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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

As COP28 unfolds, finance takes the spotlight, intricately linked 

to Climate Transition and Adaptation. This edition of The 

Finance World Magazine explores the finance-sustainability 

connection and the growing trend in the MENA region. 

Editor’s Note 

In this edition, the focus lies on influential leaders from the UAE who 

are leaving a significant mark on sustainability. Employing a rigorous 

selection process, the cover story of this magazine highlights 10 UAE 

leaders who have substantially participated in sustainability efforts. 

Notable figures include Sultan Al Jaber, the president-designate of 

COP28, and Emirati Visionaries Razan Al Mubarak and Shamma Al 

Mazrui, who are appointed as ambassadors for COP28. 

Centred around sustainability and finance, this edition highlights 

different aspects of green initiatives surging in the Middle East, 

including the ESG revolutions in the fintech sector, green investments 

in luxury real estate across UAE, and the rise of sustainable tourism 

throughout the region. It also encompasses informative articles 

on “Leveraging Digital Assets and Blockchain for Achieving ESG 

Objectives,” “Balancing Profit and Protection: Investing in Wildlife 

Sanctuaries,” and much more. 

This edition features exclusive interviews that provide unique 

perspectives on the financial world. Aniket Sunil Talati, President of 

The Institute of Chartered Accountants of India (ICAI), shares insights 

into the impact of Chartered Accountants. Additionally, gain valuable 

insights into sustainability initiatives as Chris Hamilton, Resident 

Manager, and Head of Sustainability at Shangri-La Group, discusses 

Shangri-La Dubai’s commitment to sustainability. 

Within the news segments, you will find a condensed compendium 

of the most notable advancements in the field of finance. We have 

meticulously sifted through the latest trends and updates, spanning 

an array of pertinent topics such as corporate results, corporate tax, 

startups, banking, funding, investment, fintech, digital assets, and 

beyond. 

We aim to espouse the vision of the UAE’s wise leadership on the 

nation’s development path, highlighting the social, economic, and 

developmental aspects shaping this dynamic nation. To that end, we 

tirelessly curate the latest and most credible finance news for our 

readers, aiming to advance financial literacy and contribute to Dubai’s 

journey to becoming one of the world’s most pioneering economies. 

- Ambrish Agarwal, Editor in Chief 

- Ambrish Agarwal, Editor in Chief 

November 2023 www.thefinanceworld.com 5 

September 2022 3

Contents November 

2023 

PERSONAL FINANCE 

P8 | Building Wealth for the 

Future: The Power of Long-Term 

Investment 

UAE BANKING 

BUSINESS 

P22 | The Future of Finance: 

Climate Business and Generational 

Security 

P24 | Business News 

COVER STORY 

HEALTHCARE 

P10 | Salary Guide for In-Demand 

Banking and Finance Careers in 

the UAE 

P12 | UAE Banking News 

UAE REFORMS 

P50 | COP28 to centralise 

Healthcare at first-ever Health Day 

MERGERS AND 

ACQUISITIONS 

P14 | UAE Reforms Arbitration 

Law 

P15 | UAE’s New Consumer 

Protection Framework 

FINTECH 

P16 | Fintech for ESG: Revolutionising 

Responsible Investing 

P18 | Fintech News 

P20 | Fintech Application 

6 www.thefinanceworld.com November 2023 

P30 | 10 UAE Leaders Influencing 

Sustainable Development 

START-UP 

P42 | Startups Addressing Climate 

Change in UAE 

ENERGY 

P44 | Masdar City: The $22B Zero 

Carbon ProjectAmidst the Arabian 

Desert 

P46 | Energy News 

P52 | Innovating M&A Strategies 

for Resilience and Forward 

Momentum 

P54 | Mergers & Acquisitions News 

CRYPTOCURRENCY 

P56 | UAE’s Crypto Revolution: 

Regulatory Insights from Dubai

REAL ESTATE 

P58 | Luxury Real Estate in the 

UAE Goes Green 

P60 | Real Estate News 

FUNDING & INVESTMENT 

INTERVIEW 

P68 | Aniket Sunil Talati, President 

of TheInstitute of Chartered 

Accountants of India (ICAI) 

P84 | Chris Hamilton, Resident 

Manager and Head of 

Sustainability at Shangri-La Group 

STOCK MARKET 

TOURISM 

P86 | Sustainable Tourism Initiatives 

on the Rise in the Middle East 

P88 | Balancing Profit and Protection: 

Investing in Wildlife Sanctuaries 

GLOBAL 

P90 | Historic Moment as Burj CEO 

Awards 2023 Awardees Light Up 

Times Square Billboard 

P92 | Global News 

INVESTING IN ART 

P62 | The Evolution of ESG 

investments in the United Arab 

Emirates 

P64 | Funding & Investment News 

DIGITAL ASSETS 

P66 | ALeveraging Digital Assets 

and Blockchain for ESG Objectives 

P72 | The UAE Takes the Lead in 

Middle East IPOs, Driving Market 

Expansion 

CORPORATE 

P74 | UAE Tax Insights: What You 

Need to Know About Corporate 

Taxation 

P76 | Corporate Results 

SPORT AS A BUSINESS 

P80 | Future-Proofing Sports Business: 

The Rise of Sustainability 

P82 | Sports News 

P94 | The Growing Appeal: High- 

Net-Worth Investors Flocking to Art 

P96 | Local News 

TRAVEL 

P98 | Top 4 Places to Visit this 

November 

P100 | Travel News 

P21 | P27 | Launch Express 

P40 | P48 | Wheels 

P26 | P103 | Tech My Money 

November 2023 www.thefinanceworld.com 7

Personal Finance 

Anticipatory Insurance in the Age of 

Climate Change: Building Financial 

Resilience 

In an era marked by unpredictable weather patterns, rising sea levels, and 

extreme climate events, the need for innovative solutions to address the 

challenges of a changing world has never been greater. Anticipatory insurance, 

a cutting-edge approach, has emerged as a promising solution to mitigate the 

impacts of climate change. By combining the power of insurance with personal 

finance, anticipatory insurance is pioneering climate aid for individuals in 

our changing world. This article explores how incorporating anticipatory 

insurance into personal finance can help build financial resilience and prepare 

for an uncertain future. 

8 www.thefinanceworld.com November 2023

Anticipatory insurance represents 

a paradigm shift from traditional, 

primarily reactive insurance 

models. Instead, it embraces a proactive 

approach that leverages advanced data 

analytics, artificial intelligence, and climate 

modelling to predict, prepare for, 

and mitigate the financial consequences 

of climate-related events. 

Forecast-Based Financing (FbF), 

Forecast-Based Action (FbA), Early 

Warning Early Action (EWEA), and 

other proactive response strategies are 

gaining momentum among donors, humanitarian 

organisations, and disaster 

risk managers. They serve as effective 

mechanisms to offer vital assistance to 

vulnerable communities before the onset 

of disasters. The primary goal of these 

anticipatory measures, which consider 

humanitarian and financial factors, is to 

minimise the consequences of disasters 

and bolster recovery efforts by utilising 

forecasts or warnings of impending 

shocks or stressors. 

Incorporating anticipatory insurance 

into personal finance has emerged as a 

powerful strategy for fortifying financial 

resilience. Following are some ways to 

interconnect anticipatory insurance with 

personal finances: 

Tailored Coverage: 

Individuals can purchase anticipatory 

insurance policies customised to their 

specific needs and locations. This allows 

them to protect their personal finances 

against climate-related risks such as 

flooding, wildfires, and hurricanes. Insurance 

providers can use advanced data 

analytics to offer personalised coverage 

based on the policyholder’s geographical 

location and the associated climate risks. 

Risk Assessment and Planning: Insurance 

providers can offer policyholders 

tools and resources for assessing their 

vulnerability to climate risks and help 

them create financial plans to mitigate 

them. By understanding the potential 

impact of climate events on their finances, 

individuals can make informed decisions 

about coverage and investment in disaster 

preparedness measures. 

Discounts for Risk Mitigation: 

Insurance companies can incentivise 

policyholders to invest in risk reduction 

measures by offering discounts 

on premiums. For instance, individuals 

who implement climate-resilient home 

improvements or follow environmentally 

responsible practices can receive reduced 

insurance rates, thus encouraging 

responsible personal finance decisions. 

Early Payouts and Emergency Funds: 

Anticipatory insurance can be designed 

to provide early payouts or activate emergency 

funds in the event of impending 

climate disasters. This ensures individuals 

have immediate financial resources to 

cover evacuation, temporary lodging, 

or emergency repairs, allowing them to 

secure their personal finances during 

a crisis. 

Preemptive Budgeting: 

Just as these anticipatory actions 

proactively allocate resources before a 

disaster occurs, individuals can adopt a 

preemptive budgeting approach. They can 

allocate funds in advance for potential 

emergencies, including those related to 

climate change, such as flood-proofing 

a home, creating an emergency fund, or 

investing in resilient infrastructure. This 

financial preparation ensures individuals 

have the necessary resources to mitigate 

damage and recover swiftly in the event 

of a disaster. 

Investment in Climate-Resilient 

Assets: 

Individuals can consider climate-resilient 

investments as part of their personal 

finance strategy. These could include green 

infrastructure, sustainable housing, or 

investments in companies and industries 

focusing on climate adaptation. Anticipatory 

insurance can complement these 

investments by providing a safety net 

against climate-related financial losses. 

Integration with Financial Planning 

Services: 

Financial advisors can incorporate 

anticipatory insurance into their services, 

helping individuals assess their climate 

risk exposure and create comprehensive 

financial plans that consider climate adaptation 

strategies, including insurance. 

Collaboration with Financial Institutions: 

Individuals can work closely with 

banks, credit unions, and financial advisors 

to develop anticipatory financial 

strategies. Financial institutions can guide 

on creating climate-resilient financial 

plans and offer products that align with 

anticipatory actions, such as insurance 

The synergy 

of anticipatory 

insurance 

and personal 

finance 

empowers 

individuals 

to address 

climate 

change 

challenges 

while securing 

their financial 

future. 

bundles tailored to climate risks. 

By adopting these anticipatory concepts 

into personal finance, individuals 

can proactively protect their financial 

stability in the face of climate change. 

The essence of these strategies lies 

in planning, reducing risks, and being 

prepared for potential challenges, which 

are fundamental principles in both anticipatory 

actions and responsible personal 

finance management. 


UAE Banking 

Salary Guide for In-Demand Banking 

and Finance Careers in the UAE 

In the thriving financial landscape of the United Arab Emirates (UAE), 

professionals in the banking and finance sector are handsomely rewarded 

for their expertise and contributions. The salary structures in various 

subfields within this industry reflect the demand for skilled individuals and 

the importance of their roles in driving the UAE’s economic engine. This 

article closely examines the well-compensated and sought-after banking 

and finance careers in the UAE, drawing insights from Michael Page’s UAE 

Salary Guide and the Hays Salary Guide. 


The banking and finance sector 

in the United Arab Emirates 

(UAE) is experiencing a significant 

increase in the demand 

for skilled professionals. This surge 

can be attributed to various factors, 

notably the progressive visa reforms 

and the expanded golden visa program. 

These initiatives are drawing in an 

increasing number of job seekers and 

investors, establishing the Emirates as 

an exceptionally appealing destination 

with promising career opportunities. 

Notably, private equity and advisory 

firms are aggressively bolstering their 

workforce, spanning junior, middle, 

and senior roles. According to Hays, 

the region’s increase in initial public 

offerings (IPOs) is the driving force 

behind recruitment in corporate banks, 

particularly within the dynamic capital 

market sector. 

Amidst the multitude of job openings 

within the banking sector, it is 

essential to identify the roles that are 

currently in high demand in the UAE. 

According to the report by Michael 

Page, pivotal positions such as Chief 

Financial Officer, Compliance Officer, 

Fund Accountant, Investor Relations, 

Finance Investment Manager, Market 

Risk Manager, and Operations roles 

within middle offices (encompassing 

private equities, listed equities, and 

hedge funds) stand out as some of the 

most coveted positions in the industry. 

The average salaries of these jobs are 

detailed further: 

Chief Financial Officer (CFO): 

Average Salary: In the UAE, a Chief 

Financial Officer (CFO) can expect 

an average annual salary ranging from 

AED 75,000 to AED 250,000. However, 

this figure can vary based on an individual’s 

experience and qualifications. 

As a crucial figure in an organisation’s 

financial landscape, CFOs bear significant 

responsibility for the financial 

well-being and strategic direction of their 

respective companies. Their expertise 

and leadership are highly regarded in 

the UAE’s dynamic financial sector, 

making them instrumental in shaping 

the industry’s success and growth. 

Compliance Officer: 

Average Salary: For Compliance Officers 

in the UAE, the average annual 

salary typically falls within the range of 

AED 50,000 to AED 110,000. However, 

High-demand 

roles offer 

generous 

compensation, 

making the 

sector attractive 

for career 

prospects. 

this figure can vary based on an individual’s 

experience and qualifications. 

Compliance Officers play a vital role 

in ensuring organisations adhere to 

regulations and ethical standards. Their 

responsibilities involve implementing 

and overseeing compliance programs 

and policies to maintain the integrity 

and legal standing of the organisations. 

Fund Accountant: 

Average Salary: In the UAE, Fund 

Accountants earn an average annual 

salary ranging from AED 30,000 to AED 

75,000. However, this figure can vary 

based on an individual’s experience 

and qualifications. Fund Accountants 

are integral to the finance sector and 

responsible for managing financial records 

and transactions within investment 

funds. Their expertise ensures accurate 

reporting and financial stability. 

Investor Relations Specialist: 

Average Salary: Investor Relations 

Specialists in the UAE typically receive 

an average annual salary ranging from 

AED 40,000 to AED 100,000, depending 

on experience and qualifications. These 

professionals are essential for maintaining 

and enhancing relationships between 

organisations and their investors. They 

play a key role in communication, 

financial reporting, and ensuring transparency 

to foster investor confidence. 

Finance Investment Managers: 

Average Salary: Finance Investment 

Managers in the UAE earn an average 

annual salary spanning from AED 35,000 

to AED 90,000, with variations based 

on experience and qualifications. These 

experts are responsible for managing 

investment portfolios, making strategic 

financial decisions, and maximising 

returns for clients. Their role is pivotal 

in the financial industry, where sound 

investment strategies are essential. 

Market Risk Manager: 

Average Salary: Market Risk Managers 

in the UAE receive an average annual 

salary ranging from AED 45,000 to AED 

105,000, contingent on their experience 

and qualifications. These professionals 

are instrumental in identifying, assessing, 

and mitigating risks associated 

with financial market activities. Their 

expertise helps organisations navigate 

the complex world of market fluctuations 

and make informed decisions. 

Operations roles in Middle Offices 

(Private Equities, Listed Equities, 

and Hedge Funds): 

Average Salary: Individuals in Operations 

roles within Middle Offices 

in the UAE typically earn an average 

annual salary of AED 25,000 to AED 

70,000, depending on their experience 

and qualifications. These roles involve 

managing and supporting the operational 

aspects of financial activities, ensuring 

efficiency and accuracy within the 

financial operations of organisations. 

In the dynamic landscape of the UAE’s 

banking and finance sector, success is 

intricately tied to possessing the right 

skill set. According to Michael Page’s 

salary guide, proficiency in financial 

modelling, senior strategic finance, 

compliance, and investor relations 

emerges as fundamental skills crucial 

for establishing and advancing one’s 

career. To maximise earnings and unlock 

the full potential of opportunities in 

the banking and finance sector, these 

skills are not just desirable; they are 

indispensable. 


UAE Banking News 

Global Islamic 

Banking Assets Surge 

to $4T and Poised for 

Growth 

Global Islamic banking assets 

have surged to a substantial 

$4T, as reported by the 

Al Huda Centre of Islamic 

Banking and Economics. This growth 

comes at a time when ethical and 

sustainable finance is taking center 

stage in the global financial landscape, 

and the Islamic banking and finance 

sector is increasingly recognized for its 

responsible financial practices. Major 

financial markets are acknowledging 

the potential of Islamic finance in 

addressing the challenges of eradicating 

extreme poverty and fostering 

shared prosperity. The industry’s 

assets reached the $4T mark in 2023, 

and it is expected to maintain a compound 

annual growth rate (CAGR) of 

10 percent in the forecast period. 

Emirates NBD Unveils Digital Wealth Platform for 

Securities and ETF Trading 

Emirates NBD, Dubai’s largest 

bank, has introduced a 

digital wealth platform enabling 

customers to engage 

in securities and exchange-traded 

fund (ETF) trading across both local 

and global exchanges. The platform 

offers access to a diverse portfolio 

of over 11,000 global equities and 150 

regional equities, facilitating trading 

on domestic exchanges like the Dubai 

Financial Market, Abu Dhabi Securities 

Exchange, and Nasdaq Dubai, as well 

as international markets, including 

the New York Stock Exchange, Nasdaq, 

and London Stock Exchange. 

Integrated into the ENBD X mobile 

application, this initiative aligns with 

Emirates NBD’s mobile-first strategy, 

leveraging advanced cloud technologies 

to ensure user safety and security. 

Saudi Fund for Development Inks MoU with Asian 

Development Bank 

The Saudi Fund for Development 

(SFD) Chief Executive 

Officer, H.E. Sultan Al-Marshad, 

signed an essential 

Memorandum of Understanding (MoU) 

with the President of the Asian Development 

Bank (ADB), H.E. Masatsugu 

Asakawa. This MoU, signed on the 

sidelines of the 2023 World Bank 

Group - IMF Annual Meetings in Marrakech, 

Morocco, marks a significant 

stride in their strategic partnership. 

Its objective is to promote collaborative 

initiatives that advance social 

and economic development in ADB 

member countries in Asia and the 

Pacific. The agreement underscores 

their joint commitment to supporting 

sustainable development aligned with 

the UN Sustainable Development 

Goals and enhancing the global development 

system. The MoU focuses 

on development activities in Asia 

and the Pacific, strengthening capacities 

to meet international needs, 

and facilitating knowledge-sharing to 

maximize institutional efficiency and 

development impact. 

UAE Engages in World Bank and IMF Meetings in Marrakech 

The United Arab Emirates, 

represented by the Ministry 

of Finance, has announced 

its active participation in the 

Annual Meetings of the International 

Monetary Fund (IMF) and the World 

Bank Group (WBG) scheduled to take 

place in Marrakech, Kingdom of Morocco, 

from October 9 to 15, 2023. His 

Excellency Mohamed bin Hadi Al Hussaini, 

Minister of State for Financial 

Affairs, will lead the UAE delegation, 

which comprises prominent officials 

such as His Excellency Younis Haji Al 

Khoori, Undersecretary of the Ministry 

of Finance, and His Excellency 

Ebrahim Al Zaabi, Assistant Governor 

for Monetary Policy and Financial 

Stability at the Central Bank of the 

UAE, along with several experts from 

the Ministry of Finance and the Central 

Bank of the UAE. The UAE delegation’s 

agenda includes participation in 

key meetings and committees such as 

the World Bank Group Development 

Committee, the G20 Finance Ministers 

and Central Bank Governors meeting, 

the Annual General Meetings, and 

interactions with regional and international 

financial institutions. 


UAE Banks Outshine GCC Peers with Profit Boost Amid Economic Growth 

UAE banks have demonstrated 

superior profitability compared 

to their GCC counterparts, 

especially in Saudi Arabia and 

Qatar, with this trend expected to continue 

due to a robust operating environment, as 

stated by Fitch Ratings. Factors such as 

elevated oil prices, controlled inflation, 

and increasing interest rates have all 

contributed to the positive performance 

of these financial institutions, according 

to the New York-based ratings agency’s 

recent report. Fitch noted that UAE 

banks’ profitability has seen significant 

improvement, and they anticipate this 

trend to persist. Along with other robust 

financial metrics, this could potentially 

lead to positive rating actions on the 

viability ratings of certain UAE banks. 

Furthermore, Fitch analysts highlighted 

that banks in the primary GCC markets, 

including Saudi Arabia, the UAE, and 

Qatar, are well-positioned to benefit from 

rising interest rates. 

Al Salam Bank Initiates 

AI Bootcamp in Bahrain 

Al Salam Bank has initiated 

a two-day AI Bootcamp in 

Bahrain, providing students 

with a platform to showcase 

their AI-driven creativity and innovation 

in designing business branding 

campaigns. The participants will present 

their campaigns to a judging panel 

comprised of Al Salam Bank members, 

including Mahmood Qannati, Head of 

Marketing and Communications and 

ESG Officer, Muna Al Balooshi, Head of 

Human Resources and Administration, 

Mohammed Al Shehabi, Head of 

Innovation, and Ahmed bin Jamal, 

AVP of Marketing and Communications. 

Ten winners will receive BD100 cash 

prizes, and the top five participants 

will have the opportunity to join the 

bank’s marketing and communications 

department. The AI Bootcamp requires 

participants to have a background in 

AI applications, demonstrate creativity 

and innovation, possess a passion for 

branding and marketing, and be capable 

of working both independently and as 

part of a team. 

Successful Bond Issue by Commercial Bank of 

Kuwait 

The Commercial Bank of Kuwait 

(AlTijari) and Kuwait Financial 

Centre “Markaz” have 

successfully issued bonds 

with a nominal value of KWD 50M 

($161.748M) for a ten-year tenure, 

callable after five years. This first 

tranche is part of the subordinated 

Tier 2 capital bonds programme, which 

was initially issued for a maximum of 

KWD 100M and represents the first 

bond issuance of its kind denominated 

Dubai’s Department of Economy 

and Tourism (DET) 

and the Financial Services 

and the Treasury Bureau of 

the Government of Hong Kong, China, 

have inked a Memorandum of Understanding 

(MoU) intending to enhance 

financial cooperation between the two 

regions. The agreement was formalized 

during the Belt and Road Summit in 

Hong Kong, with Hadi Badri, CEO of 

the Dubai Economic Development Corporation, 

Dubai Department of Economy 

and Tourism, and Joseph Chan, 

Under Secretary for Financial Services 

and the Treasury of the Government of 

the Hong Kong Special Administrative 

Region, as the signatories. This MoU 

underscores the commitment of both 

in Kuwaiti dinar. The private placement 

to qualified investors was fully 

subscribed, reflecting investor confidence 

in the quality of the issuance, 

bolstering the bank’s position, and 

highlighting the competence of the 

lead manager. The bonds offer attractive 

returns, with a floating interest 

rate of 3.0% above the Central Bank of 

Kuwait’s discount rate and a minimum 

annual interest rate of 5.0%, payable 

semi-annually. 

Dubai and Hong Kong Collaborate for Economic 

Corridor via Financial Services 

governments to promoting collaboration 

and knowledge exchange within 

their financial markets. It also signals 

their determination to deepen their 

bilateral relationship, fostering mutual 

growth and development in the financial 

services sectors of both cities. 


UAE Reforms 

UAE Reforms Arbitration Law 

The UAE has recently enacted 

Federal Law No. 15 of 2023, which 

has brought about revisions to 

Articles 10, 23, 28, and 33 of Federal 

Law No. 6 of 2018, collectively referred 

to as the “Amendments.” These changes 

have been introduced with the primary 

goal of enhancing the efficiency and 

adaptability of arbitration proceedings 

within the UAE. 

The changes in UAE arbitration law 

took effect on September 16, 2023, and 

are discussed further below. 

Arbitrators’ Qualifications (Article 10) 

Article 10 of the Amendments has 

undergone modifications to reinforce 

arbitrators’ independence and integrity. 

Arbitrators are now explicitly required 

to have no prior affiliations with any 

involved parties that could compromise 

their impartiality or independence. Significantly, 

Article 10 no longer includes 

the previous prohibition that barred 

parties from appointing individuals who 

are members of the Board of Trustees, 

Executive Management, or Administrative 

Bodies of the arbitral institution overseeing 

the arbitration process. However, it also 

places the onus on arbitral institutions 

to establish specific governance policies 

and mechanisms that ensure the ongoing 

impartiality and independence of the 

selected arbitrators. 

Applicable Proceedings (Article 23) 

Article 23 of the Amendments reiterates 

the significance of party autonomy 

in arbitral proceedings. The revised text 

explicitly excludes the prior reference to 

Article 10.2, which previously restricted 

arbitrators associated with arbitral institutions 

overseeing the arbitration from 

being nominated. Instead, it emphasises 

that arbitrators must adhere to the 

procedural framework mutually agreed 

upon by the parties while respecting the 

arbitration rules of the relevant arbitral 

institution. In instances where the parties 

fail to reach a consensus on the arbitration 

procedure, the arbitral tribunal is 

empowered to determine an appropriate 

procedure. This determination must align 

with the litigation standards and international 

agreements to which the UAE 

is a signatory, ensuring that arbitration 

proceedings remain just, efficient, and 

consistent with international norms. 

Remote Hearings and Use of Technology 

(Article 28) 

Article 28 of the Amendments now 

mandates that arbitral institutions must 

provide the essential technological infrastructure 

to facilitate remote hearings. 

This amendment necessitates that both 

the involved parties and arbitral institutions 

exercise diligence in selecting the 

appropriate technology and configuring 

the technical setup to uphold the integrity 

and security of the proceedings. 

Hearings and Evidence (Article 33) 

Article 33 of the Amendments bestows 

arbitrators with the authority to determine 

proceedings on a “document-only” basis. 

This provision empowers arbitrators to 

decide whether oral evidentiary hearings 

are necessary or whether the proceedings 

can rely solely on written documentation. 

This change offers arbitration tribunals 

greater flexibility in managing proceedings, 

which, in turn, enhances efficiency and 

is likely to contribute to cost savings in 

the arbitration process. 

These amendments signify a significant 

step toward the UAE’s ambitions 

of establishing itself as a global centre 

for international arbitration. 


UAE’s New Consumer Protection 

Framework 

The United Arab Emirates (UAE) has 

undergone a significant transformation 

in its consumer protection 

framework, aiming to enhance consumer 

rights and promote responsible business 

practices. The culmination of these efforts 

is the implementation of Federal 

Law No. 15 of 2020 (CP Law) and its 

corresponding executive regulations 

(the Regulations), officially approved 

in July 2023 and set to take effect on 

October 14, 2023. This comprehensive 

legislation replaces the outdated consumer 

protection law dating back to 

2006, signalling the UAE’s commitment 

to modernising its legal framework to 

meet the evolving needs of consumers in 

a dynamic marketplace. The Law operates 

under a broad definition of “Supplier,” 

covering manufacturers, distributors, 

service providers, and e-commerce entities 

registered in the UAE. Notably, it 

addresses various aspects of consumer 

protection, including minimum content 

requirements for transaction documents, 

regulations against unfair practices and 

misleading information dissemination, 

and detailed rules governing warranties 

and remedies. 

Several key provisions within this legislation 

stand out, such as the inclusive 

definition of a consumer that extends to 

juristic persons, the mandate for most 

consumer information to be presented in 

Arabic, and specific regulations related 

to e-commerce. Notably, the law places 

responsibility on e-commerce marketplaces 

for defective products offered by third 

parties on their platforms, which could 

significantly impact online businesses. 

Additionally, it requires suppliers to 

provide warranties for services based 

on the nature of the service or agreements 

with consumers, and it outlines 

a framework for product recalls and 

maintenance of spare parts. Suppliers 

must maintain stocks of spare parts in 

line with consumer demand and provide 

written policies in Arabic and other chosen 

languages. Advertisements that may 

mislead consumers are prohibited, and 

suppliers cannot impose unreasonable 

contract terms or engage in monopolistic 

practices. 

The legislation is further reinforced 

by a range of administrative sanctions 

and financial penalties for suppliers that 

violate its provisions, with a graduated 

approach that includes issuing notices, 

imposing fines, temporary closures, 

suspension of activities, and licence 

revocation. It also includes criminal 

sanctions for breaches of various articles, 

although the conditions under which 

these criminal sanctions would apply 

remain to be clarified. 

In sum, the UAE’s new consumer 

protection laws and Regulations offer 

a robust framework to ensure product 

quality, transparent business practices, 

and adherence to language requirements. 

Businesses operating in the UAE must 

prepare to align with these regulations, 

consider adjustments to their processes, 

and uphold consumer trust as the country 

enters a new era of consumer protection 

and legal compliance. 


Fintech 

Fintech for ESG: Revolutionising 

Responsible Investing 

The United Arab Emirates (UAE) is experiencing a growing interest in 

responsible investing, driven by the global emphasis on ESG (Environmental, 

Social, and Governance) criteria. Fintech companies have emerged as key 

players in this movement, using cutting-edge technology to revolutionise the way 

investments are made with a focus on sustainability. This article will spotlight 

three international Fintech companies operating in the UAE, each contributing 

to the nation’s evolving ESG landscape. As the UAE continues to make strides in 

this arena, the influence of these Fintech pioneers highlights the transformative 

potential of responsible investing, setting a global example for financial markets. 

EMEX 

Emex is a Dublin-based fintech 

firm dedicated to delivering 

sustainability reporting and 

data solutions across various sectors, 

including Mining, Transportation and 

Logistics, Governments, Materials, 

Retail, and Energy. It operates internationally 

in the US, UK, Ireland, UAE 

(Dubai) and Ukraine. 

At the core of Emex’s mission is the 

commitment to empower businesses 

to achieve their sustainability goals 

while ensuring the well-being of the 

environment and their stakeholders. 

They achieve this through an innovative 

data-driven approach that offers 

accurate, timely insights, ultimately 

advancing ESG initiatives. 

Emex’s comprehensive suite of 

solutions covers a wide range of critical 

areas within the ESG ecosystem. 

This encompasses health and safety, 

ESG impact reporting, carbon management, 

risk assessments, and third-party 

screening and due diligence. By 

providing an all-encompassing platform, 

Emex simplifies the intricate 

landscape of sustainable finance for 

businesses, not only within the UAE 

but also globally. 

Emex’s decade-long journey signifies 

its global prominence, serving 

more than 100,000 users across 80+ 

countries and offering support in 

16 www.thefinanceworld.com November 2023 

over 30 languages. This extensive 

global presence underlines Emex’s 

commitment to promoting responsible 

investing on a worldwide scale. They 

achieve this through the adept use 

of technology, expert insights, and a 

versatile platform designed to leverage 

high-quality data. 

Emex understands that sustainability 

is not a fixed destination but 

an ongoing journey of continuous 

improvement. Their platform empowers 

businesses to translate their 

sustainability aspirations into tangible 

actions. By utilising advanced IoT 

technology and expert input, Emex 

collects and communicates crucial 

health, safety, and environmental data 

at the source. This comprehensive 

approach empowers UAE-based businesses 

to measure, track, and advance 

toward their sustainability goals while 

realising measurable returns on their 

investments in sustainability. 

Emex’s pivotal role in the UAE’s 

sustainable finance and ESG transformation 

underscores its commitment 

to transparency and innovation. In a 

world where the demand for sustainability, 

from achieving net-zero emissions 

to enhancing employee safety, 

continues to grow, Emex serves as a 

trusted partner for businesses seeking 

to navigate the intricate terrain of 

Simon Kelly, 

Co-Founder 

responsible investing. 

Emex’s presence in the UAE is a 

reflection of the nation’s dedication 

to sustainability and aligns seamlessly 

with the global movement to 

integrate ESG criteria into financial 

decision-making. Bridging the divide 

between sustainability intentions and 

meaningful actions, Emex exemplifies 

the transformative power of fintech in 

propelling responsible investing within 

the UAE and across borders.

Quantexa 

Quantexa is an England-based 

fintech firm, revolutionising the 

way organisations make informed 

operational decisions by imbuing data 

with meaning. Leveraging the latest 

advancements in big data and artificial 

intelligence (AI), Quantexa’s platform 

uncovers hidden risks and untapped 

opportunities, offering a contextual, 

connected view of internal and external 

data in a single, accessible platform. It 

operates globally with offices located 

in the UK, Canada, the US, Australia, 

Singapore, Brussels, and UAE. 

Quantexa’s impact extends across 

a multitude of domains, from data 

management and Know Your Customer 

(KYC) processes to customer intelligence, 

financial crime detection, risk management, 

and fraud prevention. Their innovative 

solutions play a pivotal role in enhancing 

security throughout the customer lifecycle. 

With these capabilities, Quantexa not 

only addresses the complexities of 

modern finance but also empowers 

organisations to operate more efficiently 

and securely, both within the UAE and 

on a global scale. 

In an era marked by an amplified 

focus on Environmental, Social, and 

Governance (ESG) considerations, the 

business community has recognised 

the profound influence these factors 

can exert on a company’s performance. 

ESG presents both tangible risks and 

significant opportunities, and Quantexa 

has embraced the importance of this aspect 

within its operational framework. The 

company has seamlessly integrated ESG 

analysis into its investment processes, 

recognising that sustainability and ESG 

risk factors contribute significantly to 

the evaluation of risks in the global 

economy, financial markets, and various 

industries. 

Quantexa’s versatile services cater 

to a diverse array of sectors, including 

banking, insurance, telecommunications, 

and government. By providing tailormade 

solutions, they assist these 

Vishal Marria, 

CEO and Founder 

sectors in navigating the complex world 

of ESG considerations, aligning their 

operations with sustainability goals, 

and effectively managing risk in an 

ever-changing financial landscape. 

TietoEVRY 

TietoEVRY is a West Mallingbased 

fintech company that 

provides a diverse range of 

products and services spanning the insurance 

and wealth sectors. Central to 

their portfolio is the ESG and Climate 

Risk Assessment tool, a groundbreaking 

solution for financial institutions 

and companies seeking to evaluate 

their ESG and climate-related risks. 

It operates in Europe, India, South 

Africa, the US, Canada, Singapore, 

Japan, Australia, New Zealand, UAE, 

and Japan. 

TietoEVRY’s comprehensive suite 

of products and services, spanning 

back-office, advisory, and digital channels, 

caters to the insurance and 

wealth sectors. Their Enterprise IT 

modernisation, next-gen application 

services, and advisory and innovation 

services provide an array of innovative 

solutions, all designed to elevate 

financial operations and align them 

with ESG principles. 

TietoEVRY’s ESG and Climate Risk 

Assessment tool is designed as a 

standalone module that addresses 

the evolving landscape of credit risk 

assessment. ESG and climate considerations 

have become integral in 

gauging credit risk, and traditional 

spreadsheet-based assessments have 

become less efficient. TietoEVRY 

recognised the need for a more systematic 

approach and a solution that 

seamlessly integrates with existing 

credit-granting systems. 

This innovative tool empowers both 

financial institutions and non-financial 

companies in the UAE to assess their 

customers’ ESG and climate risk exposure 

with precision. By employing 

a rating system that spans from high 

to low risk, the tool utilises a comprehensive 

set of questions. These 

questions cover everything from industry-specific 

inherent risks to individual 

sustainability strategies. With all customer 

data securely stored in a single 

system, it becomes significantly easier 

to analyse risk portfolios and ensure 

compliance with regulatory audits. 

TietoEVRY’s ESG and Climate Risk 

Assessment tool is a strategic enhancement 

for businesses looking to 

Kimmo Alkio, 

CEO 

incorporate ESG considerations into 

their financial practices. By offering a 

systematic and data-driven approach 

to evaluating ESG and climate risk, 

it positions UAE-based organisations 

on the path to more responsible and 

sustainable financial decisions. 


Fintech News 

Al Etihad Payments Unveils Instant Payments Platform in UAE 

The launch of “Aani,” an instant 

payments platform, represents 

a groundbreaking shift in the 

digital payment landscape 

within the UAE. This initiative, part of 

the CBUAE’s Financial Infrastructure 

Transformation (FIT) program, paves 

the way for seamless, secure, and 

immediate digital payments. Aligned 

with the UAE’s vision of becoming a 

global digital payment hub, Aani empowers 

licensed financial institutions 

(LFIs) and payment service providers 

to provide customers with an exceptional 

payment experience. Aani offers 

consumers, businesses, corporations, 

and government entities a unique 

digital payment experience, enabling 

24/7 secure and instant transactions. 

Aani boasts a range of user-friendly 

features, allowing users to transfer 

funds instantly with just the recipient’s 

phone number, and simplifying tasks 

like requesting money and splitting 

bills. Additionally, Aani supports QR 

codes, facilitating convenient, cashless 

payments at various merchants. 

Emirates NBD and DIFC Introduce Dubai’s Fintech Talent 

Accelerator 

Emirates NBD and the Dubai 

International Financial Centre 

(DIFC) have launched 

the “National Digital Talent 

Incubator” in line with their strategic 

partnership. Hosted by DIFC 

Launchpad, this custom incubator 

program is designed to stimulate the 

growth of fintech startups and foster 

entrepreneurship within the fintech 

and digital innovation sector in the 

UAE. Renowned industry leaders like 

Visa, Microsoft, and Dell Technologies 

will provide support to the program. 

Operating with two cohorts per year, 

each comprising three to six fintech 

startups led by Emirati founders, participants 

will benefit from an eight-week 

program featuring insights, hands-on 

experience, mentorship, and access to 

a network of innovators, established 

corporations, government entities, and 

capital sources in the UAE. 

Qatar Central Bank Issues Loan-Based Crowdfunding 

Regulation 

Qatar Central Bank is dedicated 

to enhancing and regulating 

the nation’s financial sector. 

In pursuit of this, it has issued 

instructions for the Loan-Based 

Crowdfunding Regulation, focusing 

on licensing and regulation. All entities 

wishing to engage in this sector 

must apply for a licence from QCB. 

Loan-based crowdfunding platforms 

offer innovative ways for borrowers, 

including SMEs, to connect with various 

investors and secure short-term 

financing. This is particularly beneficial 

for SMEs facing challenges in obtaining 

traditional bank loans, enabling them 

to fuel business growth. Such platforms 

also present an attractive opportunity 

for investors to diversify their investments 

and contribute to the growth 

and development of SMEs, fostering 

economic advancement in Qatar. 

Qatar: Leading Fintech 

and Sustainability Hub 

Qatar is strategically positioning 

itself as a prominent fintech hub 

in the Middle East, as highlighted 

in a report by PwC Middle 

East. Recognizing the potential of fintech, 

Qatar has initiated efforts to nurture a 

robust and sustainable fintech ecosystem. 

Aligned with its National Vision 2030, the 

country is making significant strides in 

digital transformation, with a focus on 

building a digital economy. Qatar has 

introduced strategic initiatives, such as 

the Doha cloud region by Google Cloud 

and the implementation of OpenAI’s GPT 

technology in the Azure Qatar Cloud, to 

empower local businesses, fostering longterm 

advantages. However, as banks adopt 

emerging technologies, they must also 

consider risk mitigation and regulatory 

policies for successful implementation. 

Qatari banks are embracing environmental, 

social, and governance (ESG) practices 

and incorporating sustainability measures. 


DIFC Launches AI and 

Web3 Corporate 

Accelerator in Dubai 

The Dubai International Financial 

Centre (DIFC) has launched its 

Transformation Programme, a 

highly customizable corporate 

accelerator aimed at strengthening 

businesses in the region by bolstering 

their Artificial Intelligence capabilities. 

This program, suitable for businesses 

of all sizes, offers C-level coaching on 

industry trends to ensure organisations 

remain at the forefront of technological 

innovation. It fosters partnerships with 

startups and industry leaders, expediting 

proof-of-concept creation and internal 

adoption. Leveraging Dubai’s thriving 

innovation ecosystem and broader 

technological landscape, participants 

will gain actionable solutions. The 

initiative also provides access to a 

cutting-edge corporate innovation 

lab, top-tier hardware and software, 

and facilities for concept development 

and prototype testing in collaboration 

with tech experts. 

Emirates NBD Launches New Digital Wealth Offering 

Emirates NBD has introduced 

a platform offering access 

to securities and ETFs from 

both global exchanges such as 

Nasdaq, NYSE, and the London Stock 

Exchange, as well as local markets 

including the Dubai Financial Market, 

Abu Dhabi Securities Exchange, and 

Nasdaq Dubai. In total, the platform 

offers more than 11,000 global equities 

and 150 regional equities for trading. This 

platform is integrated into the bank’s 

newly launched mobile app, ENBD 

X, enabling customers to seamlessly 

invest and trade in complex financial 

instruments alongside their everyday 

banking transactions. Additionally, 

Emirates NBD is running a three-month 

digital wealth campaign for ENBD X 

users, offering zero commissions and 

waived custody fees for October, November, 

and December 2023 as part of 

the bank’s 60th-anniversary celebrations. 

All applicable charges will be refunded 

within seven working days at the end 

of each calendar month. 

25 Upcoming Fintech Events in the Middle East for 

Q4 2023 and Q1 2024 

The Middle East and North 

Africa (MENA) region is experiencing 

a burgeoning fintech 

landscape, driven by favourable 

demographics and governments 

emphasising technology for enhanced 

financial access. With around 3,000 

fintech solutions operating in the ME- 

NA region, it has become a focal point 

for venture capital (VC) investments. 

Over the past three years, fintech has 

dominated VC funding, accounting for 

21% of venture funding in 2021 and 

increasing to 29% in 2022, as reported 

by Magnitt, a Middle East-focused 

startup data platform. With a significant 

portion of the population under 

30 and high mobile penetration, the 

growth potential in the fintech sector 

is attracting substantial investments, 

leading to the organisation of conferences 

and events across the region to 

showcase the latest technologies and 

innovations. These gatherings provide 

a platform for industry stakeholders to 

connect and foster innovation in the 

thriving MENA fintech industry. 

Salt Edge Collaborates with 

SeaPay for Open Banking 

Solutions in Saudi Arabia 

SeaPay, a prominent Omni-Channel 

Payment Solutions provider 

in Saudi Arabia, has unveiled a 

strategic partnership with Salt 

Edge, a renowned financial technology 

firm. Their collaboration aims to deliver 

innovative open banking solutions to local 

merchants in Saudi Arabia, aligning 

with the Saudi Central Bank’s vision for 

a thriving business environment. Open 

banking adoption in Saudi Arabia has 

gained momentum, with stakeholders like 

the Saudi Central Bank (SAMA) actively 

developing a comprehensive regulatory 

framework to support local businesses. 

This proactive approach has already attracted 

strong fintech players and fruitful 

partnerships. The partnership between 

Salt Edge and SeaPay exemplifies the 

transformative potential of financial 

technology. SeaPay, building on its legacy 

as the Arab Sea Information System, 

is dedicated to providing secure digital 

payment solutions for local merchants. 


Fintech Application 

AL MULLA EXCHANGE APP 

Al Mulla Exchange is a Kuwait-based 

application and is 

an integral part of the Al Mulla 

Group. It is recognised for its innovative 

approach. Back in 2018, it came 

forward as the first exchange company 

in Kuwait to launch a mobile remittance 

app. This app quickly gained 

popularity and became one of the most 

downloaded financial services apps in 

the Middle East. 

As of the latest available data, the 

application has garnered approximately 

340,000 downloads from app stores catering 

to Android, iPhone, and Huawei 

users. Notably, Al Mulla Exchange’s 

mobile Fintech service has enabled 

secure currency exchange transactions 

exceeding $1 billion. 

The app boasts a user-friendly interface, 

making it easy to use and navigate. 

With access to over 180 countries, it 

provides a global reach for sending 

money worldwide. Users can easily repeat 

previous transactions and transfer 

funds to multiple beneficiaries with a 

single payment. Transaction history and 

receipts can be viewed, downloaded, 

and shared directly from the app. 

The Al Mulla Exchange App offers a 

valuable feature: a currency exchange 

rate calculator. This tool empowers 

users to make informed decisions 

when sending money, ensuring that 

they get the best exchange rate available. 

Whether you’re sending money 

for personal or business reasons, this 

feature provides real-time exchange 

rate information, enabling users to 

maximise the value of their currency 

exchange transactions. 

In addition to its other features, 

the App offers a convenient foreign 

currency ordering service. This feature 

allows users to request specific foreign 

currencies and have them delivered 

right to their doorstep. 

The Al Mulla Exchange App also 

allows users to update their Civil ID 

information directly through the app. It 

offers live exchange rates for informed 

money transfers and provides an easy 

process for adding beneficiaries. Users 

can receive instant support through 

WhatsApp chat and calls for quick 

assistance. 

Users can also locate any of Al Mulla 

Exchange’s 112+ branches in Kuwait 

through the app. Multilingual support 

is available, with the app accessible 

in eight languages, including Arabic, 

English, Hindi, Tagalog, Telugu, Tamil, 

Malayalam, and Marathi. 

Furthermore, the Al Mulla Exchange 

App is available on both Google Play and 

the App Store, providing easy access 

for users to benefit from its wide range 

of features for efficient international 

money remittances. 

Availability: Google Play Store and 

Apple App Store 

Website: www.almullaexchange.com 


Realme 11 5G 

Realme, the rapidly emerging 

technology brand, has officially 

marked its entry into the UAE 

market with the launch of the Realme 11 

5G smartphone. This innovative device 

introduces several notable features, 

including a flagship-level 108MP camera 

equipped with 3x in-sensor zoom, a 

lightning-fast 67W SUPERVOOC Charge, 

and a capacious internal storage of up 

to 256GB, expandable to a massive 2TB 

with external memory. 

The Realme 11 5G boasts a Samsung 

ISOCELL HM6 sensor with an impressive 

108MP resolution and a spacious 

1/1.67-inch sensor size, enabling users 

to capture sharp and detailed images. 

It also offers a 3x lossless zoom-in 

mode, expanding creative possibilities 

in mobile photography. 

One of the standout features of the 

Realme 11 5G is its exceptional 67W 

SUPERVOOC Charge, providing rapid 

charging speeds and offering a 50% 

battery charge in just 17 minutes. The 

smartphone excels in battery life, with 

impressive standby and usage times for 

various scenarios. 

The device features a 6.72-inch FHD+ 

screen with a high refresh rate of up 

to 120Hz, offering a smooth viewing 

experience. The Dynamic Refresh Rate 

adjusts automatically based on usage, 

optimising performance and efficiency. 

Powering the Realme 11 5G is the 

MediaTek Dimensity 6100+ 5G processor, 

known for its efficiency and 

high performance. It supports dynamic 

RAM configurations of up to 16GB for 

a seamless multitasking experience. 

Notably, the Realme 11 5G showcases a 

unique camera embellishment known as 

the “Glory Halo,” inspired by the luxury 

watch industry. This design element 

combines meticulous craftsmanship 

and premium aesthetics. 

The smartphone runs on Google 

Mobile Services and Android 13.0, 

ensuring a feature-rich and up-to-date 

user experience. 


Business 

The Future of Finance: Climate Business 

and Generational Security 

The future of finance is inextricably linked to the challenges of our time, 

with two major forces at the forefront - climate business and generational 

security. Climate change, characterised by rising temperatures, extreme 

weather events, and environmental degradation, has become a global 

concern. Simultaneously, generational security encompasses the financial 

well-being of current and future generations. 

The urgency of climate change 

has prompted a paradigm shift 

in the financial industry. Climate 

business refers to investments, strategies, 

and innovations designed to 

mitigate and adapt to climate-related 

risks. It includes renewable energy 

projects, sustainable agriculture, carbon 

markets, and green bonds. These 

climate-focused investments not only 

align with environmental goals but 

also offer financial opportunities for 

investors. 

As a result of this shift in financial 

thinking, green finance initiatives are 

gaining traction globally. Governments, 

corporations, and individuals are 

increasingly investing in renewable 

energy, electric vehicles, and sustainable 

infrastructure. Green bonds, a 

financial instrument designed to fund 

environmentally friendly projects, have 

seen significant growth. This shift 

towards green finance is essential 

to combat climate change and foster 

sustainable economic growth. 

Moreover, Environmental, Social, 

and Governance (ESG) criteria are 

now integrated into investment decisions. 

Investors are scrutinising the 

ethical and sustainability practices of 

companies before allocating capital. 

This trend encourages businesses to 


e more responsible, transparent, and 

accountable, while investors aim for 

long-term returns aligned with their 

values. 

As financial institutions worldwide 

respond to the urgency of climate 

change and embrace sustainable financial 

practices, they are also recognizing 

the interplay between climate 

action and generational security. 

Generational security is a multifaceted 

concept, focusing on the economic 

well-being of current and future generations. 

It encompasses addressing 

issues like income inequality, the 

strengthening of social safety nets, 

and the intergenerational transfer of 

wealth. This complex notion highlights 

the need to create a financial 

environment that ensures the stability 

and prosperity of individuals across 

different age groups, securing their 

financial futures. 

Promoting sustainability and generating 

wealth are not mutually exclusive 

goals. Many businesses have embraced 

sustainable practices as a way 

to not only benefit the environment 

but also to enhance their profitability. 

Some of the businesses that promote 

sustainability and can generate wealth 

are detailed below: 

Renewable Energy Companies 

Renewable energy companies, utilising 

sources like solar, wind, and 

hydropower, secure generational 

finance and wealth through stable 

revenue streams, reduced operational 

costs, and government incentives. 

Recent reports project the renewable 

energy market to reach 2 trillion USD 

by 2030, accompanied by an expected 

8% increase in the Compound Annual 

Growth Rate (CAGR) of the UAE’s 

market over the next five years. 

With long-lasting assets and minimal 

environmental and regulatory risks, 

these companies provide financial 

stability. They also benefit from technological 

advancements, diversified 

energy sources, and access to diverse 

capital sources, making them attractive 

for long-term investments in both 

financial and sustainable growth. 

Sustainable Agriculture Businesses 

Another potential climate business 

for financial security is the sustainable 

agriculture business. It prioritises 

eco-conscious practices like 

organic farming, crop rotation, and 

Climate-conscious businesses 

are paving the way for 

generational wealth by 

addressing environmental 

challenges and ensuring a 

healthier, more sustainable 

future. 

reduced pesticide usage, which not 

only safeguard the environment but 

also produce healthier crops. Statistical 

reports have suggested that 

the sustainable agriculture market is 

expected to reach 31.5 billion USD by 

2030, with a projected CAGR increase 

of 10.17%. 

With the escalating consumer appetite 

for organic and locally sourced 

foods, the sustainable agriculture 

sector presents a wealth-generating 

opportunity. Its combination of environmentally 

friendly techniques and 

increased demand for wholesome produce 

ensures stable revenue streams 

and the potential for sustainable 

long-term financial growth, all while 

contributing to a more ecologically 

sound future. 

Sustainable Tourism Businesses 

Lastly, sustainable tourism businesses 

secure generational finance by 

capitalising on a burgeoning market of 

environmentally-conscious travellers. 

They provide experiences that prioritise 

minimal environmental impact, 

encompassing eco-friendly accommodations, 

responsible tour operators, 

and adventure companies committed 

to sustainable tourism practices. 

The ecotourism industry is expected 

to experience growth from 2022 to 

2028, with projections indicating a 

substantial compound annual growth 

rate (CAGR) of 13.9 percent, resulting 

in an estimated value of 374.2 billion 

U.S. dollars by 2028. 

Ecotourism attracts conscious travellers 

willing to invest in premium, 

eco-responsible experiences, resulting 

in a stable and potentially long-lasting 

source of revenue. By tapping into the 

growing demand for sustainable travel, 

these businesses position themselves 

for financial stability and growth 

across generations. 

The future of finance is being reshaped 

by the twin challenges of 

climate change and generational security. 

Climate business initiatives are 

revolutionising investment practices, 

emphasising sustainability and environmental 

responsibility. Simultaneously, 

generational security efforts aim 

to ensure the financial well-being of 

current and future generations. 

The intersection of these two dynamics 

offers a unique opportunity to 

build a more resilient and sustainable 

financial future, where profits are not 

only measured in dollars but also in 

the well-being of our planet and the 

security of generations to come. As we 

move forward, financial institutions, 

governments, and individuals must 

recognize the significance of this intersection 

and work together to create 

a world where both climate business 

and generational security thrive. 


Business News 

EDB Allocates $8.2B for SMEs and $196.3M dollars for Food Security 

Emirates Development Bank 

(EDB), a crucial financial entity 

in the UAE, has earmarked 

AED 30 billion ($8.2B) to 

support 13,500 SMEs operating in five 

priority sectors. Additionally, EDB has 

approved over AED 721M ($196.3M) 

for projects related to food security. 

These initiatives have been undertaken 

as part of the bank’s new five-year 

strategy initiated in April 2021. The 

priority sectors for SME support are 

Manufacturing, Renewables, Technology, 

Healthcare, and Food Security. EDB made 

this announcement as it successfully 

concluded its participation in the Agra 

Middle East Exhibition (AgraME 2023), 

the region’s largest agricultural trade 

show, held alongside AgroFarm Middle 

at the Dubai World Trade Centre. EDB’s 

booth attracted significant interest from 

visitors and key industry players, all 

keen on exploring the bank’s financing 

solutions to promote innovations in 

food production and enhance food 

security in the region. 

RAKEZ and Amazon UAE 

Join Forces to Empower 

SMEs for Online Growth 

Ras Al Khaimah Economic Zone 

(RAKEZ) and Amazon UAE have 

entered into a Memorandum of 

Understanding (MoU) with the 

goal of enabling businesses registered 

within RAKEZ to sell their products 

to a broad customer base across the 

UAE through Amazon.ae. This initiative 

is geared towards helping small and 

medium enterprises (SMEs) expand 

their online presence and leverage 

Amazon’s capabilities, tools, services, 

programs, and expertise in navigating 

the digital economy. The MoU was 

formally signed by RAKEZ Group CEO 

Ramy Jallad and Amazon Seller Success 

Director in MENA, Jasmin Frick. As 

part of this collaboration, members 

of the RAKEZ business community 

will gain access to various Amazon 

services, including streamlined seller 

registration and onboarding tools, seller 

education through in-person training, 

workshops, and live webinars, as well 

as support teams to ensure a seamless 

digital journey. 

Dubai to Host Startups and Investors at Expand 

North Star 

The Dubai Chamber of Digital 

Economy hosts Expand North 

Star, one of the world’s largest 

gathering of startups and 

investors, at Dubai Harbour from October 

15 to 18, 2023. This global event 

welcomed over 1,800 companies from 

more than 100 countries, along with 250 

expert speakers and 1,000 investors 

managing over $1T. Expand North Star 

aims to connect startups with innovators, 

investors, entrepreneurs, and the 

founders of global success stories to 

capitalize on the growth opportunities 

in Dubai and support the emirate’s 

transformation into one of the world’s 

leading digital economies in line with 

The UAE is actively pursuing 

free trade deals with six 

more countries by the end 

of 2023, following a recent 

agreement with Georgia. Thani bin 

Ahmed Al-Zeyoudi, the UAE’s Minister 

of State for Foreign Trade, revealed 

plans to sign comprehensive economic 

partnership agreements with South 

Korea, Thailand, and Chile. Additionally, 

the UAE aims to establish trade 

deals with Costa Rica, Colombia, and 

Ukraine. In recent months, discussions 

have also taken place with Pakistan, 

Serbia, and Malaysia, as the UAE seeks 

to diversify its export markets. This 

effort coincides with the signing of 

a free trade agreement with Georgia, 

the Dubai Economic Agenda (D33). 

D33, launched by His Highness Sheikh 

Mohammed Bin Rashid Al Maktoum, 

Vice President and Prime Minister of 

the UAE and Ruler of Dubai, aims to 

double the size of Dubai’s economy 

over the next decade and position the 

city among the world’s top three. 

UAE Targets Six New Free Trade Deals by 2023’s End 

potentially doubling non-oil trade from 

$481M to $1.5B in five years. 


US Web3 Firm Fluent Finance Joins UAE’s NextGenFDI Program 

Fluent Finance, a US-based 

developer of a cryptocurrency-based 

payment platform, 

has joined the UAE’s Next- 

GenFDI program and plans to initiate 

operations in Abu Dhabi. Founded in 

Delaware in 2020, Fluent aims to facilitate 

cross-border trade, with a growth 

plan to reach 100-125 employees over 

the next five years. The company will 

leverage its UAE presence to launch and 

scale its proprietary Fluent Economic 

Bridge platform. This platform offers 

importers and exporters the means to 

settle transactions using bank-issued 

cryptocurrencies, specifically stablecoins 

and deposit tokens. Fluent intends to 

collaborate with banks and regulators in 

Abu Dhabi to enhance cryptocurrency 

transparency while incorporating the 

security and regulatory framework of 

traditional banking. They’re currently 

piloting their platform in Kenya. 

Romanian Business 

Council officially 

launches in UAE 

The inauguration of the Romanian 

Business Council in the 

United Arab Emirates signifies 

a significant step towards 

bolstering economic cooperation and 

mutual investments between the UAE 

and Romania. At the official opening 

event, attended by nearly 400 distinguished 

guests, the Romanian Business 

Council affirmed its commitment 

to enhancing relations between the 

business communities of both nations. 

Established in collaboration with the 

Consulate-General of Romania in 

Dubai, the council aims to foster trust 

and transparency, transforming transactions 

into enduring partnerships. 

Sheikh Hamdan bin Khalifa bin Hamdan 

Al Nahyan, Honourary President 

of the Romanian Business Council, 

highlighted the potential benefits to 

various economic sectors and trade 

and investment development. 

Amazon Saudi Empowers SMEs at Annual Seller 

Summit 

Amazon Saudi Arabia recently 

held its annual Seller Summit 

in Riyadh, where it introduced 

a range of advanced tools and 

services tailored to empower small and 

medium-sized businesses (SMBs) in the 

country. These innovations aim to assist 

SMBs in reaching a vast online customer 

base and driving business growth, particularly 

in preparation for the upcoming 

end-of-year shopping season, including 

the White Friday sale, one of the year’s 

The India-Middle East-Europe 

Economic Corridor (IMEC), 

announced during the recent 

G20 summit in New Delhi, signifies 

a significant shift in global trade 

dynamics. Projections suggest that by 

2030, the combined exports from Asia, 

Africa, and the Middle East, facilitated 

by IMEC, will account for 44% of global 

trade. Recent years have seen a surge in 

international trade agreements, such as 

major Amazon.sa events. The summit 

provided Saudi sellers with immersive 

master classes to explore Amazon’s diverse 

solutions, covering aspects such 

as product listing, advertising, brand 

building, shipping, and fulfilment. Amazon 

also unveiled its enhanced Arabic mobile 

seller app, offering local businesses a 

more accessible and convenient way 

to manage their online stores in their 

preferred language. 

UAE and Saudi Arabia Central in New World Order 

with Economic Corridor 

the African Continental Free Trade Area 

and the Belt and Road Initiative, which 

are contributing to the rise of high-growth 

trade corridors in these regions are set 

to outpace the global average by four 

percentage points. IMEC has the potential 

to enhance geopolitical and economic 

ties, connecting India’s vast population 

with the consumer base of Europe and 

the Middle East, marking a novel era 

of economic and political cooperation. 


Acer Nitro V 15 Laptop 

Acer has unveiled its latest gaming 

laptop, the Acer Nitro V 15, 

designed to cater to the needs 

of gamers and content creators alike. 

This laptop packs a punch with its 

13th-gen Intel Core i5 and i7 processors, 

providing the necessary firepower for 

intensive tasks. 

Running on Windows 11, the Nitro 

V 15 comes in various configurations, 

offering 8 GB or 16 GB of RAM and 

storage options of 512 GB or 1 TB SSD. 

This ensures seamless performance, 

quick boot times, and ample space for 

applications, files, and games. 

The laptop’s 15-inch Full HD display 

possesses an impressive refresh rate 

of up to 165 Hz, ensuring a smooth 

and immersive gaming experience. 

Complementing this is DTS:X Ultra’s 

sound technology, delivering precise 

audio placement for an enriched sensory 

experience. 

One of the standout features of the 

Acer Nitro V 15 is its efficient cooling 

system. Equipped with dual fans and 

an exhaust system, it ensures the laptop’s 

internals remain cool even during 

prolonged gaming sessions, allowing 

users to dive into their gaming world 

without concerns about overheating. 

The laptop features 13th Gen Intel 

processors, making it a versatile tool 

for gaming, content creation, video 

editing, and multitasking. Users can 

choose from a range of GPUs, from 

the 4GB NVIDIA GeForce RTX 2050 to 

the 6GB NVIDIA GeForce RTX 4050, 

offering high-quality graphics and 

power-efficient AI rendering with ray 

tracing capabilities. 

Users have easy access to game 

settings and hardware performance 

through the NitroSense utility app. 

The laptop supports Wi-Fi 6 for fast 

and reliable connectivity and features 

a Thunderbolt 4 port for versatile 

connectivity options. 


HUAWEI FreeBuds Pro 3 

Huawei recently introduced the 

HUAWEI FreeBuds Pro 3 in the 

UAE, their latest flagship wireless 

earbuds. These earbuds combine stylish 

design elements with impressive audio 

performance, setting new standards for 

sound quality in the industry. 

The HUAWEI FreeBuds Pro 3 is 

equipped with Ultra-Hearing Dual 

Drivers, which provide a latency-free, 

lifelike audio experience with a wide 

frequency range from 14 Hz to 48 

kHz. These earbuds also support the 

L2HC 2.0 and LDAC codecs, and they 

hold certifications from both HWA 

and Hi-Res Audio Wireless, ensuring 

high-resolution audio with rich details 

and textures. 

The Triple Adaptive EQ algorithm 

is a unique feature of the HUAWEI 

FreeBuds Pro 3, which tailors the audio 

to the user’s preferences, delivering 

a personalised listening experience. 

For voice calls, the earbuds incorporate 

Pure Voice 2.0, utilising a high-sensitivity 

bone conduction microphone 

to significantly improve voice pickup 

during calls, even in noisy environments. 

The Intelligent ANC 3.0 feature takes 

noise cancellation to the next level, with 

a 50% improvement over the previous 

generation. They are 5% lighter than 

the previous generation and come with 

various silicon tips to accommodate a 

wide range of ear canal sizes, ensuring 

a secure fit and enhancing the earbuds’ 

noise-cancelling capabilities. 

The HUAWEI FreeBuds Pro 3 offer 

an exceptional audio experience with 

features like L2HC 2.0 support, an advanced 

sound pickup system, and an 

upgraded intelligent noise-cancelling 

algorithm. 


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Cover Story 

Influencing Sustainable 

Development 

H.E. 

Sultan Al Jaber 

CEO, ADNOC; President Designate, COP28 

In the realm of sustainability, few names carry as much 

weight as His Excellency Sultan Al Jaber, the visionary 

driving environmental change in the United Arab Emirates. 

As the President of COP28, Al Jaber made history 

as the first CEO to serve as the President of the annual 

climate summit, a role that underscores his unwavering 

commitment to fostering a sustainable future. 

Al Jaber has served two terms as the UAE Climate 

Change Special Envoy, from 2010 to 2016 and again since 

2020. Moreover, he’s been a proactive participant in more 

than 10 COPs, including the historic COP21 where the 

Paris Agreement was signed in 2015. 

One of Al Jaber’s groundbreaking contributions to the 

UAE’s sustainable landscape was his instrumental role 

in establishing Masdar City, a renowned clean energy 

company and a flagship project for sustainable urban 

development. As the former CEO of Masdar, he played 

a pivotal role in its mission to accelerate the adoption 

of renewables within the UAE and on a global scale. His 

efforts also led to the establishment of the International 

Renewable Energy Agency (IRENA) in the UAE, solidifying 

the country’s position as a leader in sustainable energy. 

As the CEO of ADNOC, one of the world’s fastest-growing 

oil and gas companies, Al Jaber spearheads the decarbonisation 

of the company’s operations and investments. 

Under his leadership, ADNOC is diversifying and advancing 

its commitment to cleaner energies. The company’s 

investments in carbon capture, utilisation, and storage 

(CCUS) and its push towards hydrogen production showcase 

its dedication to a low-carbon future. 

Al Jaber’s unique perspective on the energy transition 

emphasises a pragmatic, realistic, and economically viable 

approach to achieving climate progress, energy security, 

and economic growth simultaneously. His belief that 

progressive climate action can be a powerful economic 

driver aligns perfectly with the UAE’s commitment to 

sustainable growth. 

His appointment as President-Designate for COP28 

couldn’t have come at a more critical juncture. The annual 

climate summit faces the first Global Stocktake (GST) 

review since the Paris Agreement, determining global 

progress towards long-term climate goals. Al Jaber’s focus 

on a ‘leave no one behind’ approach to inclusive climate 

action and his emphasis on mobilising political will are 

key to achieving the ambitious climate targets. 

Under Al Jaber’s guidance, the UAE is set to lead COP28 

towards practical solutions and long-term socioeconomic 

benefits. As the world confronts the challenges of climate 

change, Al Jaber’s visionary leadership sets the stage for 

a sustainable, low-carbon future. 


Cover Story 


Development 

Razan Al Mubarak 

President, International Union for Conservation of Nature 

Razan Khalifa Al Mubarak is the Managing Director 

of the Environment Agency Abu Dhabi and the 

Mohamed bin Zayed Species Conservation Fund, 

as well as the current president of the International Union 

for Conservation of Nature. Over the last two decades, 

her unwavering dedication to sustainability, ecological 

conservation, and climate action has made a significant 

impact on the landscape of environmental protection in 

the West Asia region and globally. 

As Managing Director of the Mohamed bin Zayed Species 

Conservation Fund and the Environment Agency - 

Abu Dhabi, Razan Al Mubarak has achieved remarkable 

milestones, including pioneering the reintroduction of 

the Arabian oryx into the UAE desert, saving it from the 

brink of extinction. Her efforts have achieved remarkable 

results, including the successful reintroduction of the 

scimitar-horned oryx in Chad, a species that was previously 

declared “extinct in the wild ‘’ by the International Union 

for the Conservation of Nature. This serves as an example 

of one of the most ambitious large mammal reintroduction 

programs globally, illustrating the substantial impact of 

dedicated conservation work. 

Razan’s commitment extends to the larger global stage 

as well. Her appointment as President of the International 

Union for Conservation of Nature (IUCN) in 2021 is a 

testament to her enduring leadership in the conservation 

arena. She is only the second woman to lead this esteemed 

organisation in its 75-year history and the first president 

from West Asia. Simultaneously, she serves as the UN 

Climate Change High-Level Champion, a role that plays a 

crucial part in the leadership team for COP28 UAE, slated 

to take place in Dubai in 2023 

Her dedication to building a more sustainable future 

for humanity is further evidenced by her recognition as 

one of the top 100 Young Global Leaders by the World 

Economic Forum in 2018. Razan’s multifaceted experience 

includes leading the Middle East’s largest environmental 

regulatory agency, heading an international philanthropic 

organisation focused on species conservation projects, 

and guiding an NGO dedicated to citizen engagement. 

She recognised that the essence of Emirati culture is 

intricately woven into the natural world. This realisation 

led to the creation of the “Connect With Nature” program, 

an initiative that invites individuals from all walks of life 

to engage with the UAE’s unique natural beauty. 

Razan Al Mubarak’s enduring passion, unwavering 

commitment, and exceptional achievements have left 

an indelible impact on international efforts to address 

environmental challenges. 


Cover Story 


Development 

H.E. 

Shamma Al Mazrui 

Minister, State Youth Affairs - United Arab Emirates 

Her Excellency Shamma Al Mazrui, a prominent 

figure in the United Arab Emirates, has been 

instrumental in driving sustainable change, particularly 

through her role as the UAE Minister of State for 

Youth. Her journey in public service and her dedication 

to empowering the youth have positioned her as a driving 

force in promoting sustainable practices and addressing 

the global climate crisis. 

In 2020, Al Mazrui was appointed as the UAE Minister of 

State for Youth, after serving as the Minister of State for 

Youth Affairs since February 2016. In these capacities, she 

has been a key advocate for the concerns and aspirations 

of the country’s youth at the UAE Cabinet. Her responsibilities 

extend beyond representation, as she actively 

participates in the formulation of development plans and 

strategies to enhance the capabilities of the nation’s young 

population. She recognizes the potential of the youth to 

contribute to a sustainable future and has taken tangible 

steps to harness their energy across various fields. 

Al Mazrui’s commitment to sustainability isn’t limited 

to her government role. Before her ministerial positions, 

she worked in Private Equity at one of Abu Dhabi’s sovereign 

wealth funds. She also served as a public policy 

analyst at the UAE Mission to the United Nations, a Ministry 

Policy Analyst within the Prime Minister’s Office, 

a Research Analyst at the UAE Embassy in Washington 

D.C., and an Education Policy Researcher at Tamkeen 

UAE Strategic Affairs Authority. These roles allowed her 

to gain insights into various aspects of government and 

international relations. 

Shamma earned a Master of Public Policy degree with 

Distinction from the University of Oxford in 2015, distinguishing 

herself as the first UAE Rhodes Scholar and 

achieving high standing in her class. Her undergraduate 

studies led to a Bachelor of Arts in Economics with a 

concentration in Finance at New York University Abu 

Dhabi in 2014. These academic achievements showcase 

her commitment to learning and her ability to apply her 

knowledge to the complex challenges of sustainability 

and climate action. 

In her latest role as the Youth Climate Champion, Al 

Mazrui is taking her commitment to sustainability to a 

global stage. This new role is designed to amplify the 

voices of young people throughout the Conference of 

the Parties (COP) process, ensuring that their skills and 

abilities are at the forefront of climate action efforts. She 

collaborates with local and global stakeholders to provide 

capacity-building opportunities for youth and secure funding 

mechanisms for their innovative projects in the field. 


Cover Story 


Development 

Ibrahim Al Zu’bi 

SVP, Sustainability and Climate, ADNOC Group 

Ibrahim Al Zu’bi, acknowledged as one of the Top 100 

Thought Leaders in Europe and the Middle East by 

the Center for Sustainability and Excellence in the US, 

as well as ranking 35th among sustainability leaders by 

Sustainability Magazine, is a prominent and authoritative 

figure. He is renowned for his resounding impact, elevating 

sustainability and CSR initiatives to new heights in the 

Middle East and across the world. 

Al-Zu’bi’s commitment to sustainability is exemplified 

by his diverse roles and accomplishments. As the Chief 

Sustainability Officer at Majid Al Futtaim-Holding, he 

oversees the group-wide sustainability strategy of Majid 

Al Futtaim, a prominent name in the business world. A 

key focus of his efforts is to develop and drive a ‘Net 

Positive’ sustainability strategy across the company’s 

various business units. Ibrahim’s groundbreaking work 

in this field is encapsulated in his book, ‘How to ‘Net’ 

Positive,’ a blueprint guiding companies on their journey 

toward achieving net-positive sustainability. 

Al-Zu’bi’s influence extends well beyond corporate 

sustainability. His senior associate role at the University 

of Cambridge Institute for Sustainability Leadership showcases 

his dedication to furthering sustainability education 

and thought leadership. In addition, Ibrahim serves as the 

Chairman of the World Green Building Council (WGBC) 

Corporate Advisory Board, an organisation at the forefront 

of sustainable building practices globally. 

On the international stage, Al-Zu’bi plays a pivotal role as 

a member of the World Economic Forum’s Global Future 

Council on Net-Zero Transition and the WEF’s Circular 

Economy Council. His contributions to the United Nations 

Global Compact UAE network and the UAE Council of 

Climate Change and Environment, spearheaded by HH 

Sheikh Mohammed Bin Rashid Al Maktoum, reflect his 

dedication to influencing policy and driving environmental 

agendas at the highest levels. 

Al-Zu’bi is also a member of the Private Sector Advisory 

Council for Sustainable Development Goals (SDGs) and 

the Global Council for SDG13, underscoring his commitment 

to addressing the most pressing global challenges. 

Al-Zu’bi’s work as the West Asia Coordinator of the United 

Nations Environment Programme (UNEP) UNESCO Youth 

Xchange Project has further solidified his reputation as 

a tireless advocate for sustainability. 

Al-Zu’bi’s multifaceted contributions and visionary 

leadership make him an indispensable driving force for 

sustainability and CSR not only in the Middle East but also 

on a global scale. His unwavering dedication to sustainability 

and environmental responsibility is a compelling 

model, driving the transition towards a more sustainable 

future for all. 


Cover Story 


Development 

Muhammad 

Jameel Al Ramahi 

CEO, Masdar – Abu Dhabi Future Energy Company 

As the Chief Executive Officer of Masdar, Mohamed 

Jameel Al Ramahi spearheads one of the world’s 

foremost champions of clean energy. Masdar’s 

influence spans across more than 40 countries, solidifying 

its position as a global clean energy powerhouse. Under 

his stewardship, Masdar has evolved into one of the 

largest renewable energy companies globally, boasting 

an expansive project portfolio with over 20 GW of clean 

energy capacity. Remarkably, the company aspires to 

amplify its impact, with ambitions to reach an astounding 

100GW and produce 1 million tons of green hydrogen 

annually by 2030. 

Beyond his role as CEO, Al Ramahi holds pivotal positions 

on several prominent boards. As the Chairman of the 

Masdar Executive Committee, he plays a central role in 

shaping the company’s strategic decisions. His influence 

extends globally as he serves as the Vice-Chair of the Global 

Council on Sustainable Development Goals. Furthermore, 

he contributes to the governance of the Emirates Waste 

to Energy Company and Shuaa Energy 2 PSC, a company 

focused on the development of phase 3 of the Mohammed 

Bin Rashid Al Maktoum Solar Park in Dubai. 

A notable characteristic of Al Ramahi’s approach to sustainability 

is his natural inclination toward collaboration. 

His active involvement in various international groups, 

such as the French Business Group, Australian Business 

Group, US-UAE Business Council, and the Sustainable 

Markets Initiative Taskforce for Energy Transition, exemplifies 

his dedication to fostering robust international 

cooperation in the domains of business and sustainability. 

In recognition of his exceptional contributions to the 

energy landscape in the Middle East, Al Ramahi has been 

a recipient of several awards. His unwavering dedication 

to advancing clean and sustainable energy has left an indelible 

mark on the region’s transformation toward green 

power. Notably, under his guidance, Masdar is engaged 

in the construction of one of the largest single-site solar 

power plants. With a background in hydrocarbons and 

prior experience at Abu Dhabi Gas Industries, Al Ramahi’s 

transition to a leadership role at Masdar showcases his 

commitment to renewable and clean technologies at scale. 

Furthermore, his involvement in boards such as SHUAA 

Energy 2 PSC and Mubadala Health underscores his 

multifaceted influence, reaching various sectors beyond 

clean energy. He holds an Honorary Fellowship in the 

Energy Institute and has been honoured with titles like 

Trailblazer of the Year in 2022 by S&P Global Platts and 

International Energy Diplomacy Person of the Year by Gulf 

Intelligence in 2020, amongst other international recognitions. 

His achievements and relentless commitment to a 

greener future make him an exemplary individual driving 

significant sustainability change. 


Cover Story 


Development 

Ahmed Samir Elbermbali 

Managing Director,MENA Clean Energy Business 

Council (CEBC) 

Ahmed Elbermbali, a Dubai-based sustainability 

advocate, is a prominent voice at the intersection 

of policy, technology, and consumer behaviour 

in the pursuit of clean energy and sustainable mobility. 

His relentless passion for creating positive change in the 

sustainability landscape and his impactful roles in various 

organisations underscore his dedication to advancing the 

cause of a greener, more sustainable future. 

Recognised as one of the LinkedIn Top Voices Green 

MENA for 2022, Elbermbali’s influence extends across 

the Middle East and North Africa (MENA) region. He 

is a vocal and passionate advocate for accelerating the 

transition to clean energy and sustainable mobility, and 

his contributions resonate widely. 

With extensive experience as an electric vehicle (EV) 

consultant, Elbermbali offers invaluable insights into 

market entry and strategies for the EV sector in the MENA 

region. His consulting expertise has guided more than 25 

companies seeking to navigate the unique dynamics of 

this burgeoning market. In addition to his role as an EV 

consultant, Ahmed has worked with the MENA non-profit 

organisation “Clean Energy Business Council”, which is 

dedicated to promoting clean energy and technologies. His 

commitment to advancing clean energy solutions in the 

MENA region is evident in his various roles and initiatives. 

Elbermbali’s influence extends beyond regional boundaries. 

As the ZEV Campaigns Lead at the UN Climate Change 

High-Level Champions, he champions the cause of Zero 

Emission Vehicles (ZEV) with unwavering dedication. His 

advocacy is particularly significant, given his significant 

role in promoting the ZEV Declaration launched at COP26. 

This declaration sets ambitious targets for the transition 

to ZEVs, aiming for 2035 in leading markets and 2040 in 

emerging markets. Elbermbali’s work at this global level 

underscores his dedication to pushing for sustainable 

solutions on a broader scale. 

Elbermbali’s expertise as a public speaker and moderator 

further amplifies his influence. He is sought after as 

a speaker on various clean energy topics and EV innovation, 

shedding light on critical issues and technological 

advancements. His presence in regional discussions and 

international forums underscores his role as a key influencer 

in the sustainability discourse. 

In his current capacity as the Sustainability Market 

Leader for the Middle East region at Bureau Veritas since 

2022, Elbermbali continues to provide strategic guidance 

to regional clients on their journeys toward net-zero sustainability. 

His deep understanding of the clean energy and 

sustainable mobility sectors makes him a trusted advisor, 

helping organisations in the Middle East work towards 

their sustainability goals. 

Elbermbali’s unwavering dedication and multifaceted 

roles within the sustainability landscape make him an 

individual who is driving significant change in the field 

of sustainability. 


Cover Story 


Development 

H.E. 

Mariam bint Mohammed 

Saeed Hareb Almheiri 

Minister, Climate Change and Environment - UAE 

Her Excellency Mariam bint Mohammed Saeed 

Hareb Almheiri holds the esteemed position of 

Minister of Climate Change and Environment in 

the United Arab Emirates, serving as a dedicated Emirati 

politician. Having a track record of remarkable accomplishments, 

she serves as the first-ever Minister of State 

for Food Security in the UAE and later as the Minister of 

Climate Change and Environment. Her commitment to 

mitigating the impact of climate change and protecting 

the UAE’s fragile ecosystems is evident through her efforts 

in developing and implementing effective measures, 

initiatives, and policies. 

Almheiri firmly believes in the power of climate action 

as a catalyst for sustainable growth. Her advocacy for 

meaningful political participation of women has positively 

influenced the UAE’s responsiveness to the needs of its 

citizens and residents. 

In promoting an inclusive and equal environment, 

Almheiri has significantly contributed to the nation’s development 

and progress in sustainability. Her work sets 

an example for future generations, paving the way for a 

more sustainable and equitable world. 

In recognition of her dedication to a sustainable future, 

Almheiri was honoured as one of the top 100 Young Global 

Leaders by the World Economic Forum in 2018. Her extensive 

experience, which includes leading environmental 

agencies and organisations focused on conservation and 

citizen engagement, plays a pivotal role in advancing 

sustainability efforts. 

Almheiri’s achievements span various sectors, including 

her role in monitoring national food stocks and water supplies, 

directing investments in food and water technology 

innovation, and building international partnerships. Her 

vision extends to creating regional synergies and convening 

climate action events that support a low-carbon 

development path. 

Almheiri’s dedication to raising public awareness and 

making environmental sustainability a collective effort is 

evident through initiatives such as tree-planting drives, 

ecotourism campaigns, and clean-up activities. Notably, 

she spearheads initiatives like the National Dialogue 

for Climate Ambition and the Dynamics of Circularity 

Series, furthering the country’s Net Zero by 2050 goals. 

Her leadership paved the way for a more sustainable 

future in the UAE. 

Her commitment to building a better future for current 

and future generations is encapsulated in her belief that 

we all play an integral role in environmental sustainability. 

Simple steps, such as responsible resource use and waste 

reduction, can collectively lead to powerful change. Almheiri’s 

dedication and proactive initiatives continue to drive 

progress and inspire change on the path to sustainability. 


Cover Story 


Development 

H.E. 

Dr. Nawal Al-Hosany 

Permanent Representative of the UAE to the 

International Renewable Energy Agency (IRENA) 

Her Excellenecy Dr. Nawal Al-Hosany has been 

serving as the Permanent Representative of the 

UAE to the International Renewable Energy 

Agency (IRENA) while concurrently holding the position 

of Deputy Director General at the Emirates Diplomatic 

Academy (EDA) since October 2017. 

Dr Al-Hosany is a trailblazing figure at the forefront of 

driving sustainability and renewable energy initiatives in 

the UAE and beyond. She is committed to making sustainability 

a fundamental aspect of the UAE’s identity. In 

her role, she leverages her expertise to enhance global 

partnerships, promoting renewable energy and sustainable 

development. 

Dr Al-Hosany’s career spans a diverse spectrum of sectors, 

including business and academia. She currently serves 

as Vice Chair for the Global Council of the Sustainable 

Development Goals (SDGs) and is actively engaged in 

global and regional climate-focused boards and committees. 

Notably, she provides her expertise as an advisor 

for the United Nations Framework Convention on Climate 

Change’s (UNFCCC) Momentum for Change initiative. 

Her past roles include serving as the Executive Director 

of Sustainability at Masdar, a renowned Abu Dhabi-based 

renewable energy company, where her contributions were 

instrumental in advancing sustainable energy practices. 

For eight years, she held the position of Director of the 

Zayed Sustainability Prize, which acknowledges global 

achievements in renewable energy and sustainability. 

Dr. Al-Hosany is a strong advocate for women’s leadership 

in addressing sustainability and climate change challenges. 

Her impactful work earned her the prestigious Doctor of 

Letters Honoris Causa from Keele University, recognising 

her outstanding contributions to sustainability. 

Dr. Al-Hosany is a prolific writer whose work has been 

published in prestigious international journals and newspapers, 

including the International Journal of Management 

of Environmental Quality, Renewable and Sustainable 

Energy Reviews, Renewable Energy, and the International 

Journal of Renewable Energy Engineering. 

In 2015, she received the Arab Woman Award, a testament 

to her inspirational achievements. Her professional 

excellence has been acknowledged with prestigious 

awards, including the Chevening Fellowship from the 

British Foreign and Commonwealth Office and the Emirates 

Business Women Award. 

With a background in engineering and a PhD, Dr Nawal 

Al-Hosany is known for her commitment to driving sustainable 

practices and for being one of the first two Emirati 

women to conquer Mount Kilimanjaro, a remarkable feat 

that symbolises her dedication to overcoming challenges. 

Her tireless efforts and contributions have earned her a 

place among the leading individuals shaping the future 

of sustainability and renewable energy, not only in the 

UAE but globally. 


Cover Story 


Development 

Mohammed Al Shamsi 

Chief Officer – Climate Change & Sustainability, DEWA 

Mohammed Al Shamsi, a young and dynamic 

Emirati leader, has dedicated the past 12 years 

of his career to spearheading Dubai Electricity 

and Water Authority’s (DEWA) climate change and sustainability 

department. In this role, he has become the 

in-house expert on all things sustainability and has also 

become the face and voice of sustainability for DEWA in 

external arenas. 

At DEWA, Al Shamsi is the driving force behind the 

development and execution of an organisation-wide 

strategic sustainability program that permeates the entire 

organisation. His influence extends not only within the 

company but also in his capacity as an external spokesperson, 

where he advocates for sustainability at a national 

and global level. 

One of his standout achievements is the introduction of 

DEWA’s carbon emission reduction program, the first of 

its kind across the United Arab Emirates. This pioneering 

initiative reflects Al Shamsi’s innovative approach to 

tackling the critical issue of carbon emissions and climate 

change. Moreover, he has been instrumental in shaping 

DEWA’s strategic approach towards the Sustainable Development 

Goals (SDGs) and aligning the organisation’s 

strategic objectives with the Global Agenda. 

In his mission to lead and facilitate sustainability transformations, 

Al Shamsi actively participates in regional 

sustainability and energy summits and forums. His engagement 

in these platforms amplifies his influence and 

contributions to the broader sustainability discourse. 

Additionally, Al Shamsi assumes the role of Acting 

Executive Director at the UAE Water Aid Foundation 

(Suqia). This remarkable organisation provides clean 

drinking water to over 9 million people in 34 countries. 

His dual role at Suqia demonstrates his multifaceted 

commitment to addressing critical global challenges, from 

climate change to water scarcity. 

Before his tenure at DEWA, Al Shamsi gained experience 

in various financial institutions within the UAE, showcasing 

the versatility of his background. His journey is further 

enriched by the attainment of an Executive Master’s in 

Business Administration, underscoring his dedication to 

continuous learning and personal growth. 

In his current capacity as the head of the Climate 

Change & Sustainability Department, Al Shamsi shoulders 

the responsibility of adopting mitigation and adaptation 

strategies to combat climate change. He navigates the 

complex landscape of national and international climate 

engagements, regulations, adaptation measures, and 

innovative strategies to reduce emissions. 

Notably, Al Shamsi’s vision aligns with DEWA’s goal 

of becoming a “Sustainable World Class Utility,” and his 

contributions are pivotal in making that vision a reality. 

His journey is a testament to the transformative power of 

dedicated individuals in addressing some of the world’s 

most pressing challenges. 


Cover Story 


Development 

Alia Busamra 

Chief Sustainability and Climate Change Officer, 

ENOC 

Alia Busamra, a recognised regional sustainability 

expert, brings over two decades of exemplary 

leadership in the Oil and Gas industry, establishing 

herself as a driving force for sustainability and environmental 

excellence. With a Bachelor’s degree in Chemical 

Engineering and a Master’s degree in Environmental Sciences, 

Alia has exhibited outstanding prowess in managing 

various aspects of sustainability, environment, energy, 

and resource management. 

Busamra’s journey in the corporate world spans 20 

years, primarily with the Emirates National Oil Company 

(ENOC), a prominent global player operating across the 

entire Oil and Gas supply chain. Her extensive experience 

encompasses a multitude of facets, including Sustainability, 

Environment, Energy and Resource Management, CSR, 

Climate Change, Business and Operational Excellence, 

Performance Management, Training and Capacity Building, 

Research and Development, and Stakeholder Engagement. 

In her current role as the Chief Sustainability and Climate 

Change Officer at ENOC, Alia leads critical corporate 

functions related to Energy Transition and Decarbonisation, 

Sustainability and Climate Change, and CSR. Busamra’s 

expertise and dedication have shone through in the awards 

ENOC has received under her leadership, including the 

prestigious Golden Peacock Award for Sustainability. 

Her skills in reducing inefficiencies, strengthening 

governance, and providing expert guidance in diverse 

sustainability domains are noteworthy. Busamra also plays 

a significant role in developing and implementing quality, 

environmental, energy, and resource management systems 

for ENOC, ensuring continual improvement. 

Moreover, Busamra’s passion for mentorship and capacity-building 

shines through her role as a mentor for 

many UAE Nationals, aligned stakeholders, and interns. 

She has been instrumental in providing in-house training 

on diverse topics, contributing to the growth and development 

of emerging professionals in the industry. 

Busamra’s expertise extends beyond her organisation. 

She represents ENOC as an authoritative expert at external 

forums and is frequently invited to share her insights as 

a keynote speaker and panellist at national, regional, and 

international events. Her influence also extends to various 

committees, including the Dubai Executive Demand Side 

Management Committee and the Dubai Carbon Abatement 

Technical Committee, where she actively contributes to 

shaping sustainability and environmental policies. 

With her profound expertise, strategic awareness, and 

dedication, Alia Busamra has not only driven transformative 

change within ENOC but has also left a substantial impact 

on the broader landscape of sustainability and corporate 

environmental responsibility. Her journey exemplifies 

how a committed individual can be a powerful catalyst 

for change, pushing boundaries and inspiring others on 

the path to a more sustainable future. 


Wheels 

Specifications 

Torque: 470 Nm 

Horsepower: 495 hp 

Acceleration: 60 in 2.5 seconds 

Engine: 6.2L V8 LT2 gasoline engine 


Chevrolet Corvette E-Ray 

The 2024 Chevrolet Corvette E-Ray 

marks a significant addition to the 

iconic sports car lineup as its firstever 

hybrid model. Combining a robust 

electric motor with a 6.2-litre V8 engine, 

the E-Ray achieves an impressive total 

output of 665 horsepower. This hybrid 

powerhouse can accelerate from 0 to 

60 mph in just 2.5 seconds, making it 

the fastest production Corvette to date. 

The quarter-mile sprint is completed 

in a mere 10.5 seconds while cruising 

at 130 mph. 

Equipped with a 160-horsepower 

electric motor on the front axle and a 

1.9-kilowatt-hour lithium-ion battery, 

the E-Ray offers a unique “Stealth 

Mode,” allowing silent operation at 

speeds of up to 45 mph. 

The E-Ray shares the familiar LT2 

6.2-liter V8 engine with the Stingray, 

generating 495 horsepower and 470 

lb-ft of torque. It features a lightweight 

12-volt lithium-ion battery to support 

the engine’s stop-start system. 

In addition to its impressive 

powertrain, the E-Ray includes notable 

features like Magnetic Ride Control 4.0 

suspension and Brembo carbon-ceramic 

brakes. Rolling on Michelin Pilot Sport 

all-season tires (with an option for 

Michelin Pilot Sport 4S summer tires), 

the E-Ray offers exceptional road grip. 

The design of the E-Ray sets it apart 

from the standard Stingray, with a 

wider body and enhanced front and 

rear fascias. A variety of exterior 

colour options are available, including 

Riptide Blue, Seawolf Gray, and Cacti, 

along with the choice to add a carbon 

ground effects kit. 

The Chevrolet Corvette E-Ray offers 

safety enhancements, such as lanekeep 

assist, forward-collision alert, 

and automatic emergency braking. It 

will be available in showrooms later 

in the year. 


Start-up 

Startups Addressing Climate Change in 

UAE 

The United Arab Emirates, renowned for its rich cultural heritage and 

expansive deserts, is also emerging as a dynamic centre for innovation and 

technology, with a particular focus on sustainability and climate change. 

As the global climate crisis intensifies, startups in the MENA region are 

rising to the challenge, with their unique solutions that aim to mitigate the 

environmental impact and pave the way for a more sustainable future. This 

article will highlight three prominent startups from the UAE that are addressing 

climate change head-on. 

CarbonSifr 

Onur Elgun, 

Co-Founder and CEO 

The United Arab Emirates, renowned 

for its rich cultural heritage 

and expansive deserts, is 

also emerging as a dynamic centre 

for innovation and technology, with a 

particular focus on sustainability and 

climate change. As the global climate 

crisis intensifies, startups in the ME- 

NA region are rising to the challenge, 

with their unique solutions that aim to 

mitigate the environmental impact and 

pave the way for a more sustainable 

future. This article will highlight three 

prominent startups from the UAE 

that are addressing climate change 

head-on. 

CarbonSifr (United Arab Emirates) 

Onur Elgun Mustafa Bosca and Muhammed 

Yildirim, former leaders at 

The Boston Consulting Group (BCG) 

and Talabat, established CarbonSifrs 

with active support from prominent 

tech leader Khaled Rashad, who serves 

as the tech advisor. Carbon Sifr is 

a climate-tech company originating 

from the UAE and is committed to ensuring 

accessible and straightforward 

climate action. Leveraging innovative 

technology, CarbonSifr facilitates businesses 

and their customers in taking 

accelerated measures towards a more 

sustainable future by neutralising and 

reducing the carbon footprint associated 

with their day-to-day activities. 

CarbonSifr is a UAE-based climate-tech 

company dedicated to facilitating 

accessible and impactful climate 

action. The company’s innovative 

approach enables ”decarbonisation 

at scale” for businesses operating in 

sectors such as e-commerce, grocery 

delivery, and mobility. By integrating 

their application programming 

interface (API) into a client’s online 

customer touchpoints, CarbonSifr 

empowers these companies to accurately 

measure and transparently 

report their carbon footprint. The 

company auctioned more than 2.2 

million tonnes of carbon credits at the 

largest-ever voluntary carbon credit 

event in Nairobi, Kenya. Central to 

CarbonSifr’s suite of services is their 

carbon emission calculation engine, 

which rapidly computes emissions 

linked to online transactions by taking 

into account various factors such as 

vehicle type and distance travelled. 

What sets CarbonSifr apart is its 

approach to assigning value to these 

emissions, allowing end customers 

the choice to take responsibility for 

them. This approach not only informs 

consumers but also cultivates a culture 

of conscious consumption and sustainability 

in today’s environmentally 

conscious world. 

CarbonSifr stands as a UAE-based 

pioneer, leading the charge towards 

sustainable, accessible climate action, 

and empowering businesses and individuals 

to embrace a more environmentally 

responsible future. 


Badia Farms 

In 2016, Umar Al Jundi laid the 

foundation for Badia Farms, a 

pioneering agricultural initiative 

aimed at revolutionising the industry 

and offering a sustainable solution 

for the region’s future. It is the UAE’s 

pioneering vertical farm, providing 

Dubai’s restaurants and caterers with 

fresh fruits and vegetables grown on 

the same day. Spanning an area of 

50,000 square feet, the facility can 

produce 3,500kg of high-quality fruits 

and vegetables daily. 

Badia Farm’s sustainable approach, 

utilising hydroponics technology and 

recycled water, ensures a year-round 

supply of flavourful organic produce, 

all without the need for sunlight, soil, 

or pesticides. Beyond its commitment 

to sustainability, It is at the forefront 

of addressing food security concerns 

in arid desert climates like the Gulf 

Cooperation Council, as well as driving 

innovation within the Middle East’s 

agriculture industry. 

Badia represents a distinctive 

self-funded vertical farm, globally 

recognised for its pioneering approach. 

By assuming full control 

of demonstrating the feasibility of 

vertical farming in the region, from 

devising growth models to constructing 

the farm, it not only pushes the 

boundaries of this industry but also 

serves as a living testament to the potential 

of self-reliance and trust in its 

skills and expertise. The unwavering 

dedication to revolutionise the region 

and enhance the lives of its inhabitants 

remains steadfast. As Badia continues 

to expand, it persists in showcasing 

the transformative potential of vertical 

Omar Al Jundi, 

Founder 

farming and hydroponics in regional 

food production, thus leaving a lasting, 

positive imprint on the industry. 

Seramic Materials 

Dr Nicholas Calvet, 

Co-Founder and CEO 

Founded in 2019, Seramic Materials 

is the brainchild of Dr Nicolas 

Calvet and Dr Jean-Francois 

Hoffmann. Emerging from the innovative 

ecosystem of Masdar Institute, 

Seramic is a dynamic startup company 

with a distinctive vision. 

Seramic Materials presents pioneering 

solutions aimed at energy 

conservation in industry, the reduction 

of CO2 emissions, and the conversion 

of industrial waste into value-added 

products. With its patented innovation, 

it has recently partnered with Bee’ah, 

entering into a memorandum of understanding 

(MoU) to redirect bottom 

ash away from landfills. Instead, it’s 

transforming it into sustainable construction 

materials, including bricks, 

tiles, and cladding. 

Seramic Materials innovatively upcycles 

industrial solid waste into sustainable 

ceramic products, benefiting 

cost reduction, energy efficiency, 

reduced carbon footprint, and waste 

diversion from landfills, in alignment 

with the circular economy and zero 

waste goals. This revolutionary model 

is poised for worldwide adoption, with 

the potential to upcycle at least 30 million 

tons of bottom ash. Notably, Seramic 

boasts an impressive clientele, 

counting among its partners Alumina 

Energy, Masdar, and BP. 

Seramic is at the forefront of 

crafting a groundbreaking circular 

eco-economy model tailored for heavy 

industry. To offer recycling solutions 

customised for various types of waste, 

Seramic has established two dedicated 

entities: Seramic Energy, focused on 

developing waste heat recovery projects, 

and Seramic Materials, specialising 

in producing advanced ceramic 

products. The company’s distinguishing 

features encompass addressing 

solid waste management challenges, 

manufacturing advanced ceramics, 

offering cost-effective solutions, and 

minimizing reliance on raw material 

extraction. 

Seramic excels in devising turnkey 

solutions for the transformation 

of industrial waste into valuable, 

eco-friendly products. This innovative 

approach not only significantly 

reduces carbon footprints but also 

contributes to the development of 

a burgeoning eco-industry aimed at 

combating climate change. 


Energy 

Masdar City: The $22B Zero Carbon Project 

Amidst the Arabian Desert 

Nestled in the heart of the Arabian Desert, Masdar City serves as a representation 

of ingenuity, sustainability, and a pioneering ethos within the energy sector. With 

an aspiration to become a zero-carbon, zero-waste urban development, Masdar 

City has surfaced as a pioneering venture valued at $22B, affording a preview 

into the forthcoming era of sustainable energy and urban living. 


The Arabian Peninsula, famous 

for its vast oil reserves, has 

traditionally been associated 

with energy production. However, 

in response to increasing global concerns 

about climate change and the 

necessity of transitioning to renewable 

energy sources, the region faced the 

challenge of diversifying its energy 

portfolio. This challenge served as 

the driving force behind the creation 

of Masdar City. 

Established in 2006, this remarkable 

initiative is the inspired creation of the 

Abu Dhabi Future Energy Company 

(Masdar). It embodies a profound 

vision that is both elegant and audacious: 

to create a city powered entirely 

by renewable energy, free from carbon 

emissions, and to offer a guiding template 

for future urban development. 

The cornerstone of Masdar City’s 

sustainable energy strategy is its 

commitment to renewable energy 

sources. The city has implemented 

an impressive array of solar panels 

covering rooftops and parking lots. 

These solar panels provide clean, sustainable 

electricity, helping to power 

the city and reduce its reliance on 

conventional fossil fuels. 

Adjacent to Masdar City lies the 

Shams 1 Solar Plant, one of the world’s 

largest concentrated solar power 

plants. With a capacity of 100 megawatts, 

it is capable of providing electricity 

for around 20,000 households. 

Shams 1 harnesses the power of the 

sun to produce clean energy and 

contributes to the city’s zero-carbon 

mission. 

Moreover, Masdar City showcases 

cutting-edge architecture that prioritises 

energy efficiency. The buildings 

are designed to reduce energy consumption 

by implementing advanced 

insulation, natural cooling systems, 

and smart lighting. This not only 

minimises the city’s energy demand 

but also creates a comfortable living 

environment for its residents. 

Apart from these, sustainable transportation 

also serves as a key aspect 

of Masdar City’s energy approach. The 

city promotes electric and autonomous 

vehicles, reducing the carbon footprint 

associated with traditional 

gasoline-powered cars. Moreover, a 

Personal Rapid Transit (PRT) system 

provides residents with an efficient, 

energy-saving mode of transportation 

within the city. 

Masdar City doesn’t just focus on 

energy generation; it also manages 

waste responsibly. The city incorporates 

waste-to-energy facilities that 

convert organic waste into biogas, 

which can be used as an alternative 

energy source. This approach closes 

the loop on waste management and 

energy production. 

The city hosts the Masdar Institute 

of Science and Technology, which 

actively engages in research and development 

of innovative energy solutions. 

This institution is instrumental 

in driving advancements in sustainable 

energy technologies, fostering 

knowledge sharing, and training the 

next generation of experts in the field. 

One of the most remarkable aspects 

of Masdar City’s energy initiatives is its 

collaborative approach. The city has 

formed partnerships with leading international 

organisations, governments, 

and businesses to further promote 

sustainability: 

The International Renewable Energy 

Agency (IRENA): 

Masdar City is the home of IRENA, 

an intergovernmental organisation that 

promotes the adoption of renewable 

energy worldwide. This partnership 

ensures that the city remains at the 

forefront of renewable energy advancements 

and helps share its expertise 

with the global community. 

Siemens: 

The German conglomerate Siemens 

is a key partner in developing and 

implementing advanced technologies 

in Masdar City. Their expertise in energy-efficient 

solutions has played a 

vital role in the city’s journey towards 

sustainability. 

While Masdar City is a remarkable 

achievement in sustainable urban development, 

it has not been without its 

Masdar City 

illuminates the 

path towards 

a sustainable 

future, where 

renewable 

energy isn’t 

just an option 

but a way of 

life. 

challenges. The economic feasibility of 

such a project, the need for significant 

investments, and the time required to 

achieve self-sufficiency are some of 

the hurdles that Masdar City had to 

overcome. Moreover, scaling these 

initiatives to a global level remains 

a challenge for many other regions. 

Masdar City encourages us to venture 

into uncharted territory within the 

realms of energy and sustainability, 

expanding the horizons of what can be 

accomplished in our pursuit of a more 

eco-friendly and sustainable future. 


Energy News 

Masdar Commits $8B to Malaysian Renewable Energy Projects 

Masdar, the Abu Dhabi-based 

energy giant, has entered 

into a momentous Memorandum 

of Understanding 

(MoU) with the Malaysian Investment 

Development Authority (MIDA) to 

invest a substantial $8B in renewable 

energy projects, aiming to generate up 

to 10 gigawatts (GW) of green power. 

This strategic partnership is set to play 

a pivotal role in Malaysia’s ongoing 

journey towards sustainable energy 

transformation, marking a significant 

step toward a greener future. Under 

this collaboration, MIDA will support 

Masdar in the development of various 

renewable energy projects, encompassing 

ground-mounted and rooftop 

solar power installations, floating solar 

plants, onshore wind farms, and battery 

energy storage systems, to achieve this 

ambitious target by 2035. 

ADNOC Drilling 

increases interim 

dividend by 5% to 

$358M 

ADNOC Drilling Company has 

demonstrated its financial 

strength and commitment to 

shareholders by increasing its 

interim dividend payment by five percent 

year-on-year to $358M (8.22 fils per share) 

for the first half of 2023. The company 

announced this in a filing with the Abu 

Dhabi Securities Exchange (ADX). The 

dividend distribution is scheduled for 

around October 27 and will be distributed 

to shareholders recorded as of October 19. 

This decision aligns with the company’s 

progressive dividend policy, reflecting 

ADNOC Drilling’s robust cash flows and 

confidence in long-term growth. CEO 

Abdulrahman Abdulla Al Seiari emphasized 

the company’s focus on profitability, 

cash flow, and delivering attractive and 

sustainable returns to shareholders. 

OPEC 2023 World Oil Outlook Emphasizes 

Diverse Energy Sources 

Launched at the King Abdullah 

Petroleum Studies and Research 

Center (KAPSARC) in 

Saudi Arabia, the 2023 OPEC 

World Oil Outlook (WOO) spotlights 

recent energy and economic developments, 

with a particular emphasis on the 

shifting dynamics of net-zero policies. 

The report emphasizes the importance 

of extending modern energy services 

to the billions of people who still lack 

access. In a context where there’s 

growing scrutiny over these targets 

and their benefits, policymakers are 

reevaluating their energy transition 

strategies and embracing new technologies. 

The WOO, first published in 

2007, offers an in-depth review of global 

oil and energy prospects up to 2045, 

as detailed in OPEC’s press statement. 

Prince Abdul Aziz Bin Salman, Saudi 

Minister of Energy and Chairman of the 

Board of Trustees at KAPSARC, was 

the guest of honour at the launch event. 

UAE Commits to Comprehensive Hydrogen 

Development 

The UAE is unwavering in its 

pursuit of becoming a significant 

hydrogen producer and 

exporter, with a strong commitment 

to the cause. Test shipments of 

blue ammonia to nations like Germany 

and Japan exemplify their dedication. 

Collaborating with the International 

Partnership for Hydrogen and Fuel 

Cells in the Economy (IPHE) and the 

EU Commission, the UAE is actively 

establishing a standardized certification 

process for low-carbon fuel exports. 

Sharif Al Olama, the Undersecretary 

for Energy and Petroleum Affairs at the 

Ministry of Energy and Infrastructure, 

emphasized the importance of ensuring 

that certification requirements align 

with the importing country when the 

UAE eventually becomes a hydrogen 

exporter. 


Saudi Arabia and India Sign MoU on Green Hydrogen and Grid Interconnection 

Saudi Arabia and India have 

solidified their commitment 

to a green hydrogen supply 

chain and power grid interconnection 

by signing a memorandum of 

understanding (MoU). The MoU inked 

in Riyadh, was a collaborative effort 

between India’s Minister for Power 

and New and Renewable Energy, RK 

Singh, and Saudi Arabia’s Minister of 

Energy, Abdulaziz bin Salman Al-Saud, 

during the MENA Climate Week 2023. 

The agreement sets a general framework 

for cooperation in electrical 

interconnection, electricity exchange 

during peak demand and emergencies, 

and joint project development, as 

outlined by India’s Ministry of Power 

in a statement. This move highlights 

their joint dedication to sustainable 

energy solutions. 

ADNOC invests $2B in AI-powered eco super ships 

ADNOC Logistics and Services 

has made a substantial $2B 

investment in eco-friendly 

ships, with 13 vessels designed 

to utilize biofuels. During the 

Abu Dhabi International Petroleum 

Exhibition and Conference (ADIPEC 

2023), Captain Abdulkareem Al Masabi, 

CEO of ADNOC Logistics and Services, 

revealed that 37% of the company’s ships 

are equipped with an AI-powered smart 

ship monitoring system. This system 

has played a pivotal role in reducing 

the carbon intensity of the company’s 

fleet operations by over 20% between 

2018 and 2022. ADNOC’s commitment to 

sustainability is aimed at decarbonizing 

the maritime industry and supporting 

endeavours to accelerate emissions 

reduction, thereby contributing to the 

global net-zero target by 2050. 

UAE announces wind energy program to ‘power 

23,000 homes’ 

The UAE is embarking on a significant 

wind power initiative, 

aimed at diversifying its energy 

sources and contributing to its 

climate change objectives. This new 

program is set to generate sufficient 

electricity to power 23,000 homes. 

While low wind speeds were previously 

a challenge for utility-scale wind energy 

in the UAE, innovations in climate 

technology and the nation’s expertise 

have made wind power generation 

feasible. Larger turbines, reduced 

hardware costs, and the discovery of 

a unique weather phenomenon that 

generates strong winds at night have 

transformed the UAE Wind Program 

into a scalable and economically viable 

project. This nocturnal wind power 

complements the UAE’s existing solar 

power generation, further enhancing 

its sustainability efforts. 

Masdar and Boeing boost 

sustainable aviation fuel 

industry 

Abu Dhabi Future Energy Company, 

Masdar, is joining forces 

with aerospace giant Boeing 

to drive the sustainable aviation 

fuel (SAF) industry, both in the 

UAE and globally. Their partnership 

is aimed at furthering the commercial 

aviation sector’s commitment to achieving 

net-zero emissions by 2050. Masdar 

and Boeing will collaborate to advance 

and advocate for SAF policies in the 

UAE and explore ways to improve SAF 

accounting principles. SAF, derived 

from sustainable sources like green 

hydrogen, can cut carbon emissions 

by up to 85% throughout its lifecycle 

compared to traditional jet fuel. It is 

considered a critical tool for reducing 

aviation emissions across all segments 

in the next three decades. 


Wheels 

Specifications 

Torque: 710Nm 

Horsepower: 612hp 

Acceleration: 0 to 100km/h in 2.95 seconds 

Battery Capacity: 112kW battery 


Lotus Eletre Hyper-SUV 

The Lotus Eletre, a pioneering 

all-electric Hyper SUV, breaks 

new ground, blending Lotus’s rich 

sports car heritage with a fresh lifestyle 

approach. The eagerly anticipated 

all-electric hyper-SUV from the UK 

manufacturer was introduced in the 

Middle East in October 2023. Its striking 

design features active aerodynamics and 

uses advanced sustainable materials for 

luxury. It comes with two transmission 

options, a single-speed or 2-speed 

transmission, and employs active air 

suspension for a comfortable ride. 

The Eletre offers a significant electric 

range, varying between 489 km and 

600km. It’s available with a 450 KW dual 

motor, producing 612 hp and 710 Nm 

of torque, enabling a 0-100km/h time of 

around 4.5 seconds and a top speed of 

approximately 258 km/h with all-wheel 

drive. An even more powerful 675KW 

dual motor version delivers 918hp and 

985 Nm of torque, reaching 0-100km/h 

in approximately 2.95 seconds and a 

top speed of about 265 km/h, with allwheel 

drive. 

The exterior boasts an eye-catching 

lighting system with Matrix LED 

headlights, and the design is futuristic, 

with notable elements like a gloss black 

front grille, 22-inch alloy wheels, a 

charging port, and an active rear spoiler. 

Inside, the Eletre offers comfort with 

Nappa leather seats, ambient lighting, a 

multifunctional heated steering wheel, 

and advanced technology features. 

The 15.1-inch OLED centre screen, 

heads-up display, and KEF premium 

audio system with 15 speakers provide 

a tech-rich environment. 

Safety is a priority, with features 

such as adaptive cruise control, driver 

monitoring, lane-keeping assist, blind 

spot detection, and airbags. The Lotus 

Eletre comes in various exterior colours, 

including natron red, Galloway green, 

stellar black, Kaimu Gray, blossom grey, 

and solar yellow, adding to its appeal. 


Healthcare 

COP28 to centralise Healthcare at 

first-ever Health Day 

COP28, the 28th Conference of the Parties to the United Nations Framework 

Convention on Climate Change, set to take place in the UAE, is 

charting a groundbreaking course. In its inaugural Health Day, the conference 

is setting a remarkable precedent by prioritising healthcare as 

its central theme. This strategic choice underscores the critical connection 

between public health and climate change, placing a spotlight 

on an issue of paramount importance. 


By prioritising healthcare, COP28 acknowledges the 

pressing need to confront the profound and tangible 

impacts of climate change on global health. 

Climate change’s impact on health 

is no longer a distant concern but 

a present and increasingly significant 

reality that demands immediate 

attention. This innovative approach by 

Cop28 aligns with the growing global 

awareness of the inseparable link 

between climate change and public 

health. COP28’s decision emphasises 

that addressing climate-related health 

risks is integral to our collective efforts 

in combating the challenges posed by 

a changing climate. 

The centralisation of healthcare for 

COP28’s Health Day is not without reason. 

Several important factors underline 

the significance of this decision: 

1. Interconnected Challenges: 

COP28 aptly acknowledges the intricate 

relationship between climate change 

and healthcare. The consequences of 

a changing climate are profound for 

public health, ranging from a surge 

in heat-related illnesses to the proliferation 

of vector-borne diseases. 

These multifaceted implications underscore 

the urgency of collective action. 

Centralising healthcare at COP28 is 

a powerful statement, emphasising 

that addressing these challenges is no 

longer a choice but an imperative. This 

approach resonates with the growing 

global recognition of the inextricable 

link between climate change and public 

health, urging nations to unite in their 

efforts to tackle these critical issues. 

2. Public Awareness: 

COP28’s decision to elevate healthcare 

as a priority mirrors the expanding 

global consciousness of the inseparable 

connection between climate 

change and public health. The repercussions 

of climate change are no longer 

theoretical; they are actively impacting 

communities across the globe. The 

centralisation of healthcare serves 

as a potent tool for increasing public 

awareness, making these issues more 

tangible and immediate. By doing so, 

COP28 encourages decisive actions to 

address the challenges posed by climate 

change, underlining that safeguarding 

public health is integral to the broader 

global response to the climate crisis. 

3. Mitigation and Adaptation: 

COP28’s Health Day agenda presents 

a comprehensive approach that 

embraces mitigation and adaptation 

strategies. Mitigation, notably the reduction 

of carbon emissions, holds a 

dual benefit. Not only does it contribute 

to environmental preservation, but it 

also yields direct positive outcomes 

for health by reducing air pollution 

and enhancing respiratory well-being. 

Furthermore, adaptation strategies are 

equally vital, focusing on developing 

robust healthcare systems capable of 

withstanding the challenges presented by 

climate change. This balanced approach 

recognises the interdependence of environmental 

conservation and public 

health, emphasising the necessity of 

these strategies in securing a healthier 

and more sustainable future for all. 

4. Equity and Access: 

Centralising healthcare at COP28 

reflects a steadfast commitment to the 

principle of ensuring equitable access 

to healthcare services. Vulnerable communities, 

frequently the most impacted 

by climate-related health risks, face 

disproportionate challenges. COP28’s 

agenda aims these disparities, aiming 

to bridge the gap and ensure that every 

individual, regardless of their geographical 

location or socio-economic status, has 

access to high-quality healthcare. By 

doing so, this pioneering approach advocates 

for a fair and inclusive healthcare 

system, recognising the fundamental 

right of all people to receive healthcare 

services that are both accessible and 

of superior quality. 

5. Collaborative Efforts: 

Addressing climate change is a complex 

global challenge that demands 

collaboration on an international scale. 

The decision to centralise healthcare at 

COP28’s Health Day serves as a pivotal 

platform for experts, policymakers, 

and healthcare professionals to come 

together. This collaborative approach 

facilitates the exchange of knowledge, 

the sharing of best practices, and, most 

importantly, the fostering of global 

cooperation. By placing healthcare 

at the core, COP28 underscores the 

necessity for a collective response to 

these multifaceted challenges. 

Prioritising healthcare at COP28 is 

a resounding testament to the global 

commitment to addressing the profound 

link between climate change 

and public health. Climate-induced 

health risks are not a mere theoretical 

concern; they are actively affecting 

communities worldwide. This innovative 

approach serves as a resolute call to 

action, imploring nations to place the 

well-being of their citizens at the forefront 

of their climate change mitigation 

and adaptation efforts. It underscores 

that safeguarding public health is not 

just a collateral benefit but a central 

goal in the broader mission to combat 

climate change and build a healthier, 

more resilient world for present and 

future generations. 


Merger & Acquisitions 

Innovating M&A Strategies for 

Resilience and Forward Momentum 

In the dynamic world of business, resilience and growth acceleration are 

paramount. To achieve lasting success, companies must fortify their core 

foundations to weather economic and competitive challenges. Simultaneously, 

they must be agile in adapting to the constantly shifting market conditions. 


This duality of stability and adaptability 

is the key to thriving in 

today’s business environment. 

Businesses must anticipate change, 

innovate, and diversify their strategies 

to remain relevant and competitive. It’s 

no longer sufficient to rely solely on 

existing models; instead, the ability to 

pivot and explore new opportunities is 

what sets successful enterprises apart 

in this intricate landscape of economic 

evolution. 

Central to this transformation is the 

strategic allocation of capital. Finance 

leaders face a crucial question: Can their 

current asset mix not only protect against 

market shifts and competition in the core 

business but also drive growth? A new 

M&A strategy framework, backed by 

extensive research and historical M&A 

data, has emerged. 

This framework introduces defensive 

and offensive deal archetypes, providing 

a roadmap to create resilient business 

models, accelerate transformation, harness 

the power of ecosystem alliances, and 

secure market leadership. Companies that 

adopt these strategic choices redefine 

their M&A approaches, gaining clarity 

of purpose and positioning themselves 

to flourish in the ever-changing market 

landscape. 

In today’s ever-evolving business world, 

sustainability and net-zero commitments 

are taking centre stage, aligning with the 

objectives of many companies. The Deloitte 

Global Divestiture survey highlights 

the growing emphasis on strengthening 

resilience, with a significant number of 

companies considering divestments. However, 

the costs associated with divestitures 

are increasing, and environmental, social, 

and governance (ESG) considerations 

have become integral to the process of 

due diligence and compliance, not only 

during the deal execution phase but 

also in the post-deal transformation. 

This shift reflects a broader recognition 

of the importance of sustainability and 

ethical business practices in a changing 

global landscape. 

In a world marked by global supply 

chain disruptions and escalating Environmental, 

Social, and Governance 

(ESG) standards, supply chain systems 

are under intense scrutiny. Mergers and 

acquisitions (M&A) have taken centre 

stage as a means to fortify supply chains. 

Companies are engaging in opportunistic 

deals, integrating suppliers, and making 

M&A strategies 

are evolving to 

encompass a 

broader range 

of objectives, 

from fortifying 

supply chains 

to embracing 

cross-sector 

innovation. 

strategic acquisitions to enhance their 

supply chain resilience. 

Beyond M&A, collaborative partnerships 

that transcend industry boundaries 

have become a necessity. This trend 

underscores the value of adaptable 

and sustainable supply chain solutions. 

Companies increasingly understand that 

a resilient and agile supply chain is vital 

for navigating disruptions. Collaborative 

efforts allow the sharing of expertise, 

resources, and risk, resulting in more 

robust and responsible operations. These 

inter-industry alliances not only enhance 

business continuity but also address 

societal expectations, reinforcing the 

notion that success is intertwined with 

sustainability and responsible business 

conduct. 

The blending of business models across 

diverse sectors is causing a profound redefinition 

of traditional industry boundaries, 

propelling a wave of disruptive mergers 

and acquisitions (M&A). Companies are 

now channelling substantial investments 

into these disruptive assets, which have 

become the cornerstone for enduring 

transformation. This shift is significantly 

altering the M&A landscape. Instead of 

purely horizontal or vertical acquisitions 

within the same industry, companies 

are seeking innovation and competitive 

advantage by integrating technology 

and ideas from unrelated sectors. This 

approach not only diversifies their capabilities 

but also positions them to thrive 

in an increasingly interconnected and 

dynamic global business environment. 

This strategic shift underscores the 

recognition that embracing innovation 

and cross-sector collaboration is vital 

for companies looking to stay relevant 

and competitive in an evolving business 

environment. By breaking down the barriers 

between industries, corporations 

are finding new avenues for growth and 

adaptation, setting the stage for the next 

era of business evolution. 

Corporate venturing has become a vital 

strategy for companies seeking to test 

cutting-edge technologies and identify 

talented individuals who can lead future 

growth initiatives. By developing capabilities 

like horizon scanning and active 

engagement with external ecosystems, 

businesses are better equipped to venture 

into investments on the fringes of 

their established markets. This approach 

not only enables them to explore new 

opportunities but also cements their 

strategic presence in rapidly evolving 

growth sectors. Embracing corporate 

venturing allows organisations to stay 

at the forefront of innovation, adapt 

to changing landscapes, and secure a 

competitive edge in the pursuit of transformative 

growth. 

Amid the shifting realities of the 

marketplace, companies are embarking 

on a journey of M&A innovation. This 

strategic pivot is pivotal for ensuring 

long-term success. Through mergers 

and acquisitions, firms reinforce their 

foundations by leveraging the strengths 

of their partners. 

They seek to expand their reach and 

capabilities, pursuing growth avenues 

that might be otherwise inaccessible. 

In a dynamic business landscape, adaptability 

is key. Companies recognise the 

need to evolve, whether it’s embracing 

new technologies, entering emerging 

markets, or diversifying their product 

portfolios. This proactive approach to 

change positions them for resilience 

and competitiveness in the years ahead. 


Merger and Acquisition News 

ZainTECH to acquire STS to expand its service offerings 

ZainTECH, a digital solution 

provider based in the UAE, has 

agreed to acquire Specialized 

Technical Services Company 

(STS), a digital transformation solutions 

provider operating in the region 

and Jordan. This strategic move allows 

ZainTECH to expand its service portfolio, 

enhance its competitive position, and 

foster innovation. Bader Al-Kharafi, Zain 

Vice-Chairman and Group CEO, stated, 

“This deal reflects our commitment to 

driving the digital transformation journey 

in the Kingdom of Jordan and the region. 

The acquisition of STS by ZainTECH 

aligns with our efforts to consolidate 

Jordan’s position as a leading digital 

hub and a key enabler of innovation 

and entrepreneurship.” STS provides 

advanced hybrid multi-cloud solutions, 

managed cloud services, cybersecurity 

offerings, and more. 

Record Year Predicted 

for UK-GCC M&A, Say 

Dealmakers 

The GCC region, with a particular 

focus on Saudi Arabia and the 

UAE, is experiencing a notable 

surge in mergers and acquisitions 

(M&A) interest from UK investors. Lumina 

Capital Advisers, a mid-market corporate 

finance firm, predicts record-breaking 

levels of M&A activity between the Gulf 

and the UK this year based on a recent 

survey of senior dealmakers. The survey, 

which included responses from corporates, 

professional advisers, private equity, and 

sovereign wealth funds, revealed that 80 

percent of participants have executed or 

are executing an M&A transaction in the 

GCC in the past year. Approximately 40 

percent of investors are actively seeking 

inbound transactions in the Middle East 

within the next 18 months, with an 

additional 19 percent exploring outbound 

opportunities. Furthermore, the survey 

unveiled a substantial increase in the 

average deal sizes since 2019, growing 

from less than $100M to approximately 

$250M. 

Naif Alrajhi Investment Acquires Significant 

Stake in Veyron Marketing 

Naif Alrajhi Investment, a 

prominent Saudi investment 

group, has recently secured 

a significant stake in Veyron 

Marketing, a leading player in Saudi 

Arabia’s marketing and advertising 

sector. Veyron, known for its rapid 

growth, excels in strategically planning 

and executing local and international 

advertising campaigns. This acquisition 

underscores Veyron’s strong competitive 

position, expansive business 

trajectory, and pioneering role in the 

marketing and advertising industry. 

In a strategic move, Veyron’s recent 

acquisition aims to enhance its forward-looking 

plans by harnessing the 

combined strengths of both companies. 

This partnership is set to facilitate 

a seamless exchange of expertise, 

data-driven insights, and professional 

excellence. Emphasising top-tier 

consultancy services and innovative 

solution design, the collaboration is 

well-positioned to capitalise on the 

myriad opportunities arising from the 

sector’s robust expansion. 

Ethmar International Acquires Majority Stake in 

BHM Capital for AED 170M 

EIH Ethmar International 

Holding PJSC, headquartered 

in Abu Dhabi, has disclosed 

its acquisition of a majority 

stake in BHM Capital Financial Services 

PJSC. This strategic move aligns 

with EIH’s expansion plan, particularly 

in the financial services sector. This 

acquisition represents a significant 

investment in the financial sector and 

was solidified through an agreement 

with BHM Capital, a private joint-stock 

company listed on the Dubai Financial 

Market (DFM). Since its inception in 

2006, BHM Capital has maintained 

a prominent position as a leading 

financial institution, offering top-tier 

financial and investment services. 

The announcement was made during 

a press conference at the Louvre Abu 

Dhabi, attended by key stakeholders, 

including board members, CEOs, investors, 

and media representatives. 


Gulf Capital’s Eclat Health Acquires Excite Health Division 

Gulf Capital, a prominent private 

equity firm in the GCC to Asia 

region, has announced that 

its portfolio company, Eclat 

Health Solutions, has completed the 

acquisition of the Health Information 

Management (HIM) division of Excite 

Health Partners. This strategic move 

strengthens Gulf Capital’s US Revenue 

Cycle Management (RCM) Platform, 

marking its third acquisition in this 

sector. The US RCM Platform now offers 

extensive coverage and capabilities, 

providing technology solutions, tailored 

services, and end-to-end RCM across 

various segments of the US healthcare 

industry, from behavioural facilities 

to large healthcare providers and 

payers. Since its initial acquisitions, the 

platform has significantly expanded its 

presence, services, and employee base, 

solidifying its position in the market. 

Lumina Middle East Unveils 

Latest Cross-Border M&A 

Survey 

Lumina Capital Advisers’ 2023 

Cross-Border M&A Survey has 

been unveiled, providing vital 

insights into the vibrant Mergers 

and Acquisitions (M&A) market in 

the Middle East. This comprehensive 

analysis delves into a year marked by 

strategic collaborations and transformative 

deals between the GCC region 

and the UK. It illuminates current 

trends, key market participants, and the 

multifaceted impact of M&A activities 

spanning various industries. The report 

indicates that 2023 is poised to conclude 

as another robust year for M&A transactions 

in the Middle East, driven by a 

resilient cross-border environment led 

by the region and heightened activity in 

sectors such as infrastructure services, 

digital transformation, healthcare, and 

education. 

ADC Acquisition Corporation’s AED 734M PIPE 

Bookbuild Oversubscribed 10 Times 

ADC Acquisition Corporation 

PJSC (“ADC”), the UAE’s 

inaugural Special Purpose Acquisition 

Company (SPAC), 

has announced the successful closure 

of its PIPE (Private Investment in 

Public Equity) book build, raising 

AED 734M. Impressively, the demand 

for the offering exceeded AED 8B, 

signifying an oversubscription of over 

10 times. This accomplishment comes 

in conjunction with the first-ever SPAC 

merger in the Middle East, where ADC 

is merging with Abu Dhabi’s United 

Printing & Publishing Sole Proprietorship 

LLC (“UPP”). The PIPE attracted 

substantial interest from qualified and 

institutional investors, setting the stage 

for the SPAC merger’s progress, subject 

to a shareholder vote. Following the 

merger, UPP will possess AED 1.1B in 

proceeds, enabling the pursuit of both 

organic and inorganic growth opportunities, 

and reflecting strong investor 

confidence in UPP’s equity potential. 

ClearPier Acquires UAE’s Media Quest Group for 

$35M 

ClearPier, a leading performance 

advertising technology firm, 

has acquired UAE-based Media 

Quest Group (MQuest) in 

a $35M deal. This acquisition marks 

the latest step in ClearPier’s strategic 

expansion journey, which began with 

the acquisition of advertising technology 

company PubPlus for $60M in 

May 2022, followed by Cygobel for $40 

million and Hang My Ads for $35M in Q4 

2022. ClearPier’s continuous efforts to 

enhance its data and technology-driven 

performance marketing services on a 

global scale are evident. The addition 

of MQuest strengthens its presence 

not only in North America but also 

in the GCC and Europe. With this acquisition, 

ClearPier now operates in 

17 countries, with further expansion 

plans in the pipeline. 


Cryptocurrency 

UAE’s Crypto Revolution: Regulatory 

Insights from Dubai 

Over the years, the UAE has been renowned as the epitome of modern 

technology. It has been taking progressive and innovative steps to strengthen 

its position in the realm of cryptocurrency. The UAE hosts numerous 

cryptocurrency exchange and trading platforms while also enacting 

regulations to govern them. During the first half of 2023, the country made 

several notable announcements and introduced additional regulations solely 

dedicated to cryptocurrencies. Recent reports have stated that 35% of the 

population uses cryptocurrency for payments, and the country ranks third 

in blockchain startups and fourth in cryptocurrency interest globally. This 

article explores Dubai’s significant efforts in enhancing the crypto revolution 

throughout the UAE. 


Virtual Assets Regulatory 

Authority (VARA) 

In March 2022, the Emirate 

of Dubai took a significant step by 

establishing the Virtual Assets Regulatory 

Authority through Law No. 4 of 

2022. This marked the creation of the 

first regulator with a presence in the 

metaverse, solidifying Dubai as one 

of the fastest-growing global hubs in 

the digital ecosystem and ranked the 

UAE among the top 10 countries with 

the ‘highest percentage of people with 

curiosity about cryptocurrencies.’ The 

authority oversees all activities related 

to the virtual assets sector across the 

Emirate, including special development 

zones and free zones. 

VARA released its ‘Virtual Assets 

and Related Activities Regulations 

2023’ (referred to as the ‘Regulations’) 

on February 7, 2023, applying to all 

providers of virtual asset services. It 

functions as an independent regulatory 

body for virtual assets, with its oversight 

extending to regulated virtual assets 

like cryptocurrencies (e.g., Bitcoin) 

and non-fungible tokens (NFTs). 

VARA covers seven licensed virtual 

asset activities including advisory, broker-dealer, 

exchange, custody, lending 

and borrowing, virtual assets, payments 

and remittance, and management and 

investment services. Apart from these, 

VARA has developed several rulebooks 

for the better implementation of strategic 

regulations. Failure to adhere to VARA 

regulations may result in fines ranging 

from AED 20,000 to AED 200,000. 

Dubai Metaverse Strategy 

In 2022, Dubai introduced the Dubai 

Metaverse Strategy, led by Hamdan 

bin Mohammed, signalling a strategic 

move towards embracing emerging 

cryptocurrency. This initiative reflects 

the Emirate’s commitment to staying 

at the forefront of crypto-revolution. 

The strategy aims to multiply the 

number of metaverse and blockchain 

companies in Dubai by a factor of five 

within the next five years. Additionally, 

Dubai targets to establish itself as a 

regional leader and strive to rank among 

the world’s top 10 metaverse economies 

and serve as a global epicentre for the 

metaverse community. 

Dubai’s Metaverse Strategy represents 

a forward-thinking approach, 

positioning the Emirate to explore the 

Dubai and Abu Dhabi were 

rated tops in the regulatory 

structure, the most heavily 

weighted criterion at 35% of 

the total score. 

possibilities of the digital future while 

contributing to the global conversation 

on emerging technologies. 

Crypto Token Regulation Framework 

In November 2022, the Dubai Financial 

Services Authority (DFSA), 

overseeing the Dubai International 

Financial Centre (DIFC), introduced a 

comprehensive regulatory framework 

for Crypto Tokens. This expansion of 

regulatory measures marks a notable 

development in the region’s digital 

asset landscape. 

Previously, the DFSA had regulations 

in place for security tokens. However, 

these new regulations broaden the 

scope to include more conventional 

commodity-like tokens such as Bitcoin 

and Ether. 

DMCC Crypto Center 

In 2021, the Dubai Multi Commodities 

Centre (DMCC), known as the world’s 

premier Free Zone and a Government of 

Dubai Authority for commodities trade 

and enterprise, launched the DMCC 

Crypto Centre. It serves as another 

visionary project that signifies Dubai’s 

determination to lead the way in the 

cryptographic and blockchain sectors. 

The DMCC Crypto Centre holds the 

distinction of being the region’s largest 

ecosystem of crypto and blockchain 

companies. It offers a comprehensive 

environment where entrepreneurs can 

access essential resources to support 

their ventures in digital assets. 

In 2023, the DMCC authorities have 

taken a substantial step by establishing 

an initial agreement with the Security 

and Commodities Authority (SCA). 

This agreement creates a pathway 

for individuals to obtain licenses for 

businesses involved in activities related 

to DMCC crypto trading. 

Digital Silk Road 

In a dynamic collaboration, the 

Dubai Chamber of Commerce and 

Industry (DCCI) partnered with the 

Dubai Future Foundation (DFF) to 

pioneer the Digital Silk Road project 

as part of the Dubai 10x initiative. This 

visionary undertaking aims to reshape 

the landscape of international trade. 

At its core, the Digital Silk Road 

project introduces a sophisticated 

yet user-friendly blockchain-powered 

platform to tackle long-standing trade 

challenges. From reducing exorbitant 

costs to enhancing transparency and 

security, this initiative promises to 

revolutionize the way business is 

conducted on a global scale. 

Dubai is stronger than ever in its 

crypto revolution with no indication 

of slowing down. As the regulatory 

framework keeps pace with the dynamic 

crypto landscape, Dubai is determined 

to retain its global leadership in blockchain 

and cryptocurrency innovation. 

The Emirate’s dedication to creating 

an advantageous ecosystem for crypto 

startups and investors and its strategic 

initiatives position it as an appealing 

destination for those eager to engage 

in the crypto evolution. 


Real Estate 

Luxury Real Estate in the UAE Goes Green 

The United Arab Emirates (UAE) has long been synonymous with 

opulence, grandeur, and innovation in the world of real estate. Its 

skyline boasts some of the most iconic and extravagant structures on 

the planet. Yet, in recent years, the UAE’s luxury real estate sector has 

transformed, embracing a new and vital trend - sustainability. As the 

world struggles with environmental challenges, UAE’s luxury property 

developers are making a concerted effort to go green. 

A Shifting Paradigm 

Historically, the UAE’s luxury real 

estate sector has been known for 

its larger-than-life developments, 

characterised by massive energy consumption 

and water usage. However, 

the paradigm is shifting as developers 

acknowledge the importance of sustainable 

practices and their role in 

reducing the environmental footprint. 

One of the key factors driving this 

shift is the UAE government’s vision 

for a greener future, as outlined in its 

‘UAE Vision 2021’ and ‘UAE Green 

Agenda 2015-2030.’ These ambitious 

roadmaps call for sustainability and 

environmental stewardship across all 

sectors, including real estate. 

Luxury real estate developers in 

the UAE are actively pursuing energy-efficient 

building designs and 

technologies. One prominent example 

is The Opus in Dubai, designed by the 

renowned architect Zaha Hadid. This 

iconic building, home to the ME Dubai 

hotel, features an innovative cooling 

system that significantly reduces energy 

consumption. 

Solar power is another area where 

developers are making significant 

strides. In Abu Dhabi, The Nurai Island 

resort boasts villas equipped with 

solar panels, harnessing the abundant 

sunshine to generate clean energy. 

The UAE’s luxury real estate is now 

replete with solar installations that 

not only reduce energy costs but also 

contribute to a greener environment. 


The UAE’s journey towards eco-conscious luxury 

real estate reflects a strategic and unwavering 

commitment towards a sustainable future 

Sustainable Building Materials 

Luxury properties in the UAE are 

also turning to sustainable building 

materials to reduce their environmental 

impact. Developers are increasingly 

using eco-friendly materials like 

bamboo, recycled steel, and low-VOC 

(volatile organic compounds) paints. 

These choices not only lower the carbon 

footprint of construction but also 

promote healthier living environments. 

Water Conservation Initiatives 

In a country where water resources 

are limited, water conservation is of 

paramount importance. Luxury real 

estate developers are implementing 

advanced water-saving technologies. 

High-end villas and apartments are 

now equipped with state-of-the-art 

water filtration and recycling systems 

that reduce water consumption 

significantly. 

Landscaping and Green Spaces 

Greenery and landscaping have 

become integral to the sustainability 

efforts of luxury real estate in the 

UAE. Projects like the Jumeirah Golf 

Estates in Dubai incorporate lush 

green spaces and water features to 

create a harmonious environment. 

Developers recognise that greenery 

not only enhances the visual appeal 

but also contributes to better air 

quality and a more enjoyable living 

experience. 

Green Certifications 

In the UAE’s luxury real estate sector, 

the pursuit of green certifications 

is on the rise to substantiate its dedication 

to sustainability. Among these 

certifications, Leadership in Energy 

and Environmental Design (LEED) and 

Estidama have gained prominence. Securing 

these certifications serves as a 

clear endorsement of strict adherence 

to rigorous environmental standards. 

It not only reflects a commitment to 

greener, eco-friendly construction 

practices but also provides tangible 

evidence of the sector’s engagement in 

environmentally responsible building. 

These certifications, respected globally, 

play a crucial role in affirming the 

luxury real estate sector’s commitment 

to environmental stewardship and 

sustainable development. 

Investor and Tenant Demand 

The momentum towards sustainability 

in luxury real estate isn’t solely a 

product of environmental awareness; 

it’s also a response to market demand. 

High-net-worth individuals and discerning 

corporations, in their quest 

for luxury properties, now prioritise 

eco-friendly features. Sustainable 

buildings are viewed as astute investments, 

offering long-term cost 

savings through reduced energy and 

resource consumption. Additionally, 

these eco-conscious structures project 

a positive image, aligning with the values 

of responsible living and corporate 

social responsibility. In this era, where 

environmental consciousness meets 

luxury living, sustainable real estate 

not only meets the demands of the 

affluent but also champions a greener, 

more responsible future. 

The UAE’s luxury real estate sector 

has made remarkable progress in 

embracing sustainability. However, 

there remains substantial room for 

improvement. The government’s proactive 

measures, including regulations 

and incentives, play a pivotal role in 

steering the sector towards greener 

practices. Developers have welcomed 

these initiatives with open arms, 

displaying a growing commitment to 

environmentally friendly construction 

and operation. The combined efforts 

of the government and developers 

are propelling the UAE’s luxury real 

estate towards a more sustainable and 

eco-conscious future. 

In a world grappling with the repercussions 

of climate change, the UAE’s 

luxury real estate sector is emerging 

as a significant player in the green 

building movement. By seamlessly 

integrating luxury with sustainability, 

it offers a compelling model for other 

real estate markets to emulate. The 

drive towards green luxury real estate 

in the UAE goes beyond a mere trend; 

it represents a strategic and unwavering 

commitment to building a more 

sustainable and eco-conscious future. 

In doing so, it not only enhances the 

lifestyle of its residents but also stands 

as a testament to the UAE’s dedication 

to environmental stewardship. 


Real Estate News 

Limited Edition Villas in Dubai’s Expo City Starting 

at $1.6M 

Expo City Dubai has introduced 

a new real estate development, 

the Yasmina Villas, located in 

Expo Valley. These limitededition 

properties begin at AED 6.1M, 

offering spacious and private semidetached 

four- and five-bedroom homes 

across three levels, with an average 

plot size of approximately 4,000 square 

feet. Each bedroom in the villa has 

its own bathroom, and each house 

includes a maid’s room. The Yasmina 

Villas provide picturesque views of the 

green surroundings with ample space 

between them, emphasizing a holistic 

experience in an integrated green 

community, promoting sustainable 

living, and an interconnected lifestyle. 

LEOS Developments unveils Weybridge Gardens 

in Dubailand 

ACUBE Real Estate 

Readies for New Dubai 

Property Launches 

AC UBE Real Estate 

Development, based in 

Dubai, is gearing up for 

a substantial increase in 

project launches in 2024 and 2025, 

driven by the persistent demand for 

high-quality residential and commercial 

properties. Ramjee Iyer, Chairman and 

Managing Director of ACUBE, revealed 

their growth strategy, including the 

ongoing Adhara Star development and 

plans for another significant project by 

the end of 2023. The company is also 

committed to launching three to four 

luxury apartment projects annually 

in 2024 and 2025. ACUBE’s current 

focus is on Dubai development, with 

a determination to achieve its targets 

before considering expansion into 

other markets. 

LEOS Developments’ Weybridge 

Gardens in Dubai represents a 

paradigm shift in contemporary 

living. With completion set for 

Q2 2025, this mid-rise community in 

Dubailand features 187 modern apartments, 

each meticulously designed to 

exemplify both form and function. These 

well-appointed properties, ranging from 

studios to one-bedroom apartments, are 

the brainchild of experienced British architects 

and interior designers, ensuring 

a seamless blend of elegance and 

open-plan living. All units boast open 

layouts, built-in wardrobes, high-quality 

kitchens, and chic bathroom vanity 

counters. Expansive balconies serve as 

a natural extension of the living space, 

seamlessly merging interiors with the 

inviting outdoors. Weybridge Gardens 

sets a new benchmark for high-quality 

design and modern amenities in 

Dubailand, aiming to be the trendiest 

lifestyle community in Dubai. 

Contract worth over 

AED 1.2B for Damac 

Lagoons project 

DAMAC Properties, a prominent 

luxury real estate developer 

in the Middle East, has 

recently granted a contract 

worth AED 1.2B to Darwish Engineering 

Emirates LLC. This contract encompasses 

the main works package for 

275 villas situated in the Venice cluster 

within the eagerly awaited third master 

community, DAMAC Lagoons. The 

DAMAC Lagoons master development 

has already awarded contracts totalling 

close to AED 7B. Over AED 1B has been 

allocated to infrastructure contracts, 

and villa construction contracts have 

reached over AED 5.6B. In the first half 

of this year, DAMAC awarded contracts 

worth AED 2.4B, signifying significant 

progress in the project’s construction. 


Dubai South Properties 

completes Pulse villas 

ahead of proposed 

schedule 

Dubai South Properties has 

proudly announced the completion 

of ‘The Pulse Villas,’ 

situated at the heart of Dubai 

South’s Residential District. The project 

has generated substantial interest since 

its launch, with all 342 units swiftly 

purchased by investors. Located along 

Expo Road, it provides easy access to 

key city highways and offers two- and 

three-bedroom townhouses, along with 

four-bedroom semi-detached villas. 

These homes feature closed kitchens, 

private gardens, maid’s rooms, storage, 

study rooms, and laundry rooms. 

Nabil Al Kindi, CEO of Dubai South 

Properties, emphasized the district’s 

innovation in urban living, with seamless 

connectivity to Dubai landmarks 

through major roads and metro lines. 

Numerous amenities, including schools, 

parks, sports courts, and retail shops, 

enhance the residential experience in 

the district. 

Qatar: Real estate trading volume exceeds 

$88.26M 

During the period from September 

24th to September 

28th, the Real Estate Bulletin 

reported substantial activity 

in the real estate market, with total sales 

contracts amounting to QR 71,955,172. 

The bulletin provided an overview of 

the diversity of properties being traded, 

including vacant lands, houses, a hotel, 

a residential complex, and various 

residential units. These transactions 

were predominantly centred in key 

municipalities such as Doha, Al Rayyan, 

Al Daayen, Al Wakrah, Umm Slal, Al 

Shamal, Al Khor, Al Dakhira, Ash-Shahaniyah, 

as well as the upscale areas 

of the Pearl, Legtaifiya, and Al Dafna. 

Notably, the cumulative value of real 

estate trading in sales contracts for the 

mentioned period reached a substantial 

QR 276,286,452. 

Azizi Developments’ Creek Views II Reaches 

65% Completion 

Azizi Developments has 

achieved a construction milestone, 

with Creek Views II, 

their AED 350 million luxury 

development in Dubai Healthcare City, 

now 65% complete. This iconic project, 

set on the shores of Dubai Creek, is 

on track for handover in Q1 of 2024. 

Creek Views II’s design reflects Dubai’s 

transition from its rich past to a reimagined, 

modern future. The development 

offers 587 residences, comprising 116 

studios, 436 one-bedroom apartments, 

and 35 two-bedroom residences. Conveniently 

located in the heart of the 

city, it boasts two swimming pools, a 

sauna, a steam room, a fully equipped 

gym, and a children’s play area, among 

other premium amenities. With 99% of 

its structure complete, internal plaster 

and MEP work at 92% and 51%, HVAC 

and tiling at 48% and 52%, and external 

works at 25%, Creek Views II is making 

remarkable progress. 

Unique Properties Expands in Dubai to Accommodate Real Estate Growth 

Unique Properties, a prominent 

real estate agency in Dubai, 

has unveiled its new office 

expansion in the thriving 

central business district of Business 

Bay. Covering a substantial 15,000 

square feet, this spacious headquarters 

reflects the city’s surging real estate 

sector and anticipates the nation’s 

projected population growth, estimated 

to reach 11.1 million by 2030. Amidst 

the backdrop of a 32.6% surge in rental 

prices for new residential contracts 

compared to the previous year, Unique 

Properties is well-prepared to accommodate 

the influx of residents. Their 

expanded services include secondary 

sales, property management, holiday 

homes, interior design, and professional 

services (PRO), ensuring that they can 

cater to the diverse needs of incoming 

residents and property investors in the 

city’s vibrant real estate market. 


Funding and Investment 

The Evolution of ESG investments in the 

United Arab Emirates 

As the UAE gears up to host the 28th session of the United Nations 

Conference of the Parties (COP 28) this November, the global spotlight 

has turned toward the region and the opportunities it presents for 

the development of Environmental, Social, and Governance (ESG) 

investments. With the Middle East unveiling proposals for the region’s 

sustainability objectives, this article offers an insightful exploration 

into the evolving landscape of ESG investments in the UAE. 


ESG investing in the UAE has its 

roots in the early 2000s when 

global interest in responsible 

investing started to grow. Local financial 

institutions and investors began 

recognising the importance of ESG 

factors and their influence on longterm 

financial performance. However, 

ESG has evolved into a substantial 

part of funding and investments by 

the regulatory efforts done by the 

government of UAE. 

The UAE Securities and Commodities 

Authority (SCA) established a 

pivotal framework in 2020 with the 

‘Corporate Governance Code for Public 

Joint Stock Companies’ (Governance 

Code), making it mandatory for Listed 

Public Joint Stock Companies (PJSCs) 

on the Abu Dhabi Securities Exchange 

and the Dubai Financial Market to 

publish annual sustainability reports. 

These reports are designed to outline 

the impact of their operations on the 

environment, society, and governance. 

To ensure transparency and accountability, 

Listed PJSCs are required to 

adhere to the Global Reporting Initiative 

standards and sustainability standards 

issued by the respective stock exchanges. 

However, these reporting obligations are 

currently limited to listed companies, 

and private and state-owned entities 

can choose to adopt sustainability 

reporting voluntarily. 

The Abu Dhabi Global Market (ADGM) 

has also embraced Sustainable Finance 

(SusFin) as a strategic priority and became 

the first International Financial 

Centre to achieve carbon neutrality. 

This aligns with the growing interest 

in sustainable finance in the Middle 

East, as exemplified by the issuance 

of sustainable bonds reaching USD 8 

billion in the region in 2021. 

Implementing these regulatory efforts 

has raised awareness among Investors 

in the UAE, acknowledging the enduring 

advantages of incorporating ESG factors 

into their investment portfolios, encompassing 

risk reduction, performance 

enhancement, and the cultivation of a 

positive corporate image. This growing 

demand is propelling the expansion of 

sustainable finance mechanisms and 

products in the region. The financial 

sector in the UAE is actively advancing 

the cause of sustainability and 

responsible investment. Prominent 

initiatives encompass the issuance of 

green bonds, the launch of ESG-oriented 

UAE’s ESG 

investments 

have blossomed, 

driven by 

government 

regulations 

and a thriving 

financial 

sector, making 

sustainability 

the star of 

the region’s 

investment 

landscape. 

equity funds, and the formulation of 

comprehensive ESG guidelines and 

frameworks. 

The Commercial Bank of Dubai (CBD) 

recently achieved a significant milestone 

by successfully raising $500 million 

through the issuance of green bonds. 

This move follows in the footsteps of 

the First Abu Dhabi Bank (FAB), which 

made history in 2019 by issuing green 

bonds worth $587 million, marking a 

pivotal moment for sustainable finance 

in the UAE. Another leading private 

bank has joined the United Nations 

Global Compact (UNGC) initiative, 

pledging to facilitate USD 30 billion in 

SusFin by 2030 and already enabling 

USD 15.5 billion of SusFin investments. 

Moreover, the Abu Dhabi Sustainable 

Finance Declaration, signed by major 

financial institutions in the UAE, underscores 

the collective commitment 

to facilitate the flow of capital into 

sustainable projects, signalling the 

country’s dedication to fostering a 

greener and more sustainable financial 

landscape. 

In addition to the financial sector, 

ESG investments have also paved their 

way into the UAE’s real estate industry. 

Investors and end-users in the UAE 

are urging for a more sustainable built 

environment, increasing the demand for 

ethical and ESG-compliant investments. 

A report by Knight Frank in October 

2022 indicates that commercial buyers 

and tenants are prioritising sustainable 

office spaces, recognising that addressing 

the climate crisis is key to talent 

attraction and retention. 

In August 2021, Majid Al Futtaim, a 

Dubai-based developer, made history 

as the first privately owned corporation 

in Dubai to secure a $1.5 billion 

(AED5.5 billion) sustainability-linked 

loan, featuring gender diversity goals 

and a requirement to certify its malls 

as LEED Gold or higher facilities. In a 

similar move, Abu Dhabi’s Aldar signed 

an $81.7 million (AED 300 million) 

sustainability-linked loan with HSBC 

in July 2021, becoming the first real 

estate company in the MENA region 

to do so. This five-year loan adjusts 

Aldar’s interest margin based on annual 

targets for energy and water intensity, 

waste recycling, and worker welfare, 

with provisions to invest in qualifying 

ESG projects if targets are not met. 

Furthermore, in January 2022, Aldar 

committed to powering all its assets 

with clean energy from the Emirates 

Water and Electricity Company for up 

to five years. 

ESG is a dynamic and growing 

framework that is gaining recognition 

among investors worldwide. Significant 

advancements are on the horizon in 

the UAE and globally. While regulators 

and public bodies have essential roles 

to play, companies are also expected 

to take responsibility for ensuring the 

effectiveness of their ESG strategies. 

In certain instances, it is likely that 

business innovation, offering new 

green finance services and products, 

will take the lead in advancing the 

regulatory framework. 


Funding and Investment News 

UAE’s DP World raises 

$1.5B with green sukuk 

Dubai’s DP World has successfully 

raised $1.5B through 

a green sukuk issuance, 

showcasing the company’s 

dedication to global decarbonization 

initiatives. The oversubscribed sukuk 

will be listed on Nasdaq Dubai and the 

London Stock Exchange. The funds 

raised will be allocated to support 

eligible green projects in line with DP 

World’s sustainable finance framework, 

encompassing areas like electrification, 

renewable energy, clean transportation, 

and energy efficiency. The Islamic bond 

was priced with a tight spread of 119.8 

basis points above US treasuries and 

features a 5.5% coupon rate, setting 

a remarkable benchmark for a BBB+ 

rated corporate globally. DP World is 

committed to its decarbonization goals, 

aiming to achieve carbon neutrality by 

2040 and net-zero carbon emissions 

by 2050. 

World Investment Forum 

Begins in Abu Dhabi 

The eighth edition of the World 

Investment Forum (WIF) commenced 

in Abu Dhabi, attracting 

more than 7,000 investment 

stakeholders from 160 countries. This 

prominent event convenes global leaders, 

heads of state, decision-makers, 

business executives, and civil society 

representatives to address investment 

and development challenges worldwide. 

Organised by the UNCTAD Investment 

and Enterprise Division, in partnership 

with the Ministry of Economy and the 

Abu Dhabi Department of Economic 

Development, the forum’s theme is 

“Investing in Sustainable Development.” 

The discussions focus on critical topics 

such as food security, sustainable 

energy, health infrastructure, and the 

challenges and solutions related to 

global supply chains. The forum emphasises 

the importance of sustainability 

principles in investment strategies and 

decisions to contribute to sustainable 

development for communities. 

UAE and Saudi Arabia Lead MENA VC Fundraising 

MENA’s venture capital landscape 

is undergoing notable 

shifts with a surge in funding 

activity. The third quarter 

of 2023 saw a remarkable increase, 

with $250M raised across 78 deals, 

signifying a robust 32% rise compared 

to Q2 2023. This buoyant performance 

has contributed to a total of $1.4B 

raised through 286 transactions in the 

first nine months of 2023. Leading the 

way, Saudi Arabia and the UAE have 

been instrumental in driving capital 

infusion, with the Kingdom posting 

a substantial 172% quarter-on-quarter 

growth, while the Emirates marked a 

significant 55% surge in new funding. 

The UAE has also stood out as the most 

active hub in terms of the number of 

transactions, capturing a third of all 

deals closed across MENA during the 

first nine months of 2023. 

MENA Startups Raise $643M in Late-Stage Funding 

MENA startups have outperformed 

their global 

counterparts in late-stage 

funding, securing $643M 

in the first half of the year, marking 

a 4% increase from the previous year. 

However, the region has experienced a 

drop in international investor interest, 

according to a report from venture 

capital data platform MAGNITT. In 

contrast, global late-stage funding fell 

by 49% YoY, largely due to economic 

uncertainty and macro factors. The 

majority of the funding in the MENA 

region for H1 2023 was directed towards 

mega-deals, with Egypt’s Halan 

and Saudi Arabia’s Nana and Floward 

leading the way, accounting for 85% of 

the total funding. Late-stage funding 

comprises investments in post-Series 

A rounds, including both disclosed and 

undisclosed transactions. 

ADDED Chairman: UAE Attracts Investments from 

170 Countries 

Investors from over 170 countries 

have chosen the UAE as their 

preferred destination for investment, 

growth, and expansion over 

the past decade, underscoring global 

confidence in the country’s robust 

fundamentals and positive outlook. 

Speaking at the eighth World Investment 

Forum (WIF), organised by UNC- 

TAD, Ahmed Jasim Al Zaabi, Chairman 

of the Abu Dhabi Department of 

Economic Development (ADDED), 

highlighted the UAE’s commitment 

to fostering collaboration, strengthening 

economic partnerships, and 

addressing global challenges. He noted 

the remarkable success in attracting 

foreign direct investment (FDI), with 

the UAE securing $23B in 2022, a 10% 

increase from the previous year. As 

a result, the UAE has climbed to the 

16th position in global FDI rankings 

and is the world’s fourth-largest recipient 

of greenfield projects, with 

an 84% increase in ambitious ventures 

announced the previous year. 


TECOM Group’s in5 Reports 20% Growth in Startup Funding in Dubai 

In5, a leading innovation and entrepreneurship 

platform within 

TECOM Group PJSC, has reported 

a remarkable 20% increase in total 

funding raised by start-ups in its ecosystem, 

surpassing AED 2.9B since its 

inception. This achievement reinforces 

in5’s significant role in the regional 

start-up ecosystem. During the first 

nine months of 2023, in5 added 120 

new ventures to its portfolio, demonstrating 

its continuous dedication 

to supporting entrepreneurial talent 

and fostering innovation in Dubai. 

in5 recently participated in Expand 

North Star 2023, hosting 16 start-ups 

from its ecosystem, underscoring its 

commitment to nurturing innovation 

and entrepreneurial endeavours in 

the region. 

Sheikh Khaled attends the World Investment Forum 

in Abu Dhabi 

Sheikh Khaled bin Mohamed, 

Crown Prince of Abu Dhabi 

and Chairman of the Abu Dhabi 

Executive Council, attended 

the opening ceremony of the World 

Investment Forum in Abu Dhabi. The 

five-day forum, organised by the United 

Nations Conference on Trade and 

Development, is taking place at the 

Abu Dhabi National Exhibition Centre. 

It has attracted the participation of 

representatives from more than 160 

countries. During his visit, Sheikh 

Khaled stressed the importance of the 

UAE hosting the eighth session of the 

World Investment Forum, and its pivotal 

role in strengthening the global economy. 

He added that hosting the forum 

confirms the country’s commitment to 

promoting innovation and adopting 

sustainability standards, as well as 

supporting international partnerships. 

Sheikh Khaled also pointed out the 

importance of the role of the forum 

in driving investment towards sustainable 

projects in renewable energy, the 

healthcare sector, and infrastructure 

development. 

UAE a Key Entry Point 

for Global Firms into 

MENA, Says JOCIC GM 

Zou Yonggang, General Manager 

of the Chinese Jiangsu Overseas 

Cooperation and Investment 

Company (JOCIC), praised 

the UAE as an attractive investment 

destination in the Middle East due 

to its favourable investment policies, 

advanced infrastructure, and strategic 

geographical location. He highlighted 

the UAE government’s efforts to attract 

foreign direct investment through 

incentives and benefits for foreign 

investors. The UAE serves as a vital 

gateway for international companies 

to access new markets in the MENA 

region and plays a crucial role in China’s 

Belt and Road Initiative, fostering 

trade and investment between China, 

Asia, Europe, and Africa. Many global 

companies are considering investment 

opportunities in the UAE, further enhancing 

its appeal as an investment 

destination. 

Lean Technologies and StashAway Join Forces for Enhanced UAE Investments 

StashAway, an investment platform, 

and Lean Technologies 

(Lean), an Open Banking 

platform in the Middle East, 

have joined forces to simplify the 

investment process in the UAE. This 

partnership introduces a pioneering 

open banking-powered solution in 

the UAE, enabling recurring deposits, 

empowering investors to stick to their 

goals despite market volatility. Joseph 

El Am, General Manager of StashAway 

MENA, emphasised the need for hassle-free 

investing and expressed pride 

in offering the UAE’s first innovative 

dollar-cost averaging solution through 

Lean integration. StashAway clients 

can effortlessly set up recurring deposits 

within the StashAway app, 

linking their bank accounts, specifying 

amounts, and scheduling deposits in 

just two minutes. 


Digital Assets 

Leveraging Digital Assets and 

Blockchain for ESG Objectives 

The intersection of blockchain technology and digital assets with 

Environmental, Social, and Governance (ESG) objectives has ignited a 

critical discussion in the world of finance and sustainability. Despite common 

misconceptions and media-driven narratives portraying digital assets, 

particularly Bitcoin, as unsustainable, a growing body of evidence challenges 

these assumptions. This article delves into how digital assets and blockchain 

can play a pivotal role in advancing ESG objectives and sustainability. 


Blockchain technology, combined with digital 

assets, represents a powerful tool for achieving 

ESG goals and fostering a more sustainable future. 

There is a pervasive belief that 

cryptocurrencies, notably Bitcoin, 

are environmentally harmful 

due to their energy-intensive mining 

processes. However, a recent study 

by independent research consultant 

James McKay provides a different 

perspective. The research suggests 

that Bitcoin’s energy consumption is 

not disproportionately high relative to 

its role in the global financial system, 

and it relies on a significant proportion 

of renewable energy sources. As 

technology evolves, the adoption of 

renewable energy in Bitcoin mining 

is expected to further mitigate environmental 

concerns. 

Beyond cryptocurrency, blockchain 

technology itself has the potential to 

enhance trust and transparency in 

sustainability efforts. Blockchain’s 

immutable and transparent ledger 

can be used to track and verify data 

related to sustainable systems, helping 

organisations achieve positive environmental 

impacts. Let’s explore how 

digital assets and blockchain are being 

applied to ESG objectives. 

Oxygen, a product developed by Zumo, 

is designed to measure, mitigate, and 

report Scope 3 emissions associated 

with digital asset activities, such as 

Bitcoin mining. As businesses strive to 

meet their ESG mandates, mitigating 

or offsetting energy consumption is a 

significant part of their efforts. Oxygen 

offers a flexible and transparent 

solution for efficient procurement and 

custody of real carbon credits, enabling 

financial institutions to compensate 

for the carbon impact of their digital 

asset activities. 

Efforts to green Bitcoin mining are 

underway, with a focus on technologies 

like proof of stake and proof of useful 

work. These approaches are transparent 

and verifiable, helping to minimise the 

environmental impact of digital asset 

processing. Furthermore, the incentivization 

of energy producers to become 

more cost-effective and eco-friendly 

is changing the dynamics of energy 

production and consumption. 

Carbon registries currently operate 

in isolation, resulting in issues like double-counting 

and market fragmentation. 

The solution involves transitioning to 

digital on-chain registries and adopting 

a multi-chain approach to improve 

interoperability with multiple carbon 

markets. Blockchain technology 

can play a crucial role in enabling 

cross-checking and verification across 

carbon registries, preventing multiple 

issuances on different platforms and 

promoting trust in the market. 

Zero13, led by GMEX, is at the forefront 

of addressing these challenges. 

Zero13 is an innovative initiative 

that leverages automation, artificial 

intelligence (AI), and blockchain 

technology. Its primary objective is 

to interconnect ESG (Environmental, 

Social, and Governance) markets. One 

of Zero13’s key missions is to restore 

trust in carbon credit markets, combating 

issues such as greenwashing, 

which involves misleading claims about 

environmental practices, and double 

counting of carbon credits. 

Another example is the World Bank’s 

Partnership for Economic Inclusion and 

Climate Action Data aims to create a 

connected, data-driven ecosystem for 

carbon credits. This enables end-to-end 

traceability and validation of inventory 

data across multiple markets, promoting 

transparency and accountability. 

Blockchain technology’s ability to 

create time-stamped and immutable 

records offers significant advantages 

in reporting, authentication, and transparency. 

This is particularly critical in 

combating greenwashing and ensuring 

trust in sustainability data. The end-to-end 

trusted data retention and accessibility 

capabilities of blockchain technology 

are essential for maintaining integrity 

in ESG efforts. 

Blockchain’s decentralised nature 

lends itself to supporting local markets 

and projects that aim to create positive 

social and environmental impacts. For 

example, blockchain can be used to 

ensure fair compensation for farmers 

and labourers, track ethical standards, 

and empower female entrepreneurs in 

underserved regions. 

The integration of traditional carbon 

markets with digital technologies and 

digital assets is gaining traction. ESG 

teams are growing in influence and 

increasingly report directly to boards, 

making sustainability a core consideration 

in financial operations. 

The fusion of digital assets and blockchain 

technology with ESG objectives 

holds the promise of revolutionising 

how companies approach sustainability, 

accountability, and responsible 

governance. While challenges such 

as regulatory uncertainty and energy 

consumption remain, the potential 

benefits in terms of transparency, 

traceability, and accountability are 

undeniable. 

As ESG objectives continue to evolve, 

the integration of digital assets and 

blockchain will likely play a pivotal 

role in advancing sustainable and 

responsible business practices. 


Interview 

Aniket Sunil Talati, President of The 

Institute of Chartered Accountants of 

India (ICAI) 


Aniket Sunil Talati is the President of the Institute of Chartered Accountants 

of India (ICAI). He has significantly advanced the profession, receiving 

widespread recognition for leading ICAI’s Digital Transformation and 

launching innovative digital initiatives. His forward-thinking approach is evident 

in devising a futuristic CA Curriculum. 

Exclusive to The Finance World Magazine 

Q. What was the best career advice 

you ever received, and how did it 

influence your path to becoming 

the President of ICAI? 

Somebody told me, ‘Service before 

Self,’ and that has been something which 

has driven me. So, wherever I go, from 

the smallest thing, let’s say if you are 

eating, I’d probably try to get the plate 

to somebody else before I can take it. Or 

if it’s about the profession, I try to see 

how the larger good of the profession 

can happen before I can think about 

my own professional growth. 

Q. Are there any bilateral investment 

treaties or agreements that ICAI 

is lobbying for in the backdrop of 

the World Investment Forum? 

ICAI doesn’t look into the investments; 

that is not our mandate. We are a regulator 

of the accounting profession. We have 

a lot of our Chartered Accountants 

who are into investment advisory and 

financial advisory, they do these roles. 

As an institution, we are here to spread 

awareness about the profession of 

chartered accountancy and talk about 

Indian chartered accountancy, which 

is today truly global. Our Institute is 

spread not just in India through our 

branches and regional offices. We have 

an international presence in 81 cities 

around the world and 48 countries. So, 

our presence in the World Investment 

Forum is to tell everybody who is making 

those investment decisions that you 

will probably be using the service of a 

chartered accountant in making those 

decisions, and they are the most trusted 

business advisors. 

Q. As the president, how do you 

envision the institute going forward? 

What are their plans? 

The institute this year enters its 75th 

year, so we are celebrating 75 years of 

trust as we call it. We see ourselves 

in the long term 25 years from now as 

not just the largest accounting body in 

terms of numbers but the one which is 

making the most amount of impact in 

the finance world. We are already seeing 

the CFOs of top listed entities, not just 

in India but so many entities across 

the world who are Indian chartered 

accountants and come from the Indian 

diaspora and our chartered accounts 

and members of our institute and I 

perceive and I think that’s the vision of 

the institute also that the next 25 years 

as the profession turns digital, it turns 

global the boundaries will not matter 

it doesn’t matter where you sit or in 

which office do you sit but it’s about 

what kind of inputs, advice or analysis 

you can do. I think the Indian Chartered 

Accountants are going to be the best 

suited to do that and therefore I see 

our members playing a very important 

role in top cooperation globally. I see 

the institute providing digital learning 

to students not just in India but across 

the world. I see the institute providing 

input to not just chartered accountants 

and members of our institutions but 

also taking the lead in terms of global 

finance and global accounting. 

Q. What is your advice for upcoming 

chartered accountants? 

Embed technology in everything you 

do. Ethics has always been the core 

of the profession, so independence, 

integrity, and excellence are the keywords 

of our profession. But going forward, 

technology is going to have a very 

important role to play in everything 

that accountants do. 

Starting from bookkeeping, where 

you make the financial statements, it 

may be compliance services where you 

deal with direct and indirect taxes. It 

may be decision-making in terms of data 

analysis, or it may be going forward 

investment and financial decisions that 

have to be made as advisors or CFOs. 

Technology will have to be used. If 

not, and if you don’t, you’ll probably 

become outdated. 

My biggest advice would be to adopt 

technology in every aspect of your life, 

especially your professional life. Also, 

think of the finance function outside the 

box. Within the organisation, finance 

has a huge interlinkage, especially with 

sustainability coming in with many 

other functions. 


Interview 

When you are reporting a financial 

statement, you will now do non-financial 

reporting, which would include carbon 

emissions, and scope-to-scope free 

emissions. For that, you have to work 

outside the realm of finance with other 

departments within the organisation, 

including production, marketing, and 

purchase. Therefore, you have to 

go outside the box in terms of your 

functioning in the company, and the 

services you can offer are no longer 

limited to your geography; you can truly 

become a global consultancy. 

Q. The UAE and India have a strong 

trade relationship. How can ICAI 

contribute to making this relationship 

even more robust from a financial 

compliance and governance standpoint? 

The two countries enjoy a phenomenal 

trade relationship that is based on a lot 

of shared values. The biggest role that 

the institution can play, or the members 

can play and are already playing, is 

by tracking companies to each other. 

Indian companies are coming to the 

UAE and looking through the entire 

Middle East market, even Africa, to be 

serviced through their UAE offices. It 

is also in technology, fintech, and other 

spaces where significant leadership 

has been taken. 

Make sure that you play the role of 

a bridge between the two countries. I 

think in any economic decision, whether 

it may be an investment decision, a 

value setup, or a factory or a plant, 

to make decisions on investments 

and startups, the role of chartered 

accountants and, therefore, the role 

of ICAI is very important. 

We partner with the government in 

a lot of initiatives. We call ourselves 

and pride ourselves as being partners 

in nation-building. So, we work with 

every commerce and trade dialogue 

that happens, and the institution is a 

very important part of that. 

Q. Many CA aspirants find the exam 

process gruelling and are always 

on the lookout for advice. Do you 

have a mantra or a piece of wisdom 

that you think could help them pass 

the exams? 

It is a difficult course because it is 

a very coveted recognition, and the 

alphabet of CA that people use as prefixes 

before their names are alphabets of 

trust. Therefore, anything that is truly 

earned in terms of trust is always going 

to be difficult. 

More important is to uphold that trust. 

I would only say that this examination 

is not just about how good you are 

at accounting, law, costing, or other 

aspects of the subject but also tests 

your focus. 

Have a razor-sharp focus on the 

examination point of view. Prepare 

hard, give it your best, and success 

will be yours. 

Q. Is there a common mistake you 

see CA aspirants make and what 

advice would you give to avoid it? 

Of course, I understand they have 

numerous other opportunities and are 

engaged in various activities, including 

side work and social media. Therefore, 

they may not be able to focus on this 

exam. The curriculum is such, and 

the kind of rigour that is required to 

pass this test, I think you should not 

have too many distractions, and that’s 

the mistake that some of them end up 

making. 

Q. What message do you have for 

the readers of The Finance World 

Magazine? 

It’s been a pleasure to interact with 

you, and it’s a wonderful magazine 

that covers the finance world. I think, 

when you talk about finance, you talk 

about financial reporting or financial 

controllership, and the first name 

that comes up is that of a chartered 

accountant. 

I think, as the president of the Institute, 

which has 400,000 members and 850,000 

students who are doing this course, I 

would only say that India is fully poised, 

and the Indian accounts are fully poised 

to take up the matter of global financing 

and global reporting, and as the world 

is moving towards a more integrated 

world. With non-financial reporting also 

getting in, I think the finance world is 

also going to be changed. Finance by 

itself is not going to be just numbers 

and currencies, but it’s going to be 

emissions and people and planet, and 

therefore, profit, which was the main 

core of finance, is now going to be 

dominated by the three Ps, which we 

call as people, planet, and profit. 


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Stock Market 

The UAE Takes the Lead in Middle East 

IPOs, Driving Market Expansion 

The IPO boom in the Middle East has undoubtedly been a remarkable 

journey, characterised by its evolution over the years. Historically, stock 

markets in the Middle East region, established in the mid-1980s, struggled to 

capture significant global attention due to concerns about transparency and 

alignment with international standards. However, in a paradigm-shifting turn 

of events, recent years have witnessed a transformation in the Middle East’s 

financial landscape, driven by proactive regulatory initiatives. Authorities 

such as the Abu Dhabi Securities Exchange and the Dubai Financial Market 

have taken decisive steps to revamp regulations, aligning them with global 

standards and instigating a newfound era of openness and opportunity for 

IPOs in the region. 


IPOs are set to play a key role in shaping the UAE’s 

financial landscape and strengthening its global 

financial centre status. 

The UAE is undeniably the Middle 

East’s top destination for IPOs, 

and it’s on the verge of rivalling 

even the world’s largest economy. The 

U.S. has seen $8 billion in IPOs yearto-date, 

while the UAE is behind with 

nearly $7 billion raised. The UAE’s 

robust financial regulatory framework, 

stringent anti-money laundering 

safeguards, and substantial capital 

strength create an environment conducive 

to IPO success. Additionally, a 

growing retail investor base and high 

retail investor-to-population ratios 

further contribute to the UAE’s prominence 

in the IPO market. 

In 2023, the UAE witnessed a boom 

in IPO activity, showcasing its growing 

prominence in the global financial 

market. ADNOC Logistics & Services 

(ADNOC L&S) initiated the year by 

raising $769 million in an IPO that saw 

19 percent of the business listed on the 

Abu Dhabi Securities Exchange (ADX) 

in May. ADNOC L&S, a critical player 

in the export of crude oil, refined 

products, dry bulk, and liquefied natural 

gas, was formed in 2016 through 

a merger of several key entities.Following 

suit, ADNOC’s gas business 

made headlines with a massive IPO, 

selling five percent of the business 

and more than three million shares 

on ADX in March, raising a staggering 

$2.5 billion, marking the largest IPO 

of 2023. The IPO garnered immense 

interest, oversubscribed 58 times, with 

the share price trading significantly 

higher than its listing price. Amanat 

Holdings announced plans to monetise 

its healthcare platform, hinting 

at a regional IPO in the near future. 

Dubai Taxi Corporation, owned by the 

Roads and Transport Authority (RTA), 

is gearing up for a potential IPO in late 

2023 or early 2024. Emerging Markets 

Property Group, the parent company 

of Dubizzle, may also join the IPO 

wave in Dubai or Abu Dhabi this year. 

Additionally, Investcorp Capital, 

part of Bahrain’s Investcorp Group, 

is scheduled to launch its IPO on the 

Abu Dhabi Securities Exchange in 

November. Another notable IPO came 

from Presight AI, a G42 company focused 

on data analytics and artificial 

intelligence, which raised $496 million 

in an ADX IPO in March. Looking 

ahead, 2024 holds the promise of LuLu 

supermarket group’s listing on ADX 

and Spinneys Dubai’s IPO on the Dubai 

Financial Market (DFM), further solidifying 

the UAE’s position as a thriving 

hub for initial public offerings. These 

IPOs collectively reflect the growing 

appetite for investment opportunities 

in the UAE, making it a pivotal player 

in the global IPO landscape. 

The UAE’s strategic initiatives, including 

the establishment of economic 

free zones and attractive tax policies 

for foreign investors, have resulted in 

the country attracting a substantial 

share of foreign direct investment 

(FDI) in the Middle East and North 

Africa region (MENA). In 2020-21, 

the UAE accounted for over 30% of 

FDI inflow to the MENA region, as 

reported by the United Nations Conference 

on Trade and Development’s 

(UNCTAD) World Investment Report 

2023. This achievement is attributed 

to the UAE’s economic resilience and 

forward-thinking policy framework, 

which have not only drawn in foreign 

investments but also encouraged the 

growth of startups, garnered sovereign 

wealth fund investments, and attracted 

private equity investments. 

Moreover, The UAE is actively engaging 

financial institutions, urging 

them to become part of the international 

business hub in Dubai, while 

simultaneously initiating a significant 

wave of IPOs in Abu Dhabi. Drawing 

inspiration from the successful capital 

market recoveries of neighbouring 

countries, Dubai initiated its privatisation 

campaign last year, committing 

to list ten state-owned enterprises. 

Notably, four companies have already 

completed their listings, including Dewa, 

a service infrastructure company, 

and Salik, the Dubai road-toll operator. 

Presently, the UAE is entering 

the “second phase” of this extensive 

listing endeavour, extending it to 

private companies that are preparing 

for IPOs on both the Dubai Financial 

Market (DFM) and the Abu Dhabi Securities 

Exchange (ADX). This phase 

encompasses a range of businesses, 

with family-owned enterprises, which 

constitute approximately 90% of the 

private sector at the forefront. Among 

the companies ready for IPOs are the 

Majid Al Futtaim shopping mall conglomerate, 

Lebanese retailer Azadea, 

and the Lulu hypermarket chain based 

in Abu Dhabi. 

The future of IPOs in the UAE looks 

promising with the country’s ambitious 

$8 trillion economic plan introduced 

in 2023. The plan aims to double the 

UAE’s economy and make it one of the 

world’s top three global financial centres 

within a decade. This growth-focused 

strategy is expected to attract 

businesses seeking to go public, leveraging 

the UAE’s strategic location and 

strong regulatory framework. 


Corporate Tax 

UAE Tax Insights: What You Need to 

Know About Corporate Taxation 

Understanding the corporate tax landscape in the United Arab Emirates (UAE) is vital 

for businesses seeking to operate in this dynamic environment. For years, the UAE has 

attracted companies worldwide due to the absence of corporate income tax and the 

incentives provided by its free zones. However, recent developments have introduced 

a 9% business tax, marking a significant departure from its tax-free status. This guide 

will navigate the key elements of corporate taxation in the UAE, including its unique 

tax system and the connection between corporate taxation and goods distribution 

from free zones. 


Understanding the UAE’s Tax 

System: 

No Corporate Income Tax: 

One of the most compelling aspects 

of doing business in the UAE is the 

absence of corporate income tax. 

Companies are not subject to taxation 

on their profits at the federal level, 

making it a highly attractive destination 

for businesses worldwide. 

The Role of Free Zones: 

Free zones in the UAE play a pivotal 

role in the country’s business landscape. 

These designated areas offer various 

tax benefits, including exemption from 

corporate income tax for a specific 

period. Businesses operating within 

free zones can fully repatriate their 

profits without incurring corporate tax. 

Import Duties and Customs Tariffs: 

While corporate income tax is 

not applicable, businesses may still 

encounter indirect taxes in the form 

of import duties and customs tariffs. 

It’s essential to understand these fees 

when importing goods into the UAE, 

especially if your business operates 

outside a free zone. 

Double Taxation Treaties: 

The UAE has established double 

taxation treaties with numerous 

countries to prevent double taxation of 

income, which can significantly impact 

the overall tax liability of a company 

engaged in international operations. 

Goods Distribution from Free 

Zones: 

Export from Free Zones: Companies 

located within free zones have the 

advantage of importing goods dutyfree, 

storing and processing them, 

and then exporting them to the UAE 

or other international markets without 

incurring customs duties or taxes. This 

makes free zones ideal for distribution 

and trading activities. 

Distribution to the UAE Market: 

When distributing goods within the 

UAE market, it’s essential to consider 

relevant import duties and customs 

regulations that may apply, depending 

on the nature and value of the goods. 

Free Zone to Mainland Distribution: 

Transferring goods from a free zone 

to the UAE mainland involves specific 

processes and compliance with UAE 

Customs requirements. Understanding 

UAE’s evolving 

corporate tax 

landscape, 

including the 

introduction of 

a 9% business 

tax, is key for 

businesses and 

non-oil revenue. 

the implications of tax liabilities is vital 

for a seamless distribution process. 

The United Arab Emirates (UAE) 

commenced the implementation of a 9% 

business tax while allowing exemptions 

for its numerous free zones that drive 

its economy. This move is part of 

the UAE’s strategy to bolster non-oil 

revenue and maintain its status as a 

key regional commercial hub. 

The introduction of the business tax 

comes after the introduction of a 5% 

value-added tax (VAT) in 2018. This 

gradual shift away from a tax-free 

status, which had previously made the 

UAE a hub for international trade and 

tourism and attracted the ultra-rich, is 

noteworthy. 

The Ministry of Finance issued new 

regulations, specifying that qualifying 

entities within the UAE’s more than 30 

free zones, which export substantial 

quantities of goods to neighbouring 

states, will be subject to a 0% tax 

rate. This exemption even applies 

when conducting specific strategic 

activities, such as manufacturing, goods 

processing, and logistics services, on 

the UAE mainland. 

The government stated that the 

introduction of this tax aligns with 

international efforts to combat tax 

avoidance and addresses challenges 

stemming from the digitalisation of 

the global economy. It is important 

to note that the UAE does not impose 

personal income taxes. 

Across the Gulf Cooperation Council 

(GCC), tax reform is gradually becoming 

more prevalent. Historically reliant on 

hydrocarbon revenues to fund budgets, 

GCC states agreed to introduce VAT 

in 2017. 

S&P rating agency estimates that 

this tax could contribute between 1.5% 

and 1.8% of the UAE’s gross domestic 

product in annual revenues by 2025, 

based on the VAT model, where 70% of 

receipts go to the collecting emirate 

and the remainder to the federal 

government. 

OECD Tax Form 

The UAE’s 9% corporate tax rate 

on taxable income exceeding 375,000 

dirhams, equivalent to approximately 

$100,000, is the lowest in the Gulf 

Cooperation Council (GCC), except 

for Bahrain, which does not impose a 

general corporate tax. 

In contrast, Saudi Arabia imposes a 

20% tax on foreign-owned firms, while 

Qatar levies 10%, and Kuwait imposes 

a 15% corporate tax rate. Oman also 

maintains a corporate tax rate of 15%, 

as reported by consultancy PwC. 

Companies will become liable for 

corporate tax from the start of their 

financial years, with tax returns not 

due until 2025. 

The introduction of the UAE’s 

corporate tax coincides with the 

adoption of a new global minimum 

corporate tax by the Organisation 

for Economic Cooperation and 

Development (OECD), endorsed by 

136 signatories, including the UAE. 

This global tax aims to ensure that 

large companies pay a minimum rate 

of 15% and make tax avoidance more 

challenging. 

The UAE has yet to release 

regulations on how the OECD tax will be 

implemented. However, experts suggest 

that if the UAE had not introduced its 

corporate tax system, another country 

where the company operates could 

claim the 15% tax. 

The UAE’s legislation specifies 

corporate tax rates of either 0% or 

9%, with provisions for smaller earners 

and exemptions for personal income 

from employment, investment, and 

real estate. 


Corporate Results 

Gulf Navigation Holding 

PJSC 

Q3 Net Profit: 62 

The Gulf Navigation Holding PJSC, a 

maritime and shipping company listed 

on the Dubai Financial Market, has 

released its official financial results for 

the period of September 30, 2023. The 

company reported a net profit of AED 

35M in the first nine months of 2023, 

a significant increase compared to the 

AED 1.8M recorded in the same period 

the previous year. Notably, the net profit 

saw a 62% growth in Q3 2023, reaching 

AED 6.8M. The company’s financial 

performance was supported by measures 

like cost control, expansion strategies, 

diversified income sources, and reduced 

debt costs, resulting in increased total 

assets and shareholders’ equity. 

Qantas 

Fiscal year: $1.6B 

Qantas, Australia’s renowned airline, 

in partnership with Emirates, has 

achieved its first full-year profit post 

the Covid-19 pandemic. The Flying 

Kangaroo reported an underlying 

profit before tax of $2.47B ($1.6B) and 

a Profit After Tax of $1.74B ($1.13B), 

marking a significant turnaround from 

the accumulated losses of $7B ($4.53B) 

over the past three years. In light 

of this success, Qantas intends to 

implement a share buy-back plan of 

$500M ($323.4M) and allocate $340M 

($220M) to reward employees, invest 

in customer experiences, and provide 

returns to shareholders. The airline 

additionally unveiled its expansion 

strategy, which includes placing firm 

orders for 12 Boeing 787s and 12 

Airbus A350s. These new aircraft are 

anticipated to be integrated into the 

fleet starting in the fiscal year 2027. 

Majid Al Futtaim 

Q1’23 Net Profit: 5% 

Majid Al Futtaim, recently disclosed its 

half-year financial results, showcasing 

a notable 5 percent increase in consolidated 

revenue and an impressive 

13 percent year-on-year growth in 

earnings before interest, taxes, depreciation, 

and amortisation (EBITDA). 

With assets valued at approximately 

AED 68B on its balance sheet, the 

group’s performance surge was primarily 

attributed to its UAE-based 

shopping malls and the Tilal Al Ghaf 

residential development. Mall of the 

Emirates experienced record-high 

footfall for the first half, marked by 

a 12 percent increase, while tenant 

sales also surged by seven percent. In 

addition, Majid Al Futtaim’s lifestyle 

business expanded by inaugurating 11 

new stores in the initial six months of 

2023, making noteworthy inroads into 

luxury home and beauty segments. 

DP World 

Q1’23 Net Profit: 13.9% 

DP World, a prominent Dubai-based 

port operator and logistics solutions 

company, reported its financial 

performance for the first half of 2023. 

Despite challenges in the container 

market and fluctuating freight rates 

amid a complex economic landscape, 

the company’s strategic focus on 

high-margin cargo, end-to-end supply 

chain solutions, and cost optimization 

led to a resilient performance. DP 

World’s adjusted EBITDA increased 

by 7.0 percent to surpass $2.61B, and 

revenue grew by 13.9 percent, reaching 

$9,037M. The revenue growth was 

primarily driven by the full six-month 

consolidation of Imperial Logistics 

and strong performances by Imperial 

Logistics in Africa and Dry-docks World 

in the UAE. The EBITDA margin for 

the year stood at 28.9 percent, with a 

like-for-like adjusted EBITDA margin 

of 30.8 percent. 

DEWA 

Q2’23 Net Profit: AED 7.3B 

The Dubai Electricity and Water 

Authority (DEWA) released its Q2 

2023 financials, recording AED 7.3B in 

revenue and AED 1.98B in net profit. In 

H1 2023, DEWA achieved AED 12.7B in 

consolidated revenue and AED 2.7B in 

net profit, driven by rising demand for 

electricity, water, and cooling services, 

along with increased revenues from 

the asset portfolio. Electricity, water, 

and cooling services revenues rose 

by 5.7%, 3.8%, and 4.9%, respectively, 

while other assets saw a 7.8% revenue 

increase. DEWA expanded its customer 

base to 1,184,711 accounts by the end 

of Q2 2023, adding 14,998 accounts 

since Q1. 

Emaar Properties 

Q1’23 Net Profit: $5.5B 

In the second quarter of 2023, the 

Dubai Electricity and Water Authority 

(DEWA) demonstrated strong financial 

performance, with revenues reaching 

AED 7.3B and a net profit of AED 1.98B. 

Over the first half of the year, DEWA’s 

consolidated revenue amounted to 

AED 12.7B, supported by a net profit of 

AED 2.7B. This remarkable growth was 

primarily driven by surging demand for 

electricity, water, and cooling services, 

and increased revenue from DEWA’s 

asset portfolio. Notably, revenue 

from electricity, water, and cooling 

services saw significant increases 

of 5.7 percent, 3.8 percent, and 4.9 

percent, respectively, while DEWA’s 

other assets reported a robust growth 

of 7.8 percent. 


IHC 

Q2’23 Net Profit: AED 10.4B 

The International Holding Company 

(IHC) Group delivered exceptional 

financial results in the second quarter 

of 2023, recording a net profit of AED 

10.4 B. Impressively, the company 

achieved a substantial 30.8 percent 

increase in revenue during the first half 

of the year, totalling AED 28.7B. This 

remarkable performance is attributed 

to the robust quality and resilience of 

IHC’s assets, with a particular focus on 

the marine and dredging, real estate, 

and financial services segments. These 

areas played a pivotal role in driving 

growth, with strategic acquisitions, 

including long-term agreements with 

industry leaders ADNOC and Aramco 

in the marine and dredging segment, 

and the consolidation of Aldar since 

Q2 2022, contributing significantly to 

this success. 

Yahsat 

Q1’23 Net Profit: $48M 

Al Yah Satellite Communications 

Company (Yahsat) has announced its 

financial results for the first six months, 

revealing stable revenue and notable 

increases in EBITDA and net income. 

The company reported revenue of AED 

753M ($205M). EBITDA, on a normalised 

basis, grew by 3 percent year-on-year, 

reaching AED 460M ($125M), while net 

profit showed a 5 percent increase, 

totalling AED 175M ($48M). Mobility 

Solutions, Thuraya’s mobile satellite 

services using the L-band spectrum, 

notably achieved a 12 percent growth 

in the second quarter, mainly driven 

by increased equipment sales, with 

expectations of this trend continuing 

into the third quarter. 

ADNOC L&S 

Q1’23 Net Profit: $307M 

ADNOC Logistics and Services (ADNOC 

L&S), the logistics branch of the Abu 

Dhabi National Oil Company, has 

reported robust financial results for the 

first half of 2023 following its recordbreaking 

IPO. This marks ADNOC 

L&S’s maiden earnings report since 

its listing on the Abu Dhabi Securities 

Exchange in June. According to filings 

with ADX, the company disclosed a net 

profit of $307M, reflecting a significant 

327 percent increase compared to its 

net profit of $72M in the first half of 

2022. This impressive performance 

underscores ADNOC L&S’s growth 

and stability in the logistics sector, 

aligning with its strategic initiatives. 

Furthermore, ADNOC L&S’s recent 

strategic acquisition of National Health 

Insurance (Daman) in October 2022 

has contributed to the growth of its 

financial services segment. 

Deyaar 


The International Holding Company 

(IHC) Group has reported an impressive 

net profit of AED 10.4B in the second quarter 

of this year, alongside a substantial 

30.8 percent increase in revenue in the 

first half of 2023, reaching AED 28.7B. 

This exceptional performance is credited 

to the exceptional quality and resilience 

of the company’s assets, notably in the 

marine and dredging, real estate, and 

financial services segments, which significantly 

contributed to robust growth 

in both Q2 and H1. Syed Basar Shueb, 

Chief Executive Officer, expressed satisfaction, 

stating, “IHC Q2 and H1 2023 

results have lived up to our expectations.” 

Yamama Cement logs 

9M’23 Net Profit: $67.06M 

Yamama Cement Company reported a 

13.46% year-on-year increase in net profits 

after Zakat and tax for the first nine 

months of 2023, reaching SAR 251.49M 

compared to SAR 221.64M. Earnings per 

share (EPS) for the same period rose to 

SAR 1.24 from SAR 1.09. Revenues for 

January-September 2023 reached SAR 

710.64M, reflecting a 5.49% year-on-year 

increase from SAR 673.67M. In the third 

quarter of 2023, the company’s net profits 

after Zakat and tax decreased by 59.75% 

to SAR 40.78M, with revenues dropping 

by 14.85% year-on-year to SAR 211.71M. 

Quarter-on-quarter, net profits declined 

by 58.52% from the previous quarter, while 

revenues saw a 3.30% decrease. 

Saudi’s Sabic 


Saudi Arabia’s Sabic has reported an 89.8 

percent year-on-year decline in profits. 

During the first quarter, the company’s 

revenue reached SR 39.69B ($10.6B), 

while net income was SR 660M ($176M). 

In the same period of the previous year, 

profits were at SR 6.47B ($1.7B). This drop 

is attributed to average sales prices and 

volumes. CEO Abdurrahman Al-Fageeh 

commented on the results, mentioning 

the company’s vigilance in monitoring 

global market demand and the challenges 

posed by new capacities and pricing 

pressures. Despite uncertainties, Sabic 

remains committed to growth, innovation, 

and sustainability while maintaining 

financial resilience. 


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Sport as a Business 

Future-Proofing Sports Business: The 

Rise of Sustainability 

In the ever-evolving world of sports business, the need to futureproof 

your enterprise has never been more critical. Whether you’re 

a seasoned sports industry veteran or a budding entrepreneur with 

a passion for the game, the winds of change are blowing strong. 

The sports landscape is being reshaped by environmental concerns, 

shifting consumer preferences, and a new era of technology. To remain 

competitive and ensure long-term success, it’s essential to adapt and 

embrace innovative strategies. This article explores the key steps 

and sustainable initiatives that can help you future-proof your sports 

business, ensuring it not only survives but thrives in the dynamic and 

challenging world of modern sports. 


Future-proofing your sports business 

with sustainable practices isn’t 

merely an option; it’s a strategic 

imperative. Here are some sustainable 

practices that can help your sports 

business navigate the challenges of 

the future: 

Energy Efficiency and Renewable 

Energy: 

Embrace energy-efficient technologies, 

such as LED lighting and HVAC 

systems, to reduce operational costs 

and minimise your carbon footprint. 

Consider investing in renewable energy 

sources, like solar panels, to power 

your facilities sustainably. This not only 

helps combat climate change but also 

saves money in the long run 

Waste Reduction and Management: 

Implement a comprehensive waste 

reduction and management plan. Emphasise 

recycling, composting, and the 

reduction of single-use plastics in your 

operations and events to create a cleaner 

and more eco-friendly environment. 

Water Conservation: 

Conserve water resources by using 

efficient irrigation systems and 

implementing water-saving measures 

within your facilities. Collect and reuse 

rainwater when possible, and consider 

xeriscaping to reduce water usage in 

landscaping. Responsible water usage 

can lead to substantial cost savings 

for sports facilities. These savings 

can be reinvested in other areas of the 

business, ultimately strengthening its 

financial stability. 

Sustainable Transportation: 

Promote sustainable transportation 

options for fans attending your events. 

Encourage the use of public transportation, 

carpooling, and biking to reduce 

the carbon footprint associated with 

travel to your venues. This demonstrates 

your commitment to environmental 

responsibility and also attracts 

eco-conscious fans. This practice not 

only enhances the fan experience but 

also future-proofs your sports business 

by reducing its environmental impact 

and staying in step with emerging 

sustainability trends. 

Eco-Friendly Facilities: 

Design and maintain your sports 

facilities with sustainability in mind. 

Use sustainable building materials, 

implement green building practices, 

Sustainability 

is no longer an 

optional addon 

for sports 

businesses; it’s 

a fundamental 

component of 

their survival and 

growth. 

and ensure that your venues are energy-efficient 

and eco-friendly. This 

will align your sports business with 

evolving environmental standards and 

consumer preferences, enhancing its 

resilience and competitiveness in the 

future. 

Fan Engagement: 

Engage your fans in sustainable 

practices and initiatives. Offer recycling 

stations, promote eco-friendly merchandise, 

and educate your audience 

about the importance of sustainability. 

Consider rewarding fans for their 

sustainable actions. Building a strong, 

loyal fan base requires more than 

winning games; it involves creating a 

sense of community and shared values. 

Engaging fans in sustainable activities 

and initiatives can strengthen their 

emotional connection to your brand. 

Corporate Social Responsibility 

(CSR): 

Develop and communicate a clear CSR 

strategy that aligns with sustainability. 

Partner with organisations that share 

your values and support sustainable 

initiatives in your community. Many 

businesses, including sponsors, are 

prioritising CSR initiatives. By aligning 

with sustainable practices, your sports 

business becomes an attractive partner 

for like-minded organisations, opening 

doors to valuable collaborations and 

sponsorships. 

Partnerships and Sponsorships: 

Seek partnerships and sponsorships 

from organisations that prioritise 

sustainability. Collaborating with 

like-minded companies can not only 

boost your reputation but also provide 

valuable resources and support for 

your sustainability efforts. 

Data and Technology: 

Utilise data and technology to improve 

sustainability. Implement smart systems 

for energy and resource management, 

and leverage data analytics to identify 

areas for improvement. It allows your 

sports business to optimise resource 

management, reduce operational 

costs, and make informed, data-driven 

decisions to improve sustainability. It 

also helps in tracking and reporting 

environmental performance for transparency 

and compliance. 

In the context of sustainable initiatives 

in sports, there are noteworthy 

examples that demonstrate how these 

practices are positively influencing 

the industry. 

The Green Sports Alliance: 

This organisation unites sports 

teams and venues worldwide to promote 

sustainable practices. Member 

organisations have reduced their carbon 

footprints, implemented efficient 

waste management, and engaged fans 

in sustainability efforts. 

Mercedes-Benz Stadium: 

The home of the Atlanta Falcons and 

Atlanta United FC is one of the most 

sustainable sports venues in the world. 

It features water-efficient systems, 

extensive solar panel installations, 

and a zero-waste initiative. 

The Ocean Race: 

This round-the-world sailing event 

promotes ocean health and sustainability. 

Through partnerships with marine 

science organisations, they gather 

crucial data to better understand the 

state of the world’s oceans. 

By implementing sustainable initiatives, 

sports organisations can reduce 

their environmental impact, improve 

financial resilience, engage fans, and 

secure valuable partnerships. 


Sports News 

Zayed Al Katheeri Aims for New Milestone in Combat Sports 

Abu Dhabi is gearing up to host 

the inaugural Abu Dhabi Extreme 

Championship (ADXC 

1), a groundbreaking event in 

combat sports, officially commencing 

on October 20. This competition will 

bring together elite jiu-jitsu, grappling, 

and MMA stars from across the globe, 

including the renowned Emirati champion, 

Zayed Al Katheeri. Al Katheeri 

has left an indelible mark in the world 

of jiu-jitsu, amassing an impressive 

track record at numerous local and 

international championships. His 

crowning achievement took place in 

November of the previous year at the 

Abu Dhabi World Professional Jiu-Jitsu 

Championship, where he clinched the 

gold in the 56 kg black belt category 

by defeating Brazilian Nathaniel 

Fernandez. This victory made him the 

first Emirati to attain this distinction 

since the category’s inception in 2009, 

putting an end to Brazilian dominance 

in the professional black belt division. 

Abu Dhabi Marathon 2023: Date, Route, 

Registrations, and Entertainment Details 

The highly anticipated ADNOC 

Abu Dhabi Marathon is set to 

make its return for the fifth 

edition on December 16. This 

42.195km race, jointly organized by 

the Abu Dhabi Sports Council and Abu 

Dhabi National Oil Company (ADNOC), 

promises to offer a memorable experience 

to an expected 23,000 participants. 

The race will weave through the heart 

of the city, passing iconic landmarks 

such as the Crown Prince Court and 

Manchester City’s global 

trophy tour has reached 

the UAE, where they will 

showcase their Premier 

League, FA Cup, and Champions League 

Sheikh Zayed Grand Mosque, among 

others. The route starts at the ADNOC 

headquarters on Corniche Road and 

concludes at the ADNOC Campus, 

near Baynunah Public Park, where an 

engaging race village will await participants 

and spectators. With a substantial 

prize pool of $303,000, the ADNOC Abu 

Dhabi Marathon continues to solidify 

its position as one of the Middle East’s 

premier marathon events. 

Man City Trophy Tour Hits Dubai and Abu Dhabi 

This Weekend 

trophies. Following their remarkable 

treble-winning season, the club is 

taking the trophies around the world 

for fans to admire. The Manchester 

City Treble Trophy Tour, presented 

by OKX, has arrived in Abu Dhabi for 

its UAE leg, with stops scheduled in 

both Abu Dhabi and Dubai. Former 

City player Joleon Lescott will be on 

hand to present the trophies during 

live fan events, including a screening 

of Manchester City’s match against 

Arsenal. This tour has already visited 

various countries, including Japan, 

Korea, China, the UK, Greece, India, 

and Indonesia. 

Dubai’s D33 Initiative 

Seals Major Deal with 

Real Madrid 

Dubai has inked a significant 

deal with the iconic football 

club Real Madrid as part of 

the D33 economic initiative. 

The collaboration aims to strengthen 

Dubai’s position as a global hub for 

sports, entertainment, and events. This 

strategic partnership is expected to pave 

the way for an array of exciting projects, 

including a Real Madrid-themed resort, 

a football academy, a sports clinic, and 

a sports management institute. The 

D33 initiative, which encompasses a 

comprehensive strategy for the development 

of Dubai, is geared towards 

enhancing the city’s economy and 

global prominence in various sectors, 

including sports and entertainment. 


UAE Jiu-Jitsu Federation hosts a special event to honour Asian Games 

champions 

UAE Jiu-Jitsu Federation 

(UAEJJF) celebrated the 

remarkable success of the 

Jiu-Jitsu National Team at the 

19th Asian Games in Hangzhou, China. 

The event, held at the Mubadala Arena, 

paid tribute to the team, which secured 

an impressive total of 10 medals. Abdel 

Moneim Al Hashemi, Chairman of the 

UAE Jiu-Jitsu Federation, President of 

the Asian Jiu-Jitsu Union, and Senior 

Vice President of the International 

Jiu-Jitsu Federation, along with UAEJJF 

officials, employees, National Team 

members, and technical staff, attended 

the ceremony. Al Hashemi expressed 

gratitude to the UAE’s leadership for 

their unwavering support, highlighting 

that their backing has been pivotal to the 

team’s success in various tournaments. 

Ahmed bin Mohammed Commends UAE’s Historic 

Achievement at 19th Asian Games 

H.H. Sheikh Ahmed bin Mohammed 

bin Rashid Al Maktoum, 

Second Deputy Ruler 

of Dubai and President of 

the UAE National Olympic Committee 

(NOC), praised the historic achievement 

of UAE athletes at the 19th Asian 

Games in Hangzhou, China. The UAE 

secured 20 medals, including 5 gold, 

5 silver, and 10 bronze, the nation’s 

highest-ever medal tally in the history 

of the quadrennial event. Sheikh Ahmed 

congratulated the UAE leadership 

and its people on this achievement, 

emphasising that such success transcends 

sports. He also highlighted that 

the achievement is an expression of 

the athletes’ commitment to sporting 

excellence and their ability to raise 

their performance when representing 

the nation. 

Dubai Sports Council Concludes Fitness Center 

Classification System Visits 

The Dubai Sports Council 

(DSC) has successfully 

completed field visits to 

all fitness centres in Dubai 

and initiated the evaluation process 

as part of the “Fitness Center 

Classification System.” Each centre 

will be awarded classification stars 

based on the points they have earned 

through the assessment of their 

services and quality of work, following 

the established requirements and 

standards outlined by DSC. Fitness 

centres that achieve a 5-star rating 

will be announced and honoured in 

an upcoming festival. Additionally, 

centres that attain four stars or fewer 

will also be publicly disclosed. This 

initiative, developed in collaboration 

with international fitness experts, aims 

to elevate professionalism within the 

fitness industry and enhance service 

quality in Dubai’s fitness centres, 

making it the first of its kind in the 

world. 

UAE Cycling Team celebrate 

historic bronze 

medal in Asian Games 

2023 

UAE cycling team received a 

hero’s welcome upon their 

return after achieving a historic 

bronze medal at the 

2023 Asian Games in Hangzhou, China. 

Ahmed Al Mansoori’s remarkable 

achievement marked the first time an 

Emirati cyclist had won a medal at the 

Asian Games. Upon their return, the 

team members were warmly greeted 

with flowers and cheers by Khalifa 

Yousef Bin Omair, Vice President of 

the UAE Cycling Federation, and other 

officials. Bin Omair expressed the 

nation’s pride in the team’s success 

and emphasized that this achievement 

would inspire the team to reach even 

greater heights in the future. He also 

commended Emirati cyclist Abdullah 

Jasem, who finished eighth in the 

men’s 200km road race, competing 

against a formidable field of cyclists, 

including Olympic medalists. 


Interview 

Chris Hamilton, Resident Manager and 

Head of Sustainability at Shangri-La 

Group 

Chris Hamilton, Resident Manager and Head of Sustainability at Shangri- 

La Group, excels in operational excellence. His expertise in performance 

analysis and skill gap identification has driven strategies for elevated 

guest experiences and service delivery. Committed to sustainability, he leads 

innovative initiatives for environmental stewardship and sustainability goals at 

Shangri La Dubai. 


Exclusive to The Finance World Magazine 

Q. Can you tell us about Shangri-La 

Dubai’s approach to sustainable dining 

and how it aligns with the hotel’s 

overall sustainability initiatives? 

At Shangri-La Dubai, we take a 

comprehensive approach to sustainable 

dining, aligning with our overarching 

sustainability initiatives. Our goal is to 

provide a memorable dining experience 

while minimizing our environmental 

impact. We source locally and ethically, 

reduce food waste, and raise awareness 

among our guests. 

Q. What steps has the hotel taken 

to ensure that its dining outlets 

prioritize sustainability, from sourcing 

ingredients to food waste reduction? 

In 2014, the Shangri-La Group launched 

a culinary initiative, “Rooted in Nature” 

to empower our hotels to choose locally 

and ethically sourced ingredients and 

provide environmentally friendly menu 

choices for our guests, while supporting 

local producers in attaining sustainable 

business growth by choosing them as our 

business partners and enhancing their 

market exposure. Since then, Shangri-La 

Dubai has diligently worked towards 

curating “Rooted in Nature” menus 

across all our F&B outlets, proactively 

encouraging our guests to select this 

menu as the sustainable choice. 

Q. How does the hotel promote 

awareness among guests about the 

importance of sustainable dining and 

the impact of their food choices? 

To raise awareness among our 

guests, we provide information about 

the sustainability efforts in our dining 

outlets through menu descriptions and 

in-room materials. 

Q. Can you discuss any specific 

sustainability certifications or 

awards that Shangri-La Dubai’s 

dining outlets have achieved? 

At Shangri-La Dubai, we operate under 

ISO 14001, which is our overall standard 

that sets out the requirements for an 

environmental management system. 

This supports our mission to improve 

our environmental performance through 

more efficient use of resources and 

reduction of waste. 

Q. What innovative measures have 

been implemented to reduce food 

waste and promote responsible 

consumption in the hotel’s dining 

establishments? 

Innovative measures to reduce food 

waste include implementing efficient 

kitchen practices and encouraging 

responsible consumption through portion 

control and our “Rooted in Nature” 

sustainable menu options. In addition, 

we use advanced technology to help 

minimize food waste by categorizing and 

measuring total food waste, allowing our 

culinary team to optimize production 

quantities in line with consumption. 

Q. How has the COVID-19 pandemic 

influenced the hotel’s approach 

to sustainable dining, and what 

adaptations have been made to 

maintain sustainability efforts? 

The pandemic reinforced our 

commitment to sustainability. We 

adapted by enhancing food safety 

measures, implementing contactless 

menus made available via QR codes 

etc., and reducing single-use plastics. 

Q. What advice do you have for 

guests who wish to make sustainable 

dining choices during their stay at 

Shangri-La Dubai? 

To make sustainable dining choices 

at Shangri-La Dubai, we encourage our 

guests to opt for seasonal and locally 

sourced dishes featured in our “Rooted 

in Nature” menu and to avoid excessive 

food wastage. 

Our commitment to sustainable dining 

is a core part of the Shangri-La Dubai 

experience, and we continually strive 

to enhance our sustainability efforts in 

collaboration with our valued guests. 

Q. What other sustainability and CSR 

initiatives is Shangri-La involved in? 

Shangri-La is deeply committed to a 

range of sustainability and Corporate 

Social Responsibility (CSR) initiatives. 

We have implemented robust waste 

management programs, taking significant 

steps to reduce our plastic usage, actively 

working to decrease our carbon footprint, 

and enhance our overall community 

engagement through key initiatives. 

A noteworthy initiative we’re piloting 

in Q1 2024 at one of our key properties, 

Shangri-La Muscat, is the Green Cross 

program. This program is designed to 

further reduce our carbon footprint and 

promote the best sustainable business 

practices in the hospitality industry. It 

encompasses water-saving initiatives 

and carbon-positive events. 

In addition to these environmental 

efforts, we are passionate about giving 

back to our communities. One of our 

key campaigns is Pink October, where 

we participate in raising awareness 

for breast cancer charities and donate 

wherever possible. This campaign 

underscores our position as a global 

company with a heart, eager to make 

a positive impact and connect with the 

communities we serve. Additionally, we 

are excited to announce the relaunch of 

our longstanding partnership with Make- 

A-Wish, the world’s leading children’s 

wish-granting organization, this year. 


Tourism 

Sustainable Tourism Initiatives on the 

Rise in the Middle East 

The Middle East’s tourism sector is transforming, with a surge in 

sustainable tourism initiatives, highlighting a growing commitment to 

the preservation of natural and cultural heritage. This dynamic shift is 

being driven by a combination of innovative projects from the private 

sector and strategic government efforts, positioning the region as a 

leader in sustainable tourism. 


This sector is a cornerstone of 

the Middle East’s economy, 

contributing approximately 9% 

of the region’s GDP. It is forecasted to 

maintain an average annual growth rate 

of 7.7% until 2032, a rate significantly 

outpacing the overall economy’s growth 

rate of 2.5%. 

While this growth offers economic 

opportunities, it also poses environmental 

challenges, particularly in 

popular destinations grappling with 

pollution, environmental degradation, 

and resource depletion. 

On a global scale, the tourism sector 

is responsible for approximately 8% of 

greenhouse gas emissions, underscoring 

the urgent need for sustainable tourism 

practices in the Middle East. 

In response to these challenges, 

several Middle Eastern countries, 

including Bahrain, Oman, and Jordan, 

have recognized the significance of 

preserving their natural and cultural 

heritage. These nations have embarked 

on the implementation of sustainable 

tourism practices to strike a balance 

between economic growth and environmental 

conservation. 

One of the primary challenges in 

sustainable tourism is addressing the 

environmental impact of transportation. 

Tourism-related transportation 

accounts for a substantial portion 

of emissions, contributing to half of 

the sector’s overall emissions. If no 

changes are made, this could escalate 

to represent 5.3% of global emissions 

by 2030. Recognizing the gravity of 

this situation, the Middle East is 

taking proactive measures to reduce 

the carbon footprint associated with 

transportation in the tourism sector. 

Aviation is a major contributor to 

emissions, with 2% of global energy-related 

CO2 emissions in 2022 attributed 

to this sector. Dubai-based airline 

Emirates has displayed its commitment 

to sustainability by establishing a $200 

million sustainable aviation fund, 

which will be instrumental in funding 

research and development efforts in 

sustainable fuel and energy technologies. 

This substantial investment 

signifies Emirates’ pioneering role in 

sustainable aviation research, setting 

an example for the industry. 

Airports are pivotal in the journey 

to decarbonize the transport sector. 

Bahrain International Airport, for 

instance, has achieved carbon-neutral 

status since 2022. 

The airport is actively working to 

further enhance its sustainability efforts. 

Initiatives include the elimination 

of single-use plastics, attaining Silver 

certification in the Green Airports Recognition 

scheme, and reaching Level 

4 of the Airport Carbon accreditation 

scheme. 

This program requires airports to 

align their carbon management with 

global climate goals. The airport’s future 

plans encompass the installation 

of solar panels and the implementation 

of energy-efficient upgrades to terminal 

buildings, contributing significantly to 

the reduction of the airport’s carbon 

footprint. 

Ecotourism is characterised by 

its emphasis on conservation and 

the well-being of local communities. 

When implemented effectively, it can 

simultaneously protect nature, reduce 

the carbon footprint of travellers, and 

improve the living standards of local 

populations. The benefits of ecotourism 

extend beyond environmental advantages, 

as it also generates economic growth. 

In the Gulf Cooperation Councils, the 

ecotourism market was valued at $519M 

in 2021, with expectations of significant 

growth in the coming years. 

Saudi Arabia’s “The Red Sea” project 

is a notable example of combining 

conservation with tourism. This initiative 

aims to address threats to the 

4,000km Red Sea coral reef, endangered 

by overfishing, pollution, and mass 

tourism. Simultaneously, the project 

offers substantial economic benefits, 

aligning with the country’s pursuit of 

economic diversification. By the end of 

the decade, it is anticipated to contribute 

$5.3B annually to the Saudi economy. 

Additionally, the project designates nine 

islands as special conservation areas 

while maintaining the pristine status 

of 92 islands along the Saudi coast. 

Other Middle Eastern countries are 

also championing ecotourism. The Feynan 

Ecolodge in Jordan’s Dana Nature 

Reserve, for instance, combines luxurious 

vacationing with strong environmental 

credentials. The lodge primarily relies 

on solar energy, employs local families 

on its staff, and ensures that over 50% 

of the lodge’s revenue remains within 

the local community. 

In Bahrain, several accommodation 

providers are actively driving sustainability 

efforts. The Four Seasons Hotel 

Bahrain Bay, for example, takes innovative 

measures such as recycling 100% 

of wastewater to irrigate its gardens, 

exclusively using environmentally 

friendly cleaning products, and adopting 

a linen and towel change policy every 

three days to save energy. The Hilton 

Bahrain is equally committed to sustainability, 

using recycled materials to 

produce staff uniforms and maintaining 

a vertical smart garden that produces 

herbs and vegetables for the hotel’s 

restaurant. 

Bahrain’s 2022-2026 tourism strategy 

is built on seven pillars, promoting 

eco-tourism alongside clean energy 

efforts through Exhibition World 

Bahrain’s solar power project in the 

Sakhir area. 

Sustainable tourism extends beyond 

environmental considerations 

to encompass the preservation of the 

Middle East’s rich and diverse cultural 

heritage. Effectively managed tourism 

ensures that local culture is not eroded, 

prompting many Middle Eastern economies 

to make national commitments to 

safeguard their traditions and history. 

In Bahrain, efforts are being directed 

toward the restoration of the Souq Al 

Qaysariya, an ancient market located 

in the heart of the historic city of 

Muharraq. Additionally, initiatives are 

being undertaken to guide tourists towards 

three UNESCO World Heritage 

sites. These sites include the Bahrain 

Fort, a UNESCO World Heritage site 

with over 5,000 years of history, the 

Pearling Path, which can be explored 

along its 3.5km stretch through the 

old alleyways of Muharraq, and the 

Dilmun Burial Mounds in the Aali Area, 

another UNESCO World Heritage Site 

that represents the history of the early 

Dilmun period. 

Saudi Arabia is also demonstrating 

its commitment to preserving cultural 

heritage with a $63.2B development 

project focused on the At-Turaif UNE- 

SCO World Heritage Site. This historic 

capital of the first Saudi state, situated 

in the town of Diriyah and the original 

home of the Saudi royal family, will 

incorporate new water- and energy-efficient 

technologies in its development. 

These initiatives emphasise the Middle 

East’s dedication to sustainable tourism. 


Investment in Tourism 

Balancing Profit and Protection: 

Investing in Wildlife Sanctuaries 

In today’s fast-paced world, the delicate balance between economic 

growth and environmental protection has never been more critical. The 

need to conserve our planet’s biodiversity while ensuring sustainable 

development is a challenge that transcends borders and ideologies. 

One powerful way to address this issue is through investing in wildlife 

sanctuaries. These sanctuaries play a crucial role in preserving our 

planet’s unique flora and fauna while also offering a range of economic 

benefits. 


Wildlife sanctuaries are areas 

dedicated to the protection 

and conservation of endangered 

or threatened species, their habitats, 

and the ecosystems they inhabit. 

They serve as living laboratories for 

scientific research, education centres, 

and invaluable tools for ecotourism. 

Investing in Wildlife Sanctuaries can 

serve as a profitable business but it is 

important to consider several factors 

before doing it. 

Location: 

Choosing a location with diverse 

and unique flora and fauna is essential. 

Attractive landscapes and charismatic 

wildlife can draw more visitors, which, 

in turn, increases revenue. Ensuring 

accessibility through well-maintained 

roads and transportation options can 

make it easier for tourists to reach the 

sanctuary, boosting visitor numbers. 

Visitors Experience: 

Providing comfortable amenities, 

such as well-maintained trails, visitor 

centres, and guided tours, enhances 

the overall experience and encourages 

repeat visits. Offering opportunities 

for up-close and responsible wildlife 

viewing, like birdwatching, photography, 

and safaris, can add value to 

the visitor experience and increase 

visitor numbers. 

Conservation Education: 

Incorporating educational programs 

and exhibits that inform visitors about 

the sanctuary’s biodiversity and conservation 

efforts can create a deeper 

connection and foster a sense of responsibility, 

leading to more financial 

support and repeat visitors. Engaging 

visitors in volunteer programs can generate 

additional revenue and promote 

a sense of stewardship. 

Partnerships and Sponsorships: 

Forming partnerships with universities, 

NGOs, and government agencies 

can bring in grants, technical expertise, 

and joint funding for conservation 

initiatives. Additionally, attracting 

corporate sponsors aligned with the 

sanctuary’s conservation goals can 

provide financial support and resources 

for infrastructure development. 

Diversification of Revenue 

Streams: 

Selling merchandise such as t-shirts, 

Wildlife sanctuaries orchestrate a 

delicate balance, where revenue 

generation harmonises with the 

dual goals of protection and profit. 

books, and memorabilia featuring the 

sanctuary’s unique wildlife can provide 

additional income. Renting out the 

sanctuary for events, conferences, 

or workshops can generate revenue 

during off-peak seasons. 

Sustainable Tourism Practices: 

Implementing a visitor limit based 

on the sanctuary’s capacity ensures 

the long-term preservation of the ecosystem. 

Controlled access can lead to 

higher demand and potentially higher 

entry fees. Incorporating sustainable 

practices like waste reduction, renewable 

energy sources, and eco-friendly 

construction can reduce operational 

costs and attract environmentally-conscious 

tourists. 

Wildlife sanctuaries generate revenues 

through methods that support 

their conservation efforts and operations. 

Here are key ways in which 

wildlife sanctuaries generate income: 

Visitor Centers: 

Many sanctuaries have visitor centres 

where they sell tickets, merchandise, 

books, and educational materials 

related to the sanctuary’s wildlife and 

conservation efforts. These sales contribute 

to their income. 

Ecotourism: 

Wildlife sanctuaries often rely on 

ecotourism as a significant source of 

revenue. Visitors pay entrance fees, 

participate in guided tours, and engage 

in activities such as wildlife viewing, 

photography, and birdwatching. These 

activities not only provide income 

but also promote awareness about 

conservation. 

Volunteer Programs: 

Some wildlife sanctuaries offer volunteer 

programs for visitors interested 

in hands-on conservation work. These 

programs may require a fee, which 

supports the sanctuary’s activities and 

provides participants with an educational 

experience. 

Fundraising Events: 

Sanctuaries often organise fundraising 

events, such as charity auctions, 

wildlife-themed dinners, or wildlife art 

exhibitions. These events help raise 

funds and engage the local community 

in supporting conservation initiatives. 

Research and Conservation Grants: 

Many wildlife sanctuaries secure 

grants and funding from research 

institutions, governmental agencies, 

and conservation organisations. These 

grants support scientific research, 

habitat restoration, and other conservation 

efforts, contributing to the 

sanctuary’s financial sustainability. 

Investing in wildlife sanctuaries 

offers great promise, yet some significant 

challenges and considerations 

must be carefully addressed. Finding 

the right equilibrium is essential for 

any investment in wildlife sanctuaries, 

as it ensures that both environmental 

protection and financial sustainability 

are mutually reinforcing objectives. 


Global News 

Historic Moment as Burj CEO Awards 

2023 Awardees Light Up Times Square 

Billboard 

October 30, New York, USA – 

In a historic event that will 

be etched in the annals of 

business recognition, the Burj 

CEO 2023 Awardees of more than 50 

global brands graced the iconic New 

York Times Square billboard, becoming 

the very first award winners to achieve 

this prestigious milestone of getting 

displayed in the Times Square. The 

event unfolded over three extraordinary 

days, leaving an indelible mark 

in the hearts of attendees and on the 

global stage. 

The momentous occasion was elegantly 

captured, with the esteemed 

delegates bearing witness to the Burj 

Awardees’ outstanding achievements 

coming to life on the grand canvas of 

Times Square. The sheer magnitude of 

this achievement was felt throughout 

the industry and beyond. 

What set this event apart was its 

global reach. To ensure that it extended 

far and wide, a live stream was made 

available. Awardees and delegates from 

every corner of the world joined in to 

be part of this remarkable moment, 

celebrating the exceptional accomplishments 

of these distinguished 

individuals. 

Dr. Tariq Nizami, Founder & CEO of 

CEO Clubs Network stated that “CEO 

Clubs take immense pride to mark the 

Burj CEO Awards and the awardees in 

the history and looking forward to more 

and more such milestones”. 

The event’s itinerary unfolded across 

three remarkable days. Day 1, on October 

29th, commenced with a warm 

and welcoming dinner, setting the tone 

for what was to come. Day 2, October 

30th, emerged as the highlight of the 

event, as the Burj CEO 2023 awardees 

took center stage on the Times Square 

billboard in New York, followed by a 

captivating New York Broadway show 

that added an extra layer of glamour 

and excitement. Day 3, on October 

31st, brought the event to a close with 

a guided visit to the United Nations 

Headquarters, offering a unique opportunity 

for delegates to explore this 

global institution. 

This event was more than a celebration 

of excellence; it was a demonstration 

of the global reach and influence of 

the Burj CEO Awardees. It marked an 

unforgettable and prestigious milestone 

in their journey, one that will be celebrated 

for years to come. As the first 

award recipients to illuminate Times 

Square, they have set a new standard 

for recognition and achievement in the 

world of business. 



Global News 

OECD Reaches ‘Broad Consensus’ on Multinational Tax Revenue Sharing 

OECD unveiled a draft agreement 

aimed at achieving a 

more equitable distribution 

of tax revenues from the 

substantial profits generated by large 

multinational corporations. Currently, 

these corporations, particularly those 

in the tech sector, can easily move 

their profits to countries with lower 

tax rates, even if they conduct only 

a small portion of their operations 

there. In July, the OECD announced 

that almost 140 countries had taken 

the initial steps toward reaching a 

consensus on the first draft of a multilateral 

convention governing the 

taxation of such companies. While 

the draft convention was released, the 

OECD indicated it is not yet open for 

signing due to remaining concerns from 

countries including India, Brazil, and 

Colombia. Manal Corwin, director of 

the OECD’s centre for tax policy and 

administration, noted that there is “a 

very extensive consensus on the majority 

of the framework” within the text 

among the 140 participating nations. 

1,800 global AI experts 

gathered in Dubai 

Dubai was prepared to host 

the Dubai Assembly for Generative 

AI, a pivotal two-day 

event that brought together 

more than 1,800 participants from 

various sectors, including government 

officials, CEOs, AI experts, academics, 

investors, startups, and prominent 

technology firms. This momentous 

gathering was scheduled for October 

11 and 12, 2023, and unfolded at the 

impressive venues of the Museum of 

the Future and AREA 2071 in Emirates 

Towers, Dubai. The event enjoyed the 

esteemed patronage of His Highness 

Sheikh Hamdan bin Mohammed bin 

Rashid Al Maktoum, Crown Prince 

of Dubai, Chairman of The Executive 

Council of Dubai, and Chairman of 

the Board of Trustees of Dubai Future 

Foundation, signifying Dubai’s rising 

prominence in the global AI landscape. 

German Government Predicts Economic 

Contraction in 2023 

German government significantly 

revised its growth 

outlook, indicating a contraction 

for Europe’s leading 

economy in the face of substantial 

challenges. As it contends with high 

inflation, elevated energy costs, and a 

manufacturing downturn, the German 

economy is projected to contract by 0.4 

percent, as per the latest figures from 

the economy ministry. This marks a 

sharp decline from the optimistic April 

estimate, which had forecasted a 0.4 

percent growth for 2023. These challenges 

were exacerbated by a slowdown 

in the energy-dependent manufacturing 

sector, economic weakness in key 

trading partner China, and assertive 

eurozone interest rate increases to 

combat surging consumer prices. 

UAE Participates in Codex Alimentarius Committee 

Meeting in Rome 

Led by Mouza Suhail Al Muhairi, 

Deputy Director-General for 

Organisational and Administrative 

Affairs and Chairman 

of the UAE National Codex Committee 

(UAENCC) at the Ministry of Industry 

and Advanced Technology (MoIAT), the 

UAE delegation played an active role in 

the recent meetings of the Coordinating 

Committee for the Near East Region 

(CCNE 11) of the Codex Alimentarius 

Commission (Codex) held in Rome. 

The gathering featured representatives 

from the World Health Organisation 

(WHO) and the Food and Agriculture 

Organisation (FAO), as well as experts 

from international scientific bodies 

and heads of delegations from Member 

States. The UAE delegation shared 

valuable insights into their successful 

experiences and proactive initiatives 

in the domain of food safety, which 

encompass comprehensive legislation, 

high standards, and technically sound 

regulations. This approach significantly 

bolsters food safety practices and 

effectively addresses emerging food 

and nutrition concerns. 


IMF And World Bank Annual Meetings 

As finance ministers and central 

bankers from over 190 

countries gather in Marrakech 

for the annual meetings 

of the International Monetary Fund 

(IMF) and the World Bank Group, 

their cautious optimism is clouded by 

the eruption of Middle East violence, 

threatening to widen, and the stark 

economic realities in a post-pandemic 

world. The global economic recovery 

since the pandemic’s inception remains 

uneven, as noted by Kristalina Georgieva, 

Managing Director of the IMF, in 

her opening address. She pointed out 

that “the current pace of global growth 

remains quite weak, well below the 

3.8% average of the two decades before 

the pandemic.” The World Bank estimates 

a staggering $3.7T loss in global 

output, with the harshest impact felt 

by lower-income emerging economies. 

In contrast, the U.S. economy has rebounded 

to pre-pandemic growth rates. 

Biden Chooses 7 

Hydrogen Hubs in 16 

States for $7B in US 

Grants 

President Joe Biden is set to unveil 

the recipients of $7B in federal 

grants aimed at catalyzing the 

development of regional hydrogen 

hubs in Philadelphia. This initiative is a 

critical component of the administration’s 

wider strategy to decarbonize the U.S. 

economy. Seven proposed regional hubs, 

spanning across 16 states from Pennsylvania 

to California, have been strategically 

selected to spearhead the production of 

‘clean hydrogen’ and establish the necessary 

infrastructure for industrial users 

such as steelmakers and cement plants. 

Hydrogen, a clean fuel when produced 

using renewable energy, nuclear energy, 

or carbon-capture technology, plays a 

pivotal role in the administration’s plan 

to reduce emissions from challenging-to-decarbonize 

industrial sectors. The 

selected hubs will serve various regions 

across the country, with the two largest 

projects receiving $1.2B each, benefiting 

Texas and California, renowned for 

their roles in both traditional and green 

energy sectors. 

Al Hussaini Calls for Global Unity in Development 

Efforts 

Mohamed bin Hadi Al Hussaini, 

the Minister of State 

for Financial Affairs, took 

the helm at the principal 

session of the 108th joint meeting of 

the World Bank Group (WBG) and 

International Monetary Fund (IMF) 

Development Committee. The meeting 

brought together esteemed figures, 

including Ajay Bunga, the President 

of the WBG, Kristalina Georgieva, the 

Managing Director of the IMF, and 

Mercy Tembon, the Executive Secretary 

of the Development Committee. 

It drew participation from finance and 

development ministers worldwide, as 

well as the boards of governors of the 

WBG and IMF. This important gathering 

took place in Marrakech, Morocco, 

coinciding with the annual meetings 

of the WBG and IMF. This important 

gathering took place in Marrakech, 

Morocco, coinciding with the annual 

meetings of the WBG and IMF. The 

Development Committee expressed 

its anticipation of the upcoming UN 

Climate Change Conference 2023 

(COP28) in Dubai, urging the World 

Bank to intensify its collaboration 

and commitment with partners to lead 

efforts in climate change adaptation, 

mitigation, and biodiversity. 

India’s merchandise trade deficit at $19.37B in Q3 of 2023 

In September, India’s merchandise 

trade deficit was $19.37B, as per 

calculations based on government 

data for exports and imports. 

This figure was notably lower than 

economists’ expectations, which had 

predicted a trade deficit of $23.25B 

in September, according to a Reuters 

poll. The data indicated that India’s 

merchandise exports for the month 

reached $34.47B, with imports at 

$53.84B. In the preceding month, 

merchandise exports amounted 

to $34.48B, while imports stood at 

$58.64B. Additionally, services exports 

in September were $29.37B, while 

imports were $14.91B. In August, 

services exports were been $26.39B, 

and imports were $13.86B. 


Investment in Art 

The Growing Appeal: High-Net-Worth 

Investors Flocking to Art 

In recent years, the world of art investment has witnessed a surge 

in interest from high-net-worth individuals seeking to diversify their 

portfolios and immerse themselves in the creative world. This article 

explores the various factors that make art an increasingly attractive 

investment option for high-net-worth investors. 

The art market is evolving rapidly, 

creating a favourable environment 

for potential returns and 

attracting high-net-worth investors. 

The increasing globalisation of the 

art market has expanded access to 

a wider range of artists and artwork 

from around the world. The global 

art market saw remarkable growth, 

surging from $441.02 billion in 2022 

to $579.52 billion in 2023, reflecting an 

impressive compound annual growth 

rate (CAGR) of 31.4%. Technological 

advancements and online platforms 

have made buying and selling art easier 

than ever, democratising the market 

and increasing transparency. This, coupled 

with the growing interest in art 

and cultural events, has fueled greater 

awareness and demand for artwork. 

This heightened demand has increased 

liquidity and transaction volume, providing 

high-net-worth investors with 

ample investment opportunities. 

v 


Investing in art offers the prospect 

of substantial returns. Renowned artists 

have demonstrated the potential 

for their works to appreciate significantly 

in value over time, making art 

an attractive investment option. The 

art market, as seen in fine art auction 

houses, has displayed remarkable 

resilience, with artworks fetching 

remarkable prices at auctions and private 

sales. Investing in art has demonstrated 

its potential as a pathway to 

generational wealth, boasting annualised 

returns on contemporary art 

that have consistently surpassed 14% 

over the past 25 years. High-net-worth 

investors can position themselves for 

potential long-term gains by investing 

in established artists or emerging 

talents with growth potential. However, 

it’s important to note that the 

art market can be unpredictable, and 

thorough research is essential to identify 

promising opportunities. 

Art investments go beyond monetary 

considerations. Art possesses an inherent 

value that transcends financial 

aspects. Owning art provides aesthetic 

pleasure and cultural enrichment, 

allowing high-net-worth investors to 

derive enjoyment and inspiration from 

the artworks. Art also carries historical 

and cultural significance, contributing 

to its allure as an investment 

asset. Supporting artists and their 

creative expressions fosters a sense of 

cultural appreciation and contributes 

to the preservation and promotion of 

artistic heritage. Furthermore, art investments 

can serve as a tangible way 

to engage with and contribute to the 

artistic community, supporting artists’ 

careers and contributing to the growth 

and development of the art world. Art 

collections can become legacy assets, 

representing personal taste, values, 

and cultural contributions. 

Like any investment, art carries inherent 

risks that must be considered 

and managed. The subjective nature of 

art valuation and market fluctuations 

pose potential challenges. Factors 

such as artist’s reputation, provenance, 

condition, and market demand 

influence the value of the artwork. 

Mitigating risks involves conducting 

thorough research, consulting industry 

experts such as art advisors, and 

staying informed about market trends. 

Diversifying the art portfolio across 

different artists, styles, and mediums 

can help spread risk and minimise the 

Investing in 

art can be a 

rewarding 

endeavour 

for high-networth 

investors, 

offering 

financial gains 

and personal 

fulfilment. 

impact of market volatility. Additionally, 

purchasing art from reputable 

sources, ensuring proper documentation 

and provenance, and investing 

in artwork that aligns with personal 

taste and interest can contribute to 

risk mitigation in art investment. 

When considering art as an investment 

choice, several factors warrant 

careful consideration for high-networth 

investors. Understanding the 

artist and their body of work is crucial. 

Researching the artist’s background, 

education, artistic style, and critical 

acclaim provides insights into their 

potential for future success. Evaluating 

an artist’s trajectory and the 

market demand for their artworks 

can help gauge their growth potential. 

Additionally, considering the artist’s 

uniqueness, originality, and contribution 

to the art world enhances the 

investment appeal. High-net-worth 

investors should also keep a pulse on 

the art market, staying informed about 

emerging trends, major art events, 

and shifts in consumer preferences. 

Understanding the dynamics of the 

art market and its relationship with 

broader economic factors can assist 

high-net-worth investors in making 

informed decisions. 

Diversification is a key strategy in 

art investment for high-net-worth individuals. 

Building a diverse art portfolio 

helps spread risk and capture potential 

rewards. Exploring artists working in 

different mediums, styles, and stages 

of their careers can create a balanced 

and dynamic portfolio. Investing in 

established artists provides stability, 

as their reputation and value are already 

established. Emerging artists, 

on the other hand, offer the potential 

for significant returns as their careers 

evolve and gain recognition. Balancing 

investments between established and 

emerging artists can provide a blend 

of stability and growth opportunities. 

Furthermore, diversifying across different 

art genres, periods, and regions 

can provide exposure to various segments 

of the art market, leveraging the 

potential for growth and diversifying 

exposure. Art advisors and experts can 

guide portfolio diversification strategies, 

considering personal preferences, 

investment goals, and risk tolerance. 

In addition to traditional ownership, 

there are alternative ways for high-networth 

investors to participate in the 

art market. Art investment funds, like 

the MasterWorks Fund, allow investors 

to acquire a stake in a collection of 

art without individually owning the 

pieces. The fund acquires art pieces 

and holds them, aiming to sell them for 

profit in the future. By investing in art 

funds, individuals can gain exposure 

to a diversified art portfolio and potentially 

benefit from the appreciation 

of the artworks within the fund. These 

funds provide a more passive way to 

invest in art, diversifying risk and 

offering opportunities for high-networth 

investors to benefit from the 

art market’s growth. 

Investing in art not only diversifies 

investment portfolios but also contributes 

to the preservation and appreciation 

of artistic heritage, making it a 

captivating choice for high-net-worth 

individuals looking to explore the 

world of art investment. 


Local News 

Dubai CommerCity participates in Expand North Star 2023 

Dubai CommerCity participates 

in the Expand North Star event, 

one of the world’s largest gathering 

for startups and investors, 

from 15th to 18th October 2023 at Dubai 

Harbour. This participation aligns with 

Dubai CommerCity’s ambition to engage 

with innovative startups and showcase its 

state-of-the-art facilities and infrastructure 

tailored for digital commerce. The 

event is draws startups from over 100 

countries and more than 1,000 investors 

with a combined total of over $1T in assets 

under management to Dubai. Dubai 

CommerCity aims to support the growth 

of digital commerce in the region, in line 

with the Dubai Economic Agenda’s goals 

for the next decade. 

Dubai RTA Commences 

Testing Self-Driving 

Taxis with Cruise AV in 

Jumeirah 

Dubai’s Roads and Transport 

Authority (RTA) has partnered 

with Cruise, an autonomous 

vehicle technology 

company, to conduct supervised testing 

of self-driving Chevrolet Bolt taxis in 

the Jumeirah 1 area. This testing, which 

includes a safety driver, is the outcome 

of collaborative efforts between the 

RTA and Cruise, following successful 

data collection and testing on closed 

tracks. Cruise has been operating a 

self-driving ride-hail service in the 

United States since February 2022. 

During a recent visit to San Francisco, 

the RTA’s technical team experienced 

rides with Cruise, reinforcing their 

confidence in the Cruise platform for 

autonomous technology. 

Dubai Electronic Security Centre Enhances RZAM 

Cybersecurity App 

Dubai Electronic Security Center 

(DESC) has introduced a 

series of updates to its RZAM 

cybersecurity application, 

originally launched during the Gulf 

Information Security Expo and Conference 

(GISEC) in March 2023. These 

enhancements reflect DESC’s commitment 

to maintaining and advancing digital 

security standards and reinforcing 

The Gulf Cooperation Council 

(GCC) economy continues to 

rank among the world’s top 

performers, with its regional 

gross domestic product (GDP) expected 

to undergo a nearly threefold increase 

over nearly three decades, according to 

the Secretary-General of the GCC for Arab 

States, Jassim Al-Budaiwi. In 2022, the 

GDP of GCC countries stood at $2.4T, and 

it’s projected to expand to $6T by 2050. 

Al-Budaiwi made this announcement at a 

Dubai’s position as a secure and trusted 

digital city. The latest updates include 

expanding the application’s user base 

by making it compatible with various 

web browsers and providing support 

for the Arabic language. Moreover, 

artificial intelligence (AI) features 

have been integrated to protect users 

from real-time phishing sites, ensuring 

a safe and secure internet experience. 

GCC Economy Remains a Top Performer, GDP Set 

to Reach $6T 

reception hosted by the Kuwait Banking 

Association during the annual meetings 

of the World Bank Group and the World 

Fund in Marrakesh, Morocco. The GCC, 

established in 1981, comprises Kuwait, 

Saudi Arabia, the UAE, Qatar, Bahrain, 

and Oman. The World Bank previously 

predicted that the GCC economies might 

experience slower growth in 2023 due 

to reduced oil and gas revenues and a 

global economic slowdown. 


Dubai Chamber of Digital Economy introduces ‘Launchpad Dubai’ platform 

Dubai Chamber of Digital 

Economy, one of the three 

chambers operating under 

Dubai Chambers, is ready 

to welcome innovative entrepreneurs, 

influential investors, and global business 

leaders to Expand North Star, the 

world’s largest gathering for startups. 

The four-day mega-event kicks off 

tomorrow at Dubai Harbour and will 

run from 15th to 18th October. Expand 

North Star builds on the sell-out 

success of last year’s North Star Dubai, 

which led to the launch of around 

150 startups in the UAE as a direct 

result of deals signed during the exhibition. 

This year’s event introduces 

Launchpad Dubai, a new platform 

aimed at accelerating the growth and 

expansion of global tech companies in 

Dubai including start-ups, fast-growing 

startups, and billionaire unicorns. The 

initiative offers convenient access to 

visa applications, banking and judicial 

services, housing, talent, and other 

essential services required to set up 

a new company through a single convenient 

platform. 

Dubai Unveils First 3D 

Printing Certification for 

Construction 

Dubai Municipality has introduced 

a groundbreaking 

system for 3D printing certification 

and conformity within 

the construction industry, marking 

a significant step toward solidifying 

Dubai’s status as the world’s first city 

to implement a conformity marking approach 

for 3D printing in construction. 

This initiative serves to regulate and 

advance the adoption of this innovative 

and sustainable construction technology. 

Furthermore, it aligns with Dubai’s 

3D printing strategy, championed by 

Sheikh Mohammed bin Rashid Al Maktoum, 

Vice President, Prime Minister, 

and Ruler of Dubai, aimed at leveraging 

technology for the betterment of 

humanity and positioning the UAE and 

Dubai as leading regional and global 

centres for 3D printing technology. 

President Sheikh Mohamed bin Zayed Meets US 

Secretary of Commerce for UAE-US Trade 

President Sheikh Mohamed bin 

Zayed Al Nahyan welcomed 

Gina Raimondo, US Secretary 

of Commerce, at Qasr Al Shati 

in Abu Dhabi, where they discussed 

bilateral relations between the UAE and 

the US. The meeting explored opportunities 

to strengthen ties across various 

fields, particularly in the areas of the 

economy, investment, and commerce, 

aligning with both countries’ priorities 

to achieve sustainable prosperity and 

mutual interests. Also in attendance 

were Sheikh Mansour bin Zayed Al 

Nahyan, Vice President, Deputy Prime 

Minister, and Chairman of the Presidential 

Court, along with other senior 

leaders and officials from both nations. 

Additionally, Gina Raimondo held discussions 

with UAE Minister of State 

for Foreign Trade, Dr. Thani Ahmed 

Al Zeyoudi, concerning non-oil trade 

opportunities and strategies to further 

enhance the bilateral relationship. 

UAE and Georgia Sign CEPA to Enhance Trade 

Relations 

His Highness Sheikh Mohammed 

bin Rashid Al Maktoum, Vice 

President and Prime Minister 

of the UAE and Ruler of 

Dubai, and Irakli Garibashvili, Prime 

Minister of Georgia, presided over the 

signing of a Comprehensive Economic 

Partnership Agreement (CEPA) between 

the UAE and Georgia. The CEPA is 

set to double non-oil trade between 

the two countries, aiming to elevate 

it from $481M to $1.5B within five 

years. Sheikh Mohammed bin Rashid 

Al Maktoum highlighted the UAE’s dedication 

to boosting economic growth 

and trade with like-minded nations. 

The agreement underscores the UAE’s 

commitment to advancing international 

trade and supporting global economic 

stability amid ongoing challenges. The 

CEPA is anticipated to boost capital 

investments in key sectors, including 

tourism, retail, logistics, and manufacturing, 

in both nations. 


Travel 

Top 4 Places to Visit this November 

November in the GCC region offers a unique window of opportunity for those seeking a 

sustainable and eco-conscious escape. As the weather becomes increasingly inviting, it’s 

the perfect time to explore the ethically-minded resorts that the Middle East has to offer. 

If you’re committed to responsible travel and looking for eco-friendly accommodations, 

this article delves into four of the most sustainable hotels in the region. From the luxurious 

deserts of the United Arab Emirates to the breathtaking landscapes of Oman, these resorts 

have made significant strides in sustainability. 

Al Maha, Dubai 

For travellers in search of the best 

places to stay, Al Maha Dubai offers 

an exceptional experience. It’s 

not just about sustainability; it’s about 

enhancing your comfort. The resort’s 

commitment to eco-friendliness is evident 

in details like anti-slip bathroom 

floors and upgraded air-conditioning, 

ensuring your stay is both luxurious 

and responsible. Al Maha Dubai goes 

beyond the ordinary with features like 

solar panels, and sustainable water 

management, all contributing to a 

greener stay without compromising 

your comfort. What truly sets this 

resort apart is its dedication to preserving 

cultural charm. They’ve lovingly 

restored timeless Bedouin-inspired 

antique wooden furniture, adding a 

unique and authentic touch to your 

experience. If you’re a traveller who 

seeks a harmonious blend of luxury 

and sustainability, Al Maha Dubai is a 

perfect choice. 

Qasr Al Sarab by Anantara 

Dubai, United Arab Emirates 

From USD/- 1,200 per night 

ETIC Hotels Green Score: 9.5/10 

Qasr Al Sarab Excels is another 

exceptional and rather budget-friendly 

option for the eco-traveller 

in you because of its unwavering 

dedication to sustainability. Notably, 

they’ve replaced plastic water bottles 

with biodegradable alternatives made 

from corn, a material that decomposes 

within a mere 80 days. Furthermore, the 

installation of solar panels leverages 

the abundant desert sun to produce hot 

water, drastically reducing the resort’s 

energy consumption. Their kitchens 

actively participate in sustainability 

efforts by generating compost for 

an on-site vegetable greenhouse and 

herb garden, while 100% of greywater 

is efficiently employed for irrigation 

purposes. Going entirely plastic strawfree 

and adopting renewable energy 

practices, Qasr Al Sarab stands as a 

noteworthy benchmark in eco-conscious 

travel, setting an example for 

environmentally responsible hospitality 

and a calming stay. 

Abu Dhabi, United Arab Emirates 

From USD 350/- per night 



Alila Jabal Akhdar, Oman 

Park Hyatt, Abu Dhabi 

Park Hyatt Abu Dhabi places a 

profound emphasis on eco-conscious 

practices, committing to 

the preservation of the innate splendour 

of their locales, spanning from 

majestic mountainous terrains to 

idyllic coastal getaways. Their dedicated 

approach is characterised by 

recycling, composting, the integration 

of sustainable cuisine, biodegradable 

cleaning products, and energy-efficient 

lighting. These conscientious efforts 

ardently endorse sustainability, both 

within and beyond their premises. By 

fostering this environmentally responsible 

mindset, Park Hyatt Abu Dhabi 

stands as a superb option for travellers 

who seek eco-friendly alternatives 

in the Middle East, safeguarding the 

natural environment while providing 

guests with a luxurious experience. 

Abu Dhabi, United Arab Emirates 



Oman’s Alila Jabal Akhdar is at 

the forefront of environmental 

preservation which is exemplified 

through the “Alila Zero Waste to 

Landfill” initiative, which addresses 

concerns regarding greenhouse gas 

emissions. Their commitment extends 

to sustainability, self-sufficiency, and 

community cohesion. By employing 

residents, providing skill development, 

sourcing from nearby suppliers, and 

imparting insights into local culture 

to guests, the resort seamlessly integrates 

with its surroundings. An 

organic permaculture garden supplies 

fresh produce for the hotel’s culinary 

needs, underscoring their unwavering 

commitment to sustainable practices. 

Alila’s overarching goal is to create 

a replicable model for sustainability 

that can be embraced across all their 

destinations, contributing to a greener, 

more conscientious future. 

Oman 




Travel News 

Six Senses to Launch Luxury Resort in Saudi Arabia’s AlUla 

Saudi Arabia’s AlUla Development 

Company, a wholly-owned entity 

of the Public Investment Fund 

(PIF), has entered into a new 

agreement with Six Senses to introduce 

Six Senses AlUla. This partnership 

aligns with the kingdom’s endeavour to 

expand its luxury hospitality offerings. 

The agreement was formally executed 

in the presence of AlUla Development 

Company Managing Director Naif 

Dubai to host 2024 

World Cities Culture 

Summit 

The UAE Ministry of Climate 

Change and Environment, in 

collaboration with COP28, 

has called upon the country’s 

food and beverage (F&B) sector to embrace 

‘climate-conscious catering’ on 

a large scale. Mariam bint Mohammed 

Almheiri, Minister of Climate Change 

and the Environment and Food System 

Lead at COP28, spearheaded a four-day 

workshop aimed at invigorating and 

inspiring the adoption of climate-conscious 

catering within the F&B industry. 

The goal is to ensure the success of 

this approach among F&B vendors at 

the upcoming COP28 event to be held 

at Expo City Dubai in November. The 

ministry and COP28 are actively seeking 

partnerships with organisations and 

individuals committed to the sustainability 

principles of COP28, aiming to 

drive enduring change not only in the 

UAE but globally. Almheiri emphasised 

that COP28’s vision includes offering 

delegates a comprehensive understanding 

of the world’s climate challenges. 

AlHamdan and distinguished guests at 

Maraya, the Guinness World Record 

holder for the largest mirrored building, 

situated in AlUla. ‘Six Senses AlUla,’ the 

forthcoming luxury resort, is scheduled 

to open to the public in 2027, offering a 

stunning oasis spanning 1,200,000 square 

metres of natural beauty, including lush 

palm groves and red-sandstone cliffs. 

The hotel will comprise 100 guest villas 

and 25 residences. 

Etihad Abu Dhabi to Kenya flights to take off in 

2024 

Etihad Airways is set to resume 

flights to East Africa, 

announcing daily flights from 

Abu Dhabi to Nairobi, scheduled 

to commence on May 1, 2024. This 

new route will link Kenya’s capital with 

Etihad’s expanding global network, 

fostering significant cultural and economic 

connections between the UAE 

and the East African region. Etihad 

will operate daily flights to Nairobi, 

Dubai’s Citymax, a locally grown 

hotel chain, has introduced its 

latest F&B concept, High So, 

at its well-loved Bur Dubai 

property. High So celebrates contemporary 

Asian culture, drawing inspiration 

from the vibrant energy of Asia, with an 

epic-themed cocktail menu, a trendy and 

eclectic ambience, and delectable food 

offerings. Designed to revitalise the ‘old 

Dubai’ community, this modern resto-bar 

utilising the Airbus A320, which includes 

both Business and Economy cabins. 

Antonoaldo Neves, Chief Executive 

Officer, expressed excitement about 

restarting flights to Nairobi, highlighting 

the city’s dynamism and its role 

as the gateway to Kenyan safaris, a 

dream adventure for many travellers, 

offering a glimpse of Africa’s diverse 

and magnificent wildlife. 

Dubai’s Citymax debuts new Resto-Bar concept 

High So 

aims to cater to the young, diverse, and 

multicultural audience living, working, 

and playing in the vicinity. Prashant Joshi, 

Hotel Manager at Citymax Bur Dubai, 

expressed the aspiration to transform 

Bur Dubai into a trendy destination with 

High So, inspired by the animated street 

life and nightlife of Asia and the sense 

of community spirit defining this iconic 

part of the city. 


Thales Secures $42M Deal for AlUla Heritage Site in Saudi Arabia 

French technology group Thales 

has inked a $42M deal with 

Saudi Arabia to enhance security 

for the historic AlUla 

heritage site, as announced by the 

French Development Agency. This 

partnership signifies the prowess of 

French companies in cutting-edge 

technologies, aimed at ensuring the 

sustainable preservation of such sites. 

Jean-Yves Le Drian, the former French 

foreign minister and current president 

of Afalula, the agency overseeing Al- 

Ula’s development, emphasised this 

cooperation’s significance. The collaboration 

will provide round-the-clock 

surveillance and control for public 

areas and buildings housing precious 

archaeological discoveries, contributing 

to the protection and sustainable 

development of AlUla, which is rapidly 

becoming a global tourist destination 

as Saudi Arabia diversifies its economy 

away from oil. Notably, AlUla lies close 

to Al-Hijr, also known as Hegra and 

Mada’in Salih, one of Saudi Arabia’s 

UNESCO World Heritage sites. 

Alstom Joins Sustainable 

Saudi Transport Plan, 

AlUla Train Project Set 

for 2027 

Scheduled for a 2027 debut, the 

AlUla Train Project is set to 

comprise a 22.4km line boasting 

17 stations, solidifying the region’s 

aspirations to become a thriving 

tourism hub. The Royal Commission 

for AlUla (RCU) has unveiled a crucial 

partnership with Alstom, renowned 

for sustainable transport solutions, 

to furnish the vehicles and systems 

integral to the project. Designed to 

offer a distinctive and immersive experience, 

the AlUla Train Project will 

seamlessly weave together the region’s 

rich heritage, culture, and natural wonders. 

As a cornerstone of the RCU’s 

Journey Through Time Masterplan, the 

project aligns with Saudi Vision 2030’s 

objectives, including the promotion of 

sustainability in transportation. 

Saudi Arabia’s $800B Tourism Investment Targets 

100M Tourists 

Saudi Arabia has embarked on 

an ambitious $800B investment 

in its tourism sector to attract 

100 million local and international 

tourists by 2030, according to 

Minister of Tourism Ahmed bin Aqeel 

Al-Khateeb. The Kingdom’s tourism 

industry is making remarkable strides, 

growing faster than any other G20 

nation, with over 30 million tourists 

already visiting. This represents 40% of 

the targeted number, highlighting the 

sector’s significant role in economic 

growth. Al-Khateeb emphasised the 

commitment to increase the tourism 

sector’s contribution to GDP from 3% 

in 2019 to 10% by 2030 and the aim 

to reach 100 million tourists, driven 

by colossal projects like the Red Sea 

project, Diriyah, Qiddiya, and numerous 

private initiatives across the country, 

all advancing the tourism sector. 

Red Sea Global & Kingdom Holdings: $533M 

Four Seasons Resort in Saudi Arabia 

Red Sea Global (RSG) and 

Kingdom Holding Company 

(KHC) have completed an 

SR 2B ($533M) investment 

deal, forming a 50/50 joint venture to 

develop and own the much-anticipated 

Four Seasons Resort Red Sea in Saudi 

Arabia, expected to open its doors in 

early 2025. Located on Shura Island, a 

central hub for Red Sea destinations, 

the luxury resort will feature 149 rooms 

and suites, 31 residential properties, 

six dining venues, event spaces, a 

marine discovery centre, and a Kids 

For All Seasons area. This partnership 

underscores their shared commitment 

to transforming Saudi Arabia’s tourism 

landscape while aligning with the 

goals of Vision 2030. KHC CEO Talal 

Ibrahim Almaiman expressed pride in 

the partnership with RSG, highlighting 

the importance of creating value for 

shareholders. This investment aligns 

with their broader strategy for further 

ventures in Saudi Arabia’s high-growth 

market, with Shura Island set to host 

11 resorts, an 18-hole championship 

golf course, a 118-berth marina, and 

a remarkable retail, dining, and entertainment 

experience. 


Elgato Prompter 

Elgato has unveiled the Elgato 

Prompter, a compact teleprompter 

designed to democratise professional 

video production for creators of 

all levels. This innovative tool attaches 

to a camera or webcam, allowing content 

creators to establish genuine eye 

contact with their audience. Powered by 

a computer and supported by Elgato’s 

free Camera Hub software, Prompter 

can display video scripts or stream 

chat, making it a versatile addition to 

the content creator’s toolkit. 

One standout feature of the Elgato 

Prompter is its integrated 9-inch screen, 

eliminating the need for an additional 

tablet or smartphone. This streamlines 

the setup and enhances user-friendliness. 

The teleprompter’s compatibility 

and support for Elgato’s Stream Deck 

further augment its functionality, revolutionising 

the way people engage with 

their online audience. 

For Twitch streamers, Prompter 

interacts with chat while maintaining 

eye contact with the camera, resulting 

in more engaging live conversations. 

On the other hand, YouTubers can stick 

to their scripts, reducing the need for 

retakes and post-production editing. 

The Camera Hub software, provided 

free of charge for PC and Mac, offers a 

high degree of customisation, allowing 

creators to manage Prompter’s display 

and personalise text appearance. 

Beyond its utility in video production, 

Elgato’s Prompter is a handy tool for 

virtual presentations and video calls. 

Users can effortlessly move their conferencing 

applications, such as Zoom 

or Microsoft Teams, onto Prompter’s 

screen, ensuring direct eye-level interaction 

and more professional-looking 

video conferences. 

The setup process is straightforward 

because of its interchangeable 

backplates and a single-cable USB 

connection. While it complements a 

range of equipment, it works seamlessly 

with other Elgato products, such as 

the Facecam Pro – the world’s first 

4K60 webcam. 


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The Finance World Magazine| Edition: November 2023

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