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The Finance World Magazine| Edition: October 2023

In this dynamic era of technology and innovation, the world stands at the crossroads of boundless possibility, where visionary endeavours and transformative innovations shape the future. This issue centres around the innovative tech startups that play a pivotal role in shaping the Middle East and North Africa Region. It highlights 20 tech startups that have gained prominence for their innovative approach and revolutionary vision. 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. This edition offers a comprehensive exploration of the AI innovation landscape in the UAE, emphasizing the vibrant startup ecosystem. It provides insights into stock market trends, dynamics, and the role of AI in financial markets. Additionally, it delves into the transformative impact of technological acquisitions on various industries through mergers and acquisitions (M&A). The publication also highlights the top three robo-advisors, serving as a reliable resource for making informed and efficient investment decisions, making it a valuable guide for individuals interested in the intersection of AI and finance in the UAE. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

In this dynamic era of technology and innovation, the world stands at the crossroads of boundless possibility, where visionary endeavours and transformative innovations shape the future. This issue centres around the innovative tech startups that play a pivotal role in shaping the Middle East and North Africa Region. It highlights 20 tech startups that have gained prominence for their innovative approach and revolutionary vision.

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.

This edition offers a comprehensive exploration of the AI innovation landscape in the UAE, emphasizing the vibrant startup ecosystem. It provides insights into stock market trends, dynamics, and the role of AI in financial markets. Additionally, it delves into the transformative impact of technological acquisitions on various industries through mergers and acquisitions (M&A). The publication also highlights the top three robo-advisors, serving as a reliable resource for making informed and efficient investment decisions, making it a valuable guide for individuals interested in the intersection of AI and finance in the UAE.

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

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Reaching a visionary goal requires<br />

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

In this dynamic era of technology and innovation, Editor’s the Note world<br />

stands at the crossroads of boundless possibilities, where the<br />

future is shaped by visionary endeavours and transformative<br />

innovations. <strong>The</strong> issue revolves around innovative tech startups<br />

that play a pivotal role in shaping the Middle East and North Africa<br />

region, highlighting 20 startups that have gained prominence for their<br />

innovative approaches and revolutionary visions.<br />

Within the ever-evolving financial landscape, the enduring strength<br />

of long-term investments is subject to in-depth analysis. Discover how<br />

strategic patience, persistence, and a keen eye for innovation can lead<br />

to long-term financial success in the “Building Wealth for the Future:<br />

<strong>The</strong> Power of Long-Term Investment” segment.<br />

This edition also provides a comprehensive exploration of the<br />

AI innovation landscape, with a focus on the UAE’s vibrant startup<br />

ecosystem. It offers valuable insights into stock market trends and<br />

dynamics, providing a roadmap for navigating the intricacies of the<br />

financial markets. <strong>The</strong> domain of mergers and acquisitions (M&A)<br />

gives a detailed understanding of how technological acquisitions are<br />

fundamentally transforming industries, paving the way for remarkable<br />

and unprecedented changes. A dedicated feature highlights the top<br />

three robo-advisors, serving as a trustworthy resource for informed<br />

and efficient investment decisions.<br />

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

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

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

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

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

beyond.<br />

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

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

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

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

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

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

- Ambrish Agarwal, Editor in Chief<br />

- Ambrish Agarwal, Editor in Chief<br />

Advertisers advertised in this guide are included on a sponsored basis.<br />

Details are correct at the time of going to press, but offers and prices<br />

may change.<br />

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

September 2022 3


Contents <strong>October</strong><br />

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

PERSONAL FINANCE<br />

P8 | Building Wealth for the<br />

Future: <strong>The</strong> Power of Long-Term<br />

Investment<br />

UAE BANKING<br />

COVER STORY<br />

HEALTHCARE<br />

P10 | Opportunities and<br />

Challenges: <strong>The</strong> Road Ahead for AI<br />

Adoption in UAE Banks<br />

P12 | UAE Banking News<br />

UAE REFORMS<br />

P14 | UAE Pioneers end-ofservice<br />

benefits scheme<br />

FINTECH<br />

P16 | Discover the Top 3 Robo-<br />

Advisors for Smart Investments<br />

P18 | Fintech News<br />

P20 | Fintech Application<br />

BUSINESS<br />

P22 | Digital Evolution: Navigating<br />

Business Process Modernization<br />

in the Tech Era<br />

P24 | Business News<br />

P28 | Revolutionizing the Region:<br />

Top Innovative Tech Startups<br />

Shaping MENA in <strong>2023</strong><br />

START-UP<br />

P40 | Unleashing AI Innovation:<br />

Exploring the Landscape of<br />

Startups in UAE<br />

ENERGY<br />

P42 | UAE’s Leadership in Global<br />

Energy Transition Efforts<br />

P44 | Energy News<br />

P48 | Health Tech Innovations: <strong>The</strong><br />

Future of Medical Technology<br />

MERGERS AND<br />

ACQUISITIONS<br />

P50 | Tech M&A Boom in<br />

the Middle East: Reshaping<br />

Industries Through Technological<br />

Acquisitions<br />

P52 | Mergers & Acquisitions News<br />

CRYPTOCURRENCY<br />

P54 | Decentralized Exchanges:<br />

A New Era of Trading<br />

Cryptocurrencies<br />

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


REAL ESTATE<br />

STOCK MARKET<br />

INVESTING IN ART<br />

P56 | Dubai’s Luxury Real Estate<br />

Market: Emerging Trends and<br />

Amenities<br />

P58 | Real Estate News<br />

FUNDING & INVESTMENT<br />

P66 | Navigating the Markets:<br />

Insights and Trends in the Stock<br />

Market<br />

CORPORATE<br />

P68 | Corporate Results<br />

EVENT<br />

P84 | <strong>The</strong> Digital Canvas:<br />

Navigating the NFT Art Investment<br />

Landscape<br />

P86 | Local News<br />

TRAVEL<br />

P60 | Carbon Funding in the<br />

UAE: Unveiling Successes and<br />

Confronting Limitations<br />

P62 | Funding & Investment News<br />

DIGITAL ASSETS<br />

P64 | Assessing the Security of<br />

Your Digital Assets: Are <strong>The</strong>y Truly<br />

Protected?<br />

P70 | Abu Dhabi International<br />

Hunting and Equestrian Exhibition<br />

(ADIHEX)<br />

P72 | Connecting Trade <strong>World</strong>wide<br />

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

SPORT AS A BUSINESS<br />

P74 | E-sports Revolution: <strong>The</strong><br />

Business of Competitive Gaming<br />

P76 | Sports News<br />

TOURISM<br />

P78 | Medical Tourism: Bridging<br />

Healthcare and Travel Experiences<br />

P80 | Key Factors Fueling Growth<br />

in the Tourism Industry<br />

P82 | Global News<br />

P88 | Top 4 Destinations to visit in<br />

<strong>October</strong><br />

P21 | P27 | Launch Express<br />

P38 | P46 | Wheels<br />

P26 | Tech My Money<br />

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


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

Building Wealth for the Future: <strong>The</strong><br />

Power of Long-Term Investment<br />

Investing offers a promising direction toward realizing financial growth,<br />

security, and the fulfilment of long-term goals. While the pull of quick,<br />

short-term gains may be tempting, it’s essential to recognize that long-term<br />

investments remain one of the most reliable strategies for building wealth and<br />

securing your financial future. This article comprehends long-term investing<br />

and provides practical strategies to commence your journey toward securing<br />

a prosperous future through long-term investment.<br />

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


Comprehending Long-term<br />

investment<br />

Long-term investment is a<br />

concept that encourages investors<br />

to allocate their funds to assets<br />

and hold them for extended periods,<br />

typically ranging from several years to<br />

decades. While long-term investments<br />

are typically not influenced by temporary<br />

market fluctuations, they can be subject<br />

to write-downs when their values decline<br />

to accurately represent their reduced<br />

market worth. Some of the ideal longterm<br />

investments for new investors<br />

include investing in bond funds, real<br />

estate, and stocks.<br />

While it may seem overwhelming at<br />

first, focusing on the advantages of longterm<br />

investments mentioned below will<br />

help you realize their worth.<br />

Compounding Returns:<br />

<strong>The</strong> longer your investments are<br />

held, the more they can benefit from<br />

compounding returns. This snowball<br />

effect can lead to substantial wealth<br />

accumulation over time.<br />

Stress Reduction:<br />

Long-term investors typically experience<br />

less anxiety related to daily market<br />

fluctuations. <strong>The</strong>y understand that<br />

short-term ups and downs are part of the<br />

investing journey and remain committed<br />

to their long-term goals.<br />

Tax Efficiency:<br />

<strong>The</strong> expenses associated with investing,<br />

primarily comprising brokerage fees and<br />

capital gains taxes, play a significant role<br />

in the cost structure, independent of risk<br />

considerations. Long-term investors encounter<br />

transaction fees less frequently,<br />

often at reduced rates compared to shortterm<br />

investors. Many investors have the<br />

opportunity to benefit from compounding<br />

returns while postponing capital gains<br />

tax liabilities. Notably, capital gains taxes<br />

are assessed at a more favourable rate<br />

compared to short-term gains.”<br />

While long-term investments hold<br />

the potential for wealth-building, they<br />

do necessitate careful planning and<br />

execution. Here are some practical tips<br />

to aid you in commencing your journey:<br />

Set Financial Goals:<br />

Once you understand the key principles<br />

of long-term investments, the next step<br />

is to create an investment strategy. This<br />

will begin by determining your financial<br />

goals, which can be related to retirement,<br />

buying a home, or funding your child’s<br />

education.<br />

Portfolio Creation:<br />

Referring to the diversification principle<br />

of long-term investment create<br />

your portfolio after assessing different<br />

platforms and relating these with your<br />

interest and risk factors.<br />

To identify the right company for investment<br />

you should follow a strategy in<br />

accordance with your investment goals.<br />

Current Income Strategy:<br />

<strong>The</strong> current income strategy involves<br />

a series of allocation decisions with<br />

the objective of identifying established<br />

entities that offer above-average distributions<br />

without the risk of default, such<br />

as large-cap and blue-chip equities. This<br />

strategy is most appropriate for investors<br />

seeking a relatively stable and dependable<br />

approach.<br />

Capital Growth Strategy:<br />

<strong>The</strong> capital growth strategy strives to<br />

optimize the value increase of all assets<br />

within the portfolio over a time span<br />

of 10 years or longer. <strong>The</strong>se portfolios<br />

may consist of various assets, including<br />

equities and bundled products such as<br />

exchange-traded funds (ETFs) and mutual<br />

funds. <strong>The</strong> specific composition of the<br />

portfolio can vary widely, contingent on<br />

the risk tolerance of individual investors.<br />

Balanced investment strategy:<br />

<strong>The</strong> balanced investment strategy<br />

seeks to create a portfolio that achieves a<br />

balance between risk and return. In such<br />

portfolios, stocks and bonds typically<br />

comprise an equal proportion of the<br />

holdings. This strategy is particularly<br />

well-suited for investors with a moderate<br />

risk tolerance.<br />

Once you have made your portfolio it<br />

is mostly maintaining your investments<br />

Avoid Over-trading:<br />

It is important to Keep yourself informed<br />

about the market and explore<br />

investments with the potential to build<br />

but don’t overtrade. Continual purchasing<br />

and selling may result in increased<br />

transaction expenses and tax liabilities,<br />

which could potentially diminish your<br />

overall returns.<br />

Reviewing Portfolio:<br />

Regularly assess your investment<br />

portfolio to ensure it continues to align<br />

with your financial objectives and risk<br />

tolerance. Adjust the portfolio’s balance<br />

Unlock the<br />

potential of<br />

long-term<br />

investments<br />

for a<br />

prosperous<br />

future. Start<br />

early, stay<br />

patient, and let<br />

compounding<br />

pave the way<br />

to lasting<br />

financial<br />

security and<br />

wealth.<br />

when necessary to uphold diversification.<br />

Building wealth for the future through<br />

long-term investment is a powerful and<br />

proven strategy. <strong>The</strong> key is to start<br />

early, stay disciplined, and maintain a<br />

long-term perspective. As time goes by,<br />

the power of compounding will work in<br />

your favour, helping you achieve financial<br />

security and prosperity for the years<br />

ahead. Remember, the road to wealth<br />

is a marathon, not a sprint.<br />

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


UAE Banking<br />

Opportunities and Challenges: <strong>The</strong><br />

Road Ahead for AI Adoption in UAE<br />

Banks<br />

Over the past decade, UAE banks have made significant strides in adopting<br />

artificial intelligence (AI) to enhance their services and operations. However,<br />

as banks in the UAE navigate the evolving landscape of AI, they experience<br />

both opportunities and challenges.<br />

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


UAE’s banks adopt AI for efficiency and customer<br />

experiences, overcoming regulatory and talent<br />

challenges.<br />

<strong>The</strong> UAE’s banking sector is on<br />

a transformative path towards<br />

a future driven by artificial<br />

intelligence (AI). Recent developments<br />

underscore the nation’s<br />

unwavering commitment to unlocking<br />

AI’s potential in the financial landscape.<br />

A Memorandum of Understanding<br />

(MoU) signed between the UAE’s Artificial<br />

Intelligence, Digital Economy,<br />

and Remote Work Applications Office<br />

and Mastercard exemplifies a strategic<br />

push to enhance AI capabilities in the<br />

region. Simultaneously, UAE-based<br />

banking leader Emirates NBD is embarking<br />

on a journey to leverage the<br />

capabilities of generative AI, aiming to<br />

enhance productivity across various<br />

operational facets.<br />

Collaborating with IBM Consulting,<br />

Dubai Islamic Bank seeks to elevate<br />

its digital service offerings, aligning<br />

with the industry’s evolving demands.<br />

First Abu Dhabi Bank’s partnership<br />

with IBM Consulting to enable a cloud<br />

transformation program reflects another<br />

milestone in the UAE’s AI integration<br />

journey. Furthermore, Mashreq’s pioneering<br />

implementation of electronic<br />

facial recognition (EFR) technology<br />

simplifies and streamlines the onboarding<br />

process for large corporate<br />

clients, embracing a fully paperless<br />

approach. As the UAE’s banking sector<br />

advances with AI integration, it faces a<br />

landscape rich with opportunities and<br />

challenges, both of which we explore<br />

in depth in this article.<br />

AI stands as a transformative force in<br />

shaping the customer experience within<br />

UAE banks. With the integration of chatbots,<br />

virtual assistants, and personalised<br />

recommendation engines, banks can<br />

offer customers unparalleled support<br />

and convenience. <strong>The</strong>se AI-driven tools<br />

are available 24/7, efficiently handling<br />

inquiries and providing tailored financial<br />

advice. Customers can navigate<br />

their accounts, access information,<br />

and complete transactions with ease,<br />

ultimately leading to elevated levels of<br />

satisfaction. By streamlining processes<br />

and offering personalized services,<br />

banks can create more meaningful<br />

and engaging interactions with their<br />

clients, reinforcing customer loyalty<br />

and trust.<br />

One of the significant advantages<br />

of AI in UAE banks is its capacity to<br />

fortify fraud detection and enhance risk<br />

management. AI-powered algorithms<br />

are equipped to analyse vast datasets<br />

in real time, which enables them to<br />

detect unusual patterns and pinpoint<br />

potential instances of fraud swiftly<br />

and accurately. This not only protects<br />

the bank’s assets but also reinforces<br />

customer trust in the security of their<br />

accounts.<br />

Additionally, AI plays a pivotal role in<br />

assessing credit risk, enabling banks to<br />

make more informed lending decisions.<br />

By evaluating borrower profiles and<br />

market conditions in real time, banks<br />

can reduce default rates and optimise<br />

their lending portfolios. This proactive<br />

risk management approach not only<br />

strengthens the bank’s financial stability<br />

but also ensures more responsible<br />

lending practices, benefitting both the<br />

institution and its customers.<br />

In the UAE, banks operate within a<br />

highly regulated environment, which<br />

poses a significant challenge when it<br />

comes to implementing AI solutions.<br />

Adhering to strict compliance standards,<br />

including data privacy, security, and<br />

legal requirements, is essential for successful<br />

AI adoption. Banks must work<br />

closely with regulatory authorities to<br />

develop a comprehensive framework<br />

that allows for the integration of AI<br />

while ensuring strict compliance with<br />

evolving regulations. Moreover, the<br />

UAE places a strong emphasis on data<br />

privacy and security. Banks must go to<br />

great lengths to safeguard customer<br />

data during the implementation of AI<br />

systems. Any breach or misuse of AI<br />

can have severe legal and financial<br />

consequences, underscoring the need<br />

for robust data protection and cybersecurity<br />

measures.<br />

In addition to regulatory challenges,<br />

UAE banks face a shortage of skilled<br />

professionals in AI and machine learning.<br />

Attracting and retaining AI experts in a<br />

competitive global market is no small<br />

feat. To bridge this talent gap, banks<br />

must invest in comprehensive training<br />

and development programs to nurture<br />

local AI talent pools. Furthermore, as<br />

AI becomes increasingly integrated into<br />

banking operations, ethical concerns<br />

come to the forefront. Decision-making<br />

algorithms must not only be accurate<br />

but also transparent, explainable, and<br />

free from biases to ensure fairness<br />

in customer interactions. Striking<br />

a balance between automation and<br />

human intervention to address ethical<br />

issues remains an ongoing challenge,<br />

requiring banks to continually refine<br />

their AI systems and processes to<br />

align with evolving ethical standards<br />

and practices.<br />

As AI continues to evolve and become<br />

an integral part of the banking<br />

industry, UAE banks that effectively<br />

leverage these technologies while<br />

addressing the associated challenges<br />

will be well-positioned to lead the way<br />

in the region’s financial sector, offering<br />

customers innovative and efficient<br />

banking services.<br />

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


UAE Banking News<br />

Emirates Islamic<br />

Bank Appoints Farid<br />

Al Mulla as CEO<br />

Emirates Islamic Bank has appointed<br />

Farid Al Mulla as its<br />

new CEO, succeeding Salah<br />

Amin, who served the Emirates<br />

NBD Group for nearly 35 years.<br />

As the current Head of Consumer<br />

Banking and Wealth Management, Al<br />

Mulla played a pivotal role in driving<br />

the bank’s strong profitability, notably<br />

achieving a 21% surge in online<br />

and mobile banking transactions in<br />

2022. Hesham Abdulla Al Qassim,<br />

Chairman of Emirates Islamic, praised<br />

Al Mulla’s 32-year industry track record<br />

and Shari’a banking expertise,<br />

asserting that he is the ideal leader<br />

for the bank’s next growth phase.<br />

Emirates Islamic recently announced<br />

a record net profit of AED 1.2B for<br />

H1-<strong>2023</strong>, a remarkable 73% increase<br />

year-over-year.<br />

Abu Dhabi Commercial Bank Initiates Sale of 5-Year<br />

Green Bonds<br />

Abu Dhabi Commercial Bank<br />

(ADCB) has set an initial<br />

price guidance of approximately<br />

150 basis points<br />

above US Treasuries for its forthcoming<br />

dollar-denominated five-year green<br />

bonds, as revealed in a bank document.<br />

This marks ADCB’s intent to<br />

issue a benchmark-size bond, typically<br />

translating to a minimum of $500M.<br />

Investor meetings commenced, with<br />

Barclays, Deutsche Bank, Emirates<br />

NBD Capital, JPMorgan, and Mizuho<br />

serving as joint bookrunners for the<br />

debt sale. Notably, Barclays has been<br />

designated as the sole ESG coordinator<br />

for this endeavour, highlighting<br />

ADCB’s dedication to environmentally<br />

responsible finance in response to<br />

growing global demand.<br />

Huawei AppGallery Joins Forces with UAE<br />

Banking Apps<br />

Huawei Mobile Services<br />

(HMS) has entered into<br />

strategic partnerships with<br />

prominent UAE banking<br />

apps, including ADCB, ENBD, FAB,<br />

Mashreq, ADIB, and Standard Chartered<br />

Bank UAE, signifying a pivotal<br />

moment in the evolution of digital<br />

banking in the region. <strong>The</strong>se collaborations<br />

promise substantial progress. For<br />

Huawei users, this alliance unlocks a<br />

broader spectrum of financial services<br />

accessible through the Huawei AppGallery,<br />

facilitating account management<br />

and secure transactions through<br />

facial recognition or fingerprint authentication.<br />

Simultaneously, banking<br />

apps stand to gain by extending<br />

Emirates NBD Acquires Strategic Equity Stake in Komgo<br />

their services to a wider audience of<br />

Huawei users. This synergy is set to<br />

enhance digital banking accessibility<br />

and convenience in the UAE, marking<br />

a mutually beneficial milestone for<br />

both Huawei and its banking partners.<br />

Emirates NBD has invested in<br />

Komgo, a trailblazing software<br />

and technology services<br />

company in the trade finance<br />

sector. This strategic equity investment<br />

was orchestrated through Emirates<br />

NBD’s Innovation Fund, the bank’s<br />

corporate venture fund. This venture<br />

enables the bank to support tech startups<br />

and companies that align with its<br />

digital strategy, fostering innovation<br />

in the financial sector. <strong>The</strong> Innovation<br />

Fund’s mission encompasses investments<br />

across various stages, from<br />

early-stage to growth, with the goal of<br />

securing long-term returns that align<br />

with the group’s strategic objectives.<br />

Komgo, originating in Switzerland, has<br />

expanded its global presence to major<br />

hubs like Singapore, Paris, London,<br />

Toronto, and Houston. With a diverse<br />

customer base comprising over 200<br />

multinational corporations and global<br />

trade banks, the Komgo Network<br />

facilitates approximately $1B in daily<br />

transaction value.<br />

12 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Mashreq Appoints Former KPMG Partner Norman Tambach as CFO<br />

Mashreq Bank, based in<br />

Dubai, UAE, has appointed<br />

Norman Tambach, a former<br />

KPMG partner, as its new<br />

Chief Financial Officer. Tambach,<br />

a Dutch national, brings more than<br />

three decades of experience to the<br />

role, where he will oversee the bank’s<br />

AED 3.7B revenue base and lead its<br />

finance function. Mashreq Bank offers<br />

corporate and retail banking services<br />

across several countries, including the<br />

UAE, Bahrain, Qatar, Kuwait, Egypt, and<br />

India, with foreign exchange operations<br />

in countries like Bangladesh, Pakistan,<br />

and Nepal. Norman Tambach’s extensive<br />

career includes roles at KPMG and ING,<br />

encompassing financial strategy, mergers<br />

and acquisitions, risk management, and<br />

digital transformation. His appointment<br />

marks a significant addition to Mashreq<br />

Bank’s leadership team as they expand<br />

their banking operations.<br />

Bank of Sharjah Leads<br />

$500M Financing Deal<br />

Bank of Sharjah (BoS) recently<br />

served as the Mandated Lead<br />

Arranger in a substantial $500<br />

million syndicated facility for<br />

the Government of Sharjah, alongside a<br />

consortium of regional and local banks.<br />

This dual-tranche, six-year facility,<br />

offering both conventional and Islamic<br />

financing options, is earmarked for<br />

general corporate purposes. Mohamed<br />

Khadiri, CEO of BoS, stressed the<br />

bank’s unwavering commitment to<br />

supporting the strategic initiatives<br />

and financial needs of the Sharjah<br />

Government and its related entities.<br />

Strong market demand resulted in<br />

oversubscription, enabling the Sharjah<br />

Government to secure $500M instead of<br />

the initially planned $400M, reaffirming<br />

its robust fundamentals and strong<br />

credit standing.<br />

Saudi Banks Report $4.7B in Q2 <strong>2023</strong> Profits, A<br />

Slight Decrease<br />

In Q2 <strong>2023</strong>, the net profit of Saudi<br />

Arabia’s top ten listed banks<br />

dipped by 0.3% to 17.4 billion<br />

Saudi riyals ($4.64B), according<br />

to Alvarez & Marsal’s “Saudi Arabia<br />

(KSA) Banking Pulse for Q2 <strong>2023</strong>”<br />

report. <strong>The</strong> report anticipates a slowdown<br />

in credit growth due to economic<br />

challenges. Impairment costs<br />

decreased significantly by 23.3% QoQ,<br />

while operating expenses increased<br />

by 2.2%, resulting in a slight rise in<br />

net income. Operating income fell by<br />

0.7% due to flat net interest income<br />

Abu Dhabi Islamic Bank<br />

(ADIB) has responded to a<br />

20% year-on-year increase in<br />

remittances during the first<br />

half of <strong>2023</strong> by enhancing its mobile<br />

app and internet banking for international<br />

transfers. ADIB stands as the<br />

first UAE bank to introduce Promo<br />

Codes for remittance discounts, aiming<br />

to create an all-encompassing solution<br />

for remittance needs. Following this<br />

addition, over 2,000 customers have<br />

employed the app for remittance<br />

transactions. Ongoing improvements<br />

include wallet-to-wallet and card-tocard<br />

transfers, expansion of instant<br />

transfer options to 60+ countries, and<br />

and a decline in non-core income by<br />

3.2%. Despite these challenges, loans<br />

and advances grew by 2.6% QoQ, and<br />

deposits increased by 1.7% QoQ, with<br />

an improved cost of risk at 0.4% in Q2.<br />

ADIB Enhances Mobile App for Seamless Global<br />

Money Transfers<br />

support for over 80 currencies across<br />

200 countries. Approximately 95% of<br />

ADIB’s remittances occur digitally, primarily<br />

directed towards the Americas,<br />

Europe, the Middle East, and Asia.<br />

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


UAE Reforms<br />

UAE Pioneers end-of-service benefits<br />

scheme<br />

In a progressive step towards the advancement of labor laws and the improvement<br />

of employee welfare, the United Arab Emirates (UAE) cabinet has recently<br />

approved a pioneering initiative. It introduces a paradigm shift in the way end-ofservice<br />

benefits (gratuity) are handled for employees, particularly in the private<br />

sector, including free zones. <strong>The</strong> UAE’s new approach promises greater financial<br />

security, flexibility, and long-term investment potential for workers while aligning<br />

the nation with international employment standards.<br />

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


<strong>The</strong> UAE’s innovative Savings and<br />

Investment Funds Scheme introduces<br />

a novel concept where employees<br />

have the option to replace the traditional<br />

gratuity system with contributions to<br />

investment funds. Key features of this<br />

revolutionary scheme include:<br />

1. Voluntary Participation:<br />

Employers can participate in this<br />

scheme voluntarily, signalling the government’s<br />

commitment to promoting a<br />

business-friendly environment. Those who<br />

opt-in will make monthly contributions<br />

to selected investment funds on behalf<br />

of their employees.<br />

2. Diverse Investment Options:<br />

Employees will have the freedom to<br />

choose from a range of investment options.<br />

<strong>The</strong>se options are expected to include a<br />

risk-free investment to protect capital,<br />

risk-based investments, and sharia-compliant<br />

investment opportunities, catering<br />

to a wide range of financial preferences.<br />

3. Regulatory Oversight:<br />

To ensure the scheme’s integrity and<br />

transparency, the UAE Securities and<br />

Commodities Authority will supervise the<br />

funds in coordination with the Ministry<br />

of Human Resources and Emiratization.<br />

4. Employee Benefits:<br />

Upon the termination of employment,<br />

participating employees will be entitled<br />

to receive their accumulated savings<br />

and investment returns based on their<br />

chosen investment strategy. Employees<br />

who leave their jobs will also have the<br />

option to continue with the fund without<br />

additional contributions from their<br />

former employers.<br />

<strong>The</strong> new scheme will bring about several<br />

significant changes for employers:<br />

1. Gratuity Replacement:<br />

Participating employers will no longer<br />

be required to provide end-of-service<br />

gratuity payments to employees. Instead,<br />

they will channel funds into the designated<br />

investment options.<br />

2. Financial Prudence:<br />

Employers will need to budget for<br />

monthly contributions to the investment<br />

funds. This requirement encourages financial<br />

responsibility and ensures that<br />

employees’ benefits remain safeguarded,<br />

even if the employer faces financial<br />

challenges.<br />

<strong>The</strong> UAE is becoming a more<br />

sophisticated environment<br />

for employers and employees,<br />

and this is an important<br />

development in that respect.<br />

<strong>The</strong> concept of creating a<br />

national savings scheme that<br />

is available to all employees in<br />

the private sector will be one of<br />

the first saving schemes of its<br />

kind in the region<br />

3. Accounting Reforms:<br />

Unlike the current system, where<br />

employers don’t have to account for<br />

end-of-service benefits until the point<br />

of payment, the new scheme mandates<br />

monthly contributions. This shift offers<br />

greater financial transparency and ensures<br />

that employee benefits are more secure.<br />

<strong>The</strong> UAE’s introduction of the Savings<br />

and Investment Funds Scheme marks a<br />

significant milestone in the nation’s commitment<br />

to fostering a prosperous and<br />

secure work environment for employees.<br />

This forward-thinking initiative aligns the<br />

UAE with global employment standards<br />

and enhances the nation’s appeal as a<br />

destination for businesses and skilled<br />

professionals.<br />

By offering a more flexible and transparent<br />

system, the UAE not only empowers<br />

its workforce but also ensures that employers<br />

can better manage their financial<br />

obligations. As detailed legislation and<br />

implementation guidelines for the scheme<br />

are expected to emerge in due course, it<br />

is evident that the UAE is committed to<br />

further enhancing the well-being of its<br />

employees and solidifying its position<br />

as a global business leader.<br />

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


Fintech<br />

Discover the Top 3 Robo-Advisors for<br />

Smart Investments<br />

In today’s fast-paced and digitally driven world, investment opportunities have<br />

become more accessible to the average person than ever before. One of the most<br />

notable advancements in the area of investing is the rise of robo-advisors. <strong>The</strong>se<br />

automated investment platforms offer a convenient and cost-effective way for<br />

individuals to grow their wealth through smart investment strategies. This article<br />

explores the top 5 robo-advisors for smart investments.<br />

Betterment (Best Robo-Advisor Overall)<br />

Betterment stands as the top<br />

choice for investors seeking<br />

the best robo-advisor overall<br />

due to its winning combination of<br />

user-friendliness, personalized portfolio<br />

construction, and tax-efficient<br />

strategies.<br />

Betterment, as a robo-advisor, excels<br />

in tailoring portfolios to align<br />

with your specific financial goals. To<br />

get started, you choose from a list of<br />

common financial objectives, which<br />

encompass Major Purchases, Education,<br />

Retirement, Retirement Income,<br />

General Investing, and Safety Net.<br />

Each goal can have its unique portfolio,<br />

and you set the time horizon for<br />

each one. Betterment’s robo-advisor<br />

offers a recommended portfolio allocation<br />

based on your chosen goal and<br />

time horizon.<br />

<strong>The</strong>se recommendations become<br />

more conservative as you approach<br />

your goal, and they can also be adjusted<br />

according to your risk tolerance,<br />

ranging from very aggressive to very<br />

conservative. Betterment’s forecasting<br />

capabilities estimate your likelihood<br />

of achieving long-term goals, factoring<br />

in your current savings and projected<br />

investment returns. You can even<br />

link other investment accounts to<br />

the platform for a comprehensive<br />

outlook. Additionally, Betterment<br />

offers goal-setting options for crypto<br />

investing and saving through its<br />

cash management accounts. <strong>The</strong>se<br />

goal-setting tools simplify the process<br />

of effectively harnessing Betterment<br />

for your financial aspirations.<br />

Betterment creates portfolios using<br />

stock and bond ETFs based on modern<br />

portfolio theory. It offers a variety of<br />

equity investments, including U.S.,<br />

international, and emerging market<br />

stocks, along with the unique inclusion<br />

of international bonds. Investors can<br />

choose from eight distinct strategies<br />

to align with their preferences, from<br />

the Core for long-term, cost-effective<br />

investing to the Sustainable, which<br />

prioritizes energy-efficient crypto assets.<br />

Notably, REITs are absent from<br />

Betterment’s robo-advisor portfolios<br />

but can be accessed via the Flexible<br />

portfolio, allowing customization of<br />

allocations and assets. However, selecting<br />

a Flexible portfolio disables<br />

the auto risk adjustment as the target<br />

goal date approaches.<br />

A strong emphasis on tax efficiency<br />

sets Betterment apart. It implements<br />

advanced strategies like tax-loss harvesting<br />

to enhance after-tax returns,<br />

appealing to investors seeking to<br />

minimize tax liabilities. Moreover,<br />

Betterment offers highly competitive<br />

pricing, with a modest advisory fee<br />

of 0.25%, considerably lower than<br />

traditional financial advisors.<br />

Beyond investment management,<br />

Betterment also provides access to<br />

Sarah Kirshbaum Levy,<br />

CEO<br />

certified financial planners, comprehensive<br />

financial planning tools, and<br />

a wealth of educational resources.<br />

Whether you’re a newcomer to investing<br />

or a seasoned pro, Betterment’s<br />

holistic and user-centric approach<br />

accommodates a diverse range of<br />

investors. This commitment to user-friendliness<br />

and comprehensive support<br />

solidifies Betterment’s position as<br />

the best robo-advisor overall, setting it<br />

apart in the competitive robo-advisory<br />

landscape.<br />

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


SoFi Automated Investing<br />

Established in 2011, SoFi introduced<br />

its fee-free Automated Investing<br />

platform in 2019, with the aim of<br />

providing accessibility and simplicity for<br />

individuals initiating their investment<br />

journey. Investors can kickstart their<br />

accounts with just $1, and the core<br />

objective of Automated Investing is to<br />

assist members in crafting a strategy<br />

aligned with their risk tolerance and<br />

financial objectives. Beyond offering<br />

cost-effective investment choices, SoFi<br />

Automated Investing extends benefits<br />

to users, including complimentary<br />

consultations with certified financial<br />

planners (CFPs), an array of educational<br />

resources, access to events, exclusive<br />

discounts, and additional perks.<br />

SoFi Automated Investing allows you<br />

to invest towards a diverse range of<br />

goals, although in-platform retirement<br />

and large purchase planning tools are<br />

not available. Members have access<br />

to credentialed financial planners to<br />

discuss their objectives. SoFi also offers<br />

resources for credit score monitoring,<br />

expense breakdowns, financial insights,<br />

and property tracking. For shortterm<br />

goals, users can establish a SoFi<br />

checking and savings account, with the<br />

savings account featuring zero fees, a<br />

competitive APY, and the option to save<br />

for specific goals by creating “Vaults.”<br />

<strong>The</strong>se Vaults can be designated for<br />

various purposes, such as a car, home,<br />

or emergency fund, and members<br />

can automate their savings through<br />

Autopilot. SoFi’s diverse investment<br />

options cater to a wide range of risk<br />

tolerances and financial goals, making<br />

it a suitable platform for all kinds of<br />

investors. This versatility ensures that<br />

users have the flexibility to construct<br />

portfolios that align precisely with their<br />

unique preferences and objectives.<br />

SoFi Automated Investing stands<br />

out not just for its financial tools and<br />

low fees but also for its commitment<br />

to sustainability. <strong>The</strong> platform offers<br />

users the option to invest in portfolios<br />

Anthony Noto,<br />

CEO<br />

aligned with environmental, social,<br />

and governance (ESG) principles.<br />

This reflects SoFi’s recognition of<br />

the growing importance of socially<br />

responsible investing.<br />

Vanguard Digital Advisor<br />

Since its inception in 2019, Vanguard<br />

has consistently refined<br />

its Digital Advisor service to<br />

enhance the provision of personalized<br />

and convenient financial advice.<br />

While the foundational strength of<br />

Vanguard’s offering has always been<br />

the passive management of your assets<br />

through top-tier, cost-effective index<br />

funds, the past year has witnessed<br />

substantial enhancements to the digital<br />

investment management platform.<br />

<strong>The</strong>se enhancements include the introduction<br />

of tax-loss harvesting, an ESG<br />

portfolio, active funds, select municipal<br />

bonds, tailored goal planning and<br />

optimization, a spouse-oriented user<br />

experience, and Medicare matching.<br />

Vanguard Digital Advisor also boasts<br />

impressively low fees, charging a mere<br />

0.15% of assets under management<br />

(AUM), a rate significantly below industry<br />

averages. This cost-efficiency<br />

is a major draw for those seeking to<br />

maximize returns while keeping expenses<br />

in check.<br />

Vanguard’s Digital Advisor offers<br />

a wide range of advanced planning<br />

tools to help investors achieve their<br />

financial goals. <strong>The</strong>se tools include<br />

comprehensive retirement planning,<br />

personalized goal setting, and specific<br />

tools for various financial goals.<br />

For instance, the “Next Steps” feature<br />

offers step-by-step guidance to<br />

ensure investors stay on track. <strong>The</strong><br />

“Rainy Day Tool” helps with emergency<br />

savings, and the “Debt Calculator”<br />

aids in efficient debt repayment. <strong>The</strong><br />

“Medicare Match” aligns Medicare<br />

plans with individual preferences<br />

and health status. <strong>The</strong> “Health Care<br />

Cost Estimator” estimates healthcare<br />

expenses, and the “Social Security<br />

Optimizer” assists in informed Social<br />

Security decisions. Vanguard’s unique<br />

approach combines all funds into a<br />

single portfolio, making it versatile<br />

for managing multiple goals. During<br />

goal-setting, users gain insights into<br />

projections and risk management,<br />

helping them make informed financial<br />

decisions.<br />

Vanguard Digital Advisor offers a<br />

user-friendly mobile app for convenient<br />

portfolio management on the<br />

Mortimer J. Buckley,<br />

CEO<br />

go. Its access to Vanguard’s extensive<br />

expertise in asset management,<br />

coupled with a wealth of educational<br />

resources, empowers investors to<br />

make informed decisions. Automatic<br />

rebalancing and an intuitive user interface<br />

add to the platform’s appeal,<br />

making Vanguard Digital Advisor an<br />

ideal choice for investors seeking a<br />

cost-effective and hassle-free investment<br />

experience.<br />

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


Fintech News<br />

Mastercard and Fintech Saudi Partner for Kingdom’s Fintech Digital<br />

Transformation<br />

Mastercard and Fintech Saudi<br />

have recently signed a memorandum<br />

of understanding<br />

during the Seamless Saudi<br />

Arabia <strong>2023</strong> event, signaling their joint<br />

commitment to fostering the growth and<br />

development of Saudi Arabia’s fintech<br />

industry. This announcement represents<br />

a significant stride towards cultivating an<br />

inclusive digital economy and promoting<br />

entrepreneurship within the Kingdom,<br />

aligning with the objectives of Saudi<br />

Arabia’s Vision 2030. <strong>The</strong> partnership<br />

is designed to create a supportive environment<br />

for the Kingdom’s emerging<br />

fintech community, offering them the<br />

resources and expertise of Mastercard<br />

to scale and seize new opportunities.<br />

Ultimately, this collaboration aims to<br />

bolster the Kingdom’s rapidly expanding<br />

fintech sector, accelerate its digital<br />

transformation, and empower local<br />

fintech entities to enter the market<br />

more swiftly, thereby contributing to<br />

the broader goals of Saudi Arabia’s<br />

economic vision.<br />

Saudi’s SAMA Aims to Grow FinTech Firms to 525,<br />

Creating 18,000 Specialized Jobs<br />

Saudi Central Bank (SAMA)<br />

Governor Ayman Al-Sayari unveiled<br />

SAMA’s ambitious plan to<br />

boost the number of financial<br />

technology (FinTech) companies to 525,<br />

as he discussed the key objectives of<br />

the central bank’s FinTech strategy for<br />

the upcoming years. Speaking at the<br />

Arab Banking Conference in Riyadh,<br />

Al-Sayari stressed that this strategy is<br />

designed to have a substantial economic<br />

impact, aiming to not only increase the<br />

number of FinTech companies but also<br />

generate 18,000 specialized jobs and<br />

contribute over SR 13B to the gross<br />

domestic product (GDP) by 2030. By<br />

the end of last month, the number of<br />

FinTech companies in Saudi Arabia had<br />

already exceeded 200, showcasing significant<br />

growth. Additionally, Al-Sayari<br />

highlighted the robust performance of<br />

the Saudi financial sector, with a capital<br />

adequacy ratio (CAR) of 20.1 percent<br />

by the end of the second quarter of<br />

<strong>2023</strong>, along with strong liquidity and<br />

funding ratios.<br />

Archie Chooses UAE for First Global Market Launch<br />

Archie has made a strategic decision<br />

to launch its innovative<br />

growth acceleration model<br />

in the UAE as its first global<br />

market, capitalising on the region’s<br />

rapidly expanding fintech sector. <strong>The</strong><br />

UAE’s Digital Economy Strategy, aimed<br />

at boosting the digital sector’s contribution<br />

to the GDP from 9.7% to over 20%<br />

by 2031, sets the stage for significant<br />

growth. <strong>The</strong> current estimated value<br />

of the UAE’s digital economy at $38B<br />

is projected to surge to over $140B<br />

by 2031. This ambition positions the<br />

region prominently in the global fintech<br />

landscape, with substantial investment<br />

pools and a strong focus on attracting<br />

top talent. Investor funding for fintech<br />

startups in MENA witnessed substantial<br />

growth, surging from nearly $200M in<br />

2020 to around $885M in 2022. Archie<br />

recognizes the UAE and the broader<br />

GCC as integral to its long-term plans,<br />

aiming to partner with some of the<br />

world’s most promising fintechs.<br />

Qatar Central Bank<br />

Receives 25 BNPL<br />

Fintech Applications<br />

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

received an impressive 25 applications<br />

from fintech companies<br />

within a mere two days of the<br />

launch of its ‘Buy Now Pay Later’ (BNPL)<br />

campaign. This rapid response illustrates<br />

the growing importance of digitalization<br />

in Qatar’s burgeoning e-commerce sector.<br />

Announcing this milestone on its social<br />

media platform X, the QCB revealed, “Since<br />

the launch of the BNPL QCB campaign,<br />

the fintech licensing and registration platform<br />

has received more than 25 requests<br />

to apply for the service.” <strong>The</strong> application<br />

window for BNPL licenses remained open<br />

until November 3, <strong>2023</strong>, as part of the<br />

QCB’s efforts to regulate and facilitate<br />

BNPL services in the country, promoting<br />

innovation and consumer protection in<br />

the financial technology sector.<br />

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


Oman Boosts Contactless<br />

Payments with Card<br />

Tokenization Service<br />

<strong>The</strong> Central Bank of Oman<br />

(CBO) issued comprehensive<br />

guidelines and instructions to<br />

banks and Payment Service<br />

Providers (PSPs) to introduce the Card<br />

Tokenisation Service (CTS). This service<br />

aimed to enable local and international<br />

electronic payment applications on<br />

smart devices within the Sultanate<br />

of Oman, creating a safer online and<br />

mobile payments environment. <strong>The</strong><br />

CBO utilised its communication channels,<br />

including X (formerly known as<br />

Twitter), to disseminate information<br />

about the guidelines, emphasising<br />

their goal of enhancing security in<br />

card payment transactions. <strong>The</strong> CTS,<br />

a fundamental shift, replaced primary<br />

card numbers with ‘tokens’ for secure<br />

smart device transactions. Its objectives<br />

encompassed promoting innovation in<br />

electronic payments, reducing cash<br />

dependency, providing a seamless<br />

payment experience, and bolstering<br />

transaction security.<br />

Saudi Venture Capital Invests $5M in Venture<br />

Souq to Boost Fintech<br />

Saudi Venture Capital (SVC),<br />

backed by the state, is making<br />

a substantial $5M investment<br />

into a fintech fund managed<br />

by VentureSouq (VSQ) in the MENA<br />

region. This strategic move aims to<br />

bolster the growth of the venture capital<br />

ecosystem and further enhance the<br />

flourishing fintech sector within the<br />

kingdom. SVC, established in 2018 as<br />

a government investment entity, has<br />

actively supported startups and SMEs<br />

by backing 43 funds that have, in turn,<br />

invested in over 700 businesses. <strong>The</strong><br />

subscription agreement for this new<br />

investment has already been executed.<br />

Nabeel Koshak, CEO and Board<br />

Member at SVC, highlighted the recent<br />

surge in the fintech sector, making it<br />

a prominent player in Saudi Arabia’s<br />

venture capital landscape, attributing<br />

this growth to various government<br />

initiatives, including the launch of a<br />

comprehensive fintech strategy in the<br />

country, which aims to significantly<br />

increase the number of fintech firms<br />

operating in Saudi Arabia by 2025.<br />

Astra Tech and Ant Group Unveil Cross-Border<br />

Digital Payments in UAE<br />

Astra Tech, a leading consumer<br />

technology holding group<br />

in the MENA region, has<br />

announced a groundbreaking<br />

partnership with Ant Group, one<br />

of the world’s largest digital payment<br />

platforms. This transformative collaboration<br />

will integrate Alipay+’s global<br />

cross-border digital payment and marketing<br />

solutions into the PayBy merchant<br />

network, encompassing nearly<br />

7,000 taxis in Abu Dhabi and over<br />

3,000 nationwide merchants. Commencing<br />

as soon as September, this<br />

integration aims to enable over 1.4 billion<br />

wallet users to conduct seamless<br />

transactions in the UAE directly from<br />

their home e-wallets, eliminating the<br />

need for currency conversion. Astra<br />

Tech becomes one of the first regional<br />

partners to launch Alipay+ solutions,<br />

enhancing its portfolio of innovative<br />

fintech offerings. This dynamic collaboration<br />

is poised to revolutionize the<br />

retail landscape in the UAE, providing<br />

an unprecedented seamless payment<br />

and digital marketing experience for<br />

international visitors.<br />

Saudi’s SAB Partners with<br />

Wise to Enhance International<br />

Money Transfers<br />

Saudi Awwal Bank (SAB) has joined<br />

forces with Wise Platform, forging<br />

an agreement to provide swift,<br />

secure, and cost-effective international<br />

money transfer solutions. This<br />

partnership aligns with SAB’s mission to<br />

advance the objectives of the financial<br />

sector development program in harmony<br />

with Saudi Vision 2030. By collaborating<br />

with Wise, the Saudi bank aims to bolster<br />

investment and reinforce its commitment<br />

to delivering cutting-edge banking solutions.<br />

Bandar Al Gheshayan, Chief of<br />

Wealth and personal Banking Officer at<br />

SAB, emphasised that this partnership<br />

empowers customers to conduct seamless<br />

international transfers and contributes to<br />

the evolution of the Kingdom’s financial<br />

sector through digital transformation. Steve<br />

Naudé, Head of Wise Platform, highlighted<br />

their goal of simplifying international<br />

payments and enabling SAB’s customers<br />

to access Wise’s innovative technology<br />

via the bank’s digital channels.<br />

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


Fintech Application<br />

TAMARA<br />

Founded in 2020, Tamara is a<br />

shopping and payment platform<br />

headquartered in Riyadh, Saudi<br />

Arabia, that has swiftly risen to prominence<br />

in the Middle Eastern financial<br />

technology landscape. Co-founded<br />

by Abdulmajeed Alsukhan, Turki Bin<br />

Zarah, and Abdulmohsen Al Babtain,<br />

Tamara offers a unique shopping and<br />

payments platform, with its flagship<br />

product being the Buy Now, Pay Later<br />

(BNPL) service.<br />

Tamara’s BNPL platform enables<br />

merchants to provide customers with<br />

flexible payment options, making purchases<br />

more accessible and affordable.<br />

This service is seamlessly integrated into<br />

online shopping experiences through<br />

APIs and plugins, allowing consumers<br />

to defer their payments and split them<br />

into manageable instalments. This<br />

approach has led to larger shopping<br />

baskets for consumers and boosted<br />

conversion rates while simultaneously<br />

reducing returns. Moreover, Tamara<br />

facilitates co-marketing efforts that<br />

grant businesses access to high-intent<br />

shoppers, thereby further enhancing<br />

their sales.<br />

In a relatively short time, Tamara<br />

has achieved remarkable growth. <strong>The</strong><br />

company boasts six million customers<br />

and partnerships with over 15,000<br />

merchants, which include globally<br />

recognized brands like Shein, Jarir,<br />

Noon, Ikea, and H&M, as well as local<br />

small and medium-sized enterprises.<br />

Its operations extend across key Middle<br />

Eastern markets, including Saudi<br />

Arabia, the United Arab Emirates,<br />

and Kuwait.<br />

Tamara’s financial journey has been<br />

impressive, with total funding of $366<br />

million in equity and debt secured since<br />

its inception. In March <strong>2023</strong>, the company<br />

raised an additional $150 million<br />

in a credit facility from Goldman Sachs,<br />

earmarked for meeting the surging<br />

demand for its BNPL product and<br />

expanding into new business verticals.<br />

One of the standout features of<br />

Tamara is its unwavering commitment<br />

to core principles: fairness, transparency,<br />

and seamlessness. <strong>The</strong>se<br />

values are at the heart of its product<br />

development, making Tamara a reliable<br />

and customer-centric platform in the<br />

financial sector often criticized for<br />

lacking these qualities.<br />

Tamara’s shariah-compliant foundation<br />

and dedication to social responsibility<br />

have further solidified its position<br />

as an industry trailblazer in the Middle<br />

East’s BNPL market. With substantial<br />

funding, a growing global presence, and<br />

an expanding customer base, Tamara is<br />

poised to continue making a significant<br />

impact on the financial services sector.<br />

Its unique vision and values, coupled<br />

with innovative BNPL solutions, are<br />

setting new standards for the industry<br />

in the Middle East and beyond.<br />

Availability: Google Play Store and<br />

Apple App Store<br />

Website: www.tamara.co/en/app<br />

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


BenQ W4000i<br />

BenQ W4000i 4K HDR 4LED<br />

home theatre projector marks<br />

the latest addition to BenQ’s<br />

esteemed home cinema collection.<br />

This projector incorporates advanced<br />

technologies, including BenQ’s exclusive<br />

100% DCI-P3 CinematicColor<br />

and HDR-PRO innovations, ensuring a<br />

genuine 4K image quality with precise<br />

HDR colour representation, promising<br />

a deeply immersive viewing experience.<br />

With its stunning 4K UHD resolution,<br />

remarkable 3200 lumens of brightness,<br />

and an outstanding 2,000,000:1 contrast<br />

ratio enhanced by advanced Dynamic<br />

Black algorithms, the W4000i is a true<br />

powerhouse in delivering top-tier visual<br />

performance. It offers support for various<br />

HDR formats such as HDR10, HDR10+,<br />

and HLG. Moreover, it comes meticulously<br />

factory-calibrated to faithfully<br />

reproduce magnificent CinematicColor<br />

visuals within both the 100% DCI-P3 and<br />

100% Rec.709 colour spaces.<br />

Key Highlights:<br />

• Comprehensive 100% DCI-P3 and<br />

100% Rec.709 colour space coverage<br />

• Impressive 3200lm brightness with<br />

HDR10 compatibility<br />

• Equipped with dual HDMI 2.0b (HDCP<br />

2.2), SPDIF, and eARC, providing support<br />

for 7.1 channel and Dolby Atmos<br />

audio pass-through.<br />

BenQ W4000i projector seamlessly<br />

blends exceptional image quality with<br />

user-friendly features, offering versatility<br />

that suits different room sizes, making<br />

it the ideal choice for dedicated home<br />

theatre fans.<br />

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


Business<br />

Digital Evolution: Navigating Business<br />

Process Modernization in the Tech Era<br />

In the ever-evolving landscape of the business world, adaptability and<br />

innovation have become the keys to success. As technology advances<br />

at a breakneck pace, organizations must embark on a digital evolution<br />

journey to remain competitive and relevant. This transformation, often<br />

referred to as business process modernization, involves reimagining<br />

and optimizing workflows, systems, and operations by integrating<br />

cutting-edge technology. This article explores the critical components<br />

of digital evolution, the Digital Triad (Digitization, Digitalization, and<br />

Digital Transformation), and provides insights into developing digital<br />

transformation strategies to modernize your business.<br />

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


Digital evolution is more than<br />

just a fancy word; it’s a strategic<br />

imperative. In today’s<br />

tech-driven world, organizations that<br />

resist change risk becoming obsolete.<br />

Modernizing your businesses in the<br />

tech era has become a necessity that<br />

comes with numerous advantages.<br />

A tech-driven approach to modifying<br />

your business will significantly<br />

improve operational efficiency. Automation,<br />

artificial intelligence (AI), and<br />

machine learning (ML) technologies<br />

can streamline repetitive tasks, reduce<br />

errors, and allow employees to focus<br />

on more value-added activities. This,<br />

in turn, leads to cost savings and increased<br />

productivity. It also enables<br />

businesses to meet and exceed rising<br />

customer expectations, stay competitive<br />

in a rapidly evolving market, and<br />

make data-driven decisions for more<br />

effective operations.<br />

Before diving into the strategies to<br />

evolve your business, let us decipher<br />

the critical components of digital<br />

evolution.<br />

Digitization:<br />

It is a fundamental step in a business’s<br />

digital journey, involving the<br />

conversion of analogue information<br />

into digital format. This includes converting<br />

paper documents into digital<br />

data simplifying storage, access, and<br />

analysis.<br />

Digitalization:<br />

It involves leveraging digitized data<br />

to enhance business processes<br />

by utilizing digital technologies to<br />

streamline workflows, reduce costs,<br />

and improve customer service. Digitalization<br />

goes beyond just technology;<br />

it involves a significant change in<br />

perspective that demands rethinking<br />

and revamping processes with a digital-first<br />

mindset.<br />

Digital Transformation:<br />

After preparing your mindset for<br />

business modernization, it’s time to<br />

integrate technology into all aspects<br />

of your operations; this stage is known<br />

as digital transformation. At this stage,<br />

your business will evolve digitally to<br />

better fulfil and operate according<br />

to customer needs. This transformation<br />

goes beyond simple process<br />

adjustments, instead concentrating<br />

on the development of innovative,<br />

digital-centric business models that<br />

involve doing things differently and<br />

<strong>The</strong>re is no alternative to digital<br />

transformation. Visionary<br />

companies will carve out new<br />

strategic options for themselves,<br />

those that don’t adapt will fail.<br />

embracing entirely new approaches.<br />

Creating a successful digital transformation<br />

strategy is a multi-step<br />

process that involves careful planning<br />

and execution. Following is a<br />

detailed navigation for modernizing<br />

your business process through small<br />

but powerful actions<br />

Assess and Define Goals:<br />

Start by assessing your company’s<br />

current processes, technologies, and<br />

business models. Identify areas for<br />

improvement, define your goals and<br />

target audience, map customer journeys<br />

and touchpoints, and evaluate<br />

the technology landscape for gaps and<br />

inefficiencies.<br />

Create a Business Modernization<br />

Team: Assemble a team with diverse<br />

skills, including IT experts, data analysts,<br />

and business strategists. This<br />

team will play a crucial role in implementing<br />

and managing your transformation<br />

initiatives.<br />

IT Modernization:<br />

Another significant step for your<br />

company’s digital evolution is its IT<br />

modernization. This will be done in<br />

four steps: First is the alignment of<br />

IT with business strategies within<br />

your company to understand the<br />

current state of its IT infrastructure<br />

and relate it to your future goals. <strong>The</strong><br />

next step is to simplify and optimize<br />

your IT environment by implementing<br />

lean processes and automation.<br />

<strong>The</strong> third step is to modernize your<br />

data and applications by adopting<br />

several services including cloud-based<br />

software-as-a-service (SaaS) operating<br />

models and launching agile DevSecOps<br />

processes. Lastly, it is recommended<br />

to operate a hybrid IT Environment.<br />

Pilot and Scale Start with smallscale<br />

pilot projects to test new technologies<br />

and processes. This allows<br />

you to identify any issues and refine<br />

your approach before scaling up. As<br />

you gain confidence in your digital<br />

evolution efforts, gradually expand<br />

them across the organization.<br />

Train and Educate:<br />

Invest in training and education<br />

for your employees to ensure they<br />

can effectively use new technologies<br />

and adapt to new processes. Change<br />

management is a vital component of<br />

successful digital evolution.<br />

Monitor and Iterate:<br />

Digital evolution is an ongoing<br />

process. Continuously monitor the<br />

performance of your new systems and<br />

processes, gather feedback, and make<br />

iterative improvements. Technology<br />

and market conditions will continue<br />

to change, so adaptability is key.<br />

<strong>The</strong> digital evolution journey is not<br />

an option; it’s a necessity for businesses<br />

to remain competitive and resilient.<br />

By understanding the Digital Triad,<br />

developing a practical digital transformation<br />

strategy, and embracing<br />

IT modernization, organizations can<br />

unlock their full potential in the digital<br />

age. It’s time to take action, adapt,<br />

and thrive in this ever-evolving digital<br />

landscape.<br />

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


Business News<br />

UAE’s Non-Oil Business Growth Slows in August, but Confidence Remains<br />

High<br />

In August, non-oil business growth<br />

in the United Arab Emirates showed<br />

signs of deceleration, marking<br />

its slowest pace in six months.<br />

However, there was a notable increase<br />

in business confidence, reaching its<br />

highest level since before the pandemic,<br />

according to a recent survey. <strong>The</strong> S&P<br />

Global UAE Purchasing Managers’<br />

Index (PMI), adjusted for seasonal<br />

variations, dipped to 55.0 in August,<br />

down from July’s 56.0. Although this<br />

was its lowest reading since February,<br />

it remained comfortably above the critical<br />

50.0 threshold, indicating ongoing<br />

activity growth. <strong>The</strong> output subindex,<br />

while still pointing to strong expansion,<br />

registered a decline to 61.9 in August,<br />

compared to the previous month’s 62.8,<br />

marking its lowest level since January.<br />

David Owen, a senior economist at S&P<br />

Global Market Intelligence, noted that<br />

while operating conditions maintained<br />

improvement in August, momentum<br />

has waned since the four-year peak<br />

observed in June.<br />

UAE’s Landmark Group<br />

Expanding with Hundreds<br />

of New Stores<br />

<strong>The</strong> Landmark Group in the<br />

UAE is experiencing a robust<br />

demand for physical retail<br />

and anticipates a significant<br />

expansion with the opening of hundreds<br />

of stores in the upcoming years.<br />

Kabir Lumba, the Chief Executive of<br />

Landmark Retail, revealed that they<br />

have been consistently launching 150<br />

stores annually, projecting an average<br />

of 200 to 250 store openings worldwide<br />

annually over the next three years.<br />

While focusing on brick-and-mortar<br />

growth, the company is also keenly<br />

invested in e-commerce, which presently<br />

contributes nearly 20 percent<br />

to their overall business. Founded by<br />

Micky Jagtiani in 1973, the Landmark<br />

Group has evolved into a prominent<br />

conglomerate in the Middle East and<br />

India, encompassing the retail and<br />

hospitality sectors.<br />

UAE Boosts ASEAN Ties at Jakarta Summit<br />

Dr Thani bin Ahmed Al-Zeyoudi,<br />

the UAE’s minister of state<br />

for foreign trade, led a delegation<br />

to the Association of<br />

South East Asian Nations Business and<br />

Investment Summit in Jakarta. This<br />

Dubai-based Fintech company<br />

Qashio has exciting news of<br />

a strategic partnership with<br />

Carasti, a prominent car subscription<br />

service in Dubai. Together,<br />

they aim to revolutionise the leasing<br />

landscape and elevate the corporate<br />

expense experience for UAE-based organisations.<br />

As more businesses explore<br />

alternative vehicle ownership methods,<br />

Qashio and Carasti have joined forces<br />

to introduce an innovative solution<br />

that not only streamlines leasing but<br />

also delivers immediate advantages to<br />

companies. Through this collaboration,<br />

anyone signing up for a vehicle leasing<br />

agreement with Carasti via Qashio’s<br />

Corporate Cards will receive instant<br />

annual economic policy forum involves<br />

heads of state, politicians, and corporate<br />

leaders discussing key issues in<br />

Southeast Asia. During a session titled<br />

“Innovation, Sustainability, and Prosperity:<br />

Strengthening the UAE-ASEAN<br />

Partnership,” Al-Zeyoudi emphasized<br />

the significance of ASEAN to the UAE’s<br />

foreign trade agenda. He highlighted<br />

Southeast Asian countries as natural<br />

trade and investment partners due to<br />

their pro-growth, pro-trade agendas,<br />

and pointed to opportunities in sectors<br />

like agriculture, renewable energy,<br />

advanced technology, logistics, and<br />

sustainable travel and tourism.<br />

Qashio and Carasti: Transforming Leasing and<br />

Business Expenses in the UAE<br />

cashback, highlighting both companies’<br />

commitment to providing tangible value<br />

to their clients.<br />

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


Abu Dhabi’s G42 Partners with Microsoft to Enhance UAE’s Cloud Infrastructure<br />

Abu Dhabi’s G42, an AI and<br />

cloud computing company,<br />

has unveiled the next phase of<br />

its strategic partnership with<br />

Microsoft, aiming to bolster the cloud<br />

and technology infrastructure in the<br />

UAE. Together, they plan to co-innovate<br />

and introduce advanced AI capabilities<br />

while expanding the existing data centre<br />

infrastructure in the Emirates. Peng<br />

Xiao, Group Chief Executive of G42,<br />

emphasized that this collaboration with<br />

Microsoft goes beyond technology; it’s<br />

UAE Company Acquires<br />

$625M Stake in Egyptian<br />

Tobacco Giant<br />

An investment firm from<br />

the United Arab Emirates<br />

has successfully acquired<br />

a significant 30% stake in<br />

Egypt’s largest tobacco company<br />

for a substantial sum of $625M. This<br />

transaction marks a significant step in<br />

Egypt’s ongoing effort to divest state<br />

assets and bolster its foreign currency<br />

reserves. <strong>The</strong> UAE-based firm, recognized<br />

by Egypt’s cabinet as Global<br />

Investment Holding Ltd., has also<br />

committed to providing an additional<br />

$150M to Eastern Company for the<br />

procurement of raw materials essential<br />

for its manufacturing processes. While<br />

the Egyptian government released this<br />

information on its Arabic-language<br />

Facebook page, it did not provide additional<br />

specifics regarding the investor.<br />

about establishing a comprehensive<br />

ecosystem for societal resilience and<br />

growth. By combining their expertise<br />

and forward-thinking approach, their<br />

goal is not only to transform industries<br />

but also to create positive economic<br />

opportunities and long-lasting impacts<br />

on the well-being of individuals, communities,<br />

and society as a whole. This<br />

development follows their announcement<br />

of intent to partner in April of<br />

the same year.<br />

UAE startups raise funding to expand to Saudi Arabia<br />

Transportr, a UAE-based digital<br />

logistics platform, has concluded<br />

its successful seed funding round<br />

with the participation of Ittihad<br />

Ventures Holding and Industrial Capital<br />

Group. Launched in 2020, Transportr acts<br />

as a digital freight marketplace, connecting<br />

shippers and carriers across industries<br />

for efficient and cost-effective goods<br />

transportation. <strong>The</strong> platform addresses<br />

concerns such as freight rates, manual<br />

<strong>The</strong> UAE government has introduced<br />

the Small Business<br />

Relief (SBR) to support small<br />

businesses in coping with corporate<br />

tax requirements. This privilege<br />

is exclusively accessible to resident taxable<br />

individuals or entities with a gross<br />

business income of up to AED 3M in the<br />

relevant tax period, including any prior<br />

tax periods ending on or before December<br />

31, 2026. <strong>The</strong> Federal Tax Authority<br />

(FTA) recently issued a comprehensive<br />

Corporate Tax Guide on Small Business<br />

processes, visibility, traceability, and<br />

customer service. <strong>The</strong> funding will drive<br />

Transportr’s growth in the UAE market<br />

and expand into Saudi Arabia, tapping into<br />

the thriving logistics sector. Transportr<br />

aims to be a one-stop digital solution,<br />

managing all supply chain activities<br />

with a focus on environmental, social,<br />

and governance factors, while offering<br />

benefits like cost savings, data analytics,<br />

and artificial intelligence to partners.<br />

UAE Corporate Tax Offers Relief and Simplified<br />

Returns for Small Businesses<br />

Relief (CTGSBR1) to provide clearer<br />

guidelines on how the UAE Corporate<br />

Tax Law applies to small businesses.<br />

As stipulated by Article 21 of the law, if<br />

a resident taxable entity’s gross income<br />

remains below the threshold set by the<br />

Minister (Dh3 million, established via<br />

Ministerial Decision No. 73 of <strong>2023</strong> issued<br />

on April 03, <strong>2023</strong>), in the current and past<br />

tax periods, the entity may choose not<br />

to be treated as having derived taxable<br />

income.<br />

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


Google Pixel 8 Pro<br />

Google has launched the company’s<br />

new high-end smartphone,<br />

Pixel 8 Pro.<strong>The</strong> device boasts a<br />

6.7-inch Super Actua display, offering<br />

the brightest display yet, ensuring that<br />

even in direct sunlight, your Ultra HDR<br />

images appear true to life.<br />

Pixel 8 Pro features a sleek design<br />

with a matte glass back and a polished<br />

aluminium frame, available in three<br />

stylish colours: Porcelain, Bay, and<br />

Obsidian.<br />

One standout feature is the inclusion<br />

of a new temperature sensor on the<br />

back, allowing users to quickly scan<br />

objects and determine their temperature.<br />

This versatile feature can be used for<br />

various tasks, from checking if your<br />

cooking pan is hot enough to ensure<br />

the baby’s bottle contains milk at the<br />

right temperature.<br />

<strong>The</strong> camera system on the Pixel 8 Pro<br />

has seen significant upgrades across<br />

the board. <strong>The</strong> main camera captures<br />

stunning photos and videos, even in lowlight<br />

conditions. <strong>The</strong> larger ultrawide<br />

lens enhances Macro Focus, while the<br />

telephoto lens captures 56% more light<br />

and takes 10x optical-quality photos.<br />

Additionally, the front-facing camera<br />

now features autofocus, ensuring the<br />

best possible selfies on a Pixel phone.<br />

Pixel 8 Pro offers Pro Controls for<br />

photography enthusiasts, granting users<br />

more creative control over the Pixel<br />

Camera. This includes settings like<br />

shutter speed, ISO adjustments, and<br />

the ability to capture 50 MP photos<br />

throughout the zoom range, offering<br />

endless possibilities for capturing the<br />

perfect shot. It also provides a unique<br />

AI feature that allows the user to edit<br />

pictures with AI commands.<br />

With its cutting-edge features and<br />

enhancements, Google Pixel 8 Pro is<br />

set to redefine the smartphone experience,<br />

delivering top-tier performance<br />

and versatility to users.<br />

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


WD Blue SN580 NVMe SSD<br />

Western Digital has introduced<br />

the WD Blue SN580 NVMe<br />

solid-state drive (SSD) to<br />

further enhance its acclaimed SSD lineup.<br />

Designed with creative enthusiasts<br />

and professionals in mind, this internal<br />

flash drive, operating on NVMe PCIe<br />

Gen 4.0, offers an excellent solution<br />

for upgrading current PCs or enhancing<br />

custom-built systems.<br />

WD Blue SN580 represents a pioneering<br />

addition to the WD Blue product range,<br />

introducing nCache 4.0 technology and<br />

NVMe PCIe Gen 4.0 capabilities.<br />

Key attributes of the WD Blue SN580<br />

NVMe SSD encompass:<br />

NVMe PCIe Gen 4.0:<br />

Facilitating enhanced productivity and<br />

seamless multitasking across intricate<br />

projects, the SSD boasts impressive<br />

read and write speeds of up to 4,150<br />

MB/s (for 1TB-2TB models).<br />

nCache 4.0 Technology:<br />

This innovation enables swift copying<br />

of substantial files and media assets,<br />

featuring high burst write performance<br />

and a hybrid SLC cache to optimize<br />

creator workflows.<br />

Sleek Design:<br />

<strong>The</strong> drive accommodates storage<br />

capacities of up to 2TB in a slim M.2<br />

2280 form factor, ensuring reliable storage<br />

for applications, data, and media,<br />

including high-resolution photos, 4K<br />

videos, and music.<br />

Reliability:<br />

Western Digital provides peace of<br />

mind with a 5-year limited warranty<br />

and a rating of up to 900TBW (for the<br />

2TB model).<br />

Low Power Requirements:<br />

With DRAM-less, low-power storage,<br />

users can seamlessly continue their<br />

creative endeavours without worrying<br />

about battery life.<br />

Pricing and Availability:<br />

WD Blue SN580 NVMe SSD is currently<br />

accessible for purchase through the<br />

Western Digital Store, select retailers,<br />

e-tailers, resellers, and system integrators.<br />

It comes with a 5-year limited<br />

warranty and is offered in capacities<br />

ranging from 250GB to 2TB, with prices<br />

starting at 165 AED in the UAE.<br />

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


Cover Story<br />

Revolutionizing the Region:<br />

Top Innovative Tech Startups Shaping<br />

MENA in <strong>2023</strong><br />

YAP, a digital banking app, is spearheading a financial<br />

revolution in the MENA region with its innovative approach<br />

to banking. By prioritizing a digital-first strategy, YAP has<br />

streamlined financial transactions, empowering users to<br />

conduct all their banking activities through their smartphones<br />

and computers. This approach not only aligns with the preferences<br />

of tech-savvy users but also extends financial services<br />

to a broader audience, promoting financial inclusion. YAP’s<br />

seamless user experience, advanced security measures, and<br />

innovative features like budgeting tools and expense tracking<br />

have set it apart in the market. Furthermore, its integration<br />

within the fintech ecosystem enhances the range of financial<br />

services available to users while reducing costs, making<br />

financial services more affordable and accessible. With its<br />

focus on personalization, financial literacy, and mobile payments,<br />

YAP is at the forefront of transforming traditional<br />

banking practices in MENA, bringing convenience, security,<br />

and financial empowerment to its users.<br />

Tarabut Gateway is a game-changer in the MENA region, as<br />

it ushers in a financial revolution through its open banking<br />

platform. By facilitating secure data sharing and collaboration<br />

among financial institutions and fintech companies, it creates<br />

an open banking ecosystem that enhances the customer experience<br />

and promotes innovation. This platform empowers<br />

consumers with a wide range of financial services, ensures<br />

stringent security measures and regulatory compliance, and<br />

encourages cost efficiency across the financial sector. Tarabut<br />

Gateway’s role in driving financial inclusion and seamlessly<br />

integrating with existing banking systems underscores its<br />

transformative impact on the region’s financial landscape,<br />

positioning it as a pioneering force in the evolution of banking<br />

and financial services.<br />

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


COFE, an online marketplace, is a transformative force in<br />

the MENA region’s e-commerce landscape. By embracing a<br />

unique and localized approach, COFE caters to the region’s<br />

rich coffee culture while championing local businesses, particularly<br />

coffee shops and cafes. This focus on supporting and<br />

promoting local enterprises sets it apart from conventional<br />

e-commerce platforms. COFE’s user-friendly mobile app simplifies<br />

the shopping experience, allowing coffee enthusiasts<br />

to easily explore menus, place orders, and make payments.<br />

<strong>The</strong> platform’s commitment to efficiency ensures that orders<br />

are swiftly delivered, aligning with the fast-paced lifestyle of<br />

urban consumers. Furthermore, COFE’s encouragement of<br />

digital payments enhances financial inclusivity and security.<br />

As it fosters a sense of community among coffee lovers, COFE<br />

not only transforms the way people shop for coffee-related<br />

products but also plays a pivotal role in the growth and<br />

sustainability of local businesses, all while celebrating the<br />

cultural significance of coffee in the region.<br />

Qashio, a spend management app, is at the forefront of<br />

revolutionizing financial management for businesses and<br />

individuals alike. With its user-friendly platform and robust<br />

features, Qashio simplifies expense tracking, providing<br />

real-time insights into spending patterns and automating<br />

time-consuming tasks. It empowers users to set and adhere to<br />

budgets, enhancing overall financial control. For businesses,<br />

Qashio streamlines expense reporting and integrates seamlessly<br />

with other financial tools, driving efficiency and transparency.<br />

Its data-driven approach offers actionable insights,<br />

enabling cost savings and better financial decision-making.<br />

Qashio’s commitment to security and compliance ensures the<br />

protection of sensitive financial data. Ultimately, Qashio is a<br />

game-changer, empowering users to manage their finances<br />

with ease, make informed financial choices, and achieve<br />

greater financial stability and success.<br />

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


Cover Story<br />

Rain, a crypto exchange platform, is transforming the MENA<br />

region’s financial landscape by introducing and democratizing<br />

cryptocurrencies. Its pioneering role in offering accessible<br />

and secure cryptocurrency trading has opened up new horizons<br />

for individuals and businesses alike. By emphasizing<br />

financial inclusion, transparency, and compliance with local<br />

regulations, Rain is not just making crypto accessible but also<br />

fostering trust in the emerging digital asset market. This commitment<br />

extends to educating users about cryptocurrencies<br />

and providing them with valuable market insights. With its<br />

regional focus, Rain recognizes the unique characteristics<br />

and preferences of the MENA region, making it an essential<br />

catalyst for the adoption of blockchain technology and digital<br />

assets in the region. Rain is not just a crypto exchange; it is<br />

a beacon of innovation, guiding the financial future of the<br />

MENA region into the digital era.<br />

Alma Health, a digital healthcare platform, is pioneering<br />

a healthcare transformation in the MENA region, leveraging<br />

advanced technology to reshape the way healthcare is accessed<br />

and delivered. With its focus on providing convenient and<br />

efficient healthcare services, Alma Health bridges the gap<br />

between patients and healthcare providers. It offers telemedicine<br />

consultations, remote monitoring, and streamlined<br />

appointment scheduling, making healthcare more accessible<br />

and responsive to individual needs. By incorporating<br />

electronic health records and data analytics, Alma Health<br />

empowers both patients and healthcare professionals with<br />

valuable insights for better-informed medical decisions. Its<br />

commitment to security and privacy ensures the protection<br />

of sensitive healthcare data, fostering trust in the platform.<br />

Alma Health is not just improving access to healthcare; it is<br />

enhancing the overall quality of healthcare services in the<br />

region, promoting better patient outcomes and a healthier<br />

population.<br />

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


Munjz, a proptech platform, stands as a trendsetter in<br />

the MENA region’s real estate landscape, orchestrating a<br />

profound transformation in property management practices.<br />

By offering a comprehensive suite of innovative solutions,<br />

Munjz simplifies and streamlines property management<br />

tasks for landlords and property managers. It empowers<br />

them with the tools to efficiently oversee rent collection,<br />

maintenance requests, tenant communications, and lease<br />

management, reducing operational complexities and cutting<br />

costs. Munjz’s tenant-centric approach enhances the overall<br />

tenant experience with features like digital rent payments,<br />

online lease agreements, and simplified maintenance coordination.<br />

Furthermore, its data-driven insights equip property<br />

professionals with valuable market information and property<br />

performance metrics, enabling them to make informed decisions.<br />

With a strong focus on sustainability and compliance,<br />

Munjz is revolutionizing property management by promoting<br />

transparency, efficiency, and environmental responsibility in<br />

the MENA real estate sector.<br />

Darent, a property management platform, stands as a<br />

beacon of transformation in the MENA region’s property<br />

management landscape. With an array of innovative solutions,<br />

Darent simplifies and streamlines property management<br />

for landlords and property managers, offering a centralized<br />

platform for tasks like rent collection, lease management,<br />

maintenance coordination, and tenant communication. This<br />

operational efficiency translates into substantial cost savings<br />

and improved profitability for property owners. Additionally,<br />

Darent’s commitment to enhancing the tenant experience<br />

through digital rent payments, online lease agreements, and<br />

streamlined communication channels fosters higher tenant<br />

satisfaction and lower turnover rates. By providing data-driven<br />

insights into market trends and property performance, Darent<br />

empowers property professionals to make well-informed decisions,<br />

while its maintenance management tools ensure timely<br />

property upkeep. With a focus on transparency, compliance,<br />

and sustainability, Darent is not just revolutionizing property<br />

management—it is shaping a more efficient, tenant-centric,<br />

and environmentally responsible future for property management<br />

in the MENA region.<br />

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


Cover Story<br />

Sila, an AI Consumer Intelligence platform, stands as a<br />

groundbreaking application that is reshaping the business<br />

landscape in the MENA region. By harnessing the power of<br />

advanced AI and data analytics, Sila empowers businesses<br />

to truly understand their customers in unprecedented ways.<br />

This deep insight into customer behaviour, preferences, and<br />

sentiment enables companies to personalize their products,<br />

services, and marketing efforts, fostering stronger customer<br />

loyalty and satisfaction. Sila’s real-time feedback mechanisms<br />

and predictive analytics further position businesses to stay<br />

agile and proactive in a rapidly changing market. Moreover,<br />

its commitment to data security and compliance ensures that<br />

customer information is protected, instilling trust in both<br />

consumers and businesses. Sila is not just a tool for gaining<br />

insights; it’s a catalyst for a customer-centric revolution, where<br />

data-driven decision-making leads to enhanced customer<br />

experiences and long-term business success.<br />

Huspy, a prop-tech platform, is in highlight for the real estate<br />

revolution in the MENA region, fundamentally transforming<br />

the property market with its innovative approach to property<br />

technology. By providing a seamless, transparent, and efficient<br />

platform for buying, selling, and managing properties, Huspy<br />

streamlines the real estate transaction process. This digital<br />

ecosystem offers real-time market insights, virtual property<br />

tours, and secure financial transactions, ensuring convenience<br />

and trust for both buyers and sellers. Huspy’s commitment<br />

to transparency and efficiency is not only changing how<br />

real estate transactions occur but also shaping the future of<br />

property management. With its emphasis on sustainable and<br />

eco-friendly property options, Huspy is paving the way for<br />

a more responsible and forward-thinking approach to real<br />

estate. In doing so, it is revolutionizing the MENA real estate<br />

industry, making property transactions more accessible,<br />

secure, and environmentally conscious.<br />

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


Foodics, a restaurant tech and payments platform, stands as<br />

a pioneering force in the MENA region’s restaurant industry,<br />

orchestrating a transformative revolution that redefines how<br />

restaurants operate and how customers experience dining.<br />

By offering an integrated system that streamlines order management,<br />

provides dynamic digital menus, and encourages<br />

contactless payments, Foodics is at the forefront of adapting<br />

to changing consumer preferences and industry trends. Its<br />

data-driven insights empower restaurants to understand<br />

their customers better, tailor their offerings, and create<br />

more personalized dining experiences. From efficient table<br />

management to real-time kitchen displays, Foodics enhances<br />

restaurant efficiency while maintaining a sharp focus on health<br />

and safety, especially in today’s context. Foodics is not just a<br />

tech platform; it’s a catalyst for a modern dining experience,<br />

where convenience, efficiency, and customer satisfaction<br />

take centre stage, propelling the restaurant industry into a<br />

digital and customer-centric era.<br />

Starzplay, a video streaming service, is a trailblazer in the<br />

MENA region’s entertainment landscape, driving a transformative<br />

shift in how people consume content. With its vast<br />

and diverse content library, including original productions,<br />

Starzplay caters to the varied tastes and preferences of its<br />

viewers. Its on-demand viewing feature empowers users to<br />

watch their favourite shows and movies on their own terms,<br />

breaking free from traditional broadcast schedules. <strong>The</strong> platform’s<br />

accessibility across multiple devices and languages<br />

ensures that entertainment knows no boundaries, fostering<br />

inclusivity in a culturally diverse region. Starzplay’s commitment<br />

to continuous content updates, affordable subscriptions,<br />

and features like offline viewing and parental controls further<br />

enhance its appeal. As a pioneer in the region’s streaming<br />

industry, Starzplay is not just a source of entertainment but<br />

a catalyst for cultural exchange, creativity, and connectivity,<br />

making it a cornerstone of modern entertainment in the<br />

MENA region.<br />

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


Cover Story<br />

Unifonic, a communication platform, is at the forefront of<br />

transforming how businesses in the MENA region engage with<br />

their customers. With its multi-channel approach, businesses<br />

can connect with their audience through SMS, voice messages,<br />

WhatsApp, and more, meeting customers where they<br />

are. Unifonic’s automation tools streamline communication<br />

processes, delivering personalized messages and notifications<br />

efficiently. Its commitment to customer engagement,<br />

international reach, and data security sets a new standard<br />

for effective and reliable communication solutions. Through<br />

API integration, data analytics, and real-time capabilities,<br />

Unifonic empowers businesses to not only communicate<br />

effectively but also measure and improve their communication<br />

strategies. In an era where seamless and meaningful<br />

customer interactions are essential, Unifonic is leading the<br />

charge, making communication a powerful tool for fostering<br />

customer loyalty, driving business growth, and building trust<br />

in the MENA region’s business landscape.<br />

Qlub, a QR-code checkout solutions app, stands as a pioneering<br />

force in revolutionizing the way businesses handle payments<br />

and streamlining the customer checkout experience across<br />

the MENA region. By offering contactless payment options<br />

through QR codes, Qlub aligns perfectly with the evolving<br />

preference for touchless transactions, ensuring the health<br />

and safety of both customers and businesses. Its simplicity<br />

and speed in the checkout process not only enhance the<br />

overall customer experience but also significantly reduce wait<br />

times, fostering greater customer satisfaction. Additionally,<br />

by eliminating the need for traditional POS hardware and<br />

integrating seamlessly with existing systems, Qlub delivers<br />

cost savings and operational efficiency to businesses of all<br />

sizes. With features like inventory management, data insights,<br />

and security measures, Qlub is not merely a payment solution<br />

but a catalyst for modernizing and streamlining the payment<br />

landscape in the MENA region, ultimately helping businesses<br />

thrive in the ever-evolving digital economy.<br />

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


Lyve, an AI & SaaS logistics delivery platform, is a true<br />

game-changer in the MENA region’s logistics and delivery<br />

landscape. Leveraging the power of advanced AI, Lyve optimizes<br />

delivery routes with unmatched efficiency, reducing<br />

costs and ensuring packages reach their destinations swiftly.<br />

Real-time tracking and transparent communication with<br />

customers redefine the delivery experience, fostering trust<br />

and satisfaction. Specializing in the crucial last-mile delivery,<br />

Lyve addresses one of the most challenging aspects of logistics,<br />

making it a valuable ally for businesses of all sizes. Its<br />

data-driven approach, scalable solutions, and sustainability<br />

initiatives position it as a catalyst for modernizing the logistics<br />

industry. By providing actionable insights, optimizing supply<br />

chains, and enhancing the overall customer experience, Lyve<br />

is not just a logistics platform; it’s a driving force behind the<br />

transformation of delivery services, aligning them with the<br />

demands of today’s digital economy.<br />

Grizzly, a liquidity mining app, stands as a pioneering force<br />

in revolutionizing the world of decentralized finance (DeFi)<br />

and cryptocurrency. By introducing innovative incentives for<br />

liquidity provision, Grizzly empowers users to actively participate<br />

in the DeFi ecosystem, contributing to its growth and<br />

liquidity while earning rewards in the process. Its commitment<br />

to community governance amplifies the democratic nature<br />

of DeFi, allowing users to have a say in platform decisions.<br />

Grizzly’s emphasis on accessibility means that users can engage<br />

with DeFi services without the need for intermediaries,<br />

making financial services more inclusive and accessible to<br />

a global audience. As a catalyst for DeFi ecosystem growth<br />

and a promoter of token utility, Grizzly is a cornerstone of<br />

the rapidly evolving cryptocurrency landscape, reshaping<br />

how individuals interact with and benefit from blockchain<br />

networks.<br />

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


Cover Story<br />

Baraka, a stock and ETF investment platform, stands as a<br />

transformative force in the MENA region’s financial landscape,<br />

reshaping how individuals invest, diversify their portfolios, and<br />

participate in global markets. By offering access to a broad<br />

spectrum of global stocks and ETFs, Baraka democratizes<br />

investment opportunities, enabling users to seize global market<br />

potential with ease. Its user-friendly interface, fractional share<br />

options, and educational resources make investing accessible<br />

to all, breaking down the traditional barriers to entry in<br />

finance. Baraka’s commitment to low costs and community<br />

engagement further fosters financial inclusivity, empowering<br />

individuals to make informed investment decisions and<br />

connect with a vibrant community of investors. As a catalyst<br />

for financial literacy and global investment, Baraka is paving<br />

the way for a more accessible and interconnected future of<br />

wealth management in the MENA region.<br />

Quint, a cryptocurrency and NFT trading app, is an innovator<br />

in the rapidly evolving landscape of digital assets, leading a<br />

transformative revolution that is changing how individuals<br />

trade, invest, and interact with blockchain-based assets. By<br />

offering a diverse array of cryptocurrencies and NFTs, Quint<br />

provides users with a gateway to the global digital asset market,<br />

fostering accessibility and diversification. Its commitment<br />

to security ensures that users can engage in trading and<br />

investing with confidence, while the user-friendly interface<br />

simplifies the complex world of cryptocurrencies and NFTs.<br />

Quint’s contribution to liquidity, educational resources, and<br />

community engagement not only empowers traders but also<br />

fuels the growth of the broader digital asset ecosystem. As<br />

a catalyst for financial inclusivity and innovation, Quint is<br />

shaping the future of finance, where digital assets take center<br />

stage in a more accessible, secure, and interconnected<br />

financial world.<br />

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


Numi, a Social Metaverse platform, is a trailblazer in revolutionizing<br />

the way individuals connect and interact in virtual<br />

worlds. By seamlessly integrating various virtual environments,<br />

Numi fosters a metaverse where users can explore, interact,<br />

and build their digital identities across different digital realms.<br />

Its provision for realistic avatars and customization allows<br />

users to express themselves in virtual spaces authentically.<br />

Numi’s emphasis on social interaction, content creation,<br />

and immersive experiences is redefining how users engage<br />

with the metaverse, creating a dynamic and vibrant digital<br />

society. With its virtual economy, cross-platform accessibility,<br />

and reputation systems, Numi is pioneering the future<br />

of social interaction, commerce, and digital identity in the<br />

metaverse. Numi is not just a platform; it’s a catalyst for the<br />

metamorphosis of social interaction and personal expression<br />

in a digital world that knows no boundaries.<br />

Pemo, a cloud-based accounting and spend management<br />

solutions app, is leading the charge in revolutionizing how<br />

businesses navigate their financial landscape. By automating<br />

expense tracking and providing real-time financial insights,<br />

Pemo empowers businesses to stay on top of their financial<br />

health effortlessly. Its streamlined approval workflows and<br />

cloud-based accessibility enhance efficiency, whether in the<br />

office or remotely. Pemo’s commitment to integration with<br />

other business tools and robust security measures ensures<br />

a seamless and secure financial management experience.<br />

Scalable to meet the needs of businesses of all sizes, Pemo<br />

is not just a tool for expense management; it’s a catalyst for<br />

financial efficiency and cost control, positioning businesses<br />

to thrive in an ever-evolving financial world. In an era where<br />

data-driven decision-making and financial transparency are<br />

paramount, Pemo is reshaping the financial management<br />

landscape, empowering businesses to make smarter financial<br />

choices and achieve sustained growth and success.<br />

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


Wheels<br />

Specifications<br />

Torque: 610 Nm<br />

Horsepower:500 Hp<br />

Acceleration: 0 to 60mph in under 5.7s<br />

Battery Capacity: 102 kWh<br />

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


Cadillac Lyriq Al Awael<br />

<strong>The</strong> 2024 Cadillac Lyriq Al Awael<br />

is an electric vehicle that comes<br />

equipped with an Ultium EV<br />

12-module 102 kWh battery pack,<br />

offering a power output of 500<br />

horsepower and 610 Nm of torque. It<br />

also features an all-wheel drive system,<br />

which contributes to the car’s handling<br />

and trailering capabilities.<br />

To cater to various road conditions,<br />

the Lyriq provides different driving<br />

modes, including Tour, Sport, Snow/<br />

Ice, and My Mode. Additionally, it<br />

incorporates regenerative braking for<br />

a smoother ride experience.<br />

Charging the Lyriq is convenient, as<br />

it can be charged at home or at public<br />

DC fast charge stations, public charging<br />

units, and industry-level 2 charging<br />

units. It offers a range of 494 km on a<br />

full charge and can gain up to 125 km<br />

of range in just ten minutes.<br />

In terms of design, the Lyriq features a<br />

sleek Celestial Metallic armour exterior,<br />

a distinctive black-coloured car grille,<br />

and dark-colored accent finishes on the<br />

body and wheels. Practicality meets<br />

aesthetics with a discreetly integrated<br />

charging port that emerges when the<br />

Cadillac crest is pressed on the port<br />

door. LED taillights enhance the rear<br />

profile of the Lyriq.<br />

Safety is a key focus for the Cadillac<br />

Lyriq, with a range of standard features<br />

offered through the Cadillac Smart<br />

System, including automatic emergency<br />

braking, front pedestrian braking,<br />

forward collision alert, safety alert<br />

seat, rear seat reminder, rear park<br />

assist, HD rear vision camera, Teen-<br />

Driver designated key fob and vehicle<br />

diagnostics. Furthermore, the Lyriq<br />

includes other advanced safety features<br />

like front and rear park assist, enhanced<br />

automatic parking assist, intersection<br />

automatic emergency braking, adaptive<br />

cruise control, front pedestrian and<br />

bicyclist braking, side bicyclist alert,<br />

and blind zone steering assist. <strong>The</strong><br />

Cadillac Lyriq Al Awael combines<br />

advanced technology, performance,<br />

and safety to provide a well-rounded<br />

electric vehicle option.<br />

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


Start-up<br />

Unleashing AI Innovation: Exploring the<br />

Landscape of Startups in UAE<br />

Introduction: In recent years, the United Arab Emirates (UAE) has surged as a<br />

dynamic hub for technological innovation, especially in Artificial Intelligence<br />

(AI). This burgeoning AI startup ecosystem in the UAE has drawn both<br />

domestic and international investors, researchers, and industry enthusiasts.<br />

Within this context, this exploration delves into remarkable startups like<br />

Fluid, Nybl, and Xpence, which are pushing the boundaries of AI technology<br />

and establishing new benchmarks for innovation in the region.<br />

FluidAi<br />

Ahmed W Ismail,<br />

CEO<br />

FluidAI, under the leadership<br />

of CEO Ahmed W Ismail, has<br />

revolutionized the landscape<br />

of tokenized market access within<br />

the digital asset industry. Focused on<br />

addressing the inefficiencies plaguing<br />

crypto markets, FluidAI harnesses the<br />

power of predictive AI-based models<br />

to tackle issues like high volatility,<br />

large price slippages, market manipulation<br />

vulnerability, and flash crashes.<br />

At the core of FluidAI’s innovative<br />

approach lies a proprietary AI-driven<br />

liquidity infrastructure that leverages<br />

predictive modeling with an astounding<br />

95% accuracy rate. Developed in<br />

collaboration with esteemed academics<br />

from institutions such as Imperial<br />

College London and the Blekinge<br />

Institute of Technology, this AI model<br />

provides invaluable insights into<br />

two critical aspects of digital asset<br />

markets: predicted price and margin<br />

of error.<br />

FluidAI further enhances its offerings<br />

with a Smart Order Router,<br />

empowered by ultra-low latency technology,<br />

ensuring seamless connectivity<br />

with major exchanges to hedge exposures<br />

and enhance liquidity.<br />

FluidAI’s commitment to providing<br />

institutional-grade solutions is evident<br />

in its comprehensive pre-trade,<br />

in-trade, and post-trade analytics.<br />

This suite of services ensures optimal<br />

execution for trades of all sizes,<br />

whether large, medium, or small, and<br />

offers users access to deep liquidity<br />

consolidated from the most liquid<br />

CEXs and DEXs.<br />

To further enhance the user experience,<br />

FluidAI has forged partnerships<br />

with liquidity providers and market-makers,<br />

enabling the platform to<br />

offer ultra-low fees. This, coupled with<br />

staking and rewards programs, trading<br />

fee discounts, access to FluidAI’s<br />

proprietary AI price-prediction model,<br />

and the ability to follow and interact<br />

with top traders within the FluidAI<br />

network, positions the platform as<br />

a leader in making tokenized market<br />

access more efficient and accessible<br />

for institutions, trading platforms, and<br />

retail investors alike.<br />

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


Nybl<br />

Nybl, under the leadership of<br />

CEO Noor Alnahhas, stands as<br />

a pioneering force in the world<br />

of AI. <strong>The</strong>ir platform is a beacon of<br />

innovation, offering a knowledge-driven<br />

machine-learning solution that<br />

possesses the unique ability to transform<br />

vast reservoirs of underutilized<br />

data into actionable intelligence. What<br />

sets Nybl apart is their departure from<br />

traditional methods; they’ve eschewed<br />

training data in favour of turnkey<br />

intelligence rooted in subject-matter<br />

expertise and established data<br />

behaviour models. Nybl’s brilliance<br />

knows no bounds; it’s been meticulously<br />

designed to expand limitlessly,<br />

without constraints tied to industry,<br />

application, or hardware.<br />

<strong>The</strong> platform’s track record<br />

speaks volumes, with governments,<br />

multinational corporations, and national<br />

oil companies alike relying<br />

on Nybl for its suite of products like<br />

asset.ai, factory.ai, lift.ai, supplychain.<br />

ai, and anything.ai. <strong>The</strong>se products<br />

cover a wide spectrum, from managing<br />

assets and production processes to<br />

optimizing oil wells and supply chains,<br />

making Nybl an indispensable ally in<br />

the pursuit of data-driven excellence.<br />

Nybl forged a global partnership<br />

with Lenovo, the world’s fourth-largest<br />

PC maker, as announced at the Gitex<br />

Global event. This collaboration seamlessly<br />

integrated Lenovo’s cutting-edge<br />

Edge AI servers with Nybl’s powerful<br />

software, bringing Nybl closer to its<br />

goal of constructing a comprehensive<br />

end-to-end AI ecosystem. This ecosystem<br />

empowers users to effortlessly<br />

connect to and analyze extensive<br />

Noor Alnahhas,<br />

CEO<br />

datasets in real-time, eliminating the<br />

need for coding or reliance on historical<br />

training data, marking a noteworthy<br />

achievement in the field of AI.<br />

Xpence<br />

Saad Ansari,<br />

CEO<br />

Xpence, under the leadership of<br />

CEO Saad Ansari, is making<br />

significant strides in reshaping<br />

the landscape of business expense<br />

management. As the first-of-its-kind<br />

platform in the region, Xpence caters<br />

to a wide spectrum of users, ranging<br />

from freelancers to established<br />

corporate entities. Its core offering<br />

revolves around an integrated payment<br />

card solution designed to streamline<br />

and modernize expense tracking and<br />

management.<br />

At the heart of Xpence’s value proposition<br />

are its versatile spending cards,<br />

available in both physical and virtual<br />

forms. <strong>The</strong>se cards empower teams<br />

to monitor expenses in real-time,<br />

providing a comprehensive view of<br />

financial activities. A standout feature<br />

is the platform’s automated bookkeeping<br />

functionality, which categorizes<br />

transactions instantaneously.<br />

This eliminates the need for arduous<br />

and time-consuming manual expense<br />

reporting. Moreover, users can conveniently<br />

attach receipts and notes<br />

to transactions, ensuring meticulous<br />

record-keeping.<br />

One of Xpence’s distinctive<br />

strengths lies in its flexibility and<br />

control. Users can establish custom<br />

rules and controls for each card,<br />

allowing for precise management of<br />

spending limits and usage parameters.<br />

This level of granularity simplifies<br />

oversight and ensures adherence to<br />

budgetary guidelines. Furthermore,<br />

Xpence expedites decision-making<br />

through real-time approvals, providing<br />

a seamless workflow for managing<br />

expenses.<br />

Xpence’s global acceptance ensures<br />

that its cards can be utilized anywhere<br />

around the world, making it a valuable<br />

asset for businesses with international<br />

operations. By offering an integrated<br />

prepaid Visa card, Xpence empowers<br />

business owners and their employees<br />

to navigate the often complex world<br />

of expense management with ease.<br />

Currently operational in the United<br />

Arab Emirates and Bahrain, Xpence is<br />

poised for expansion into new markets,<br />

including Saudi Arabia, Egypt,<br />

Pakistan, Kuwait, Oman, and Qatar. As<br />

it continues to redefine smart business<br />

spending, Xpence promises to simplify<br />

and enhance the financial management<br />

landscape for a broader audience.<br />

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


Energy<br />

UAE’s Leadership in Global Energy<br />

Transition Efforts<br />

<strong>The</strong> United Arab Emirates (UAE) is emerging as a global leader in the transition<br />

to clean and sustainable energy sources, with a strong focus on solar energy and<br />

hydrogen production. A recent report published by the Energy Institute Statistical<br />

Review of <strong>World</strong> Energy highlights the UAE’s remarkable achievements in<br />

solar energy utilization, positioning it among the world’s leaders in this field.<br />

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


<strong>The</strong> UAE’s impressive strides in<br />

solar energy can be attributed<br />

to the visionary leadership of<br />

the country. <strong>The</strong> government has embarked<br />

on a bold and ambitious mission<br />

to harness solar power, making<br />

significant investments to ensure its<br />

success. Currently, the UAE ranks as<br />

the sixth-highest per capita consumer<br />

of solar energy globally, a testament to<br />

its commitment to clean energy.<br />

At the heart of the UAE’s solar endeavours<br />

are several mega projects,<br />

including Shams, Noor Abu Dhabi, and<br />

Al Dhafra in Abu Dhabi. Additionally,<br />

the UAE boasts the world’s largest single-site<br />

solar project, the Mohammed<br />

bin Rashid Al Maktoum Solar Park in<br />

Dubai. <strong>The</strong>se initiatives have not only<br />

contributed to the nation’s energy<br />

needs but have also set an example<br />

for others to follow.<br />

A critical player in the UAE’s clean<br />

energy journey is Masdar, the country’s<br />

leading renewable energy company.<br />

Masdar has been instrumental in collaborating<br />

with both government and<br />

private sector partners to expand the<br />

UAE’s solar capacity. <strong>The</strong>ir dedication<br />

to sustainability aligns perfectly with<br />

the UAE’s vision for a cleaner and<br />

greener future.<br />

<strong>The</strong> UAE’s commitment to the global<br />

energy transition is further evidenced<br />

by its role as the host of COP28,<br />

scheduled to be held at Expo City<br />

Dubai from November 30 to December<br />

12. This premier climate conference<br />

will bring together over 70,000 participants,<br />

including heads of state,<br />

government officials, industry leaders,<br />

and experts. <strong>The</strong> UAE aims to leverage<br />

this platform to accelerate its efforts<br />

towards a net-zero future.<br />

Recently, at the G20 energy ministers<br />

meeting in Goa, India, <strong>The</strong><br />

Minister of Energy and Infrastructure,<br />

Suhail bin Mohammed al-Mazrouei,<br />

outlined the UAE’s ambitious goals<br />

in clean energy. <strong>The</strong> country is on a<br />

mission to triple its renewable energy<br />

capacity and double hydrogen<br />

production by 2030. <strong>The</strong>se initiatives<br />

align with the objectives of the Paris<br />

Agreement, and the UAE is committed<br />

to reducing emissions by 43 percent by<br />

the same year.<br />

Hydrogen, often considered a climate-friendly<br />

energy source, holds<br />

immense potential. <strong>The</strong> UAE is strategically<br />

positioning itself to be a<br />

major player in the global hydrogen<br />

economy by developing supply chains<br />

and research centres.<br />

<strong>The</strong> UAE’s commitment to clean<br />

energy is a top priority, as it seeks to<br />

achieve net-zero emissions by 2050.<br />

<strong>The</strong> country’s strategies, including the<br />

updated UAE Energy Strategy 2050<br />

and the National Hydrogen Strategy,<br />

represent significant investments<br />

totalling AED 200B ($54B) by 2030.<br />

<strong>The</strong>se initiatives will propel the UAE<br />

to the forefront of the global energy<br />

transition, with a target of reducing<br />

carbon emissions by 40 percent by the<br />

end of this decade.<br />

Recognizing the urgency of the<br />

climate crisis, the UAE is actively engaging<br />

with international partners to<br />

drive global clean energy initiatives.<br />

Hosting the International Solar Alliance<br />

meeting in Abu Dhabi is just one<br />

example of the country’s commitment<br />

to collaborating with other nations to<br />

accelerate the adoption of clean energy<br />

solutions. <strong>The</strong> UAE acknowledges<br />

that achieving the Paris Agreement’s<br />

goals requires a rapid and substantial<br />

increase in renewable energy capacity,<br />

energy efficiency, and clean hydrogen<br />

production. To this end, it calls upon<br />

industry partners to join in this collective<br />

effort and invest in sustainable<br />

solutions.<br />

As the UAE continues to lead the<br />

way in global energy transition efforts,<br />

it is setting an example for nations<br />

worldwide. Its ambitious targets, investments,<br />

and collaborations demonstrate<br />

a clear path forward in the fight<br />

against climate change. <strong>The</strong> nation’s<br />

dedication to a cleaner, greener future<br />

extends beyond its borders, making it<br />

a global champion for sustainability.<br />

As we look to a world that urgently<br />

needs to reduce its carbon footprint,<br />

the UAE’s leadership serves as an<br />

inspiring beacon of hope, showing<br />

that with determination and visionary<br />

<strong>The</strong> nation’s<br />

dedication<br />

to a cleaner,<br />

greener future<br />

extends beyond<br />

its borders,<br />

making it<br />

a global<br />

champion for<br />

sustainability.<br />

leadership, we can transition to a<br />

more sustainable and environmentally<br />

responsible future. <strong>The</strong> global community<br />

must rally behind such efforts and<br />

work together to address the pressing<br />

challenges of our time.<br />

<strong>The</strong> UAE’s leadership in global<br />

energy transition efforts is evident<br />

through its remarkable achievements<br />

in solar energy utilization, hydrogen<br />

production plans, and commitment to<br />

international climate initiatives like<br />

COP28. As the world faces increasing<br />

environmental challenges, the UAE<br />

is emerging as a beacon of hope and<br />

inspiration, demonstrating that a sustainable<br />

and clean energy future is not<br />

only achievable but also essential for<br />

the well-being of our planet.<br />

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


Energy News<br />

Masdar and Africa50 Join Forces to Boost Clean Energy in Africa<br />

Abu Dhabi’s clean energy leader,<br />

Masdar, has formed a strategic<br />

partnership with Africa50, an<br />

investment platform, with<br />

the primary goal of identifying and<br />

expanding clean energy projects across<br />

the African continent. Through this<br />

collaboration, Masdar has committed<br />

to closing the infrastructure funding<br />

gap and facilitating the mobilization<br />

of both public and private financial<br />

resources. Dr. Sultan Al Jaber, Cop28<br />

President-designate and Chairman of<br />

Masdar, expressed the significance of<br />

this partnership in fostering an inclusive,<br />

equitable, and environmentally<br />

just transition. He stressed the urgent<br />

need to address the climate finance<br />

disparity, particularly affecting the<br />

global south, and called for a united<br />

effort between the public and private<br />

sectors to ensure widespread access<br />

to clean energy throughout Africa,<br />

aligning with Africa50’s core mission.<br />

ADNOC Gas Secures<br />

Supply Agreement<br />

with PetroChina<br />

International<br />

ADNOC Gas has entered into a<br />

significant agreement for liquefied<br />

natural gas (LNG) supply<br />

to PetroChina International<br />

Company Limited (PCI), a subsidiary<br />

of China’s major oil and gas player,<br />

PetroChina Company Limited. <strong>The</strong> deal<br />

is valued between $450M and $550M.<br />

This partnership highlights ADNOC Gas’<br />

expanding global reach, particularly<br />

in the rapidly growing East and South<br />

Asian markets. Natural gas is pivotal as<br />

a cleaner transitional fuel, emitting fewer<br />

carbon emissions than other fossil fuels,<br />

aligning with ADNOC Gas’ commitment<br />

to ensuring reliable global supply. CEO<br />

Ahmed Mohamed Alebri emphasized the<br />

importance of this LNG supply deal in<br />

strengthening their presence in one of<br />

the world’s fastest-growing gas markets,<br />

further solidifying ADNOC Gas’ role as<br />

a major LNG supplier in East and South<br />

Asia and beyond.<br />

UAE Joins Global Push to Triple Nuclear<br />

Capacity by 2050<br />

<strong>The</strong> UAE has joined a global<br />

effort to triple nuclear capacity<br />

by 2050, a call led by the <strong>World</strong><br />

Nuclear Association (WNA)<br />

and the Emirates Nuclear Energy Corporation<br />

(ENEC), with support from the<br />

International Atomic Energy Agency’s<br />

(IAEA) Atoms4NetZero initiative. This<br />

ambitious initiative seeks extensive<br />

collaboration among governments,<br />

industry leaders, and civil society to<br />

expand nuclear capacity significantly,<br />

aiming to achieve carbon neutrality by<br />

2050. <strong>The</strong> call for rapid deployment of<br />

nuclear technologies was made during<br />

the launch of “Net Zero Nuclear” at the<br />

<strong>World</strong> Nuclear Symposium in London.<br />

Sheikh Mohammed Witnesses <strong>World</strong>’s Largest<br />

Solar Park Partnership<br />

His Highness Sheikh Mohammed<br />

bin Rashid Al Maktoum,<br />

the Vice President and Prime<br />

Minister of the UAE and Ruler<br />

of Dubai, presided over the signing<br />

of a significant agreement between<br />

the Dubai Electricity and Water Authority<br />

(DEWA) and Masdar, the Abu<br />

Dhabi Future Energy Company PJSC.<br />

This agreement marks a pivotal step<br />

toward the construction and operation<br />

of the sixth phase of the Mohammed<br />

bin Rashid Al Maktoum Solar Park.<br />

This phase, set to become the largest<br />

single-site solar park globally, will<br />

boast a remarkable capacity of 1,800<br />

megawatts (MW) and is estimated to<br />

cost AED 5.5B. <strong>The</strong> signing ceremony<br />

was attended by prominent UAE figures,<br />

including Sheikh Mansour bin Zayed<br />

Al Nahyan, Sheikh Saif bin Zayed Al<br />

Nahyan, Sheikh Abdullah bin Zayed Al<br />

Nahyan, and Mohammad bin Abdullah<br />

Al Gergawi.<br />

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


ADNOC Completes Investment in Habshan Carbon Capture Project<br />

ADNOC Group, committed to<br />

achieving Net Zero by 2045,<br />

has unveiled its investment<br />

in the Habshan Carbon Capture,<br />

Utilisation, and Storage (CCUS)<br />

project, one of the largest initiatives of<br />

its kind in the Middle East and North<br />

Africa (MENA) region. This project<br />

will possess the capacity to capture<br />

and store 1.5 million tonnes per annum<br />

(mtpa) of carbon dioxide (CO2)<br />

deep underground within geological<br />

formations. Expanding ADNOC’s carbon<br />

capture capabilities to 2.3 mtpa,<br />

equivalent to removing over half a<br />

million gasoline-powered cars from<br />

the roads annually, this project is part<br />

of the company’s $15B investment in<br />

low-carbon solutions. ADNOC Gas will<br />

oversee the construction, operation, and<br />

maintenance, which will include carbon<br />

capture units, pipeline infrastructure,<br />

and CO2 injection wells.<br />

Saudi Arabia and Russia Extend Production Cuts<br />

Amid Rising Oil Prices<br />

Global oil prices surged, reaching<br />

a ten-month high, with<br />

Brent oil surpassing $90 a<br />

barrel for the first time in<br />

<strong>2023</strong>, driven by concerns about supply<br />

shortages. <strong>The</strong> rally followed Saudi<br />

Arabia and Russia’s joint announcement<br />

of extending voluntary production cuts<br />

for an additional three months until<br />

December. U.S. crude surged by 1.9<br />

percent to $87.56 a barrel, the highest<br />

since November 2022, while Brent<br />

oil soared by 2.1 percent to $90.72 a<br />

barrel, also marking its highest point<br />

since November 2022. Saudi Arabia’s<br />

extension of voluntary production cuts,<br />

in addition to OPEC+ cuts initiated<br />

last April, and Russia’s commitment<br />

to reducing oil exports by 300,000<br />

barrels per day until year-end, further<br />

contributed to the price rally.<br />

India’s L&T Preferred for Saudi Aramco’s $2.9B<br />

Jafurah Gas Project<br />

Indian infrastructure firm Larsen<br />

& Toubro (L&T) has reportedly<br />

secured a $2.9B contract from<br />

Saudi Aramco for part of the Jafurah<br />

unconventional gas development<br />

project. L&T is said to be one of the<br />

selected contractors for one of the<br />

five main engineering, procurement,<br />

and construction (EPC) packages in<br />

the estimated $10B second expansion<br />

phase of the Jafurah project. Although<br />

Aramco has issued letters of intent to the<br />

contractors, the company has not officially<br />

commented on this information.<br />

<strong>The</strong> specific EPC package assigned to<br />

L&T involves the gas processing plant<br />

and main process units, advancing<br />

the significant Jafurah basin project<br />

in Saudi Arabia’s Eastern Province,<br />

which is home to one of the Middle<br />

East’s largest liquid-rich shale gas<br />

reserves, estimated at 200T cubic feet<br />

of gas in place.<br />

DEWA’s Massive Hatta<br />

Water Reservoir Reaches<br />

90% Completion<br />

<strong>The</strong> Dubai Electricity and Water<br />

Authority (DEWA) has<br />

announced that it has reached<br />

89.42% completion on its 30<br />

million imperial gallons (MIG) water<br />

reservoir project in Hatta. <strong>The</strong> project,<br />

with an estimated cost of AED 86M<br />

($23.4M), involves constructing two<br />

reservoirs with a combined storage<br />

capacity of 30 million gallons of desalinated<br />

water, along with supporting<br />

buildings and pipeline extensions.<br />

Structural foundation work for all<br />

facilities and reservoirs is now 100%<br />

complete, above-ground work stands at<br />

92% completion, and nearly 99% of the<br />

pipes have been laid. <strong>The</strong> reservoir is<br />

set to become operational in the fourth<br />

quarter of this year, contributing to<br />

Hatta’s comprehensive development<br />

plan and creating job opportunities<br />

in the region.<br />

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


Wheels<br />

Specifications<br />

Horse Power: 235 Hp<br />

Torque: 350 Nm<br />

Acceleration: 0 to 100 km/h in 7.7 seconds<br />

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


Geely Monjaro<br />

Geely Auto introduces the<br />

Monjaro, a milestone in their<br />

lineup as their most advanced<br />

SUV yet. This meticulously crafted<br />

vehicle is loaded with industry-leading<br />

features, including the innovative<br />

Highway Assisted Driving system<br />

that actively monitors the road and<br />

autonomously changes lanes. Equipped<br />

with a powerful 4-cylinder, 2.0-litre<br />

turbo engine producing 175kW (235hp)<br />

and 350Nm of torque via an 8-speed<br />

automatic transmission, the Monjaro<br />

combines performance with efficiency.<br />

Built on the CMA platform, it boasts<br />

strong proportions with a wide 1610mm<br />

wheel track and a spacious 2845mm<br />

wheelbase. <strong>The</strong> exterior design exudes<br />

rugged yet refined aesthetics, leaving a<br />

lasting impression. Inside, the Monjaro<br />

seamlessly blends Eastern and Western<br />

styling, focusing on details such as<br />

premium materials and intricate<br />

weaving inspired by Chinese elements<br />

like classical knots.<br />

<strong>The</strong> cabin features a panoramic<br />

integrated cockpit with three screens<br />

for an immersive experience. It also<br />

includes a 10-speaker BOSE premium<br />

sound system, advanced noise reduction<br />

technology, and customizable ambient<br />

lighting for a luxurious experience.<br />

Monjaro comes equipped with<br />

BorgWarner’s advanced four-wheel-drive<br />

system, offering various driving modes<br />

to tackle diverse terrains. <strong>The</strong> vehicle<br />

accelerates from 0-100km/h in just<br />

7.7 seconds, powered by a joint<br />

development from Volvo and Geely,<br />

a 2.0L turbo direct injection engine.<br />

Safety is a top priority, with features<br />

like blind spot warning, forward collision<br />

alert, and a 540° Transparent Chassis for<br />

added confidence during challenging<br />

driving situations. Geely’s Monjaro<br />

blends sophistication, technology, and<br />

safety to redefine the SUV experience.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 47


Healthcare<br />

Health Tech Innovations: <strong>The</strong> Future of<br />

Medical Technology<br />

<strong>The</strong> United Arab Emirates has consistently been recognized for its rapid<br />

transformation, and healthcare is no exception in this regard. <strong>The</strong><br />

country’s sustained efforts to introduce technological advancements<br />

in the sector have earned it a top-ranking position among all GCC<br />

countries for having the best healthcare system, placing it in the top 50<br />

globally. It has emerged as a regional healthcare innovation hub, fostering<br />

ideas, partnerships, and collaborations through premier healthcare<br />

conferences and events, catalyzing growth and development in<br />

the industry. This article explores how telemedicine and Artificial Intelligence<br />

are shaping the future of medical technology and medical<br />

tourism in the UAE.<br />

48 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


According to reports Dubai’s<br />

healthcare market will be a<br />

key in driving Middle East and<br />

North Africa healthcare growth from<br />

$144 billion in 2020 to $243 billion by<br />

<strong>2023</strong>. In February <strong>2023</strong>, Emirate Health<br />

Services (EHS) in the UAE unveiled<br />

its <strong>2023</strong>-2026 innovation strategy, prioritizing<br />

sustainability in healthcare<br />

innovations. Telemedicine and Artificial<br />

intelligence are at the forefront<br />

of brightening the future of medical<br />

technology in the UAE.<br />

Artificial Intelligence<br />

<strong>The</strong> UAE’s commitment to enhancing<br />

medical technology has resulted in the<br />

integration of artificial intelligence in<br />

different ongoing projects including<br />

telemedicine, wearable gadgets, and<br />

smart clinics. <strong>The</strong> future of artificial<br />

intelligence is nothing but bright and<br />

full of opportunities for the nation’s<br />

health, economy, and world prominence.<br />

Several initiatives have been taken<br />

by both the government and private<br />

sectors to innovate health technology,<br />

including the development of Dubai<br />

Health Innovation Center which serves<br />

as a platform for developing and testing<br />

new healthcare technologies, including<br />

AI-powered solutions.<br />

Partnerships<br />

Apart from this Mohamed bin Zayed<br />

University of Artificial Intelligence (MB-<br />

ZUAI) of UAE is also taking potential<br />

steps in shaping the future of AI by<br />

collaborating on upcoming projects<br />

three such collaborations include<br />

Biocomputing Innovation Research<br />

Lab<br />

MBZUAI announced a pioneering MoU<br />

with BioMap, a super-scale AI-powered<br />

life science platform. Together,<br />

they will establish a groundbreaking<br />

biocomputing innovation research lab,<br />

marking a unique initiative in the Middle<br />

East. <strong>The</strong> collaboration focuses<br />

on AI-generated proteins (AIGP) to<br />

address regional healthcare needs,<br />

driving innovation in protein generation,<br />

structure prediction, and cell function<br />

prediction, reshaping the landscape of<br />

biocomputing innovation in life science.<br />

Digital <strong>The</strong>rapeutics<br />

MBZUAI and IBT joined forces in a<br />

five-year research and development<br />

collaboration. <strong>The</strong>y established a joint<br />

research lab with a mission: to leverage<br />

From<br />

telemedicine<br />

and remote<br />

monitoring<br />

to artificial<br />

intelligence (AI)<br />

and predictive<br />

analytics, the<br />

healthcare<br />

industry<br />

will undergo<br />

transformations<br />

through<br />

previously<br />

unimaginable<br />

technology.<br />

the power of AI technologies for the<br />

development of personalized digital<br />

therapeutics aimed at improving human<br />

brain health. This partnership<br />

collaborates IBT’s expertise in digital<br />

therapeutics development and commercialization<br />

with MBZUAI’s deep<br />

knowledge of artificial intelligence.<br />

Together, they share the common goal<br />

of revolutionizing treatments for brain<br />

and mental disorders, making significant<br />

progress in the future of digital<br />

therapeutics.<br />

Bio AI Center<br />

MBZUAI and Quris-AI partnered to<br />

establish a cutting-edge bio-AI centre<br />

in Abu Dhabi, poised to revolutionize<br />

medication development with a focus<br />

on personalized drugs for the diverse<br />

MENA region. Quris-AI, the world’s<br />

first bio-AI clinical prediction platform,<br />

conducts groundbreaking drug trials<br />

on miniaturized ‘patients-on-a-chip,’<br />

accelerating bio-AI advancements and<br />

reshaping pharmaceutical innovation.<br />

Medical AI Market Analysis<br />

<strong>The</strong> UAE Artificial Intelligence (AI)<br />

In Healthcare Market is projected to<br />

grow from $0.04 Bn in 2022 to $0.72 Bn<br />

by 2030, registering a CAGR of 46.22%<br />

during the forecast period of 2022-2030.<br />

As the UAE’s AI in Healthcare Market<br />

continues its remarkable growth, this<br />

presents a compelling opportunity for<br />

forward-thinking investors to explore<br />

the promising landscape of AI-driven<br />

healthcare innovations.<br />

Virtual Reality<br />

<strong>The</strong> UAE’s Vision 2071, aimed at becoming<br />

the best country in the world,<br />

prioritizes healthcare by promoting<br />

medical tourism and innovations in<br />

medical technology, with virtual reality<br />

being one of the approaches that support<br />

this vision. <strong>The</strong> primary feature of<br />

including virtual reality is to generate<br />

empathy, UAE has been taking innovative<br />

steps to integrate VR in healthcare.<br />

VR- Based Rehabilitation<br />

Recently, <strong>The</strong> Ministry of Health and<br />

Prevention (MoHAP) in the UAE has<br />

announced plans to implement VR-based<br />

rehabilitation in physiotherapy for patients<br />

recovering from strokes, those<br />

dealing with balance disorders, and<br />

children with developmental conditions<br />

such as cerebral palsy and Parkinson’s<br />

syndrome.<br />

Virtual Reality Market Analysis<br />

<strong>The</strong> market for Virtual Reality (VR)<br />

applications is set to expand significantly,<br />

with projections indicating growth from<br />

$3.11 billion in <strong>2023</strong> to a substantial<br />

$25.22 billion by 2030, demonstrating<br />

a remarkable CAGR of 34.9%.<br />

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

to healthcare innovation is propelling<br />

it towards a future of cutting-edge<br />

medical technology and transformative<br />

enhancing the potential of investments<br />

in the healthcare sector. With pioneering<br />

initiatives, strategic partnerships, and<br />

impressive market projections, the<br />

UAE is poised to redefine healthcare<br />

on a global scale.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 49


Merger & Acquisitions<br />

Tech M&A Boom in the Middle<br />

East: Reshaping Industries Through<br />

Technological Acquisitions<br />

<strong>The</strong> Middle East region, known for its oil-rich economies and rapid modernization,<br />

is currently experiencing a significant surge in technology mergers and<br />

acquisitions (M&A). <strong>The</strong> PcW latest annual CEO Survey report notified that<br />

84% of Middle Eastern respondents are interested in investing in automation<br />

processes and systems, whereas 66% mentioned their interest in deploying cloud<br />

technology, artificial intelligence, and other advanced technology in operations.<br />

This boom in tech M&A activity is reshaping industries across the Middle East as<br />

companies strive to stay ahead in the digital age.<br />

50 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


<strong>The</strong> Middle East region continues to<br />

flourish the mergers and acquisitions<br />

values after Q1 <strong>2023</strong>. <strong>The</strong> EY<br />

MENA M&A Insights report highlighted<br />

a 42% surge in the total value of M&A as<br />

compared to the Q1 of 2022. <strong>The</strong> report<br />

also mentioned that a total of 165 deals<br />

worth US $25.8b were made during the<br />

first quarter and that the UAE ranked<br />

as the highest deal maker in the region<br />

by locking 42 deals worth US$2.0b. <strong>The</strong><br />

sectoral analysis of the report stated that<br />

the technology sector led domestic market<br />

deals with 19 transactions totalling $461<br />

million, while the fintech and e-commerce<br />

forward-looking approach within the<br />

fintech landscape.<br />

In May <strong>2023</strong>, Al Jabeer Technology<br />

successfully acquired Ledgerblock International<br />

Technology for expansion.<br />

This move signified a significant investment<br />

in blockchain’s potential and the<br />

promising LBVV coin and allowed AL<br />

Jabeer to offer cutting-edge blockchain<br />

solutions, positioning itself as a major<br />

player in the evolving industry. Adding<br />

to the excitement is the recent launch<br />

of LEDGERBLOCK’s LBVV Coin, valued<br />

at USDT 0.33 cents on May 18th, <strong>2023</strong>,<br />

Macnica, a powerhouse with a global<br />

presence and a focus on cutting-edge<br />

technologies, including AI, IIoT, cybersecurity,<br />

and more, is set to expand its<br />

footprint into the Middle East, Turkey, and<br />

Africa. This strategic partnership brings<br />

together Macnica’s extensive Japanese<br />

technology expertise and professional<br />

services with CyberKnight’s Zero Trust<br />

Security specialization and deep Middle<br />

East experience. Headquartered in<br />

Dubai, CyberKnight has rapidly become<br />

a cybersecurity leader in the region,<br />

boasting a vast network of partners<br />

and clients across sectors like banking,<br />

Investor interest focused mainly on cybersecurity, cloud<br />

computing, fintech and e-commerce, clearly indicating the<br />

segments that are poised to shape the future of the industry<br />

sectors also saw significant activity.<br />

<strong>The</strong> Tech M&A boom in MENA is not<br />

just about big numbers and high-value<br />

deals; it represents a transformative wave<br />

that is reshaping industries, fostering innovation,<br />

and creating new opportunities.<br />

As companies in the region continue to<br />

invest in technology, they are positioning<br />

themselves for future growth and success<br />

in an increasingly digital world. Some of<br />

the recent mergers that are dedicated to<br />

reshaping their industry are as follows<br />

NymCard recognized as a pioneer in<br />

payment infrastructure within the ME-<br />

NA region, has recently completed its<br />

acquisition of Spotii, a prominent Buy<br />

Now, Pay Later (BNPL) firm. This strategic<br />

collaboration reflected NymCard’s<br />

commitment to delivering pioneering<br />

solutions to its financial services clientele.<br />

Specifically tailored to meet the unique<br />

requirements of local markets, it marks a<br />

substantial stride in democratizing BNPL<br />

services across the region, signifying a<br />

signaling the beginning of an exciting<br />

journey in AL Jabeer’s technological<br />

pursuits.<br />

<strong>The</strong> acquisition of Adfolks by Zain<br />

through its enterprise unit, ZainTech,<br />

is poised to be a game-changer in the<br />

tech industry, catalyzing transformation<br />

and innovation. Adfolks, with its strong<br />

emphasis on cloud solutions and its<br />

valuable partnerships with tech giants<br />

like Microsoft and AWS, brings a wealth<br />

of expertise in cloud infrastructure,<br />

data analytics, cybersecurity, automation,<br />

and machine learning to the table.<br />

This strategic merger is set to enhance<br />

ZainTech’s cloud portfolio significantly,<br />

positioning it at the forefront of cloudbased<br />

technologies.<br />

In a move that promises to revolutionize<br />

the tech landscape, Macnica, Inc., a<br />

global value-added distributor (VAD)<br />

and solution provider, has announced<br />

its intent to acquire a majority stake in<br />

Cyber Knight Technologies (CyberKnight).<br />

telecom, energy, and government. As<br />

these two industry titans join forces,<br />

the tech industry can anticipate a surge<br />

in innovation, portfolio enhancement,<br />

and strengthened vendor relationships<br />

that will shape the future of technology<br />

in the Middle East and beyond.<br />

<strong>The</strong> tech M&A boom in the Middle East<br />

is transforming the region’s business<br />

landscape at an exceptional rate. As<br />

companies race to acquire technology<br />

and innovation, they are not only driving<br />

economic diversification but also<br />

positioning themselves as global players<br />

in various industries. This trend is reshaping<br />

the Middle East into a dynamic<br />

hub for technology and innovation, and<br />

its impact will likely be felt for years to<br />

come. As the Middle East continues its<br />

journey towards a more digitally-driven<br />

future, the tech M&A boom will remain a<br />

defining feature of the region’s evolving<br />

business landscape.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 51


Merger and Acquisition News<br />

Aldar Estates Expands Portfolio with FAB Properties Acquisition<br />

Aldar Estates, the largest integrated<br />

property and facilities<br />

management company in the<br />

region, has expanded its operations<br />

by acquiring FAB Properties, a<br />

UAE-based property management services<br />

provider. This acquisition adds 22,000<br />

residential units across 600 properties to<br />

Aldar Estates’ growing portfolio in the<br />

UAE. Combined with the recent merger<br />

with Eltizam Asset Management Group,<br />

Aldar Estates now manages a total of<br />

157,000 residential units, prime retail<br />

and commercial spaces spanning over<br />

1 million gross leasable area (GLA), and<br />

facilities management contracts worth<br />

around AED 2.5B. <strong>The</strong> transaction,<br />

pending regulatory approvals, is expected<br />

to provide a steady stream of recurring<br />

income due to FAB Properties’ strong<br />

occupancy and financial performance.<br />

Wego Acquires<br />

Travelstop for Business<br />

Travel Expansion<br />

Wego, the largest online<br />

travel marketplace in the<br />

Middle East and North<br />

Africa (MENA), has acquired<br />

Travelstop, a platform simplifying business<br />

travel and expense management globally.<br />

This strategic move enables Wego to<br />

expand into the business travel sector.<br />

Additionally, Travelstop gains access to<br />

Wego’s regional network and industry<br />

knowledge, facilitating growth and<br />

improved services for its customers.<br />

Wego is renowned for innovation and<br />

exceptional travel experiences, while<br />

Travelstop has transformed business<br />

travel with its modern platform. Together,<br />

they aim to revolutionize corporate travel<br />

management and contribute to the growth<br />

of the travel industry in the Middle East<br />

and Asia-Pacific regions, streamlining<br />

processes for companies of all sizes.<br />

Dubai’s Sukoon Acquires Chubb Tempest’s UAE<br />

Life Insurance Portfolio<br />

Dubai’s Sukoon, formerly<br />

known as Oman Insurance,<br />

has completed the acquisition<br />

of Chubb Tempest Life<br />

Reinsurance’s life insurance portfolio<br />

in the UAE. This strategic move,<br />

involving unit-linked life insurance<br />

and protection policies, aligns with<br />

Sukoon’s goal to strengthen its market<br />

presence. <strong>The</strong> agreement was signed<br />

on August 24, pending regulatory approvals.<br />

Sukoon reassured existing<br />

Chubb Tempest policyholders that<br />

their policies will remain unaffected,<br />

emphasizing a smooth transition and<br />

continued access to insurance services<br />

and systems. Emmanuel Deschamps,<br />

head of individual life and workplace<br />

savings at Sukoon, sees this acquisition<br />

as a means to “accelerate” portfolio<br />

expansion, aligning with the company’s<br />

strategic objectives.<br />

NMC Announces Share Purchase Deal and<br />

Secures $93.3M Loan<br />

National Medical Care Company<br />

(NMC) has entered into<br />

a share purchase agreement<br />

with Saudi Medical Care<br />

Group, aiming to fully acquire Chronic<br />

Care Specialized Medical Hospital<br />

Company for SAR 193.21M. However,<br />

the completion of the transaction is<br />

pending regulatory approvals. <strong>The</strong><br />

purchase price will be covered through<br />

cash from internal sources and bank<br />

loans. This move aligns with NMC’s<br />

investment strategy, focusing on expanding<br />

its presence in the health<br />

services sector and capitalizing on<br />

growth opportunities within the market.<br />

Additionally, NMC secured a SAR<br />

350M loan from Gulf International Bank<br />

(GIB), split into a SAR 100M revolving<br />

loan and a SAR 250M long-term loan<br />

for ten years, featuring a one-year<br />

grace period.<br />

52 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Emirati Company Acquires 30% Stake in Egypt’s Eastern Co.<br />

Global Investment Holding<br />

Co. from the UAE has agreed<br />

to purchase a 30% stake in<br />

Eastern Co., Egypt’s primary<br />

tobacco product manufacturer, for<br />

$625M. This move aims to increase<br />

private sector involvement in Egypt’s<br />

economy. <strong>The</strong> sale will reduce the<br />

state-owned Holding Company for<br />

Chemical Industries’ stake in Eastern<br />

to 20.95%, providing momentum to<br />

Egypt’s privatisation efforts. As part<br />

of the agreement, Global Investment<br />

will contribute $150M for tobacco<br />

procurement, though it’s unclear if this<br />

is in addition to the $625M purchase<br />

price. Egyptian Prime Minister Mostafa<br />

Madbouly and ministers attended the<br />

signing ceremony, highlighting the<br />

government’s commitment to encouraging<br />

private investment across sectors.<br />

SABIC to Sell Steel<br />

Unit Hadeed to PIF for<br />

$3.3B<br />

Saudi Basic Industries Corp (SAB-<br />

IC) has reached an agreement<br />

to sell its subsidiary, Saudi Iron<br />

and Steel Company (Hadeed),<br />

to the Public Investment Fund (PIF)<br />

for an enterprise value of 12.5B riyals<br />

($3.33B). <strong>The</strong> transaction is set to be<br />

completed before the end of the first<br />

quarter of 2024. Proceeds from the<br />

sale will support SABIC’s growth in<br />

the chemicals industry. <strong>The</strong> final sale<br />

price will be disclosed closer to the<br />

closing date. Hadeed has been a significant<br />

player in the construction of<br />

Saudi Arabia’s infrastructure projects,<br />

aligning with the nation’s Vision 2030<br />

economic transformation plan led by<br />

PIF. SABIC anticipates a non-cash<br />

loss of between 2 to 2.5B riyals in Q3<br />

earnings due to the fair valuation of<br />

Hadeed’s net assets.<br />

STC Group to Become Top Shareholder in Telefonica<br />

with 9.9% Stake<br />

Saudi Arabia’s STC Group has<br />

acquired a 9.9% stake in Telefonica<br />

valued at 2.1B euros<br />

($2.25B), positioning itself as<br />

the top shareholder in the Spanish<br />

telecom giant. This holding comprises<br />

4.9% of Telefonica’s shares and an additional<br />

5% economic exposure through<br />

financial instruments. STC intends to<br />

secure voting rights for the 5% held<br />

through these instruments upon regulatory<br />

approvals. STC’s CEO, Olayan<br />

Alwetaid, views this investment as an<br />

attractive opportunity to leverage their<br />

strong balance sheet while maintaining<br />

their dividend policy, emphasizing they<br />

have no intention to gain “control or a<br />

majority stake.” Telefonica acknowledged<br />

the investment as “friendly.” <strong>The</strong><br />

position was built with the assistance<br />

of Morgan Stanley, with Linklaters and<br />

Allen & Overy acting as legal advisers.<br />

UAE’s Multiply Group Acquires 55% Majority Stake<br />

in Media 247<br />

Multiply Group has successfully<br />

acquired a 55%<br />

majority stake in Media<br />

247, a prominent outdoor<br />

advertising company in the UAE, for<br />

AED 225M. This strategic move, subject<br />

to regulatory approvals, builds upon<br />

Multiply Group’s intent announced in<br />

April <strong>2023</strong>. <strong>The</strong> acquisition price was<br />

adjusted due to Media 247’s strong<br />

financial performance, surpassing<br />

revenue and profitability targets by<br />

approximately 10% and 37%, respectively,<br />

in the first half of <strong>2023</strong>. Media 247’s<br />

extensive portfolio of premium outdoor<br />

hoardings and other offerings across<br />

Dubai strengthens Multiply Group’s<br />

position in the media and advertising<br />

sector. <strong>The</strong> company’s resilience, particularly<br />

during challenging times like<br />

the pandemic, underscores the value<br />

of this investment.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 53


Cryptocurrency<br />

Decentralized Exchanges: A New Era of<br />

Trading Cryptocurrencies<br />

Cryptocurrency trading has seen remarkable innovation in recent years,<br />

with decentralized exchanges, or DEXs, emerging as a revolutionary force in<br />

the world of digital assets. <strong>The</strong>se peer-to-peer marketplaces have reshaped<br />

how individuals trade cryptocurrencies, offering a level of autonomy and<br />

privacy that was previously unimaginable. In this article, we delve into the<br />

world of decentralized exchanges, exploring their workings, benefits, and<br />

their role in shaping the future of crypto trading.<br />

54 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


DEXs operate on the principles of decentralization<br />

and blockchain technology<br />

Decentralized exchanges,<br />

commonly known as DEXs,<br />

represent a fundamental<br />

departure from the traditional<br />

model of centralized exchanges.<br />

In a centralized exchange, like the<br />

ones most of us are familiar with, a<br />

third-party entity plays the role of an<br />

intermediary that oversees and facilitates<br />

transactions. Users must trust<br />

this intermediary with their funds and<br />

personal information, which can be a<br />

cause for concern in an industry that<br />

values privacy and security.<br />

DEXs, on the other hand, leverage<br />

blockchain technology and smart<br />

contracts to enable peer-to-peer trading<br />

of cryptocurrencies. <strong>The</strong>se smart<br />

contracts are self-executing agreements<br />

written in code, ensuring that trades<br />

are executed automatically without<br />

the need for a central authority. This<br />

approach eliminates the need for users<br />

to relinquish control of their funds to<br />

an exchange, a game-changing shift in<br />

the crypto landscape.<br />

This commitment to user privacy and<br />

autonomy has resonated with a growing<br />

segment of the crypto community.<br />

For those who value their financial<br />

independence and privacy, DEXs have<br />

emerged as an attractive alternative to<br />

centralized exchanges.<br />

Additionally, DEX aggregators and<br />

wallet extensions have further accelerated<br />

the growth of decentralized<br />

platforms. <strong>The</strong>se tools optimize token<br />

prices, swap fees, and slippage, ultimately<br />

offering users a superior trading<br />

experience. <strong>The</strong> result is a thriving<br />

ecosystem of DEXs that can compete<br />

with centralized counterparts in terms<br />

of usability and efficiency.<br />

To appreciate the significance of<br />

DEXs, it’s important to understand<br />

the fundamental differences between<br />

centralized and decentralized exchanges.<br />

Centralized exchanges (CEXs) are<br />

operated by centralized organizations,<br />

often resembling traditional financial<br />

institutions in their structure and operations.<br />

<strong>The</strong>se exchanges custody of<br />

users’ funds, provide security and offer<br />

a user-friendly trading experience. Some<br />

even provide insurance to safeguard<br />

deposited assets.<br />

In contrast, DEXs operate on the<br />

principles of decentralization and<br />

blockchain technology. Traders interact<br />

directly with smart contracts on the<br />

blockchain, eliminating the need for<br />

intermediaries. While this grants users<br />

full control over their funds, it also<br />

means that they bear the responsibility<br />

for safeguarding their assets, including<br />

private keys.<br />

<strong>The</strong> evolution of crypto exchanges<br />

is a dynamic interplay between centralized<br />

and decentralized models.<br />

Centralized exchanges have dominated<br />

the cryptocurrency landscape due to<br />

their user-friendly interfaces and regulatory<br />

compliance. However, growing<br />

concerns over privacy, security, and<br />

centralization have paved the way for<br />

the rise of DEXs.<br />

<strong>The</strong> turning point came when regulatory<br />

pressures forced centralized<br />

exchanges to implement Know Your<br />

Customer (KYC) and Anti-Money Laundering<br />

(AML) policies. In response,<br />

DEXs like EtherDelta and IDEX gained<br />

traction as privacy-conscious traders<br />

sought alternatives.<br />

<strong>The</strong> explosive growth of Initial Coin<br />

Offerings (ICOs) in 2017 further underscored<br />

the need for user-centric solutions.<br />

Although centralized exchanges<br />

like Binance and Bitfinex remained<br />

popular, individual traders increasingly<br />

prioritized KYC-free, non-custodial<br />

options. This culminated in the DeFi<br />

boom of 2020-2021, with decentralized<br />

finance platforms locking in billions of<br />

dollars in assets.<br />

However, the DeFi space faced<br />

its own set of challenges, including<br />

security breaches. This prompted the<br />

exploration of hybrid exchange models<br />

that combine the security measures<br />

of centralized exchanges with the<br />

censorship resistance of DEXs.<br />

Decentralized exchanges have ushered<br />

in a new era of cryptocurrency trading,<br />

where individuals have unprecedented<br />

control over their assets and privacy.<br />

As they continue to evolve and address<br />

challenges, DEXs are poised to play an<br />

increasingly central role in the crypto<br />

ecosystem.<br />

<strong>The</strong> emergence of hybrid exchange<br />

models, such as semi-centralized<br />

platforms, demonstrates the ongoing<br />

convergence of centralized and decentralized<br />

principles. <strong>The</strong>se models aim<br />

to offer users the best of both worlds,<br />

providing a secure and user-friendly<br />

trading experience while respecting<br />

the ethos of decentralization.<br />

In conclusion, decentralized exchanges<br />

represent a profound shift<br />

in how cryptocurrencies are traded.<br />

<strong>The</strong>ir commitment to user autonomy,<br />

privacy, and security has resonated<br />

with a growing community of crypto<br />

enthusiasts. While centralized exchanges<br />

remain a dominant force, DEXs<br />

are here to stay, shaping the future of<br />

cryptocurrency trading and the broader<br />

financial landscape.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 55


Real Estate<br />

Dubai’s Luxury Real Estate Market: Emerging<br />

Trends and Amenities<br />

Dubai’s luxury real estate market has become a global phenomenon,<br />

experiencing an astonishing surge in demand that has captivated<br />

investors and high-net-worth individuals worldwide. This remarkable<br />

boom in Dubai’s high-end property market is not merely a stroke of luck;<br />

it’s the result of a meticulously crafted legal framework that ensures<br />

transparency, safeguards investments, and promotes responsible real<br />

estate transactions. As we delve into the trends and statistics of <strong>2023</strong>,<br />

it becomes evident that Dubai’s luxury real estate sector is entering an<br />

era of unprecedented growth and transformation.<br />

56 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Dubai’s allure as a real estate investment<br />

destination extends beyond just the financial<br />

aspects.<br />

<strong>The</strong> year <strong>2023</strong> is poised to be<br />

a historic one for Dubai’s<br />

residential sector. In the first<br />

half of the year alone, an astounding<br />

57,700 units were transacted<br />

across the city, marking a 12% increase<br />

compared to the second half of 2022<br />

and a staggering 44% rise compared<br />

to the first half of 2022 in a report<br />

by Savills. This level of activity is<br />

unprecedented, eclipsing the average<br />

of 18,700 units sold during the first six<br />

months of each year between 2013 and<br />

2018 by an impressive 209%.<br />

Of these transactions, 46,100 were<br />

apartments, and 11,600 were villas,<br />

setting a new record for half-yearly<br />

transactions in Dubai. Such figures<br />

are a testament to the enduring allure<br />

of the city’s luxury real estate market.<br />

Interestingly, despite higher lending<br />

rates, demand sentiment remains<br />

robust. However, the market has<br />

witnessed a slight uptick in off-plan<br />

property purchases, with approximately<br />

53% of units sold in the first<br />

half of <strong>2023</strong> falling into this category.<br />

This shift suggests that buyers are<br />

increasingly inclined to delay committing<br />

to higher lending rates. It is also<br />

indicative of a surge in new project<br />

launches, which saw a remarkable<br />

increase to 27,900 units during this<br />

period, compared to 24,900 units in<br />

the entirety of 2022.<br />

Dubai’s luxury real estate landscape<br />

is witnessing a clear divide<br />

between upcoming and established<br />

micro-markets. Price movements in<br />

various residential micro-markets<br />

over the past few quarters reflect this<br />

differentiation. While double-digit<br />

price growth was the norm in most<br />

micro-markets during much of 2022,<br />

locations with significant handovers<br />

and planned supply are now experiencing<br />

a tapering of price growth.<br />

Villas and townhouses continue to<br />

dominate as the most sought-after<br />

development type. <strong>The</strong> strong demand,<br />

both for end-use and investment, has<br />

led to higher demand than availability<br />

in established locations. Rents in<br />

proximity to employment hubs, retail<br />

centres, and support infrastructure<br />

have seen double-digit price growth<br />

compared to the second half of 2022,<br />

while secondary/emerging locations<br />

have remained relatively stable.<br />

One of the defining factors of<br />

Dubai’s luxury real estate market in<br />

recent years has been the surge in<br />

demand for high-end properties. Prices<br />

have reached record levels, attracting<br />

high net-worth individuals from other<br />

parts of the world who seek not only<br />

lower rates but also high returns on<br />

their investments.<br />

Penthouse properties have played<br />

a pivotal role in this surge, with some<br />

units in developments like Bugatti<br />

Residences by Binghatti commanding<br />

prices as high as Dh750 million. <strong>The</strong>se<br />

ultra-luxury properties have become<br />

coveted status symbols and trophy<br />

assets for global investors. Beyond<br />

their prestigious addresses, penthouses<br />

offer breathtaking views of the city<br />

and an array of luxurious amenities,<br />

providing residents with a world-class<br />

living experience.<br />

High-net-worth individuals from<br />

around the world are increasingly<br />

drawn to Dubai for reasons beyond<br />

its property market. <strong>The</strong> city offers a<br />

multifaceted appeal that includes safety,<br />

a world-class lifestyle, high-quality<br />

education, and an array of top-tier<br />

amenities and facilities.<br />

Dubai has positioned itself as a safe<br />

haven for investments, with a legal<br />

framework that emphasizes transparency<br />

and protection of investors’<br />

rights. This, coupled with political<br />

stability, has solidified the city’s reputation<br />

as a secure destination for<br />

those looking to safeguard and grow<br />

their wealth.<br />

Dubai’s luxury real estate market<br />

is currently in the midst of a historic<br />

transformation. <strong>The</strong> combination of<br />

a robust legal framework, surging demand,<br />

and changing buyer preferences<br />

has catapulted the city into the global<br />

spotlight. As the market continues<br />

to evolve and redefine luxury, Dubai<br />

remains an attractive destination for<br />

investors seeking not only financial<br />

gains but also a truly opulent lifestyle.<br />

With record-breaking transactions and<br />

a flourishing luxury segment, Dubai’s<br />

luxury real estate market is undoubtedly<br />

in a league of its own.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 57


Real Estate News<br />

Qatar Real Estate Records $278M in August<br />

Property Sales<br />

In August <strong>2023</strong>, Qatar’s real estate<br />

sector recorded a substantial QR<br />

1,011,404,475 ($278M) in property<br />

sales, based on data from the<br />

Real Estate Registration Department<br />

at the Ministry of Justice. A total of<br />

297 real estate transactions were<br />

registered during the month. Among<br />

municipalities, Doha, Al Rayyan,<br />

and Al Wakrah stood out with the<br />

highest financial transaction values,<br />

as indicated by the real estate market<br />

index. <strong>The</strong>se were followed by Umm<br />

Slal, Al Dhaayen, Al Shamal, Al Khor,<br />

Al Dhakira, and Al Sheehaniya. Doha<br />

municipality’s transactions amounted to<br />

QR 290,085,005, Al Rayyan reached QR<br />

266,921,713, and Al Wakrah recorded QR<br />

191,689,444, while Umm Salal reported<br />

QR 114,170,148 in financial value.<br />

Dubai Real Estate Sales Soar Despite Rising Prices<br />

Middle East Investors<br />

Find High Yields in London,<br />

Says Barratt MENA<br />

Middle East investors are<br />

increasingly drawn to<br />

London’s real estate market,<br />

enticed by the promise<br />

of high yields and projected capital<br />

appreciation, reports Barratt MENA.<br />

Stuart Leslie, International Sales and<br />

Marketing Director, notes a significant<br />

uptick in Middle East buyers seeking<br />

homes in London, whether for work or<br />

for their studying children. London’s<br />

potential with a projected 19% capital<br />

growth in the next five years and<br />

expected rental yields of up to 5.9% is<br />

appealing to these investors aiming to<br />

diversify their portfolios. Barratt MENA,<br />

the UK’s largest housebuilder’s Middle<br />

East branch, will showcase projects<br />

like the Hayes Village regeneration<br />

at Cityscape Global in Saudi Arabia,<br />

targeting Middle East investors keen<br />

on London’s real estate opportunities.<br />

Dubai’s real estate market<br />

remains resilient, with soaring<br />

sales transactions. Villa<br />

prices surged by 51 percent,<br />

while apartment prices saw a notable<br />

21 percent increase since the beginning<br />

of the year, according to Unique<br />

Properties. <strong>The</strong> Dubai Land Department<br />

reported over 3,200 transactions valued<br />

at AED 24.7B. Savills’ recent research<br />

reveals a 44 percent increase in real<br />

58 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong><br />

estate transactions during the first half<br />

of <strong>2023</strong>, totalling nearly 60,000 units.<br />

Dubai continues to pursue its growth<br />

ambitions, aiming for a projected 15<br />

percent growth in the coming year,<br />

bucking the trend seen in other leading<br />

markets. However, soaring prices<br />

have also affected rentals, with some<br />

witnessing over a 50 percent increase,<br />

prompting many residents to consider<br />

downsizing options.<br />

New Real Estate Laws<br />

Unveiled for Umm Al<br />

Quwain, UAE<br />

Sheikh Saud bin Rashid Al Mu’alla,<br />

Supreme Council Member<br />

and Ruler of Umm Al Quwain,<br />

has introduced significant real<br />

estate laws in the UAE, targeting sector-wide<br />

advancements. <strong>The</strong>se regulations<br />

encompass diverse facets of real<br />

estate, such as mortgage guidelines,<br />

development pricing, safeguarding<br />

investor rights, and simplifying property<br />

registration processes. <strong>The</strong> objective<br />

is to facilitate the formulation and execution<br />

of strategies that drive growth<br />

in the sector, aligning with the rapid<br />

urban development initiatives in Umm<br />

Al Quwain. <strong>The</strong>se legislative measures<br />

are instrumental in ensuring the continued<br />

progress and competitiveness<br />

of the UAE’s real estate industry on a<br />

broader scale.


Dubai Real Estate: Al<br />

Barari Mansion Sells for<br />

$11.4M<br />

Maria Morris Real Estate, a<br />

luxury real estate brokerage<br />

in Dubai, has recently<br />

announced the sale of a<br />

prestigious villa within the city for a<br />

substantial $11.4M (AED 42M). This<br />

fully furnished villa, located in the<br />

desirable Al Barari area, features six<br />

bedrooms, seven bathrooms, and an<br />

impressive 11,646 square feet of living<br />

space built to the highest standards of<br />

luxury. Developed by Farah Realty, a<br />

prominent player in Dubai’s luxury<br />

residential real estate market, this villa<br />

is the first of Farah Realty’s projects to<br />

be completed in the UAE. Maria Morris<br />

Real Estate’s Private Client Advisor,<br />

Evern van Niekerk, represented the<br />

buyer, while the seller was represented<br />

by Andrew Cummings from Knight<br />

Frank Middle East. This transaction<br />

further solidifies Maria Morris Real<br />

Estate’s reputation as the go-to agency<br />

for high-end property transactions in<br />

the Al Barari community, with 46 successful<br />

sales and rental transactions<br />

completed in the area this year.<br />

Dubai’s Business Bay Unveils Latest Project<br />

Launch<br />

GINCO Properties, a prominent<br />

player in the UAE real estate<br />

sector, has unveiled its latest<br />

project, VYB At Business Bay,<br />

with an enticing starting price of AED<br />

1.2M. Each residence within VYB at<br />

Business Bay blends aesthetics with<br />

practicality, offering 1 and 2-bedroom<br />

apartments. What sets VYB At Business<br />

Bay apart is its strategically designed<br />

payment plan, making homeownership<br />

more accessible. With 40% payable<br />

during the construction phase and<br />

the remaining 60% upon handover,<br />

GINCO Properties ensures a seamless<br />

and financially feasible journey for<br />

both investors and future residents.<br />

Anticipated for handover in September<br />

2025, VYB At Business Bay presents<br />

an attractive opportunity for those<br />

seeking affordable luxury in Dubai’s<br />

prime location.<br />

Dubai’s <strong>The</strong> First Group Unveils New Waterfront<br />

Hotel<br />

<strong>The</strong> First Group has proudly<br />

announced the completion of<br />

its latest waterfront project located<br />

on the Canal Boardwalk<br />

in Business Bay, Dubai. Anticipated to<br />

open in Q4 <strong>2023</strong>, this marks the third<br />

property for the esteemed hospitality<br />

group within the city, complementing<br />

their existing establishments in Business<br />

Bay and Jumeirah Village Circle,<br />

collectively catering to a remarkable<br />

850,000 guests annually. <strong>The</strong> new<br />

waterfront gem, named “<strong>The</strong> First<br />

Collection Waterfront,” will feature an<br />

impressive 327 rooms and suites, along<br />

with amenities like a rooftop pool, spa,<br />

state-of-the-art gym, diverse dining<br />

experiences, and culinary establishments.<br />

Guests will enjoy complimentary<br />

transfers to Dubai Mall and Mall of the<br />

Emirates, as well as exclusive access<br />

to the Soluna Beach Club, ensuring a<br />

truly exceptional stay.<br />

Dubai’s DMCC Welcomes First Office Tenants to Uptown Tower<br />

Dubai Multi Commodities<br />

Centre (DMCC), a renowned<br />

hub for commodities trade<br />

and enterprise, has achieved<br />

a significant milestone with the arrival<br />

of its first commercial office tenants<br />

at the Uptown Tower. This is a pivotal<br />

moment for the growing business district,<br />

positioned to attract substantial<br />

foreign direct investment (FDI) into<br />

Dubai. A total of 31 businesses will<br />

occupy the Uptown Tower’s 22 floors,<br />

offering 495,000 square feet of Grade<br />

A commercial office space. Notable<br />

tenants include global giants like Invisalign<br />

and Wellbred, with others like<br />

the Gemological Institute of America<br />

(GIA) and Hikvision scheduled to<br />

join in the third quarter of this year.<br />

<strong>The</strong> tower has also welcomed various<br />

retail and food and beverage outlets,<br />

including allday and Jones the Grocer.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 59


Funding and Investment<br />

Carbon Funding in the UAE: Unveiling<br />

Successes and Confronting Limitations<br />

As global funding and investments surge in sustainable initiatives,<br />

the United Arab Emirates (UAE) is navigating a multifaceted journey<br />

to tackle climate change and sustainability. At the forefront of this<br />

mission is carbon funding, a critical tool for balancing environmental<br />

and economic objectives. With a commitment to invest Dh200 billion<br />

($54 billion) by 2030 to meet energy demands and sustain economic<br />

growth, the UAE is taking bold steps. Notably, Abu Dhabi’s recent<br />

announcement of its Climate Change Strategy for <strong>2023</strong>-2027, targeting<br />

a 30 million tonnes reduction in emissions by 2027 from 135 million<br />

tonnes in 2016, underscores the UAE’s dedication to a sustainable<br />

future.<br />

60 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


In the UAE, the primary source of<br />

greenhouse gas emissions is the<br />

energy sector, particularly energy-related<br />

CO2 emissions from fossil fuel<br />

production and combustion, representing<br />

approximately 95% of total emissions.<br />

<strong>The</strong> UAE is actively pursuing various<br />

strategies to address this challenge, and<br />

successful carbon funding initiatives<br />

are playing a crucial role in advancing<br />

its UAE Net Zero 2050 vision. Some of<br />

these notable successful events are<br />

mentioned as follows:<br />

Carbon Credit Exchange:<br />

In March 2022, one of the most notable<br />

achievements in carbon funding within<br />

the UAE unfolded as Abu Dhabi Global<br />

Market (ADGM) collaborated with Air-<br />

Carbon Exchange (ACX) to establish<br />

the world’s inaugural fully regulated<br />

voluntary carbon trading exchange<br />

and carbon cleaning house. ADGM<br />

became the first regulator to create a<br />

mechanism that promotes carbon as<br />

a tradable product and commodity,<br />

enabling entities to manage carbon<br />

and other greenhouse gases (GHGs)<br />

similarly to financial assets.<br />

In a significant development in the<br />

UAE Carbon Credit Exchange market,<br />

Mubadala Investment Company PJSC<br />

(Mubadala), an Abu Dhabi sovereign<br />

investor, acquired a strategic stake.<br />

This achievement substantiates the<br />

AirCarbon Exchange (ACX), a global<br />

exchange revolutionizing the voluntary<br />

carbon market based on Hub71, Abu<br />

Dhabi’s global tech ecosystem. Together,<br />

Mubadala and ACX have achieved<br />

a successful transaction, reinforcing<br />

ACX’s efforts to establish the first fully<br />

regulated carbon trading exchange and<br />

carbon clearinghouse in Abu Dhabi.<br />

Investment Boost:<br />

Another significant success in the<br />

domain of carbon funding initiatives<br />

is the growing interest of investors in<br />

climate finance. In the UAE, as well<br />

as in other Gulf Cooperation Council<br />

(GCC) countries, there has been a remarkable<br />

surge, with green investments<br />

experiencing an astounding 532 percent<br />

increase, reaching $24.6 billion in 2021,<br />

compared to $3.8 billion the previous<br />

year. This includes investments in<br />

carbon offsetting, renewable energy,<br />

and technology advancement projects.<br />

Carbon Offset Investments:<br />

As part of a range of carbon offset<br />

initiatives, one standout effort is Olivia<br />

UAE’s carbon<br />

funding<br />

initiatives aid in<br />

reducing carbon<br />

emissions,<br />

diversifying its<br />

economy, and<br />

navigating the<br />

complex state<br />

of international<br />

climate finance.<br />

Glea, the MENA region’s pioneering<br />

carbon offset startup. Launched in<br />

Dubai, its primary mission is to provide<br />

businesses with the opportunity<br />

to achieve carbon positivity. Another<br />

significant step towards sustainability<br />

is the establishment of the UAE<br />

Carbon Alliance, initiated by the UAE<br />

Independent Climate Change Accelerators<br />

(UICCA). This alliance aims to<br />

facilitate the transition of companies<br />

towards more sustainable practices,<br />

aligning with the country’s ambitious<br />

goal to reach net-zero emissions by<br />

mid-century.<br />

Renewable Energy Investments:<br />

<strong>The</strong> most visible success story of the<br />

UAE’s carbon funding endeavours is its<br />

investments in renewable energy. <strong>The</strong><br />

world’s largest solar power plant, the<br />

Noor Abu Dhabi, is a testament to the<br />

nation’s commitment to clean energy.<br />

Partnerships with international investors<br />

and organizations have facilitated<br />

these projects, demonstrating the UAE’s<br />

ability to attract foreign capital for<br />

sustainable ventures. Additionally, the<br />

upcoming renewable energy projects<br />

including the Barakah nuclear energy<br />

plant and the (2-GW) Al Dhafra Solar<br />

PV project are anticipated to contribute<br />

significantly, raising the nation’s<br />

clean power generation capacity to<br />

a remarkable 8.8 gigawatts by 2025.<br />

Investments in Technology<br />

Advancement:<br />

Carbon funding has played a pivotal<br />

role in driving technological<br />

advancements within the UAE. This<br />

includes a significant $100 billion<br />

investment in renewable energies and<br />

clean technologies, achieved through a<br />

collaborative effort between the UAE<br />

and the United States. Another noteworthy<br />

development in this sector is<br />

the establishment of the “UAE Climate<br />

Tech” forum, a first-of-its-kind initiative<br />

aimed at addressing the pressing need<br />

for large-scale decarbonization while<br />

simultaneously promoting climate action<br />

and supporting socio-economic growth.<br />

Limitations:<br />

Despite taking substantial steps in<br />

promoting carbon funding in the UAE,<br />

it still continues to face certain challenges<br />

and hurdles including credibility.<br />

A major limitation in carbon funding<br />

is the global credibility crisis surrounding<br />

carbon credits due to doubts about<br />

their effectiveness, transparency,<br />

double counting, and environmental<br />

and social impacts. To address this,<br />

the UAE’s Ministry of Climate Change<br />

and Environment (MoCCAE), Industrial<br />

Innovation Group LLC, and Venom<br />

Foundation have joined forces to<br />

pioneer a transparent and efficient<br />

national carbon credits system using<br />

blockchain technology, ensuring accurate<br />

tracking and digitization.<br />

<strong>The</strong> UAE’s commitment to carbon<br />

funding is clear through significant<br />

investments and innovative initiatives.<br />

<strong>The</strong> nation is forging towards a<br />

greener, more diversified and secure<br />

future. Despite challenges, the UAE’s<br />

leadership in addressing climate change<br />

and pursuing sustainability is evident,<br />

laying the foundation for a prosperous,<br />

sustainable tomorrow.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 61


Funding and Investment News<br />

Masdar Explores Stake in<br />

Turkish Energy Firm Fiba<br />

Abu Dhabi’s state-owned renewable<br />

energy company,<br />

Masdar, is in discussions<br />

regarding a potential investment<br />

in Fiba Yenilenebilir Enerji, a<br />

clean energy producer under the Fiba<br />

Group conglomerate in Turkey. While<br />

no final agreement has been reached,<br />

sources report that Masdar is exploring<br />

the acquisition of a stake in the Turkish<br />

company, which operates wind and<br />

solar power plants in Turkey. Fiba<br />

Group, owned by Turkish billionaire<br />

Hüsnü Özyegin, has diverse interests<br />

spanning banking, finance, retail, energy,<br />

real estate, and tourism. If successful,<br />

this investment would mark Masdar’s<br />

entry into the Turkish market, following<br />

recent agreements between the UAE<br />

and Turkey, including commitments<br />

to Turkey’s national energy transition<br />

strategy.<br />

myZoi Raises $14M in<br />

Funding and Obtains<br />

Regulatory Licences<br />

UAE-based myZoi has secured<br />

$14M in funding to bolster<br />

its services aimed at the<br />

underbanked and their families.<br />

This investment will facilitate the<br />

expansion of myZoi’s diverse offerings<br />

to cater to the financial needs of over<br />

5 million low-income migrant workers<br />

in the UAE and beyond. <strong>The</strong> company<br />

recently obtained two regulatory<br />

licences from the Central Bank of the<br />

UAE (CBUAE), paving the way for a<br />

full commercial launch by the end of<br />

<strong>2023</strong>. <strong>The</strong>se licences will empower the<br />

platform to provide essential financial<br />

services and reduce migrant remittance<br />

costs to less than 3%, aligning with the<br />

UN’s Sustainable Development Goals<br />

2030. Gautam Jain of SC Ventures<br />

recognized myZoi’s potential to drive<br />

change and create a commercially<br />

viable, socially impactful proposition<br />

for the unbanked population globally.<br />

Toko and Virtuzone Partner for Dubai’s First<br />

Tokenized Equity Crowdfunding Platform<br />

TOKO FZE, a FinTech innovator,<br />

has joined forces with Virtuzone,<br />

a leader in corporate<br />

services, to launch Dubai’s<br />

first tokenized equity crowdfunding<br />

platform. This collaboration aims to<br />

solidify Dubai’s position as a hub for<br />

financial innovation and a welcoming<br />

environment for early-stage and rapidly<br />

growing companies. TOKO holds<br />

a full-market Virtual Asset Service<br />

Provider license from Dubai’s Virtual<br />

Asset Regulatory Authority (VARA),<br />

and it operates a highly advanced<br />

token engine, enabling the creation of<br />

data-rich tokens representing fractional<br />

interests in real-world assets. This<br />

partnership will leverage blockchain<br />

technology to enhance transparency,<br />

accessibility, and opportunities for both<br />

investors and businesses seeking funds<br />

in the early-stage private equity sector.<br />

Al Barakah Dates Invests $20M for India Expansion<br />

Al Barakah Dates Factory,<br />

based in the UAE, is expanding<br />

its presence in India by<br />

establishing a dates packing<br />

and processing facility, a pivotal part of<br />

their growth strategy. With a substantial<br />

investment of $20M, Yousuf Saleem,<br />

Managing Director at Al Barakah Dates<br />

Factory, stated their intention to boost<br />

local production. <strong>The</strong> processing facility,<br />

situated in Navi Mumbai, is slated to<br />

Emirates NBD Group Invests in Sustainability<br />

Start-Up Erguvan<br />

Emirates NBD, a prominent<br />

banking group in the MENAT<br />

region, has invested in Erguvan,<br />

a climate and financial<br />

technology venture specialising in<br />

digital infrastructure for managing<br />

climate change impacts and risks.<br />

This strategic investment was made<br />

through Deniz Ventures, an investment<br />

fund launched by DenizBank<br />

A.S. in Türkiye, operating under the<br />

Emirates NBD Innovation Fund. <strong>The</strong><br />

Innovation Fund is dedicated to investing<br />

in FinTech, SustainTech, and<br />

Tech companies across key markets,<br />

including Türkiye. Established in<br />

2022, Erguvan is committed to advancing<br />

climate change solutions and<br />

offers Türkiye’s first environmental<br />

become operational next year, aiming<br />

for an impressive production capacity<br />

of 50,000 tonnes. Saleem highlighted<br />

India’s advantages in terms of low<br />

production costs and a vast market.<br />

<strong>The</strong> CEPA between India and the UAE<br />

is expected to further bolster date<br />

trade due to significant duty savings,<br />

a significant benefit for the company.<br />

commodities marketplace, along with<br />

modular carbon footprint management<br />

solutions through the Erguvan Climate<br />

Action Platform, accessible through an<br />

API-based solution.<br />

62 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


DP <strong>World</strong> Announces $26M Investment in<br />

Telangana, India<br />

DP <strong>World</strong>, a global ports operator,<br />

has unveiled plans to<br />

invest 2.15B rupees ($25.8M)<br />

in the logistics and warehousing<br />

sector within the state of<br />

Telangana, India. A significant portion<br />

of this investment, 1.65B rupees, will<br />

go towards expanding its inland container<br />

depot operation in Hyderabad,<br />

the state’s capital. Additionally, DP<br />

<strong>World</strong> will allocate 500M rupees to<br />

establish a cold storage warehouse in<br />

the Medchal area, boasting a capacity of<br />

5,000 pallets. This investment reflects<br />

DP <strong>World</strong>’s commitment to bolstering<br />

India’s logistics infrastructure and contributing<br />

to the country’s burgeoning<br />

logistics sector, which is projected to<br />

reach $380B by 2025.<br />

Abu Dhabi’s Mubadala Invests in Swiss Longevity<br />

Biotech Rejuveron<br />

UAE’s Fuze Raises $14M<br />

in Seed Round<br />

Abu Dhabi’s sovereign wealth<br />

fund, Mubadala, is investing<br />

in Swiss biotech firm Rejuveron<br />

Life Sciences AG, which<br />

focuses on developing therapies to<br />

combat ageing-related diseases and<br />

extend lifespan. Rejuveron recently<br />

secured approximately $75M in a series<br />

B funding round, with Mubadala Capital<br />

participating. <strong>The</strong> investment round was<br />

co-led by Catalio Capital Management<br />

and Apeiron Investment Group, valuing<br />

Rejuveron at nearly $400M. This funding<br />

will support Rejuveron’s mission to<br />

develop therapies promoting healthy<br />

ageing. Additionally, Rejuveron plans<br />

to open an office in Abu Dhabi as part<br />

of its expansion into the Middle East.<br />

Abu Dhabi-based Fuze, a provider<br />

of digital assets infrastructure,<br />

has raised an impressive<br />

$14M in a seed round, marking<br />

the largest seed investment ever in a<br />

digital assets startup within the Middle<br />

East and North Africa (MENA) region.<br />

Further Ventures, based in Abu Dhabi,<br />

led the investment, with participation<br />

from Liberty City Ventures in the US.<br />

This capital injection will be instrumental<br />

in Fuze’s growth, supporting<br />

regulatory licensing, strategic hires,<br />

technological advancements, and geographic<br />

expansion across the MENA<br />

region. Fuze’s products, including Fuze<br />

Trader and Fuze Loyalty, empower<br />

banks, brokerages, and superapps<br />

to offer digital asset solutions in a<br />

user-friendly and trustworthy manner,<br />

paving the way for the future of finance.<br />

Lean Technologies and StashAway Join Forces for Enhanced UAE Investments<br />

StashAway, an investment platform,<br />

and Lean Technologies<br />

(Lean), an Open Banking<br />

platform in the Middle East,<br />

have joined forces to simplify the<br />

investment process in the UAE. This<br />

partnership introduces a pioneering<br />

open banking-powered solution in<br />

the UAE, enabling recurring deposits,<br />

empowering investors to stick to their<br />

goals despite market volatility. Joseph<br />

El Am, General Manager of StashAway<br />

MENA, emphasised the need for hassle-free<br />

investing and expressed pride<br />

in offering the UAE’s first innovative<br />

dollar-cost averaging solution through<br />

Lean integration. StashAway clients<br />

can effortlessly set up recurring deposits<br />

within the StashAway app,<br />

linking their bank accounts, specifying<br />

amounts, and scheduling deposits in<br />

just two minutes.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 63


Digital Assets<br />

Assessing the Security of Your Digital<br />

Assets: Are <strong>The</strong>y Truly Protected?<br />

In today’s increasingly digitized world, the protection of digital assets<br />

has become paramount for individuals and organizations alike. With the<br />

proliferation of cyber threats and the diversity of digital assets, it is essential<br />

to adopt a strategic approach to safeguarding critical information. This article<br />

explores the concept of “digital resilience,” a cross-functional strategy that<br />

identifies and prioritizes essential information assets, assesses vulnerabilities,<br />

and defines enterprise-wide protection goals. By focusing on the most critical<br />

assets and risks, organizations can enhance their cybersecurity posture and<br />

effectively allocate resources to mitigate potential threats.<br />

64 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


When organizations effectively protect their critical<br />

assets, they enhance their reputation for security<br />

and trustworthiness.<br />

In an age where data is often considered<br />

a company’s most valuable<br />

asset, protecting everything equally<br />

is not a viable option. Cybersecurity<br />

breaches have doubled in the<br />

past five years, with attacks growing<br />

in sophistication and complexity.<br />

To address this evolving landscape,<br />

businesses must identify and protect<br />

their “digital crown jewels” – the data,<br />

systems, and software applications<br />

vital to their operations.<br />

Prioritizing digital assets and risks<br />

can be a challenging endeavour. Often,<br />

businesses lack clear working relationships<br />

between various departments,<br />

such as product development, IT,<br />

cybersecurity, and risk management.<br />

This results in inconsistent cybersecurity<br />

measures, with some assets<br />

receiving inadequate protection, while<br />

others are over-secured. Additionally,<br />

cybersecurity budgets often compete<br />

with investments in technology, further<br />

complicating resource allocation.<br />

To effectively prioritize digital assets<br />

and risks, organizations must adopt an<br />

enterprise-wide approach. This approach<br />

involves forming cross-functional teams<br />

composed of key individuals from various<br />

departments, including business leaders,<br />

IT professionals, and cybersecurity experts.<br />

<strong>The</strong>se teams work collaboratively<br />

to identify critical assets, assess their<br />

vulnerability to attacks, and develop<br />

strategies for protection. By starting<br />

with a “business-back” perspective,<br />

the team ensures that cybersecurity<br />

efforts align with business objectives.<br />

Guiding Principles for Prioritizing<br />

Digital Assets<br />

Several guiding principles can assist<br />

organizations in their efforts to<br />

prioritize digital assets and manage<br />

cybersecurity risks effectively:<br />

1. Start with the Business:<br />

Prioritization should begin with an<br />

understanding of the business and its<br />

value chain, not merely a list of technical<br />

assets. This approach ensures<br />

that critical risks are identified within<br />

the context of the entire enterprise.<br />

2. Active Leadership from CISO:<br />

Chief Information Security Officers<br />

(CISOs) should play an active role in<br />

engaging business leaders and other<br />

stakeholders as thought partners.<br />

<strong>The</strong>y must bring their perspective on<br />

the company’s most critical assets and<br />

risks to inform decision-making.<br />

3. Focus on Compromise Scenarios:<br />

Consider how an information asset<br />

could be compromised, even if the<br />

primary purpose of the system does<br />

not relate to that asset. This broader<br />

perspective helps identify potential<br />

vulnerabilities.<br />

4. Prioritize, Don’t Overquantify:<br />

<strong>The</strong> goal is to prioritize assets, not<br />

achieve perfect risk quantification.<br />

Focus on obtaining enough information<br />

to make informed decisions about<br />

asset protection.<br />

5. Think Like an Attacker:<br />

Consider the profiles of potential<br />

attackers – who wants the organization’s<br />

information, and what skills do<br />

they possess? Understanding likely<br />

attackers can reveal new gaps in security<br />

measures.<br />

Implementing an enterprise-wide<br />

approach to prioritize digital assets and<br />

manage cybersecurity risks requires<br />

a flexible and systematic process.<br />

This process may involve multiple<br />

development iterations and a detailed<br />

evaluation of numerous assets. Utilizing<br />

a workflow system and asset database<br />

can simplify prioritisation and risk<br />

assessment tasks. Such a platform<br />

can facilitate inventory management,<br />

risk evaluation, and sector-specific<br />

methodologies, and provide data for<br />

in-depth analysis when needed.<br />

Moreover, it’s important to recognize<br />

that digital resilience is not solely a<br />

defensive strategy. It can also be a<br />

source of competitive advantage. When<br />

organizations effectively protect their<br />

critical assets, they enhance their reputation<br />

for security and trustworthiness.<br />

This can be a compelling selling point<br />

for customers, partners, and investors<br />

who prioritize cybersecurity in their<br />

decision-making processes.<br />

Digital resilience can also foster<br />

innovation. By identifying and prioritizing<br />

critical assets, organizations gain<br />

a clearer understanding of what must<br />

be protected at all costs. This understanding<br />

can guide decision-making<br />

around technology investments, risk<br />

tolerance, and resource allocation. It<br />

can also drive innovation by encouraging<br />

the development of new technologies<br />

and practices that enhance the security<br />

of these critical assets.<br />

In conclusion, digital resilience is not<br />

solely a technical or control problem;<br />

it is a strategic imperative for modern<br />

organizations. By identifying and protecting<br />

their critical information assets<br />

through an enterprise-wide approach,<br />

businesses can build a robust cybersecurity<br />

defence that aligns with their<br />

overall objectives. In today’s digital<br />

landscape, safeguarding what matters<br />

most is key to maintaining trust and<br />

competitiveness.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 65


Stock Market<br />

Navigating the Markets: Insights and<br />

Trends in the Stock Market<br />

<strong>The</strong> <strong>2023</strong> stock market rally has been a rollercoaster ride for investors,<br />

marked by both highs and lows. As we enter September, it’s essential to take<br />

a closer look at the insights and trends shaping the stock market landscape.<br />

August brought a pause to the stock market rally, with the S&P 500 slipping<br />

1.4%. This dip raised questions about whether the Federal Reserve would<br />

issue another interest rate hike by the end of the year.<br />

66 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Tech stocks have been a dominant force in <strong>2023</strong>,<br />

especially in the first half.<br />

Federal Reserve Chair Jerome<br />

Powell’s remarks at the Jackson<br />

Hole Economic Symposium<br />

added to the uncertainty, hinting at the<br />

possibility of more monetary policy<br />

tightening.<br />

Second-quarter earnings reports<br />

have been a mixed bag as companies<br />

grapple with rising costs and the<br />

looming possibility of a U.S. economic<br />

downturn. As we move into September,<br />

the focus will likely continue to<br />

be on inflation, interest rates, and the<br />

labour market.<br />

While inflation remains a concern,<br />

there are signs of moderation. <strong>The</strong><br />

consumer price index (CPI) gained<br />

3.2% year-over-year in July, down from<br />

its peak of 9.1% in June 2022. Federal<br />

Reserve Chair Jerome Powell emphasised<br />

the need to control inflation but<br />

also hinted at a cautious approach.<br />

<strong>The</strong> U.S. labour market, despite<br />

remaining strong, has shown signs of<br />

a slowdown, with lower-than-expected<br />

job additions in July. Powell acknowledged<br />

the need for “some softening in<br />

labour market conditions” to control<br />

inflation. <strong>The</strong> Fed’s challenge is to<br />

strike the right balance between keeping<br />

inflation in check and sustaining<br />

job growth.<br />

Investors are closely monitoring the<br />

Fed’s moves, with the bond market<br />

predicting a 44.4% chance of another<br />

interest rate hike by November. Conversely,<br />

there’s a 59.5% chance of rate<br />

cuts by May 2024. Each month that<br />

inflation stays below expectations<br />

increases the likelihood that the Fed<br />

might have already completed its<br />

rate-hiking cycle.<br />

While FOMC officials no longer<br />

anticipate a recession, the New York<br />

Fed’s U.S. recession probability index<br />

still projects a 66% chance of a recession<br />

within the next 12 months. <strong>The</strong><br />

Fed’s economic projections in June<br />

hinted at a slowdown in GDP growth,<br />

adding to concerns about the future.<br />

<strong>The</strong> stock market rally in <strong>2023</strong> hasn’t<br />

been fully supported by underlying<br />

economic fundamentals. S&P 500 companies<br />

reported their third consecutive<br />

quarter of negative year-over-year<br />

earnings growth in Q2. Valuations,<br />

with the S&P 500’s forward P/E ratio<br />

at 19.2, are starting to raise concerns.<br />

Technology stocks led the rally<br />

in the first half of <strong>2023</strong>, particularly<br />

large-cap tech stocks, which outperformed<br />

the broader market. Artificial<br />

intelligence (AI) played a significant<br />

role in driving tech stocks higher, with<br />

innovations like OpenAI’s ChatGPT<br />

making waves in the tech world.<br />

Analysts remain cautiously optimistic<br />

about the stock market’s outlook<br />

for the next six months. History shows<br />

that when the S&P 500 performs well<br />

in the first half, it tends to have a positive<br />

second half. However, concerns<br />

about interest rates and stretched<br />

valuations loom.<br />

Sector performance varies, with<br />

energy poised for a significant rebound<br />

and technology taking a breather. <strong>The</strong><br />

Dow Jones Industrial Average may lag<br />

if growth stocks and tech continue to<br />

dominate, but it could find favour if<br />

the economy slows down.<br />

Entering September, investors face<br />

historical patterns that suggest caution.<br />

September has historically been<br />

the weakest month for the U.S. stock<br />

market, with the S&P 500 averaging a<br />

1.1% decline since 1928. This historical<br />

precedent underscores the need<br />

for vigilance, especially in the face of<br />

lingering uncertainties.<br />

For investors concerned about the<br />

U.S. economic outlook, diversification<br />

and a defensive stance may be prudent<br />

strategies. While the Federal Reserve<br />

tightens monetary policy, high-yield<br />

savings accounts insured by the FDIC<br />

offer a safe option with attractive interest<br />

rates. Furthermore, value stocks<br />

tend to perform well when interest<br />

rates are high, making them worth<br />

considering.<br />

Tech stocks have been a dominant<br />

force in <strong>2023</strong>, especially in the first<br />

half. While they may take a breather in<br />

the short term, the sector’s long-term<br />

trajectory depends on its ability to<br />

demonstrate growth in the face of elevated<br />

interest rates and tighter credit<br />

markets. Tech innovation, particularly<br />

in the realm of AI, remains a key driver<br />

of market sentiment.<br />

Inflation’s shadow continues to loom<br />

over the market. While the Federal<br />

Reserve has made efforts to contain<br />

it, inflation remains above historical<br />

norms. Fed Chair Jerome Powell’s<br />

commitment to elevated interest rates<br />

reflects the central bank’s determination<br />

to rein in rising prices, which will<br />

undoubtedly impact market dynamics<br />

in the months ahead.<br />

In summary, investors in the stock<br />

market should brace for continued<br />

volatility as they navigate the intersection<br />

of economic data, Federal<br />

Reserve decisions, and global events.<br />

September’s historical tendencies and<br />

the persistent challenges of inflation<br />

and interest rates require careful consideration<br />

and a diversified approach<br />

to ensure portfolios remain resilient<br />

in these uncertain times.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 67


Corporate Results<br />

Abu Dhabi Global Market<br />

(ADGM)<br />

Q1’23 Net Profit: 35%<br />

<strong>The</strong> Abu Dhabi Global Market (ADGM)<br />

has witnessed impressive year-on-year<br />

growth, soaring by 35% in the first half<br />

of the year, largely attributed to the<br />

influx of investment firms and hedge<br />

funds establishing their operations<br />

within its international financial centre<br />

(IFC) and free zone. ADGM boasted<br />

102 asset managers overseeing 128<br />

funds, significantly contributing to this<br />

surge. This growth was further propelled<br />

by enhancements to the regulatory<br />

framework by the Financial Services<br />

Regulatory Authority (FSRA) of ADGM,<br />

enabling collective investment funds to<br />

engage in credit activities, particularly<br />

for small and medium-sized enterprises<br />

(SMEs).<br />

Emirates NBD<br />

Q2’23 Net Profit: AED 6.2B<br />

Emirates NBD, Dubai’s largest bank,<br />

reported a substantial net profit of<br />

AED 6.2B ($1.69B) for the second<br />

quarter of <strong>2023</strong>, marking a remarkable<br />

77% increase compared to AED 3.5B<br />

in the same period the previous year.<br />

<strong>The</strong> bank’s net profit surged by an<br />

impressive 130% to a record AED 12.3B<br />

in the first half of <strong>2023</strong>, driven by robust<br />

growth in current and savings accounts,<br />

alongside healthy lending expansion.<br />

This profit boost was underpinned<br />

by improved margins, increased nonfunded<br />

income, and reduced risk<br />

costs due to significant recoveries.<br />

Emirates NBD also attracted AED 53B<br />

in deposits during H1, including AED<br />

37B in low-cost current and savings<br />

accounts. <strong>The</strong> bank’s loan growth of<br />

5%, supported by higher retail and<br />

corporate lending, prompted a positive<br />

revision of its guidance, indicating a<br />

promising outlook.<br />

Du<br />

Q2’23 Net Profit: 31.2%<br />

Emirates Integrated Telecommunications<br />

Company (EITC), known as du,<br />

reported a remarkable 31.2% surge in<br />

net profit for the quarter ending. As<br />

the UAE’s second licensed telecom<br />

operator, EITC operates under the<br />

du and Virgin Mobile brands and is<br />

listed on the Dubai Financial Market<br />

under the ‘DU’ ticker. <strong>The</strong> company’s<br />

service revenues grew by 8.9%, driven<br />

by strong demand for postpaid mobile<br />

and fixed services, resulting in a<br />

total quarterly revenue of AED 3.35B.<br />

Earnings before interest, taxes, depreciation,<br />

and amortisation (EBITDA)<br />

increased by 20% to AED 1.52B, while<br />

net profit saw a substantial 31.2% rise<br />

to AED 397M. Operating free cash flow<br />

also grew by 43.3% to Dhs1bn, and the<br />

mobile customer base expanded by<br />

8% year-on-year to reach eight million<br />

subscribers.<br />

Waha Capital<br />

Q2’23 Net Profit: $25.6M<br />

Waha Capital, an investment management<br />

company with Mubadala Investment<br />

Company as one of its shareholders,<br />

achieved a notable second-quarter<br />

net profit of AED 93.9M ($25.6M),<br />

marking a significant turnaround from<br />

the AED 59.3M loss reported for the<br />

same period in 2022. <strong>The</strong> company<br />

also reported a net operating income<br />

of AED 259M for the April to June<br />

period, a significant improvement from<br />

the AED 54.2M loss recorded in 2022.<br />

This positive performance continued<br />

into the first half of the year, with a net<br />

profit attributable to owners of AED<br />

168.9M, compared to AED 87.3M for<br />

the corresponding period in 2022. In<br />

May, the appointment of Mr. Al Nowais<br />

as managing director signalled Waha<br />

Capital’s commitment to future growth<br />

and development.<br />

Alvarez & Marsal<br />

Q2’23 Net Profit: 2.7%<br />

Alvarez & Marsal (A&M) has released<br />

its Q2 <strong>2023</strong> UAE Banking Pulse report,<br />

revealing positive trends in the UAE<br />

banking sector’s profitability. Noninterest<br />

income growth and reduced<br />

impairment charges were key drivers.<br />

Despite stable QoQ performance, rising<br />

interest rates impacted net interest<br />

income (NII). <strong>The</strong> Central Bank of<br />

UAE’s (CBUAE) Credit Sentiment<br />

Survey indicated strong loan demand<br />

and optimistic credit appetite, with<br />

CBUAE raising its benchmark rate in<br />

line with the US Fed. NII saw minimal<br />

QoQ growth at 1.3%, while loans and<br />

advances expanded by 2.7% QoQ,<br />

driven by corporate/wholesale loans.<br />

<strong>The</strong> report assesses the 10 largest<br />

UAE banks, offering insights into<br />

size, liquidity, income, efficiency, risk,<br />

profitability, and capital.<br />

Aldar<br />

Q2’23 Net Profit: 52%<br />

<strong>The</strong> cross-platform growth of Aldar,<br />

driven by the execution of the<br />

development revenue backlog, strong<br />

quarterly development sales, and<br />

contributions from the recurring income<br />

portfolio, continues to gain momentum.<br />

Aldar achieved a record AED 11.6B in<br />

development sales, accompanied by the<br />

launch of 10 new projects so far this<br />

year. Demand from both international<br />

and local expat buyers remains robust,<br />

highlighting Abu Dhabi’s enduring<br />

appeal as a premier investment and<br />

lifestyle destination. <strong>The</strong> development<br />

revenue backlog stands at a significant<br />

AED 24.4B, providing revenue visibility<br />

for the next four years. Additionally,<br />

Aldar’s recurring income portfolio is<br />

experiencing solid organic growth,<br />

supported by increased leasing activity,<br />

higher occupancy rates, and rental<br />

income.<br />

68 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Eshraq Investments<br />

Q2’23 Net Profit: $9.53M<br />

Eshraq Investments has unveiled its<br />

financial results for the first half of<br />

the year, notably turning the corner<br />

with a strong performance in Q2 <strong>2023</strong>.<br />

<strong>The</strong> company reported a remarkable<br />

increase in total operating income<br />

and net profit. Total operating income<br />

saw an exceptional surge, soaring by<br />

2,446.7% to AED 44.31M from a total<br />

operating loss of AED 1.89M in Q2<br />

2022. Similarly, Eshraq’s net profit<br />

experienced a substantial turnaround,<br />

shifting from a net loss of AED 7.07M in<br />

Q2 2022 to a net profit of AED 35.99M<br />

in Q2 <strong>2023</strong>, representing a significant<br />

year-on-year increase of 609.3%. <strong>The</strong><br />

company is actively progressing its<br />

land sale program, having sold 7 land<br />

plots, equivalent to 27% of its existing<br />

land bank by book value, for a total of<br />

AED 208M.<br />

RAK Ceramics<br />

Q2’23 Net Profit: AED 75.1M<br />

In Q2 <strong>2023</strong>, revenue decreased by<br />

5.9% YoY to AED 872M due to market<br />

pressures, currency depreciation, and<br />

rising interest costs. <strong>The</strong> gross margin<br />

experienced a 110bps erosion, settling<br />

at 37.3%, influenced by lower revenue<br />

and changes in the product mix. EBITDA<br />

declined by 5.5% to AED 155.3M. <strong>The</strong><br />

EBITDA margin improved slightly, up<br />

10bps to 17.8% in Q2 <strong>2023</strong>. Notably,<br />

EBITDA for H1 <strong>2023</strong> increased by 6.3%<br />

YoY to AED 312.4M. <strong>The</strong> reported net<br />

profit in Q2 <strong>2023</strong> decreased to AED<br />

75.1M. <strong>The</strong> net debt to EBITDA ratio<br />

remained stable at 2.4x. <strong>The</strong> Board of<br />

Directors proposed an interim dividend<br />

distribution of 10 fils per share (AED<br />

99.4M) for H1 <strong>2023</strong>.<br />

Aramex<br />

Q1’23 Net Profit: AED 2.8B<br />

Aramex displayed resilience in H1<br />

<strong>2023</strong> amid a challenging economic<br />

climate, reporting revenues of AED<br />

2.8B, representing a 5% YoY decline.<br />

<strong>The</strong> company’s adept cost management<br />

is evident in a significant 12% reduction<br />

in Selling, General, and Administrative<br />

Expenses (SG&A) in Q2 <strong>2023</strong>,<br />

demonstrating Aramex’s agility in<br />

controlling costs. Currency devaluation<br />

in some markets further impacted<br />

Aramex’s financial performance.<br />

Despite difficulties in International<br />

Express volume trends and declining<br />

industry rates in FreightForwarding,<br />

Aramex’s diversified geographic<br />

presence supported solid performance<br />

in home markets, with the GCC<br />

contributing 39% of total revenues<br />

and reporting a 3% growth in Gross<br />

Profit in Q2 <strong>2023</strong>.<br />

TAQA<br />

Q2’23 Net Loss: 17%<br />

Abu Dhabi National Energy Company,<br />

TAQA, reported a 17% decline in its Q2<br />

<strong>2023</strong> net profit, amounting to AED 1.92B<br />

($523M), attributed to lower energy prices<br />

and production. This result closely<br />

aligns with analysts’ mean estimate of<br />

AED 1.98B. Gross revenue for the period<br />

increased slightly to AED 13.66B<br />

compared to AED 13.01B in the same<br />

period the previous year. For the first<br />

half of the year, TAQA achieved a net<br />

profit of AED 13.5B, driven primarily by<br />

a one-off gain of AED 10.8 billion from<br />

the acquisition of a 5% shareholding in<br />

ADNOC Gas. However, this gain was<br />

partially offset by a one-off deferred tax<br />

liability of AED 1.2B associated with the<br />

introduction of UAE corporate income<br />

tax from January 1, 2024.<br />

Al Ansari Financial<br />

Services<br />

Q1’23 Net Profit: AED 578M<br />

Operating Income displayed strong<br />

growth, rising 5% YoY to AED 578M, driven<br />

by a substantial 10.7% YoY increase<br />

in total transactions across the Group’s<br />

offerings. Despite a challenging operating<br />

cost environment, EBITDA remained<br />

steady at AED 299M compared to the<br />

previous year. Notably, the Bank Notes<br />

business thrived due to increased tourism<br />

and peak travel periods. <strong>The</strong> Wage Protection<br />

System (WPS) saw robust growth,<br />

supported by higher wage disbursals and<br />

strong customer retention and acquisition.<br />

<strong>The</strong> corporate segment recorded an<br />

impressive 33.9% YoY surge in transaction<br />

values, aligning with the Group’s strategy.<br />

Digital channels also gained popularity,<br />

with a 31% YoY increase in transactions.<br />

NMDC Group<br />

Q1’23 Net Profit: AED 881M<br />

National Marine Dredging Group (ADX:<br />

NMDC) achieved a remarkable first-half<br />

net profit of AED 881M in <strong>2023</strong>, a significant<br />

increase reflecting the success<br />

of their geographic expansion strategy<br />

and project execution. With revenues<br />

of AED 6.765B, up from AED 3.546B in<br />

the same period the previous year, the<br />

growth is evident. Notable projects like<br />

the Northern Development Project and<br />

agreements with Aramco in Saudi Arabia<br />

contributed to this success. <strong>The</strong> net<br />

profit’s 119% increase to AED 881M, compared<br />

to AED 403M in H1 2022, demonstrates<br />

improved operational efficiency,<br />

aligning with the Group’s financial goals<br />

and commitment to creating sustainable<br />

shareholder value.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 69


Events<br />

Abu Dhabi International Hunting and<br />

Equestrian Exhibition (ADIHEX)<br />

Under the patronage of His Highness Sheikh Hamdan Bin Zayed Al<br />

Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman<br />

of the Emirates Falconers’ Club, the 20th edition of the Abu Dhabi<br />

International Hunting and Equestrian Exhibition (ADIHEX) was held<br />

from 2nd – 8th September <strong>2023</strong> at Abu Dhabi National Exhibition<br />

Centre (ADNEC) under the theme “Sustainability and Heritage… A<br />

Reborn Aspiration “,Organized by the Emirates Falconers’ Club.<br />

70 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 71


Events<br />

Connecting Trade <strong>World</strong>wide <strong>2023</strong><br />

<strong>The</strong> successful Pan-Global industry-leading CTW – Connecting Trade<br />

<strong>World</strong>wide Portfolio had bought together local SME businesses with<br />

the most innovative firms, manufacturers, producers, and stakeholders.<br />

MIE Events has developed and organized CTW platforms since 2012 in<br />

the Middle East and Africa, including Kenya, Ethiopia, Ghana, South<br />

Africa, Nigeria, UAE, Oman, Morocco, and Tanzania. <strong>The</strong> continuation<br />

and development of CTW UAE’s Global <strong>Edition</strong> bought this successful<br />

portfolio back to the UAE & focus on the lucrative & diversified market<br />

opportunities in the UAE & GCC markets.<br />

72 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 73


Sport as a Business<br />

E-sports Revolution: <strong>The</strong> Business of<br />

Competitive Gaming<br />

In the fast-paced world of modern entertainment, a revolutionary force<br />

has emerged, captivating the hearts and minds of millions worldwide.<br />

It goes by the name of esports, and it represents far more than just<br />

a pastime for the digitally inclined. Esports has, in fact, transformed<br />

into a dynamic and multifaceted industry that intertwines technology,<br />

competition, and business on an unprecedented scale. This article<br />

describes the dynamic world of competitive gaming, exploring its<br />

impressive growth, financial investments, diverse business models,<br />

and the exciting prospects it holds for the future.<br />

74 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


I believe esports will rival the biggest traditional sports leagues in<br />

terms of future opportunities, and between advertising, ticket sales,<br />

licensing, sponsorships, and merchandising, there are tremendous<br />

growth areas for this nascent industry.<br />

<strong>The</strong> rise of esports has brought<br />

about a significant shift in the<br />

business landscape. Once confined<br />

to the margins as a niche interest,<br />

competitive gaming has surged onto<br />

the global stage, attracting substantial<br />

investments and building a massive and<br />

devoted following. This transformation<br />

isn’t just about gaming; it represents a<br />

fundamental change in how businesses<br />

view entertainment, marketing, and<br />

investment opportunities.<br />

Statistical analysis reveals the remarkable<br />

growth of the esports market,<br />

with revenue projected to surge to a<br />

staggering US$3.96 billion by <strong>2023</strong>. This<br />

exponential rise is expected to continue,<br />

with an impressive annual growth rate<br />

(CAGR) of 8.21% from <strong>2023</strong> to 2027,<br />

resulting in a market volume of US$5.43<br />

billion by the latter year. Notably, the<br />

largest share of this thriving market<br />

is attributed to Esports Betting, set<br />

to reach US$2.34 billion in revenue by<br />

<strong>2023</strong>. Unsurprisingly, the United States<br />

emerges as a prominent player in this<br />

arena, generating the lion’s share of<br />

revenue with a projected market volume<br />

of US$1,076.00 million in <strong>2023</strong>. <strong>The</strong>se<br />

numbers, however, only tell part of<br />

the story; it’s equally striking that the<br />

esports user base is expected to expand<br />

to 720.8 million users by 2027, with<br />

user penetration climbing from 7.5%<br />

in <strong>2023</strong> to a predicted 9.1% by 2027.<br />

This data underscores the undeniable<br />

potential of the esports industry, with<br />

an average revenue per user (ARPU)<br />

forecasted to reach US$6.82, promising<br />

an exciting future for both enthusiasts<br />

and investors alike.<br />

Noticing the potential of a competitive<br />

gaming business the investors have<br />

begun to make substantial investments<br />

in the niche. True Gamers recently<br />

announced a $13.5 million investment<br />

in gaming centres. Additionally, Saudi<br />

Arabia has earmarked a significant $38<br />

billion for the development of its video<br />

game industry, positioning the nation<br />

as a potential hub for this booming<br />

sector. <strong>The</strong>se investments highlight<br />

the growing magnetism of esports<br />

as a profitable business venture with<br />

promising prospects.<br />

To start making money through esports,<br />

it is essential for you to choose<br />

the right business entity to invest in<br />

within the esports industry depending<br />

on various factors, including your financial<br />

goals, risk tolerance, expertise,<br />

and interests. Each type of entity offers<br />

different investment opportunities and<br />

comes with its own set of advantages<br />

and challenges. Here’s a brief overview<br />

of considerations for each entity:<br />

Esports Teams and Players:<br />

Advantages:<br />

Investing in successful esports teams<br />

or individual players can yield returns<br />

through sponsorships, merchandise<br />

sales, and a share of tournament winnings.<br />

If the team or player becomes<br />

highly successful, the investment can<br />

be lucrative.<br />

Challenges:<br />

<strong>The</strong> success of teams and players can<br />

be volatile, as performance can vary<br />

from season to season. Additionally,<br />

managing teams or players requires<br />

expertise in the esports industry.<br />

Esports Organizations and Leagues:<br />

Advantages:<br />

Esports organizations and leagues<br />

can generate revenue through event<br />

hosting, media rights, sponsorships,<br />

and merchandise. If well-managed, they<br />

can provide a stable income source.<br />

Challenges:<br />

Running esports organizations and<br />

leagues requires significant investment<br />

and expertise. Competition can be fierce,<br />

and there are risks associated with the<br />

success of specific games or leagues.<br />

Esports Content Creators and<br />

Streamers:<br />

Advantages:<br />

Investing in content creators and<br />

streamers can provide exposure to<br />

a broad audience and opportunities<br />

for revenue through ads, subscriptions,<br />

sponsorships, and donations.<br />

Content creators can build strong fan<br />

communities.<br />

Challenges:<br />

Success in content creation often<br />

requires consistent effort, creativity,<br />

and personality. <strong>The</strong> industry is<br />

competitive, and gaining a significant<br />

following can take time.<br />

Ultimately, the best entity to invest<br />

in depends on your specific goals and<br />

resources.<br />

<strong>The</strong> future of the competitive gaming<br />

business, or esports, holds significant<br />

promise, its embrace of diversity,<br />

inclusion, and responsible practices<br />

will further solidify its place in the<br />

broader entertainment landscape. As<br />

the industry matures, its future appears<br />

vibrant, with opportunities for players,<br />

investors, and businesses to thrive in<br />

this dynamic and evolving ecosystem.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 75


Sports News<br />

Saudi Pro League Transfers: $957M Spent on Neymar and Benzema<br />

<strong>The</strong> <strong>2023</strong> summer transfer window<br />

in the Saudi Pro League made<br />

headlines with an unprecedented<br />

spending spree, amounting to<br />

a staggering $957M, according to data<br />

from Deloitte’s Sports Business Group.<br />

As the window closed on September 7,<br />

the Kingdom witnessed the arrival of<br />

soccer superstars like Neymar, Karim<br />

Benzema, and Sadio Mane. Yet, the<br />

coveted names of Mohammad Salah,<br />

Kylian Mbappe, and Lionel Messi remained<br />

elusive for the Saudi clubs,<br />

for now. <strong>The</strong>se high-profile transfers<br />

contributed to a combined net spend<br />

of $907M, positioning the Saudi Pro<br />

League second only to the Premier<br />

League’s $1.39B net transfer spending.<br />

Across Europe’s “big five” leagues,<br />

the summer transfer window saw a<br />

remarkable surge, reaching $6.1B in<br />

gross spending, marking an increase of<br />

nearly $1.25B compared to the previous<br />

summer, with all major leagues experiencing<br />

growth in transfer expenditures<br />

except Spain’s La Liga.<br />

LeBron James Visits Saudi Arabia Amid $1B Contract<br />

Rumors<br />

NBA icon LeBron James has<br />

touched down in Saudi Arabia,<br />

engaging in basketball training<br />

sessions during his three-day<br />

stay in the Kingdom. <strong>The</strong> LA Lakers’<br />

four-time NBA champion and all-time<br />

leading scorer in the league’s history<br />

arrived shortly after playfully hinting<br />

at a potential lucrative move to Saudi<br />

Arabia. Reports have swirled about a<br />

staggering $1B two-year contract offer<br />

to join a Saudi professional team,<br />

with the Al Hilal club being a focal<br />

point of speculation, as reported by<br />

the Daily Mail. As part of his Riyadh<br />

visit, LeBron James made a stop at the<br />

Al Azam Academy to interact with the<br />

Saudi Basketball Federation’s training<br />

session.<br />

Qatar’s Olympic Champion<br />

Barshim Becomes<br />

Tourism Ambassador<br />

Qatar’s legendary high jumper,<br />

Mutaz Barshim, the reigning<br />

Olympics and <strong>World</strong> champion,<br />

has been named as the new<br />

brand ambassador of Qatar Tourism.<br />

<strong>The</strong> 32-year-old, winner of gold in the<br />

2020 Tokyo Olympics, silver in 2016<br />

Rio, and bronze in the 2012 London<br />

Games, is also the only high jumper to<br />

win five <strong>World</strong> Championship medals.<br />

Hailing from Doha, Barshim, with a<br />

personal best jump of 2.43 meters, will<br />

represent Qatar Tourism until September<br />

2024. Qatar Tourism is gearing up<br />

for world-class events, including the<br />

Geneva International Motor Show, F1<br />

Qatar Airways Qatar Grand Prix <strong>2023</strong>,<br />

and Expo <strong>2023</strong> Doha, all scheduled<br />

for <strong>October</strong> <strong>2023</strong>, followed by the<br />

<strong>2023</strong> Qatar Airways Qatar MotoGP in<br />

November.<br />

76 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Asia’s Jiu-Jitsu Elite Compete at AJP Tour Continental Championship<br />

<strong>The</strong> AJP Tour Asia Continental<br />

Jiu-Jitsu Championship is<br />

set to commence at Dubai’s<br />

Shabab Al Ahli Club, gathering<br />

talented athletes from various academies<br />

across multiple categories, from<br />

September 8th to 10th, this prestigious<br />

tournament was organized by the UAE<br />

Jiu-Jitsu Federation (UAEJJF) in partnership<br />

with Abu Dhabi Jiu-Jitsu Pro<br />

(AJP). <strong>The</strong> opening day highlighted<br />

youth competitions, followed by amateur<br />

and masters’ events. <strong>The</strong> final<br />

day showcased professional players,<br />

marking the event’s pinnacle. Youssef<br />

Abdullah Al Batran, UAEJJF Board<br />

Member, stressed the championship’s<br />

significance as a vital precursor to the<br />

Abu Dhabi <strong>World</strong> Professional Jiu-Jitsu<br />

Championship, promoting skills assessment,<br />

technique refinement, and<br />

talent development.<br />

Riyadh Air in Talks for Chelsea FC Shirt Sponsorship<br />

Riyadh Air is currently in preliminary<br />

discussions with<br />

Chelsea FC regarding a potentially<br />

substantial sponsorship<br />

arrangement, as reported by <strong>The</strong><br />

Athletic. <strong>The</strong> English Premier League<br />

team, currently lacking a front-ofshirt<br />

sponsor, is said to be seeking a<br />

deal valued at approximately $75M.<br />

Although these talks are in their early<br />

stages, representatives from Riyadh<br />

Air were hosted by Chelsea’s Chief<br />

Executive, Chris Jurasek, during the<br />

club’s recent 1-0 match at Stamford<br />

Bridge. Notably, Middle East airlines<br />

Emirates and Etihad have long-standing<br />

sponsorships with English Premier<br />

League clubs, adorning the kits of<br />

Arsenal and Manchester City. Riyadh<br />

Air, owned by Saudi Arabia’s Public<br />

Investment Fund, shares ownership<br />

ties with Chelsea’s, Newcastle United.<br />

Tatarstan President Praises UAE President’s<br />

Cup Organization in Kazan<br />

Rustam Minnikhanov,<br />

President of the Republic<br />

of Tatarstan, a part of<br />

the Russian Federation,<br />

commended the UAE’s excellence<br />

in organizing the 30th UAE<br />

President’s Cup <strong>World</strong> Series for<br />

Purebred Arabian Horses races at<br />

the Kazan Racecourse, coinciding<br />

with Tatarstan’s 33rd Republic Day.<br />

Minnikhanov made these remarks<br />

during a meeting with Hamad Rashid<br />

Al Habsi, Deputy Head of the UAE’s<br />

Mission in Moscow, and Saeed Khalifa<br />

Al Mehairi, Representative of the<br />

Organizing Committee of the UAE<br />

President’s Cup <strong>World</strong> Series for<br />

Purebred Arabian Horses. <strong>The</strong> meeting<br />

coincided with the 9th leg of the UAE<br />

President’s Cup, attracting 30,000<br />

spectators and showcasing Tatarstan’s<br />

culture and heritage. Minnikhanov<br />

highlighted how such collaborations<br />

enhance bilateral relations and<br />

cultural exchanges, extending best<br />

wishes for continued progress and<br />

prosperity to the UAE.<br />

Dubai Sports Council<br />

Unveils 2nd “Women<br />

Running Race”<br />

<strong>The</strong> Dubai Sports Council<br />

(DSC) has announced the<br />

eagerly awaited 2nd edition of<br />

the “Women Running Race,”<br />

set to take place from September<br />

30th to November 11th, <strong>2023</strong>. This<br />

extraordinary event will span Dubai’s<br />

renowned tourist destinations, featuring<br />

four distinct stages. Participants<br />

can choose from three race distances:<br />

2.5 km, 5 km, and 10 km. Notably, each<br />

participant will be awarded an innovative<br />

medal, consisting of four separate<br />

pieces, each adorned with the logo of<br />

the corresponding stage location. Once<br />

all four stages are completed, these individual<br />

medals will be assembled into<br />

a single, grand medal, proudly bearing<br />

the name of Dubai and showcasing<br />

imagery representing the four areas.<br />

<strong>The</strong> 10 km race will categorise female<br />

participants into five age groups, while<br />

the 5 km race will feature two categories,<br />

and the 2.5 km race will include<br />

four age-based groups, ensuring an<br />

inclusive and exciting experience for<br />

women of all ages in Dubai.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 77


Tourism<br />

Medical Tourism: Bridging Healthcare<br />

and Travel Experiences<br />

Medical tourism, the practice of seeking medical care beyond<br />

one’s home country, has rapidly risen in popularity and complexity.<br />

Originally associated with patients from less-developed nations<br />

seeking advanced treatments abroad, today’s landscape reflects a<br />

dynamic shift. Patients, driven by cost-effectiveness, accessibility, and<br />

abundant information, are now travelling from richer to less-developed<br />

countries for healthcare. What sets this concept apart is the fusion of<br />

“tourism” with medical treatment, as patients often choose to explore<br />

their host countries, turning their health journeys into immersive travel<br />

experiences.<br />

78 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


In recent years, the global healthcare<br />

industry has transformed with<br />

the rise of the Medical Tourism<br />

Market, offering top-notch medical<br />

treatments and exciting travel<br />

experiences. This sector provides<br />

high-quality healthcare at a fraction<br />

of home country costs, making it a<br />

win-win. Whether it’s complex surgery,<br />

dental work, or a wellness retreat, the<br />

market offers diverse options, from<br />

Thailand’s beaches to India’s yoga<br />

retreats, and from Saudia’s history to<br />

Dubai’s modernity.<br />

<strong>The</strong> Global Medical Tourism Market,<br />

which was valued at USD 4.5 Billion<br />

in 2022, is on dynamic growth and is<br />

expected to reach a substantial value<br />

of USD 43.7 Billion by 2030, reflecting a<br />

Compound Annual Growth Rate (CAGR)<br />

of 32.9% between <strong>2023</strong> and 2030. This<br />

remarkable expansion underscores the<br />

increasing significance and opportunities<br />

within the medical tourism sector. As<br />

per reports, the largest segment in the<br />

medical tourism market for 2022 was<br />

cosmetic procedures, commanding a<br />

significant 23.9% of the revenue share.<br />

Dental treatments followed with 18.8%.<br />

Other prominent segments included<br />

orthopaedic procedures (12.2%), cardiovascular<br />

treatments (10.6%), and<br />

infertility services (8.5%).<br />

Governments around the world have<br />

recognized the potential of medical<br />

tourism as an economic driver and have<br />

taken various initiatives to promote<br />

their countries as attractive medical<br />

tourism destinations. Here are some<br />

examples of government efforts and<br />

their impact:<br />

Thailand:<br />

<strong>The</strong> Thai government actively supports<br />

the industry by offering special<br />

visas for medical tourists and providing<br />

infrastructure for healthcare services.<br />

Since 2003, the Thai Government has<br />

attempted to make Thailand a global<br />

centre for medical tourism through<br />

a Centre of Excellent Health Care of<br />

Asia initiative. This strategic approach<br />

has resulted in remarkable growth in<br />

the industry. As per reports, sales of<br />

Thailand’s medical tourism market<br />

are forecasted to increase at a robust<br />

18.4% CAGR. Total sales of Thailand’s<br />

medical tourism market now represent<br />

2%-7% of the global medical tourism<br />

market. Thailand’s advanced medical<br />

facilities, coupled with its beautiful<br />

beaches and rich cultural heritage, make<br />

From healing<br />

to exploring,<br />

medical<br />

tourism is<br />

redefining the<br />

boundaries<br />

of healthcare,<br />

making<br />

the world<br />

a wellness<br />

destination.<br />

it a popular destination for medical<br />

tourists seeking treatments ranging<br />

from cosmetic surgery to advanced<br />

medical procedures.<br />

India has become a prominent medical<br />

tourism destination due to its cost-effective<br />

healthcare services and highly<br />

trained medical professionals. <strong>The</strong> Indian<br />

government has been actively promoting<br />

the country’s ancient traditional<br />

medicine systems such as Ayurveda and<br />

Yoga, which attract wellness-focused<br />

tourists. Additionally, India’s “Heal<br />

in India” initiative seeks to provide<br />

“integrated and holistic treatment” to<br />

the world and enhance patient mobility<br />

for access to world-class, affordable,<br />

and quality healthcare services. This<br />

initiative has further solidified India’s<br />

position as a top choice for medical<br />

tourists. India’s Medical Tourism Market<br />

is currently valued at USD 6.2 billion<br />

and is expected to register a CAGR<br />

greater than 11% by 2028, demonstrating<br />

the country’s growing prominence in<br />

the global medical tourism industry.<br />

United Arab Emirates:<br />

<strong>The</strong> UAE, particularly Dubai, has<br />

emerged as a hub for medical tourism<br />

in the Middle East. <strong>The</strong> government of<br />

Dubai has launched the “Dubai Health<br />

Experience” (DXH) initiative, which<br />

aims to position the city as a leading<br />

medical tourism destination. <strong>The</strong><br />

initiative provides seamless services<br />

to medical tourists, including visa<br />

assistance, transportation, and accommodation.<br />

Dubai’s luxurious lifestyle<br />

and modern attractions complement<br />

its medical offerings. In this dynamic<br />

landscape, it’s worth noting that the size<br />

of the MEA Medical Tourism Market<br />

is projected to be USD 1.35 billion by<br />

2026, growing at a CAGR of 8.5% from<br />

2021 to 2026. This underscores the<br />

region’s increasing importance in the<br />

global medical tourism sector, with<br />

Dubai playing a pivotal role in driving<br />

this growth.<br />

Saudi Arabia<br />

Saudi Arabia is rapidly becoming a<br />

medical tourism hub in the GCC, with<br />

investments in healthcare infrastructure,<br />

including specialized zones and<br />

medical cities. Innovations like Clinique<br />

La Prairie’s ‘health resort’ concept are<br />

reshaping the landscape. <strong>The</strong> country<br />

has also pipelined projects like King<br />

Fahad Medical City in Riyadh, King<br />

Abdullah Medical City in Makkah, and<br />

King Khalid Medical City in Dammam<br />

that aim to provide world-class healthcare<br />

services to millions of visitors.<br />

Saudi Arabia also plans to blend<br />

religious and medical tourism, with a<br />

focus on destinations like the Knowledge<br />

Economic City (KEC) Hub project,<br />

featuring shops, restaurants, cafes, and<br />

five-star hotels. With a projected 4.6%<br />

CAGR from 2022 to 2028, Saudi Arabia<br />

is poised to attract more international<br />

patients seeking quality healthcare and<br />

rich cultural experiences.<br />

With cost-effective options, specialized<br />

care, reduced waiting times,<br />

and the opportunity to create lasting<br />

memories, medical tourism has become<br />

a compelling choice for those seeking<br />

healthcare beyond their borders. As<br />

this trend continues to grow, it redefines<br />

how we approach healthcare and<br />

travel, ultimately enriching our lives<br />

in unexpected ways.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 79


Investment in Tourism<br />

Cultural Tourism Investments:<br />

Preserving Heritage and Driving Growth<br />

Cultural tourism has emerged as a powerful force in the global travel<br />

industry. Travellers today are not just seeking picturesque landscapes<br />

and luxurious accommodations; they are increasingly interested<br />

in indulging themselves in the cultural richness of the places they<br />

visit. This shift in tourist preferences has given rise to the concept of<br />

“Cultural Tourism Investments,” which focuses on preserving heritage<br />

while simultaneously driving economic growth in destinations. In this<br />

article, we explore how cultural tourism investments can achieve this<br />

delicate balance.<br />

80 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Cultural tourism investments balance heritage<br />

preservation and economic growth, overcoming<br />

challenges through responsible practices and<br />

embracing technology.<br />

Cultural tourism revolves<br />

around the idea of travelers<br />

seeking authentic cultural experiences.<br />

It includes visits to<br />

historical sites, participation in local<br />

traditions, exploration of museums<br />

and art galleries, and interactions<br />

with local communities. Rather than<br />

being mere spectators, cultural tourists<br />

actively engage with the heritage<br />

and traditions of the places they visit.<br />

Recent reports have identified the age<br />

group of 18-35 is more likely to opt for<br />

cultural tourism as compared to other<br />

age groups.<br />

Heritage preservation is absolutely<br />

necessary for attracting cultural tourists<br />

to a country and often requires<br />

substantial investments in the restoration<br />

and maintenance of historical<br />

landmarks, the protection of indigenous<br />

knowledge, and the conservation<br />

of art and artefacts. <strong>The</strong>se investments<br />

are not just a cultural responsibility<br />

but also an economic opportunity.<br />

Cultural tourism investments are<br />

made globally and continue to grow in<br />

different parts of the world including<br />

the Middle Eastern region. In recent<br />

years, Middle Eastern governments<br />

have increasingly embraced these<br />

investments as a means to stimulate<br />

economic growth and raise their global<br />

profile. <strong>The</strong> governments of the UAE,<br />

Saudi Arabia, and Oman have made<br />

substantial investments in heritage<br />

preservation. For instance, the Saudi<br />

government allocated a significant $3.2<br />

billion as part of its Vision 2030 plan,<br />

aimed at promoting cultural tourism<br />

within the country. Similarly, Oman is<br />

set to experience a remarkable surge<br />

of $7 billion in heritage and tourism<br />

investments by the end of 2025. <strong>The</strong>se<br />

investments reflect the region’s commitment<br />

to preserving its rich cultural<br />

heritage while also capitalizing on the<br />

potential economic benefits of cultural<br />

tourism.<br />

<strong>The</strong> Future Market Insight report<br />

stated that a surge of 14.4% CAGR<br />

is expected in cultural tourism investments<br />

by the year 2033. It also<br />

mentioned that the current market<br />

revenue of these investments is set to<br />

total $5,931.2 million in <strong>2023</strong>, which<br />

will increase to $22,772.0 million in<br />

2033. Another study identified cultural<br />

tourism as one of the most rapidly<br />

expanding sectors within the tourism<br />

industry, making up approximately 40%<br />

of global tourism activities. <strong>The</strong>se details<br />

signify the potential for economic<br />

benefit of preserving heritage.<br />

Cultural tourism investments have a<br />

significant positive impact on the local<br />

economy. When tourists engage in cultural<br />

tourism, they inject money into<br />

the destination’s economy. <strong>The</strong>y spend<br />

on accommodations, which support<br />

hotels and lodging businesses. Dining<br />

expenditures benefit local restaurants<br />

and eateries, while transportation<br />

costs contribute to taxi services, tour<br />

operators, and public transportation.<br />

Moreover, tourists often purchase souvenirs,<br />

supporting local artisans and<br />

shops. This spending cycle generates<br />

income and employment opportunities<br />

within the community, which, in turn,<br />

leads to economic growth.<br />

Cultural tourism is a boon to small<br />

and local businesses. When tourists<br />

are on the lookout for genuine cultural<br />

experiences and locally crafted<br />

products, they often turn to these<br />

businesses. Whether it’s buying handmade<br />

crafts, sampling local cuisine,<br />

or participating in unique cultural<br />

activities, tourists contribute directly<br />

to the success of these enterprises.<br />

In essence, cultural tourism nurtures<br />

a symbiotic relationship between tourists<br />

and local businesses, promoting<br />

mutual growth and prosperity.<br />

While the economic benefits are<br />

evident, cultural tourism investments<br />

come with their share of challenges.<br />

Striking a balance between economic<br />

growth and heritage preservation can<br />

be complex. Over-tourism, degradation<br />

of historical sites, and cultural commodification<br />

are potential issues. To<br />

address these challenges, sustainable<br />

tourism practices, responsible tourism<br />

management, and community involvement<br />

are essential.<br />

Several destinations around the<br />

world have successfully implemented<br />

cultural tourism investments. For instance,<br />

Bhutan’s policy of “high-value,<br />

low-impact” tourism has preserved<br />

its unique culture and environment<br />

while generating significant income.<br />

Likewise, the UNESCO <strong>World</strong> Heritage<br />

Site of Petra in Jordan has seen<br />

careful management and investments<br />

that have allowed it to attract tourists<br />

while preserving its ancient treasures.<br />

As we look ahead, the future of cultural<br />

tourism investments will likely<br />

involve technology, including virtual<br />

reality and augmented reality experiences.<br />

<strong>The</strong>se innovations will provide<br />

tourists with immersive and educational<br />

experiences while reducing the<br />

physical impact on historical sites.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 81


Global News<br />

G20 Commits to Triple Renewables Capacity, Falls Short of Ambitious Targets<br />

G20 leaders have agreed to<br />

pursue a global tripling of<br />

renewable energy capacity by<br />

2030 and acknowledged the<br />

necessity of phasing out unabated coal<br />

power. However, they stopped short of<br />

establishing substantial climate goals<br />

during their summit. Disagreements<br />

persisted among the world’s 20 major<br />

economies regarding commitments to<br />

reduce fossil fuel use, cut greenhouse gas<br />

emissions, and raise renewable energy<br />

targets. A major point of contention<br />

centred around a Western proposal to<br />

triple renewable energy capacity by 2030<br />

and reduce greenhouse gas emissions<br />

by 60% by 2035. This proposal faced<br />

opposition from Russia, China, Saudi<br />

Arabia, and India during preliminary<br />

discussions among sherpa-level officials,<br />

according to sources.<br />

Nuclear Energy Key to<br />

Global Clean Transition:<br />

ENEC CEO<br />

Mohamed Ibrahim Al Hammadi,<br />

CEO of the Emirates Nuclear<br />

Energy Corporation<br />

(ENEC), took center stage<br />

at the <strong>World</strong> Nuclear Symposium <strong>2023</strong><br />

in London, held from September 6-8, to<br />

advocate for nuclear technology’s role<br />

in decarbonizing challenging sectors.<br />

Al Hammadi, alongside Dr. Angela<br />

Wilkinson of the <strong>World</strong> Energy Council,<br />

Todd Noe from Microsoft, and Mikal<br />

Boe, CEO of Core Power, participated<br />

in a panel discussion titled ‘Achieving<br />

End-users Decarbonization Goals with<br />

Nuclear Energy’. During the discourse,<br />

Al Hammadi highlighted nuclear technology’s<br />

potential to sustainably power<br />

energy-intensive industries such as<br />

artificial intelligence and data centres.<br />

<strong>The</strong>se facilities alone consume 4-5%<br />

of the total global power supply, and<br />

this demand is poised to escalate with<br />

increasing digitalization.<br />

EU Commission Chief Calls on G20 to Embrace<br />

Global Carbon Pricing<br />

European Commission President<br />

Ursula von der Leyen<br />

called upon G20 leaders to<br />

endorse a proposal for the<br />

establishment of global carbon pricing.<br />

Carbon pricing mechanisms, such as<br />

carbon taxes or emissions trading<br />

systems, are being adopted by numerous<br />

countries to aid in achieving<br />

their climate objectives. Von der Leyen<br />

emphasized the human-made nature<br />

of climate change and the potential<br />

for addressing it through innovation,<br />

investments in green technologies,<br />

expanded renewable energy capacity,<br />

and enhanced energy efficiency. In a<br />

message on X social media (formerly<br />

Twitter), she extended the invitation<br />

IMF and <strong>World</strong> Bank Boost Cooperation on Climate,<br />

Debt, and Digital Transition<br />

<strong>The</strong> IMF and <strong>World</strong> Bank have<br />

pledged to join forces with<br />

shareholders and partners<br />

to confront the multifaceted<br />

challenges confronting the world<br />

today, such as climate change, debt<br />

vulnerabilities, and countries’ digital<br />

transitions. IMF Managing Director<br />

Kristalina Georgieva and <strong>World</strong> Bank<br />

President Ajay Banga vowed to mobilize<br />

substantial resources, both<br />

domestic and international, to support<br />

these initiatives. <strong>The</strong>y emphasized<br />

the importance of aiding nations in<br />

to G20 leaders to unite in supporting<br />

the implementation of a global carbon<br />

pricing framework.<br />

building robust tax policies, fiscal institutions,<br />

and efficient public spending,<br />

while simultaneously fostering sound<br />

debt and public financial management.<br />

82 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Federal Reserve’s Barr: No Immediate Plans for Digital Currency Issuance<br />

Federal Reserve’s Vice Chair<br />

for Supervision, Michael Barr,<br />

emphasized on Friday that the<br />

central bank is far from making<br />

any decision regarding the issuance<br />

of its own digital currency. While the<br />

Fed is indeed exploring the concept of<br />

a central bank digital currency (CBDC),<br />

Barr stressed that any such move would<br />

require “clear support” from the President<br />

and congressional authorization.<br />

He underlined the importance of understanding<br />

the implications and trade-offs<br />

involved in CBDC development. Barr’s<br />

stance aligns with that of Fed Chair<br />

Jerome Powell, who has also stated<br />

that congressional authorization is a<br />

prerequisite for issuing a digital currency.<br />

Additionally, Barr expressed<br />

concern about the rise of stablecoins<br />

outside official oversight, highlighting<br />

the need for increased scrutiny.<br />

Tesla Supercomputer: $600B Value Boost Predicted<br />

Tesla’s Dojo supercomputer<br />

holds the potential to propel<br />

the automaker’s market value<br />

by nearly $600B, assert Morgan<br />

Stanley analysts. This supercomputer,<br />

dedicated to training artificial<br />

intelligence models for self-driving<br />

vehicles, entered production in July and<br />

commands an investment exceeding $1B<br />

over the next year. Morgan Stanley’s<br />

analysts, led by Adam Jonas, highlight<br />

Dojo’s transformative capabilities,<br />

envisioning it as a gateway to new<br />

markets extending beyond traditional<br />

vehicle sales. By enhancing a vehicle’s<br />

ability to “see” and “react,” Dojo could<br />

impact any camera-equipped device<br />

capable of real-time decision-making<br />

based on visual data.<br />

UK Pledges $2B to UN<br />

Climate Fund<br />

Saudi Arabia and UK Explore Trade and Economic<br />

Ties<br />

During the G20 Leaders Summit<br />

in New Delhi, UK Prime Minister<br />

Rishi Sunak announced<br />

a significant commitment of<br />

$2B to the Green Climate Fund (GCF).<br />

This commitment marks the largest<br />

single funding contribution from the<br />

UK to date aimed at aiding developing<br />

nations in their efforts to combat climate<br />

change. <strong>The</strong> GCF, established within the<br />

framework of United Nations climate<br />

negotiations, serves as the world’s largest<br />

climate fund. Its primary mission is to<br />

channel essential financial support to<br />

less affluent countries, enabling them to<br />

achieve their carbon emission reduction<br />

goals, develop cleaner energy sources,<br />

and adapt to the challenges posed by a<br />

warming planet.<br />

Saudi Arabia’s Ambassador to<br />

the United Kingdom, Prince<br />

Khalid Bin Bandar Bin Sultan,<br />

convened a meeting with Nigel<br />

Huddleston, the British Minister of<br />

State for International Trade, hosted<br />

at the Department for Business and<br />

Trade headquarters in London. This<br />

gathering was part of ongoing efforts<br />

to bolster trade and economic cooperation<br />

between the two nations.<br />

<strong>The</strong> discussions encompassed an examination<br />

of their existing trade and<br />

economic relations with a focus on<br />

ways to reinforce and advance them.<br />

Additionally, the negotiations for a<br />

free trade agreement between the Gulf<br />

Cooperation Council (GCC) countries<br />

and the UK were on the agenda, highlighting<br />

notable developments from<br />

the recent 4th negotiating round held<br />

from July 24 to 28, <strong>2023</strong>.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 83


Investment in Art<br />

<strong>The</strong> Digital Canvas: Navigating the NFT<br />

Art Investment Landscape<br />

In recent years, the world of art investment has witnessed a remarkable<br />

transformation with the advent of Non-Fungible Tokens (NFTs). <strong>The</strong>se<br />

digital assets have redefined how we perceive, buy, and sell art. NFTs<br />

have effectively blurred the lines between the traditional and digital<br />

art worlds, creating exciting opportunities for collectors and investors<br />

alike. This article will explore the NFT art investment landscape and<br />

offer insights into how to navigate this dynamic space.<br />

v<br />

84 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Non-fungible tokens, or NFTs,<br />

are unique digital tokens<br />

that represent ownership<br />

or proof of authenticity of a<br />

particular digital or physical item. In<br />

the context of art, NFTs are primarily<br />

associated with digital artworks.<br />

NFTs have ushered in a digital art<br />

renaissance, providing artists with<br />

unparalleled opportunities to monetize<br />

their work. In the past, digital artists<br />

struggled with challenges related to<br />

copyright infringement, piracy, and the<br />

establishment of artwork provenance.<br />

However, NFTs have changed the<br />

game. <strong>The</strong>y enable artists to authenticate<br />

and tokenize their creations, guaranteeing<br />

their originality and enabling<br />

the tracking of ownership throughout<br />

their existence. This groundbreaking<br />

development has unlocked new possibilities,<br />

allowing creators to directly<br />

engage with their audience, sidestep<br />

intermediaries, and earn royalties<br />

through smart contracts.<br />

<strong>The</strong>re are several reasons that draw<br />

the attention of art investors to NFTs,<br />

including the uniqueness of each NFT,<br />

underpinned by blockchain-verified<br />

provenance, making them digital collector’s<br />

items with easily traceable<br />

authenticity and ownership.<br />

<strong>The</strong> involvement of esteemed auction<br />

houses like Christie’s and Sotheby’s<br />

has cemented NFTs’ status as a<br />

legitimate and promising asset class.<br />

<strong>The</strong> historic sale of Beeple’s “Everyday:<br />

<strong>The</strong> First 5000 Days” for $69<br />

million and the subsequent success of<br />

Sotheby’s NFT auctions, yielding a net<br />

profit of $17 million, signify not just<br />

a trend but a seismic shift in the art<br />

investment landscape. Furthermore,<br />

the agility of NFT trading, coupled<br />

with lower entry barriers and the<br />

potential for substantial returns, is<br />

making art investment more accessible<br />

and dynamic than ever before. With<br />

NFTs, the traditional boundaries of<br />

the art world are expanding, offering<br />

investors a truly worthy avenue for<br />

portfolio diversification and growth.<br />

Despite being a potential investment<br />

opportunity, art investments in NFTs<br />

come with complexities and risks that<br />

require careful consideration. Here are<br />

some key factors to guide you through<br />

this ever-evolving landscape:<br />

Research and Due Diligence:<br />

Before diving into the world of<br />

NFT art investment, it is essential<br />

Embracing NFT<br />

art investments<br />

means unlocking<br />

a dynamic<br />

world of creative<br />

expression,<br />

blockchainbacked<br />

authenticity, and<br />

the potential for<br />

art to redefine<br />

your investment<br />

portfolio.<br />

to undergo thorough research. Start<br />

by examining the artists themselves<br />

– their reputation, past works, and<br />

artistic journey. An artist’s track record<br />

and artistic style can provide<br />

valuable insights into the potential of<br />

their NFTs. Additionally, scrutinize<br />

the platforms where NFTs are minted<br />

and traded, such as Solana, Rarible,<br />

KnownOrigin, Bored Ape Yacht Club,<br />

and Mintable. Ensure the marketplace<br />

has a solid reputation for secure and<br />

reputable transactions. A well-informed<br />

start sets the foundation for<br />

successful investment.<br />

Diversification is a fundamental<br />

principle of risk management in any<br />

investment portfolio, and NFT art is<br />

no exception. Resist the temptation to<br />

concentrate all your funds in a single<br />

NFT. Instead, diversify across different<br />

artists, styles, and even platforms.<br />

This strategy helps spread risk and<br />

increases your chances of discovering<br />

valuable pieces that can be appreciated<br />

over time. NFT art presents a<br />

vast and varied landscape – explore<br />

it thoughtfully.<br />

Consider Long-Term Investment:<br />

While some investors aim for quick<br />

profits by flipping NFTs, it’s highly<br />

important to consider a long-term<br />

investment perspective. Holding onto<br />

NFTs that you believe possess enduring<br />

value can be more rewarding, especially<br />

as the NFT art market continues<br />

to evolve. <strong>The</strong> art world is dynamic,<br />

and artists’ careers can experience<br />

significant growth, making it beneficial<br />

to hold onto NFTs that may appreciate<br />

substantially over the years.<br />

Authentication: <strong>The</strong> legitimacy of<br />

NFTs is crucial for any investor. Ensure<br />

that the NFTs you purchase come<br />

with proper authentication and provenance.<br />

<strong>The</strong> blockchain technology<br />

underpinning NFTs provides transparency<br />

and immutability, making it<br />

possible to verify the artist’s signature<br />

and track the ownership history with<br />

ease. This authentication process safeguards<br />

your investment and ensures<br />

that you possess genuine and valuable<br />

digital assets.<br />

Secure Storage:<br />

After acquiring NFT art, safeguard<br />

your tokens in a reliable digital wallet.<br />

Protect your private keys and<br />

passwords with the utmost diligence<br />

to prevent the risk of theft or loss of<br />

your valuable assets. Digital wallets<br />

are the secure vaults of the NFT world,<br />

and their security is paramount in<br />

preserving your investments.<br />

As technology evolves and the art<br />

world adapts, NFTs will likely play<br />

an increasingly central role in the<br />

art ecosystem, bridging the gap between<br />

traditional and digital art forms.<br />

However, it’s essential to navigate<br />

this evolving landscape with care,<br />

considering factors like due diligence<br />

and diversification to make the most<br />

of the NFT art investment potential.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 85


Local News<br />

Sheikh Hamdan Greenlights Dubai Marine Transport Overhaul<br />

Sheikh Hamdan bin Mohammed,<br />

Crown Prince of Dubai, has<br />

approved plans to revamp the<br />

city’s marine transport, expand<br />

services, and add new vessels to carry<br />

millions of new passengers by 2030. Sheikh<br />

Hamdan approved a scheme to expand<br />

the maritime network by 188 per cent to<br />

serve more than 22 million passengers<br />

annually by 2030, marking a more than 50<br />

per cent increase in passengers from the<br />

current 14M. Dubai’s Roads and Transport<br />

Authority (RTA) will collaborate with<br />

the private sector to manufacture the<br />

world’s first 3D-printed electric abra,<br />

and separate trials are underway for an<br />

unmanned self-navigating electric abra,<br />

as part of the Dubai Marine Transport<br />

Master Plan 2030.<br />

Saudi Arabia and UAE<br />

Lead in Remittances to<br />

Asia and North Africa<br />

<strong>The</strong> Gulf Cooperation Council<br />

(GCC) states stand as a<br />

significant force in global<br />

remittances, ranking second in<br />

absolute US dollar terms and taking the<br />

lead when considering remittances as<br />

a percentage of their GDP. This insight<br />

comes from Dilip Ratha, a <strong>World</strong> Bank<br />

economist and advisor to the Multilateral<br />

Investment Guarantee Agency. Notably,<br />

Saudi Arabia and the UAE serve as<br />

major sources of remittances for South<br />

Asia, North Africa, and Southeast Asia.<br />

However, this dynamic could shift as<br />

Gulf nations reduce their reliance on<br />

foreign workers. Aging populations in<br />

advanced economies and the impact of<br />

climate change are expected to drive<br />

further migration. Nevertheless, the<br />

cost of money transfers remains a<br />

pressing issue, with Africa being the<br />

most expensive destination, imposing<br />

an 8% fee on transfers.<br />

Ras Al Khaimah’s Emerging Real Estate Hotspots<br />

Ras Al Khaimah’s strategic<br />

areas, including Mina Al Arab,<br />

Al Marjan Island, and Al<br />

Jazirah Al Hamra, are poised<br />

to become the UAE’s next real estate<br />

hotspots, according to a recent market<br />

study. Property prices are expected to<br />

surge by up to 21% in the coming year,<br />

making them attractive to investors and<br />

potential billionaires. Factors fueling<br />

this growth include Ras Al Khaimah’s<br />

rising status as a top tourist destination,<br />

Dubai South has achieved<br />

a significant milestone by<br />

completing its blockchain<br />

integration system in collaboration<br />

with Dubai Customs, becoming<br />

the first Dubai free zone to do so. This<br />

achievement underscores Dubai South’s<br />

commitment to the broader goals of the<br />

Dubai eCommerce strategy, aiming to position<br />

Dubai as a leading regional logistics<br />

hub and attract foreign investments in<br />

record-breaking tourist arrivals in the<br />

first half of <strong>2023</strong>, the entry of global<br />

hospitality giants, and the development<br />

of luxurious beachfront resorts akin to<br />

the Maldives. <strong>The</strong>se factors are rapidly<br />

transforming the real estate landscape,<br />

with Mina Al Arab, in particular, offering<br />

an impressive return on investment of<br />

over 20% in the first year, according to<br />

Realiste, a leading proptech offering<br />

AI-based market forecasts.<br />

Dubai South and Dubai Customs: Blockchain<br />

Integration Success<br />

the e-commerce sector. <strong>The</strong> integration<br />

with the customs declaration system<br />

streamlines e-commerce operations,<br />

automating declarations, order tracking,<br />

and processing, resulting in cost and time<br />

savings. This development has already<br />

been embraced by companies like RHS<br />

Logistics and FirstCry in the Logistics<br />

District, with more Dubai South free<br />

zone companies gearing up to adopt<br />

blockchain technology.<br />

86 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


UAE Joins India-Middle East-Europe Economic Corridor Talks at G20 Summit<br />

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

formally joined hands with the<br />

governments of Saudi Arabia,<br />

the European Union member<br />

states, India, and the United States to<br />

collaborate on the development of the<br />

India-Middle East-Europe Economic<br />

Corridor (IMEC). This announcement<br />

took place during the 18th G20 Heads<br />

of State and Government Summit in<br />

New Delhi, with the UAE participating<br />

as a guest of honor. IMEC aims to<br />

DP <strong>World</strong> Named Strategic<br />

Partner for 21st Arab<br />

Media Forum<br />

<strong>The</strong> Dubai Press Club (DPC)<br />

has revealed that DP <strong>World</strong><br />

will be the Strategic Partner<br />

for the 21st Arab Media Forum<br />

(AMF). Under the patronage of<br />

His Highness Sheikh Mohammed bin<br />

Rashid Al Maktoum, Vice President,<br />

Prime Minister and Ruler of Dubai,<br />

the Forum is scheduled at Madinat<br />

Jumeirah, Dubai. AMF <strong>2023</strong> is anticipated<br />

to gather political figures, writers,<br />

thought leaders, media personalities,<br />

and executives from prominent Arab<br />

and international media organizations.<br />

Sultan Ahmed Bin Sulayem, Group<br />

Chairman and CEO of DP <strong>World</strong> and<br />

Chairman of the Ports, Customs &<br />

Free Zone Corporation, emphasized<br />

the Forum’s growth and its role as a<br />

platform for dialogue and knowledge<br />

exchange, aligning with DP <strong>World</strong>’s<br />

journey of expanding possibilities<br />

through smart logistics solutions.<br />

bolster connectivity and integration<br />

among participating nations, featuring<br />

two distinct pathways: the east<br />

corridor linking India to the Arabian<br />

Gulf and the northern corridor connecting<br />

the Arabian Gulf to Europe.<br />

<strong>The</strong>se cross-border ship-to-rail transit<br />

routes will reduce shipping costs and<br />

promote trade in goods and services<br />

between the UAE, Saudi Arabia, India,<br />

and Europe.<br />

UAE Gains Support for Ambitious Climate Solutions<br />

at G20 Summit<br />

During the 18th G20 Summit<br />

in New Delhi, participants<br />

eagerly anticipated the upcoming<br />

28th Conference of<br />

the Parties (COP28) to the UN Framework<br />

Convention on Climate Change<br />

(UNFCCC), hosted by the UAE in<br />

November. Spearheaded by the UAE,<br />

this global event aims to unite efforts<br />

to combat the consequences of climate<br />

change. Participants recognized the<br />

UAE’s ambitious plans, solidifying its<br />

global leadership in finding effective<br />

climate solutions and its pioneering<br />

role as the first country in the Middle<br />

East and North Africa to commit to a<br />

net-zero strategy by 2050. <strong>The</strong> world’s<br />

attention is now focused on COP28 as a<br />

crucial step toward addressing climate<br />

change and its impacts. Experts believe<br />

the UAE’s commitment to balancing<br />

development and environmental sustainability<br />

will be a prevailing theme<br />

at COP28.<br />

Dubai and Oman Collaborate to Boost International<br />

Trade<br />

Dubai Customs recently played<br />

host to a delegation from<br />

the General Directorate of<br />

Customs of the Royal Oman<br />

Police, showcasing their commitment<br />

to global customs collaboration. Led<br />

by Major Khalifa bin Talib Al-Masqari,<br />

Director of Dhofar Customs, and<br />

Captain Yusuf bin Ahmed Al-Balushi,<br />

the Omani delegation engaged in discussions<br />

to enhance cooperation with<br />

Dubai Customs. <strong>The</strong>y delved into the<br />

latest customs operations advancements.<br />

Ahmed Mahboob Musabih,<br />

Director-General of Dubai Customs<br />

and CEO of Ports, Customs, and Free<br />

Zone Corporation, warmly welcomed<br />

the Omani delegation. He stressed<br />

Dubai’s dedication to sharing practical<br />

expertise for mutual economic growth<br />

and streamlined passenger movement.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 87


Travel<br />

Top 4 Destinations to visit in <strong>October</strong><br />

As we approach the start of Autumn, the weather around the globe starts getting fairer and<br />

makes it the best time to travel. <strong>October</strong> is a fantastic month for travel, as the sweltering<br />

summer heat begins to fade, and cooler, more comfortable temperatures emerge. If you’re<br />

wondering where to go this <strong>October</strong>, consider these four captivating destinations that offer<br />

unique experiences, cultural richness, and pleasant weather. From the mountains of Kyrgyzstan<br />

to the Arabian Peninsula, each place has something special to offer.<br />

Bishkek, Kyrgyzstan<br />

Bishkek is situated right at the<br />

northern fringe of the Ala-Too<br />

mountain range. Embracing<br />

its Soviet Asian heritage, the<br />

city features a blend of Soviet-era structures,<br />

monuments, and an abundance of<br />

green spaces, parks, and gardens. It’s<br />

a charming destination for an <strong>October</strong><br />

visit, with slightly cooler temperatures<br />

ranging from 18°C in the morning to<br />

5°C at night.<br />

<strong>The</strong> city is known for its monuments<br />

and cultural institutions, including the<br />

National Historical Museum and Ala-<br />

Too Square, where the changing of the<br />

guard takes place daily. Additionally,<br />

the Dordoy Bazaar provides ample<br />

shopping opportunities, especially<br />

for Chinese exports. When it comes to<br />

travel, flights from Dubai to Bishkek<br />

are as cheap as AED 200/-, and the<br />

budget-friendliness of this place doesn’t<br />

Amman, Jordan<br />

Amman, Jordan’s capital,<br />

offers a captivating mix of<br />

old and new, situated on hilly<br />

terrain between the desert<br />

and the fertile Jordan Valley. In the<br />

city’s commercial centre, contemporary<br />

structures, hotels, eateries, art galleries,<br />

end there. Even the most luxurious<br />

hotels cost AED 250/- or less, making<br />

and boutiques coexist harmoniously<br />

with cultural coffee houses and small<br />

artisan workshops. Giving you a lifetime<br />

experience of culture without losing<br />

the ease of urban life.<br />

<strong>October</strong> marks the best time to visit<br />

Amman due to the pleasant weather,<br />

it an excellent escape from the hectic<br />

routine without straining your wallet.<br />

with temperatures ranging from 24°C<br />

in the morning to 14°C at night. Amman<br />

offers a wide range of accommodation<br />

options for its tourists, depending on<br />

their preferences. To experience the<br />

nightlife and culture of Jordan, book a<br />

hotel on Rainbow Street. For luxurious<br />

hotels, Abdoun is the place to be with<br />

prices starting from AED 300/- going<br />

up to AED 1,100/-, and if you are on<br />

a tight budget, consider looking for<br />

accommodations in Downtown where<br />

the average hotel price starts from AED<br />

60/- only. <strong>The</strong> flights from Dubai to<br />

Amman will cost you around AED 600/-.<br />

While in Amman, make sure to plan a<br />

day trip to the stunning ancient city of<br />

Petra, a UNESCO <strong>World</strong> Heritage Site.<br />

88 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>


Taif, Saudi Arabia<br />

Musandam, Peninsula<br />

Among the world’s most captivating<br />

travel destinations<br />

lies the Musandam Peninsula,<br />

an exquisite natural wonder<br />

located in the northernmost part of<br />

Oman. Renowned for its striking resemblance<br />

to the fjords of Norway,<br />

Musandam exudes a distinct charm<br />

that invites adventurers and nature<br />

enthusiasts alike. Isolated and remote,<br />

this peninsula offers a tranquil getaway<br />

from the noise of urban life, enveloping<br />

travellers in an unspoiled wilderness<br />

of unparalleled beauty. <strong>The</strong> place is<br />

around 120km away from Dubai and<br />

it takes over 3 hours to reach there by<br />

car. This majestic place can be reached<br />

solely by car, and the journey from<br />

Dubai to Musandam typically takes<br />

around three hours.<br />

Travelling in <strong>October</strong> offers a more<br />

comfortable and enjoyable experience<br />

compared to the summer months, thanks<br />

to temperatures typically hovering in<br />

the low 30°C. <strong>The</strong> Musandam Peninsula<br />

is for nature lovers and when it comes<br />

to nature the place has several resorts<br />

with an average price range of AED<br />

200 to 500 per night, offering close to<br />

Situated in the mountains of Saudi<br />

Arabia, Taif offers a refreshing<br />

escape from the desert heat in<br />

<strong>October</strong>. Known for its beautiful<br />

gardens and cool climate, Taif is often<br />

referred to as the “City of Roses” due to<br />

its abundant rose farms. This beautiful<br />

city of Saudi Arabia has a lot to offer<br />

to its tourists including the scenic Al<br />

Rudaf Park, the historic Shubra Palace,<br />

and the breathtaking views from the<br />

Al Hada Mountain.<br />

<strong>The</strong> weather typically ranges between<br />

29°C to 15°C, but it remains cooler than<br />

other regions due to its higher altitude.<br />

<strong>The</strong> flights from UAE to KSA will cost<br />

you around AED 600/-. In addition, the<br />

accommodation is versatile ranging from<br />

budget-friendly hotel rooms starting<br />

from AED 100/- to luxurious resorts<br />

that will cost around AED 900/- per<br />

night. Some of the famous resorts in<br />

Taif to consider while planning a trip<br />

there include Meral Oasis, Lafontaine<br />

<strong>The</strong> Gazal Resort, and Narciss Hotel<br />

Chalets. Don’t forget to sample the<br />

local speciality, “Al Shai Al Shamali”<br />

(Taif-style tea), and immerse yourself in<br />

the unique culture of this highland city.<br />

nature experience along with services<br />

like private pools and authentic food<br />

cuisines. Some of the renowned resorts<br />

to consider, include Six Senses Zighy<br />

Bay and Atana Musandam Resort.<br />

<strong>October</strong> <strong>2023</strong> www.thefinanceworld.com 89


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