay between centralized
and decentralized models.
Centralized exchanges have dominated
the cryptocurrency landscape due to
their user-friendly interfaces and regulatory
compliance. However, growing
concerns over privacy, security, and
centralization have paved the way for
the rise of DEXs.
The turning point came when regulatory
pressures forced centralized
exchanges to implement Know Your
Customer (KYC) and Anti-Money Laundering
(AML) policies. In response,
DEXs like EtherDelta and IDEX gained
traction as privacy-conscious traders
sought alternatives.
The explosive growth of Initial Coin
Offerings (ICOs) in 2017 further underscored
the need for user-centric solutions.
Although centralized exchanges
like Binance and Bitfinex remained
popular, individual traders increasingly
prioritized KYC-free, non-custodial
options. This culminated in the DeFi
boom of 2020-2021, with decentralized
finance platforms locking in billions of
dollars in assets.
However, the DeFi space faced
its own set of challenges, including
security breaches. This prompted the
exploration of hybrid exchange models
that combine the security measures
of centralized exchanges with the
censorship resistance of DEXs.
Decentralized exchanges have ushered
in a new era of cryptocurrency trading,
where individuals have unprecedented
control over their assets and privacy.
As they continue to evolve and address
challenges, DEXs are poised to play an
increasingly central role in the crypto
ecosystem.
The emergence of hybrid exchange
models, such as semi-centralized
platforms, demonstrates the ongoing
convergence of centralized and decentralized
principles. These models aim
to offer users the best of both worlds,
providing a secure and user-friendly
trading experience while respecting
the ethos of decentralization.
In conclusion, decentralized exchanges
represent a profound shift
in how cryptocurrencies are traded.
Their commitment to user autonomy,
privacy, and security has resonated
with a growing community of crypto
enthusiasts. While centralized exchanges
remain a dominant force, DEXs
are here to stay, shaping the future of
cryptocurrency trading and the broader
financial landscape.
October 2023 www.thefinanceworld.com 55

Real Estate
Dubai’s Luxury Real Estate Market: Emerging
Trends and Amenities
Dubai’s luxury real estate market has become a global phenomenon,
experiencing an astonishing surge in demand that has captivated
investors and high-net-worth individuals worldwide. This remarkable
boom in Dubai’s high-end property market is not merely a stroke of luck;
it’s the result of a meticulously crafted legal framework that ensures
transparency, safeguards investments, and promotes responsible real
estate transactions. As we delve into the trends and statistics of 2023,
it becomes evident that Dubai’s luxury real estate sector is entering an
era of unprecedented growth and transformation.
56 www.thefinanceworld.com October 2023

Dubai’s allure as a real estate investment
destination extends beyond just the financial
aspects.
The year 2023 is poised to be
a historic one for Dubai’s
residential sector. In the first
half of the year alone, an astounding
57,700 units were transacted
across the city, marking a 12% increase
compared to the second half of 2022
and a staggering 44% rise compared
to the first half of 2022 in a report
by Savills. This level of activity is
unprecedented, eclipsing the average
of 18,700 units sold during the first six
months of each year between 2013 and
2018 by an impressive 209%.
Of these transactions, 46,100 were
apartments, and 11,600 were villas,
setting a new record for half-yearly
transactions in Dubai. Such figures
are a testament to the enduring allure
of the city’s luxury real estate market.
Interestingly, despite higher lending
rates, demand sentiment remains
robust. However, the market has
witnessed a slight uptick in off-plan
property purchases, with approximately
53% of units sold in the first
half of 2023 falling into this category.
This shift suggests that buyers are
increasingly inclined to delay committing
to higher lending rates. It is also
indicative of a surge in new project
launches, which saw a remarkable
increase to 27,900 units during this
period, compared to 24,900 units in
the entirety of 2022.
Dubai’s luxury real estate landscape
is witnessing a clear divide
between upcoming and established
micro-markets. Price movements in
various residential micro-markets
over the past few quarters reflect this
differentiation. While double-digit
price growth was the norm in most
micro-markets during much of 2022,
locations with significant handovers
and planned supply are now experiencing
a tapering of price growth.
Villas and townhouses continue to
dominate as the most sought-after
development type. The strong demand,
both for end-use and investment, has
led to higher demand than availability
in established locations. Rents in
proximity to employment hubs, retail
centres, and support infrastructure
have seen double-digit price growth
compared to the second half of 2022,
while secondary/emerging locations
have remained relatively stable.
One of the defining factors of
Dubai’s luxury real estate market in
recent years has been the surge in
demand for high-end properties. Prices
have reached record levels, attracting
high net-worth individuals from other
parts of the world who seek not only
lower rates but also high returns on
their investments.
Penthouse properties have played
a pivotal role in this surge, with some
units in developments like Bugatti
Residences by Binghatti commanding
prices as high as Dh750 million. These
ultra-luxury properties have become
coveted status symbols and trophy
assets for global investors. Beyond
their prestigious addresses, penthouses
offer breathtaking views of the city
and an array of luxurious amenities,
providing residents with a world-class
living experience.
High-net-worth individuals from
around the world are increasingly
drawn to Dubai for reasons beyond
its property market. The city offers a
multifaceted appeal that includes safety,
a world-class lifestyle, high-quality
education, and an array of top-tier
amenities and facilities.
Dubai has positioned itself as a safe
haven for investments, with a legal
framework that emphasizes transparency
and protection of investors’
rights. This, coupled with political
stability, has solidified the city’s reputation
as a secure destination for
those looking to safeguard and grow
their wealth.
Dubai’s luxury real estate market
is currently in the midst of a historic
transformation. The combination of
a robust legal framework, surging demand,
and changing buyer preferences
has catapulted the city into the global
spotlight. As the market continues
to evolve and redefine luxury, Dubai
remains an attractive destination for
investors seeking not only financial
gains but also a truly opulent lifestyle.
With record-breaking transactions and
a flourishing luxury segment, Dubai’s
luxury real estate market is undoubtedly
in a league of its own.
October 2023 www.thefinanceworld.com 57

Real Estate News
Qatar Real Estate Records $278M in August
Property Sales
In August 2023, Qatar’s real estate
sector recorded a substantial QR
1,011,404,475 ($278M) in property
sales, based on data from the
Real Estate Registration Department
at the Ministry of Justice. A total of
297 real estate transactions were
registered during the month. Among
municipalities, Doha, Al Rayyan,
and Al Wakrah stood out with the
highest financial transaction values,
as indicated by the real estate market
index. These were followed by Umm
Slal, Al Dhaayen, Al Shamal, Al Khor,
Al Dhakira, and Al Sheehaniya. Doha
municipality’s transactions amounted to
QR 290,085,005, Al Rayyan reached QR
266,921,713, and Al Wakrah recorded QR
191,689,444, while Umm Salal reported
QR 114,170,148 in financial value.
Dubai Real Estate Sales Soar Despite Rising Prices
Middle East Investors
Find High Yields in London,
Says Barratt MENA
Middle East investors are
increasingly drawn to
London’s real estate market,
enticed by the promise
of high yields and projected capital
appreciation, reports Barratt MENA.
Stuart Leslie, International Sales and
Marketing Director, notes a significant
uptick in Middle East buyers seeking
homes in London, whether for work or
for their studying children. London’s
potential with a projected 19% capital
growth in the next five years and
expected rental yields of up to 5.9% is
appealing to these investors aiming to
diversify their portfolios. Barratt MENA,
the UK’s largest housebuilder’s Middle
East branch, will showcase projects
like the Hayes Village regeneration
at Cityscape Global in Saudi Arabia,
targeting Middle East investors keen
on London’s real estate opportunities.
Dubai’s real estate market
remains resilient, with soaring
sales transactions. Villa
prices surged by 51 percent,
while apartment prices saw a notable
21 percent increase since the beginning
of the year, according to Unique
Properties. The Dubai Land Department
reported over 3,200 transactions valued
at AED 24.7B. Savills’ recent research
reveals a 44 percent increase in real
58 www.thefinanceworld.com October 2023
estate transactions during the first half
of 2023, totalling nearly 60,000 units.
Dubai continues to pursue its growth
ambitions, aiming for a projected 15
percent growth in the coming year,
bucking the trend seen in other leading
markets. However, soaring prices
have also affected rentals, with some
witnessing over a 50 percent increase,
prompting many residents to consider
downsizing options.
New Real Estate Laws
Unveiled for Umm Al
Quwain, UAE
Sheikh Saud bin Rashid Al Mu’alla,
Supreme Council Member
and Ruler of Umm Al Quwain,
has introduced significant real
estate laws in the UAE, targeting sector-wide
advancements. These regulations
encompass diverse facets of real
estate, such as mortgage guidelines,
development pricing, safeguarding
investor rights, and simplifying property
registration processes. The objective
is to facilitate the formulation and execution
of strategies that drive growth
in the sector, aligning with the rapid
urban development initiatives in Umm
Al Quwain. These legislative measures
are instrumental in ensuring the continued
progress and competitiveness
of the UAE’s real estate industry on a
broader scale.

Dubai Real Estate: Al
Barari Mansion Sells for
$11.4M
Maria Morris Real Estate, a
luxury real estate brokerage
in Dubai, has recently
announced the sale of a
prestigious villa within the city for a
substantial $11.4M (AED 42M). This
fully furnished villa, located in the
desirable Al Barari area, features six
bedrooms, seven bathrooms, and an
impressive 11,646 square feet of living
space built to the highest standards of
luxury. Developed by Farah Realty, a
prominent player in Dubai’s luxury
residential real estate market, this villa
is the first of Farah Realty’s projects to
be completed in the UAE. Maria Morris
Real Estate’s Private Client Advisor,
Evern van Niekerk, represented the
buyer, while the seller was represented
by Andrew Cummings from Knight
Frank Middle East. This transaction
further solidifies Maria Morris Real
Estate’s reputation as the go-to agency
for high-end property transactions in
the Al Barari community, with 46 successful
sales and rental transactions
completed in the area this year.
Dubai’s Business Bay Unveils Latest Project
Launch
GINCO Properties, a prominent
player in the UAE real estate
sector, has unveiled its latest
project, VYB At Business Bay,
with an enticing starting price of AED
1.2M. Each residence within VYB at
Business Bay blends aesthetics with
practicality, offering 1 and 2-bedroom
apartments. What sets VYB At Business
Bay apart is its strategically designed
payment plan, making homeownership
more accessible. With 40% payable
during the construction phase and
the remaining 60% upon handover,
GINCO Properties ensures a seamless
and financially feasible journey for
both investors and future residents.
Anticipated for handover in September
2025, VYB At Business Bay presents
an attractive opportunity for those
seeking affordable luxury in Dubai’s
prime location.
Dubai’s The First Group Unveils New Waterfront
Hotel
The First Group has proudly
announced the completion of
its latest waterfront project located
on the Canal Boardwalk
in Business Bay, Dubai. Anticipated to
open in Q4 2023, this marks the third
property for the esteemed hospitality
group within the city, complementing
their existing establishments in Business
Bay and Jumeirah Village Circle,
collectively catering to a remarkable
850,000 guests annually. The new
waterfront gem, named “The First
Collection Waterfront,” will feature an
impressive 327 rooms and suites, along
with amenities like a rooftop pool, spa,
state-of-the-art gym, diverse dining
experiences, and culinary establishments.
Guests will enjoy complimentary
transfers to Dubai Mall and Mall of the
Emirates, as well as exclusive access
to the Soluna Beach Club, ensuring a
truly exceptional stay.
Dubai’s DMCC Welcomes First Office Tenants to Uptown Tower
Dubai Multi Commodities
Centre (DMCC), a renowned
hub for commodities trade
and enterprise, has achieved
a significant milestone with the arrival
of its first commercial office tenants
at the Uptown Tower. This is a pivotal
moment for the growing business district,
positioned to attract substantial
foreign direct investment (FDI) into
Dubai. A total of 31 businesses will
occupy the Uptown Tower’s 22 floors,
offering 495,000 square feet of Grade
A commercial office space. Notable
tenants include global giants like Invisalign
and Wellbred, with others like
the Gemological Institute of America
(GIA) and Hikvision scheduled to
join in the third quarter of this year.
The tower has also welcomed various
retail and food and beverage outlets,
including allday and Jones the Grocer.
October 2023 www.thefinanceworld.com 59

Funding and Investment
Carbon Funding in the UAE: Unveiling
Successes and Confronting Limitations
As global funding and investments surge in sustainable initiatives,
the United Arab Emirates (UAE) is navigating a multifaceted journey
to tackle climate change and sustainability. At the forefront of this
mission is carbon funding, a critical tool for balancing environmental
and economic objectives. With a commitment to invest Dh200 billion
($54 billion) by 2030 to meet energy demands and sustain economic
growth, the UAE is taking bold steps. Notably, Abu Dhabi’s recent
announcement of its Climate Change Strategy for 2023-2027, targeting
a 30 million tonnes reduction in emissions by 2027 from 135 million
tonnes in 2016, underscores the UAE’s dedication to a sustainable
future.
60 www.thefinanceworld.com October 2023

In the UAE, the primary source of
greenhouse gas emissions is the
energy sector, particularly energy-related
CO2 emissions from fossil fuel
production and combustion, representing
approximately 95% of total emissions.
The UAE is actively pursuing various
strategies to address this challenge, and
successful carbon funding initiatives
are playing a crucial role in advancing
its UAE Net Zero 2050 vision. Some of
these notable successful events are
mentioned as follows:
Carbon Credit Exchange:
In March 2022, one of the most notable
achievements in carbon funding within
the UAE unfolded as Abu Dhabi Global
Market (ADGM) collaborated with Air-
Carbon Exchange (ACX) to establish
the world’s inaugural fully regulated
voluntary carbon trading exchange
and carbon cleaning house. ADGM
became the first regulator to create a
mechanism that promotes carbon as
a tradable product and commodity,
enabling entities to manage carbon
and other greenhouse gases (GHGs)
similarly to financial assets.
In a significant development in the
UAE Carbon Credit Exchange market,
Mubadala Investment Company PJSC
(Mubadala), an Abu Dhabi sovereign
investor, acquired a strategic stake.
This achievement substantiates the
AirCarbon Exchange (ACX), a global
exchange revolutionizing the voluntary
carbon market based on Hub71, Abu
Dhabi’s global tech ecosystem. Together,
Mubadala and ACX have achieved
a successful transaction, reinforcing
ACX’s efforts to establish the first fully
regulated carbon trading exchange and
carbon clearinghouse in Abu Dhabi.
Investment Boost:
Another significant success in the
domain of carbon funding initiatives
is the growing interest of investors in
climate finance. In the UAE, as well
as in other Gulf Cooperation Council
(GCC) countries, there has been a remarkable
surge, with green investments
experiencing an astounding 532 percent
increase, reaching $24.6 billion in 2021,
compared to $3.8 billion the previous
year. This includes investments in
carbon offsetting, renewable energy,
and technology advancement projects.
Carbon Offset Investments:
As part of a range of carbon offset
initiatives, one standout effort is Olivia
UAE’s carbon
funding
initiatives aid in
reducing carbon
emissions,
diversifying its
economy, and
navigating the
complex state
of international
climate finance.
Glea, the MENA region’s pioneering
carbon offset startup. Launched in
Dubai, its primary mission is to provide
businesses with the opportunity
to achieve carbon positivity. Another
significant step towards sustainability
is the establishment of the UAE
Carbon Alliance, initiated by the UAE
Independent Climate Change Accelerators
(UICCA). This alliance aims to
facilitate the transition of companies
towards more sustainable practices,
aligning with the country’s ambitious
goal to reach net-zero emissions by
mid-century.
Renewable Energy Investments:
The most visible success story of the
UAE’s carbon funding endeavours is its
investments in renewable energy. The
world’s largest solar power plant, the
Noor Abu Dhabi, is a testament to the
nation’s commitment to clean energy.
Partnerships with international investors
and organizations have facilitated
these projects, demonstrating the UAE’s
ability to attract foreign capital for
sustainable ventures. Additionally, the
upcoming renewable energy projects
including the Barakah nuclear energy
plant and the (2-GW) Al Dhafra Solar
PV project are anticipated to contribute
significantly, raising the nation’s
clean power generation capacity to
a remarkable 8.8 gigawatts by 2025.
Investments in Technology
Advancement:
Carbon funding has played a pivotal
role in driving technological
advancements within the UAE. This
includes a significant $100 billion
investment in renewable energies and
clean technologies, achieved through a
collaborative effort between the UAE
and the United States. Another noteworthy
development in this sector is
the establishment of the “UAE Climate
Tech” forum, a first-of-its-kind initiative
aimed at addressing the pressing need
for large-scale decarbonization while
simultaneously promoting climate action
and supporting socio-economic growth.
Limitations:
Despite taking substantial steps in
promoting carbon funding in the UAE,
it still continues to face certain challenges
and hurdles including credibility.
A major limitation in carbon funding
is the global credibility crisis surrounding
carbon credits due to doubts about
their effectiveness, transparency,
double counting, and environmental
and social impacts. To address this,
the UAE’s Ministry of Climate Change
and Environment (MoCCAE), Industrial
Innovation Group LLC, and Venom
Foundation have joined forces to
pioneer a transparent and efficient
national carbon credits system using
blockchain technology, ensuring accurate
tracking and digitization.
The UAE’s commitment to carbon
funding is clear through significant
investments and innovative initiatives.
The nation is forging towards a
greener, more diversified and secure
future. Despite challenges, the UAE’s
leadership in addressing climate change
and pursuing sustainability is evident,
laying the foundation for a prosperous,
sustainable tomorrow.
October 2023 www.thefinanceworld.com 61

Funding and Investment News
Masdar Explores Stake in
Turkish Energy Firm Fiba
Abu Dhabi’s state-owned renewable
energy company,
Masdar, is in discussions
regarding a potential investment
in Fiba Yenilenebilir Enerji, a
clean energy producer under the Fiba
Group conglomerate in Turkey. While
no final agreement has been reached,
sources report that Masdar is exploring
the acquisition of a stake in the Turkish
company, which operates wind and
solar power plants in Turkey. Fiba
Group, owned by Turkish billionaire
Hüsnü Özyegin, has diverse interests
spanning banking, finance, retail, energy,
real estate, and tourism. If successful,
this investment would mark Masdar’s
entry into the Turkish market, following
recent agreements between the UAE
and Turkey, including commitments
to Turkey’s national energy transition
strategy.
myZoi Raises $14M in
Funding and Obtains
Regulatory Licences
UAE-based myZoi has secured
$14M in funding to bolster
its services aimed at the
underbanked and their families.
This investment will facilitate the
expansion of myZoi’s diverse offerings
to cater to the financial needs of over
5 million low-income migrant workers
in the UAE and beyond. The company
recently obtained two regulatory
licences from the Central Bank of the
UAE (CBUAE), paving the way for a
full commercial launch by the end of
2023. These licences will empower the
platform to provide essential financial
services and reduce migrant remittance
costs to less than 3%, aligning with the
UN’s Sustainable Development Goals
2030. Gautam Jain of SC Ventures
recognized myZoi’s potential to drive
change and create a commercially
viable, socially impactful proposition
for the unbanked population globally.
Toko and Virtuzone Partner for Dubai’s First
Tokenized Equity Crowdfunding Platform
TOKO FZE, a FinTech innovator,
has joined forces with Virtuzone,
a leader in corporate
services, to launch Dubai’s
first tokenized equity crowdfunding
platform. This collaboration aims to
solidify Dubai’s position as a hub for
financial innovation and a welcoming
environment for early-stage and rapidly
growing companies. TOKO holds
a full-market Virtual Asset Service
Provider license from Dubai’s Virtual
Asset Regulatory Authority (VARA),
and it operates a highly advanced
token engine, enabling the creation of
data-rich tokens representing fractional
interests in real-world assets. This
partnership will leverage blockchain
technology to enhance transparency,
accessibility, and opportunities for both
investors and businesses seeking funds
in the early-stage private equity sector.
Al Barakah Dates Invests $20M for India Expansion
Al Barakah Dates Factory,
based in the UAE, is expanding
its presence in India by
establishing a dates packing
and processing facility, a pivotal part of
their growth strategy. With a substantial
investment of $20M, Yousuf Saleem,
Managing Director at Al Barakah Dates
Factory, stated their intention to boost
local production. The processing facility,
situated in Navi Mumbai, is slated to
Emirates NBD Group Invests in Sustainability
Start-Up Erguvan
Emirates NBD, a prominent
banking group in the MENAT
region, has invested in Erguvan,
a climate and financial
technology venture specialising in
digital infrastructure for managing
climate change impacts and risks.
This strategic investment was made
through Deniz Ventures, an investment
fund launched by DenizBank
A.S. in Türkiye, operating under the
Emirates NBD Innovation Fund. The
Innovation Fund is dedicated to investing
in FinTech, SustainTech, and
Tech companies across key markets,
including Türkiye. Established in
2022, Erguvan is committed to advancing
climate change solutions and
offers Türkiye’s first environmental
become operational next year, aiming
for an impressive production capacity
of 50,000 tonnes. Saleem highlighted
India’s advantages in terms of low
production costs and a vast market.
The CEPA between India and the UAE
is expected to further bolster date
trade due to significant duty savings,
a significant benefit for the company.
commodities marketplace, along with
modular carbon footprint management
solutions through the Erguvan Climate
Action Platform, accessible through an
API-based solution.
62 www.thefinanceworld.com October 2023

DP World Announces $26M Investment in
Telangana, India
DP World, a global ports operator,
has unveiled plans to
invest 2.15B rupees ($25.8M)
in the logistics and warehousing
sector within the state of
Telangana, India. A significant portion
of this investment, 1.65B rupees, will
go towards expanding its inland container
depot operation in Hyderabad,
the state’s capital. Additionally, DP
World will allocate 500M rupees to
establish a cold storage warehouse in
the Medchal area, boasting a capacity of
5,000 pallets. This investment reflects
DP World’s commitment to bolstering
India’s logistics infrastructure and contributing
to the country’s burgeoning
logistics sector, which is projected to
reach $380B by 2025.
Abu Dhabi’s Mubadala Invests in Swiss Longevity
Biotech Rejuveron
UAE’s Fuze Raises $14M
in Seed Round
Abu Dhabi’s sovereign wealth
fund, Mubadala, is investing
in Swiss biotech firm Rejuveron
Life Sciences AG, which
focuses on developing therapies to
combat ageing-related diseases and
extend lifespan. Rejuveron recently
secured approximately $75M in a series
B funding round, with Mubadala Capital
participating. The investment round was
co-led by Catalio Capital Management
and Apeiron Investment Group, valuing
Rejuveron at nearly $400M. This funding
will support Rejuveron’s mission to
develop therapies promoting healthy
ageing. Additionally, Rejuveron plans
to open an office in Abu Dhabi as part
of its expansion into the Middle East.
Abu Dhabi-based Fuze, a provider
of digital assets infrastructure,
has raised an impressive
$14M in a seed round, marking
the largest seed investment ever in a
digital assets startup within the Middle
East and North Africa (MENA) region.
Further Ventures, based in Abu Dhabi,
led the investment, with participation
from Liberty City Ventures in the US.
This capital injection will be instrumental
in Fuze’s growth, supporting
regulatory licensing, strategic hires,
technological advancements, and geographic
expansion across the MENA
region. Fuze’s products, including Fuze
Trader and Fuze Loyalty, empower
banks, brokerages, and superapps
to offer digital asset solutions in a
user-friendly and trustworthy manner,
paving the way for the future of finance.
Lean Technologies and StashAway Join Forces for Enhanced UAE Investments
StashAway, an investment platform,
and Lean Technologies
(Lean), an Open Banking
platform in the Middle East,
have joined forces to simplify the
investment process in the UAE. This
partnership introduces a pioneering
open banking-powered solution in
the UAE, enabling recurring deposits,
empowering investors to stick to their
goals despite market volatility. Joseph
El Am, General Manager of StashAway
MENA, emphasised the need for hassle-free
investing and expressed pride
in offering the UAE’s first innovative
dollar-cost averaging solution through
Lean integration. StashAway clients
can effortlessly set up recurring deposits
within the StashAway app,
linking their bank accounts, specifying
amounts, and scheduling deposits in
just two minutes.
October 2023 www.thefinanceworld.com 63

Digital Assets
Assessing the Security of Your Digital
Assets: Are They Truly Protected?
In today’s increasingly digitized world, the protection of digital assets
has become paramount for individuals and organizations alike. With the
proliferation of cyber threats and the diversity of digital assets, it is essential
to adopt a strategic approach to safeguarding critical information. This article
explores the concept of “digital resilience,” a cross-functional strategy that
identifies and prioritizes essential information assets, assesses vulnerabilities,
and defines enterprise-wide protection goals. By focusing on the most critical
assets and risks, organizations can enhance their cybersecurity posture and
effectively allocate resources to mitigate potential threats.
64 www.thefinanceworld.com October 2023

When organizations effectively protect their critical
assets, they enhance their reputation for security
and trustworthiness.
In an age where data is often considered
a company’s most valuable
asset, protecting everything equally
is not a viable option. Cybersecurity
breaches have doubled in the
past five years, with attacks growing
in sophistication and complexity.
To address this evolving landscape,
businesses must identify and protect
their “digital crown jewels” – the data,
systems, and software applications
vital to their operations.
Prioritizing digital assets and risks
can be a challenging endeavour. Often,
businesses lack clear working relationships
between various departments,
such as product development, IT,
cybersecurity, and risk management.
This results in inconsistent cybersecurity
measures, with some assets
receiving inadequate protection, while
others are over-secured. Additionally,
cybersecurity budgets often compete
with investments in technology, further
complicating resource allocation.
To effectively prioritize digital assets
and risks, organizations must adopt an
enterprise-wide approach. This approach
involves forming cross-functional teams
composed of key individuals from various
departments, including business leaders,
IT professionals, and cybersecurity experts.
These teams work collaboratively
to identify critical assets, assess their
vulnerability to attacks, and develop
strategies for protection. By starting
with a “business-back” perspective,
the team ensures that cybersecurity
efforts align with business objectives.
Guiding Principles for Prioritizing
Digital Assets
Several guiding principles can assist
organizations in their efforts to
prioritize digital assets and manage
cybersecurity risks effectively:
1. Start with the Business:
Prioritization should begin with an
understanding of the business and its
value chain, not merely a list of technical
assets. This approach ensures
that critical risks are identified within
the context of the entire enterprise.
2. Active Leadership from CISO:
Chief Information Security Officers
(CISOs) should play an active role in
engaging business leaders and other
stakeholders as thought partners.
They must bring their perspective on
the company’s most critical assets and
risks to inform decision-making.
3. Focus on Compromise Scenarios:
Consider how an information asset
could be compromised, even if the
primary purpose of the system does
not relate to that asset. This broader
perspective helps identify potential
vulnerabilities.
4. Prioritize, Don’t Overquantify:
The goal is to prioritize assets, not
achieve perfect risk quantification.
Focus on obtaining enough information
to make informed decisions about
asset protection.
5. Think Like an Attacker:
Consider the profiles of potential
attackers – who wants the organization’s
information, and what skills do
they possess? Understanding likely
attackers can reveal new gaps in security
measures.
Implementing an enterprise-wide
approach to prioritize digital assets and
manage cybersecurity risks requires
a flexible and systematic process.
This process may involve multiple
development iterations and a detailed
evaluation of numerous assets. Utilizing
a workflow system and asset database
can simplify prioritisation and risk
assessment tasks. Such a platform
can facilitate inventory management,
risk evaluation, and sector-specific
methodologies, and provide data for
in-depth analysis when needed.
Moreover, it’s important to recognize
that digital resilience is not solely a
defensive strategy. It can also be a
source of competitive advantage. When
organizations effectively protect their
critical assets, they enhance their reputation
for security and trustworthiness.
This can be a compelling selling point
for customers, partners, and investors
who prioritize cybersecurity in their
decision-making processes.
Digital resilience can also foster
innovation. By identifying and prioritizing
critical assets, organizations gain
a clearer understanding of what must
be protected at all costs. This understanding
can guide decision-making
around technology investments, risk
tolerance, and resource allocation. It
can also drive innovation by encouraging
the development of new technologies
and practices that enhance the security
of these critical assets.
In conclusion, digital resilience is not
solely a technical or control problem;
it is a strategic imperative for modern
organizations. By identifying and protecting
their critical information assets
through an enterprise-wide approach,
businesses can build a robust cybersecurity
defence that aligns with their
overall objectives. In today’s digital
landscape, safeguarding what matters
most is key to maintaining trust and
competitiveness.
October 2023 www.thefinanceworld.com 65

Stock Market
Navigating the Markets: Insights and
Trends in the Stock Market
The 2023 stock market rally has been a rollercoaster ride for investors,
marked by both highs and lows. As we enter September, it’s essential to take
a closer look at the insights and trends shaping the stock market landscape.
August brought a pause to the stock market rally, with the S&P 500 slipping
1.4%. This dip raised questions about whether the Federal Reserve would
issue another interest rate hike by the end of the year.
66 www.thefinanceworld.com October 2023

Tech stocks have been a dominant force in 2023,
especially in the first half.
Federal Reserve Chair Jerome
Powell’s remarks at the Jackson
Hole Economic Symposium
added to the uncertainty, hinting at the
possibility of more monetary policy
tightening.
Second-quarter earnings reports
have been a mixed bag as companies
grapple with rising costs and the
looming possibility of a U.S. economic
downturn. As we move into September,
the focus will likely continue to
be on inflation, interest rates, and the
labour market.
While inflation remains a concern,
there are signs of moderation. The
consumer price index (CPI) gained
3.2% year-over-year in July, down from
its peak of 9.1% in June 2022. Federal
Reserve Chair Jerome Powell emphasised
the need to control inflation but
also hinted at a cautious approach.
The U.S. labour market, despite
remaining strong, has shown signs of
a slowdown, with lower-than-expected
job additions in July. Powell acknowledged
the need for “some softening in
labour market conditions” to control
inflation. The Fed’s challenge is to
strike the right balance between keeping
inflation in check and sustaining
job growth.
Investors are closely monitoring the
Fed’s moves, with the bond market
predicting a 44.4% chance of another
interest rate hike by November. Conversely,
there’s a 59.5% chance of rate
cuts by May 2024. Each month that
inflation stays below expectations
increases the likelihood that the Fed
might have already completed its
rate-hiking cycle.
While FOMC officials no longer
anticipate a recession, the New York
Fed’s U.S. recession probability index
still projects a 66% chance of a recession
within the next 12 months. The
Fed’s economic projections in June
hinted at a slowdown in GDP growth,
adding to concerns about the future.
The stock market rally in 2023 hasn’t
been fully supported by underlying
economic fundamentals. S&P 500 companies
reported their third consecutive
quarter of negative year-over-year
earnings growth in Q2. Valuations,
with the S&P 500’s forward P/E ratio
at 19.2, are starting to raise concerns.
Technology stocks led the rally
in the first half of 2023, particularly
large-cap tech stocks, which outperformed
the broader market. Artificial
intelligence (AI) played a significant
role in driving tech stocks higher, with
innovations like OpenAI’s ChatGPT
making waves in the tech world.
Analysts remain cautiously optimistic
about the stock market’s outlook
for the next six months. History shows
that when the S&P 500 performs well
in the first half, it tends to have a positive
second half. However, concerns
about interest rates and stretched
valuations loom.
Sector performance varies, with
energy poised for a significant rebound
and technology taking a breather. The
Dow Jones Industrial Average may lag
if growth stocks and tech continue to
dominate, but it could find favour if
the economy slows down.
Entering September, investors face
historical patterns that suggest caution.
September has historically been
the weakest month for the U.S. stock
market, with the S&P 500 averaging a
1.1% decline since 1928. This historical
precedent underscores the need
for vigilance, especially in the face of
lingering uncertainties.
For investors concerned about the
U.S. economic outlook, diversification
and a defensive stance may be prudent
strategies. While the Federal Reserve
tightens monetary policy, high-yield
savings accounts insured by the FDIC
offer a safe option with attractive interest
rates. Furthermore, value stocks
tend to perform well when interest
rates are high, making them worth
considering.
Tech stocks have been a dominant
force in 2023, especially in the first
half. While they may take a breather in
the short term, the sector’s long-term
trajectory depends on its ability to
demonstrate growth in the face of elevated
interest rates and tighter credit
markets. Tech innovation, particularly
in the realm of AI, remains a key driver
of market sentiment.
Inflation’s shadow continues to loom
over the market. While the Federal
Reserve has made efforts to contain
it, inflation remains above historical
norms. Fed Chair Jerome Powell’s
commitment to elevated interest rates
reflects the central bank’s determination
to rein in rising prices, which will
undoubtedly impact market dynamics
in the months ahead.
In summary, investors in the stock
market should brace for continued
volatility as they navigate the intersection
of economic data, Federal
Reserve decisions, and global events.
September’s historical tendencies and
the persistent challenges of inflation
and interest rates require careful consideration
and a diversified approach
to ensure portfolios remain resilient
in these uncertain times.
October 2023 www.thefinanceworld.com 67

Corporate Results
Abu Dhabi Global Market
(ADGM)
Q1’23 Net Profit: 35%
The Abu Dhabi Global Market (ADGM)
has witnessed impressive year-on-year
growth, soaring by 35% in the first half
of the year, largely attributed to the
influx of investment firms and hedge
funds establishing their operations
within its international financial centre
(IFC) and free zone. ADGM boasted
102 asset managers overseeing 128
funds, significantly contributing to this
surge. This growth was further propelled
by enhancements to the regulatory
framework by the Financial Services
Regulatory Authority (FSRA) of ADGM,
enabling collective investment funds to
engage in credit activities, particularly
for small and medium-sized enterprises
(SMEs).
Emirates NBD
Q2’23 Net Profit: AED 6.2B
Emirates NBD, Dubai’s largest bank,
reported a substantial net profit of
AED 6.2B ($1.69B) for the second
quarter of 2023, marking a remarkable
77% increase compared to AED 3.5B
in the same period the previous year.
The bank’s net profit surged by an
impressive 130% to a record AED 12.3B
in the first half of 2023, driven by robust
growth in current and savings accounts,
alongside healthy lending expansion.
This profit boost was underpinned
by improved margins, increased nonfunded
income, and reduced risk
costs due to significant recoveries.
Emirates NBD also attracted AED 53B
in deposits during H1, including AED
37B in low-cost current and savings
accounts. The bank’s loan growth of
5%, supported by higher retail and
corporate lending, prompted a positive
revision of its guidance, indicating a
promising outlook.
Du
Q2’23 Net Profit: 31.2%
Emirates Integrated Telecommunications
Company (EITC), known as du,
reported a remarkable 31.2% surge in
net profit for the quarter ending. As
the UAE’s second licensed telecom
operator, EITC operates under the
du and Virgin Mobile brands and is
listed on the Dubai Financial Market
under the ‘DU’ ticker. The company’s
service revenues grew by 8.9%, driven
by strong demand for postpaid mobile
and fixed services, resulting in a
total quarterly revenue of AED 3.35B.
Earnings before interest, taxes, depreciation,
and amortisation (EBITDA)
increased by 20% to AED 1.52B, while
net profit saw a substantial 31.2% rise
to AED 397M. Operating free cash flow
also grew by 43.3% to Dhs1bn, and the
mobile customer base expanded by
8% year-on-year to reach eight million
subscribers.
Waha Capital
Q2’23 Net Profit: $25.6M
Waha Capital, an investment management
company with Mubadala Investment
Company as one of its shareholders,
achieved a notable second-quarter
net profit of AED 93.9M ($25.6M),
marking a significant turnaround from
the AED 59.3M loss reported for the
same period in 2022. The company
also reported a net operating income
of AED 259M for the April to June
period, a significant improvement from
the AED 54.2M loss recorded in 2022.
This positive performance continued
into the first half of the year, with a net
profit attributable to owners of AED
168.9M, compared to AED 87.3M for
the corresponding period in 2022. In
May, the appointment of Mr. Al Nowais
as managing director signalled Waha
Capital’s commitment to future growth
and development.
Alvarez & Marsal
Q2’23 Net Profit: 2.7%
Alvarez & Marsal (A&M) has released
its Q2 2023 UAE Banking Pulse report,
revealing positive trends in the UAE
banking sector’s profitability. Noninterest
income growth and reduced
impairment charges were key drivers.
Despite stable QoQ performance, rising
interest rates impacted net interest
income (NII). The Central Bank of
UAE’s (CBUAE) Credit Sentiment
Survey indicated strong loan demand
and optimistic credit appetite, with
CBUAE raising its benchmark rate in
line with the US Fed. NII saw minimal
QoQ growth at 1.3%, while loans and
advances expanded by 2.7% QoQ,
driven by corporate/wholesale loans.
The report assesses the 10 largest
UAE banks, offering insights into
size, liquidity, income, efficiency, risk,
profitability, and capital.
Aldar
Q2’23 Net Profit: 52%
The cross-platform growth of Aldar,
driven by the execution of the
development revenue backlog, strong
quarterly development sales, and
contributions from the recurring income
portfolio, continues to gain momentum.
Aldar achieved a record AED 11.6B in
development sales, accompanied by the
launch of 10 new projects so far this
year. Demand from both international
and local expat buyers remains robust,
highlighting Abu Dhabi’s enduring
appeal as a premier investment and
lifestyle destination. The development
revenue backlog stands at a significant
AED 24.4B, providing revenue visibility
for the next four years. Additionally,
Aldar’s recurring income portfolio is
experiencing solid organic growth,
supported by increased leasing activity,
higher occupancy rates, and rental
income.
68 www.thefinanceworld.com October 2023

Eshraq Investments
Q2’23 Net Profit: $9.53M
Eshraq Investments has unveiled its
financial results for the first half of
the year, notably turning the corner
with a strong performance in Q2 2023.
The company reported a remarkable
increase in total operating income
and net profit. Total operating income
saw an exceptional surge, soaring by
2,446.7% to AED 44.31M from a total
operating loss of AED 1.89M in Q2
2022. Similarly, Eshraq’s net profit
experienced a substantial turnaround,
shifting from a net loss of AED 7.07M in
Q2 2022 to a net profit of AED 35.99M
in Q2 2023, representing a significant
year-on-year increase of 609.3%. The
company is actively progressing its
land sale program, having sold 7 land
plots, equivalent to 27% of its existing
land bank by book value, for a total of
AED 208M.
RAK Ceramics
Q2’23 Net Profit: AED 75.1M
In Q2 2023, revenue decreased by
5.9% YoY to AED 872M due to market
pressures, currency depreciation, and
rising interest costs. The gross margin
experienced a 110bps erosion, settling
at 37.3%, influenced by lower revenue
and changes in the product mix. EBITDA
declined by 5.5% to AED 155.3M. The
EBITDA margin improved slightly, up
10bps to 17.8% in Q2 2023. Notably,
EBITDA for H1 2023 increased by 6.3%
YoY to AED 312.4M. The reported net
profit in Q2 2023 decreased to AED
75.1M. The net debt to EBITDA ratio
remained stable at 2.4x. The Board of
Directors proposed an interim dividend
distribution of 10 fils per share (AED
99.4M) for H1 2023.
Aramex
Q1’23 Net Profit: AED 2.8B
Aramex displayed resilience in H1
2023 amid a challenging economic
climate, reporting revenues of AED
2.8B, representing a 5% YoY decline.
The company’s adept cost management
is evident in a significant 12% reduction
in Selling, General, and Administrative
Expenses (SG&A) in Q2 2023,
demonstrating Aramex’s agility in
controlling costs. Currency devaluation
in some markets further impacted
Aramex’s financial performance.
Despite difficulties in International
Express volume trends and declining
industry rates in FreightForwarding,
Aramex’s diversified geographic
presence supported solid performance
in home markets, with the GCC
contributing 39% of total revenues
and reporting a 3% growth in Gross
Profit in Q2 2023.
TAQA
Q2’23 Net Loss: 17%
Abu Dhabi National Energy Company,
TAQA, reported a 17% decline in its Q2
2023 net profit, amounting to AED 1.92B
($523M), attributed to lower energy prices
and production. This result closely
aligns with analysts’ mean estimate of
AED 1.98B. Gross revenue for the period
increased slightly to AED 13.66B
compared to AED 13.01B in the same
period the previous year. For the first
half of the year, TAQA achieved a net
profit of AED 13.5B, driven primarily by
a one-off gain of AED 10.8 billion from
the acquisition of a 5% shareholding in
ADNOC Gas. However, this gain was
partially offset by a one-off deferred tax
liability of AED 1.2B associated with the
introduction of UAE corporate income
tax from January 1, 2024.
Al Ansari Financial
Services
Q1’23 Net Profit: AED 578M
Operating Income displayed strong
growth, rising 5% YoY to AED 578M, driven
by a substantial 10.7% YoY increase
in total transactions across the Group’s
offerings. Despite a challenging operating
cost environment, EBITDA remained
steady at AED 299M compared to the
previous year. Notably, the Bank Notes
business thrived due to increased tourism
and peak travel periods. The Wage Protection
System (WPS) saw robust growth,
supported by higher wage disbursals and
strong customer retention and acquisition.
The corporate segment recorded an
impressive 33.9% YoY surge in transaction
values, aligning with the Group’s strategy.
Digital channels also gained popularity,
with a 31% YoY increase in transactions.
NMDC Group
Q1’23 Net Profit: AED 881M
National Marine Dredging Group (ADX:
NMDC) achieved a remarkable first-half
net profit of AED 881M in 2023, a significant
increase reflecting the success
of their geographic expansion strategy
and project execution. With revenues
of AED 6.765B, up from AED 3.546B in
the same period the previous year, the
growth is evident. Notable projects like
the Northern Development Project and
agreements with Aramco in Saudi Arabia
contributed to this success. The net
profit’s 119% increase to AED 881M, compared
to AED 403M in H1 2022, demonstrates
improved operational efficiency,
aligning with the Group’s financial goals
and commitment to creating sustainable
shareholder value.
October 2023 www.thefinanceworld.com 69

Events
Abu Dhabi International Hunting and
Equestrian Exhibition (ADIHEX)
Under the patronage of His Highness Sheikh Hamdan Bin Zayed Al
Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman
of the Emirates Falconers’ Club, the 20th edition of the Abu Dhabi
International Hunting and Equestrian Exhibition (ADIHEX) was held
from 2nd – 8th September 2023 at Abu Dhabi National Exhibition
Centre (ADNEC) under the theme “Sustainability and Heritage… A
Reborn Aspiration “,Organized by the Emirates Falconers’ Club.
70 www.thefinanceworld.com October 2023

October 2023 www.thefinanceworld.com 71

Events
Connecting Trade Worldwide 2023
The successful Pan-Global industry-leading CTW – Connecting Trade
Worldwide Portfolio had bought together local SME businesses with
the most innovative firms, manufacturers, producers, and stakeholders.
MIE Events has developed and organized CTW platforms since 2012 in
the Middle East and Africa, including Kenya, Ethiopia, Ghana, South
Africa, Nigeria, UAE, Oman, Morocco, and Tanzania. The continuation
and development of CTW UAE’s Global Edition bought this successful
portfolio back to the UAE & focus on the lucrative & diversified market
opportunities in the UAE & GCC markets.
72 www.thefinanceworld.com October 2023

October 2023 www.thefinanceworld.com 73

Sport as a Business
E-sports Revolution: The Business of
Competitive Gaming
In the fast-paced world of modern entertainment, a revolutionary force
has emerged, captivating the hearts and minds of millions worldwide.
It goes by the name of esports, and it represents far more than just
a pastime for the digitally inclined. Esports has, in fact, transformed
into a dynamic and multifaceted industry that intertwines technology,
competition, and business on an unprecedented scale. This article
describes the dynamic world of competitive gaming, exploring its
impressive growth, financial investments, diverse business models,
and the exciting prospects it holds for the future.
74 www.thefinanceworld.com October 2023

I believe esports will rival the biggest traditional sports leagues in
terms of future opportunities, and between advertising, ticket sales,
licensing, sponsorships, and merchandising, there are tremendous
growth areas for this nascent industry.
The rise of esports has brought
about a significant shift in the
business landscape. Once confined
to the margins as a niche interest,
competitive gaming has surged onto
the global stage, attracting substantial
investments and building a massive and
devoted following. This transformation
isn’t just about gaming; it represents a
fundamental change in how businesses
view entertainment, marketing, and
investment opportunities.
Statistical analysis reveals the remarkable
growth of the esports market,
with revenue projected to surge to a
staggering US$3.96 billion by 2023. This
exponential rise is expected to continue,
with an impressive annual growth rate
(CAGR) of 8.21% from 2023 to 2027,
resulting in a market volume of US$5.43
billion by the latter year. Notably, the
largest share of this thriving market
is attributed to Esports Betting, set
to reach US$2.34 billion in revenue by
2023. Unsurprisingly, the United States
emerges as a prominent player in this
arena, generating the lion’s share of
revenue with a projected market volume
of US$1,076.00 million in 2023. These
numbers, however, only tell part of
the story; it’s equally striking that the
esports user base is expected to expand
to 720.8 million users by 2027, with
user penetration climbing from 7.5%
in 2023 to a predicted 9.1% by 2027.
This data underscores the undeniable
potential of the esports industry, with
an average revenue per user (ARPU)
forecasted to reach US$6.82, promising
an exciting future for both enthusiasts
and investors alike.
Noticing the potential of a competitive
gaming business the investors have
begun to make substantial investments
in the niche. True Gamers recently
announced a $13.5 million investment
in gaming centres. Additionally, Saudi
Arabia has earmarked a significant $38
billion for the development of its video
game industry, positioning the nation
as a potential hub for this booming
sector. These investments highlight
the growing magnetism of esports
as a profitable business venture with
promising prospects.
To start making money through esports,
it is essential for you to choose
the right business entity to invest in
within the esports industry depending
on various factors, including your financial
goals, risk tolerance, expertise,
and interests. Each type of entity offers
different investment opportunities and
comes with its own set of advantages
and challenges. Here’s a brief overview
of considerations for each entity:
Esports Teams and Players:
Advantages:
Investing in successful esports teams
or individual players can yield returns
through sponsorships, merchandise
sales, and a share of tournament winnings.
If the team or player becomes
highly successful, the investment can
be lucrative.
Challenges:
The success of teams and players can
be volatile, as performance can vary
from season to season. Additionally,
managing teams or players requires
expertise in the esports industry.
Esports Organizations and Leagues:
Advantages:
Esports organizations and leagues
can generate revenue through event
hosting, media rights, sponsorships,
and merchandise. If well-managed, they
can provide a stable income source.
Challenges:
Running esports organizations and
leagues requires significant investment
and expertise. Competition can be fierce,
and there are risks associated with the
success of specific games or leagues.
Esports Content Creators and
Streamers:
Advantages:
Investing in content creators and
streamers can provide exposure to
a broad audience and opportunities
for revenue through ads, subscriptions,
sponsorships, and donations.
Content creators can build strong fan
communities.
Challenges:
Success in content creation often
requires consistent effort, creativity,
and personality. The industry is
competitive, and gaining a significant
following can take time.
Ultimately, the best entity to invest
in depends on your specific goals and
resources.
The future of the competitive gaming
business, or esports, holds significant
promise, its embrace of diversity,
inclusion, and responsible practices
will further solidify its place in the
broader entertainment landscape. As
the industry matures, its future appears
vibrant, with opportunities for players,
investors, and businesses to thrive in
this dynamic and evolving ecosystem.
October 2023 www.thefinanceworld.com 75

Sports News
Saudi Pro League Transfers: $957M Spent on Neymar and Benzema
The 2023 summer transfer window
in the Saudi Pro League made
headlines with an unprecedented
spending spree, amounting to
a staggering $957M, according to data
from Deloitte’s Sports Business Group.
As the window closed on September 7,
the Kingdom witnessed the arrival of
soccer superstars like Neymar, Karim
Benzema, and Sadio Mane. Yet, the
coveted names of Mohammad Salah,
Kylian Mbappe, and Lionel Messi remained
elusive for the Saudi clubs,
for now. These high-profile transfers
contributed to a combined net spend
of $907M, positioning the Saudi Pro
League second only to the Premier
League’s $1.39B net transfer spending.
Across Europe’s “big five” leagues,
the summer transfer window saw a
remarkable surge, reaching $6.1B in
gross spending, marking an increase of
nearly $1.25B compared to the previous
summer, with all major leagues experiencing
growth in transfer expenditures
except Spain’s La Liga.
LeBron James Visits Saudi Arabia Amid $1B Contract
Rumors
NBA icon LeBron James has
touched down in Saudi Arabia,
engaging in basketball training
sessions during his three-day
stay in the Kingdom. The LA Lakers’
four-time NBA champion and all-time
leading scorer in the league’s history
arrived shortly after playfully hinting
at a potential lucrative move to Saudi
Arabia. Reports have swirled about a
staggering $1B two-year contract offer
to join a Saudi professional team,
with the Al Hilal club being a focal
point of speculation, as reported by
the Daily Mail. As part of his Riyadh
visit, LeBron James made a stop at the
Al Azam Academy to interact with the
Saudi Basketball Federation’s training
session.
Qatar’s Olympic Champion
Barshim Becomes
Tourism Ambassador
Qatar’s legendary high jumper,
Mutaz Barshim, the reigning
Olympics and World champion,
has been named as the new
brand ambassador of Qatar Tourism.
The 32-year-old, winner of gold in the
2020 Tokyo Olympics, silver in 2016
Rio, and bronze in the 2012 London
Games, is also the only high jumper to
win five World Championship medals.
Hailing from Doha, Barshim, with a
personal best jump of 2.43 meters, will
represent Qatar Tourism until September
2024. Qatar Tourism is gearing up
for world-class events, including the
Geneva International Motor Show, F1
Qatar Airways Qatar Grand Prix 2023,
and Expo 2023 Doha, all scheduled
for October 2023, followed by the
2023 Qatar Airways Qatar MotoGP in
November.
76 www.thefinanceworld.com October 2023

Asia’s Jiu-Jitsu Elite Compete at AJP Tour Continental Championship
The AJP Tour Asia Continental
Jiu-Jitsu Championship is
set to commence at Dubai’s
Shabab Al Ahli Club, gathering
talented athletes from various academies
across multiple categories, from
September 8th to 10th, this prestigious
tournament was organized by the UAE
Jiu-Jitsu Federation (UAEJJF) in partnership
with Abu Dhabi Jiu-Jitsu Pro
(AJP). The opening day highlighted
youth competitions, followed by amateur
and masters’ events. The final
day showcased professional players,
marking the event’s pinnacle. Youssef
Abdullah Al Batran, UAEJJF Board
Member, stressed the championship’s
significance as a vital precursor to the
Abu Dhabi World Professional Jiu-Jitsu
Championship, promoting skills assessment,
technique refinement, and
talent development.
Riyadh Air in Talks for Chelsea FC Shirt Sponsorship
Riyadh Air is currently in preliminary
discussions with
Chelsea FC regarding a potentially
substantial sponsorship
arrangement, as reported by The
Athletic. The English Premier League
team, currently lacking a front-ofshirt
sponsor, is said to be seeking a
deal valued at approximately $75M.
Although these talks are in their early
stages, representatives from Riyadh
Air were hosted by Chelsea’s Chief
Executive, Chris Jurasek, during the
club’s recent 1-0 match at Stamford
Bridge. Notably, Middle East airlines
Emirates and Etihad have long-standing
sponsorships with English Premier
League clubs, adorning the kits of
Arsenal and Manchester City. Riyadh
Air, owned by Saudi Arabia’s Public
Investment Fund, shares ownership
ties with Chelsea’s, Newcastle United.
Tatarstan President Praises UAE President’s
Cup Organization in Kazan
Rustam Minnikhanov,
President of the Republic
of Tatarstan, a part of
the Russian Federation,
commended the UAE’s excellence
in organizing the 30th UAE
President’s Cup World Series for
Purebred Arabian Horses races at
the Kazan Racecourse, coinciding
with Tatarstan’s 33rd Republic Day.
Minnikhanov made these remarks
during a meeting with Hamad Rashid
Al Habsi, Deputy Head of the UAE’s
Mission in Moscow, and Saeed Khalifa
Al Mehairi, Representative of the
Organizing Committee of the UAE
President’s Cup World Series for
Purebred Arabian Horses. The meeting
coincided with the 9th leg of the UAE
President’s Cup, attracting 30,000
spectators and showcasing Tatarstan’s
culture and heritage. Minnikhanov
highlighted how such collaborations
enhance bilateral relations and
cultural exchanges, extending best
wishes for continued progress and
prosperity to the UAE.
Dubai Sports Council
Unveils 2nd “Women
Running Race”
The Dubai Sports Council
(DSC) has announced the
eagerly awaited 2nd edition of
the “Women Running Race,”
set to take place from September
30th to November 11th, 2023. This
extraordinary event will span Dubai’s
renowned tourist destinations, featuring
four distinct stages. Participants
can choose from three race distances:
2.5 km, 5 km, and 10 km. Notably, each
participant will be awarded an innovative
medal, consisting of four separate
pieces, each adorned with the logo of
the corresponding stage location. Once
all four stages are completed, these individual
medals will be assembled into
a single, grand medal, proudly bearing
the name of Dubai and showcasing
imagery representing the four areas.
The 10 km race will categorise female
participants into five age groups, while
the 5 km race will feature two categories,
and the 2.5 km race will include
four age-based groups, ensuring an
inclusive and exciting experience for
women of all ages in Dubai.
October 2023 www.thefinanceworld.com 77

Tourism
Medical Tourism: Bridging Healthcare
and Travel Experiences
Medical tourism, the practice of seeking medical care beyond
one’s home country, has rapidly risen in popularity and complexity.
Originally associated with patients from less-developed nations
seeking advanced treatments abroad, today’s landscape reflects a
dynamic shift. Patients, driven by cost-effectiveness, accessibility, and
abundant information, are now travelling from richer to less-developed
countries for healthcare. What sets this concept apart is the fusion of
“tourism” with medical treatment, as patients often choose to explore
their host countries, turning their health journeys into immersive travel
experiences.
78 www.thefinanceworld.com October 2023

In recent years, the global healthcare
industry has transformed with
the rise of the Medical Tourism
Market, offering top-notch medical
treatments and exciting travel
experiences. This sector provides
high-quality healthcare at a fraction
of home country costs, making it a
win-win. Whether it’s complex surgery,
dental work, or a wellness retreat, the
market offers diverse options, from
Thailand’s beaches to India’s yoga
retreats, and from Saudia’s history to
Dubai’s modernity.
The Global Medical Tourism Market,
which was valued at USD 4.5 Billion
in 2022, is on dynamic growth and is
expected to reach a substantial value
of USD 43.7 Billion by 2030, reflecting a
Compound Annual Growth Rate (CAGR)
of 32.9% between 2023 and 2030. This
remarkable expansion underscores the
increasing significance and opportunities
within the medical tourism sector. As
per reports, the largest segment in the
medical tourism market for 2022 was
cosmetic procedures, commanding a
significant 23.9% of the revenue share.
Dental treatments followed with 18.8%.
Other prominent segments included
orthopaedic procedures (12.2%), cardiovascular
treatments (10.6%), and
infertility services (8.5%).
Governments around the world have
recognized the potential of medical
tourism as an economic driver and have
taken various initiatives to promote
their countries as attractive medical
tourism destinations. Here are some
examples of government efforts and
their impact:
Thailand:
The Thai government actively supports
the industry by offering special
visas for medical tourists and providing
infrastructure for healthcare services.
Since 2003, the Thai Government has
attempted to make Thailand a global
centre for medical tourism through
a Centre of Excellent Health Care of
Asia initiative. This strategic approach
has resulted in remarkable growth in
the industry. As per reports, sales of
Thailand’s medical tourism market
are forecasted to increase at a robust
18.4% CAGR. Total sales of Thailand’s
medical tourism market now represent
2%-7% of the global medical tourism
market. Thailand’s advanced medical
facilities, coupled with its beautiful
beaches and rich cultural heritage, make
From healing
to exploring,
medical
tourism is
redefining the
boundaries
of healthcare,
making
the world
a wellness
destination.
it a popular destination for medical
tourists seeking treatments ranging
from cosmetic surgery to advanced
medical procedures.
India has become a prominent medical
tourism destination due to its cost-effective
healthcare services and highly
trained medical professionals. The Indian
government has been actively promoting
the country’s ancient traditional
medicine systems such as Ayurveda and
Yoga, which attract wellness-focused
tourists. Additionally, India’s “Heal
in India” initiative seeks to provide
“integrated and holistic treatment” to
the world and enhance patient mobility
for access to world-class, affordable,
and quality healthcare services. This
initiative has further solidified India’s
position as a top choice for medical
tourists. India’s Medical Tourism Market
is currently valued at USD 6.2 billion
and is expected to register a CAGR
greater than 11% by 2028, demonstrating
the country’s growing prominence in
the global medical tourism industry.
United Arab Emirates:
The UAE, particularly Dubai, has
emerged as a hub for medical tourism
in the Middle East. The government of
Dubai has launched the “Dubai Health
Experience” (DXH) initiative, which
aims to position the city as a leading
medical tourism destination. The
initiative provides seamless services
to medical tourists, including visa
assistance, transportation, and accommodation.
Dubai’s luxurious lifestyle
and modern attractions complement
its medical offerings. In this dynamic
landscape, it’s worth noting that the size
of the MEA Medical Tourism Market
is projected to be USD 1.35 billion by
2026, growing at a CAGR of 8.5% from
2021 to 2026. This underscores the
region’s increasing importance in the
global medical tourism sector, with
Dubai playing a pivotal role in driving
this growth.
Saudi Arabia
Saudi Arabia is rapidly becoming a
medical tourism hub in the GCC, with
investments in healthcare infrastructure,
including specialized zones and
medical cities. Innovations like Clinique
La Prairie’s ‘health resort’ concept are
reshaping the landscape. The country
has also pipelined projects like King
Fahad Medical City in Riyadh, King
Abdullah Medical City in Makkah, and
King Khalid Medical City in Dammam
that aim to provide world-class healthcare
services to millions of visitors.
Saudi Arabia also plans to blend
religious and medical tourism, with a
focus on destinations like the Knowledge
Economic City (KEC) Hub project,
featuring shops, restaurants, cafes, and
five-star hotels. With a projected 4.6%
CAGR from 2022 to 2028, Saudi Arabia
is poised to attract more international
patients seeking quality healthcare and
rich cultural experiences.
With cost-effective options, specialized
care, reduced waiting times,
and the opportunity to create lasting
memories, medical tourism has become
a compelling choice for those seeking
healthcare beyond their borders. As
this trend continues to grow, it redefines
how we approach healthcare and
travel, ultimately enriching our lives
in unexpected ways.
October 2023 www.thefinanceworld.com 79

Investment in Tourism
Cultural Tourism Investments:
Preserving Heritage and Driving Growth
Cultural tourism has emerged as a powerful force in the global travel
industry. Travellers today are not just seeking picturesque landscapes
and luxurious accommodations; they are increasingly interested
in indulging themselves in the cultural richness of the places they
visit. This shift in tourist preferences has given rise to the concept of
“Cultural Tourism Investments,” which focuses on preserving heritage
while simultaneously driving economic growth in destinations. In this
article, we explore how cultural tourism investments can achieve this
delicate balance.
80 www.thefinanceworld.com October 2023

Cultural tourism investments balance heritage
preservation and economic growth, overcoming
challenges through responsible practices and
embracing technology.
Cultural tourism revolves
around the idea of travelers
seeking authentic cultural experiences.
It includes visits to
historical sites, participation in local
traditions, exploration of museums
and art galleries, and interactions
with local communities. Rather than
being mere spectators, cultural tourists
actively engage with the heritage
and traditions of the places they visit.
Recent reports have identified the age
group of 18-35 is more likely to opt for
cultural tourism as compared to other
age groups.
Heritage preservation is absolutely
necessary for attracting cultural tourists
to a country and often requires
substantial investments in the restoration
and maintenance of historical
landmarks, the protection of indigenous
knowledge, and the conservation
of art and artefacts. These investments
are not just a cultural responsibility
but also an economic opportunity.
Cultural tourism investments are
made globally and continue to grow in
different parts of the world including
the Middle Eastern region. In recent
years, Middle Eastern governments
have increasingly embraced these
investments as a means to stimulate
economic growth and raise their global
profile. The governments of the UAE,
Saudi Arabia, and Oman have made
substantial investments in heritage
preservation. For instance, the Saudi
government allocated a significant $3.2
billion as part of its Vision 2030 plan,
aimed at promoting cultural tourism
within the country. Similarly, Oman is
set to experience a remarkable surge
of $7 billion in heritage and tourism
investments by the end of 2025. These
investments reflect the region’s commitment
to preserving its rich cultural
heritage while also capitalizing on the
potential economic benefits of cultural
tourism.
The Future Market Insight report
stated that a surge of 14.4% CAGR
is expected in cultural tourism investments
by the year 2033. It also
mentioned that the current market
revenue of these investments is set to
total $5,931.2 million in 2023, which
will increase to $22,772.0 million in
2033. Another study identified cultural
tourism as one of the most rapidly
expanding sectors within the tourism
industry, making up approximately 40%
of global tourism activities. These details
signify the potential for economic
benefit of preserving heritage.
Cultural tourism investments have a
significant positive impact on the local
economy. When tourists engage in cultural
tourism, they inject money into
the destination’s economy. They spend
on accommodations, which support
hotels and lodging businesses. Dining
expenditures benefit local restaurants
and eateries, while transportation
costs contribute to taxi services, tour
operators, and public transportation.
Moreover, tourists often purchase souvenirs,
supporting local artisans and
shops. This spending cycle generates
income and employment opportunities
within the community, which, in turn,
leads to economic growth.
Cultural tourism is a boon to small
and local businesses. When tourists
are on the lookout for genuine cultural
experiences and locally crafted
products, they often turn to these
businesses. Whether it’s buying handmade
crafts, sampling local cuisine,
or participating in unique cultural
activities, tourists contribute directly
to the success of these enterprises.
In essence, cultural tourism nurtures
a symbiotic relationship between tourists
and local businesses, promoting
mutual growth and prosperity.
While the economic benefits are
evident, cultural tourism investments
come with their share of challenges.
Striking a balance between economic
growth and heritage preservation can
be complex. Over-tourism, degradation
of historical sites, and cultural commodification
are potential issues. To
address these challenges, sustainable
tourism practices, responsible tourism
management, and community involvement
are essential.
Several destinations around the
world have successfully implemented
cultural tourism investments. For instance,
Bhutan’s policy of “high-value,
low-impact” tourism has preserved
its unique culture and environment
while generating significant income.
Likewise, the UNESCO World Heritage
Site of Petra in Jordan has seen
careful management and investments
that have allowed it to attract tourists
while preserving its ancient treasures.
As we look ahead, the future of cultural
tourism investments will likely
involve technology, including virtual
reality and augmented reality experiences.
These innovations will provide
tourists with immersive and educational
experiences while reducing the
physical impact on historical sites.
October 2023 www.thefinanceworld.com 81

Global News
G20 Commits to Triple Renewables Capacity, Falls Short of Ambitious Targets
G20 leaders have agreed to
pursue a global tripling of
renewable energy capacity by
2030 and acknowledged the
necessity of phasing out unabated coal
power. However, they stopped short of
establishing substantial climate goals
during their summit. Disagreements
persisted among the world’s 20 major
economies regarding commitments to
reduce fossil fuel use, cut greenhouse gas
emissions, and raise renewable energy
targets. A major point of contention
centred around a Western proposal to
triple renewable energy capacity by 2030
and reduce greenhouse gas emissions
by 60% by 2035. This proposal faced
opposition from Russia, China, Saudi
Arabia, and India during preliminary
discussions among sherpa-level officials,
according to sources.
Nuclear Energy Key to
Global Clean Transition:
ENEC CEO
Mohamed Ibrahim Al Hammadi,
CEO of the Emirates Nuclear
Energy Corporation
(ENEC), took center stage
at the World Nuclear Symposium 2023
in London, held from September 6-8, to
advocate for nuclear technology’s role
in decarbonizing challenging sectors.
Al Hammadi, alongside Dr. Angela
Wilkinson of the World Energy Council,
Todd Noe from Microsoft, and Mikal
Boe, CEO of Core Power, participated
in a panel discussion titled ‘Achieving
End-users Decarbonization Goals with
Nuclear Energy’. During the discourse,
Al Hammadi highlighted nuclear technology’s
potential to sustainably power
energy-intensive industries such as
artificial intelligence and data centres.
These facilities alone consume 4-5%
of the total global power supply, and
this demand is poised to escalate with
increasing digitalization.
EU Commission Chief Calls on G20 to Embrace
Global Carbon Pricing
European Commission President
Ursula von der Leyen
called upon G20 leaders to
endorse a proposal for the
establishment of global carbon pricing.
Carbon pricing mechanisms, such as
carbon taxes or emissions trading
systems, are being adopted by numerous
countries to aid in achieving
their climate objectives. Von der Leyen
emphasized the human-made nature
of climate change and the potential
for addressing it through innovation,
investments in green technologies,
expanded renewable energy capacity,
and enhanced energy efficiency. In a
message on X social media (formerly
Twitter), she extended the invitation
IMF and World Bank Boost Cooperation on Climate,
Debt, and Digital Transition
The IMF and World Bank have
pledged to join forces with
shareholders and partners
to confront the multifaceted
challenges confronting the world
today, such as climate change, debt
vulnerabilities, and countries’ digital
transitions. IMF Managing Director
Kristalina Georgieva and World Bank
President Ajay Banga vowed to mobilize
substantial resources, both
domestic and international, to support
these initiatives. They emphasized
the importance of aiding nations in
to G20 leaders to unite in supporting
the implementation of a global carbon
pricing framework.
building robust tax policies, fiscal institutions,
and efficient public spending,
while simultaneously fostering sound
debt and public financial management.
82 www.thefinanceworld.com October 2023

Federal Reserve’s Barr: No Immediate Plans for Digital Currency Issuance
Federal Reserve’s Vice Chair
for Supervision, Michael Barr,
emphasized on Friday that the
central bank is far from making
any decision regarding the issuance
of its own digital currency. While the
Fed is indeed exploring the concept of
a central bank digital currency (CBDC),
Barr stressed that any such move would
require “clear support” from the President
and congressional authorization.
He underlined the importance of understanding
the implications and trade-offs
involved in CBDC development. Barr’s
stance aligns with that of Fed Chair
Jerome Powell, who has also stated
that congressional authorization is a
prerequisite for issuing a digital currency.
Additionally, Barr expressed
concern about the rise of stablecoins
outside official oversight, highlighting
the need for increased scrutiny.
Tesla Supercomputer: $600B Value Boost Predicted
Tesla’s Dojo supercomputer
holds the potential to propel
the automaker’s market value
by nearly $600B, assert Morgan
Stanley analysts. This supercomputer,
dedicated to training artificial
intelligence models for self-driving
vehicles, entered production in July and
commands an investment exceeding $1B
over the next year. Morgan Stanley’s
analysts, led by Adam Jonas, highlight
Dojo’s transformative capabilities,
envisioning it as a gateway to new
markets extending beyond traditional
vehicle sales. By enhancing a vehicle’s
ability to “see” and “react,” Dojo could
impact any camera-equipped device
capable of real-time decision-making
based on visual data.
UK Pledges $2B to UN
Climate Fund
Saudi Arabia and UK Explore Trade and Economic
Ties
During the G20 Leaders Summit
in New Delhi, UK Prime Minister
Rishi Sunak announced
a significant commitment of
$2B to the Green Climate Fund (GCF).
This commitment marks the largest
single funding contribution from the
UK to date aimed at aiding developing
nations in their efforts to combat climate
change. The GCF, established within the
framework of United Nations climate
negotiations, serves as the world’s largest
climate fund. Its primary mission is to
channel essential financial support to
less affluent countries, enabling them to
achieve their carbon emission reduction
goals, develop cleaner energy sources,
and adapt to the challenges posed by a
warming planet.
Saudi Arabia’s Ambassador to
the United Kingdom, Prince
Khalid Bin Bandar Bin Sultan,
convened a meeting with Nigel
Huddleston, the British Minister of
State for International Trade, hosted
at the Department for Business and
Trade headquarters in London. This
gathering was part of ongoing efforts
to bolster trade and economic cooperation
between the two nations.
The discussions encompassed an examination
of their existing trade and
economic relations with a focus on
ways to reinforce and advance them.
Additionally, the negotiations for a
free trade agreement between the Gulf
Cooperation Council (GCC) countries
and the UK were on the agenda, highlighting
notable developments from
the recent 4th negotiating round held
from July 24 to 28, 2023.
October 2023 www.thefinanceworld.com 83

Investment in Art
The Digital Canvas: Navigating the NFT
Art Investment Landscape
In recent years, the world of art investment has witnessed a remarkable
transformation with the advent of Non-Fungible Tokens (NFTs). These
digital assets have redefined how we perceive, buy, and sell art. NFTs
have effectively blurred the lines between the traditional and digital
art worlds, creating exciting opportunities for collectors and investors
alike. This article will explore the NFT art investment landscape and
offer insights into how to navigate this dynamic space.
v
84 www.thefinanceworld.com October 2023

Non-fungible tokens, or NFTs,
are unique digital tokens
that represent ownership
or proof of authenticity of a
particular digital or physical item. In
the context of art, NFTs are primarily
associated with digital artworks.
NFTs have ushered in a digital art
renaissance, providing artists with
unparalleled opportunities to monetize
their work. In the past, digital artists
struggled with challenges related to
copyright infringement, piracy, and the
establishment of artwork provenance.
However, NFTs have changed the
game. They enable artists to authenticate
and tokenize their creations, guaranteeing
their originality and enabling
the tracking of ownership throughout
their existence. This groundbreaking
development has unlocked new possibilities,
allowing creators to directly
engage with their audience, sidestep
intermediaries, and earn royalties
through smart contracts.
There are several reasons that draw
the attention of art investors to NFTs,
including the uniqueness of each NFT,
underpinned by blockchain-verified
provenance, making them digital collector’s
items with easily traceable
authenticity and ownership.
The involvement of esteemed auction
houses like Christie’s and Sotheby’s
has cemented NFTs’ status as a
legitimate and promising asset class.
The historic sale of Beeple’s “Everyday:
The First 5000 Days” for $69
million and the subsequent success of
Sotheby’s NFT auctions, yielding a net
profit of $17 million, signify not just
a trend but a seismic shift in the art
investment landscape. Furthermore,
the agility of NFT trading, coupled
with lower entry barriers and the
potential for substantial returns, is
making art investment more accessible
and dynamic than ever before. With
NFTs, the traditional boundaries of
the art world are expanding, offering
investors a truly worthy avenue for
portfolio diversification and growth.
Despite being a potential investment
opportunity, art investments in NFTs
come with complexities and risks that
require careful consideration. Here are
some key factors to guide you through
this ever-evolving landscape:
Research and Due Diligence:
Before diving into the world of
NFT art investment, it is essential
Embracing NFT
art investments
means unlocking
a dynamic
world of creative
expression,
blockchainbacked
authenticity, and
the potential for
art to redefine
your investment
portfolio.
to undergo thorough research. Start
by examining the artists themselves
– their reputation, past works, and
artistic journey. An artist’s track record
and artistic style can provide
valuable insights into the potential of
their NFTs. Additionally, scrutinize
the platforms where NFTs are minted
and traded, such as Solana, Rarible,
KnownOrigin, Bored Ape Yacht Club,
and Mintable. Ensure the marketplace
has a solid reputation for secure and
reputable transactions. A well-informed
start sets the foundation for
successful investment.
Diversification is a fundamental
principle of risk management in any
investment portfolio, and NFT art is
no exception. Resist the temptation to
concentrate all your funds in a single
NFT. Instead, diversify across different
artists, styles, and even platforms.
This strategy helps spread risk and
increases your chances of discovering
valuable pieces that can be appreciated
over time. NFT art presents a
vast and varied landscape – explore
it thoughtfully.
Consider Long-Term Investment:
While some investors aim for quick
profits by flipping NFTs, it’s highly
important to consider a long-term
investment perspective. Holding onto
NFTs that you believe possess enduring
value can be more rewarding, especially
as the NFT art market continues
to evolve. The art world is dynamic,
and artists’ careers can experience
significant growth, making it beneficial
to hold onto NFTs that may appreciate
substantially over the years.
Authentication: The legitimacy of
NFTs is crucial for any investor. Ensure
that the NFTs you purchase come
with proper authentication and provenance.
The blockchain technology
underpinning NFTs provides transparency
and immutability, making it
possible to verify the artist’s signature
and track the ownership history with
ease. This authentication process safeguards
your investment and ensures
that you possess genuine and valuable
digital assets.
Secure Storage:
After acquiring NFT art, safeguard
your tokens in a reliable digital wallet.
Protect your private keys and
passwords with the utmost diligence
to prevent the risk of theft or loss of
your valuable assets. Digital wallets
are the secure vaults of the NFT world,
and their security is paramount in
preserving your investments.
As technology evolves and the art
world adapts, NFTs will likely play
an increasingly central role in the
art ecosystem, bridging the gap between
traditional and digital art forms.
However, it’s essential to navigate
this evolving landscape with care,
considering factors like due diligence
and diversification to make the most
of the NFT art investment potential.
October 2023 www.thefinanceworld.com 85

Local News
Sheikh Hamdan Greenlights Dubai Marine Transport Overhaul
Sheikh Hamdan bin Mohammed,
Crown Prince of Dubai, has
approved plans to revamp the
city’s marine transport, expand
services, and add new vessels to carry
millions of new passengers by 2030. Sheikh
Hamdan approved a scheme to expand
the maritime network by 188 per cent to
serve more than 22 million passengers
annually by 2030, marking a more than 50
per cent increase in passengers from the
current 14M. Dubai’s Roads and Transport
Authority (RTA) will collaborate with
the private sector to manufacture the
world’s first 3D-printed electric abra,
and separate trials are underway for an
unmanned self-navigating electric abra,
as part of the Dubai Marine Transport
Master Plan 2030.
Saudi Arabia and UAE
Lead in Remittances to
Asia and North Africa
The Gulf Cooperation Council
(GCC) states stand as a
significant force in global
remittances, ranking second in
absolute US dollar terms and taking the
lead when considering remittances as
a percentage of their GDP. This insight
comes from Dilip Ratha, a World Bank
economist and advisor to the Multilateral
Investment Guarantee Agency. Notably,
Saudi Arabia and the UAE serve as
major sources of remittances for South
Asia, North Africa, and Southeast Asia.
However, this dynamic could shift as
Gulf nations reduce their reliance on
foreign workers. Aging populations in
advanced economies and the impact of
climate change are expected to drive
further migration. Nevertheless, the
cost of money transfers remains a
pressing issue, with Africa being the
most expensive destination, imposing
an 8% fee on transfers.
Ras Al Khaimah’s Emerging Real Estate Hotspots
Ras Al Khaimah’s strategic
areas, including Mina Al Arab,
Al Marjan Island, and Al
Jazirah Al Hamra, are poised
to become the UAE’s next real estate
hotspots, according to a recent market
study. Property prices are expected to
surge by up to 21% in the coming year,
making them attractive to investors and
potential billionaires. Factors fueling
this growth include Ras Al Khaimah’s
rising status as a top tourist destination,
Dubai South has achieved
a significant milestone by
completing its blockchain
integration system in collaboration
with Dubai Customs, becoming
the first Dubai free zone to do so. This
achievement underscores Dubai South’s
commitment to the broader goals of the
Dubai eCommerce strategy, aiming to position
Dubai as a leading regional logistics
hub and attract foreign investments in
record-breaking tourist arrivals in the
first half of 2023, the entry of global
hospitality giants, and the development
of luxurious beachfront resorts akin to
the Maldives. These factors are rapidly
transforming the real estate landscape,
with Mina Al Arab, in particular, offering
an impressive return on investment of
over 20% in the first year, according to
Realiste, a leading proptech offering
AI-based market forecasts.
Dubai South and Dubai Customs: Blockchain
Integration Success
the e-commerce sector. The integration
with the customs declaration system
streamlines e-commerce operations,
automating declarations, order tracking,
and processing, resulting in cost and time
savings. This development has already
been embraced by companies like RHS
Logistics and FirstCry in the Logistics
District, with more Dubai South free
zone companies gearing up to adopt
blockchain technology.
86 www.thefinanceworld.com October 2023

UAE Joins India-Middle East-Europe Economic Corridor Talks at G20 Summit
The United Arab Emirates has
formally joined hands with the
governments of Saudi Arabia,
the European Union member
states, India, and the United States to
collaborate on the development of the
India-Middle East-Europe Economic
Corridor (IMEC). This announcement
took place during the 18th G20 Heads
of State and Government Summit in
New Delhi, with the UAE participating
as a guest of honor. IMEC aims to
DP World Named Strategic
Partner for 21st Arab
Media Forum
The Dubai Press Club (DPC)
has revealed that DP World
will be the Strategic Partner
for the 21st Arab Media Forum
(AMF). Under the patronage of
His Highness Sheikh Mohammed bin
Rashid Al Maktoum, Vice President,
Prime Minister and Ruler of Dubai,
the Forum is scheduled at Madinat
Jumeirah, Dubai. AMF 2023 is anticipated
to gather political figures, writers,
thought leaders, media personalities,
and executives from prominent Arab
and international media organizations.
Sultan Ahmed Bin Sulayem, Group
Chairman and CEO of DP World and
Chairman of the Ports, Customs &
Free Zone Corporation, emphasized
the Forum’s growth and its role as a
platform for dialogue and knowledge
exchange, aligning with DP World’s
journey of expanding possibilities
through smart logistics solutions.
bolster connectivity and integration
among participating nations, featuring
two distinct pathways: the east
corridor linking India to the Arabian
Gulf and the northern corridor connecting
the Arabian Gulf to Europe.
These cross-border ship-to-rail transit
routes will reduce shipping costs and
promote trade in goods and services
between the UAE, Saudi Arabia, India,
and Europe.
UAE Gains Support for Ambitious Climate Solutions
at G20 Summit
During the 18th G20 Summit
in New Delhi, participants
eagerly anticipated the upcoming
28th Conference of
the Parties (COP28) to the UN Framework
Convention on Climate Change
(UNFCCC), hosted by the UAE in
November. Spearheaded by the UAE,
this global event aims to unite efforts
to combat the consequences of climate
change. Participants recognized the
UAE’s ambitious plans, solidifying its
global leadership in finding effective
climate solutions and its pioneering
role as the first country in the Middle
East and North Africa to commit to a
net-zero strategy by 2050. The world’s
attention is now focused on COP28 as a
crucial step toward addressing climate
change and its impacts. Experts believe
the UAE’s commitment to balancing
development and environmental sustainability
will be a prevailing theme
at COP28.
Dubai and Oman Collaborate to Boost International
Trade
Dubai Customs recently played
host to a delegation from
the General Directorate of
Customs of the Royal Oman
Police, showcasing their commitment
to global customs collaboration. Led
by Major Khalifa bin Talib Al-Masqari,
Director of Dhofar Customs, and
Captain Yusuf bin Ahmed Al-Balushi,
the Omani delegation engaged in discussions
to enhance cooperation with
Dubai Customs. They delved into the
latest customs operations advancements.
Ahmed Mahboob Musabih,
Director-General of Dubai Customs
and CEO of Ports, Customs, and Free
Zone Corporation, warmly welcomed
the Omani delegation. He stressed
Dubai’s dedication to sharing practical
expertise for mutual economic growth
and streamlined passenger movement.
October 2023 www.thefinanceworld.com 87

Travel
Top 4 Destinations to visit in October
As we approach the start of Autumn, the weather around the globe starts getting fairer and
makes it the best time to travel. October is a fantastic month for travel, as the sweltering
summer heat begins to fade, and cooler, more comfortable temperatures emerge. If you’re
wondering where to go this October, consider these four captivating destinations that offer
unique experiences, cultural richness, and pleasant weather. From the mountains of Kyrgyzstan
to the Arabian Peninsula, each place has something special to offer.
Bishkek, Kyrgyzstan
Bishkek is situated right at the
northern fringe of the Ala-Too
mountain range. Embracing
its Soviet Asian heritage, the
city features a blend of Soviet-era structures,
monuments, and an abundance of
green spaces, parks, and gardens. It’s
a charming destination for an October
visit, with slightly cooler temperatures
ranging from 18°C in the morning to
5°C at night.
The city is known for its monuments
and cultural institutions, including the
National Historical Museum and Ala-
Too Square, where the changing of the
guard takes place daily. Additionally,
the Dordoy Bazaar provides ample
shopping opportunities, especially
for Chinese exports. When it comes to
travel, flights from Dubai to Bishkek
are as cheap as AED 200/-, and the
budget-friendliness of this place doesn’t
Amman, Jordan
Amman, Jordan’s capital,
offers a captivating mix of
old and new, situated on hilly
terrain between the desert
and the fertile Jordan Valley. In the
city’s commercial centre, contemporary
structures, hotels, eateries, art galleries,
end there. Even the most luxurious
hotels cost AED 250/- or less, making
and boutiques coexist harmoniously
with cultural coffee houses and small
artisan workshops. Giving you a lifetime
experience of culture without losing
the ease of urban life.
October marks the best time to visit
Amman due to the pleasant weather,
it an excellent escape from the hectic
routine without straining your wallet.
with temperatures ranging from 24°C
in the morning to 14°C at night. Amman
offers a wide range of accommodation
options for its tourists, depending on
their preferences. To experience the
nightlife and culture of Jordan, book a
hotel on Rainbow Street. For luxurious
hotels, Abdoun is the place to be with
prices starting from AED 300/- going
up to AED 1,100/-, and if you are on
a tight budget, consider looking for
accommodations in Downtown where
the average hotel price starts from AED
60/- only. The flights from Dubai to
Amman will cost you around AED 600/-.
While in Amman, make sure to plan a
day trip to the stunning ancient city of
Petra, a UNESCO World Heritage Site.
88 www.thefinanceworld.com October 2023

Taif, Saudi Arabia
Musandam, Peninsula
Among the world’s most captivating
travel destinations
lies the Musandam Peninsula,
an exquisite natural wonder
located in the northernmost part of
Oman. Renowned for its striking resemblance
to the fjords of Norway,
Musandam exudes a distinct charm
that invites adventurers and nature
enthusiasts alike. Isolated and remote,
this peninsula offers a tranquil getaway
from the noise of urban life, enveloping
travellers in an unspoiled wilderness
of unparalleled beauty. The place is
around 120km away from Dubai and
it takes over 3 hours to reach there by
car. This majestic place can be reached
solely by car, and the journey from
Dubai to Musandam typically takes
around three hours.
Travelling in October offers a more
comfortable and enjoyable experience
compared to the summer months, thanks
to temperatures typically hovering in
the low 30°C. The Musandam Peninsula
is for nature lovers and when it comes
to nature the place has several resorts
with an average price range of AED
200 to 500 per night, offering close to
Situated in the mountains of Saudi
Arabia, Taif offers a refreshing
escape from the desert heat in
October. Known for its beautiful
gardens and cool climate, Taif is often
referred to as the “City of Roses” due to
its abundant rose farms. This beautiful
city of Saudi Arabia has a lot to offer
to its tourists including the scenic Al
Rudaf Park, the historic Shubra Palace,
and the breathtaking views from the
Al Hada Mountain.
The weather typically ranges between
29°C to 15°C, but it remains cooler than
other regions due to its higher altitude.
The flights from UAE to KSA will cost
you around AED 600/-. In addition, the
accommodation is versatile ranging from
budget-friendly hotel rooms starting
from AED 100/- to luxurious resorts
that will cost around AED 900/- per
night. Some of the famous resorts in
Taif to consider while planning a trip
there include Meral Oasis, Lafontaine
The Gazal Resort, and Narciss Hotel
Chalets. Don’t forget to sample the
local speciality, “Al Shai Al Shamali”
(Taif-style tea), and immerse yourself in
the unique culture of this highland city.
nature experience along with services
like private pools and authentic food
cuisines. Some of the renowned resorts
to consider, include Six Senses Zighy
Bay and Atana Musandam Resort.
October 2023 www.thefinanceworld.com 89

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