The Finance World Magazine| Edition: December 2023

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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
As the UAE commemorates its National Day, this edition celebrates
the journey that transcends the sands, embracing the skies
of global influence. It honours the UAE’s growth, Editor’s resilience, Note
and significant global contributions while eagerly anticipating the
promising chapters yet to unfold.
The cover story highlights the narratives of Indian business leaders
whose contributions have significantly contributed to the UAE’s
journey on the global stage. Their entrepreneurial spirit and initiatives
have played a role in shaping aspects of the nation’s growth and
international presence.
Highlighting the UAE’s visionary initiatives and strategic planning,
this edition explores several aspects of the country’s progress.
From the transformative journey of its energy sector and pioneering
advancements in healthcare to the expanding domains of crypto and
the ever-evolving landscape of real estate, each narrative illuminates
pivotal moments in the UAE’s narrative of success.
Within the news segments, you will find a condensed compendium
of the most notable advancements in the field of finance. We have
meticulously sifted through the latest trends and updates, spanning
an array of pertinent topics such as corporate results, corporate tax,
startups, banking, funding, investment, fintech, digital assets, and
beyond.
We aim to espouse the vision of the UAE’s wise leadership on the
nation’s development path, highlighting the social, economic, and
developmental aspects shaping this dynamic nation. To that end, we
tirelessly curate the latest and most credible finance news for our
readers, aiming to advance financial literacy and contribute to Dubai’s
journey to becoming one of the world’s most pioneering economies.
- Ambrish Agarwal, Editor in Chief
- Ambrish Agarwal, Editor in Chief
Advertisers advertised in this guide are included on a sponsored basis.
Details are correct at the time of going to press, but offers and prices
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December 2023 www.thefinanceworld.com 5
September 2022 3

Contents December
2023
PERSONAL FINANCE
P8 | Budgeting Strategies for
Expatriates in the UAE
UAE BANKING
BUSINESS
P24 | Transformative Leadership
Propelling Corporate Triumphs in
UAE’s Business Landscape
P26 | Business News
COVER STORY
HEALTHCARE
P10 | From Cash to Contactless:
Tracing the Progression of
Payments in the UAE
P12 | UAE Banking News
UAE REFORMS
P50 | Advancements,
Achievements, and the Evolution
of Healthcare in the UAE
MERGERS AND
ACQUISITIONS
P16 | Adapting to Reform: 5
Rules That Have Come into Effect
in the UAE for 2023
FINTECH
P18 | Fintech Innovators: Reshaping
the Financial Landscape of the UAE
P20 | Fintech News
P22 | Fintech Application
P30 | Business Leader Crafting the
UAE’s Global Eminence
START-UP
P42 | The Meteoric Ascent of
UAE-born Startup Pioneers
ENERGY
P52 | Strategic Business Unions:
Understanding the M&A Process
in the UAE
P54 | Mergers & Acquisitions News
CRYPTOCURRENCY
6 www.thefinanceworld.com December 2023
P44 | UAE’s Transformative
Journey: From Hydrocarbons to
Renewable Solutions
P46 | Energy News
P56 | From Trends to Business:
Probing Crypto and Blockchain in
the UAE

REAL ESTATE
P58 | Anticipating Change as
Dubai’s 2040 Vision Reshapes
the Economy and Real Estate
P60 | Real Estate News
FUNDING & INVESTMENT
P62 | Legislative Measures
Shaping Venture Capital in the
UAE’s Investment Realm
P64 | Funding & Investment News
DIGITAL ASSETS
P66 | From Oil to Web3: RAK DAO’s
Revolutionary Impact on UAE’s
Economy
STOCK MARKET
P68 | The Underpinnings of UAE
Stock Market: Unravelling DFM
and ADX
CORPORATE
P70 | A Comprehensive Guide
to Corporate Tax Registration
Timelines in the UAE
P72 | Corporate Results
SPORT AS A BUSINESS
P76 | Exploring the Allure of UAE’s
Sports Empire, a Dynamic Player in
the Global Business Landscape
P78 | Sports News
TOURISM
P80 | Beyond Borders: GCC Unified
Visa and the Future of Gulf Tourism
P82 | The rise of tourism in the UAE,
exploring crucial assets for potential
growth
GLOBAL
P84 | Global News
INVESTING IN ART
P86 | Brushing Wealth: Companies
Paving the Way for Art as Business
in the UAE
P96 | Local News
TRAVEL
P90 | T4 Visa-Free Destinations
For UAE Citizens to Visit this
December
P92 | Travel News
P23 | P29 | Launch Express
P40 | P48 | Wheels
P28 | P95 | Tech My Money
December 2023 www.thefinanceworld.com 7

Personal Finance
Budgeting Strategies for Expatriates in
the UAE
Living as an expatriate in the UAE offers a unique blend of cultural experiences
and professional opportunities. However, navigating the financial landscape
in a new country can be challenging. This article explores practical budgeting
strategies tailored for expatriates in the UAE, drawing insights from various
sources on effective financial planning.
The UAE has made substantial efforts
in making life easier for citizens as
well as expats. The country offers
a wide variety of facilities that cater to
expatriates’ budgets, including rental
homes, transportation, education, and
more. It provides world-class public
transport easily accessible to low-income
expatriates while also offering luxury
car rentals for high-income expats.
Similarly, housing options range from
shared rooms for as little as AED 450
to high-end accommodations priced at
AED 45,000.
Following are some of the factors that
are essential for maintaining a financially
friendly lifestyle in the region.
Understand Cost of Living Differences:
Before crafting a budget, it’s crucial to
understand the cost of living in the UAE
compared to your home country. Consider
housing, transportation, education, and
healthcare costs. Online resources and
expat forums can provide valuable insights
into the local price levels.
Create a Detailed Budget:
Begin by outlining your monthly income
and fixed expenses. Allocate funds for
essentials such as rent, utilities, and
groceries. Factor in discretionary spending
for leisure activities, dining out, and
travel. Creating a detailed budget provides
a clear overview of your financial commitments
and helps identify potential
8 www.thefinanceworld.com December 2023

Establishing a budget as an expatriate in
the UAE requires a thoughtful consideration
of various factors to ensure a financially
sustainable lifestyle.
areas for savings.
Account for Currency Exchange Rates:
Expatriates often deal with currency
fluctuations. Keep an eye on exchange
rates and factor them into your budgeting.
It’s essential to monitor the rates
regularly to anticipate any impact on
your purchasing power or savings.
Emergency Fund:
Establishing an emergency fund is a
universal financial principle, and it holds
particular importance for expatriates. Aim
to set aside three to six months’ worth
of living expenses in a readily accessible
account. This safety net can provide peace
of mind in case of unexpected events.
Explore Tax Implications:
Understand the tax regulations applicable
to expatriates in the UAE. While
the country is known for its tax-friendly
environment, it’s essential to be aware
of any obligations in your home country.
Seek professional advice to optimise
your tax position and ensure compliance.
Utilise Technology for Tracking:
Leverage budgeting apps and online
tools to track your spending. These tools
categorise expenses, provide real-time
updates, and offer insights into your
financial habits. Regularly reviewing
your spending patterns can help you stay
within budget and identify areas where
adjustments are needed.
Negotiate Housing Costs:
UAE is known for its luxe Housing style
which is often a significant expense for
expatriates. Negotiate your rental agreement,
explore different neighbourhoods,
and consider sharing accommodation to
reduce costs. Dubai is the most expensive
Emirate to live in as compared to all others
while Ajman stands as the cheapest
one for rental homes. Understanding the
rental market dynamics can empower you
to secure a suitable and cost-effective
living arrangement.
Benefit from Expat Packages:
Many employers in the UAE offer expat
packages that may include housing
allowances, education subsidies, and
healthcare coverage. Understand the
terms of your expat package and make the
most of the benefits provided. Negotiate
with your employer if there’s room for
adjustments or additional perks.
Continuous Review and Adaptation:
Regularly review and adapt your budget
to accommodate changing circumstances.
Life as an expatriate involves dynamic
challenges, and being flexible with your
financial plan allows you to navigate
unexpected changes with greater ease.
In the UAE, nearly half of the population
considers retirement saving as an
afterthought; 45 per cent of residents
acknowledge that they haven’t initiated
saving for retirement, and 40 per cent
intend to commence saving only within
the final decade leading up to their retirement.
In comparison, around 75 per
cent of adults in the United States have
already commenced saving for their
‘golden years’.
Implement the 50/20/30 budgeting rule:
An equally impactful strategy is the 50-
20-30 budgeting rule, which proves to be
among the most effective approaches for
maintaining financial peace of mind once
you’ve secured employment in the UAE.
Allocate 50 per cent of your total
income to cover essentials such as debt
repayment, grocery expenses, healthcare,
and so forth - these represent the buns
that form the foundational structure of
your financial well-being. If half of your
income proves inadequate for these necessities,
consider making adjustments,
such as reducing reliance on taxis, opting
for public transportation, or compromising
on luxury aspects of your lifestyle.
Balancing financial responsibility and
enjoyment is key, following the 50/20/30
rule. Allocate 20% for ‘luxuries’ like
subscriptions, coffee treats, and social
outings, and reserve 30% as the main
component for long-term financial stability
in this budgeting plan.
By adhering to these principles, expatriates
in the UAE can not only navigate
their current financial landscape effectively
but also build a secure foundation
for their future.
December 2023 www.thefinanceworld.com 9

UAE Banking
From Cash to Contactless: Tracing the
Progression of Payments in the UAE
The United Arab Emirates (UAE) is swiftly embracing a digital revolution in
its payment landscape, witnessing a surge towards contactless and online
transactions. The evolution from traditional cash transactions to the modern
era of contactless payments has been remarkable, reshaping the landscape
of financial transactions across the country.
10 www.thefinanceworld.com December 2023

The advent of contactless payments
has redefined how individuals
conduct transactions in the UAE.
This transformation gained substantial
momentum, propelled further by the
onset of the COVID-19 pandemic. With
safety and convenience at the forefront,
consumers began favouring contactless
payment options, minimising physical
touchpoints and embracing the speed
and simplicity offered by tapping a card
or mobile device to make payments.
A recent report by Visa, a global
leader in payments technology, unveils
an astounding 87% adoption rate of
digital payments among UAE consumers
every week, signifying one of the
highest rates globally.
Notably, several banks in the UAE
have played pivotal roles in this transformation,
adapting their services to
meet the evolving preferences of consumers.
Emirates NBD led the charge
in transforming contactless payments
within the Central Europe, Middle East,
and Africa region (CEMEA) with the
launch of Emirates NBD Pay in 2016.
Through the integration of Visa’s Token
Service technology, the bank introduced
a seamless NFC-based mobile
contactless payment service.
This advancement empowered Visa
credit and debit cardholders to utilise
NFC-enabled Android mobile devices
for instantaneous in-store purchases
via their upgraded mobile banking
app. By incorporating NFC technology,
Emirates NBD set a high standard in
enhancing convenience for customers,
capitalising on the swift global adoption
of wireless communication protocols
for contactless payments.
Emirates NBD Pay, supported by Visa’s
Token service technology, ensured secure
transactions by replacing sensitive
cardholder information with a unique
digital identifier, safeguarding personal
account details. This initiative not only
represented a significant step towards
digitising the banking experience but
also signified the bank’s dedication
to innovative mobile solutions for its
customers, in line with evolving global
trends in digital payments.
Similarly, In 2020, Mashreq Bank
took a pioneering stride in the Middle
East & Africa region by collaborating
with Mastercard to introduce a
groundbreaking solution for Small and
Medium Businesses (SMEs) named Tap
On Phone. This innovation marked
Mashreq Bank as the first in the MENA
region to unveil such a service, part of
their wider SME in a Box solution. This
venture, supported by Mastercard’s
Payment Gateway Technology, aimed
to bridge the gap for local micro and
small merchants, traditionally reluctant
to accept digital payments due to the
complexities and expenses associated
with conventional point-of-sale systems.
Tap On Phone emerged as a cost-effective,
user-friendly digital payment
technology tailored specifically for
micro and small businesses, notably
within the food and beverage industry
and related services like food delivery
and farmers markets. The solution ingeniously
turned Android smartphones
into secure payment acceptance devices
for contactless cards, mobile wallets,
and smartwatches, eliminating the
need for additional hardware or setup
costs. This move by Mashreq Bank,
in collaboration with Mastercard,
addressed the evolving needs of small
businesses, emphasising the importance
of adapting to new payment dynamics
while offering a safer, more convenient
payment avenue for customers.
Another notable contributor to this
shift is the Abu Dhabi Islamic Bank
which achieved a significant milestone
by launching the region’s inaugural tokenised,
contactless payment methods
under ‘ADIB PAY’, in collaboration
with Tappy Technologies and Visa, in
December 2022. This pioneering initiative
introduced an innovative avenue
for ADIB Visa cardholders to conduct
contactless payments using wearable
accessories like rings, bracelets, and
watches, eliminating the necessity of
carrying physical cards.
ADIB PAY’s novel feature includes a
tokenised contactless payment clasp
that seamlessly transforms various
wearable items into smart payment
devices, initially offered to select
customers. The setup process for ADIB
PAY is streamlined and swift, facilitated
by Tappy’s Token Enablement Services
(TES) solution and a companion Universal
Passive Provisioning Unit (UPPU)
that automatically provisions the digital
card to the embedded chip within the
payment clasp. This tokenisation ensures
data security by replacing sensitive
card information with non-exploitable
data elements, aligning with ADIB’s
commitment to providing secure and
intelligent payment options.
Moreover, In 2020, Abu Dhabi Commercial
Bank (ADCB) introduced an
innovative way for businesses to accept
payments without physical terminals
through ADCB PACE PAY, powered
by Visa. This virtual payment system
operates on smartphones and tablets,
eliminating the need for additional
hardware. It allows businesses to
receive card payments in-store by
scanning cards or generating payment
links for remote transactions, perfect
for home deliveries.
The simplicity of this solution,
pre-integrated into a payment gateway,
facilitates smaller merchants’ shift to
online sales without complex setups.
ADCB, in collaboration with Visa, aimed
to support small businesses in the
UAE by offering this digital payment
solution at no transaction cost. The
initiative acknowledges the growing
importance of contactless payments
and seeks to address the challenges
faced by businesses reliant on cash
transactions. ADCB’s effort with ADCB
PACE PAY signifies its commitment
to aiding businesses in adapting to
evolving payment preferences while
embracing the shift towards a cashless
economy in the UAE.
The evolution of payment methods
in the UAE extends beyond individual
banks. The government’s initiatives,
such as the introduction of the Emirates
Digital Wallet, have significantly
contributed to the proliferation of contactless
payments. This digital platform
allows users to store multiple cards
and make transactions conveniently
through a single application.
The success and widespread adoption
of contactless payments by these
banks illustrate a fundamental shift in
consumer behaviour. The convenience,
speed, and enhanced security features
offered by contactless transactions have
propelled their rapid acceptance among
UAE residents. The UAE’s journey from
cash-dominated transactions to the
widespread acceptance of contactless
payments signifies a paradigm shift in
the country’s financial landscape. As
technology continues to evolve, the
progression towards more sophisticated
and secure payment methods is
poised to further revolutionise the way
transactions are conducted in the UAE.
December 2023 www.thefinanceworld.com 11

UAE Banking News
Abu Dhabi Chamber
and FAB Enhance
Investment Climate
with MoU
The Abu Dhabi Chamber of
Commerce and Industry (AD-
CCI) has inked a Memorandum
of Understanding (MoU)
with First Abu Dhabi Bank (FAB) to
enhance the investment climate and
business environment in the Emirate
of Abu Dhabi. This collaboration aligns
with the ADCCI’s goal of supporting
the private sector and bolstering its
competitiveness. The agreement facilitates
the sharing of information about
FAB’s banking services and initiatives
with the Chamber’s members and staff,
streamlining the process of accessing
these services. FAB will also have a
more prominent presence at events
organized by the Abu Dhabi Chamber,
and both parties will work together
to launch initiatives that promote
entrepreneurship and improve the
investment environment. The partnership
also includes the exchange of
knowledge, insights, and consultations
to stimulate business and investment.
Gulf Bank Initiates Capital Increase Subscription
Process
Gulf Bank has initiated the
subscription process for its
increased issued and paid-up
capital of KD 26.1M, with a
two-week subscription window. The
Central Bank of Kuwait and the Capital
Markets Authority have approved the
capital enhancement, which involves
the issuance of 260,869,565 new ordinary
shares at 230 fils per share.
This includes a nominal value of 100
fils per share and an issue premium
of 130 fils per share, resulting in a
KD 60M increase in the bank’s capital
base. Shareholders listed in the
bank’s Register of Shareholders as of
October 26, 2023, are eligible for subscription.
Non-shareholders seeking
to participate in the capital increase
and existing shareholders looking to
augment their allocated shares can do
so by acquiring rights issues.
UAE Central Bank mirrors the Fed, maintaining
stability in interest rates
The UAE Central Bank has
decided to maintain its benchmark
interest rate, following
the lead of the US Federal
Reserve, which has kept its policy
rate unchanged for the third time this
year. This decision is in response to a
gradual decline in core inflation. The
US central bank has maintained the
federal funds rate at a range between
5.25% and 5.5%, marking the highest
level since 2001. While the Fed aims to
bring inflation down to its target range
of 2%, the annualised US inflation fell
to 3.7% in September, down from a
high of 9.1% in June 2022. Despite
some signs of a robust US economy,
the Fed is widely expected to increase
the benchmark interest rate once more
this year to manage economic growth
and wage increases.
Dubai Islamic Bank’s 9-month income surges 47% to $3.95B
The strong performance of
Dubai Islamic Bank (DIB), the
largest Islamic lender in the
UAE, was attributed to rising
core revenues, non-funded income,
and lower impairment charges, as indicated
in the bank’s financial results
for the third quarter of 2023 and the
first nine months of the year. Total net
income for the three months ending
September 30 surged to AED 4.82B
($1.3B), an increase from AED 4.1B in
the previous year. Over the first nine
months of the year, the total income
reached AED 14.5B ($3.95B), marking
a remarkable 47% growth compared
to the same period last year. Dubai
Islamic Bank (DIB) achieved a net
operating profit of AED 6.2B, reflecting
a 12 percent increase compared to
AED 5.6B in the same period of 2022.
Net operating revenues also showed
strong growth, rising by 11.7 percent
year-on-year to reach AED 8,547M.
12 www.thefinanceworld.com December 2023

Dubai and Hong Kong Partner for Economic Corridor Activation
Dubai’s Department of
Economy and Tourism
(DET), the Financial Services
and the Treasury Bureau
of the Government of Hong Kong,
China, have inked a Memorandum of
Understanding (MoU) to nurture financial
cooperation between these two economic
powerhouses. The MoU was formalised
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 signatories. This pact underscores
the unwavering commitment of both
governments to facilitate collaboration
and knowledge sharing within their
financial markets. Moreover, it serves as
a testament to their shared determination
to strengthen their bilateral ties, fostering
mutual growth and development within
their financial services sectors.
Mashreq Bank Reports
Remarkable 122% Jump
in 9-Month 2023 Net
Profit
Mashreq, a prominent UAE
banking powerhouse, has
reported an astounding 122
percent surge in net profit,
soaring to AED 5.8B during the initial
nine months of 2023. Notably, the bank
also disclosed a remarkable 73 percent
increase in operating profit, reaching
AED 5.6B, a substantial leap from the
AED 3.2B recorded in the same period of
2022. The bank’s return on equity (ROE)
also reached a historic high, standing at
32.1 percent for the January-September
interval, which is double the figure from
the corresponding period in 2022. This
impressive growth owes much to an
82 percent rise in net interest income
and robust non-interest income, which
reached AED 2.3B, marking an 8.1
percent year-on-year growth. Mashreq
attributes this success to factors such
as balance sheet expansion, healthy
client margins, and the prevailing highinterest
rate environment.
Dubai Islamic Bank profit surges 20% on
increased revenue
Dubai Islamic Bank, the UAE’s
largest Sharia-compliant
lender, reported a nearly
20% increase in third-quarter
net profit, reaching AED 1.64B
($449M). The boost in revenue was
attributed to the economic growth
in the emirate. Income from Islamic
financing and investment transactions
for the quarter surged nearly 45% to
Bank Alfalah, a prominent Pakistani
commercial bank, has unveiled its
international branch on Sheikh Zayed
Road in Dubai, marking a strategic relocation
from the Al-Khaleej Building
on Zaabeel Street. This move is aimed
at delivering tailor-made wholesale
banking solutions to corporate clients
within the vibrant city of Dubai. The
inauguration of this Dubai branch
was a momentous occasion, with His
Excellency Sheikh Nahayan Mabarak
Al Nahayan, Chairman of Bank Alfalah,
gracing the event. His presence
underscores the bank’s commitment
to expanding its services across international
borders and embracing a
new phase in its journey. The United
Arab Emirates, known as a global
financial hub, offers a promising
platform for Bank Alfalah to provide
AED 4.50B. The lender’s income from
properties held for development and
sales also saw substantial growth,
reaching nearly AED 80M. Commissions,
fees, and foreign exchange
income jumped over 16% year-on-year
to AED 385.45M. The UAE’s strong
economic growth has been driven by
a robust non-oil sector.
Sheikh Nahayan Inaugurates Bank Alfalah
Dubai Branch
exemplary customer service and cement
its position as a leading player
in the Pakistani and international
banking industry.
December 2023 www.thefinanceworld.com 13

Event
CEO Clubs Network Launched Channel
Partnership: Empowering Growth Together
November 1, 2023, Dubai – The CEO Clubs’ November Lunch Meeting, held under
the theme “CEO Clubs Channel Partnership: Empowering Growth Together,”
has been hailed as a resounding success, cementing the spirit of collaboration
within the esteemed CEO Clubs Network.
14 www.thefinanceworld.com December 2023

The highlight of the event was
the momentous signing of the
CEO Clubs Channel Partnership
Memorandum of Understanding (MOU)
between two distinguished organizations,
Shurra Business Set-Up and
Archgoke Interactive. This strategic
alliance exemplifies a commitment to
fostering growth through collective
efforts within the dynamic business
landscape.
Ms. Sarah Dong, Managing Partner of
CEO Clubs Network dived deep into the
topic by quoting the channel partnership
as “A new platform that is designed
to facilitate powerful collaborations
and mutual growth opportunities on a
global scale”. She also explained the
remarkable objectives of the channel
partnership initiative such as boosted
sales, expanded product/service portfolio,
increased brand visibility, exclusive
discount, competitive package, rewards,
enhanced visibility, etc.
Special recognition goes to their Exclusive
Online Trading Partner, GTC-Global
Trade Co. Limited, Annual Sponsors,
Dubai Duty Free and Regionality Group
of Companies. The Lunch Sponsor,
Freehold Mediation and Information
(FMI), also played a significant role in
ensuring the success of the gathering
The event featured insightful presentations
from esteemed members of CEO
Clubs Network, including Freehold
Mediation and Information (FMI),
GTC-Global Trade Capital Co. Limited,
and the Immersion4. Their contributions
provided profound insights into their
respective organizations, contributing
to the wealth of knowledge shared
during the occasion.
CEO Clubs Network also welcomed
new members, Vin Metal Synergies
FZE and Ravian Shipping Line LLC,
who introduced themselves and added
to the vibrant and diverse community
within the Network.
The collaborative spirit exhibited at
the CEO Clubs Channel Partnership
event underscores the organization’s
commitment to creating a platform
where businesses can thrive through
meaningful connections and shared
expertise.
December 2023 www.thefinanceworld.com 15

UAE Reforms
Adapting to Reform: 5 Rules That Have
Come into Effect in the UAE for 2023
The UAE continues to evolve as a global destination, constantly refining
its policies to enhance convenience for residents and visitors alike. As
the calendar turned to 2023, several pivotal changes swept through the
country, impacting tourism, residency procedures, employment rights,
and visitor regulations. These reforms, ushered in to modernise systems
and improve accessibility, promising a more streamlined experience
for all.
16 www.thefinanceworld.com December 2023

Involuntary Loss of Employment
(ILOE) Scheme
The Involuntary Loss of Employment
(ILOE) Scheme, launched on January 1,
2023, marks a significant stride in social
security reforms within the UAE. This
scheme is designed to offer support to
workers across both public and private
sectors in the event of job loss.
Under this scheme, employees are
entitled to receive compensation for
up to three months if they face involuntary
unemployment. Enrollment in this
scheme is mandatory for all employees,
with a deadline set for October 1, 2023.
Non-compliance with enrollment carries
penalties.
The compensation provided through
the ILOE Scheme amounts to as much as
60 percent of the employee’s salary. This
financial aid acts as a safety net during
unexpected job losses, contributing to
the financial stability of the workforce
during transitional periods. Essentially,
this initiative aims to safeguard employees’
financial well-being and offer a measure
of security during uncertain employment
circumstances.
Tourism Tax Reduction in Abu Dhabi
Abu Dhabi’s Department of Culture
and Tourism brought about a significant
shift in government fees for the tourism
sector. The adjustments made by the
department involve changes in fees that
visitors typically pay when they stay in
hotels or explore tourism-related activities
in Abu Dhabi.
Before these changes, guests had to pay
a six percent fee on their hotel bills as a
tourism fee, along with an extra Dhs15
per room per night for municipality fees.
Additionally, there were charges on the
hotel’s restaurants, totalling four percent.
However, as of September 1, 2023,
there have been significant reductions.
The tourism fee for guests has been decreased
from six percent to four percent,
providing some relief. Moreover, the
extra Dhs15 per room per night for the
municipality fee has been removed, as
have the charges on the hotel’s restaurants.
Despite these positive changes, there
is still a four percent municipality fee
added to the customer’s invoice value.
This adjustment aims to make the overall
experience more affordable and attractive
for tourists visiting Abu Dhabi.
The year
2023 marks a
turning point
in the UAE’s
regulatory
landscape,
emphasising
ease,
accessibility,
and security
across various
spheres.
Emirates ID Update Procedures
Simplified
Residents in the UAE now experience
enhanced convenience in updating their
visa information reflected on their
Emirates ID. The recent reforms have
empowered individuals with the flexibility
to modify personal details online. This
includes alterations in name, occupation,
employer, passport information, and
even nationality. Notably, any changes
made prompt an automatic request for a
new Emirates ID card, streamlining the
process significantly.
This streamlined approach is facilitated
through an online platform and a smart
application. Additionally, designated
customer centres and approved typing
centres offer assistance, collectively
minimising bureaucratic obstacles. These
measures aim to simplify and expedite the
essential updates required for individuals,
aligning with the government’s efforts to
modernise and enhance accessibility to
essential services.
Streamlined Travel Ban Removal
The recent initiative introduced by
the Dubai Public Prosecution offers a
digital solution for individuals encountering
travel bans stemming from legal
matters in Dubai. Through this newly
launched digital service, individuals
facing such bans can conveniently make
online payments. Upon receiving court
approval, the system automatically lifts
the travel ban, creating a seamless and
efficient process.
Aligned with the government’s ‘Services
360’ policy, this initiative harnesses digital
technology to streamline procedures
and alleviate the burden on traditional,
physical service centres. By leveraging
smart solutions, the aim is to expedite
processes and provide individuals with
a faster resolution to their travel restrictions.
This approach not only simplifies
the process but also demonstrates the
government’s commitment to modernising
services for its residents.
Visa Grace Period Elimination and
Extended Work Permits
The recent adjustments in UAE’s visa
regulations entail the elimination of the
10-day grace period previously granted
for Dubai visit visas after their expiration.
This grace period extension, no longer
available, has been replaced with fines of
Dhs50 per day for individuals overstaying
their visas.
Additionally, a proposal by the Federal
National Council (FNC) suggests extending
work permits from the existing two-year
duration to three years. This proposed
extension aims to alleviate the financial
burden associated with obtaining work
permits. Though a specific timeline for
the implementation of this change hasn’t
been outlined, it holds the promise of
offering increased stability for individuals
employed in the UAE over longer periods.
These reforms signal the government’s
commitment to adaptability, bringing
greater efficiency and convenience for
residents, workers, and visitors.
December 2023 www.thefinanceworld.com 17

Fintech
Fintech Innovators: Reshaping the
Financial Landscape of the UAE
In recent years, the United Arab Emirates (UAE) has emerged as a hub for
technological innovation, particularly in the financial sector. Fintech companies
have played a pivotal role in transforming the traditional landscape of finance,
introducing innovative solutions, and democratising access to financial services.
The UAE has consistently embraced innovation, offering abundant opportunities
for new talents to contribute and diversify the country’s financial landscape.
Among the innovators in this arena, three companies stand out for their disruptive
approaches and contributions, including Democrance, Brine.fi, and Zest Equity.
Democrance
Michele Grosso, the visionary
founder and CEO of
Democrance, embarked on
a transformative journey in 2015.
Recognising the immense potential
of microinsurance in uplifting low-income
communities, Grosso was astonished
to find its absence in the UAE.
Fueled by this realisation, he birthed
Democrance, an insurtech startup
dedicated to democratising insurance
accessibility.
Democrance operates as a Software
as a Service (SaaS) insurance technology
platform, facilitating insurers
and insurance brokers in digitising
the entire insurance value chain. Its
inception in the UAE was driven by a
mission to redefine insurance, making
it not just accessible but also affordable.
Over time, it evolved into a global
force, servicing insurers and brokers
in diverse insurance sectors, spanning
from high-ticket to micro-insurance.
From its headquarters in Dubai,
Democrance has expanded its footprint,
establishing offices in Saudi
Arabia, Kenya, Ghana, the United
Kingdom, Japan, and Pakistan. The
team, comprising over 30 professionals,
operates seamlessly across time
zones. Their client roster includes
industry giants like AIG, AXA, and
MetLife, serving 16 emerging markets,
from Mexico to the Philippines.
Democrance’s global reach underscores
its commitment to revolutionising
insurance accessibility on a truly
international scale.
Democrance emerges as a
game-changer in the insurance sphere,
boasting a multifaceted suite of facilities
that revolutionise how insurers,
intermediaries, and customers interact
within the realm of insurance. At its
core, Democrance champions the integration
of insurance products into
diverse ecosystems through its robust
APIs, enabling seamless interactions
with customers via distribution partners
such as Super Apps, Mobile Wallets,
HR Platforms, and Governments.
Moreover, Democrance’s D2C
Sales Journey Builder enhances direct-to-customer
sales by offering
optimised, user-friendly journeys that
seamlessly align with a company’s
branding, transforming customer interactions
into enticing and smooth
“Buy Now” experiences.
Additionally, the platform empowers
agents, brokers, and Banca partners
through a centralised Intermediaries
Portal, streamlining quote management,
referrals, rate adjustments,
renewals, and other partner-related
functionalities.
Democrance’s adaptability shines
through its ability to configure and
distribute diverse insurance products
Michele Grosso,
CEO
across various lines of business, covering
life, health, property & casualty,
personal, and commercial lines.
Lastly, the platform serves as an
integrated hub for leveraging external
data sources, underwriting engines,
and third-party services, allowing
insurers to gain insights, enhance
customer experiences, and boost sales
by integrating payment gateways,
eKYC, AI-driven analytics, and existing
core systems for accounting and
reinsurance.
18 www.thefinanceworld.com December 2023

Brine.Fi
Founded in 2021 by university
friends Shaaran Lakshminarayanan
(CEO), Bhavesh Praveen (CTO),
and Ritumbhara Bhatnagar (CDO), Brine
Fi disrupts the crypto trading realm
as a decentralised exchange (DEX)
built atop Starkware’s Layer 2 scaling
solution. Unlike existing automated
market maker (AMM) models, Brine
Fi operates as an order book spot
DEX, aiming to rectify the challenges
faced by crypto traders. This design
eliminates gas fees, confirmation wait
times, and counterparty risks, mimicking
centralised exchanges’ efficiency
while maintaining decentralisation.
Brine Fi marks its Beta Mainnet
Launch with engaging trading competitions,
stimulating participation and
competitiveness among early adopters.
These competitions, coupled with a
visible leaderboard showcasing top
traders, cultivate a dynamic and spirited
community within the platform.
In a bid to appreciate community
involvement, Brine Fi extends exclusive
merchandise to early supporters
engaged in diverse platform-related
activities, from referrals to social media
sharing and user experience feedback,
nurturing a dedicated user base.
A novel initiative within Brine’s
ecosystem, the Salt Score, quantifies
user engagement, determining eligibility
for exclusive events, promotions, and
rewards, effectively motivating and
acknowledging active participants.
Utilising StarkWare’s zkP (Zero
Knowledge Proofs) technology, Brine
Fi ensures privacy in trading positions,
facilitating the seamless execution of
high-volume orders. Traders enjoy feeless
trading, with costs as low as 0.05%.
Additionally, users stand a chance to
earn rebates of up to 50% on referral
trading fees at Brine Fi and can actively
participate in the monthly Trading
Leaderboard competition, vying for
USDC rewards.
Brine Fi not only overcomes the
Shaaran Lakshminarayanan,
CEO
limitations of traditional crypto trading
but also builds a committed community,
emerging as a trailblazer in decentralized
exchanges.
Zest Equity
Zest Equity, established in 2021
by Rawan Baddour and Zuhair
Shamma, initially began as
a secondary trading marketplace.
However, its swift evolution
transformed it into a dynamic platform
empowering ecosystem players, such
as founders and venture capitalists,
to conduct efficient and transparent
transactions online.
Traditionally, these interactions
occurred offline, entailing tedious,
obscure, and costly processes.
Zest’s core mission revolves around
democratising access to private
markets and empowering investors,
founders, and their enterprises within
a unified platform.
Founders leverage Zest Equity’s
suite of tools to invite investors to
fundraising rounds, facilitating actions
like sharing critical information such
as pitch decks and cap tables while
efficiently monitoring deal processes.
On the other side, investors can
express their interest, observe other
participating VCs in the round, and
digitally sign essential documents.
Moreover, Zest offers a legal
infrastructure that allows investors,
including angels, to form investment
syndicates or special purpose vehicles,
simplifying shared venture interests.
This streamlined approach saves
time, and administrative costs,
and significantly eases investment
processes, especially for angel
investors.
Zest Equity’s groundbreaking tools
are designed to revolutionise the way
startups manage secondary share
trades. These innovative solutions
empower startups by providing
them with the capability to establish
standardised protocols for these
transactions. Through these tools,
startups gain the ability to define
parameters for liquidity windows,
oversee the intricacies of the
liquidation process, and control the
dissemination of shared information.
By allowing startups to set specific
parameters for liquidity windows, they
can determine when opportunities for
liquidity are accessible to investors.
Simultaneously, having oversight
Rawan Baddour and Zuhair Shamma,
Co-Founders
over the liquidation process ensures
that these transactions are executed
smoothly and efficiently.
Looking ahead, Zest Equity has its
sights set on emerging markets such as
North Africa, South Asia, and Turkey,
recognising similar gaps and issues
in these regions, thereby aiming to
extend its transformative solutions
beyond its initial scope.
December 2023 www.thefinanceworld.com 19

Fintech News
Raiven Capital Unveils $125M Startup Fund in Dubai
Raiven Capital has unveiled its
latest venture, a $125M fund
established within the Dubai
International Financial Centre
(DIFC). This fund is strategically
directed towards backing founders
pioneering technology in AI, the Internet
of Things, and Distributed Ledger
Tech, with a strong focus on digital
platforms reshaping value chains across
diverse sectors like finance, energy,
health, environment, and food. It aims
to foster innovation among early and
growth-stage tech companies in the
GCC, South Asia, and North/East Africa
regions, empowering them to reach
leadership status by connecting them to
European and North American markets
through Raiven’s new Dubai hub. This
initiative plays a pivotal role in bridging
the growing demand for venture capital
in the tech industry, which has been
witnessing rapid expansion in the UAE
and the wider region. MENA venture
capital funding for Q3 2023 recorded
significant growth, with $250M raised
across 78 deals, a 32 percent increase
compared to the preceding quarter.
Climate Tech VC: MENA and Turkey Startups Attract
$651M
CE-Ventures, the corporate
venture capital platform of
Crescent Enterprises, has
collaborated with MAGNiTT
to introduce ‘The State of Climate
Tech Venture Capital Report.’ This
comprehensive report delves into the
dynamic landscape of climate tech
investments in the Middle East and
North Africa (MENA) and Turkey,
offering valuable insights into the sector’s
evolving trends, challenges, and
opportunities. The report emphasises
the significance of harnessing innovative
technologies to combat climate
change. It underlines the potential of
existing technologies to mitigate 65%
of emissions and highlights the need
for further advancements to bridge
the remaining 35% emissions gap. This
report acts as a valuable resource for
understanding the climate tech investment
landscape in the region.
CQUR Bank Chooses Finastra for Online Banking
Transformation
Finastra has confirmed a strategic
partnership with CQUR
Bank, paving the way for the
bank to enhance its technology
offerings. By integrating Finastra’s
Trade Innovation and Corporate
Channels solutions, CQUR Bank is
set to introduce a cutting-edge online
banking portal, ensuring a seamless
user experience for its corporate
clients. This initiative will also usher
in new digital workflows and hostto-host
integration solutions, thereby
modernising and optimising the bank’s
corporate client services, aligning with
its technology strategy and reinforcing
its commitment to providing innovative
and efficient banking solutions.
UAE’s Thriving Proptech
Scene: 6 Fast-Growing
Startups
The global surge of property technology,
or prop-tech, is making
waves in the Middle East, offering
the potential to revolutionise the
real estate industry, enhancing accessibility,
efficiency, and sustainability. In the
Middle East, this trend is gaining momentum
as home seekers, landlords, and
agents increasingly embrace cutting-edge
digital platforms for advanced property
management tools, exploring new real
estate investment prospects, and benefiting
from streamlined transactions. In this
burgeoning prop-tech landscape, several
startups are rapidly making a mark. Notable
among them are Huspy, Property
Finder, Nomad Homes, Keyper, Stake,
and Silkhaus. Their recent achievements
and forthcoming endeavours promise to
reshape the real estate landscape in the
Middle East.
20 www.thefinanceworld.com December 2023

Saudi Arabia’s Tabby
secures $200M; valued at
$1.5B
Tabby, the buy now, pay later
start-up, has become the first
fintech unicorn in the Gulf
region following a successful
Series D funding round that raised
$200M, valuing the company at over
$1.5B. Led by Wellington Management
and featuring participation from growth
equity investor Bluepool Capital, alongside
existing investors STV, Mubadala
Investment Capital, PayPal Ventures,
and Arbor Ventures, this funding will
further support Tabby’s mission of
financing consumers and retailers.
With an annualised transaction volume
exceeding $6B and collaboration with
over 30,000 brands, Tabby continues
to expand, recently introducing Tabby
Shop, a platform showcasing thousands
of brands and over half a million products,
offering shoppers a comprehensive
and convenient shopping experience.
Tabby has also achieved a user base
of 10 million.
UAE FinTech NOW Money Secures Funding for
Remittance Revolution
UAE-based FinTech NOW
Money has secured substantial
funding for its mission
to revolutionise remittance
and financial services. The investment
drive, led by Dubai entrepreneurs
Mark Nutter and Nicolas Andine,
marks a significant milestone for the
company. Nutter assumes the role of
Chairman, while Andine takes the helm
as the new CEO. NOW Money’s core
focus is serving the underserved and
underbanked immigrant population
in the UAE by collaborating with employers
to provide accessible payroll
and banking services. They also offer
low-cost remittance and banking fees to
various countries. The funding injection
will propel NOW Money’s expansion,
including the introduction of a unique
banking subscription service tailored
for the region’s migrant workers, enhancing
their financial management
capabilities and offering additional
benefits.
Qatar Islamic Bank Extends Direct Remit Service
to the UK
Qatar Islamic Bank (QIB) is
expanding its Direct Remit
service to the United Kingdom
in partnership with
Standard Chartered Bank. This expansion
follows the successful launch
of Direct Remit in several countries,
including India, Pakistan, Jordan, the
Philippines, and Egypt. Customers can
now utilise the QIB mobile app for
real-time money transfers to the UK.
Users can enjoy instantaneous transactions
with competitive exchange rates
by logging in, selecting the destination,
and providing recipient details. The
service also offers transaction tracking
and instant SMS updates on transaction
status. The addition of the UK
to Direct Remit reaffirms QIB’s commitment
to delivering a seamless and
secure banking experience for its customers.
The QIB mobile app is available
for download on the App Store,
Google Play, and Huawei AppGallery,
enabling customers to manage their
accounts, cards, and transactions remotely
and even open new accounts,
obtain personal financing, and apply
for credit cards through the app.
Dubai Chamber of Digital
Economy Inks Four MoUs
for Ecosystem Enhancement
The Dubai Chamber of Digital
Economy, operating within Dubai
Chambers, has recently solidified
its commitment to bolstering the
emirate’s digital landscape. During the
Dubai Business Forum, it signed four
crucial Memorandums of Understanding
(MoUs) with key players in the industry,
including Mastercard, RemotePass, Tokio
Marine & Nichido Fire Insurance, and
Silkhaus. These agreements are pivotal
in achieving the chamber’s strategic goals
of attracting global digital companies to
Dubai and fortifying the emirate’s advanced
digital infrastructure. The partnership
with Mastercard involves the establishment
of a co-branded innovation hub in
Dubai, leveraging Mastercard’s extensive
expertise in payment processing. This
hub, known as the Innovation Centre,
will be a focal point for collaboration
in digital innovation and artificial intelligence
technologies, aiming to attract
international tech firms, startups, and
digital talent to Dubai.
December 2023 www.thefinanceworld.com 21

Fintech Application
ADSS: NEXT GENERATION TRADING
Established in 2011, ADS Securities
(ADSS) has emerged as a significant
player in the global trading
landscape, with its headquarters based
in the United Arab Emirates (UAE).
The application stands out by providing
a diverse range of trading options,
including forex, indices, commodities,
stocks, and cryptocurrencies, catering
to a wide spectrum of investor preferences.
Operating through two entities,
ADS Securities LLC in the UAE and
ADS Securities London Limited in the
UK, ADSS offers traders access to the
widely utilised MetaTrader 4 platform.
To cater diverse needs of its clients
ADSS offers customised account options.
The Classic Account serves retail
traders, providing a straightforward
trading experience, while the Elite
Account is designed for professionals
seeking advanced features. Additionally,
in line with its UAE base, ADSS
accommodates Islamic principles with
a Sharia-compliant Islamic Account.
One notable feature of ADSS is its
extensive offering of indices and stocks,
providing traders with a comprehensive
selection of assets to trade. The
platform also emphasises transparency,
offering detailed legal and regulatory
information on its website. Regulated
by both Tier 1 and Tier 2 regulators,
ADSS has earned a reputation for
trustworthiness and stability during
its more than 10 years in operation.
Despite being a private company
without public trading shares or a
bank parent, ADSS boasts a substantial
workforce of over 500 employees,
underscoring its significant presence in
the market. The absence of inactivity
fees further enhances the platform’s
appeal, ensuring that clients won’t
incur charges for dormant accounts.
ADSS also invests in the education
and research support of its users.
Traders can access valuable resources
to enhance their understanding of
the markets, contributing to a more
informed and empowered trading
community.
In summary, ADS Securities (ADSS)
stands as a reliable and transparent
trading platform with a decade-long
track record, offering diverse account
options and educational resources.
Regulated by prominent authorities and
with a commitment to transparency,
ADSS remains a notable choice for
traders navigating the complexities of
the online trading landscape.
Availability: Google Play Store and
Apple App Store
Website: www.adss.com
22 www.thefinanceworld.com December 2023

HUAWEI Eyewear 2
Huawei’s Eyewear 2 smart glasses
redefine the intersection of
style and technology, bringing
a cutting-edge audio experience to the
UAE. Eyewear 2 delivers an exceptional
wearable audio experience paired
with an extended battery life. These
smart glasses boast an IP54 water and
sweat-resistant rating, making them
an ideal daily companion for diverse
activities.
Eyewear 2 comes in two distinctive
styles: the Browline Eyewear frames
and the Rectangle Half-Frame Eyewear
frames. The Browline design, crafted
from β titanium, showcases a sleek
Titanium Silver hue and features an
ultra-light 4.7g frame, providing a
futuristic look with a levitating lens
impression. The Rectangle Half-Frame
Eyewear offers a vibrant and casual
aesthetic, striking a perfect balance
between style and utility.
What sets Eyewear 2 apart is its
battery life. With 11 hours of listening
time, 9 hours of calling, and up to 4
days of standby time on a full charge,
it ensures a reliable performance
throughout the day. Even when not
actively in use, the glasses can last up
to 4 days, and the included protective
case extends the power maintenance
to at least 1 month.
Eyewear 2’s open acoustic design
keeps users connected to their surroundings
while enjoying audio, ensuring a
premium experience with advanced
sound systems and intelligent volume
adjustment.
Moreover, Eyewear 2 incorporates
smart touch controls through multiple
sensors on each side, facilitating seamless
connectivity with smartphones
and tablets. This feature is particularly
convenient for users multitasking between
devices at home or in the office.
Priced at AED 899/-, Eyewear 2 is now
available in the UAE through Huawei’s
Experience Stores and e-shop, setting
a new standard for wearable audio
technology.
December 2023 www.thefinanceworld.com 23

Business
Transformative Leadership Propelling Corporate
Triumphs in UAE’s Business Landscape
The United Arab Emirates (UAE) has emerged as a global hub for
innovation and economic growth. In this dynamic landscape, the role
of transformative leadership stands paramount in steering corporate
triumphs. Leaders who can envision change, inspire their teams, and
adapt to evolving market demands have been instrumental in shaping
the success stories of numerous enterprises in the region.
Among various leadership styles,
Transformative Leadership
stands out for its emphasis on
initiating significant changes within
companies and in shaping business
practices. The UAE’s leaders reflect
this kind of leadership. It traces its
roots back to the nation’s founding
fathers whose visionary aspirations extended
far beyond the immediate postoil
era. Their dreams encompassed a
nation recognized for its innovation,
harmony, and progress. This spirit has
been seamlessly inherited by today’s
leaders in UAE enterprises, steering
them towards long-term visions over
short-term gains.
Sheikh Mohammed bin Rashid Al
Maktoum’s vision for Dubai transcends
mere economic growth; it’s a
comprehensive development strategy
encompassing culture, knowledge, and
human development. Similarly, Dr.
Sultan Ahmed Al Jaber’s leadership
in ADNOC and various other sectors
demonstrates a deep understanding
not just of present energy needs but
the future of energy, sustainability, and
technological integration.
These leaders and others like them
epitomize transformative leadership
by seamlessly merging vision with
action, principles with pragmatism,
24 www.thefinanceworld.com December 2023

Leaders who champion innovation, diversity,
and adaptability set the stage for organisations
to thrive in an ever-evolving market.
and ambition with humility.
In the landscape of global commerce,
the UAE’s narrative of transformative
leadership offers invaluable
lessons for businesses and leaders
worldwide, emphasizing the significance
of forward-thinking, values-driven,
and inclusive approaches
to leadership.
One striking example of transformative
leadership is demonstrated
by Abdulaziz Al Ghurair, an Emirati
politician, chairman of Mashreq and
a director of the Abdullah Al Ghurair
Group. Al Ghurair’s strategic vision
and commitment to innovation propelled
Mashreq Bank into a digital
transformation journey. Recognising
the shifting preferences of consumers
towards digital banking, Al Ghurair
initiated a comprehensive overhaul
of the bank’s services. This involved
investing in cutting-edge technology,
revamping digital platforms, and fostering
a culture of continuous innovation
within the organisation.
The transformative leadership approach
implemented by Al Ghurair not
only revolutionised Mashreq Bank’s
operations but also set a benchmark
for the entire banking sector in the
UAE. By embracing technological advancements
and empowering his team
to adapt to change, Al Ghurair steered
Mashreq Bank to a position of strength
in the competitive financial landscape.
Another influential figure in the
UAE’s business realm, Raja Easa Al
Gurg, the Managing Director of the
Easa Saleh Al Gurg Group, exemplifies
transformative leadership through her
dedication to diversity and inclusion.
Al Gurg’s leadership style emphasises
the importance of empowering women
in the workforce. Under her guidance,
the Easa Saleh Al Gurg Group has
implemented progressive policies to
support gender equality, providing
equal opportunities for women to
thrive and ascend to leadership roles
within the organisation.
Al Gurg’s commitment to fostering
a diverse and inclusive workplace not
only enhances the company’s reputation
but also contributes to increased
innovation and productivity. Her leadership
has created an environment
where employees feel valued, leading
to a motivated workforce that drives
the company’s success.
Moreover, the success story of
Emirates Airlines under the leadership
of Sir Tim Clark is a testament to the
transformative power of visionary
leadership. Clark’s strategic initiatives
transformed Emirates Airlines from a
regional carrier into a global aviation
giant. His foresight in expanding the
airline’s fleet, investing in cutting-edge
aircraft, and pioneering long-haul
routes opened new horizons for the
airline industry in the Middle East.
Clark’s emphasis on customer experience
and service excellence revolutionised
the airline’s reputation,
earning Emirates Airlines recognition
as a leading player in the global aviation
market. His ability to anticipate
market trends and adapt the airline’s
strategies accordingly has been pivotal
in navigating challenges and ensuring
sustained growth.
Hussain Sajwani, the founder of DA-
MAC Properties, is another standout
UAE leader whose transformative journey
in the real estate sector reflects
visionary leadership. Recognizing
Dubai’s real estate potential early on,
Sajwani’s innovative strategies propelled
DAMAC Properties to become a
leading luxury property developer. His
pioneering approach introduced opulent
residential projects, collaborating
with global luxury brands like Versace
and Fendi, setting new standards in
luxury living and reshaping Dubai’s
skyline. Sajwani’s foresight, innovation,
and commitment to excellence
showcase transformative leadership,
leaving a significant impact on the
UAE’s real estate industry.
The impact of transformative leadership
extends beyond individual success
stories to influence the broader
business landscape in the UAE. Leaders
who embrace change, encourage
innovation, and prioritise inclusivity
create a ripple effect that fosters a
culture of growth and resilience across
industries.
However, the journey towards transformative
leadership is not without its
challenges. Leaders often face resistance
to change, entrenched traditional
practices, and the need to balance
innovation with risk management.
Navigating these hurdles requires a
blend of strategic foresight, effective
communication, and a commitment to
continuous learning.
Transformative leadership stands
as the cornerstone of corporate triumphs
in the UAE’s dynamic business
landscape. By drawing inspiration
from the examples of visionaries
businesses in the UAE can embrace
transformative leadership to propel
themselves towards sustained success
and prominence on the global stage.
December 2023 www.thefinanceworld.com 25

Business News
UAE’s First-Half 2023 GDP Grows by 3.7% Driven by Non-Oil Sector
The United Arab Emirates reported
a significant 3.7% increase
in its gross domestic product
(GDP) during the first half of the
year, according to statements from the
Economy Minister. Notably, the non-oil
sector experienced remarkable growth,
surging by 5.9% over the same period.
This positive economic performance
reflects the UAE’s resilience, diversification
efforts, and its commitment to
international cooperation. The country’s
reduced reliance on oil revenue in
favour of knowledge-based industries
underscores its progress. The non-oil
sector, which now contributes to over
70% of the UAE’s GDP, continues to
be a key driver of economic transformation,
demonstrating its importance
in the nation’s pursuit of economic
diversification and attracting foreign
investment.
Digital DEWA Moro
Hub and SAP to Host
Public Cloud on Zero-
Carbon Data Centre
Moro Hub, a subsidiary of
Digital DEWA, has announced
a potential collaboration
with SAP, a global leader
in cloud computing. This partnership
aims to bring SAP’s public cloud
services to Moro, the world’s largest
solar-powered Green Data Centre
located at the Mohammed bin Rashid
Al Maktoum Solar Park in Dubai. This
groundbreaking initiative opens doors
for both public and private sector organisations
in the UAE to reduce their
environmental footprint by leveraging
SAP’s cloud solutions hosted by Moro.
The announcement was made at Dubai
Business Forum 2023, organised by
Dubai Chambers. This collaboration
aligns with the vision of His Highness
Sheikh Mohammed bin Rashid Al
Maktoum and the UAE’s commitment
to sustainable computing technologies,
making significant strides toward the
UAE’s role as the host for COP28 and
the Dubai Clean Energy Strategy 2050.
Sheikh Hamdan Initiates ‘Dubai Program for
Gaming 2033’ to Fuel Digital Economy
Sheikh Hamdan bin Mohammed
bin Rashid Al Maktoum, Dubai’s
Crown Prince, has granted his
approval for the launch of the
‘Dubai Program for Gaming 2033,’ an
ambitious initiative to position Dubai
as a significant player in the global
gaming industry. This program aims
to generate 30,000 new jobs within the
gaming sector, propelling Dubai’s digital
economy and potentially increasing its
GDP by approximately $1B by 2033. The
‘Dubai Program for Gaming 2033’ will
be administered by the Dubai Future
Foundation and will primarily focus on
three core areas: talent, content, and
technology. It will establish a global
The Ministries of Investment in
the UAE and Jordan have solidified
their collaboration with
the signing of a Memorandum
of Understanding (MoU). This MoU
establishes a comprehensive framework
for investment cooperation, with
a particular focus on critical sectors
such as infrastructure and development
projects. The agreement underscores
the deepening of the strategic partnership
between the two nations. The UAE
Ministry of Investment has identified
potential investment opportunities
exceeding $2B in Jordan. Furthermore,
Abu Dhabi-based ADQ has revealed a
platform in Dubai for digital content
creators, offering training and job
opportunities in collaboration with
international companies, universities,
and academic institutions. This initiative
has the potential to make Dubai a
thriving hub for the gaming industry.
UAE and Jordan sign over $2B MoU to boost investment
cooperation
strategic partnership agreement with
the Jordan Investment Fund to create
a joint investment fund. Together, ADQ
and the Jordan Investment Fund aspire
to bolster infrastructure development,
stimulate export industries, and promote
innovation, thereby contributing
to the sustainable growth of Jordan’s
economy.
26 www.thefinanceworld.com December 2023

Waha Capital Posts AED 407M Net Profit in First Nine Months of 2023
Waha Capital PJSC (Waha
Capital), an investment
management company
listed on the Abu Dhabi
Securities Exchange (ADX: WAHA), has
reported a net profit of AED 407M for
the first nine months of 2023. This marks
a notable 57% year-on-year increase,
driven by the impressive performance
of its public funds, which outperformed
their benchmarks and attracted substantial
investments. During these nine
months, the company recorded a total
operating income of AED 679M, showing
a robust 54% increase from AED 441M
in the previous year. The exceptional
income growth is attributed to the
strong performance of Waha Investment,
a wholly-owned asset management
subsidiary, with its emerging markets
funds consistently delivering attractive
returns and increasing fee income.
Dubai Launches 2023-
2024 Cruise Season with
Maiden Luxury Liner at
Mina Rashid
The 2023-2024 cruise season in
Dubai officially began with
the grand arrival of the luxury
liner Mein Schiff 2. Docked at
the Hamdan bin Mohammed Cruise
Terminal in Mina Rashid, this marks
the commencement of an exciting
period for cruise enthusiasts. Dubai,
renowned for its unparalleled hospitality
and world-class attractions, is
poised to welcome up to 150 cruise
ships during the upcoming season,
solidifying its position as a premier
global cruise destination. Passengers
arriving on cruise liners at Mina
Rashid and Dubai Harbour can look
forward to diverse experiences and
top-notch services. Mein Schiff 2’s arrival
on October 28, 2023, is the first of
many expected port calls in Dubai this
cruise season. Additionally, Dubai will
host the Resilient Lady Ship operated
by Virgin Voyages for the first time,
embarking on two routes from the city
during this season. Dubai has played a
vital role in the Cruise Arabia alliance,
collaborating with key regional ports
like Abu Dhabi, Bahrain, and Oman to
promote the region as a global cruise
ship destination. This partnership aims
to enhance connectivity and integration
of cruise services in the region.
Dubai Business Forum Explores Tech in Business
Transformation
The Dubai Business Forum, a twoday
event presented by Dubai
Chambers, emphasised the influence
of advanced technologies
on businesses and how the workforce
can prepare for a future shaped by digital
transformation and Artificial Intelligence
(AI). The second day’s morning sessions
featured a talk by Ted Souder, a former
Senior Executive at Google, who described
Dubai as a hub where the future unfolds.
He explored how businesses can leverage
AI by maximising opportunities while
minimising associated risks. Souder
Dubai International Chamber,
one of the key chambers operating
under the Dubai Chambers
umbrella, has achieved
a significant milestone by successfully
attracting six global companies to establish
their businesses in Dubai. These
strategic partnerships were formalised
through the signing of six Memoranda
of Understanding (MoUs) during the
Dubai Business Forum, highlighting the
chamber’s unwavering commitment to
its strategic priorities of drawing global
companies and investments to the emirate.
The signed agreements encompass five
multinational companies from various
parts of the world, including China’s
Shenzhen Meiniao Technology, India’s
Temla Consumer Products, Sensedynamic
Fashion, and Metal Power, along with
Indonesia’s House of Indonesia. Additionally,
an MoU was established with
stressed that AI, although not new, has
been powering tools and platforms for
decades, and he highlighted the potential
of generative AI to foster a new generation
of entrepreneurs, driving economic
vitality and job creation. Following this,
a panel discussion titled “Investing in the
Future of Prosperity” featured Noor Sweid,
Managing Partner at Global Ventures;
Ronaldo Mouchawar, Vice President of
Amazon Middle East and North Africa;
and Kathy Xiaosi Gong, Co-Founder and
CEO of Oneness Labs.
Dubai International Chamber attracts six international
companies
Dynamox, an SME hailing from Brazil.
December 2023 www.thefinanceworld.com 27

Asus TUF Gaming Z790-Plus
ASUS TUF Gaming Z790-PRO
WIFI stands as a cost-effective
Intel Z790 motherboard, strategically
designed for gamers with a
focus on durability and performance.
Comprising military-grade components
and an efficient cooling system, this
motherboard ensures prolonged use.
Noteworthy features include four M.2
sockets, robust power delivery, premium
audio, fast Wi-Fi 6E, and an array of
USB ports, including a 20Gbps USB-C
port on the rear I/O panel. It comes
bundled with accessories such as a
WIFI Q-Antenna, SATA III cables, M.2
drive accessories, a quick start guide,
and more.
Design-wise, it introduces the unique
“Q-Antenna” WiFi antenna with snap-on
connectors, adhering to a black, grey,
and silver colour scheme with hints of
yellow, aligning with the TUF Gaming
brand identity. The motherboard exhibits
gaming-themed embellishments, an
integrated I/O shield, and RGB headers
for aesthetic customisation.
The motherboard features 16+1+1
power stages, four DDR5 slots supporting
up to 192GB of RAM, and DDR5
7800+ when overclocked. It simplifies
memory module removal with its single-tabbed
“Q-DIMM” design. Front
panel connectivity includes USB 3.2
Gen 2×2 Type-C header, USB 3.2 Gen
1 Type-A header, and USB 2.0 headers.
In terms of storage, it offers four
SATA III ports and four PCIe 4.0 x4
M.2 slots. Premium audio quality is
delivered through Realtek’s S1220A
audio codec, while internet connectivity
is handled by Intel’s I226-V controller,
supporting 2.5 Gigabit Ethernet. Additionally,
WIFI 6E and Bluetooth 5.3 are
enabled through Intel’s AX211 module.
The rear I/O ports include DisplayPort,
HDMI, USB 3.2 Gen 1 Type-A, USB 3.2
Gen 2 Type-C, 2.5 Gigabit Ethernet port,
USB 3.2 Gen 2 Type-A, USB 3.2 Gen 2×2
Type-C, WIFI Q-Antenna connectors,
and audio jacks.
In conclusion, ASUS TUF Gaming
Z790-PRO WIFI presents a strong midrange
Intel Z790 Refresh motherboard,
offering notable features for gamers
and enthusiasts.
28 www.thefinanceworld.com December 2023

Jabra Elite 8 Active
Jabra’s Elite 8 Active earbuds, an
extension of their current earbud
line, boast aesthetic similarities
and a familiar lightweight design at 5g
per earbud and 46g for the case. With
an IP68 rating, they are both dust- and
waterproof, making them resilient for
various activities. The grippy ShakeGrip
coating, available in three ear tip sizes,
ensures a secure fit without picking
up dust and is suitable for workouts
or daily use.
Despite lacking stabilisers or overear
hooks, Elite 8 Active achieves a
solid fitting shape, especially for those
accustomed to Jabra’s earbuds. The
in-ear detection, thoughtful features
like an auto sleep timer, and effective
controls, including Spotify Tap and
compatibility with Google Assistant
or Siri, enhance their versatility for
workouts and daily activities.
Accessing updates through the Sound+
app, users can enable Dolby Atmos
for spatial audio, utilise an equaliser
with presets and manage ANC and
HearThrough settings. The Elite 8 Active
employs Bluetooth 5.3 with multipoint
and LE Audio compatibility, providing
a stable connection without dropouts.
The case charges conveniently through
USB-A to USB-C or wirelessly with a Qi
pad, incorporating LEDs that indicate
the charging status. Jabra claims the
Elite 8 Active’s third-highest tier Adaptive
Hybrid ANC effectively reduces
low-pitched noises by 36dB at 100Hz,
though high-pitched incidental sounds
may pose a challenge.
Jabra’s Elite 8 Active earbuds offer
good passive isolation and ANC coverage
for middle frequencies, with
Jabra’s signature sound exhibiting a
mild bass bump and slight under-emphasis
in the highest frequencies.
The six-microphone system captures
voices well, with acceptable clarity in
varying environments, including windy
conditions.
December 2023 www.thefinanceworld.com 29

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
P.N.C Menon
Founder and Chairman, Sobha Realty
P.N.C Menon, a visionary founder of Sobha Group,
stands distinguished among the esteemed recipients
of the Divya Chakra award. His tale of success and
accomplishment commenced with a humble beginning
in Kerala, South India, leading him to Oman in 1976 to
initiate an interior decorating venture, thus laying the
cornerstone of his prosperous career.
In 1995, recognising the immense potential in real estate,
Menon established Sobha Developers in Bangalore, a
name derived from his wife’s name, subsequently steering
the company towards meteoric success. This visionary
entrepreneur, alongside his son Ravi, orchestrates Sobha
Developers, while Menon resides in Dubai, strategically
guiding the group’s operations.
Sobha Realty, under Menon’s astute leadership, has expanded
across the Middle East, encompassing operations
in the UAE, Qatar, Oman, and other Gulf countries. His
ceaseless pursuit of quality and ethical business practices
manifested in the creation of the prestigious Sultan Qaboos
Grand Mosque and Al Bustan Palace in Muscat, Oman,
which became an indelible part of his legacy.
Beyond geographical boundaries, P.N.C Menon’s entrepreneurial
journey spans international markets. In 2003,
he ventured into the UAE with Sobha Realty, garnering
global recognition and accolades. Notably, his accolades
include the ‘Golden Peacock Lifetime Achievement Award
for Business Leadership’ and ‘Lifetime Achievement Award’
at the NDTV Property Awards, marking his profound
impact on the industry.
Driven by an addiction to success, Menon’s pursuits have
diversified into hospitality, branded furniture and lighting,
real estate consultancy services, and a multi-billion dollar
real estate fund, Menon Capital. Leveraging his 47-year
experience in the building industry, he aspires to channel
investments into real estate ventures globally.
Under the Sobha Group’s umbrella, Menon spearheaded
numerous transformative real estate projects in the UAE
and Saudi Arabia. Notable among these are the Mohammed
bin Rashid Al Maktoum City-District One project in Dubai
and the Firdous Sobha project in Umm Al Quwain, each
demonstrating his commitment to visionary endeavours.
Menon’s remarkable journey is a testament to his
resilience, passion, and commitment to setting high
standards in every endeavour. His relentless dedication
to excellence and tireless pursuit of success exemplify
a remarkable trajectory that transformed him from an
ordinary individual in the Gulf to a distinguished and successful
entrepreneur. His profound faith and commitment
to work are paralleled by his diversified ventures, which
echo his relentless pursuit of perfection and unwavering
dedication to his craft.
30 www.thefinanceworld.com December 2023

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Dr. Zulekha Daud
Founder, Zulekha Healthcare Group
Dr. Zulekha Daud, affectionately known as ‘Mama
Zulekha’ and the recipient of the eminent Divya
Chakra Award, epitomises a pioneering spirit, compassion,
and an unwavering commitment to healthcare. Her
impact on healthcare in the Middle East is nothing short
of revolutionary. Arriving in the UAE in the 1960s when
healthcare access was limited, she became a pioneering
Indian lady medical professional and entrepreneur. Her
journey traces back to the Kuwaiti Mission Hospital in
Sharjah, where she began her dedicated service, quickly
earning the admiration of both UAE nationals and
expatriates.
Driven by a vision to establish world-class medical
facilities at affordable costs, Dr. Zulekha founded the
Zulekha Healthcare Group. Starting with a 30-bed facility
in Sharjah in 1992, her enterprise has burgeoned into
an expansive network, encompassing hospitals, medical
centres, educational institutions, and pharmacies across
the UAE and India. Under her guidance, the healthcare
network forged collaborations with global medical experts,
facilitating the introduction of advanced super-speciality
clinical services. This commitment to excellence led to
recognitions, including accreditation by the Joint Commission
International, USA, validating the high standards
maintained across the facilities.
Her influence extended beyond healthcare. Recognising
the shortage of female doctors in the region, she addressed
this by her practice and inspired others to follow suit.
Establishing the Alexis Multispeciality Hospital in Nagpur,
India, and initiatives like Zed - a vocational training
centre, charitable trusts, and efforts towards providing
clean drinking water in India showcased her commitment
to societal welfare.
Dr. Zulekha’s impact reaches beyond medical infrastructure.
She’s actively involved in community initiatives
focusing on the early detection and prevention of
life-threatening diseases, providing free health checks to
thousands of individuals. Her commitment to Corporate
Social Responsibility (CSR) initiatives addressing diabetes,
cancer, kidney diseases, and arthritis is commendable.
Dr. Zulekha Daud’s outstanding contributions to healthcare
have garnered significant recognition. Sheikh Abdullah
bin Zayed Al Nahyan honoured her for five decades of
service, acknowledging her efforts in boosting healthcare
for UAE citizens. Forbes Middle East listed her among the
top 100 Indian Leaders in the UAE for her impactful role
in healthcare. Additionally, she received the prestigious
Dubai Quality Award from Sheikh Mohammed Bin Rashid
Al Maktoum, underlining her commitment to excellence in
healthcare. Her enduring efforts in Nagpur, coupled with
receiving the Pravasi Bharatiya Samman, also reflect her
unwavering dedication to her homeland.
Dr. Zulekha Daud’s dedication exemplifies an unwavering
commitment to healthcare and societal well-being.
December 2023 www.thefinanceworld.com 31

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Abdulla Ajmal
CEO, Ajmal Group
Abdulla Ajmal, CEO of Ajmal Group, epitomises
entrepreneurial success in the perfumery domain
acknowledged as a standout among Divya Chakra
award recipients. His remarkable journey began with a
pursuit of education, propelling him from the UAE to the
UK, where he earned a Bachelor’s in Marketing and later
pursued an MBA specialising in International Relations.
Returning to Dubai armed with global insights, Abdulla
brought a fresh perspective to Ajmal Perfumes. He strategically
redefined the brand’s fragrance line, tapping into
diverse consumer segments and positioning Ajmal as a
distinguished player in the competitive market.
Boasting an extensive 26-year tenure in the perfumery
realm, Abdulla Ajmal envisions a global footprint for Ajmal
Perfumes, aspiring to elevate it to a premium lifestyle
brand. Guided by mentor Jacques Chabert, a revered independent
perfumer, Abdulla seeks to infuse Ajmal with
an international flair.
Ajmal Perfumes, under Abdulla’s stewardship, proudly
collaborates with globally acclaimed master perfumers
like Dominique Ropion, Maurice Roucel, Arturetto Landi,
and Alberto Morillas. These collaborations have received
widespread acclaim, contributing significantly to Ajmal’s
growing international reputation.
The brand has also taken proactive steps towards
sustainable packaging, launching products with recycled
plastic components and exploring recycled glass options.
For Abdulla and Ajmal Perfumes, sustainability isn’t
merely a trend—it’s a tradition, deeply ingrained in their
ethos and operations, far preceding the current global
sustainability wave.
Abdulla’s ambition extends beyond boundaries. Ajmal
Perfumes now extends its reach far beyond the GCC,
penetrating markets in North America, Europe (including
the UK and France), Africa, and the Asian Subcontinent.
This expansion mirrors Abdulla’s aspiration to position
Ajmal as a true global fragrance powerhouse.
Recognised for his pioneering initiatives, Abdulla Ajmal’s
achievements go beyond the acclaim of the Divya Chakra
awards. His inclusion in the Arabian Business list of the
“100 Most Powerful Indians in the Gulf” acknowledges
his pivotal role in catapulting a family business into a
multi-million-dollar corporate entity. He’s been nominated
as the “Asian Rising Star of the Year” and featured
in Forbes Middle East’s “Top 100 Indian Business” list,
reflecting his influential presence in the business sphere.
Abdulla Ajmal’s keen interest in global affairs underscores
his leadership prowess. He continues to drive
innovation and dedication, shaping Ajmal Perfumes into
a globally recognised, premium fragrance brand. Abdulla’s
unwavering commitment to excellence solidifies his
standing as an economic icon, shaping the future of the
perfumery industry.
32 www.thefinanceworld.com December 2023

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Ali Asghar Fakhruddin
Chairman, Sterling Perfumes
Ali Asghar Fakhruddin, Chairman of Sterling Perfumes
Industries, stands as a prominent figure in the
fragrance and beauty industry, recognised among
the esteemed recipients of the Divya Chakra award. With
a career spanning four decades, his visionary leadership
has left a profound economic impact that resonates far
beyond his remarkable journey.
Having dedicated 27 years to the family business
within Fakhruddin Holdings, Ali Asghar Fakhruddin has
significantly contributed to its development and global
success. His strategic prowess and hands-on approach
have propelled the organisation to greater heights, particularly
overseeing the operations of Sterling Parfums,
Premier Cosmetics, and Premier Plastics.
Under his leadership, Sterling Perfumes Industries has
emerged as a notable player in the Middle East’s fragrance
market, renowned for its extensive range of beauty products,
including esteemed brands such as Cosmo, Cornell’s
Wellness, Bioluxe, Estiara Passion, and non-alcoholic
French Oriental fragrances.
Ali Asghar Fakhruddin acknowledges the pivotal role of
the UAE in fostering the business’ expertise and reach. He
highlights the country’s strong economy, conducive business
environment, liberal trade policies, friendly taxation, and
robust infrastructure as catalysts for growth. The strategic
geographical location facilitates the efficient import of
raw materials and export of final products, enabling the
company’s seamless global outreach.
Sterling Perfumes Industries’ annual production capacity
of 120 million pieces across beauty and personal
care underscores its substantial economic contribution.
Operating manufacturing facilities compliant with Halal,
and FDA certifications reflects their commitment to rigorous
quality standards, ensuring top-tier products for
global consumers.
Ali Asghar Fakhruddin’s industry recognition further
amplifies the economic impact of Sterling Perfumes Industries.
His accolades, including the ‘Lifetime Achievement
Award’ and multiple wins in categories such as ‘Independent
Retailer of the Year’ and ‘Luxury Packaging of the
Year’ at prestigious ceremonies like the Beautyworld
Middle East Awards, signify the brand’s excellence and
market prominence.
His emphasis on quality, innovation, and global perspective
has fortified Sterling Perfumes Industries’ enduring
relationships with suppliers and partners, fostering trust
and longevity in business associations. Fakhruddin’s forward-thinking
approach and commitment to transferring
knowledge to future generations signify his vision for a
lasting heritage of quality and value in the industry.
Ali Asghar Fakhruddin’s legacy epitomises quality, luxury,
and accessibility in the fragrance and beauty sector.
His influence extends beyond achievements, marking an
enduring legacy that inspires generations.
December 2023 www.thefinanceworld.com 33

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Ankur Aggarwal
CEO, Bricks and Woods Real Estate
Ankur Agarwal, a prominent figure in finance,
business consultancy, and real estate, stands as
a distinguished recipient of the prestigious Divya
Chakra award, symbolising visionary leadership that
transcends conventional boundaries. With a foundation
in B.Com (Hons) from Delhi University, Ankur embarked
on a journey that redefined excellence, setting a new
standard in the UAE’s business landscape.
As the CEO and Founder of Bricks n Woods (BnW),
Ankur’s leadership stands as a beacon of innovation and
visionary prowess in the real estate sector. Collaborating
with renowned Bollywood celebrity and entrepreneur Vivek
Oberoi, Ankur propelled BnW to manage an impressive
AUM of 11.4 billion AED, showcasing over 16 years of
economic mastery and entrepreneurial brilliance.
Beyond real estate, Ankur’s role as Managing Partner at
AKGVG Group highlights his strategic acumen, elevating
the company’s financial advisory services and solidifying
his reputation as a thought leader in the industry.
His leadership skills are manifested in his ability to
inspire and motivate teams to achieve outstanding results.
His real estate and accounting expertise enables him to
provide strategic guidance and make informed decisions
that drive success.
Ankur Agarwal’s career trajectory, steeped in over a
decade of Chartered Accountancy expertise, has positioned
Bricks n Woods as a premier real estate agency
specialising in exclusive properties in the UAE. The agency’s
commitment to offering personalised services fosters
enduring relationships with international clients seeking
residences, second homes, or investment opportunities.
Moreover, Ankur’s expertise in Chartered Accountancy,
taxation, audit, and financial services solidifies his reputation
as a trusted advisor and consultant in the industry,
garnering recognition as a visionary leader.
Ankur’s passion for crafting specialised business models
and innovative solutions at Bricks n Woods emphasises
the convergence of strategic planning and creativity. His
commitment to tailored approaches and unwavering excellence
propels growth and success, reshaping the real
estate industry and empowering clients.
Spearheading the development of significant real estate
projects in Ras Al Khaimah, Ankur’s entrepreneurial journey
is enriched by his commitment to innovation and growth.
His forthcoming projects focusing on sustainability in
luxury residences, commercial spaces, and lavish hotel
developments underscore his dedication to visionary
thinking and customer-centricity.
With an ambitious portfolio of 14 upcoming projects,
Ankur Agarwal’s commitment to visionary thinking and
excellence continues to shape the real estate industry in
the UAE, impacting communities and fostering sustainable
growth.
34 www.thefinanceworld.com December 2023

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Harsh Patel
Founder, Water and Shark
Harsh Patel, a distinguished figure in International
Corporate and Business Laws, taxation, cross-border
structuring, and strategic advisory, stands as
a testament to visionary leadership, honoured with the
Divya Chakra award for his transformative contributions.
His journey as the Founding Member and Global CEO of
Water and Shark reflects a commitment to excellence,
spanning various countries, including India, the USA, the
UK, Singapore, and the UAE.
Harsh Patel’s recognition as the Icon of the UAE at a
young age attests to his transformative impact on the
industry. At 19, he embarked on an entrepreneurial journey,
founding Water and Shark to address the need for
comprehensive financial and legal solutions on a global
scale. His innovative approach has earned accolades and
acknowledgements, positioning him as an industry leader
and an example of managerial excellence, as recognised
by Forbes India.
As a pioneer in creating a platform for professionals in
finance and law, Harsh Patel fosters connections globally,
showcasing a profound commitment to knowledge-sharing
and professional advancement. Acknowledged with
prestigious accolades like the Leaders of Change by The
Economic Times of India and India’s Top 100 Great People
Manager by Forbes India, he remains an influential figure
in the industry.
Harsh Patel’s expertise transcends boundaries. As the
visionary Founder and Global CEO of Water and Shark,
his portfolio encompasses a vast spectrum of services,
including cross-border transactions, mergers and acquisitions,
family office structuring, and strategic advisory.
His firm’s global presence and services in diverse countries
exemplify a commitment to delivering effective and
tailored solutions to clients worldwide.
Water and Shark, under Harsh Patel’s guidance, offers
comprehensive legal and financial advisory services,
covering international law, business setup, cross-border
transactions, family office structuring, tax compliance,
and accounting. The firm’s expertise extends to digital
assets and cryptocurrency advisory, providing clients with
holistic solutions across multiple domains and countries.
At various industry forums, Harsh Patel has shared
insights on scaling law firms and expanding globally.
He encourages a focused mindset and perseverance in
acquiring international clients, providing a framework
for novices to venture into global expansion confidently.
Harsh Patel’s journey and achievements reflect a commitment
to excellence, knowledge-sharing, and a visionary
approach. His leadership and dedication continue to shape
and inspire the global professional landscape, setting new
standards for excellence and innovation.
December 2023 www.thefinanceworld.com 35

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Chef Ranveer Brar
Celebrity Chef, Kashkan Restaurant
Chef Ranveer Brar, a recipient of the prestigious
Divya Chakra, stands as a revered figure in India’s
culinary landscape. With a career spanning three
decades, he has become a celebrated icon, leaving an
indelible mark on the country’s gastronomic scene. A MasterChef
India judge, accomplished author, and acclaimed
television personality, his influence extends far and wide,
significantly impacting Indian cuisine on a global scale.
His journey began at the Taj Mahal Hotel after completing
his education at IHM. An ambitious and driven culinary
enthusiast, Brar quickly ascended to the position of the
youngest Executive Chef in India at the remarkable age of
25. This accomplishment heralded the commencement of
an extraordinary career, marked by significant milestones
such as launching “Morisco,” “il Camino,” and “Fishtail”
at Fort Aguada Beach Resort in Goa. Later in his journey,
he attained global recognition with the celebrated “Banq”
in Boston, Massachusetts, acclaimed as the Best New
Restaurant worldwide by “Wallpaper” magazine.
Brar’s culinary voyage continued as Corporate Chef for
the One World Hospitality Group in Boston and later as
Senior Executive Chef at Novotel, Juhu Beach, Mumbai.
His foray into restaurant consultancy and menu curation
expanded, contributing to the launch of MTV India chain
of restaurants and the creation of an ‘artisan’ line of meal
kits and a premium patisserie, “English Vinglish.”
His ventures spanned across continents, with the launch
of restaurants like FLYP @ MTV in Delhi, Chandigarh,
and Mumbai, the TAG Gourmart Kitchen in Mumbai, and
Mayura in Canada. Brar’s association with Alila Hotels
and Resorts for F&B conceptualization and collaboration
with Royal Caribbean International for Indian gourmet
food on cruise liners showcased his versatility and vision.
In 2023, Chef Brar unveiled Kashkan in Dubai Festival
City Mall, his first venture in the Middle East. This pan-Indian
restaurant aims to encapsulate the diverse flavours
from Kashmir to Kanyakumari, symbolising the vastness
of Indian cuisine. While acknowledging the impossibility
of encapsulating the entirety of Indian culinary diversity
in one restaurant, Brar intends to ignite meaningful conversations
about the rich tapestry of Indian food.
Chef Brar’s dedication to the culinary world extends
beyond the kitchen, as he mentors universities, endorses
food brands, and conducts culinary workshops across the
globe. His continuous efforts to revive forgotten grains,
dishes, and their stories reflect his passion for preserving
culinary heritage.
Chef Ranveer Brar’s journey has been an odyssey of flavours,
experiences, and a relentless pursuit of showcasing
the depth and richness of Indian cuisine to the world. His
latest venture in Dubai marks yet another milestone in
his mission to celebrate and share the diverse culinary
traditions of India.
36 www.thefinanceworld.com December 2023

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Raveena Devnani
Founder and CEO, Ravashing Events
Raveena Devnani, the CEO and founder of Ravashing
Exhibitions & Events, stands as an exceptional force
within the Exhibitions & Events Industry with an
extensive 25+ years of experience in both the UAE and
global settings across diverse business sectors and markets.
Renowned for her remarkable achievements, Raveena
was honoured as the recipient of the Divya Chakra award
for her outstanding contributions to the MICE industry.
Her journey has been marked by groundbreaking
achievements, having held positions in multinational
corporations like MEED and Informa, key pioneers in the
MICE industry. In 2013, Raveena established Ravashing
Exhibitions & Events, headquartered in Dubai, a name
that quickly rose to prominence in the exhibition stand
contracting arena worldwide.
Renowned for its client-centric approach, Ravashing
persevered through the challenges posed by the pandemic,
emerging as one of the fastest-growing companies
post-crisis. Their commitment to delivering superior
craftsmanship, timely deliveries, competitive pricing, and
unmatched customer service has garnered widespread
acclaim globally.
Operating as a Production House with comprehensive
in-house facilities in Dubai, Ravashing Events caters to the
thriving MICE industry on a global scale. With a dedicated
team of over 100 professionals and a sprawling 75,000 sqft
warehouse equipped with design and project execution
capabilities, they collaborate with global brands to craft
exquisite exhibition stands, retail kiosks, and merchandise,
and orchestrate corporate events, conferences, and
meetings.
In addition to her entrepreneurial pursuits, Raveena
actively participates in charitable initiatives, emphasising
the importance of business retention and relationship
management within the Ravashing family.
Raveena Devnani, the CEO and Founder of Ravashing
Exhibitions & Events stands adorned with numerous prestigious
awards highlighting her remarkable achievements
in the Exhibitions & Events Industry. Notable among
these are the Vapouround Global Awards 2023 and the
Best Production Company 2023 recognition, showcasing
her adeptness as the Best Exhibition Stand Builder. Her
excellence in event management was acknowledged at the
Gulf Achievers Awards 2023 and the She Global Awards
2023, where she was lauded for her remarkable contributions.
Raveena’s entrepreneurial prowess shone brightly
when she was honoured as the Best Young Entrepreneur
in Dubai in 2019.
Raveena’s dedication and passion for delivering unparalleled
experiences have reshaped industry standards, setting
new benchmarks in the Exhibitions & Events domain.
December 2023 www.thefinanceworld.com 37

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Vashu Shroff
Chairman, Regal Group
Vashu Shroff, the luminary behind the Regal Group
of Companies and one of the prominent recipients
of Divya Chakra awards, has created an indelible
mark in Dubai’s textile market landscape since he arrived
in 1952. Joining his family’s textile business at a tender
age, Shroff’s trajectory from a humble salesman and Hindi
teacher at the Indian High School Dubai to becoming the
current chairman of the Regal Group signifies an inspirational
journey.
Shroff’s journey to prominence wasn’t merely about
personal success but also about redefining the textile
and retail industry in Dubai. His vision expanded the
family’s textile trade to encompass diversified operations,
including textiles, technology, sportswear, accessories,
investments, and real estate.
A trailblazer in fostering bilateral trade between the
UAE and India, Shroff capitalised on opportunities that
propelled his family’s cotton business into a thriving
conglomerate. The strategic launch of Regal Traders in
the 1960s marked the genesis of a retail empire that now
spans across the GCC.
Recognised as ‘Vasuji’ within the NRI community,
Shroff’s legacy extends beyond business acumen. His
philanthropic endeavours include instrumental roles in
establishing key community pillars such as the Hindu
Temple in Bur Dubai, the Indian Sports Club, and the
Indian High School.
Under Shroff’s astute leadership, Regal Fabrics emerged
as one of Dubai’s premier fabric retailers. With over 13
stores in Dubai and a robust presence in other Emirates,
Regal Fabrics is renowned for its wholesale, retail, and
tailoring services, offering an extensive range of high-quality
fabrics sourced globally.
Regal Group’s fabric empire stands as a cornerstone of
the UAE’s textile industry, providing an extensive assortment
of fashionable fabrics. The company’s ten outlets,
strategically positioned across the Emirates, supply quality
fabrics to the country’s leading couture houses.
Beyond textiles, Shroff’s influence in technology and
real estate further reinforces his stature as a visionary
entrepreneur. His initiatives have set the stage for the
Regal Group’s monumental success, epitomising innovation
and foresight in diversifying the company’s portfolio.
Vashu Shroff’s instrumental role in shaping Dubai’s
textile landscape stands as a testament to his visionary
leadership, strategic foresight, and unwavering dedication
to business excellence and community development. His
legacy continues to inspire generations, leaving an enduring
imprint on Dubai’s vibrant textile industry.
38 www.thefinanceworld.com December 2023

Cover Story
Business Leaders
Crafting the UAE’s Global Eminence
Vikas Panchal
General Manager Middle East, Tally Solutions
Tally Solutions stands as a global forerunner in business
management software, catalysing a paradigm
shift in the ERP solutions landscape worldwide. With
a staggering reach of over 2.3 million licences spanning
over 100 countries, Tally Solutions has redefined efficiency
and empowerment for businesses globally. Recognised
for its innovation and excellence, Tally Solutions has
been honoured with the prestigious Divya Chakra award,
further solidifying its commitment to revolutionising the
industry and exemplifying its exceptional contributions
to the business management software arena.
At the heart of Tally’s philosophy lies the belief in
technology’s potential to streamline operations, making
business owners more efficient, empowered, and focused
on strategic objectives. This ethos drives their product
design - ensuring that their software works seamlessly
for businesses, adapting to their needs and enhancing
productivity.
The launch of TallyPrime 3.0 stands as a testament to
Tally Solutions’ commitment to simplifying compliance
and operational efficiency for SMEs. This cutting-edge
release boasts capabilities designed to empower small and
medium-sized enterprises, providing scalability without
software limitations. The adaptability of TallyPrime 3.0
fosters improved compliance management, operational
efficiency, financial control, and scalability which serve
as pivotal components contributing to SMEs’ growth and
success.
Tally Prime, a comprehensive business management
software, consolidates various business aspects, including
accounting, inventory, taxation, and payroll. Its recent
iteration, Tally Prime 3.0.1, introduced enhancements in
e-invoicing and GST return filing, enhancing the overall
user experience.
A significant part of Tally’s innovation strategy revolves
around integrating new technologies. The company’s focus
on WhatsApp integration within its product for seamless
communication between businesses and their customers
and suppliers reflects its commitment to evolving with
the latest trends.
Tally Solutions’ participation in events like GITEX Global
underscores its dedication to innovation and networking.
These platforms serve as catalysts for fostering partnerships,
gaining insights, and expanding their customer base
across the GCC, Africa, and Europe.
Moreover, the MSME Honours Awards event hosted by
Tally Solutions signifies the company’s commitment to
recognising and celebrating the achievements of Micro,
Small, and Medium Enterprises. Through such initiatives
and innovations, Tally Solutions continues to pave the
way for transformative advancements in ERP solutions,
offering SMEs the tools and resources necessary to thrive
and grow in today’s competitive landscape.
December 2023 www.thefinanceworld.com 39

Wheels
Specifications
Torque: 500 Nm
Horsepower: 382 hp
Acceleration: 60 in 4.4 seconds
40 www.thefinanceworld.com December 2023

BMW M440i xDrive
Convertible 2024
BMW M440i xDrive Convertible
2024 is an anticipated luxury
sports car designed to offer
an exhilarating driving experience.
This convertible model combines
a sleek, sporty design with highperformance
capabilities and cuttingedge
technology.
BMW M440i xDrive Convertible 2024
features a four-seat convertible body
style with a retractable soft-top roof that
can be easily operated. Its dimensions
include a length of 188 inches, width of
72.9 inches, and height of 54.6 inches.
Moreover, it has a wheelbase of 112.2
inches and a ground clearance of 8.4
inches.
This model is powered by a robust
3.0-liter inline-six engine, producing
482 horsepower and 500 Nm of torque.
It utilizes an eight-speed automatic
transmission and an all-wheel-drive
system, ensuring swift acceleration
and responsive handling. BMW M440i
xDrive Convertible can accelerate from
0 to 60 mph in just 4.6 seconds, with a
top speed reaching 170 mph.
The interior of the BMW M440i xDrive
Convertible 2024 prioritises comfort and
luxury. Premium materials, including
leather upholstery and a heated steering
wheel, adorn the cabin. The dashboard
is equipped with a 14.9-inch touchscreen
infotainment system, featuring Apple
CarPlay and Android Auto integration,
navigation, and a premium audio system.
Designed to captivate, the exterior
of the car showcases sleek and sporty
lines. Notable features include an
illuminated LED strip on the distinctive
kidney grille, stylish LED headlights,
and a sculpted rear end. The soft-top
roof can be opened or closed in just
18 seconds, even at speeds up to 31
mph. The car rides on 18-inch alloy
wheels, with the option for larger
19-inch wheels.
BMW M440i xDrive Convertible
2024 prioritises safety with advanced
features such as forward-collision
warning, automatic emergency braking,
lane-departure warning, and blind-spot
monitoring.
December 2023 www.thefinanceworld.com 41

Start-up
The Meteoric Ascent of UAE-born Startup
Pioneers
The United Arab Emirates has not only transformed major business sectors
through its presence but has also emerged as a trailblazer for SMEs and
startups. Reports indicate that the UAE is a hub for numerous startups, with
more than 20 startups worth more than $1 billion each this number continues
to grow. With the UAE’s startup industry expected to reach new heights, it is
a great time to highlight some of the pioneering startups that have emerged
from the UAE, showcasing their meteoric global success.
Namshi
Faraz Khalid,
Co-Founder
Namshi, a UAE-based startup
founded in 2011 by Faraz Khalid,
Hisham Zarka, Hosam Arab,
Louis Lebbos, and Muhammed Mekki,
has swiftly become a cornerstone in
the Middle East’s fashion e-commerce
landscape. With a primary focus on
serving customers in the UAE, Saudi
Arabia, Kuwait, Oman, Bahrain, and
Qatar, Namshi offers a diverse array of
footwear and apparel fashion brands,
providing a shopping experience that
seamlessly blends accessible fashion
with digital innovation.
The startup, headquartered in Dubai,
U.A.E., stands out not just for
its product offerings but also for its
commitment to meeting the evolving
demands of consumers. Namshi’s product
range spans fashion, footwear,
accessories, makeup, beauty products,
and homeware. Additionally, it boasts
worldwide shipping and contactless
delivery, emphasising a customer-centric
approach.
In August 2022, Namshi underwent
a notable development, being acquired
by Noon.2M, a strategic move
that could potentially influence the
startup’s approach in the dynamic
e-commerce sector.
Namshi’s inception in 2011 was
fueled by a vision to revolutionise
the shopping experience in the UAE,
particularly targeting style-centric
individuals in their 20s. With a commitment
to showcasing over 500 new
products daily, Namshi established
itself as a trendsetter in the fast-paced
world of online fashion.
Championing innovation, Namshi
tackled a significant challenge inherent
in the Middle East – the prevalent
’mall’ culture. Overcoming consumer
reluctance to buy online, trust product
veracity, and enter credit card
details, Namshi implemented practical
solutions such as accepting cash on
delivery. The startup also leveraged
digital technology and social media
to raise brand awareness.
Namshi’s success is attributed to
meticulous research, branding, promotion,
and a robust marketing strategy.
The startup strategically targeted a
specific consumer base, particularly
women for whom traditional mall
shopping presented challenges. This
targeted approach, starting small and
building a loyal client base, has been
integral to Namshi’s growth, underscoring
the effectiveness of a focused
strategy in the competitive realm of
e-commerce startups. Namshi’s journey
reflects not only its commitment
to accessible fashion but also its resilience
in navigating the complexities
of the Middle East’s unique consumer
landscape.
42 www.thefinanceworld.com December 2023

Careem
Careem, a Dubai-based startup,
has significantly impacted the
business landscape across the
Middle East, Africa, and South Asia,
operating in over 100 cities across
12 countries. Acquiring a valuation
of over US$2 billion in 2018, Careem
became a wholly-owned subsidiary of
Uber in January 2020 through a notable
$3.1 billion acquisition. Notably,
it diversified its services, venturing
into food delivery with Careem Now
in November 2018 and launching a
digital payment platform, Careem Pay,
in April 2022.
Founded in 2012 by Mudassir
Sheikha and Magnus Olsson, Careem
began as a website-based startup
service for corporate car bookings,
later evolving into a ridesharing company
with everyday car hire services.
Throughout its history, Careem has
expanded its reach, entering new
markets. In February 2018, Careem
acquired RoundMenu, a restaurant
listing and food ordering platform,
and announced plans to introduce
bus services in August 2018, initially
in Egypt.
In April 2023, e&, a global technology
and investment group, announced
its agreement with Uber and Careem
to acquire a majority stake in Careem’s
Super App business. This strategic
move positions Careem to accelerate
its vision of creating an all-encompassing
“everything app” serving customers
across the Middle East, with e& taking
a 50.03% stake.
Despite its successes, Careem has
faced challenges and criticism, including
a data breach in January 2018,
where information on over 14 million
riders and 558,800 drivers was compromised.
The company also encountered
scrutiny regarding its work culture and
hiring practices, with CEO Mudassir
Sheikha’s LinkedIn post in June 2023
attracting criticism for its tone and
approach. Careem’s commitment to
philanthropy is evident in its support
for initiatives such as Cricket for a
Mudassir Sheikha & Magnus Olsson,
Founders
Cause and collaboration with the
Robin Hood Army to feed over 10,000
people in Pakistan in 2018.
Careem’s journey, from its inception
as a regional ride-sharing startup to
becoming a key player in the global
super app landscape, underscores
its resilience and adaptability in the
ever-evolving tech industry.
Bayzat
Talal Bayaa,
CEO and Co-Founder
Established in 2012 by founders
Talal Bayaa, Brian Habibi, and
Tarek Bayaa, Bayzat emerged
as a startup with a mission to revolutionise
HR management for small and
medium-sized enterprises (SMEs). The
Dubai-based startup, Bayzat’s focus extends
beyond conventional HR payroll
solutions; it incorporates a range of
insurance options for businesses and
families, automating processes that
were traditionally manual.
The journey commenced as Talal
Bayaa, the CEO, recognised the prevalent
use of manual HR processes within
SMEs. In addressing this challenge,
the company identified additional
pain points that its solutions could
efficiently resolve for its customers.
Bayzat’s progress has not gone
unnoticed in the startup ecosystem.
The company, currently at the Series
C stage, has successfully secured a
total funding of $60 million through
seven funding rounds. The latest Series
C round, held on December 22, 2022,
raised $25 million and was led by DisruptAD,
showcasing the growing confidence
and support from investors.
Scaling a startup brings its own set
of challenges, and for Talal Bayaa, the
founder’s role is pivotal. Beyond the
essential factors of capital and talent,
Bayaa emphasises the continuous
growth and evolution of the founder as
a leader. Learning from mistakes and
dedicating time to personal development
are deemed crucial in navigating
the dynamic landscape of a growing
startup.
The significance of talent acquisition
is underscored in Bayzat’s success
narrative. The startup attributes a
substantial part of its achievements
to having the right team in place.
Moreover, Bayzat acknowledges the
essential role of raising capital and
encourages fellow entrepreneurs to
explore opportunities provided by
accelerators and incubation schemes
like Hub71 and Dubai Fintech Hub.
Bayzat’s trajectory, from identifying
a common pain point to evolving into
a Series C startup, not only highlights
the startup’s commitment to innovation
in HR solutions but also emphasises
the indispensable role of strategic
talent management and continuous
learning in the startup ecosystem.
December 2023 www.thefinanceworld.com 43

Energy
UAE’s Transformative Journey: From
Hydrocarbons to Renewable Solutions
The United Arab Emirates (UAE), renowned for its oil reserves and thriving hydrocarbon
industry, is embarking on a monumental journey toward a more sustainable
future. Long known for its oil wealth, the nation is strategically pivoting
away from its traditional reliance on hydrocarbons towards embracing renewable
energy solutions. This transition signifies a significant moment, influencing
the UAE and the broader global energy scenario.
44 www.thefinanceworld.com December 2023

For decades, the UAE’s economic
prosperity has been intrinsically
tied to its vast oil reserves, propelling
it to the forefront of the global
energy market. Despite possessing
the world’s seventh-largest proven
oil reserves and natural gas reserves,
the UAE has actively pursued decisive
measures to diversify its energy mix
and economy. Recognising the evolving
challenges posed by climate change,
environmental degradation, and the
finite nature of fossil fuels, the UAE
is charting a new course.
The visionary leadership in the
UAE has set ambitious targets to
diversify its energy mix, aiming to increase
the contribution of renewable
energy sources significantly. This
forward-thinking approach aligns
with global efforts to mitigate climate
change and reduce carbon emissions
while fostering sustainable economic
growth.
In 2022, a collaboration between the
state-owned Abu Dhabi National Oil
Company, Taqa, and holding company
Mubadala marked a significant step
toward renewable energy pursuits.
This partnership saw them becoming
shareholders of Masdar, a renewable
energy company, aiming to elevate
their collective standing in the realm
of clean energy. Their initial joint
efforts accounted for an impressive
23GW of renewable energy capacity,
instantly positioning Masdar as a
global leader in clean energy. Their
ambitious target aims to surpass 50GW
by 2030, signalling a commitment to
expansive growth in this sector.
Interestingly, while oil and gas
exports historically drove around 30
percent of the UAE’s economic activity,
the nation is swiftly diversifying
its energy landscape. Domestically, it
operates three nuclear reactors that
contribute power to the national grid
and hosts three of the world’s largest
and most cost-efficient solar facilities.
Simultaneously, the UAE is actively
mitigating the carbon footprint associated
with hydrocarbon fuels. As an
early adopter of industrial-scale carbon
capture technology in the region,
the country demonstrates a pragmatic
approach. Leveraging geological advantages
and innovative designs, the
UAE’s hydrocarbon resources rank
among the least carbon-intensive
globally. This strategic approach aligns
with a commitment to ensuring a
more sustainable energy future while
acknowledging the present reliance on
traditional energy sources.
The UAE’s Energy Strategy 2050
maps out a transformative journey
toward a diversified energy landscape.
Envisioning a balanced mix, the strategy
aims for 44% sourced from clean
energy, 38% from gas, 12% from clean
coal, and 6% from nuclear power by
2050. Building upon this strategic
foundation, recent updates in 2023 disclosed
a series of bold targets. These
include the creation of 50,000 green
jobs by 2030, a tripling of renewable
energy capacity to 14 GW, a goal to
achieve 30% clean energy integration
into the energy mix by 2031, and a resolute
commitment to attaining carbon
neutrality by 2050.
Some of the notable initiatives by
the government include the development
of The Noor Abu Dhabi solar
park, anticipated to curtail the nation’s
carbon footprint by 1 million metric
tons annually.
Dubai’s Mohammed bin Rashid Al
Maktoum Solar Park sprawled across
4,000 acres, aims to power 800,000
homes solely through solar energy
by 2030.
Channelling over $20 billion into
renewable energy initiatives through
Masdar, Abu Dhabi has exponentially
expanded its renewable energy portfolio
by 400% in the last decade. Masdar’s
focus spans the gamut of renewable
energy technologies, energy efficiency,
carbon management, water usage, and
desalination.
The UAE’s commitment to sustainability
extends beyond energy initiatives.
The Emirates Green Building
Council established the Energy Efficiency
Program, targeting the reduction
of the country’s carbon footprint
through retrofits in existing inefficient
buildings. Dubai’s “Smart City” strategy
encompasses 1,000 government
services and emphasises advancements
in transportation, infrastructure,
communications, finance, urban
planning, and electricity—striving to
optimise energy use, transportation,
and public spaces.
Further reinforcing their commitment,
Dubai has enforced “Green
Building Regulations” since 2011, mandating
these standards for all new private
sector constructions. Meanwhile,
the Abu Dhabi Urban Planning Council
introduced Estidama, an initiative promoting
sustainable building practices.
One of its key components, the Pearl
The transition
from
hydrocarbons
to renewable
solutions is
not merely an
environmental
endeavour;
it represents
a strategic
economic shift.
Building Rating System, evaluates and
incentivises sustainable development
across Abu Dhabi.
In a push toward sustainable waste
management, Abu Dhabi is developing
a waste-to-energy plant expected
to power 20,000 households solely
from organic waste, aligning with the
nation’s unwavering commitment to a
greener and more sustainable future.
Furthermore, the UAE’s commitment
extends beyond its borders.
Through partnerships and collaborations,
the country actively shares its
expertise and resources, contributing
to global initiatives aimed at advancing
renewable energy adoption worldwide.
Amidst the intricate hurdles posed
by a shifting climate, the UAE shines
as a guiding light, showcasing that the
shift toward renewable energy isn’t
merely an option but a necessity for
a sustainable global future.
December 2023 www.thefinanceworld.com 45

Energy News
Qatar and China sign 27-year liquified gas deal
QatarEnergy has entered into
a partnership agreement
with China Petrochemical
Corporation (Sinopec) for
the North Field South (NFS) expansion
project. As part of this partnership, a
long-term sales and purchase agreement
(SPA) was signed for the delivery of
3 million tons per annum (MTPA) of
LNG from the NFS project to Sinopec’s
receiving terminals in China, spanning
27 years. Under the partnership agreement,
QatarEnergy will transfer a five
EAD and TotalEnergies
Partner for Solar
Energy at Genetic
Resource Centre
The Environment Agency - Abu
Dhabi (EAD) has joined forces
with TotalEnergies Renewables
Distributed Generation (DG)
Middle East and Africa, an affiliate of
TotalEnergies, to implement distributed
solar energy solutions at EAD’s newly-constructed
Plant Genetic Resource Centre
in Al Ain. The collaboration involves a
20-year solar power equipment lease
agreement with TotalEnergies, encompassing
solar installation, operations,
maintenance, and solar energy production
at EAD’s facility. The plant will feature
680 photovoltaic panels, generating
approximately 500 MWh of clean energy
annually, covering a 1,360 square metre
area of car park shades. This initiative
will reduce EAD’s annual carbon footprint
by 200 tonnes of CO2, equivalent to the
energy use of approximately 25 homes
in a year. Ahmed Al Hashmi, Executive
Director of the Terrestrial and Marine
Biodiversity Sector at EAD, noted that
this lease agreement will significantly
lower carbon emissions, aligning with
the Abu Dhabi Climate Change Strategy.
percent interest to Sinopec in a joint
venture company with the equivalent
of 6 million tons per annum (MTPA) of
LNG production capacity in the NFS
project. This collaboration builds on
a previous agreement signed in Doha,
marking Sinopec’s entry as a shareholder
in one of the North Field East
(NFE) joint venture companies. It’s
important to note that this partnership
will not impact the interests of other
shareholders.
EU, US, COP28 Hosts Push for Global Deal to
Triple Renewable Energy
The European Union, United
States, and the United Arab
Emirates’ COP28 climate summit
hosts are actively seeking
global support for a plan to triple renewable
energy capacity this decade,
as revealed in documents shared with
Reuters. They are engaged in recruiting
other governments to sign this pledge
ahead of the annual U.N. climate negotiations
scheduled from November 30
to December 12 in Dubai. Tripling the
world’s renewable energy capacity to
11,000 gigawatts by 2030 is seen as a
crucial step in limiting global warming
to 1.5 degrees Celsius and mitigating
its catastrophic consequences. The
pledge also includes a commitment
to doubling the world’s annual energy
efficiency improvement rate to 4%
by 2030. While the letter emphasises
the need for a “global” effort, gaining
unanimous approval from the nearly
200 nations represented at the U.N.
COP28 talks remains a significant
political challenge.
Adnoc: Engine of UAE’s Economic Growth and
Diversification
Sheikh Khaled bin Mohamed, the
Crown Prince of Abu Dhabi,
has emphasised the critical role
of Adnoc in driving economic
growth and diversification within the
UAE. Adnoc’s transformative journey
as a responsible global energy pioneer
is pivotal in enhancing the country’s
leadership in the energy sector. The
company’s contributions to advancing
the energy transition through net-zero
ambitions, technological investments,
and strategic partnerships were highlighted.
Sheikh Khaled also underscored
Adnoc’s strategy to invest in clean energy,
explore alternative energy sources,
and support sustainable development
while working towards the UAE’s Net
Zero 2050 goals. This commitment positions
Adnoc as a significant driver of
progress in the region’s energy sector.
46 www.thefinanceworld.com December 2023

Ministry Briefed on Lootah Biofuels’ Sustainable Energy Development
The UAE Ministry of Energy
and Infrastructure, led by H.E.
Eng. Saif Ghobash, Assistant
Undersecretary for the Oil,
Gas and Mineral Resources Sector,
received a briefing on the sustainable
energy solutions provided by Lootah
Biofuels, a company specialising in
the circular economy that produces
biofuels from used cooking oil (UCO).
This presentation highlighted the
alignment of Lootah Biofuels’ efforts
in innovating clean energy solutions
with the UAE’s transition to renewable
energy and its strategic initiative to
achieve carbon neutrality by 2050.
The visit aimed to foster partnerships
between the public and private sectors,
support the UAE’s global economic hub
position and work towards achieving
the Sustainable Development Goals
and Net-Zero 2050 targets.
DMCC launches Future of Trade Report on Energy
DMCC, the flagship free zone
and Government of Dubai
Authority for commodities
trade and enterprise, has
released a special edition of its Future
of Trade thought leadership report series
focusing on the energy sector and
energy transition. Titled “The Future
of Trade: Energy Markets, Trade, and
Transition,” the report gathers insights
and analysis from leading industry
experts, examining the major factors
influencing the global energy sector.
It highlights the Middle East and the
UAE’s growing role in the global energy
market, underlining robust upstream
capabilities, capacity expansions,
increased investment in LNG, and a
strong appeal to foreign investment.
The report also emphasises the region’s
investment in renewables and clean
hydrogen production, with the UAE
leading the way in installed capacity
for renewable and low-carbon energy
sources.
ENOC Partners with Indonesia’s PT Pertamina
Patra Niaga
ENOC Group, a prominent
integrated energy company
in the UAE, has entered into
a three-year technical service
agreement with PT Pertamina Patra
Niaga. As part of this partnership,
ENOC will provide aviation technical
services to PT Pertamina Patra Niaga.
The services include the inspection
of four Indonesian airport facilities,
staff training, the provision of ENOC
manuals for quality control and aviation
operations, and technical guidance
and recommendations for enhancing
standards and best practices. Pertamina
Patra Niaga operates in 70 airports
across Indonesia, while ENOC Group
has a strong global presence in over
300 airports across 25 countries. This
collaboration aims to ensure internationally
benchmarked quality services
and jet fuel for Pertamina Patra Niaga’s
customers, reflecting a shared vision
to advance the aviation industry in
Indonesia and worldwide.
Masdar Expands Caspian
Renewable Deals with
Azerbaijani Pact
The UAE’s leading clean-power
producer, Masdar, is expanding
its renewable energy efforts
in the Caspian and Central
Asian regions, with plans to generate
up to 10 gigawatts of electricity from
sources such as solar and wind plants
in Azerbaijan. Masdar has signed agreements
to construct 1 gigawatt of power
capacity across two solar plants and
one onshore wind project, marking the
initial steps in implementing a broader
plan outlined in June 2022 for green
energy development in the country.
Additionally, Masdar inaugurated the
230-megawatt Garadagh Solar Park in
Azerbaijan, set to generate over 500
million kilowatt-hours of electricity
annually, providing power for more
than 110,000 homes.
December 2023 www.thefinanceworld.com 47

Wheels
Exeed E03
Exeed E03, the latest addition
to the electric sedan market,
seamlessly integrates into the
user’s lifestyle, offering a blend of
comfort, convenience, and style while
fostering a connection with nature.
Exeed E03 adopts advanced
Electric Intelligent Connectivity (EIC)
technology. This technology enables
an impressive endurance mileage of
over 700 km and supports 800V highvoltage
fast charging, due to the E0X
high-performance electric platform.
Additionally, the E03 boasts a rapid
acceleration from 0 to 100 km in under
3 seconds, delivering an exhilarating
driving experience.
Exeed E03 signifies a notable shift
for the brand, marking its first foray
into the sedan category and its debut
in the full-electric car market. While
‘E03’ is a code name, the brand plans
to unveil the official name later.
Inspired by the power of nature,
particularly the wind, the design
concept of the E03 revolves around
the theme “Designed by the Wind.”
The aerodynamic sedan-coupe design
with frameless doors and sizable
20-inch wheels enhances its visual
appeal. Its interior boasts modern
features, including a Head-Up Display
(HUD), a letterbox instrument panel,
and a spacious central screen for
infotainment. The lidar pod on the roof
contributes to the vehicle’s advanced
driving assistance systems, sourced
from technology giant Huawei, ensuring
Level 3 autonomous driving capabilities.
E03 employs an 800V charging
architecture, enabling a 10% to 80%
charge in just 10 minutes. The battery
pack, sourced from CATL, China’s
largest battery maker, provides an
impressive CLTC range of about 700
kilometres. Exeed offers both singlemotor
rear-wheel-drive and dual-motor
four-wheel-drive versions, delivering
a maximum power of approximately
450 hp.
The inclusion of Advanced Driver
Assistance System (ADAS) sensors
on the boot lid emphasises Exeed’s
commitment to safety and innovation.
The production version of Exeed E03
electric sedan is set to be unveiled
in Q3, with a market launch in China
scheduled for Q4.
48 www.thefinanceworld.com December 2023

Specifications
Torque: 400 Nm
Horsepower: 450 hp
Acceleration: 60 in 3.8 seconds
December 2023 www.thefinanceworld.com 49

Healthcare
Advancements, Achievements, and the
Evolution of Healthcare in the UAE
The healthcare landscape in the United Arab Emirates (UAE) has undergone
a remarkable evolution since the country’s independence in
1971. The healthcare infrastructure has been meticulously developed,
aligning with global standards and addressing health concerns akin to
those prevalent in developed nations. The country’s commitment to
providing top-notch medical services, coupled with substantial investments
in cutting-edge technology and infrastructure, has propelled it
to the forefront of the global healthcare industry.
50 www.thefinanceworld.com December 2023

The UAE has strategically invested
in developing state-of-the-art
healthcare infrastructure and
establishing world-class hospitals, clinics,
and research centres. The United
Arab Emirates boasts a comprehensive
healthcare system funded by the government,
complemented by a rapidly
advancing private health sector, ensuring
high-quality healthcare for its residents.
Public healthcare services are overseen
by various federal and emirate-level
regulatory bodies, including the Ministry
of Health and Prevention, Health
Authority-Abu Dhabi (HAAD), Dubai
Health Authority (DHA), and Emirates
Health Authority (EHA).
The UAE’s achievement in successfully
eliminating previously widespread
infectious diseases like malaria, measles,
and poliomyelitis highlights the
effectiveness of its healthcare strategies
and interventions. Notably, the standards
of prenatal and postnatal care
mirror those of the most developed
nations globally.
The country has achieved impressive
reductions in neonatal mortality rates
to 5.54 per 1000 births and infant mortality
to 6.4 per 1000 births. Maternal
mortality rates have also significantly
declined to 3 per 100,000 live births.
These statistics underscore the UAE’s
commitment to ensuring the well-being
of its population.
UAE legislation mandates sponsors
to provide health insurance for expatriate
workers, ensuring access to
essential healthcare services. Moreover,
a charitable fund extends support to
underinsured expatriates facing severe
medical conditions like cancer,
dialysis, polytrauma, and disability,
offering financial assistance and ensuring
access to critical treatments.
This inclusive approach demonstrates
the country’s dedication to providing
comprehensive healthcare coverage
for all residents, irrespective of their
status or background.
Institutions like the Cleveland Clinic
Abu Dhabi, Sheikh Khalifa Medical
City, and Dubai Healthcare City have
set new standards for medical excellence,
offering advanced treatments
and attracting patients from around
the world seeking specialised care.
The UAE boasts one of the world’s
highest healthcare expenditures, averaging
around US$1,200 per person annually.
The sector generates over US$4.63
billion in yearly revenue, supported by
75 insurance companies offering more
than 12,000 policies. This substantial
investment and wide insurance coverage
reflect the nation’s dedication to
providing comprehensive healthcare
services to its residents and expatriates,
emphasising the importance of health
and well-being within the country.
Technology has been at the core
of healthcare transformation in the
UAE. The country has embraced digital
health solutions, leveraging artificial
intelligence (AI), telemedicine, and big
data analytics to enhance patient care,
diagnosis, and treatment outcomes.
AI-powered diagnostic tools aid in early
disease detection, while telemedicine
platforms enable remote consultations,
ensuring accessibility to healthcare
services, even in remote areas.
The UAE has rapidly emerged as a
leading destination for medical tourism,
attracting patients seeking high-quality
medical treatments combined with
world-class hospitality. The country’s
seamless blend of luxurious amenities
with advanced healthcare services has
positioned it as a preferred choice for
international patients seeking specialised
treatments across various medical
specialities. In 2020, the UAE reported a
30% increase in medical tourists seeking
cosmetic procedures, underscoring its
allure for aesthetic treatments. Similarly,
the country witnessed a 25% rise in
patients seeking orthopaedic surgeries
due to its world-class facilities and
expertise in this area.
The commitment to healthcare extends
to robust investments in research and
development (R&D) initiatives. The UAE
encourages collaborations between
academia, research institutions, and
the private sector to drive medical
breakthroughs. This emphasis on R&D
has led to groundbreaking discoveries,
clinical trials, and the development of
innovative medical technologies.
The UAE has demonstrated agility and
resilience in responding to global health
challenges. During the COVID-19 pandemic,
the country swiftly implemented
comprehensive measures to contain the
spread of the virus, ramped up testing
capabilities, and launched one of the
world’s most extensive vaccination
campaigns, ensuring the health and
safety of its residents and visitors.
The UAE’s Emirate Health Services
(EHS) has championed sustainability
in healthcare innovation. Their strategy
focuses on fostering local skills,
promoting innovative startups, and
introducing groundbreaking projects
like Care AI and Digital Twin initiatives.
Care AI leverages AI for patient monitoring,
safety protocol compliance, and
improved care, while the Digital Twin
project, in partnership with Schneider
Electric and Microsoft, aims to slash
energy consumption and carbon footprint
by up to 30%, emphasising renewable
energy optimization. Amidst COVID-19,
tech applications were repurposed for
ongoing care, reducing unnecessary
travel and utilising AI for predictive
analysis, optimising resource allocation.
EHS’s forward-thinking approach exemplifies
a commitment to sustainable
healthcare practices, blending innovation
with efficiency and environmental
responsibility.
Initiatives focusing on eco-friendly
practices within medical facilities,
energy-efficient infrastructure, and
promoting healthier lifestyles among
its population underscore the country’s
commitment to holistic well-being and
environmental stewardship.
Looking ahead, the UAE’s healthcare
sector shows no signs of slowing down
its growth trajectory. With ambitious
initiatives in genomics, personalised
medicine, and continued investment in
healthcare innovation, the country aims
to solidify its position as a global leader
in providing exceptional healthcare
services. These advancements position
the UAE on a path to achieving its goal
of becoming a leading force in global
healthcare excellence and innovation,
as envisioned in UAE Vision 2071.
The evolution of healthcare in the
UAE is a testament to the nation’s
dedication to fostering a healthier
society, embracing innovation, and
continuously raising the bar for medical
excellence. As the country navigates
the ever-evolving landscape of
healthcare, its achievements serve as
an inspiration for nations worldwide,
setting a benchmark for the future of
healthcare delivery.
December 2023 www.thefinanceworld.com 51

Merger & Acquisitions
Strategic Business Unions: Understanding
the M&A Process in the UAE
Mergers and acquisitions (M&A) are strategic business unions that have played
a vital role in shaping the global commercial landscape for centuries. These
transactions, which join legally independent commercial organisations, are
driven by the desire to generate synergy, expand market presence, and boost
earnings. The M&A process has been a cornerstone of business growth since the
early days of global commerce, offering economic and business benefits to all
parties involved. In this article we will delve into the M&A process in the United
Arab Emirates (UAE), focusing on the key factors, legal frameworks, and types
of transactions that characterise this dynamic business environment.
52 www.thefinanceworld.com December 2023

M&A activities are integral to
the growth and development
of companies, enabling them to
Understanding the M&A Process:
Consolidate resources, increase market
share, and achieve economies of scale.
The UAE, with its burgeoning business
landscape, is a particularly attractive
market for companies seeking strategic
partnerships. M&A activities in Abu
Dhabi, one of the key economic hubs
in the UAE, have proven beneficial for
domestic and international businesses.
Crucial Points in the M&A Process:
Currency and Division of Powers:
The UAE’s official currency is the
dirham, pegged to the US dollar for stability.
This pegging is a strategic move
due to the country’s reliance on the oil
industry. The division of powers in the
UAE, as a federation of seven independent
emirates, involves a gradual expansion
of federal government powers. This includes
distinct roles for the executive,
legislative, and judicial branches at both
federal and emirate levels.
Licensing Requirements:
Registering a company in Dubai involves
navigating a myriad of licenses to
ensure legitimacy and compliance with
local laws. The Department of Economic
Development (DED) issues licences,
and the specific type of license required
depends on the nature of the business,
corporate structure, and jurisdiction.
Doing Business in the UAE:
The UAE offers options for foreign
investors to establish a presence either
“onshore” or in numerous free zones across
the country. Free zone regulations apply
to businesses incorporated there, while
companies with “strategic impact” set up
outside free zones must have UAE or Gulf
Cooperation Council (GCC) ownership.
Foreign companies, however, can own
businesses in free zones.
Legal Framework Governing M&A:
Understanding the legal landscape is
paramount for successful M&A transactions
in the UAE. Several key laws regulate
these activities, ensuring transparency,
fairness, and adherence to established
norms. Some of the pivotal laws include:
Federal Commercial Companies
Law, 1984:
This law, encompassing Article 276 to
Article 280, deals with the “Amalgamation
of companies” chapter. It outlines how
companies can merge, either by putting
an end to two or more businesses and
transferring their debts to an existing
business (merger) or by consolidating
two or more concerns and incorporating
a new concern to transfer liabilities of
dissolved concerns (consolidation).
Competition Law, 2012:
Before the Competition Law of 2012,
the Federal Commercial Company Act
oversaw M&A activities. The Competition
Law focuses on market behaviour, addressing
abuse of dominance, controlling
mergers, and regulating agreements. A
critical aspect is the “Mandatory Merger
Control Filing Requirement,” allowing
authorities to scrutinise transactions,
potentially causing delays.
UAE Labour Law, 1980:
Considering the impact of M&A on
employees, the UAE Labour Law is instrumental
in safeguarding their rights.
It ensures that employees who have
worked for a company for a year or more
are entitled to an end-of-service gratuity,
providing stability during transitions.
Consumer Protection Law, 2006:
The Consumer Protection Law addresses
issues of price fluctuations and
illegal monopolies. It provides clarity on
permissible business actions and prevents
businesses from causing unjustified
increases in prices.
Foreign Ownership Restrictions:
Foreign ownership restrictions in the
UAE underwent significant changes in
2019. Before the foreign direct investment
(FDI) reform, only UAE citizens
and GCC nationals could own more than
49% market share of onshore UAE companies.
The FDI reform liberalised these
restrictions, allowing increased foreign
shareholding in various activities listed
in the UAE Cabinet Resolution 16/2020
“positive list.” However, certain sectors,
including oil exploration, banking, insurance,
and telecommunications, still
impose limitations.
Types of M&A Transactions in the UAE:
Various types of M&A transactions
take place in Dubai, catering to different
strategic objectives:
Vertical Merger:
It occurs when two or more firms operating
at varying levels in an industry’s
supply chain merge to carry out business
operations.
Horizontal Merger:
It involves competing firms within
the same space merging to deliver the
same product or services, resulting in
increased market share.
Conglomerate Merger:
Different firms engaging in completely
unrelated business activities merge, often
to achieve market or product extensions
for diversification.
Product Extension Merger:
It takes place when firms dealing with
related products merge to access a broader
customer base and increase profits.
Market Extension Merger:
It involves firms dealing in the same
product(s) but in different markets,
allowing access to larger markets.
Benefits and Risks of M&A in the UAE:
M&A transactions offer several benefits,
including:
Competitive Edge:
Merged or acquired firms operate at
an advantage, with greater economic
power, leading to higher market share,
more influence over customers, and
reduced competitive threats.
Access to Resources:
Through M&A, firms can improve access
to materials, suppliers, and resources.
Acquiring or merging with suppliers can
enhance production cycles and guarantee
resource access.
Risk Diversification:
M&A allows firms to spread their
risk across different revenue streams
by diversifying the products or services
offered. This ensures the firm’s long-term
sustainability.
However, M&A transactions also come
with inherent risks, including cultural integration
challenges, financial strain, and
potential resistance from stakeholders.
The M&A process in the UAE is a
multi-faceted journey that requires a
comprehensive understanding of legal
frameworks, economic dynamics, and
strategic considerations. As companies
continue to seek growth and expansion
in the dynamic business environment of
the UAE, M&A will remain a strategic tool
for achieving these objectives.
December 2023 www.thefinanceworld.com 53

Merger and Acquisition News
EDGE Group Secures Control of ANAVIA, Leader in Autonomous Air Systems
The UAE’s EDGE Group, a
prominent technology and
defence entity, has acquired a
52% majority stake in ANAVIA,
a Swiss firm specialising in versatile
vertical take-off and landing (VTOL)
systems. With a payload capacity of up
to 750 kilograms, these systems cover
applications like surveillance, reconnaissance,
inspection, mapping, and
cargo transport. This strategic move
positions EDGE as a market leader in
the autonomous aerial vehicle domain.
ANAVIA’s unmanned helicopters complement
EDGE’s multi-domain capabilities,
fostering innovation across the group.
Mansour AlMulla, CEO of EDGE Group,
emphasises the acquisition’s significance
in advancing autonomous systems and
expanding the global export footprint.
GSM Acquires Crown
Private School in
Ajman
Global School Management
(GSM), which oversees 165
schools globally with 45,000
students, has acquired a
majority stake in Crown Private School
of Ajman. This marks GSM’s inaugural
school acquisition in the UAE, aligning
with its expansion strategy in the GCC
region. Crown Private School, founded
by Avalon Global Education, is a wellregarded
institution in Ajman with over
a thousand students aged 3 to 18. Known
for its British-style education based on
the National Curriculum for England, the
school emphasises innovation, featuring
facilities like robotics and an innovation
laboratory. The founder, Vinod Sharma,
and his team will continue managing and
overseeing operations.
SAMA Governor Praises Smooth Merger
Execution by Insurance Companies
Governor of the Saudi Central
Bank (SAMA), Ayman Al-Sayari,
bestowed recognition
upon Prince Naif Al-Kabeer
and Chairmen of the Boards of Arabian
Shield Insurance and Alinman Abdulmohsen
Al Fares, along with Tokio Marine
and CEOs Bassel Al-Abdulkareem
and Kentaro Kita, in acknowledgement
of the successful merger between the
two companies. This marks the sixth
merger in the Saudi insurance sector.
Abdullah Alhomaid, General Manager
of Insurance Control Supervision, was
also commended by the board chairmen
for his outstanding contributions
to ensuring a smooth merger process.
Al-Sayari highlighted that such mergers
result from SAMA’s effective regulation
and supervision of the insurance sector,
playing a crucial role in its development
and bolstering financial solvency. These
mergers, aligned with Saudi Vision 2030
and the Financial Sector Development
Program (FSDP), are key in promoting
financial sustainability and supporting
private sector growth.
Omorfia Group Acquires The Juice Spa and
Salon
In a strategic move to bolster its position
in the beauty industry, Omorfia
Group, the beauty anchor of Abu
Dhabi-based investment holding
company Multiply Group, has announced
the acquisition of 100% of The Juice Spa
and Salon. This acquisition is a testament
to Omorfia Group’s strategic vision of
growth through bolt-on investments,
further solidifying its foothold in the
UAE’s beauty sector.Founded in 2005,
The Juice Spa and Salon have carved a
niche for itself by offering luxury beauty
experiences for the mid-market segment.
With a presence of 10 locations across the
UAE and a dedicated team of 172 employees,
the brand is projected to generate a
revenue of AED 29M post-acquisition.The
acquisition is a pivotal step for Omorfia
Group in its mission to consolidate its
local market share and broaden its geographical
footprint.
54 www.thefinanceworld.com December 2023

UAE’s EIGHTClouds PE Acquires Stitches, Legacy Uniform Manufacturer
EIGHTClouds Private Equity,
a prominent UAE firm, has
acquired Stitches, a legacy
uniform manufacturing
company, in a deal exceeding AED 30M.
Established in Dubai in 1995, Stitches
has evolved into a leader in the uniform
market, serving various sectors like
education, corporate, hospitality, and
healthcare. With facilities in Al Quoz
and Sharjah, the acquisition aligns with
EIGHTClouds’ strategy to diversify
its regional brand portfolio. The firm
aims to triple Stitches’ market share
over the next five years, supporting its
expansion across the UAE, GCC, and
beyond. EIGHTClouds PE’s portfolio
includes brands like Chaps & Co,
MORE, and Eazio.
GFH to Acquire Leading
Food Services and Logistics
Firm in Saudi Arabia
GFH Financial Group has inked
a deal to acquire a prominent
food services and logistics
business in Saudi Arabia,
boasting an enterprise value of approximately
SAR 500M. The announcement
was made during the 7th edition of the
Future Investment Initiative in Riyadh.
The targeted company exhibits robust
financial performance across various
business cycles, featuring cutting-edge
integrated warehousing and supply
chain operations, a diverse premium
product portfolio, and a clientele of
over 1000 blue-chip customers, including
renowned HORECA players
and retail brands in the Kingdom. With
strong ties to around 200 international
aggregators and producers, this acquisition
aligns with GFH’s strategy of
investing in sectors in harmony with
Saudi Vision 2030.
Alpha Dhabi Boosts Oil Services with NTS
Amega Global Stake
Alpha Dhabi Holding, one of
the UAE’s rapidly growing
investment holding firms, has
officially acquired a majority
stake of 51% in NTS Amega Global. This
strategic move reinforces Alpha Dhabi’s
commitment to expanding its energy
portfolio, with a specific focus on the
oil field services sector. Through this
acquisition, NTS Group, known for its
state-of-the-art manufacturing, repair,
and rental solutions in the Oil and gas
domain, solidifies its global leadership
in producing drilling, subsea, top-side,
and process components. This includes
repairing Measuring and Logging While
Drilling (MWD/LWD) tools and renting
specialised Bottom Hole Assembly
(BHA) drilling equipment. NTS Group’s
operations now span nine crucial Oil
and gas locations, including its UAE
headquarters, Saudi Arabia, Houston-Texas,
Canada, Guyana, Norway,
Singapore, Midland, and Lafayette.
Saudi Tamer Nears Acquisition of 30% Stake in
Egypt’s UCP
Saudi Tamer Healthcare is on the
verge of acquiring a substantial
30% stake in the United Company
of Pharmacists (UCP) in
Egypt, involving an investment of up
to $35M. Sources reveal that AmerisourceBergen,
the US-based entity
holding a 50% stake in UCP, has agreed
to sell the specified portion to Saudi
Tamer. The deal, facilitated by J.P.
Morgan as the financial advisor for
AmerisourceBergen, is anticipated
to be concluded before the year-end,
marking a significant move in the
healthcare sector and reflecting the
growing investment dynamics in the
pharmaceutical industry.
December 2023 www.thefinanceworld.com 55

Cryptocurrency
From Trends to Business: Probing
Crypto and Blockchain in the UAE
Cryptocurrency stands as one of the most significant revolutions of the 21st
century, reshaping financial landscapes globally. Just a few years ago, the
concept of conducting cross-border transactions through a virtual currency
online seemed almost inconceivable. However, the UAE has embraced this
transformative trend like many other regions. This article delves into the
intricacies of cryptocurrency in the UAE and its burgeoning expansion.
It aims to shed light on key aspects, elucidating the UAE government’s
approach to embracing crypto technology.
56 www.thefinanceworld.com December 2023

Cryptocurrency started globally
in 2009 and found its way into
the UAE market, changing how
finances work there. The Emirates
Blockchain Strategy 2021 marked the
formal incorporation of blockchain into
administrative affairs, while the concurrent
Dubai Blockchain Strategy also
reinforced the country’s commitment to
embracing and expanding blockchain
technology within its systems.
This integration underscores the
pervasive influence of digital assets,
reflecting a broader trend of technological
innovation and financial evolution
in the contemporary world. Between
July 2022 and June 2023, the United
Arab Emirates witnessed a substantial
influx of cryptocurrency transactions,
gathering an impressive total of over
$34.8 billion. This remarkable figure
underscores the interest and significant
activity within the country’s crypto
market.
The UAE’s embrace of cryptocurrency
parallels its global trajectory,
elevating the nation to a significant
role in the crypto market. Renowned
for architectural marvels and bustling
trade hubs, the country has become a
prominent player. The launch of new
coins and the formal acceptance of
cryptocurrency as a payment mode
highlight the escalating influence of
digital assets in the region. As one of
the largest markets globally and in
the Gulf states, the UAE’s appeal has
attracted crypto trading units keen on
establishing a foothold in this vibrant
and evolving landscape.
Cryptocurrency in the UAE has
evolved from a passing trend to a
growing business sphere, notably due to
the establishment of clear regulations.
The country’s approach involves two
main regulatory bodies: the Securities
and Commodities Authority (SCA)
which oversees the entire UAE crypto
market and the Dubai Virtual Asset
Regulatory Authority (VARA) which
focuses on digital assets in Dubai’s
financial free-zone area.
These regulations have reshaped the
landscape, requiring crypto-related
businesses like exchanges to obtain
licences from either the SCA or Dubai
VARA. This transition signifies a maturing
industry, providing a regulated space
that fosters investor trust and positions
the UAE as an appealing destination for
In embracing cryptocurrency
and blockchain, the UAE edges
closer to global leadership in
adopting these transformative
technologies.
crypto businesses seeking a supportive
environment.
Moreover, The introduction of Emirates
Blockchain Strategy 2021 marked
a crucial milestone, officially adopting
blockchain for administrative affairs
within the country. The strategy, aimed
at transforming governmental transactions,
seeks to save billions annually
on documents, printing, and labour
hours through blockchain technology.
This ambitious move positions the
UAE as a global giant in blockchain
usage, setting the stage for increased
investor interest and adaptability to
future technological changes.
In the UAE, Bitcoin holds the spotlight
as the leading cryptocurrency,
accompanied by Ethereum, Ripple,
and Litecoin gaining ground as popular
alternative coins. The current trends
in crypto trading encompass diverse
methods, including day trading, involving
same-day buying and selling, albeit
carrying higher risks with the potential
for substantial profits through careful
manoeuvres amidst price fluctuations.
Margin trading, where traders borrow
capital from brokers, also prevails
despite the associated risk of potential
losses surpassing the initial investment.
Additionally, traders capitalise on arbitrage
opportunities, exploiting price
variations between different exchanges
to profit from disparities.
Embracing cryptocurrency and
blockchain technology comes with a
set of advantages and challenges for
the UAE. The decentralised nature of
cryptocurrency allows for fast and
unlimited transactions, fostering more
opportunities for individual businesses.
The low transaction fees and transparent
nature of the system contribute to cost
savings and ensure user anonymity.
Furthermore, the traceability of each
transaction enhances financial activity
monitoring.
However, challenges loom on the
horizon. Users in the UAE engaging
in global transactions with cryptocurrency
may find themselves limited to
nations currently accepting crypto. The
irreversible nature of transactions and
the complexities of storing crypto pose
potential headaches. The high volatility
of the currency, a characteristic of
cryptocurrencies, raises concerns for
large-scale governmental transactions,
as fluctuations in value could lead to
economic troubles.
Despite challenges, the UAE’s proactive
stance positions it as a pioneer
in the crypto and blockchain arena.
Illustrated by the Emirates Blockchain
Strategy, the country not only aligns
with current needs but also readies
itself for future advancements.
This forward-thinking approach
not only solidifies the UAE’s status
as a tech-savvy nation but also underscores
its strategic position as a hub
for innovation, inviting global players
to participate in the transformative
journey of cryptocurrency adoption.
December 2023 www.thefinanceworld.com 57

Real Estate
Anticipating Change as Dubai’s 2040 Vision
Reshapes the Economy and Real Estate
As the UAE continues to evolve with its regulatory insights,
transformative initiatives, and strategic planning, Dubai has always
shone as a hub of innovation and forward momentum. Now, as the
city sets its sights on the horizon, the ambitious Dubai 2040 Urban
Master Plan emerges as a testament to its firm dedication to progress.
This visionary blueprint is anticipated to create an economic shift and
herald a fundamental transformation in the city’s real estate landscape.
58 www.thefinanceworld.com December 2023

The city’s commitment to enhancing
natural reserves, parks,
and public transit networks is
anticipated to uphold its standing as
a premier destination for expatriates
globally. This is projected to yield indirect
economic benefits and contribute
to the city’s population growth.
Dubai’s 2040 Master Plan is anchored
in enhancing public transportation,
fostering natural havens, and
creating recreational spaces. Beyond
physical infrastructure, these initiatives
aim to craft an environment that
magnetises residents and businesses.
This strategic focus not only reshapes
Dubai’s trajectory but also positions
it for a transformative journey
in the evolving global landscape. The
commitment to holistic urban development
underscores Dubai’s dedication
to creating a vibrant, sustainable city
that goes beyond mere structural
changes, fostering a dynamic and
attractive atmosphere for both its
current inhabitants and those considering
the emirate for future residence
or business endeavours.
Nick Maclean, Managing Director
of CBRE MENAT, emphasises key
elements that make this plan significant.
Fostering population growth,
integrated land use, recognizing future
investments, and maintaining appeal
for employers and employees are
at the forefront of priorities. These
priorities extend beyond Dubai; they
form the foundation for thriving real
estate landscapes in national and city
urban plans globally.
Dubai’s government, known for its
forward-thinking nature, has successfully
stimulated real estate growth
and enhanced the overall quality of
life. Recent reforms, such as allowing
100% foreign ownership and introducing
retirement visas, underscore the
commitment to sustained economic
growth and real estate development.
These reforms signal to the world that
Dubai is open for business and ready
to embrace global talent.
This forward-thinking approach
continues to attract and impress the
growing population, currently at 3.5
million and expected to hit 5.8 million
by 2040. This increase of 2.5 million
people over time, around 120,000
yearly, naturally means more demand
for homes and offices, leading to more
Dubai’s
ambitious
2040 master
plan, centred
on real estate,
charts a
visionary
course for
the emirate’s
future.
construction projects.
The core of Dubai’s 2040 Master
Plan lies in infrastructure development
and cultivating a skilled workforce.
Dubai’s proactive stance and incorporation
of cutting-edge technologies
establish it as a hub for real estate
investment and business activities.
The city’s track record of worldclass
infrastructure forms a robust
foundation, attracting global investors
and businesses seeking a dynamic
and dependable environment. This
strategic emphasis on both physical
and human capital underscores Dubai’s
commitment to fostering a conducive
atmosphere for sustained economic
growth and innovation, further solidifying
its standing as a global business
and real estate destination.
Improving the quality of life is a central
focus of the plan, with enhancements
in healthcare and educational
facilities, and the creation of new
tourist and leisure activities. These
elements are integral to real estate
development, as they contribute to the
attractiveness of the city. Sectors like
tourism, leisure, technology, logistics,
and knowledge-based industries take
centre stage, encouraging growth and
investment in the real estate market.
Sustainability is a core element,
fortifying Dubai’s standing as a regional
financial, tourism, and real
estate powerhouse. The designation
of Downtown and Business Bay as
the financial core reflects balanced,
sustainable growth in the real estate
sector, reinforcing Dubai’s role on the
global stage.
Tourism takes centre stage as a pivotal
economic driver in Dubai, not only
creating employment opportunities
but also exerting a profound impact
on the real estate industry. The influx
of visitors contributes substantially to
the emirate’s economic growth, with
increased demand for accommodation,
entertainment, and commercial spaces.
Dubai’s allure as a global tourist destination
enhances its real estate market,
creating a ripple effect of development
and investment. This symbiotic relationship
between tourism and real
estate underscores Dubai’s strategic
positioning, leveraging its attractiveness
to visitors as a catalyst for both
economic prosperity and dynamic
growth in the real estate sector.
Dubai’s visionary evolution, dating
back to the 1960 master plan, showcases
remarkable adaptability to contemporary
change. The integration of
a “flexible urban planning law” stands
as a testament to the city’s foresight,
enabling rapid responses to evolving
real estate demands. This flexibility
is particularly crucial in the post-pandemic
era, where resilience and adaptability
are paramount. Dubai’s ability
to embrace change in urban planning
reflects a forward-thinking mindset,
ensuring the city remains agile in
navigating challenges, ultimately contributing
to its sustained growth and
prominence in the global real estate
landscape.
Prioritising urban development,
sustainability, and economic diversification,
Dubai aims to emerge as
a global model for quality living,
economic resilience, and real estate
innovation. With confidence and foresight,
the city navigates the changing
global landscape.
December 2023 www.thefinanceworld.com 59

Real Estate News
Saadiyat Island Tops Abu Dhabi Real Estate for
Q3 2023
In the third quarter of 2023, Saadiyat
Island solidified its status as
the prime destination for both
buyers and tenants in Abu Dhabi,
surpassing all other areas. A report by
ValuStrat, an international consultancy,
reveals that Saadiyat Island experienced
the highest annual capital gains in the
capital, with villa prices increasing by
10.3 percent and apartments by 4.7
percent. Meanwhile, other areas like
Al Reem Island, Al Muneera Island, and
Al Bandar saw annual capital increases
ranging from 3.8 to 4.5 percent. Rental
yields in Abu Dhabi remained robust,
with annual rental values expanding
by 7 percent, favouring villas, which
witnessed a 9.6 percent annual increase.
Apartment rentals, while up 4.7 percent
year-on-year, decreased by 0.3 percent
compared to the previous quarter.
Karma Developers Unveils AED 300M Luxury Project
in Dubai Investment Park
Abu Dhabi Real Estate
Centre Launched to
Drive Property Sales
The real estate sector in Abu
Dhabi is set for a significant
boost following the official
launch of the Abu Dhabi
Real Estate Centre (ADREC) by the
Department of Municipalities and
Transport (DMT). ADREC is poised
to play a pivotal role in fostering
growth within the emirate’s real estate
ecosystem. With a strong focus on
regulation, transparency, and support
for residents, investors, real estate
firms, and professionals, the centre will
establish a comprehensive regulatory
framework. It will leverage innovative
tools and data to enhance operational
efficiency across four key areas: strategic
planning, promotion, regulation, and
PE 00 transactionmanagement. This
initiative promises to invigorate the
real estate market in Abu Dhabi.
Karma Developers is set to
introduce its luxurious Olivia
Residences in Dubai Investment
Park (DIP) with prices
starting at AED 680,000 for units. The
project stands out with an innovative
10/90 payment plan, requiring a 10
percent down payment and subsequent
1 percent payments over 90 months.
This residential community, adjacent to
Green Community in DIP-1, will consist
of 229 one-, two-, and three-bedroom
60 www.thefinanceworld.com December 2023
apartments featuring premium finishes
and breathtaking views. Completion
is projected for Q2 2026, and Olivia
Residences will offer a plethora of
amenities, including an infinity pool,
spa, yoga studio, Zen garden, and
outdoor cinema. Karma Developers
aims to enhance Dubai’s real estate
landscape with customer-focused
luxury residences through its collaboration
with development management
company Deca Properties.
Aldar’s Abu Dhabi
Profits Soar 48% with
AED19B+ Sales Surge
Aldar Properties, the Abu
Dhabi-based developer, experienced
substantial growth
in sales and profits in the
third quarter of 2023, driven by a rising
interest from overseas and expatriate
investors in the UAE’s capital. During
Q3, the company achieved sales of
AED 7.8B, a remarkable 99 percent
surge compared to the same period the
previous year, marking the developer’s
highest-ever quarterly sales. In the first
nine months of 2023, the group’s sales
reached a record AED 19.4B, reflecting
a 109 percent year-on-year increase.
The growth is due to 11 major projects
and a 160% year-on-year increase in
sales to international buyers for Abu
Dhabi properties.

Aldar’s $840M Dubai
Offering Sells Out in
Hours
Aldar Properties made a remarkable
entry into Dubai’s
real estate market with the
rapid sell-out of the first
two phases of Haven by Aldar, their
inaugural residential development.
Originally, the company had planned
to launch 468 units in the first phase,
but due to the tremendous demand on
the launch day, they released a second
phase with an additional 318 units.
In total, 786 villas and townhouses
were sold, generating over AED 3.1B
($840M) in sales. This success highlighted
Dubai’s global appeal as a hub
for property investment and long-term
residency, with international buyers and
expatriate residents accounting for 77
percent of sales, while UAE nationals
made up the remaining 23 percent.
Notably, 24 percent of buyers were
female, showcasing the diverse interest
in this debut residential community.
Danube Properties Commits $6.8M to etereSupport
MBRGI’s Charitable Initiatives
Danube Properties has demonstrated
its commitment to
humanitarian causes by
pledging support to the Mohammed
bin Rashid Al Maktoum Global
Initiatives (MBRGI). Over the next five
years, Danube Properties will allocate
AED 25M worth of real estate units
to support MBRGI’s charitable and
humanitarian programs. MBRGI is a
renowned foundation that focuses
on strengthening vital sectors and
addressing various challenges in the
UAE and the broader region. Rizwan
Sajan, Founder and Chairman of Danube
Group, expressed the company’s
honour in supporting MBRGI’s projects
and programs, emphasising their
dedication to social responsibility and
philanthropic efforts in the UAE.
60% of Dubai’s property buyers keen to own
apartments
Dubai’s real estate market experienced
a significant surge
in property transactions,
reaching nearly AED 30B
($8.16B) in just one month, driven by
strong demand for residential units,
particularly apartments. According to
Property Finder, approximately 60% of
property buyers in the last month were
interested in owning apartments, while
40% preferred villas or townhouses.
In the rental market, 82% of tenants
were searching for apartments, with
67.5% of them favouring furnished
properties. Dubai recorded 7,128 real
estate transactions worth AED 29.7B
in October, marking a 17.46% increase
in value compared to the same month
the previous year. The most preferred
locations for apartment buyers included
Dubai Marina, Downtown, Jumeirah
Village Circle, Business Bay, and Palm
Jumeirah, while those looking to own
villas or townhouses favoured Dubai
Hills Estate, Arabian Ranches, Palm
Jumeirah, Al Furjan, and Mohammed
Bin Rashid City.
RAK Properties’ Profits More Than Double on New Launches and Record Sales
Ras Al Khaimah’s leading publicly
listed property developer,
RAK Properties PJSC (ADX:
RAKPROP), has reported
impressive financial results for the
third quarter of 2023 (Q3 ‘23). The
company exceeded its profit and revenue
targets for the quarter, with net
profits increasing by 282 percent and
revenue by 137 percent, compared to
the same period last year. This success
can be attributed to the launch of new
projects and strong demand for the
company’s portfolio of newly released
residential mixed-use projects. RAK
Properties has also partnered with
Nikki Beach Global to open its first
exclusive branded hotel resort, the
5-star Intercontinental Ras Al Khaimah
Mina Al Arab Resort and Spa, which
outperformed occupancy and financial
projections in Q3.
Additionally, the construction of their
second 5-star luxury hotel, the Anantara
Mina Al Arab Hotel and Resort, is on
track for completion in November.
December 2023 www.thefinanceworld.com 61

Funding and Investment
Legislative Measures Shaping Venture
Capital in the UAE’s Investment Realm
The United Arab Emirates (UAE) has been strategically crafting a
legislative framework to propel its position as a hub for innovation and
venture capital (VC) investment. These legislative measures, tailored
to encourage entrepreneurial endeavours and attract global investors,
have played a pivotal role in shaping the vibrant VC ecosystem in the
region.
The UAE’s venture capital market
has witnessed an exponential
surge, setting unprecedented
records. With an astonishing AED 4.3
billion worth of venture capital injected
into startups, marking a remarkable
93% growth from the previous year,
the country has solidified its position
as the region’s foremost destination
for quality investments. This surge in
investments, distributed among 155
startups, reflects a thriving ecosystem,
with the UAE securing a dominant 46%
of the total venture capital received in
the Middle East and Africa.
Notably, the average size of a single
financial deal reached AED 28 billion,
demonstrating a 72% growth and affirming
the country’s allure for pioneering
projects and unicorn companies. Additionally,
the top five sectors attracting
capital—ranging from food and beverages
to enterprise software—underscore
the diverse and dynamic landscape
fostering innovation and growth in the
UAE’s entrepreneurial realm.
One of the fundamental shifts in recent
years has been the UAE’s reform of its
Foreign Direct Investment (FDI) laws in
2018. It marked a significant shift in the
UAE’s approach to foreign ownership
restrictions, contributing to a notable
uptick in foreign investments. This law
62 www.thefinanceworld.com December 2023

The UAE’s progressive legislative measures
have significantly transformed the investment
landscape, positioning the country as a magnet
for venture capital and innovation.
grants the UAE Cabinet the authority to
allow foreign shareholders to hold up
to 100% ownership in specific sectors,
a move that has attracted increased
interest from international investors.
Through the establishment of the
Foreign Direct Investment Committee,
responsible for outlining a “positive
list” of sectors eligible for expanded
foreign investment, the law prioritises
alignment with the UAE’s strategic plans
while emphasising economic growth,
innovation, local job creation, and environmental
considerations. Additionally,
the FDI Law introduces criteria like
minimum capital requirements and
Emiratisation quotas, aiming to balance
liberalisation with safeguarding
national interests. By providing clearer
guidelines and opportunities for higher
foreign ownership, the FDI Law has
fostered a more inviting environment
for international investors, encouraging
greater foreign investment inflows into
the UAE’s economy.
These reforms, notably allowing
increased foreign ownership in various
sectors, have drawn a surge of interest
from international investors seeking to
capitalise on the country’s burgeoning
opportunities. For instance, in 2020,
the UAE amended its Commercial
Companies Law to permit foreign
investors to hold 100% ownership in
specific sectors, previously restricted
to Emirati nationals or local companies.
The establishment of specialised
zones like the Dubai International
Financial Centre (DIFC) and Abu
Dhabi Global Market (ADGM) has
played a pivotal role in fostering an
environment conducive to startups and
venture capital (VC) activities within
the UAE. These zones have introduced
tailor-made regulatory frameworks
that offer agility and favorability for
investors. For instance, ADGM has implemented
a strong regulatory regime
specifically designed for VC managers.
This framework ensures clarity and
efficiency in fund registration and
operations, streamlining processes
and enhancing investor confidence.
Such specialised zones serve as
hubs of innovation, providing not only
regulatory support but also fostering
networks, mentorship, and infrastructure
essential for the growth and success
of startups and VC endeavours. Their
strategic positioning as international
financial centres further amplifies
their attractiveness, drawing in global
investors seeking a well-defined and
regulated environment for their investment
ventures.
In tandem with regulatory reforms,
the UAE has introduced innovative
investment structures, including Limited
Liability Partnerships (LLPs) and
Limited Partnerships (LPs). These
structures streamline the process
for VC firms, offering flexibility and
enhanced governance mechanisms.
The launch of dedicated funds, such as
the Mohammed bin Rashid Innovation
Fund and the Abu Dhabi Investment
Office’s Ventures Fund, exemplifies
the UAE government’s commitment
to catalysing venture capital in key
sectors like technology, healthcare,
and renewable energy.
Recognizing the significance of
intellectual property (IP) protection
in fostering innovation, the UAE has
bolstered its IP laws. The introduction
of specialised courts, like the Abu
Dhabi Commercial Court and the DIFC
Courts, equipped with expertise in
handling IP disputes, underscores the
country’s commitment to safeguarding
innovations. Moreover, initiatives like
the Dubai Future Foundation’s Intellectual
Property Venture Fund have been
instrumental in supporting startups by
providing funding and legal assistance
to protect their intellectual assets.
The UAE’s proactive engagement with
international bodies and commitment
to aligning its regulations with global
standards has bolstered its appeal to
international investors and VC firms.
Collaborations with entities like the
International Finance Corporation (IFC)
and the World Bank have facilitated
knowledge exchange and further refinement
of the regulatory framework.
Beyond legislative changes, the
UAE has nurtured a vibrant culture of
innovation through initiatives like Area
2071, Dubai Future Accelerators, and
the Sharjah Research, Technology and
Innovation Park. These platforms provide
startups with access to mentorship,
funding, and networking opportunities,
nurturing an ecosystem conducive to
disruptive ideas.
By continuously fine-tuning regulations,
fostering a supportive environment,
and promoting a culture of innovation,
the UAE remains steadfast in its
commitment to driving the growth of
the global venture capital ecosystem.
December 2023 www.thefinanceworld.com 63

Funding and Investment News
EU Pledges ‘Substantial’
Funding for COP28
Climate Damage Fund
The European Union (EU) has
committed to a “substantial”
financial contribution to the
world’s first climate “loss
and damage” fund, addressing climate
change impacts. The fund is set to be
unveiled during the COP28 climate
summit in Dubai. The EU’s pledge,
not specifying the amount, was confirmed
by the European Commission,
expressing readiness for a significant
contribution. Additionally, the EU plans
to allocate funds at COP28 to support
countries in tripling renewable energy
capacity by 2030. This move aligns with
global efforts to address climate-related
challenges, as last year’s U.N. climate
talks introduced the groundbreaking
climate damage fund.
Saudi Fund Signs
MoUs for Caribbean
Infrastructure and
Energy Projects
The Saudi Fund for Development
(SFD) CEO, H.E. Sultan Al-Marshad,
signed two Framework
MoUs with the governments
of Saint Vincent and the Grenadines,
and Saint Kitts and Nevis, ahead of the
Saudi – CARICOM Summit in Riyadh.
The first MoU, with Saint Vincent and
the Grenadines, involves a $50M funding
for the rehabilitation of buildings and
facilities affected by natural disasters.
The second MoU, with Saint Kitts and
Nevis, secures $40M for expanding the
Needsmust Power Plant, contributing
to the nation’s energy supply and
socio-economic development. These
agreements underscore SFD’s commitment
to sustainable development in
the Caribbean, fostering international
cooperation for economic growth.
Qatar Plans $1.5B Investment in Egypt in 2024,
Says Official
Qatar is poised to inject $1.5B
in fresh investments into
Egypt’s industrial sector in
2024, as revealed by Yahya
Al Wathiq Billah, Head of the Egyptian
Commercial Representation Service
at the Ministry of Trade and Industry.
While Qatar’s previous investments in
Egypt spanned financial services, tourism,
and real estate, the forthcoming
focus will shift significantly towards
the industrial sector. This strategic
move aligns with a growing trend,
and in 2022, trade exchange between
Qatar and Egypt reached QAR 350M,
marking a notable 46% increase from
the previous year’s QAR 239M, showcasing
the strengthening economic ties
between the two nations.
Oman Targets $20B Investment in Second Round
of Green Hydrogen Auctions
Following the success of the
initial round, Hydrogen Oman
(Hydrom) anticipates drawing
$20B to $30B in investments
through the second round of large-scale
green hydrogen project auctions in
Oman. The first round of auctions, initiated
last year, resulted in agreements
with major international consortia,
securing over $30B for five projects. In
the ongoing second round, Hydrom aims
to award three land blocks in the Dhofar
region by Q1 2024. Eng Abdulaziz al
Shidhani, Hydrom’s managing director,
emphasises the auctions’ transparency
and their role in attracting financially
capable investors to implement green
hydrogen projects in Oman.
Dubai’s Wize Secures $16M in Pre-Seed Funding
for Greentech Innovation
Dubai-based startup Wize has
successfully secured $16M
in a pre-seed funding round,
co-led by MENA-focused
angel investors. The newly acquired
funds will bolster the company’s
presence in the UAE market, facilitate
further product development,
and open doors to new partnerships in
the MENA region. Wize specialises in
sustainable solutions for last-mile delivery,
aligning with the UAE’s net-zero
requirements and Green Agenda. The
startup offers a comprehensive ecosystem,
including electric motorcycles,
a rental and subscription platform,
battery-as-a-service, and innovative
battery-swapping stations, collectively
enhancing the sustainability of
delivery operations and promoting
environmental responsibility in the
UAE. The company has already signed
a long-term partnership with Motoboy,
the UAE’s first sustainable logistics
firm, with a long-term goal of achieving
zero-carbon emissions through the
exclusive use of electric bikes.
64 www.thefinanceworld.com December 2023

Saudi’s PIF Acquires 25% Stake in Alkhorayef Petroleum Through New Deal
Saudi Arabia’s Public Investment
Fund (PIF) has inked a deal to
invest in Alkhorayef Petroleum,
a leading electric submersible
pump manufacturer. The investment,
executed through a capital increase
and new share subscription, secures a
25% stake in the sovereign wealth fund.
Alkhorayef Group, the parent company,
will retain a 75% stake post-transaction.
PIF’s investment aligns with broader
efforts to boost Saudi Arabia’s equipment
and service landscape, fostering
the growth of promising private sector
firms and enhancing the industrial
ecosystem. Alkhorayef Petroleum,
specialising in oil and gas production
optimization, anticipates leveraging the
investment to expand its manufacturing
output and focus on innovative R&D.
Saudi Pet Products Trading Company Secures Growth
Funding from Aliph Capital
Pet Products Trading Company
(PPTCO) has successfully
secured growth capital from
Aliph Capital, a private equity
fund manager focusing on midmarket
and emerging high-growth enterprises
in the GCC. PPTCO, a prominent
pet business in Saudi Arabia, leads
the sector with an innovative and
comprehensive range of integrated
products and educational content
aimed at enhancing animal welfare in
the Kingdom. With a diverse customer
base including retailers, e-commerce
platforms, vets, hypermarkets, and
government entities, PPTCO has seen
remarkable growth since its inception
in 2005. The investment of up to SAR 80
million from Aliph Fund I will further
expand PPTCO’s footprint, supporting
international brands, showroom expansion,
and enhancing digital capabilities.
Saudi Fund for
Development Inks
$580M Deals for Africa
Projects
The Saudi Fund for Development
(SFD) has signed approximately
SAR 2.175B ($580M)
worth of deals to fund various
projects in Africa. The 14 development
loan agreements, signed during the
Saudi-Arab-African Economic Forum,
span healthcare, water, education,
and transportation sectors. Projects
include hospitals, roads, schools,
and water facilities in countries such
as Mozambique, Niger, Burkina Faso,
Benin, Guinea, Sierra Leone, Burundi,
Malawi, Tanzania, Cabo Verde, Rwanda,
and Angola. The agreements aim to
contribute to the overall prosperity
of the continent. Additionally, the SFD
signed a memorandum of understanding
with the Africa Finance Corporation
to expand its $10.7B development
support in Africa.
ADNOC Drilling and Alpha Dhabi Forge Investment Partnership
ADNOC Drilling and Alpha
Dhabi Holding have joined
forces to establish a strategic
investment joint venture
(JV) with a commitment of up to AED
5.5B ($1.5B). ADNOC Drilling will
hold a 51% stake, while Alpha Dhabi
will have 49%. The JV aims to acquire
technology-enabled companies in
the oilfield services (OFS) and energy
sectors. Lunate Capital Limited
will offer asset management support.
The collaboration leverages ADNOC
Drilling’s scalable technology ecosystem,
empowering the JV to invest
globally in value-accretive businesses
across the OFS and energy value chain,
enhancing ADNOC Drilling’s integrated
offering and operational efficiencies.
December 2023 www.thefinanceworld.com 65

Digital Assets
From Oil to Web3: RAK DAO’s Revolutionary
Impact on UAE’s Economy
The United Arab Emirates (UAE) has always been known for its oil wealth
and tourism allure, but recently it has embarked on a transformative journey
to redefine its economic identity. In a strategic move away from traditional
sectors, the UAE has launched the RAK Digital Assets Oasis (RAK DAO),
a free zone dedicated to digital assets, Web3, and AI. This groundbreaking
initiative marks a pivotal moment in the nation’s pursuit of becoming a
global digital innovation and entrepreneurship hub.
66 www.thefinanceworld.com December 2023

The UAE’s transition to a technology-driven
economy is more than
a trend; it’s a visionary response
to the dynamic evolution of digital assets,
blockchain, NFTs, decentralised
applications, and Web3. At the vanguard
of this transformation is the RAK DAO
in Ras Al Khaimah, strategically poised
to attract companies leading the way
in digital technology.
This bold initiative reflects the nation’s
commitment to not only adapt
to but also shape the future of the
global digital landscape, solidifying its
position as a trailblazer in the rapidly
advancing realms of technology and
innovation.
The vision behind this initiative is
bold and forward-thinking. Recognizing
the limitations of an oil-dependent
economy, the UAE has strategically
invested in the digital technology sector.
Currently ranking first in the Arab
world for digital competitiveness, the
nation has witnessed a surge in tech
startups, with a government target of
attracting $70 billion in foreign direct
investment (FDI) into the digital sector
by 2025. The digital technology sector is
expected to contribute a substantial 25%
to the country’s GDP by the same year.
Debuting on October 19, 2023, the
RAK DAO transcends being a mere free
zone; it’s an innovation catalyst and a
launchpad for revolutionary ideas. A
testament to a dedicated commitment
to cultivating a dynamic realm for
digital assets, including blockchain,
Web3, and AI.
Its objective is transparent: unearth
the latent possibilities within the digital
asset sector and propel the UAE to a
leadership position in this transformative
industry. This initiative signifies a
bold stride towards not only embracing
but spearheading the future of digital
technologies, setting the stage for the
UAE to assert itself as a global pioneer
in the ever-evolving landscape of digital
innovation.
RAK DAO’s dedication extends beyond
providing a conducive environment for
digital assets. It embraces a diverse
approach, supporting emerging tech
spaces such as the metaverse, utility
tokens, virtual asset wallets, decentralised
autonomous organisations (DAOs),
and other Web3-focused businesses.
The UAE’s RAK
Digital Assets
Oasis heralds
a pioneering
shift,
transforming
an oil-rich
nation into a
global digital
innovation
powerhouse.
The comprehensive support, including
grant programs and assistance in
technology, marketing, and business
development, reflects the versatility
and resilience of RAK DAO.
Renowned for its cultural heritage
and natural marvels, Ras Al Khaimah is
strategically transforming its economic
terrain by delving into the digital asset
realm. The audacious move by RAK
DAO marks a departure from conventional
sectors like tourism, signalling
the commencement of an era where
historical traditions and cutting-edge
innovations harmoniously coexist.
This strategic pivot not only underscores
the adaptability of Ras Al
Khaimah but also positions it as a
forward-thinking player in the global
economic landscape, embracing the
duality of preserving heritage while
actively participating in the progressive
and dynamic world of digital assets.
Joining other Web3-friendly free
zones in the UAE, RAK DAO offers
entrepreneurs complete ownership
of their businesses and regulatory
autonomy, setting them apart from
other tech hubs in the region. With
the establishment formalised by Law
No 2 of 2023, RAK DAO operates with
financial, administrative, and legislative
autonomy, solidifying its status as an
innovation-driven free zone for the
virtual asset sector.
Strategic alliances with the HBAR
Foundation, Rakbank, and Humans.ai
demonstrate RAK DAO’s commitment
to building a versatile and dynamic
community of disruptors and industry
pioneers. As the digital asset landscape
undergoes continuous transformation,
RAK DAO stands poised to influence
its course with a clear vision, holistic
support, and strategic collaborations.
The inception of RAK DAO inaugurates
an exciting era for Ras Al Khaimah, the
UAE, and the global digital asset market.
With its forward-looking approach, this
innovative enterprise is set to become
the epicentre of digital transformation
and progress. In embracing digital
technology, the UAE is not just turning
a page but opening an entire book
of opportunities, setting a potential
benchmark for other oil-rich nations.
This is a compelling saga of change,
where tradition meets progress, and a
desert wonderland unfolds a wealth of
digital adventures.
In an increasingly digital world,
the UAE’s decision to embrace digital
technology could potentially set a
benchmark for other oil-rich nations.
Add a pinch of innovation, a dash of
unwavering ambition, and a whole lot
of indomitable spirit, we’re staring at
not just a new chapter, but a whole
new book of opportunities. This is not
short of a compelling saga of change.
A country steeped in tradition, is celebrating
its progress, and is embracing
the future. At the same time, a wealth
of digital adventures are waiting to be
discovered in the UAE.
December 2023 www.thefinanceworld.com 67

Stock Market
The Underpinnings of UAE Stock
Market: Unravelling DFM and ADX
The UAE’s financial landscape transformed significantly with the establishment
of the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange
(ADX) in the early 2000s. DFM quickly became a global financial hub,
attracting investors through transparency and innovation. Meanwhile, ADX
laid the foundation for a broader marketplace, focusing on sustainability
and diversification. Over the last three years, both markets have grown
remarkably, attracting global capital and fostering potential for more privatesector
listings.
68 www.thefinanceworld.com December 2023

Established in the year 2000,
the Dubai Financial Market
emerged as a catalyst for economic
diversification in the UAE. Its
inception marked a significant stride
in transforming Dubai into a global
financial centre. Initially fostering
a modest list of companies, DFM’s
commitment to transparency and innovation
quickly attracted both local
and international investors.
From the early 2000s to the global
financial crisis in 2008, DFM adapted
and expanded. The introduction of real
estate investment trusts (REITs) and a
diverse array of financial instruments
contributed to its growth. DFM stands
as a testament to Dubai’s commitment
to financial excellence, with a robust
ecosystem supporting various sectors.
The Abu Dhabi Securities Exchange,
tracing its roots back to 2000, embarked
on a parallel journey to fortify
the UAE’s financial landscape. Born
out of the strategic vision to elevate
Abu Dhabi’s economic standing, ADX
initially operated as a conventional
stock exchange. The early years laid
the groundwork for a bolder, more
expansive marketplace.
ADX’s commitment to sustainability
and diversification fueled its ascent.
The introduction of Sharia-compliant
financial instruments and initiatives
to attract foreign investment contributed
to its burgeoning influence. The
market weathered challenges, utilising
lessons from the 2008 financial crisis
to bolster its regulatory framework.
Over the last three years, the capital
markets in the UAE have seen significant
growth. Both the DFM and ADX
have expanded their offerings, seen a
surge in IPOs, and attracted substantial
global capital. This growth has
positioned them well among emerging
markets and opens up the potential for
further expansion by drawing in more
private-sector listings.
While the establishment of ADX
and DFM in the early 2000s laid the
groundwork for capital inflows in the
UAE, the market has mainly revolved
around banks and property firms in
terms of scale. These sectors have
been crucial in channelling global
capital, and supporting the national
economy.
Efforts are now being directed
towards sustaining this positive
DFM and ADX
act as catalysts,
fostering
expanded
private-sector
listings and
contributing
to economic
prosperity
within the
UAE’s dynamic
financial
landscape.
momentum. In the past year, ADX
and DFM have attracted IPOs from
various sectors like healthcare, utilities,
real estate, food and beverage,
financial services, infrastructure, and
petrochemicals.
Additionally, there’s been an expansion
in product offerings, such as
ADX launching a derivatives market
in 2021, establishing a framework
for special purpose acquisition companies
(SPACs), and listing more
exchange-traded funds (ETFs). These
steps aim to diversify and deepen the
market, creating opportunities for a
wider range of investors and companies
alike.
Global investors have responded
positively to the resilience and
dynamism of the UAE economy,
demonstrating confidence in the market’s
development. Last year, foreign
investment in ADX increased by 54
per cent, reaching a record AED 24B.
These developments underscore the
growing maturity and attractiveness
of the UAE’s capital markets, setting
the stage for continued prosperity and
global recognition.
Market liquidity has experienced a
notable boost, thanks to a robust ecosystem
of market makers and brokers,
resulting in a 23% increase in traded
values throughout 2022.
As of April 2023, the market capitalisation
of ADX and DFM achieved unprecedented
highs, surpassing $910B.
This represents a substantial surge
from $670B in May of the previous
year. Expressed as a percentage of
nominal gross domestic product, this
figure exceeds 180%, surpassing other
key economies in the MEASA (Middle
East, Africa, and Southern Asia) region,
including Turkey and Singapore.
Government-led strategies and policies
have been pivotal in enriching
the landscape, notably in Abu Dhabi,
where ADGM has rapidly flourished
into a top-tier financial and business
hub. The growth of incubators and
the broader start-up ecosystem, like
Hub 71, has effectively bridged gaps,
bringing global players closer to the
local investment narrative.
The government’s efforts, including
Abu Dhabi’s AED 5 billion IPO fund,
actively support listings, while the
revitalised ADX Growth Market specifically
caters to fast-growing SMEs,
enabling their successful debut as
listed companies.
In this optimistic scenario, the entry
of late-stage capital providers into
the market, aiding companies gearing
up for their IPO process, signifies a
positive shift. This anticipated move
aligns with rising investor awareness
and the establishment of more investment
platforms, enticed by the strong
financial incentives associated with
successful IPO exits.
Listing on the ADX and DFM not only
facilitates debt and equity financing
at a reduced cost of capital but also
serves as a platform for companies to
elevate their profile, bolster brand equity,
and forge new business alliances.
December 2023 www.thefinanceworld.com 69

Corporate Tax
A Comprehensive Guide to Corporate
Tax Registration Timelines in the UAE
The corporate landscape in the UAE experienced a transformative shift with the
implementation of corporate taxes on June 1, 2023. As December unfolds, corporations
in the UAE are actively navigating the modulation of these new fiscal regulations.
This comprehensive guide aims to provide businesses with a clear roadmap for
comprehending the administrative requirements associated with corporate taxation. It
encompasses critical elements such as tax registration, deregistration, filing corporate
tax returns, and payment procedures.
70 www.thefinanceworld.com December 2023

UAE Corporate Tax
Registration:
Corporations in the UAE must
register with the FTA and obtain a
unique Corporate Tax Registration ID or
number. This registration applies to all
businesses, regardless of whether they
are subject to the 0% or 9% corporate
tax rate. To facilitate this process,
businesses can enlist the assistance
of corporate tax advisors in the UAE
who specialise in various types of tax
registration.
Registration Timelines:
According to information on the
FTA website, taxable persons must
register until their first tax filing. The
registration period varies based on the
financial year-end of the business. For
instance, a business with a year ending
on May 31st has a registration period
of 26 months until February 28th,
2025. Similarly, for businesses with a
financial year ending on December 31st,
a registration period of 33 months is
available until September 30th, 2025.
Corporate tax registration in the UAE
through the EmaraTax portal involves
a series of structured steps to ensure
accuracy and completeness. To initiate
the registration, users log in using their
credentials or UAE PASS, directing
them to the user dashboard where the
Taxable Person list screen appears. If
no entities are associated, users must
add a new Taxable Person by clicking
“create.” Within the dashboard, selecting
‘Register’ under the Corporate Tax tile
triggers the registration application.
The process is divided into brief
sections, each covering different
components, with a progress bar
indicating completion status. Users
must fill out all required fields in
each section and submit necessary
documents to avoid rejection. Entity
type selection, identification details,
business activities, owner details (for
ownership of 25% or more), branch
information (if applicable), and contact
details follow in sequential steps. The
Authorized Signatory section involves
adding relevant details, including
evidence of authorization for legal
persons. After reviewing all details
in the final section, users mark a
checkbox to declare accuracy and
submit the application. Upon successful
submission, a Reference Number is
generated for future correspondence
with the FTA, emphasising the
importance of retaining this identifier
UAE’s corporate tax overhaul
requires businesses to navigate
registration intricacies and filing
procedures with precision.
for reference.
Post Corporate Tax Registration
Process:
Upon submission of the corporate
tax registration application through
the EmaraTax portal, the Federal
Tax Authority (FTA) undertakes a
comprehensive review. The FTA may
either approve, reject, or request
additional details, notifying the
applicant promptly. In case further
information is necessary for verification,
the applicant receives a notification via
email specifying the required details.
After the FTA’s approval, the applicant
is informed of the decision through mail
correspondence. To keep applicants
informed, the dashboard is regularly
updated with the current status of their
application, allowing them to check
the progress at any given time. This
structured communication process
ensures transparency and keeps
applicants informed throughout the
evaluation and decision-making stages.
Corporate Tax Deregistration:
If a registered corporation ceases
to be subject to corporate tax, it must
undergo deregistration. The FTA will
deregister a business if it has filed
corporate tax returns, settled all tax
liabilities, and addressed any penalties
due up to the cessation date.
Corporate Tax Return Filing:
UAE businesses must file a single
consolidated tax return within nine
months of the end of each relevant
tax period. This streamlined process
simplifies the filing procedure, ensuring
efficiency and accuracy.
Corporate Tax Deadlines:
The UAE corporate tax regime
operates on a self-assessment principle,
placing the responsibility on businesses
to ensure the accuracy and compliance
of submitted documents. Taxpayers
are granted up to 21 months from the
start of their financial year to prepare,
file their corporate tax returns, and
make payments.
Exemptions from UAE Corporate
Tax:
Certain businesses in the UAE
enjoy exemptions from corporate
tax, including those engaged in the
extraction of natural resources.
Dividends and capital gains earned
from qualifying shareholdings, as well
as qualifying intra-group transactions
and reorganisations, are also exempt
from corporate tax.
Corporate Tax Rates:
The corporate tax rate in the UAE
is 0% for taxable income up to AED
375,000 and 9% for taxable income above
AED 375,000. Free Zone businesses
are subject to corporate tax, but the
regime honours existing corporate tax
incentives for businesses that comply
with regulatory requirements and
operate exclusively in the free zones.
Navigating the corporate tax
registration process in the UAE requires
a thorough understanding of timelines,
filing requirements, and applicable
rates. Businesses are encouraged to
engage with tax advisors and leverage
the resources provided by the FTA to
ensure compliance with the evolving
corporate tax regulations in the country.
December 2023 www.thefinanceworld.com 71

Corporate Results
e&
Q3’23 Net Profit: 20%
In their Q3 2023 report, e& displayed
strong growth with consolidated revenues
at AED 13.4B, a 3.3 percent YoY
increase. Consolidated net profit also
surged to AED 3.0B, a notable 20 percent
YoY growth. Under constant exchange
rates, revenue saw an 8.0 percent rise,
and consolidated EBITDA grew by 6.9
percent, maintaining a resilient EBITDA
margin of 51 percent. Significantly, the
number of e& subscribers in the UAE
reached 14.0 million, up 4.7 percent
from the previous year, while the total
group subscribers increased to 167 million,
showing a 3.3 percent rise. Hatem
Dowidar, e&’s Group CEO, reaffirmed
the commitment to innovation, sustainability,
and delivering value.
Borouge
Q3’23 Net Profit: 22%
Borouge Plc has reported a strong net
profit of $282M (AED 1.04B) for the
quarter ending September 30, showing a
22% increase compared to the previous
quarter. This impressive performance
was attributed to robust production,
effective cost management, and revenue
optimization through the Value
Enhancement Programme. Notably,
the program exceeded expectations,
delivering a $420M positive impact in
the first nine months of 2023, surpassing
its $400M target for the year. Hazeem
Sultan Al Suwaidi, CEO of Borouge,
highlighted the company’s commitment
to innovation, expanding market share,
and maintaining competitive pricing.
The company also distributed an interim
dividend of $650M in the third quarter
and committed to a $1.3B dividend for
the 2023 financial year, providing a
6.3% current dividend yield.
TECOM Group
Q3’23 Net Profit: 34%
TECOM Group has reported robust
financial results for the third quarter
and the nine months ending on
September 30. Throughout 2023, they
achieved significant growth, with a 7%
year-on-year increase in revenue to
AED 1.6B and a substantial 20% YoY
rise in net profit to AED 768M. In Q3,
revenue increased by 10% YoY to AED
541M, and EBITDA rose by 13% YoY
to AED 410M, resulting in an EBITDA
margin of 76% due to improved operational
efficiencies. Furthermore, the
group’s net profit for the three months
saw an impressive 34% YoY increase to
AED 283M, driven by revenue growth,
reduced operational expenses, and
favourable financing terms. Occupancy
rates for commercial and industrial
assets also improved, reaching 88.5%,
primarily due to increased demand
for quality office space and industrial
storage and logistics facilities.
Aldar
Q3 ’23 Net Profit: 18%
Aldar’s Q3 2023 revenue showed impressive
growth, with an 18 percent
YoY increase to AED 1.9B, driven by
accelerated construction progress,
strong off-plan sales, and ongoing development
backlog revenue recognition.
Over the nine months, revenue also rose
by 12 percent to AED 5.8B. Notably,
the group’s sales in Q3 reached AED
7.8B, a remarkable 99 percent increase
from the same period in the previous
year, marking Aldar’s highest-ever
quarterly sales. The first nine months
of 2023 saw record group sales of AED
19.4B, boosted by 11 project launches
and high demand for Abu Dhabi
properties from international buyers.
The group’s revenue backlog reached
a record AED 29.1B at the end of Q3,
providing strong revenue visibility for
the UAE and Egypt operations in the
coming years.
Mashreq
9M’23 Net Profit: 122%
Mashreq has reported strong financial
results for the first nine months of 2023,
with an Earnings per Share of AED 28.75,
reflecting a commitment to sustainable
growth and shareholder value. The net
profit has notably increased by 122%
year-on-year, reaching AED 5.8B, driven
by strategic growth, customer focus,
efficient cost management, and risk
control. The Return on Equity (ROE)
stands at a record-high of 32.1% for
the same period, doubling from the
previous year. The substantial growth
in operating income and net profit is
primarily attributed to an 82% rise in
net interest income, alongside a notable
8.1% increase in non-interest income.
Emirates NBD
Q1’23 Net Profit: $5.5B
Emirates NBD has reported a strong
third-quarter performance with a 38%
year-on-year increase in net profit,
reaching AED 5.2B ($1.42B). This
growth is attributed to expanded loans
and stable, low-cost funding, which
allowed the bank to take advantage
of higher interest rates. The bank,
primarily government-owned, saw a
29% rise in net interest income to AED
7.8B and a 49% increase in non-funded
income to AED 3.6B. Total assets
increased by 16% year-on-year to AED
836B, gross loans grew by 8% to AED
494B, and deposits surged by 19% to
AED 570B. Notably, the non-performing
loans ratio improved to 5.5% from
5.8% a year earlier, and impairment
allowances decreased by 54%.
72 www.thefinanceworld.com December 2023

Commercial Bank
International
Q3’23 Net Profit: 38%
Commercial Bank International (CBI)
reported a significant 38% increase in
net profits, reaching AED 62M in the
third quarter of 2023 compared to AED
45M in Q2-23. The UAE-based bank
also recorded a remarkable 65% surge
in operating profit, totalling AED 73M
for July-September 2023, compared
to AED 44M in the previous quarter.
Net operating income saw a 20% rise
to AED 147 M in Q3-23 from AED 122
M in April-June 2023. CBI’s CEO, Ali
Sultan Rakkad Al Amri, attributed their
success to a commitment to enhancing
customer solutions and fulfilling the
growing needs of their customers while
contributing to the UAE’s economic
stability and growth. In the first half
of 2023, CBI achieved a net profit of
AED 78.88M, marking a substantial
44% annual increase from AED 55.04M.
Dubai Islamic Bank
Q3’23 Net Profit: 18%
Dubai Islamic Bank reported an 18%
year-on-year increase in net profit for
the third quarter of 2023, driven by
growth in core revenues and a decrease
in impairment charges. Their total
net income for the quarter ending on
September 30, 2023, reached AED 4.8B
($1.3B), up from AED 4.1B in the previous
year. The growth was attributed
to rising core revenues, non-funded
income, and reduced impairment
charges. The bank also reported net
financing and sukuk investments of
AED 265B, marking an 11.3% increase
year-to-date. The domestic banking
sector showed strength, with expanding
balance sheets, and improved asset
quality, and profitability. Gross new
underwriting and sukuk investments
for the first nine months of the year
rose to AED 72B from AED 43B in the
same period last year.
Riyadh Cables
9M’23 Net Profit: $102.53M
Riyadh Cables Group Company reported
robust financial performance in the
first nine months of 2023, with net
profits after Zakat and tax reaching
SAR 384.53M, marking a substantial
56.34% increase from SAR 245.96M in
9M-22. Earnings per share (EPS) also
improved, rising to SAR 15.16 in 9M-23
from SAR 13.17 in the previous year.
Revenues for the period totalled SAR
5.93 billion, showing an 18.20% annual
increase from SAR 5.02B. In Q3-23, the
company achieved SAR 132.70M in net
profit after Zakat and tax, a 43.28%
increase from Q3-22, and revenues
grew by 17.60% to SAR 2.08B during
July-September 2023, compared to
SAR 1.76B in the previous year. Every
quarter, Q3-23 net profits increased by
4.54% from Q2-23, and revenues grew
by 8.51% from SAR 1.91B.
Amlak International
Q3’23 Net Profit: $6.13M
Amlak International for Real Estate
Finance Company reported net profits
of SAR 22.92M in the first nine months
of 2023, marking a significant 71.61%
annual decline from SAR 80.73M. Earnings
per share (EPS) reached SAR 0.25
as of September 30, 2023, down from
SAR 0.89 YoY. The company’s assets increased
by 5.62% to SAR 3.62B in 9M-23,
while investments decreased by 10.52%
to SAR 893M. However, the loans and
advances portfolio grew to SAR 3.46B, a
5.61% increase from the previous year. In
Q3-23, Amlak International’s net profits
were SAR 5.57M, down by 77.77% YoY,
and quarterly profits declined by 11.77%
from Q2-23.
Tasnee
9M’23 Results: 357%
National Industrialization Company
(Tasnee) experienced a significant shift
in its financial performance in the first
nine months of 2023. Net profits after
Zakat and tax dropped by 69.24% to SAR
191.70M, down from SAR 623.20M in 9M-
22. Revenues also contracted by 11.33%
to SAR 2.60B in 9M-23 compared to SAR
2.94B in the same period in 2022. Earnings
per share (EPS) declined to SAR 0.29 as
of September 30, 2023, from SAR 0.93
YoY. However, during Q3-23, Tasnee saw
a substantial 357.31% surge in net profit
after Zakat and tax, reaching SAR 78.20M,
and generated revenues of SAR 831.90M,
marking a 6.22% annual decrease from
SAR 887.10M. Quarterly, Q3-23 net profits
increased by 149.04% from Q2-23, while
revenues declined by 6.44% from SAR
889.20M.
First Abu Dhabi Bank
Q3’23 Net Profit: 46%
First Abu Dhabi Bank (FAB), the largest
lender in the UAE by assets, reported a
substantial 46% increase in its net profit
for the third quarter. This remarkable performance
was driven by revenue growth,
supported by the continued economic
momentum in the UAE. FAB disclosed
a net profit of AED 4.3B ($1.17B) for the
period, marking its highest quarterly profit
on an underlying basis. The operating
income for the reporting period rose to
AED 7B, representing a 27% year-on-year
increase, primarily attributed to growth
in the bank’s core business and significant
growth in interest and non-interest
income. The Federal Reserve has significantly
raised its benchmark policy rates in
recent quarters to combat high inflation,
aiming to bring it within the 2 percent
target range.
December 2023 www.thefinanceworld.com 73

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Sport as a Business
Exploring the Allure of UAE’s Sports
Empire, a Dynamic Player in the Global
Business Landscape
The UAE’s political leadership, since the nation’s formation in 1971, has
prioritised the growth and institutionalisation of the sports sector due
to its crucial role in national development. This dedication extends to
establishing and supporting sports clubs as part of social development
services. These efforts have positioned the UAE as a prominent
global hub for sports events, investments, and business ventures.
The nation’s strategic foresight, visionary leadership, and significant
investments have leveraged sports as a catalyst for economic growth
and international prominence.
76 www.thefinanceworld.com December 2023

At the heart of this transformation
lies a deliberate strategy by the
UAE government to position
sports as a catalyst for economic diversification.
The country recognised
the potential of sports not only as a
means of entertainment and physical
well-being but also as a lucrative sector
with vast opportunities for revenue
generation and global exposure.
One of the pivotal moments in the
UAE’s sports evolution was the establishment
of Dubai Sports City, a sprawling
multi-purpose complex designed
to nurture various sports disciplines,
including cricket, football, golf, and
more. This ambitious project, initiated
by the Dubai government, symbolised
the nation’s commitment to fostering
a sports-centric ecosystem. It not only
provided state-of-the-art infrastructure
but also catalysed attracting global
sports events and investments.
The UAE’s strategic location, coupled
with its world-class infrastructure and
state-of-the-art facilities, has drawn
major international sporting events to
its shores. From Formula 1 racing and
golf championships to prestigious tennis
tournaments and cricket leagues, the
country has positioned itself as a coveted
destination for hosting high-profile
sports events. The Abu Dhabi Grand
Prix, Dubai Tennis Championships,
and the Dubai World Cup are among
the marquee events that have solidified
the UAE’s position on the global
sports calendar.
The UAE has also established free
zone sports cities like Zayed Sports
City in Abu Dhabi, Hamdan Sports
Complex, Dubai Sports City, and Dubai
Motor City. These areas integrate
sports facilities, residential spaces,
and commercial areas. Zayed Sports
City offers diverse practice facilities,
while Hamdan Sports Complex features
advanced swimming pools and a
15,000-seat stadium with solar-powered
outdoor lights. Dubai Sports City hosts
the Dubai International Stadium, and
Dubai Motor City caters to motorsports
enthusiasts with the Dubai Autodrome
and an F1 circuit. These developments
showcase the UAE’s commitment to
creating comprehensive sports hubs.
Moreover, visionary leaders and
influential personalities in the UAE
have played a pivotal role in shaping
the sports landscape and attracting
investments. Individuals like Sheikh
Mohammed bin Rashid Al Maktoum,
the Vice President and Prime Minister
of the UAE, and Sheikh Mansour bin
Zayed Al Nahyan, owner of Manchester
City Football Club, have been instrumental
in not only promoting sports but
also investing significantly in various
sporting ventures. Their vision and
commitment to developing sports have
contributed to the country’s ascent in
the global sports business realm.
Complementing these efforts in
February 2023, H.H. Sheikh Mansoor
bin Mohammed Al Maktoum, Chairman
of the Dubai Sports Council, Directed
an important meeting approving a
transformative 2023-2033 strategy for
sports sector advancement. Stressing
alignment with sustainability goals and
echoing President Sheikh Mohamed
bin Zayed Al Nahyan’s commitment to
a sustainable future, Sheikh Mansoor
indicated a vision aiming to double
the sports sector’s GDP contribution,
arrange 3,000 annual events, and attract
1,000 international training camps.
This strategic blueprint stands as a
testament to the UAE’s dedication to
sports sector growth while embracing
sustainability and global excellence.
Beyond hosting events, the UAE
has strategically ventured into sports
investments and acquisitions, marking
its presence in the international sports
market. Investments in football clubs
across Europe, including Manchester
City and Paris Saint-Germain, have not
only elevated the country’s profile but
have also opened doors for collaborations
and business synergies in the
sports industry.
The UAE’s strategic vision to boost
the sports industry also includes taxfree
zones offering businesses 100%
ownership, exemption from import/
export duties, and no personal income
tax. These benefits significantly cut
operational costs, making the UAE an
appealing hub for sports businesses
looking for financial advantages and
operational flexibility.
Furthermore, the UAE’s forward-thinking
approach extends beyond traditional
sports to embrace emerging trends,
such as esports. Recognising the
growing popularity and commercial
potential of esports, the country has
embraced this digital domain, hosting
esports tournaments and establishing
dedicated arenas, positioning itself as
a hub for both traditional and digital
sports.
The success of the UAE’s sports
empire can also be attributed to its
commitment to grassroots development.
Initiatives promoting youth sports participation,
academies nurturing talent,
and sports education programs have
laid the foundation for a sustainable
sports ecosystem. These efforts not
only foster local talent but also attract
international partnerships and collaborations
aimed at talent exchange and
development.
In addition to economic dividends,
the UAE’s sports endeavours have
contributed to its soft power and
global image. By hosting international
events and attracting sporting icons
from around the world, the country
has enhanced its brand visibility and
positioned itself as a global player in
the sports business landscape.
However, this meteoric rise in the
sports business realm hasn’t been
without challenges. Competition from
other global sports markets, evolving
consumer preferences, and the need
for continuous innovation pose ongoing
hurdles. Yet, the UAE’s adaptability,
resilience, and willingness to embrace
change have positioned it as a dynamic
player capable of navigating these
challenges and sustaining its growth
trajectory in the sports business domain.
By leveraging sports as a vehicle for
economic diversification, international
visibility, and talent development, the
UAE has crafted an enduring legacy as
a dynamic player in the ever-evolving
world of sports business. As the country
continues to innovate and expand
its sports empire, its influence on the
global stage is set to endure, leaving
an indelible mark on the business of
sports.
December 2023 www.thefinanceworld.com 77

Sports News
ILT20 Introduces School Cricket Initiative in UAE
The International League T20
(ILT20) has unveiled an exciting
initiative to bolster the
presence of cricket in UAE
schools by introducing the ILT20 Schools
Cup. This comprehensive program is
strategically rolled out in Abu Dhabi,
Al Ain, Dubai, and Sharjah, with the
primary goal of nurturing cricketing
talent from a young age while contributing
to the future of UAE cricket. By
establishing a direct link between the
DP World ILT20 and the UAE’s budding
cricketers, the ILT20 Schools Cup creates
an invaluable platform for these
talented youngsters to showcase their
skills. The competition comprises six
pools, each corresponding to one of the
DP World ILT20 franchises, including
the Abu Dhabi Knight Riders, Desert
Vipers, Dubai Capitals, Gulf Giants, MI
Emirates, and Sharjah Warriors. This
initiative focuses on players under the
age of 18 and boasts the participation
of 35 schools vying for the coveted
title of ILT20 Schools Cup Champion.
Moreover, this endeavour fosters a
strong connection between the franchises
and schoolchildren within their
respective cities, further nurturing the
future of UAE cricket.
Surfing Legend Kelly Slater Takes on UAE
Waves at Hudayriyat Island
Surf Abu Dhabi rolled out the
red carpet for the legendary
Kelly Slater, the 11-time world
champion and revered professional
surfer. Slater, in partnership
with Modon Properties, spearheaded
the creation of the world’s most advanced
wave facility at Hudayriyat
Island, which has garnered acclaim for
hosting the world’s lengthiest ride, the
largest barrel, and the most extensive
man-made wave setup globally. The
eagerly anticipated Surf Abu Dhabi is
Saudi eyes $5B IPL Investment
Saudi Arabia is reportedly exploring
a significant investment in the
Indian Premier League (IPL),
the world’s wealthiest cricket
league, as part of its broader strategy to
slated to open its doors later this year,
and it has already made a splash on
social media with awe-inspiring videos
of Kelly Slater and other surfing luminaries
conquering the artificial waves.
Positioned on Hudayriyat Island, a hub
for sports, leisure, and recreation, this
elite-level surfing haven is set to join
a slew of prestigious additions to the
city’s sports infrastructure, including a
3,500-seat velodrome, perfectly equipped
for staging international indoor cycling
competitions.
diversify its national economy through
sports ventures, Saudi Crown Prince
Mohammed bin Salman has engaged
in discussions with Indian government
officials regarding a potential $5B stake
in the IPL. If realised, this investment
could value the IPL at over $30B.
Despite being just 16 years old, the
IPL has achieved remarkable global
popularity and holds substantial brand
value, boasting sought-after media
rights, with a recent broadcast deal
fetching $6.2B, extending coverage
until 2027. A possible investment from
Saudi Arabia could see the IPL expand
to other countries as the global interest
in T20 cricket increases.
Saudi Arabia Sole
Bidder for 2034 World
Cup, FIFA Announces
Saudi Arabia stands as the lone
contender in the race to host
the 2034 FIFA World Cup, according
to FIFA, after the global
football governing body revealed that
no other football association submitted
a bid before the October 31 deadline.
Australia, initially seen as a potential
host, withdrew its bid, with Football
Australia (FA) stating that, after careful
consideration, they decided not to
pursue hosting the 2034 competition.
While Saudi Arabia has taken the lead
as the only bidder, FIFA’s official approval
of the nation as the host for the
2034 World Cup is anticipated to be
confirmed in the coming year.
78 www.thefinanceworld.com December 2023

World Tennis League season 2 to feature top tennis stars in Abu Dhabi
The World Tennis League’s
season two tournament at Yas
Island’s Etihad Arena in Abu
Dhabi, running from December
21 to 24, will showcase an array
of top tennis talent. Women’s world
No. 1 Aryna Sabalenka and men’s
world No. 3 Daniil Medvedev are set to
headline the event. They will be joined
by world No. 5 Stefanos Tsitsipas, the
Australian Open finalist, and world
No. 6 Andrey Rublev, a 2023 Grand
Slam quarter-finalist, along with other
elite tennis players. The tournament’s
format features four teams competing
in men’s and women’s singles and doubles,
as well as mixed doubles, with
the top two teams battling for the title
on December 24, the concluding day
of the event.
Impressive Participation in the 5th Labour Sports
Tournament Running Competition
An astounding turnout of over
3,500 dedicated labourers
hailing from various companies
and corporations marked
the running competition within the 5th
edition of the Labour Sports Tournament
held in Dubai. The spirited event
unfolded within the labourers’ residential
enclave at Muhaisna 4, featuring two
distinct race distances: 5km and 3km.
In the fiercely contested 5km race, Sada
Dafla, representing Enoc Petroleum
Company, clinched the top position,
closely followed by Atheophylode
IPL 2024 auction to be held in Dubai
The IPL is set to make history
with its 2024 player auction,
taking place in Dubai on
December 19. It’s the first
time the season opener has ventured
overseas and provides teams
the opportunity to recruit for the
upcoming 2024 season. By November
15, all 10 IPL teams must submit their
lists of retained players, shaping the
player pool for the auction. Each
Abekha and Elias Milobath, both from
Enoc, securing the second and third
positions, respectively. Meanwhile, in
the 3km race, Abdul Majid Othman of
Enoc Co. triumphed, with Emmanuel
Akwete Sikoko from Petronash seizing
the second spot, and Swati Kumar Suru,
another colleague from Petronash,
securing the third. The medals and
trophies were graciously distributed
by Abdulla Shukri, Secretary General
of the Permanent Committee of Labour
Affairs in Dubai.
team will have a budget of INR 100
crore ($12M) to craft their new squad,
an increase from the INR 95 crore
($11.4M) allotted in the previous year.
Team budgets will vary based on the
value of released players and unspent
funds from previous auctions. Players
such as Mitchell Starc, Pat Cummins,
Chris Woakes, Travis Head, and Gerald
Coetzee are rumoured to be available
this year.
Abu Dhabi Golf Club to
host LIV Golf Promotions
event
The highly anticipated Promotions
event, a significant
development within the Public
Investment Fund (PIF)-
backed LIV Golf, has been officially
scheduled for December 8-10 in the
UAE. This unique tournament, taking
place at the Abu Dhabi Golf Club,
offers a distinct twist on Qualifying
School events worldwide by featuring
a substantial $1.5M prize pool.
Competing over four rounds in three
days, with the final day including 36
holes, the top three finishers will earn
coveted spots in one of the LIV Golf
teams for the 2024 season. Greg Norman,
LIV Golf Commissioner and CEO
emphasised how LIV Golf Promotions
creates a global pathway for top and
emerging talents, offering opportunities
that are transforming the sport
on an international scale. The event
follows the success of LIV Golf’s inaugural
full season, which featured 14
events, further solidifying the league’s
commitment to open competition and
meritocracy in the sport.
December 2023 www.thefinanceworld.com 79

Tourism
Beyond Borders: GCC Unified Visa and
the Future of Gulf Tourism
The Gulf Cooperation Council (GCC) has long been recognized for
its economic prowess and cultural richness. Comprising six member
states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United
Arab Emirates — the GCC region has become a global hub for business,
trade, and tourism. In a groundbreaking move, the member states
are now contemplating the implementation of a unified visa system
that aims to simplify travel procedures, boost tourism, and enhance
economic integration. This initiative, known as the GCC Unified Visa,
holds the promise of transforming the Gulf’s tourism landscape and
fostering closer collaboration among member states.
80 www.thefinanceworld.com December 2023

Supporting tourism in any GCC country is
considered supporting tourism in all GCC countries.
The United Arab Emirates has
consistently positioned itself
as a front-runner in economic
growth, and one of its primary tools for
building a strong non-oil economy has
been tourism. With the UAE’s visionary
efforts propelling the ongoing expansion
of its tourism sector, the recent
introduction of the GCC Unified Visa is
anticipated to have a favourable impact
on the country’s tourism landscape.
The GCC Unified Visa seeks to
streamline the often complex and
time-consuming visa processes that
tourists currently face when moving
between member states. Once implemented,
visitors will be able to obtain
a single visa that grants them access to
all six countries, eliminating the need
for multiple applications and reducing
bureaucratic hurdles. This move is expected
to attract a more diverse range
of tourists, from business travellers to
leisure seekers, making the Gulf a more
accessible and enticing destination.
The introduction of the unified visa
is anticipated to have a profound impact
on the tourism sector across the
GCC. By simplifying travel logistics,
the region aims to increase the influx
of tourists, leading to a boost in hospitality,
entertainment, and other related
industries. This, in turn, will contribute
significantly to economic growth and
job creation in the member states.
Moreover, the GCC Unified Visa
aligns with the broader goal of economic
diversification, a priority for
many Gulf countries looking to reduce
their dependency on oil revenues.
Tourism has emerged as a key sector
for economic diversification, and a
unified visa system is a strategic step
toward achieving this objective. The
initiative is poised to enhance the attractiveness
of the Gulf as a destination
for both leisure and business travel,
ultimately driving a more sustainable
and resilient economy.
The Statista report revealed that
the hospitality industry in the GCC is
expected to increase by 68% by 2026,
and GCC countries are making significant
efforts to boost their economies
by investing in tourism. This includes
the development of several luxury
resorts, and tourist attractions, and
the preservation of cultural heritage in
all six countries. These advancements
define this as the right time for the
introduction of the GCC Unified Visa.
The GCC unified visa presents an
additional advantage for the millions
of Muslims embarking on journeys to
Saudi Arabia for religious reasons. This
unified visa streamlines the process,
enabling them to explore the other six
countries without the burden of acquiring
individual visas. Furthermore, this
development opens up the possibility
for travellers to plan their Umrah pilgrimage
while simultaneously visiting
other Gulf countries, potentially giving
a substantial boost to tourism across
multiple nations.
Beyond the economic benefits, the
GCC Unified Visa holds the potential to
facilitate greater cultural exchange and
collaboration among member states. As
tourists explore the diverse landscapes,
historical sites, and vibrant cultures
of the Gulf, they will contribute to a
richer tapestry of shared experiences.
This cross-cultural interaction has the
power to strengthen the bonds between
the member states, fostering a sense
of unity and cooperation that extends
beyond economic ties.
While the vision of a GCC Unified
Visa is promising, it is not without its
challenges. Coordination among member
states, alignment of immigration
policies, and addressing security concerns
are critical aspects that require
careful attention. Furthermore, effective
communication and public awareness
campaigns will be essential to ensure
that tourists are well-informed about
the new visa system and its advantages.
The GCC Unified Visa represents a
significant step forward in the Gulf’s
quest to position itself as a premier tourist
destination and a hub for economic
activity. By breaking down barriers
to travel, member states are not only
opening their doors to the world but
also laying the foundation for a more
integrated and interconnected Gulf
region. As the initiative moves from
concept to reality, its success will be
measured not only by economic indicators
but also by the strength of the
cultural bridges it builds and the lasting
impact on the collective identity of the
Gulf Cooperation Council. The future
of Gulf tourism looks promising, with
the GCC Unified Visa paving the way
for a new era of collaboration, growth,
and shared prosperity.
December 2023 www.thefinanceworld.com 81

Investment in Tourism
The rise of tourism in the UAE, exploring
crucial assets for potential growth
The United Arab Emirates (UAE) has emerged as a global tourism
hotspot, captivating travellers with its blend of modernity, luxury, and
cultural richness. The country’s journey from a desert landscape to a
thriving tourism hub is a testament to its strategic vision, investment
in infrastructure, and commitment to offering diverse experiences to
visitors from around the world.
82 www.thefinanceworld.com December 2023

Decades ago, the UAE was primarily
known for its vast deserts
and pearl diving. However,
visionary leadership recognised the
potential of tourism and began investing
in transforming the country into a
destination appealing to a wide range
of travellers. Today, the UAE presents
a mosaic of tourism offerings, encompassing
a wide range of attractions and
experiences tailored to suit diverse
interests and preferences.
This transformation has been mirrored
in the impressive growth of the
UAE’s travel and tourism sector from
2016 to 2027. In 2016, it contributed
AED 68.5 billion, equivalent to 5.2%
of the GDP, projected to rise by 5.1%
annually, reaching AED 116.1 billion by
2027, making up 5.4% of the total GDP.
Additionally, the sector’s total contribution
to the GDP was AED 159.1
billion in 2016, composing 12.1% of the
GDP, expected to grow by 4.9% yearly,
reaching AED 264.5 billion by 2027,
constituting 12.4% of the GDP.
Employment in the sector directly
supported 317,500 jobs in 2016, estimated
to reach 410,000 jobs by 2027,
forming 5.9% of total employment.
Indirectly, the sector contributed to
10.4% of total employment, accounting
for 617,500 jobs in 2016, projected
to rise to 770,000 jobs by 2027, comprising
11.1% of total employment.
Remarkably, investments in the travel
and tourism sector, amounting to
AED 26.2 billion in 2016, are expected
to surge by 11% annually over
the next decade, reaching AED 74.5
billion in 2027, forming 11.2% of total
investments.
The establishment of the Emirates
Tourism Council in January 2021
marks a pivotal step by the UAE Cabinet
to fortify the nation’s tourism
landscape. Designed to align with the
UAE Centennial 2071 and the country’s
overarching aspirations, the council’s
primary objective is to craft a comprehensive
tourism strategy. This strategy
aims to integrate all pertinent local
authorities and departments while
actively suggesting and refining policies
and legislations that bolster the
tourism sector and align with national
tourism development plans.
The council’s multifaceted responsibilities
include fostering the growth of
tourism industries, attracting substantial
investments into the sector, proposing
economic incentives to stimulate
its expansion, and establishing
With its strategic
investments,
commitment to
innovation, and
diverse offerings,
the UAE has
positioned itself
as a magnet
for tourists
worldwide.
a comprehensive national tourism
database. Additionally, a key focus lies
in supporting small and medium-sized
enterprises (SMEs) operating within
the tourism sector, underlining the
council’s commitment to fostering a
thriving and inclusive tourism ecosystem
in the UAE.1. Iconic Landmarks
While the UAE is renowned for its
modernity, it cherishes its rich cultural
heritage. The country celebrates its
traditions through events, museums,
and heritage villages that offer visitors
a glimpse into its history, art, and
customs. Al Fahidi Historic District
in Dubai and the Heritage Village in
Abu Dhabi are prime examples of
preserving Emirati culture.
The Ministry of Culture and Youth’s
latest endeavour, the Modern Architectural
Heritage of UAE initiative,
seeks to honour and safeguard the
nation’s architectural heritage developed
post-1960. This initiative aims to
raise awareness about the significance
of these structures in shaping the
country’s identity and history. By spotlighting
buildings and structures from
this era, the ministry strives to engage
stakeholders and the community, fostering
research, documentation, and
conservation efforts. This long-term
initiative not only aims at preserving
history but also at enhancing the country’s
global cultural and architectural
standing, eventually enhancing cultural
tourism in the country.
Recognising the importance of sustainability,
the UAE has embarked
on various initiatives to promote
eco-friendly tourism. Projects like
The Green Planet, sustainable hotels,
and efforts to protect its diverse
ecosystems demonstrate a commitment
to preserving the environment
while catering to the growing tourism
demands.
In Abu Dhabi, the Department of
Culture and Tourism spearheads a dedicated
effort toward sustainable tourism
development within the emirate.
This comprehensive approach involves
meticulous annual sustainability reporting,
ensuring transparency and
accountability in the region’s tourism
practices. The department actively
initiates and implements innovative
‘green’ tourism and hotel programs,
fostering environmentally conscious
practices across the hospitality sector.
Furthermore, the department
organises impactful exhibitions and
conferences focused on environmental
issues, creating platforms that encourage
dialogue, knowledge-sharing,
and collaboration to further elevate
sustainable tourism initiatives in Abu
Dhabi. Through these concerted efforts,
Abu Dhabi continues to position
itself as a global leader in promoting
sustainable practices within its vibrant
tourism landscape.
Moreover, emphasising the pivotal
role of sustainable strategies, Abdullah
bin Touq Al Marri, Minister of
Economy and Head of the Emirates
Tourism Council articulated the UAE’s
commitment to the Tourism Strategy
2031, aiming to position the country
as a premier global tourist destination,
welcoming 40 million guests and
contributing AED 450 billion to the
GDP by 2031. In collaboration with
the Emirates Tourism Council and
local authorities, this strategic vision
underscores the country’s dedication
to sustainable tourism growth.
As the country navigates through
new challenges and opportunities, its
ability to evolve while staying true to
its roots will undoubtedly shape the
future of tourism in the region.
December 2023 www.thefinanceworld.com 83

Global News
India’s Adani Green in talks to raise $1.8B loan
Adani Green Energy, the renewable
energy subsidiary
of India’s Adani Group, is
reportedly in discussions
with foreign lenders to secure a loan
of up to $1.8B for the expansion of its
solar and wind projects. The potential
lenders include Deutsche Bank, Standard
Chartered Plc, Barclays Plc, BNP
Paribas SA, First Abu Dhabi Bank PJSC,
and Rabobank, according to sources.
If finalised before December, this
loan could rank among the 20 largest
major currency loans in Asia for the
year. The funds are sought to support
capacity building in renewable energy,
and Adani Group has been exploring
opportunities to raise up to $4B for its
green hydrogen initiatives in a separate
effort. French oil major TotalEnergies
recently announced a $300M Investment
in renewable capacity in India
in collaboration with Adani Green.
Hamburg skyscraper
construction halted
in a grim sign for the
German property sector
Construction of one of Germany’s
tallest buildings, the
64-story Elbtower skyscraper
in Hamburg, has come to an
abrupt halt as developer Signa, an
Austrian property giant, failed to make
payments to its builder, Lupp. The interruption,
amid a troubled property sector
in Germany, raises concerns about the
tower’s future. With an estimated value
of €1.3B ($1.38B) upon completion, the
project’s halt is concerning for both
the real estate market and the local
economy. Germany’s property sector,
previously a significant contributor
to the country’s economy, has faced
challenges due to changing market
dynamics and economic uncertainties.
Bank of England Maintains 15-Y High Rates, Excludes
Swift Cuts for Economic Aid
The Bank of England, in its
latest decision, has opted to
maintain interest rates at a
15-year peak, demonstrating
its commitment to addressing the highest
inflation among major developed
economies. Despite economic forecasts
suggesting the UK is teetering on the
edge of a recession and projecting
stagnation in the coming years, the BoE
has kept the Bank Rate at 5.25% for the
second consecutive meeting, following
14 consecutive rate hikes. The central
bank emphasised that borrowing costs
would remain elevated, even though
only around half of the impact of the
previous rate increases has been realised
in the economy. The Monetary
Policy Committee (MPC) voted 6-3 to
maintain the benchmark rate, aligning
with the expectations of economists.
The BoE’s latest projections indicate
that monetary policy will likely need
to remain restrictive for an extended
period, and further tightening may be
required in the presence of persistent
inflationary pressure.
India’s Tata Motors posts fourth consecutive
quarterly profit
Tata Motors, the Indian automaker,
reported its fourth
consecutive quarterly profit,
driven by increased sales of
its luxury Jaguar Land Rover (JLR)
vehicles, resulting in improved profit
margins. For the July-September
quarter, the company achieved a consolidated
net profit of 37.64 billion
rupees ($452M), marking a significant
turnaround from a loss of 9.45 billion
rupees in the same period a year earlier
and a profit of 32.03 billion rupees in
the preceding quarter. This positive
financial performance underscores the
resilience and recovery of Tata Motors,
with JLR’s enhanced sales contributing
to the company’s profitability.
84 www.thefinanceworld.com December 2023

UK PM Sunak to lead AI summit talks before Musk meeting
UK Chancellor Rishi Sunak
is convening meetings with
representatives from the
United States, the European
Union, and the United Nations to
discuss measures for ensuring the
safe development of AI. This follows
Sunak’s success in gaining China’s
support for an international initiative
aimed at addressing AI risks. The
discussions are taking place during
the inaugural Artificial Intelligence
Safety Summit at Bletchley Park,
and the agenda includes sessions
with “like-minded” countries and tech
companies such as OpenAI, Anthropic,
Google DeepMind, Microsoft, Meta,
and xAI. Topics include state-backed
testing and evaluation of AI models
before their release. The goal is to
establish safeguards and regulations to
manage the rapid advancement of AI,
which some believe poses existential
threats if not controlled.
Apple sees a lot of
headroom for growth
in India, CEO Tim Cook
says
India remains a central focus for
Apple’s future growth, according
to CEO Tim Cook. During the company’s
recent earnings conference
call, Cook emphasised the growing importance
of India for the tech giant. He
noted that there is significant room for
expansion in the country due to Apple’s
relatively low market share in the vast
Indian market. Cook highlighted the
increasing emergence of a middle class
and improved distribution. India’s growth
potential is exemplified by the success
of Apple’s two retail stores in the region,
exceeding expectations. However, Apple
has faced controversy in India over recent
threat alerts sent to certain iPhone users,
including opposition MPs and journalists,
prompting scrutiny from the Ministry of
Electronics and Information Technology.
Global $4T Investment Essential for Achieving Net
Zero Emissions by 2050
A
profound and imperative shift
is on the horizon, demanding
an annual global investment
of a staggering $4T to attain
net-zero emissions by 2050 and avert
catastrophic temperature increases
beyond 1.5 degrees Celsius. Experts
underscored this urgency at a management
summit, highlighting the pivotal
role that the MENA investor community
can play in realising this ambitious target.
During the Alternative Investment
Management Summit (AIM), Badr Jafar,
CEO of Crescent Enterprises and COP28
Special Representative of Business &
Philanthropy, urged attendees to seize
platforms like AIM to raise their environmental
ambitions. He stressed the
importance of developing a sustainable
green agenda that not only safeguards
the environment but also fosters social
and economic progress. AIM’s recent
iteration served as a convergence point
for investors and managers across a
spectrum of alternative investment
sectors, including hedge funds, private
equity, venture capital, private
debt, digital assets, and fintech. This
gathering facilitated connections with
global industry leaders, fostering collaborative
endeavours.
Americana Posts Strong 2023 Revenue Growth and Increased Profits
Americana Restaurants has
released its financial results
for the first nine months of
2023, showcasing impressive
achievements. The company reported
a total revenue of $1,897M, marking
a substantial 7.1 percent growth
compared to the same period in 2022.
Moreover, the adjusted EBITDA saw
a remarkable increase of 10.4 percent,
reaching $446.5M. This revenue growth
was attributed to a combination of
like-for-like revenue expansion and the
expansion of the restaurant portfolio
across the company’s operating regions
in the Middle East, North Africa, and
Kazakhstan. Americana Restaurants
recorded a 6.0 percent increase in likefor-like
revenues during the nine months,
driven by the strong performance of
its key brands: KFC, Pizza Hut, and
Hardee’s. For the third quarter of
2023, Americana Restaurants reported
revenues of $655.5M, reflecting a solid
growth of 5.9 percent in comparison
to the same period the previous year.
Net profit for the quarter increased to
$81.9M, a notable rise of 9.9 percent
over the third quarter of 2022. These
results indicate a robust and promising
financial outlook for the company in
the year 2023.
December 2023 www.thefinanceworld.com 85

Investment in Art
Brushing Wealth: Companies Paving
the Way for Art as Business in the UAE
In recent times, the convergence of art and investment has become a compelling
realm, capturing the interest of art enthusiasts and seasoned investors alike.
This fusion of cultural appreciation with the potential for financial returns
has given rise to an intriguing landscape where art transforms into not just
a thing of beauty but a viable investment asset. Amidst this evolving space,
three noteworthy companies have emerged in the UAE, providing platforms
that bridge the gap between art appreciation and investment opportunities.
While not pioneering in the traditional sense, these companies stand at the
forefront, reshaping the conventional approach to investing by unlocking
the value and potential of art.
Fine Art Middle East (FAME)
Salma Shaheem,
Founder
Fine Art Middle East Trading LLC
(FAME), founded in 2012 by Salma
Shaheem in partnership with
The Fine Art Group, has emerged as a
pioneering force in the vicinity of art
investment and advisory businesses
in Dubai. FAME is distinguished by
its commitment to offering collectors
in the Middle East comprehensive guidance
within the global art market and
alternative investment opportunities.
At the heart of FAME’s mission is
86 www.thefinanceworld.com December 2023
a dedication to collaborating closely
with clients to curate financially sound
art collections that align with their tastes
and passions. The synergy between
The Fine Art Group’s extensive art
knowledge, financial expertise, and
global networks, coupled with Salma
Shaheem’s profound understanding
of the Middle Eastern art market,
positions FAME as a trusted partner
for collectors and institutions alike.
FAME’s team of in-house experts
spans a spectrum of art genres, ranging
from Old Masters to Post War
and Contemporary art. In the UAE,
the focus shifts to Middle Eastern art
and emerging global art markets. The
company’s expertise covers various
aspects of the art world, including
advice on buying, selling, collection
management, and managed portfolios.
For those seeking advice on buying,
FAME excels in creating diversified
portfolios, sourcing artworks, facilitating
private sales, and even commissioning
bespoke art pieces. On the
selling front, the company provides
a thorough assessment of market
conditions, formulates effective sales
strategies, manages auction and private
sale consignments, and oversees
pre-sale and post-sale logistics.
In the area of collection management,
FAME offers meticulous cataloguing
and database management,
along with comprehensive logistics
such as insurance and storage. The
company also specialises in managed
portfolios, tailoring them to reflect the
unique tastes and interests of clients
while simultaneously maximising longterm
capital gains and ensuring asset
protection.
Beyond these core services, FAME
goes the extra mile by offering additional
services, including third-party
valuations, introductions to key service
providers, art fair guidance, and
assistance with auction previews and
exhibitions. Through this comprehensive
suite of services, FAME solidifies
its status as a go-to resource for
individuals seeking expertise in art
investments, providing a seamless and
strategic approach to navigating the
dynamic world of art collecting and
investment.

ARTUAE
Founded in 2010 by Sathar Al
Karan, ARTUAE stands as a
prominent entity in the art investment
consultancy landscape,
offering a spectrum of services, including
art consultancy, exhibitions, and
art events for institutions and public
buildings in the United Arab Emirates
(UAE) and globally. The company
specialises in curating a diverse range
of art forms, including sculptural artwork,
installations, new media, canvas,
projections, video, light, and kinetic
art pieces, meticulously developed
and strategically placed to perfection.
ART UAE operates as a professional
partner for art-related services in key
locations such as Dubai, Abu Dhabi,
Italy, and Zurich, Switzerland. Sathar
Al Karan, the founder, has demonstrated
strategic prowess in navigating
international markets, starting from
the ground up and leveraging growth.
His adept manoeuvring includes securing
Royal sponsors, establishing
active partnerships, collaborating
with legal houses, and engaging with
VIP professionals. Notably, Sathar has
played a pivotal role in designing Royal
offices, employing a comprehensive
approach from concept to execution,
and has seamlessly integrated direct
marketing and advertising campaigns
into the company’s portfolio.
A cornerstone of ART UAE’s vision
is to deliver top-of-the-line quality and
competent business support services,
facilitating full access and establishment
for clients in the region. Sathar
Al Karan and his team are recognised
as gateways to the Middle East, offering
a unique perspective and expertise
in navigating the dynamic art
landscape of the UAE. The company’s
commitment to excellence is evident in
its mission to go beyond expectations,
exceed horizons, and set milestones in
the realm of art consultancy.
ART UAE’s professional service
Sathar Al Karan,
CEO and Founder
organisation extends expert assistance
to companies worldwide looking to establish
a presence in the Middle East.
The efforts of its management and
team, combined with the collaboration
of professional and skilled personnel,
have positioned ART UAE as a reliable
provider of business support setups.
Vivium Holding
Elie Khouri,
CEO and Founder
Vivium Holding, founded in 2017
by Elie Khouri, stands out in
the landscape of single-family
offices as a dynamic entity with a distinctive
focus on alternative investing
and the cultivation of enduring businesses.
At the core of Vivium Holding’s
strategy is a global network and a
diverse range of interests, allowing
the company to explore opportunities
across the spectrum of both traditional
and alternative investments. Notably,
Vivium Holding emphasises real estate,
technology, and the captivating world
of art and design.
The company’s commitment to longevity
and value creation is evident
in its guiding philosophy, influenced
by Elie Khouri’s passion and patronage
of the arts. This extends beyond
financial considerations, as Vivium
Holding actively seeks opportunities
that embody exceptional craftsmanship,
differentiated experiences, and
tailor-made ventures designed to stand
the test of time.
In the realm of art investments, Vivium
Holding showcases a discerning
eye for opportunities that go beyond
mere financial gains. The company’s
dedication to the arts is further emphasised
by its diverse investment portfolio,
which includes fine wines and
luxury watches. These assets not only
appreciate value but also represent
a commitment to craftsmanship and
exclusivity, mirroring the founder’s
passion for enduring quality.
Moreover, Vivium Holding extends
its influence into the design world
through strategic partnerships with
leading European design furniture
brands. This comprehensive approach
adds a layer of aesthetic appreciation
and functionality to the company’s
diverse investment strategy, creating
a nuanced and well-rounded portfolio.
In the broader context of art investments,
Vivium Holding emerges as a
forward-thinking player that weaves
together financial security and cultural
appreciation. The company’s unique
blend of interests, spanning real estate,
technology, fine arts, and design,
positions it as a dynamic force in the
realm of single-family offices. Vivium
Holding’s story is one of commitment
to excellence, longevity, and a deep
appreciation for the finer things in
life, making it a notable player in the
evolving landscape of art investments.
December 2023 www.thefinanceworld.com 87

Local News
Dubai developer Union Properties’ accumulated losses hit $779M
Dubai-listed real estate developer
Union Properties disclosed
accumulated losses of AED
2.863B ($779.4M) in the third
quarter of 2023, constituting 66.75% of its
paid-up capital. These losses stemmed
from various factors, including fair value
losses on investment properties in 2017
and 2021, a loss on the disposal of an
associate in 2020, losses and impairments
from financial instruments, and asset
disposals to related parties in 2020 and
2021. Provisions against advances to
contractors in 2021 also contributed.
Union Properties had previously outlined
a plan to address these accumulated
losses. Notably, in 2023, they reported an
accumulated profit of AED 37.4M from
January to September.
UAE looks to invest
close to $50B in India
UAE is considering a potential
investment of up to $50B
in India, with preliminary
commitments expected to be
announced in the coming year. These
investments may involve stakes in
critical Indian infrastructure projects
and state-owned assets, and could
potentially include contributions from
UAE sovereign wealth funds like the Abu
Dhabi Investment Authority, Mubadala
Investment Co., and ADQ, as reported by
unnamed sources. The announcements
are anticipated before Indian Prime
Minister Narendra Modi seeks a third
term in upcoming federal elections.
India is the UAE’s second-largest trade
partner, with bilateral trade reaching
$84.5B in the year from April 2022 to
March 2023, and the two countries have
strengthened trade ties through the
Comprehensive Economic Partnership
Agreement (Cepa).
New UAE construction sector enquiries hit 5-year
high in Q3
In Q3 2023, construction activity in
the UAE reached a five-year high
in terms of new business inquiries,
as reported by the Royal Institution
of Chartered Surveyors (RICS) global
construction monitor. The headline
construction activity index recorded
a strong positive reading of 45%, with
the private residential sector leading
the way with a sentiment score of
56%, while all other sectors remained
well within positive territory. RICS
PureHealth, the Middle East’s
largest healthcare platform,
recently celebrated the winners
of the Trailblazers competition,
the second edition themed “Trailblazers
IMPACT,” at a grand finale hosted at the
Louvre Abu Dhabi. Aligned with the
UAE leadership’s vision for fostering
innovation and talent, the Trailblazers
initiative serves as a platform dedicated
to nurturing ideas with a focus on
humanitarianism, sustainability, and
noted that construction activity in the
country remains robust, and the future
outlook appears positive. However,
the UAE faces growth constraints due
to shortages of skilled trades, labour,
and rising material costs, influenced
by competition from Saudi Arabia’s
large projects in the region. Despite
these challenges, the UAE is poised to
maintain its status as a leading player
in the global construction sector.
PureHealth Group employees awarded for impact
on social initiatives
social impact. This edition emphasised
concepts that drive positive change in
health and safety solutions. The initiative
signifies a significant stride toward a
brighter future for the UAE, prioritising
the welfare of its people, and offering a
nurturing environment for innovative
solutions that can contribute to a more
sustainable and compassionate world,
benefitting not just the UAE but all of
humanity.
88 www.thefinanceworld.com December 2023

UAE and India Ministries of Education Strengthen Collaboration
The UAE Ministry of Education
and its Indian counterpart
have solidified their collaboration
with a significant agreement
aimed at enhancing cooperation
and sharing educational expertise.
The Memorandum of Understanding
(MoU) was signed during the visit of
Dharmendra Pradhan, India’s Minister
for Education and Skill Development
and Entrepreneurship, and his delegation
to the UAE. Dr. Ahmad Belhoul Al
Falasi, UAE Minister of Education, and
Dharmendra Pradhan signed the MoU
on behalf of their respective countries.
Dr Al Falasi emphasised the historical
and cultural ties between the UAE and
India, highlighting the extensive collaboration
in various sectors, particularly
education. This collaboration fosters
strong strategic relations, promising
growth, progress, and prosperity in
the future. Dr. Al Falasi emphasised
the importance of this collaboration
with India, which is expected to enhance
the effectiveness, growth, and
prosperity of the educational system
in both countries.
CBUAE encouraging
banks to embrace
digital transformation
S&P’s report titled “Future of
Banking” suggests that traditional
and Neobanks can coexist
in the UAE, each serving distinct
customer segments with unique
advantages. The study anticipates a
growing reliance on Neobanks and
digital services offered by traditional
banks, supported by the UAE’s strong
digital infrastructure and the population’s
preference for digital banking.
S&P believes that Neobanks won’t
replace traditional banks but will add
value for customers. The Central Bank
of the UAE is expected to maintain
the stability of the traditional banking
system while encouraging digital
transformation efforts. The high and
increasing number of bank customers
in the UAE, particularly those inclined
towards digital banking services, is
driven by the country’s robust digital
infrastructure and high smartphone
penetration, which reached 96.2 percent
in 2022.
EIU Forecasts 3% Economic Growth in the Middle
East for Next Year
The Economist Intelligence
Unit’s (EIU) Middle East Outlook
2024 predicts a robust
economic growth of nearly
three percent in the region next year.
The Gulf Co‐operation Council (GCC)
states are anticipated to overcome the
global economic slowdown, driven by
factors such as a relaxed OPEC+ oil
production stance, strong growth in
key Asian markets, and diversification
strategies in trade and investment. The
Middle East remains pivotal for new
Eurasian transport corridors, offering
alternative trade routes. Saudi Arabia,
the region’s largest economy, is set to
phase out oil production cuts, with
investments flowing into non-energy
sectors as part of Vision 2030. Other
GCC states like the UAE, Qatar, and
Oman will also benefit from their diversification
strategies.
COP28 President Calls for Faster Climate
Finance Action
Dr Sultan bin Ahmed Al Jaber,
Minister of Industry and Advanced
Technology and COP28
President, emphasised the
need for increased ambition in climate
finance during a virtual meeting with
the Presidents of nine major multilateral
development banks (MDBs) and the
Managing Director of the International
Monetary Fund (IMF). Dr Al Jaber
stressed the importance of addressing
climate finance as a cornerstone of the
COP28 Action Agenda and commended
MDBs for their progress on reforms.
He called for trillions, not billions, to
address climate finance and outlined
three key requests for MDBs: working
through country platforms, revising
climate finance targets for the coming
years, and reducing private sector risks.
These actions are crucial in laying the
foundations for a new climate finance
framework. This meeting comes shortly
after Pre-COP, which saw calls for reform
and a Global Charter on Climate
Finance by 2025.
December 2023 www.thefinanceworld.com 89

Travel
4 Visa-Free Destinations For UAE
Citizens to Visit this December
As the year comes to a close, UAE residents can find themselves with a delightful opportunity
as four captivating visa-free destinations await exploration this December. Aligned with the
UAE’s efforts as a visionary country, the benefits of residency extend beyond the luxurious
confines of the nation, providing citizens with an array of international getaways that signify
cultural richness, natural beauty, and vibrant experiences. From enchanting landscapes to
historical treasures, these destinations offer an ideal escape for residents seeking to maximise
their December holidays without the hassle of visa formalities.
Belgrade, Serbia
Belgrade, the capital of Serbia,
sits at the meeting point of two
rivers, the Sava and the Danube.
It’s a city rich in history and alive with
culture. UAE citizens can stay in Serbia
for up to 90 days within 180 days from
their first entry without requiring a
visa. Travellers can explore its past by
visiting landmarks like the Belgrade
Fortress and the St. Sava Temple, which
has unique stories. The city lights up
at night with a vibrant nightlife scene,
offering a range of places to enjoy music
and entertainment. And when it comes
to food, Belgrade doesn’t disappoint,
with its delicious local cuisine waiting
Dilijan, Armenia
Dilijan, nestled in northern Armenia,
is a peaceful escape surrounded by
forests and stunning landscapes.
Often called the “Little Switzerland
of Armenia,” it’s perfect for nature
lovers. Emirati nationals among UAE
to be savoured.
Serbia stands out as one of the most
affordable European countries for travellers.
The average flight from the UAE
to Serbia typically amounts to around
AED 800, and accommodations range
from AED 100 to AED 600 per night at
various hotels. While many attractions
in Serbia are free to visit, some may
have entry fees ranging from AED 20
to 100. Moreover, enjoying a meal in
the city averages around AED 34 per
person, making it quite budget-friendly
for travellers seeking affordable yet
satisfying dining experiences.
residents can explore Armenia without
needing a visa; their visit comes at no
cost. However, for foreign nationals
residing in the UAE, an Armenian visa
or e-visa is necessary before their trip
to Armenia. You can explore beautiful
hiking trails and find quiet spots like
Lake Parz for relaxation. The town
also boasts ancient monasteries like
Haghartsin and Goshavank, showcasing
Armenia’s religious and architectural
history.
Armenia is also among one of the
most affordable European tourist destinations.
The average flight from the
UAE to Armenia typically amounts to
around AED 500 from Abu Dhabi and
AED 1,000 from Dubai, and accommodation
typically starts from AED
250 to AED 400 per night at various
hotels. Additionally, enjoying a meal
in the city comes to an average of
AED 80 per person, offering travellers
seeking affordable yet satisfying dining
experiences a budget-friendly option.
90 www.thefinanceworld.com December 2023

Mahé, Seychelles
Mahé, the largest island in Seychelles,
is an idyllic paradise with stunning
beaches and lush tropical landscapes.
UAE residents are eligible to obtain
an on-arrival visa upon their arrival
in Seychelles.
The island’s beaches, including the
famous Beau Vallon, boast powdery
sands and crystal-clear waters ideal for
snorkelling and diving among vibrant
coral reefs teeming with marine life.
In contrast to its natural splendour,
Mahé’s capital, Victoria, offers a vibrant
glimpse into Seychellois culture. The
bustling Sir Selwyn Selwyn-Clarke Market
showcases an array of local spices,
fruits, and crafts, while landmarks
like the Clock Tower and the Victoria
Botanical Gardens add historical and
botanical intrigue to the island’s charm.
Found in the eastern side of Africa,
a flight from the UAE to Seychelles
typically costs around AED 2,500,
sometimes reaching up to AED 4,000.
Accommodations on the island start
from AED 1,000 to AED 1,500 per night,
offering travellers various luxurious
options for their stay. As for dining,
an average meal comes in at around
AED 80 per person.
Kotor, Montenegro
Situated within the stunning Bay of
Kotor, recognised as a UNESCO
World Heritage Site, this destination
holds a mediaeval charm that
captures the imagination of visitors.
UAE nationals have visa-free access
to Montenegro, while foreign passport
holders with a UAE residence permit
can obtain a visa upon arrival to enter
Montenegro. Surrounded by sturdy
city walls, Kotor’s old town is a maze
of narrow streets, historical churches,
and delightful squares. Kotor’s
appeal extends beyond its historical
significance, drawing visitors in with
the breathtaking natural beauty that
envelops this coastal gem.
An average flight from the UAE
to Kotor ranges from AED 650 to AED
1,000. Accommodations typically cost
around AED 250 per night, but savvy
travellers can find rooms below this
by doing a bit of research. The average
cost of food is around AED 40 per
person, making it an affordable trip
to plan for the New Year.
December 2023 www.thefinanceworld.com 91

Travel News
UAE announces visa-free travel to European country
The United Arab Emirates (UAE)
and Bosnia and Herzegovina
have recently cemented their
diplomatic relations by signing
a Memorandum of Understanding (MoU)
that eliminates visa requirements for their
citizens. This bilateral agreement, inked
by Reem bint Ibrahim Al Hashemy, the
UAE’s Minister of State for International
Cooperation, and Elmedin Konakovic,
Bosnia and Herzegovina’s Minister of
Foreign Affairs, is poised to bolster
tourism, trade, and interpersonal connections
between the two countries. Under
this MoU, citizens of both the UAE and
Bosnia and Herzegovina holding valid
passports can now travel to each other’s
nations without the need for a visa, be
it for tourism, business activities, or
short-term visits. This visa exemption
is expected to foster cultural exchange,
fuel economic growth, and invigorate
tourism, ultimately strengthening the
bond between these two nations.
Saudi Arabia’s Red Sea
Global Unveils Luxurious
Shebara Resort Brand
Red Sea Global (RSG), the
developer responsible for
regenerative tourism destinations
The Red Sea and
Amaala, has introduced a new luxury
resort brand called Shebara. This announcement
was made at the World
Travel Market in London, with Shebara
scheduled to open in the summer of
2024. It will be the first resort owned
and operated by RSG at The Red Sea
destination. Situated on Sheybarah Island
in Al Wajh Lagoon, Shebara boasts
distinctive stainless steel orbs and is
actively in the process of assembling
an operational team in preparation for
its opening. Shebara joins a roster of
esteemed hospitality brands at The Red
Sea destination, including St. Regis,
Ritz Carlton Reserve, and Six Senses,
which is already receiving guests.
Sheybarah Island, home to Shebara,
features a stunning 30 to 40-metre reef
drop-off near the beach, providing an
ideal location for exploring marine life.
NEOM announces 3 new hotels in Leyja
NEOM, in collaboration with
the sustainable hospitality
brand Our Habitas, is set
to introduce three new hotels
in the Kingdom of Saudi Arabia.
These hotels will be situated in Leyja,
a sustainable tourism destination in
northwest Saudi Arabia. The three Our
Habitas properties will provide guests
with adventure, nature, and wellness
In Oman, hotel revenue has surged by
more than 26 percent as the nation
welcomes tourists from across the
globe. According to data released
by the National Centre for Statistics and
Information (NCSI), the combined revenues
of three, four, and five-star hotels in
the sultanate surpassed OR 153 million
(equivalent to $397.4M) by the end of
September 2023. This represents a remarkable
26.4 percent increase compared
to the same period in 2022. Additionally,
the total number of hotel guests increased
by 27.3 percent, reaching 1.43 million
experiences in a luxury eco-tourism
setting. Leyja is nestled within a natural
wadi and surrounded by 400-metre-high
mountains, offering a dramatic
landscape for visitors. Designed by
world-leading architects, the hotels will
collectively offer 120 rooms and suites,
each providing unique experiences. This
initiative aligns with NEOM’s vision for
sustainable and eco-friendly tourism.
Oman hotel revenue up 26.4% to $397M
by September 2023, in contrast to 1.13
million during the corresponding period
in 2022. The hotel occupancy rate also
saw a growth of 10.1 percent. According
to the NCSI report, the breakdown of
visitors by region of origin included
567,447 Omanis, 295,155 Europeans (a
43.4 percent increase), 213,980 Asians
(a 43.6 percent increase), 156,703 GCC
citizens (a 27.6 percent increase), 41,079
Americans (a 1.8 percent increase), 8,361
Africans (a 41.2 percent increase), and
30,898 Oceania visitors (a remarkable
204.5 percent increase).
92 www.thefinanceworld.com December 2023

Saudi Arabia Extends E-Business Visit Visas Worldwide
Saudi Arabia has initiated the
second phase of its electronic
“visiting investor” visas,
demonstrating its commitment
to attracting foreign investments. This
new phase extends the coverage of
electronic business visit visas to include
all countries worldwide, expanding
opportunities for foreign investors
and employees of foreign companies.
The application process takes place
through the “Invest in Saudi Arabia”
platform affiliated with the Ministry of
Investment, and the visas are digitally
issued through the unified national
visa platform linked to the Ministry of
Foreign Affairs. These visas are valid
for up to one year and offer multiple
entry options, allowing beneficiaries
to explore investment prospects in the
kingdom. This expansion is a collaborative
effort between the Ministry of
Investment and the Ministry of Foreign
Affairs, aiming to enhance services and
support the goals of Saudi Arabia’s
Vision 2030.
Dubai, Abu Dhabi Hotels
Fill Up for COP28 and F1
Events
UAE poised to welcome a significant
influx of visitors for
high-profile events such as
the COP28 climate talks and
the F1 Grand Prix, hotel occupancy in
Abu Dhabi and Dubai is set to reach
unprecedented levels, according to
industry experts. The typical peak
season for hospitality and tourism,
usually between November and January,
has begun earlier than usual due to the
convergence of F1, COP28, and other
major industry events taking place at
the Dubai World Trade Centre. Thomas
Kurain, Hotel Manager at Leva Hotels,
noted a substantial surge in hotel occupancy
during the F1/COP28 period,
with advanced booking rates reaching
a promising 60 percent for November-December.
The combination of
ongoing and upcoming events indicates
a continued rise in occupancy rates,
fostering optimism for a remarkable
year-end performance for city hotels.
Dubai Airshow 2023 to Offer Exclusive Passport
Stamp at DXB Airport
Dubai International (DXB)
will receive a special passport
stamp reading “Dubai
Airshow–The Future of the
Aerospace Industry.” This unique feature
is the outcome of a collaborative
initiative between the General Directorate
of Residency and Foreigners Affairs
(GDRFA) and Dubai Airports, aimed
at underscoring the Dubai Airshow’s
crucial role in advancing the aviation
sector and promoting Dubai as a premier
destination for tourism and air
travel. The Dubai Airshow 2023, set to
occur at Dubai World Central (DWC)
from November 13 to 17, is anticipated
to attract local, regional, and global
industry participants, featuring flying
displays, the latest technological innovations,
and a relentless commitment
to innovation.
Six Senses Southern Dunes, The Red Sea, Now
Open in Saudi Arabia
Six Senses has officially inaugurated
its heritage resort, Six
Senses Southern Dunes, The Red
Sea, in Saudi Arabia, nestled
in the stunning Arabian desert. This
new project not only incorporates Six
Senses’ renowned wellness philosophy
but also harmonises visionary tourism
with sustainability and heritage preservation.
Fredrik Blomqvist, General
Manager of Six Senses Southern Dunes,
The Red Sea, emphasised their dedication
to sustainability and cultural
conservation while offering a unique
blend of adventure and wellness in this
captivating region. The project aims to
showcase the distinctive beauty and
cultural richness of the area while endorsing
sustainable tourism practices
to bolster the region’s economic growth
and heritage conservation. The resort
features 36 guest rooms and 40 pool
villas strategically placed to provide
breathtaking views of the dunes and wadi,
and their eco-friendly design, created
by the reputable British architectural
firm Foster + Partners, emphasises
the use of locally sourced materials.
December 2023 www.thefinanceworld.com 93

Lenovo Tab P12
Lenovo Tab P12, an upgraded
successor to the P11, is a budget-friendly
tablet tailored to
meet both entertainment and productivity
demands. The device boasts a
remarkable 12.7-inch 3K display with a
resolution of 2944 x 1840, incorporating
Dolby Vision for an exceptional visual
experience. It runs on the MediaTek
Dimensity 7050 Octa-core chipset,
supported by a Mali-G68 MC4 GPU.
Designed with a sleek aluminium
unibody, Tab P12 features quad JBL
speakers enhanced by Dolby ATMOS,
ensuring a premium audio-visual
encounter. Operating on Android 13,
it remains up-to-date with the latest
software trends, and for enhanced
multitasking, optional keyboard and
stylus pen accessories are available.
Tab P12 offers optional accessories
like a keyboard and Lenovo Precision
Pen Plus to maximise productivity. The
tablet’s display is a standout feature,
showcasing a 12.7-inch 2944 x 1840 LCD
with a 60Hz refresh rate and 273 pixels
per inch. With a 16:10 aspect ratio, it
excels in both multimedia content and
productivity tasks.
It is powered by the Mediatek MT6877V
Dimensity 7050 chipset, offering configurations
with 4 or 6 GB of RAM and
256 GB of internal storage, expandable
up to 1TB via a microSD card.
It features an 8-megapixel main
camera with autofocus and an LED
flash, alongside an 8MP front camera
for selfies. Equipped with a 10,200 mAh
battery, the Tab P12 delivers good battery
life, lasting 10-12 hours in real-life
usage scenarios. It also supports fast
charging, taking approximately 2.5
hours to recharge from 0% to 100%.
Lenovo Tab P12 offers a compelling
package for users seeking a budget-friendly
tablet for diverse needs.
December 2023 www.thefinanceworld.com 95

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