Finance World Magazine| Edition: January 2024

How Dubai's Startups Garner Unprecedented Foreign Investment 

Top Companies Poised for Sports Investment Opportunities in UAE 

Dubai Healthcare City's Impact on empowering business growth 

Complete Guide for Investing in Dubai Real Estate from India 

THE 

January 2024 

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

61 | Qatar - QAR 60 Oman - OMR 6.3 | 

Bahrain - BD 6.2 Kuwait - KWD 5 | UK - 

£12 | EU - €14 

UAE’s Economic 

Metamorphosis: 

Spotlighting Foreign Investments 

STAY CONNECTED 

WITH OUR LATEST 

BUSINESS NEWS

GROW YOUR 

BUSINESS 

We make Short / Long Term 

Investments in Growing Businessess 

www.wasayainvestments.com

SUBSCRIBE NOW 





THE 





£12 | EU - €14 






BUSINESS NEWS 

Contact us at: +971 58 591 8580 

www.thefinanceworld.com | subscribe@thefinanceworld.com

Editor’s Editor’s Note Note 

Contact: 

+971 58 591 8580 

Advertisement queries: 

THE 

Editorial: 

Press Release 

Contact: 

For News 

+971 58 591 8580 

Advertisement queries: 

For Partnerships 

com 

Editorial: 

Public Relations 

Press Release 

For Printed Copy 

For News 

Published By: For Partnerships 

MCFILL MEDIA & 

PUBLISHING GROUP 

Public Relations 

Approved and Licensed By: 

National Media Council,UAE For Printed Copy 

com 

The Finance World (TFW) has taken constant 

efforts to make sure that content Published accurate By: as 

on the date of publication. The published articles, 

editorials, material, adverts and all other MCFILL content MEDIA & 

PUBLISHING GROUP 

is published in a good faith and opinions and 

views are not necessarily those of the publishers. 

Approved and Licensed By: 

We regret that we cannot guarantee and accept no 

National Media Council,UAE 

liability for any loss or damage of any kind caused 

by this magazine and errors and for the accuracy 

The Finance World (TFW) has taken constant 

of claims in any forms by any advertisers or 

efforts to make sure that content is accurate as 

readers. We advise on the the date readers of publication. to seek the The advice published articles, 

of specialists before editorials, acting material, on adverts information and all other content 

published in the is published magazine. a The good trademarks, 

faith and opinions and 

logos, pictures, domain views are names not necessarily and service those marks of the publishers. 

(collectively the We “Trademarks”) regret that we cannot displayed guarantee on and accept no 

liability for any loss or damage of any kind caused 

this magazine are registered and unregistered 

by this magazine and errors and for the accuracy 

Trademarks of The of Finance claims in World any forms and its by content any advertisers or 

providers. All rights readers. reserved We advise and the nothing readers can to seek be the advice 

partially or in whole of specialists be reprinted before reproduced 

acting on information 

or stored in a retrieval published system in the or magazine. transmitted The in trademarks, 

any form without logos, a written pictures, consent. domain names and service marks 

(collectively the “Trademarks”) displayed on 

this magazine are registered and unregistered 

Trademarks of The Finance World and its content 

Advertisers advertised in providers. this guide are All included rights on reserved a sponsored and basis. nothing can be 

Details are correct at the partially time of going or in to press, whole but be offers reprinted and prices or reproduced 

may change. or stored in a retrieval system or transmitted in 

any form without a written consent. 

Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

With the beginning of the new year, this month’s edition of The 

Finance World magazine spotlights the global position Editor’s Note of the 

United Arab Emirates’s commanding role as an attraction for 

foreign direct investments. It explores the economic landscape of the 

UAE, navigating through the strategic initiatives and market dynamics 

that have propelled the nation into the Limelight. 

Among the multitude of global investments, the cover story 

highlights the top individuals who, discerning the immense potential 

of the UAE market, made lucrative gains through their strategic 

investments, contributing significantly to the nation’s economic 

prosperity. Furthermore, the magazine thoroughly examines the 

factors that position the UAE as an attractive destination for FDI 

in various articles, such as “Benefits of Investing in Free Zones for 

Foreign Investors in the UAE”, “Dubai Healthcare City’s Impact on 

Empowering Business Growth”, and “The Synergistic Impact: How 

Foreign Investments Fuel Local Economies in the UAE”. 

Moreover, this edition features insightful articles curated for 

individuals interested in investing or establishing businesses in the 

UAE. Explore essential information within pieces like “Complete 

Guide for Investing in Dubai Real Estate from India” and “DNFBPs: 

Safeguarding Global Finance Against Money Laundering.” These articles 

offer comprehensive insights, aiding readers in navigating investment 

opportunities and regulatory considerations within the UAE market. 

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, hospitality, 

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

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 

THE 

Advertisers advertised in this guide are included on a sponsored basis. 

Details are correct at the time of going to press, but offers and prices 

may change. 

January 2024 www.thefinanceworld.com 5 

September 2022 3



BUSINESS NEWS 

Contents January 

2024 

PERSONAL FINANCE 

P8 | Exploring Insurance Types 

to Make Informed Choices for 

Financial Protection 

UAE BANKING 

P10 | Inside the Financial Frontier: 

Exploring Foreign Banks in the 

UAE 

P12 | UAE Banking News 

UAE REFORMS 

P16 | RAKEZ’s ‘Visa for Life’ to 

Fuel Ras Al Khaimah’s Global 

Investment Surge 

FINTECH 

P18 | Neobanks Revolutionising 

Financial Transactions in the UAE 

P20 | Fintech News 

P22 | Fintech Application 

BUSINESS 

P24 | DNFBPs: Safeguarding 

Global Finance Against Money 

Laundering 

P26 | Business News 

COVER STORY 



THE 




£12 | EU - €14 

P30 | UAE’s Economic 

Metamorphosis: Spotlighting 

Foreign Investments 

START-UP 

P42 | How Dubai’s Startups Are 

Attracting Significant Foreign 

Investments 

ENERGY 




P44 | Analysing the Impact of UAE 

Energy Regulatory Reforms on 

Global Investments 

P46 | Energy News 




HEALTHCARE 

P50 | Dubai Healthcare City’s 

Impact on Empowering Business 

Growth in Healthcare 

MERGERS AND 

ACQUISITIONS 

P52 | UAE’s Global Reach: 

Acquiring Foreign Companies 

and the Shifting Paradigm 

P54 | Mergers & Acquisitions News 

REAL ESTATE 

P56 | Your Complete Guide for 

Investing in Dubai’s Real Estate 

Market from India 

P58 | Real Estate News 

6 www.thefinanceworld.com January 2024

FUNDING & INVESTMENT 

P60 | Exploring the Advantages 

of Foreign Investment in UAE 

Free Zones 

P62 | Funding & Investment News 

DIGITAL ASSETS 

CORPORATE 

P68 | Corporate Results 

SPORT AS A BUSINESS 

P70 | Exploring Sports Investment 

Prospects with Key UAE 

Companies 

P72 | Sports News 

Hospitality 

INVESTING IN ART 

P80 | Art as an Impact Investment, 

delivering positive change 

P82 | Local News 

TRAVEL 

P64 | Fasset Secures VASP 

License in Dubai for its Digital 

Asset Investment Platform 

ECONOMY 

P74 | Exploring the Essence of 

École Ducasse Abu Dhabi Studio 

TOURISM 

P84 | 4 places to visit this January 

from UAE 

P86 | Travel News 

P23 | P29 | Launch Express 

P40 | P48 | Wheels 

P28 | P88 | Tech My Money 

P66 | The Synergistic Impact: How 

Foreign Investments Fuel Local 

Economies in the UAE 

P76 | Evaluating the Space Tourism 

Initiatives in the UAE 

GLOBAL 

P78 | Global News 

January 2024 www.thefinanceworld.com 7

Personal Finance 

source: freepik.com 

Securing insurance is essential to safeguard from financial risks and uncertainties. 

Exploring Insurance 

Types to Make 

Informed Choices for 

Financial Protection 

Experts consider insurance, including longterm 

disability, auto, life, and health insurance, 

to be essential. 

Financial literacy forms the bedrock of 

informed decision-making and stability in 

managing personal or business finances. A 

crucial aspect of it lies in comprehending 

the diverse landscape of insurance options 

available, each offering a unique shield 

against potential financial risks and 

uncertainties. From health crises to 

property damage, insurance provides a 

shield against the unexpected, ensuring 

that individuals, families, and businesses 

can weather the storms that life throws 

their way. However, the world of insurance 

is vast and varied, with a multitude of 

options available. To make informed 

choices for robust financial protection, 

it’s crucial to explore the different 

types of insurance and understand their 

significance. 


We cannot control what lies ahead, 

but we can certainly make informed 

decisions to safeguard 

ourselves from the financial challenges 

that may arise in life. Using insurance is 

one such way to maintain stability during 

life’s unexpected incidents. With advances 

in almost every aspect, insurance has also 

progressed. However, there are certain 

fundamental insurance types that every 

individual who aims to make informed 

financial decisions should know. Four of 

these are discussed as follows: 

Life insurance 

Life insurance stands as a cornerstone 

of comprehensive financial planning. It 

offers two fundamental types: whole 

life and term life, each serving distinct 

purposes. 

Whole life insurance acts as both an 

insurance policy and an income tool. 

It features a death benefit and a cash 

value component. As the cash value 

accumulates, it can be accessed through 

loans or withdrawals, and policyholders 

can terminate the policy by obtaining its 

cash value. 

On the other hand, term life insurance 

provides coverage for a specified period, 

typically 10, 20, or 30 years, with stable 

premiums throughout. Often more affordable, 

this policy type can be tailored 

to cover specific periods, such as the 

years of a mortgage or a child’s college 

education. 

Life insurance becomes crucial, especially 

if your family relies on your 

income. Experts often recommend a 

policy payout equivalent to 10 times 

your yearly income to provide adequate 

financial support. 

When determining the necessary coverage, 

consider various expenses. Start 

with funeral costs and then calculate your 

family’s daily living expenses, including 

mortgage payments, outstanding loans, 

credit card debt, taxes, childcare, and 

future educational expenses. 

Health Insurance 

Unlike life insurance, health insurance 

is mandatory for the residents of the UAE. 

It allows premium healthcare services 

without disturbing your budget. 

The UAE government mandates that 

all residents, including expatriates 

and nationals, have health insurance 

coverage. This initiative, introduced in 

phases starting in 2014, aims to guarantee 

access to essential healthcare services 

while lessening the financial burden on 

individuals seeking medical treatment. 

Health insurance policies in the UAE 

typically offer comprehensive coverage 

for various medical services, including 

hospitalisation, outpatient treatments, 

maternity care, emergency services, and 

prescription medications. The coverage 

often extends to pre-existing conditions 

and chronic illnesses, depending on the 

policy terms and conditions. 

Many employers in the UAE provide 

health insurance coverage as part 

of their employment benefits. These 

employer-sponsored plans often cover 

employees and their dependents, offering 

varying levels of coverage based on the 

employer’s chosen insurance package. 

Apart from employer-sponsored 

plans, individuals can purchase private 

health insurance policies from insurance 

providers operating in the UAE. These 

policies cater to specific needs, offering 

flexibility in coverage limits, additional 

benefits, and tailored options for individuals 

and families. 

The UAE government has established 

regulatory bodies, such as the Dubai 

Health Authority (DHA) and the Health 

Authority Abu Dhabi (HAAD), to oversee 

the implementation and regulation of 

health insurance across the Emirates. 

Long-Term Disability Coverage 

In the UAE, long-term disability coverage 

typically falls under the broader category 

of critical illness or permanent disability 

insurance. These plans are designed to 

provide financial support if an individual 

becomes permanently disabled due 

to an illness or injury, preventing them 

from working for an extended period 

or indefinitely. 

This type of insurance often covers a 

range of critical illnesses or disabilities 

that render an individual unable to work 

for an extended period. It provides a 

lump sum payment upon diagnosis of 

a covered critical illness or disability, 

offering financial support to cover medical 

expenses and replace lost income. 

Some insurance policies in the UAE 

include provisions for permanent disability, 

where individuals receive financial compensation 

if they experience permanent 

disability due to an accident or illness, 

resulting in an inability to work. 

Employers in the UAE may offer group 

insurance plans that include disability 

coverage as part of their employee benefits 

package. These plans can provide some 

level of long-term disability coverage to 

employees. 

When seeking long-term disability 

coverage in the UAE, individuals should 

carefully review the terms and conditions 

of the insurance policies available. It’s 

advisable to consider factors such as 

coverage limits, waiting periods, exclusions, 

and the extent of disability or 

critical illnesses covered by the policy 

before making a decision. 

Auto Insurance 

Auto insurance in the UAE is a vital 

component of vehicle ownership, 

providing financial protection against 

various risks and liabilities associated 

with driving. It is mandatory by law for 

all vehicles operating in the country to 

have at least basic insurance coverage. 

Understanding auto insurance in the UAE 

involves familiarising yourself with its 

types, coverage options, and regulatory 

requirements. 

There are different types of auto insurance, 

including third-party liability 

insurance. It is the minimum mandatory 

insurance required by law in the UAE. It 

covers damages caused by the insured 

vehicle to third parties, including bodily 

injury or property damage. However, it 

does not cover damages to the insured 

vehicle itself. 

Another type is comprehensive insurance 

which offers broader coverage, 

encompassing both third-party liabilities 

and damages to the insured vehicle. It 

covers theft, accidents, natural disasters, 

vandalism, and more, providing extensive 

protection for the insured vehicle and 

its occupants. 

Consulting with insurance providers 

or financial advisors can also help in 

understanding the available options and 

selecting a plan that best suits individual 

needs and circumstances. 

In the UAE, auto insurance is regulated 

by the Insurance Authority. It is 

mandatory for all vehicles to have at 

least third-party liability insurance to 

legally operate on the roads. Failure to 

comply with this requirement can result 

in fines, vehicle impoundment, or even 

legal action. 


UAE Banking 

Inside the Financial Frontier: Exploring 

Foreign Banks in the UAE 

The UAE’s geographical position, connecting the regions of Europe, Asia, and 

Africa, magnetises foreign banks to its borders. It serves as a gateway for these 

institutions to tap into a broad spectrum of markets and clientele spanning 

various industries and sectors. The country’s political stability, investorfriendly 

regulations, and world-class infrastructure create an environment 

conducive to business growth and expansion. Foreign banks operating in 

the UAE work under the supervision of the Central Bank. Even though 

many were established before the Central Bank’s inception in 1980, they 

must follow its regulations. Additionally, these international entities enjoy 

a unique positioning, benefiting from the UAE government’s concessions, 

such as the allowance of 100% foreign ownership and a tax exemption on 

corporate income spanning a substantial 50-year period. 

HSBC Bank Middle East 

HSBC’s involvement in what is 

now the UAE traces back to 

1946 when The Imperial Bank 

of Iran, an early version of HSBC Bank 

Middle East, first opened its doors to 

serve the merchants and residents of 

the Emirates. 

In 1994, the bank relocated its head 

office to Jersey and underwent a 

name change to HSBC Bank Middle 

East (HBME) in 1999. By 2001, the 

Group’s ownership stake in Egypt 

increased to 94.5%. In June 2016, the 

10 www.thefinanceworld.com January 2024 

bank announced the shift of its place 

of incorporation and head office from 

Jersey to the Dubai International Financial 

Centre. Following this transfer, 

HBME is currently under the primary 

regulation of the Dubai Financial Services 

Authority. 

HSBC holds the title of the largest 

and most widely spread international 

banking institution across the Middle 

East, North Africa, and Turkey 

(MENAT), with a notable presence 

in 9 countries throughout the region. 

Operating in the United Arab Emirates, 

Egypt, Turkey, Qatar, Oman, Bahrain, 

Kuwait, and Algeria, the bank has established 

a significant footprint. 

This extensive reach positions HSBC 

as a key player in the financial landscape 

of the MENAT region, offering 

a diverse range of banking services 

and contributing to the economic 

dynamics of each country within its 

operational scope. 

HSBC Bank Middle East Limited’s 

(HBME) Issuer Default Ratings 

(IDRs) signify the potential backing 

from its parent, HSBC Holdings plc, 

if necessary, as reflected in its Shareholder 

Support Rating (SSR) of ‘a+’. 

HSBC’s strong inclination to provide 

support, given HBME’s pivotal role 

within the group. As a key and wholly 

owned subsidiary for HSBC’s Middle 

East and North African operations, 

HBME shares common branding, poses 

significant reputational risk for HSBC 

in the event of default, demonstrates a 

high level of integration, and boasts a 

solid track record of supporting group 

objectives. 

The SSR also acknowledges HBME’s 

relatively small size compared to the 

group (1.7% of HSBC consolidated 

assets). HBME’s Viability Rating (VR) 

benefits from its deep integration within 

the HSBC group, encompassing 

management, staff, IT systems, branding, 

products, and risk-management 

culture and policies. The VR also reflects 

improvements in loan quality and 

profitability, adequate capitalisation, 

and strong funding and liquidity. Ordinary 

support from HSBC underpins 

HBME’s capital and liquidity.

Standard Chartered UAE 

In the United Arab Emirates, Standard 

Chartered inaugurated its initial 

branch in Sharjah in 1958. The 

Group’s presence expanded steadily 

in the UAE through the establishment 

of multiple branches. Presently, Dubai 

serves as the bank’s regional hub for 

the Africa and Middle East region. 

Additionally, it functions as the focal 

point for its Islamic Banking division, 

Standard Chartered Saadiq. 

Standard Chartered foresees a sustained 

mid-single-digit growth in revenue 

from the Middle East and Africa 

over the next five years. The bank’s 

regional chief executive expressed 

confidence in the region’s growth 

potential, emphasising its resilience 

amid this year’s economic slowdown. 

Despite current challenges, Standard 

Chartered remains optimistic about 

the long-term prospects in the Middle 

East and Africa, anticipating continued 

positive performance and contributing 

to the economic vitality of the region. 

This forward-looking approach reflects 

the bank’s commitment to leveraging 

opportunities and navigating economic 

dynamics to ensure steady growth and 

stability in the years to come. 

Anticipating strong performance, 

Standard Chartered envisions robust 

growth across all business segments. 

The expansion of the non-oil sector in 

key economies such as Saudi Arabia, 

the UAE, and various African markets 

remains a significant driver of sustained 

top-line growth. 

The London-based bank is committed 

to further expanding its presence 

in the region, highlighting the pivotal 

role it plays in the institution’s global 

growth agenda, particularly focused on 

emerging markets. This strategic dedication 

aligns with the bank’s vision to 

harness the opportunities presented 

by dynamic economies and solidify its 

position as a key player in the evolving 

financial landscape. 

In the previous year, the bank 

demonstrated strong financial performance, 

reporting a noteworthy 25% 

increase in underlying profit to $937M 

(on a constant currency basis). Additionally, 

operating income witnessed 

a substantial rise of 14%, reaching 

$2.6B. These figures underscore the 

strategic importance of the UAE and 

the broader region in Standard Chartered’s 

global revenue landscape. 

Citibank UAE 

Citibank National Association, 

commonly known as Citibank 

UAE, operates as a franchise 

subsidiary of Citigroup, a global financial 

services corporation headquartered 

in New York City, United States. 

The bank is part of a vast network 

spanning 98 markets globally. 

Commencing operations in 1964, 

Citibank UAE established its initial 

branch in Dubai and later expanded 

with a second branch in Abu Dhabi in 

1971. This enduring presence reflects 

Citibank’s commitment to providing 

financial services and solutions in the 

dynamic landscape of the United Arab 

Emirates, contributing to the bank’s 

global footprint and reinforcing its 

position as a key player in the region. 

Citibank UAE operates comprehensive 

full-service branches exclusively 

in three of the seven Emirates: 

Abu Dhabi, Dubai, and Sharjah. The 

bank serves a broad spectrum, offering 

an array of financial products 

and services to both consumers and 

institutions. 

Its offerings span consumer banking 

and credit, corporate and investment 

banking, institutional equity research 

and sales, foreign exchange, credit 

cards, commercial banking, treasury 

and trade solutions, and an E-Brokerage 

platform. Through this diverse 

suite of services, Citibank UAE aims 

to meet the varied financial needs of 

individuals and businesses, contributing 

to the economic landscape of the 

Emirates it serves. 

Citibank’s operational focus in 

Dubai is centralised at the Dubai International 

Financial Centre (DIFC). 

Established in 2006, this entity operates 

under licences from Citigroup 

Global Markets Ltd. and Citibank, N.A. 

(DIFC Branch). 

Citibank UAE’s E-Brokerage for DIY 

Investors charges 1% of the traded 

amount per transaction and 0.2% custody 

fees annually, calculated based 

on the average balance of assets under 

custody and assessed quarterly. 

The DIFC serves as a strategic financial 

hub, providing Citibank with 

a prominent presence in one of the 

key global business centres. Through 

this branch, Citibank caters to the 

diverse financial needs of its clients in 

Dubai, contributing to the city’s status 

as a thriving international financial 

destination. 


UAE Banking News 

UAE to Lead World 

Bank Cloud 

Computing Working 

Group 

The UAE has been appointed as 

the chair of the World Bank’s 

Cloud Computing Working 

Group, a testament to the nation’s 

strides in advanced technology 

and digitalisation, solidifying its global 

leadership in digital transformation. 

Recognised for successfully implementing 

international best practices 

in cloud computing, the UAE supports 

both government entities and 

private-sector companies in transitioning 

to cutting-edge cloud systems, 

incorporating advanced cybersecurity 

solutions. Previously co-chaired by 

Singapore and the United Kingdom, 

the working group comprises 27 countries, 

international organisations, and 

leading companies, aiming to advance 

global standards in cloud computing, 

foster innovation, and promote sustainable 

digital development. 

UAE Central Bank Takes Action: Revokes Licence 

of Cogent Insurance Broker 

The UAE Central Bank has 

taken decisive action by revoking 

the licence of Cogent 

Insurance Broker, a company 

operating within the Emirates. This 

move aligns with the central bank’s 

ongoing efforts to address regulatory 

and compliance shortcomings within 

the insurance sector. Cogent’s removal 

from the insurance broker registry 

follows the central bank’s discovery 

of a deficient compliance framework 

and failure to meet obligations. The 

regulator emphasised its commitment 

to upholding UAE laws, regulations, 

and standards to ensure transparency 

and integrity in the insurance industry 

and the broader financial system. This 

action is part of the central bank’s 

broader initiative to combat regulatory 

breaches, including measures against 

money laundering and financing. 

UAE Central Bank maintains a base rate of 5.40% 

The Central Bank of the UAE 

(CBUAE) has decided to 

maintain the Base Rate for 

the Overnight Deposit Facility 

(ODF) at 5.40 percent, following the 

U.S. Federal Reserve’s decision on 

December 13 to keep the Interest on 

Reserve Balances (IORB) unchanged. 

Simultaneously, the CBUAE has opted 

to keep the interest rate for short-term 

liquidity borrowing from the CBUAE at 

50 basis points above the unchanged 

Base Rate for all standing credit facilities. 

Tied to the U.S. Federal Reserve’s 

IORB, the Base Rate not only signifies 

the overall monetary policy stance 

but also establishes a minimum for 

overnight money market interest rates 

in the UAE. 

UAE Banks Pledge $270B in Sustainable Finance Initiatives 

The UAE’s green economy is set 

to receive a substantial boost, 

with the country’s banking 

federation and affiliated national 

financial institutions committing 

to mobilise over AED 1T ($270B) for 

sustainable finance by 2030. Leading 

the initiative are major banks, including 

First Abu Dhabi Bank, Abu Dhabi 

Commercial Bank, Emirates NBD, 

Mashreq Bank, and Dubai Islamic 

Bank, as revealed by the UAE Banks 

Federation. Abdul Aziz Al-Ghurair, 

Chairman of the UBF, underscored the 

federation’s role in uniting member 

banks for collective action. Mashreq 

Bank, recognised at COP28 for its 

support, solidified its commitment to 

facilitating AED 110B in sustainable 

finance by 2030, showcasing a robust 

track record and ongoing initiatives in 

sustainable finance implementation. 


UAE Central Bank Joins GCC Payments System ‘Afaq’ to Drive 

FinTech Adoption 

The UAE Central Bank has joined 

the GCC’s Afaq payments system, 

operated by Gulf Payments 

Company, to advance financial 

technology (FinTech) adoption. Afaq 

links payment systems in GCC countries, 

facilitating real-time financial transactions 

in local currencies with reduced fees. 

This move aligns with the central bank’s 

strategic objectives to shape the UAE’s 

FinTech and digitisation landscape by 

supporting innovation and payment 

systems initiatives. The participation in 

Afaq aims to provide secure and instant 

payment platforms, enhancing integration 

within the regional payment ecosystem. 

The UAE Central Bank joins Saudi Arabia, 

Bahrain, and Kuwait as members, with 

Barclays becoming the first UAE lender 

to join Afaq. 

Beyond ONE 

Introduces FRiENDi 

Pay in Saudi Arabia 

Digital services provider and 

TMT-sector investment 

company, Beyond ONE, has 

unveiled FRiENDi Pay, a 

digital mobile wallet service in Saudi 

Arabia. The new offering aims to 

streamline remittances, cut costs, 

and enhance efficiency for FRiENDi 

mobile subscribers. With access to 

banking services, the service facilitates 

seamless and instant international 

money transfers to countries like 

Bangladesh, India, Pakistan, and the 

Philippines. FRiENDi Pay supports 

cash-to-account (CTA), account-toaccount 

(A2A), and wallet transfers. 

Given Saudi Arabia’s significant 

expatriate population, constituting 40 

percent of its residents, who regularly 

send remittances, FRiENDi Pay adds 

convenience, transparency, and peace 

of mind for customers in the remittance 

process. 

SCA-Registered Green Bonds and Sukuks 

Surpass $4.2B in 2023 

Green and sustainability-linked 

bonds and sukuk registered 

with the Securities and Commodities 

Authority (SCA) in 

the UAE have achieved a combined 

value of around AED 15.45B ($4.21B) 

in the first 11 months of the year. 

Mohamed Ali Al Shorafa, Chairman of 

the SCA Board, commended the UAE’s 

commitment to sustainability during 

Abu Dhabi Commercial Bank (ADCB) 

is set to sell an 80% stake in its property 

management services subsidiary, 

Abu Dhabi Commercial Properties 

(ADCP), to Nine Yards Plus Holding, 

a subsidiary of Ethmar International 

Holding. The transaction values ADCP 

at AED 591M ($161M), with ADCB 

expected to gain nearly AED 490M 

($133.4M) upon closing before the 

end of December. ADCB will retain 

a 20% stake in ADCP and continue 

its partnership through a long-term 

relationship agreement. Ala’a Eraiqat, 

ADCB’s Group Chief Executive, 

stated that the transaction unlocked 

substantial value for shareholders 

while positioning ADCP for further 

growth. Established in 2006, ADCP 

manages around 51,000 units across 

1,900 properties. 

COP28, emphasising the authority’s 

role in regulating the issuance of such 

bonds and sukuk. Al Shorafa highlighted 

the SCA’s decision to exempt 

companies listing their green or sustainability-linked 

bonds or sukuk from 

registration fees, marking a significant 

step in meeting the growing demand 

for these financial instruments in the 

local market. 

ADCB to Sell 80% Stake in Abu Dhabi 

Commercial Properties, Expects $133M Gain 



Event 

41st Annual International Conference of 

the ICAI Dubai Chapter 

The 41st Annual International 

Conference of the ICAI Dubai 

Chapter unfolded under the theme, 

“Confluence of Vision, Sustainability, 

and Innovation.” This event showcased 

the dynamic intersection of vision, 

sustainability, and innovation within 

chartered accountancy. Chairman 

Harikishan Rankawat stated, “For all 

of us Chartered Accountants, foresight 

was our strategic advantage. As we 

navigated complex regulatory environments 

and technological advancements, 

it was our shared vision that propelled 

us forward as a community.” 

The first day of the conference featured 

Chief Guest His Excellency Sheikh Nahayan 

Bin Mabarak Al Nahyan, Minister 

of Tolerance and Coexistence. Other 

notable guests included Gurudev Sri 

Sri Ravi Shankarji, Padma Vibhushan 

Awardee and Founder of Art of Living, 

and Mr. Faizal Kotti-kollon, Chairman 

of KEF Holdings. Speakers like Mr 

Hardik Sheth from Boston Consulting 

Group, Ms Cheenu Gupta of HSBC, and 

author Mr Chetan Bhagat provided 

diverse insights. 

On the second day, Guest of Honor 

CA Aniket Sunil Talati, President of 

ICAI, was present along with Padma 

Shri T. V. Mohandas Pai, Mr Anupam 

Kher, Ms Devita Saraf, CA Ankur Aggarwal, 

and Moderator CA Abbas Ali 

Mirza. Panelists including Mr Anthony 

O’Sullivan, Ms Olga Ermo-laeva, and 

Mr Omar Saraswala, contributed to 

the comprehensive discussions with 

their varied perspectives. 


UAE Reforms 


Foreign investors are drawn to RAK after the unveiling of its ‘Visa for Life’ initiative 

RAKEZ’s ‘Visa for Life’ to Fuel Ras Al 

Khaimah’s Global Investment Surge 

The advent of Ras Al Khaimah 

Economic Zone’s (RAKEZ) ‘Visa 

for Life’ initiative has ignited a 

significant buzz within the emirate’s 

real estate landscape, signalling a 

transformative phase for both investors 

and residents. This groundbreaking 

program, offering permanent residency 

visas, serves as a catalyst to attract 

foreign investments and establish Ras 

Al Khaimah (RAK) as a global epicentre 

for business and lifestyle. 

Ras Al Khaimah has experienced a 

surge in business activity, underscoring 

its allure among investors and entrepreneurs. 

Its strategic location, advanced 

infrastructure, and business-friendly 

environment have propelled it to become 

a favoured destination for those seeking 

growth and development opportunities. 

The ‘Visa for Life’ initiative, a standout 

feature introduced by RAKEZ, provides 

permanent residency visas to eligible 

individuals. This pioneering program 

seeks to instil a sense of belonging 

and security among expatriates and 

investors, allowing them to deeply 

connect with Ras Al Khaimah while 

contributing to its sustained growth. 

The benefits of the Permanent Residency 

Visa are multifaceted. Firstly, 

recipients enjoy long-term stability, 

ensuring a secure environment for 

themselves and their families. Entrepreneurs 

and investors gain a strategic 

advantage for business expansion and 

development, fostering confidence and 

long-term planning. Families benefit from 

high-quality education and healthcare 

facilities, while the initiative encourages 

cultural integration, creating a 

rich and diverse social fabric within 

the emirate. 

The impact of the ‘Visa for Life’ 

initiative is expected to reverberate 

strongly within Ras Al Khaimah’s real 

estate sector. Anticipated growth in 

permanent residency seekers is likely to 

drive increased demand for residential 

and commercial properties. Investors 

exploring real estate options can delve 

into a diverse portfolio, from luxurious 

waterfront residences to strategically 

located commercial spaces. 

This visionary initiative not only 

strengthens Ras Al Khaimah’s position 

as a burgeoning business hub but also 

opens new avenues for individuals 

seeking a lasting connection with this 

vibrant community. As the real estate 

market responds to these transformative 

developments, opportunities abound for 

those considering Ras Al Khaimah as 

their home or business base. The ‘Visa 

for Life’ initiative signifies an exciting 

chapter in RAK’s journey, promising a 

future brimming with growth, prosperity, 

and an enriched quality of life. 


UAE Ministry of Investment: Uniting 

Strategies for Enhanced FDI 

The UAE’s Ministry of Investment, 

established in July 2023, stands 

as a beacon for consolidating 

the diverse investment policies of the 

Emirates into a cohesive strategy. In a 

recent discussion, Mohamed Alsuwaidi, 

the Minister of Investment, outlined 

the ministry’s pivotal role in unifying 

individual emirate strategies into a 

comprehensive UAE approach during 

the Milken Institute Middle East and 

Africa summit in Abu Dhabi. 

With a focus on fostering inward and 

outward investment flows, the ministry 

aims to propel the UAE’s companies 

beyond domestic boundaries, aiding 

them in expanding their footprint 

and establishing a global presence. 

Alsuwaidi emphasised the ministry’s 

position as a catalyst for investment 

and local companies’ growth rather 

than being a regulatory policymaker. 

The ministry’s primary objective 

revolves around advocating for local 

companies thriving within the UAE market 

and supporting their further expansion. 

Alsuwaidi emphasised the intention 

to facilitate growth opportunities for 

homegrown companies—public and 

private—enabling them to explore and 

penetrate new international markets. 

Alsuwaidi exemplified instances 

where UAE entities ventured globally, 

citing Taqa’s international power plant 

operations, Adnoc’s gas investments 

abroad, and Pure Health’s recent acquisition 

in the UK as indicative of the 

country’s expanding global footprint. 

Alsuwaidi also highlighted opportunities 

in the UAE’s industrial sector, 

pointing to initiatives in downstream 

oil and gas, petrochemicals, plastics, 

recycling, and export materials, making 

it an attractive destination for investors. 

Setting an ambitious goal to attract 

Dh550 billion ($150 billion) in foreign 

investment by 2031, the UAE has unveiled 

several initiatives and policies, such 

as allowing 100% foreign ownership 

and flexible visa programs, to bolster 

its appeal to global capital and talent. 

The country’s efforts have yielded 

positive results, with a record FDI 

inflow of $23 billion last year, propelling 

the UAE to rank first in the Arab 

world and 16th globally in FDI inflows. 

In essence, the Ministry of Investment’s 

concerted efforts align with the 

UAE’s broader economic diversification 

strategy, aiming to solidify the country’s 

position as an attractive investment 

destination and a global player in the 

world economy. 

UAE boosts Foreign Investments through Unifying strategies 

Image supplied 


Fintech 

Neobanks Revolutionising Financial 

Transactions in the UAE 

In recent years, the financial technology (FinTech) scene in the United Arab 

Emirates (UAE) has undergone a significant transformation, primarily due to the 

emergence and rapid growth of neobanks. Foreign neobank applications that 

have entered the UAE market stand out notably, altering the dynamics of the 

banking sector in profound ways. Neo banks have revolutionised the financial 

sector. Their disruptive nature has captured the attention of consumers and 

investors alike, signalling a paradigm shift in the banking sector of the UAE. This 

article highlights three foreign Neobanks that are operating in the UAE. 

CurrencyFair 

CurrencyFair is an Ireland-based 

Neobank that was co-founded 

by Brett Meyers, Jonathan Potter, 

Sean Barrett and David Christian 

in 2010. With over a decade of operation, 

this online-based platform has 

garnered a substantial customer base, 

surpassing 150,000 users worldwide. 

What sets CurrencyFair apart is its 

unique peer-to-peer currency exchange 

model, which empowers users to 

determine their exchange rates when 

sending money abroad. This innovative 

approach to money transfer allows 

individuals greater control over their 

transactions, a distinct departure from 

traditional banking methods. 

In terms of functionality, CurrencyFair 

offers a user-friendly interface 

that simplifies the process of international 

transfers, catering to personal 

and business needs. While it may not 

tout the absolute lowest fees in the 

market, it strikes a balance between 

affordability and reliability, making it 

a viable option for those seeking consistent 

and reasonably priced money 

transfer services. 

The platform supports transactions 

in 20 major currencies, focusing primarily 

on well-established currency 

corridors including the UAE, enabling 

users to conduct international payments 

efficiently. 

CurrencyFair’s strengths lie in its 

accessibility and convenience, offering 

around-the-clock availability through 

both its online platform and mobile 

applications. Its two primary currency 

exchange methods, QuickTrade 

and MarketPlace, provide users with 

options to expedite transactions or potentially 

secure better exchange rates. 

For individuals and businesses making 

regular, smaller transfers, CurrencyFair 

emerges as an appealing choice. 

However, larger transfers might not 

align with their optimal utility due to 

limitations in currency offerings and 

the absence of cash pick-up options. 

On the security front, CurrencyFair 

adheres to stringent measures, ensuring 

the protection of customer funds 

through practices like separating 

customer accounts, maintaining high 

standards for systems and procedures, 

implementing two-factor authentication 

(2FA), and employing secure data 

storage protocols. 

The platform’s transparency further 

bolsters trust among its users, 

allowing them to easily track their 

transaction history. The simplicity of 

its interface and transaction process 

streamlines the user experience, allowing 

for swift and efficient management 

of accounts and transactions without 

unnecessary complexities. 

CurrencyFair’s success lies 

in its commitment to providing a 

Brett Meyers, 

Co-Founder 

straightforward, reliable, and cost-effective 

means for individuals and 

businesses to conduct international 

money transfers. While it may not 

cater comprehensively to all needs, its 

focus on simplicity and affordability 

makes it a noteworthy player in the 

neobanking landscape, especially for 

those seeking hassle-free and reliable 

financial services for international 

transactions. 


Wise 

Wise, formerly known as TransferWise, 

has emerged as a 

frontrunner in the realm of 

international money transfers within the 

UAE’s burgeoning FinTech landscape. 

Established in 2011 by Estonian entrepreneurs 

Taavet Hinrikus and Kristo 

Käärmann, Wise revolutionised the way 

individuals and businesses conduct 

cross-border transactions. 

With its presence in over 70 countries 

and support for more than 40 

currencies, Wise has positioned itself 

as a convenient and cost-effective 

solution for navigating the complexities 

of global monetary transfers. Its 

strong peer-to-peer network bypasses 

traditional banking systems, ensuring 

lower fees and transparent exchange 

rates, distinguishing it from conventional 

financial institutions. 

Wise offers an array of services tailored 

to diverse user needs. Whether 

for personal transfers to friends and 

family abroad, facilitating business 

transactions with global partners, or 

managing multi-currency accounts, the 

platform caters to a broad spectrum of 

international financial requirements. 

The platform’s reputation as a regulated 

financial institution is bolstered 

by its commitment to stringent security 

measures and round-the-clock customer 

support. Its intuitive website 

and mobile app provide users with an 

easy-to-navigate interface, ensuring a 

seamless user experience. 

One of Wise’s standout features is 

its transparent approach to exchange 

rates. It refrains from inflating rates, 

making it a cost-effective alternative 

to traditional banks, especially evident 

when compared to high-street banks 

like Barclays. 

Wise’s user-friendly interface, coupled 

with its commitment to security through 

measures like two-factor authentication 

and constant monitoring, instil 

confidence in users. Wise’s success in 

providing a streamlined, efficient, and 

Taavet Hinrikus, 

Co-Founder 

transparent platform for international 

money transfers makes it a notable 

player in the UAE’s neobank landscape. 

WorldRemit 

WorldRemit, a UK-based 

neobank, emerged from its 

founder’s quest to simplify 

money transfers worldwide in 2010. 

Ismail Ahmad’s vision for an online 

future for an offline industry became 

WorldRemit’s mission: accessible and 

straightforward transfers for all. 

With over 30,000 agent locations 

spanning more than 130 countries, 

including the UAE WorldRemit’s 

extensive network fills the gaps in 

regions where traditional banking 

services are less accessible. The 

platform’s operations rely on a 

substantial banking network across 

various countries, facilitating funds 

transfer to recipients’ local currencies 

after users deposit funds into a local 

WorldRemit bank account. 

Specialising in personal transfers, 

WorldRemit offers a range of 

features, including a mobile wallet 

for convenient money management, 

airtime top-ups for extending mobile 

services, and WhatsApp notifications 

for transfer updates—adding to the 

platform’s user-friendly experience. 

While WorldRemit boasts several 

advantages, including multiple 

payment options and quick transfers, 

it’s important to note potential 

downsides. The platform faces 

criticism for hidden fees embedded in 

exchange rate markups, lower transfer 

caps, and reported challenges with 

customer service availability. 

WorldRemit caters primarily to 

quick and occasional transfers, 

with a focus on simplicity. In terms 

of costs, it applies exchange rate 

markups ranging from 0.5% to 1.25%, 

with additional fees varying based 

on currency corridors and transfer 

methods. Users benefit from fee 

transparency through the platform’s 

calculator, which displays fees and 

exchange rates before registration. 

WorldRemit supports multiple 

transfer types, including bank 

transfers, cash pickups, mobile money 

transfers, and airtime top-ups. The 

platform’s deposit and withdrawal 

options exceed industry standards, 

offering credit/debit cards, bank 

transfers, and online payment apps 

Ismail Ahmad, 

Founder 

among others. 

WorldRemit stands as a prominent 

option for individuals seeking flexible 

and accessible money transfer 

services. Its widespread network 

and range of functionalities cater to 

diverse transfer needs, emphasising 

convenience and speed in global 

remittances. 


Fintech News 

Pakistani Fintech ABHI Chosen Among UAE’s Future 100 Companies 

ABHI, an innovative embedded 

finance platform, clinched 

recognition as one of the 

Future 100 companies in the 

UAE. The Ministry of Economy and 

the Government Development and the 

Future Office spearheaded the initiative, 

honoring startups contributing 

to the nation’s future readiness and 

economic sector competitiveness. At 

the award ceremony, graced by H.E 

Abdulla Bin Touq Al Marri and H.E 

Ohood bint Khalifa Al Roumi, ABHI’s 

Co-Founder and CEO, Omair Ansari, 

expressed gratitude for the honor. He 

reiterated the company’s commitment 

to advancing financial wellness in the 

region. This accolade further underscores 

ABHI’s pivotal role in shaping 

the future landscape of economic 

development. 

Emirates NBD Partners with Hub71 to Boost FinTech 

Innovation 

Emirates NBD, a leading banking 

group in the MENAT region, 

has entered into a strategic 

partnership with Abu Dhabi’s 

global tech ecosystem, Hub71, aiming 

to revolutionise banking services 

with cutting-edge FinTech solutions. 

This collaboration enhances Emirates 

NBD’s commitment to innovation and 

opens avenues for market expansion 

into Abu Dhabi. The alliance taps into 

the entrepreneurial spirit of Hub71, 

offering tailored financial solutions 

and streamlined services. Abdulla 

Qassem, Group Chief Operating Officer 

at Emirates NBD, sees this collaboration 

as a significant step in elevating 

customer experiences. Hub71, home 

to over 260 startups, strengthens the 

ecosystem with incentives, programs, 

and access to a vibrant community. The 

UAE leads the MENA FinTech market, 

attracting record-high investments of 

$2.5B in 2022. 

Tamara Achieves $1B Valuation Following $340M Series 

C Funding Round 

Saudi fintech platform Tamara 

has achieved the coveted status 

of becoming the first homegrown 

fintech unicorn in the 

Kingdom with a historic $1B valuation, 

following a successful Series C equity 

funding round that secured $340M. 

Co-led by SNB Capital and Sanabil 

Investments, with participation from 

Shorooq Partners, Pinnacle Capital, 

and others, this funding marks one 

of the region’s largest investments in 

a fintech company. Tamara, founded 

in late 2020, operates in KSA, UAE, 

and Kuwait, boasting over 10 million 

users, and 30,000 partner merchants, 

and reporting six times annual run rate 

revenue growth in under two years. 

Circle and Fuze Forge 

Strategic Partnership in 

Fintech 

Circle Internet Financial, a prominent 

global digital financial technology 

firm, and Fuze, the leading 

digital assets infrastructure 

provider in the MENA region, have inked 

a Memorandum of Understanding (MoU) 

to explore digital assets initiatives. As the 

issuer of the US-dollar-backed stablecoin 

USDC, Circle will collaborate with Fuze 

to extend USDC adoption among new 

customers in the Middle East, Africa, and 

Turkey. The partnership aims to enhance 

financial inclusion, driving the adoption 

of full-reserve payment stablecoins across 

the region and piloting new use cases 

relevant to these dynamic markets. Fuze’s 

Co-Founder and CEO, Mohammed Ali 

Yusuf, expressed excitement about developing 

the future of finance in close 

collaboration with the Circle team. 


Coinbase Launches 

‘Diamond’ Smart Contract 

Project in Abu Dhabi 

A 

smart contract-powered 

platform “Project Diamond”, 

has been launched, allowing 

institutions to seamlessly 

create, buy, and sell digitally native 

assets. The platform, designed by experienced 

asset managers, executed its 

inaugural debt instrument transaction 

in preparation for entry into the Abu 

Dhabi Global Market RegLab sandbox. 

Built on the Coinbase technology 

stack and Base, an Ethereum layer-2 

blockchain, Project Diamond aims to 

facilitate secure, compliant capital 

market activities. With less than 0.25% of 

global assets currently represented on 

blockchain infrastructure, the platform 

seeks to bridge this gap and unlock 

institutional adoption of the global 

crypto economy, driving efficiency 

gains in the financial sector. 

MENA Fintech Association launches their new 

Sustainable Fintech Report 2023 

The MENA Fintech Association, 

a leading not-for-profit organisation 

in the Middle East and 

Africa, proudly presents its 

groundbreaking Sustainable Fintech 

Report 2023. This report, featuring 

insights from industry leaders such as 

Paymentology, Paymob, Mastercard, 

META, Heriot-Watt University, and 

more, explores innovative approaches 

driving positive change in the financial 

industry. It highlights collaborative 

initiatives fostering responsible innovation 

by institutions and companies 

like DIFC and ADGM. Through insights 

from key industry players and academic 

perspectives, the report provides 

valuable industry insights, addressing 

trends, challenges, and opportunities in 

sustainable fintech. Whereas, contributions 

from Heriot-Watt University offer 

a well-rounded academic perspective 

on responsible financial practices. 

Dubai Insurance Invests in OneDegree for Digital 

Asset Insurance Partnership 

Dubai Insurance Company 

has invested in Hong 

Kong-based insurtech One- 

Degree as part of its Series 

B funding round, aiming to establish 

a partnership for offering digital asset 

insurance in the United Arab Emirates 

(UAE). The funding amount from 

Dubai Insurance was undisclosed. 

OneDegree had previously raised $55M 

in June for its Series B from investors 

like Gobi Partners, Sun Hung Kai, and 

Bitrock. The collaboration seeks to 

provide innovative insurance solutions 

for the evolving digital asset landscape 

in the MENA region, starting with 

commercial liability insurance. Both 

entities plan to pursue regulatory 

approval for additional products, 

including custodial wallet insurance, 

bringing novel offerings to the UAE 

market. 

Aramco and SBI Holdings 

Ink MoU for Digital Asset 

Collaboration 

Aramco and SBI Holdings 

have signed a Memorandum 

of Understanding (MoU), 

indicating a potential business 

alliance. The agreement aims 

to explore collaboration in various 

areas, including digital assets, co-investments, 

and support for Japanese 

startups in the digital asset sector 

seeking expansion into Saudi Arabia. 

This collaboration sets the stage for 

discussions on additional high-technology 

business opportunities in digital 

assets and semiconductors, contributing 

to economic ties between Japan 

and Saudi Arabia. In tandem with this 

partnership, SBI Holdings is advancing 

the establishment of ‘SBI Middle 

East’ in Riyadh, further expanding its 

operational presence in the Middle 

East region. 


Fintech Application 

PAYTABS MERCHANT APP 

PayTabs Merchant App emerged 

from the vision of Saudi entrepreneur 

Abdulaziz Al Jouf, 

who founded the PayTabs platform in 

2014 to create an accessible payment 

gateway platform for investors. Al 

Jouf envisioned a solution that would 

cater to merchants seeking a secure 

online payment system without the 

complexities traditionally associated 

with obtaining one. 

The secure mobile payments app 

offered by PayTabs is a valuable asset 

for managing businesses of varying 

sizes, be it startups, SMEs, or enterprises. 

Crafted with security in mind, 

this app is designed to facilitate the 

sale of products and services globally, 

catering to an expansive market. 

One of its standout features lies in 

providing businesses with pre-built 

integration solutions and shopping 

cart plugins, ensuring a hassle-free 

and smooth checkout experience on 

their websites. With these integrations, 

customers can conveniently pay in multiple 

currencies using diverse payment 

options such as debit cards, credit 

cards, and digital wallets like Apple 

Pay. Enabling this array of payment 

choices not only enhances the ease 

for customers but also expands the 

reach of the online business, driving 

increased traffic to the web store. 

Moreover, the app significantly saves 

time for businesses by offering versatile 

invoicing options. Invoices can be 

effortlessly sent, received, and shared 

via QR code, email, SMS, or social media 

channels. This versatility in secure 

digital payment solutions catalyses 

fostering the growth of web stores, 

particularly within the MENA region. 

PayTabs mobile payments app is 

easily accessible and free of charge. 

Available for download on both the 

Apple Store and Google Play, this user-friendly 

application empowers businesses 

without any upfront costs. This 

accessibility ensures that businesses 

of all sizes, from startups to enterprises, 

can leverage its functionalities to 

manage transactions, expand their 

customer base, and streamline their 

payment processes, all at zero cost. 

Overall, PayTabs’ mobile payments 

app emerges as a robust solution for 

businesses looking to fortify their online 

presence, ensuring secure transactions 

while fostering growth and convenience 

for both businesses and their customers 

across the MENA region and beyond. 

source: Paytabs.com 


OPPO Find N3 

OPPO’s Find N3 emerges as a 

significant player in the realm 

of foldable smartphones, where 

the hinge becomes the linchpin of user 

experience innovation. Their Flexion 

Hinge undergoes a groundbreaking 

refinement, notably featuring the 

Torque Control System with four 

quarter-spindle elements on each side, 

ensuring a smoother and more resistant 

folding mechanism compared to its 

predecessors. 

The backbone of this hinge incorporates 

a specially developed high-strength 

steel for the anchor and joint core, 

making the Find N3 five times stronger 

than ordinary steel. This tech grants 

superior drop and impact resistance 

while maintaining a lighter profile, 

setting a new standard for durability. 

Moreover, a core made from liquid 

metal, twice as strong as traditional steel, 

reduces thickness by 30%, resulting in 

a slimmer, lighter, yet stronger device, 

serving as a testament to structural 

integrity. 

The Flexion Hinge, consisting of 

69 pieces (28 fewer components than 

its predecessor), creates a simple yet 

intricate system, reducing weight to 

an impressive 16.8g. 

Upon unfolding, the Find N3 reveals 

a seamless glass-like display, meticulously 

assembled with multiple layers. 

Carbon fibre support plates with 

over 5,000 microscopic laser-made 

holes form an almost invisible crease, 

enhancing durability and ensuring an 

uninterrupted view. 

The innovative 360º isotropic micro-cavity 

support structure guarantees 

outstanding folding performance, complemented 

by a self-healing film that 

smoothens out scuffs and imperfections. 

Coupled with a polarizer-free layer, this 

reduces screen power consumption by 

20%, extending the screen-on time by 

three extra hours. 

Durability remains a cornerstone, with 

advanced hinge lubrication ensuring 

a lifetime of smooth motion. Weather-sealing 

protects against splashes, 

and rigorous testing, verified by TÜV 

Rheinland, certifies the Find N3 for up 

to 1,000,000 folds. 

With resilience against extreme temperatures, 

robust cover screen glass, 

and a pro-grade triple camera system, 

Find N3 embodies a harmonious blend 

of design, productivity, and power. 

Availability: https://www.oppo.com/ 

ae/smartphones/series-find-n/find-n3/ 

source: oppo.com 

Price: AED 6,999/- 


Business 

source: Pexels.com 

Designated Non-Financial Businesses and Professions Regulations safeguards business integrity. 

DNFBPs: Safeguarding 

Global Finance 

Against Money 

Laundering 

Understanding the regulatory framework of DNFBPs 

is crucial for ensuring your business’s financial 

security and protection against money laundering. 

Designated Non-Financial Businesses and 

Professions (DNFBPs) hold a significant 

position within the business landscape, 

contributing to the broader framework 

of financial integrity. Understanding 

their pivotal role in combating money 

laundering and terrorist financing aligns 

with the ethos of maintaining ethical 

and transparent business operations. 

By highlighting how DNFBPs reinforce 

regulatory compliance and mitigate financial 

risks, This article resonates with 

businesses striving to uphold integrity, 

compliance, and security within their operations. 

Backing the efforts of DNFBPs 

aligns with businesses aiming for ethical 

conduct and robust financial practices. 

This reinforces a collective dedication to 

fostering a trustworthy global financial 

ecosystem. 


Designated Non-Financial Businesses 

and Professions (DNFBPs) are 

recognised by the Financial 

Action Task Force (FATF) as playing a 

critical role in the global effort against 

money laundering and terrorist financing. 

Although anti-money laundering regulations 

traditionally focus on financial institutions, 

DNFBPs encompass various industries 

and professions. 

Illicit actors can exploit these diverse 

sectors, and DNFBPs have unique 

vulnerabilities and responsibilities in 

identifying and mitigating the risks 

associated with financial crimes. This 

article will explore the importance of 

DNFBPs, their regulatory framework, and 

the measures they can take to safeguard 

against money laundering, shedding light 

on their pivotal role in maintaining the 

integrity of the global financial system. 

Financial institutions have long been the 

primary focus of anti-money laundering 

regulations. However, DNFBPs, including 

real estate agents, lawyers, accountants, 

and trust service providers, form a broad 

spectrum of industries susceptible to 

exploitation by illicit actors. 

DNFBPs denote a varied collection of 

entities or individuals engaged in nontraditional 

financial sector activities, 

susceptible to exploitation for money 

laundering, terrorist financing, or other 

illicit financial pursuits. Regulatory 

authorities designate these businesses 

and professions, subjecting them to 

particular anti-money laundering (AML) 

and counter-terrorism financing (CTF) 

regulations. 

List of Designated Non-Financial 

Businesses and Professions 

1. Lawyers, Notaries, Conveyancers, and 

Other Independent Legal Professionals: 

This group comprises legal practitioners, 

such as lawyers and notaries, offering legal 

services like property conveyancing, trust 

establishment, and company formation. 

2. Accountants, Auditors, and Tax 

Advisors: Professionals responsible for 

maintaining financial records, conducting 

audits, and providing guidance on tax 

matters for both individuals and businesses. 

3. Real Estate Agents, Developers, and 

Brokers: Individuals in the real estate 

sector, including agents, developers, and 

brokers, facilitating property transactions, 

including buying, selling, and leasing 

real estate. 

4. Dealers in Precious Metals, Jewels, 

and Stones: Businesses engaged in buying, 

selling, or trading precious metals like 

gold and silver, as well as dealing with 

valuable jewellery and gemstones. 

5. Dealers in Vehicles: Entities involved 

in the trade of automobiles, motorcycles, 

and other types of vehicles. 

6. Trusts and Company Service Providers: 

Specialised entities creating, managing, 

and administering trusts, companies, or 

other legal structures for clients. 

7. Casinos, Online Gaming, and Gambling 

Establishments: This category encompasses 

casinos, online gaming platforms, and 

gambling establishments that handle 

financial transactions related to gambling 

activities. 

8. Insurance Firms, Agents, and 

Brokers: Businesses engaged in the sale 

and provision of insurance products and 

services. 

9. Sports and Betting Operations: This 

category includes businesses involved in 

sports events, betting operations, and 

associated financial transactions. 

10. Crypto-Fiat Exchanges and Virtual 

Currency Custodian Wallet Services: 

Entities engaged in cryptocurrency 

trading, exchange platforms, and virtual 

currency wallet services. 

Key Obligations and 

Requirements for DNFBPs 

Designated Non-Financial Businesses 

and Professions (DNFBPs) are obligated 

to adhere to diverse regulatory obligations 

aimed at preventing money laundering 

and countering terrorism financing. While 

these requirements can differ across 

jurisdictions, DNFBPs generally have 

the following expectations: 

1. Conduct Customer Due Diligence 

(CDD): DNFBPs must establish and 

verify the identity of customers and 

beneficial owners, incorporating risk 

assessments and ongoing monitoring of 

client relationships. 

2. Report Suspicious Transactions: 

DNFBPs must actively monitor transactions 

for suspicious activities and promptly 

report them to relevant authorities, 

such as financial intelligence units or 

law enforcement agencies. 

3. Implement Internal Controls and 

Policies: DNFBPs should institute robust 

internal controls, policies, and procedures 

to mitigate risks associated with money 

laundering and terrorist financing. This 

encompasses risk assessment, recordkeeping, 

and employee training. 

4. Comply with Record-Keeping 

Requirements: DNFBPs typically must 

maintain transaction records, customer 

identification data, and other pertinent 

information for a specified duration. 

5. Establish AML/CFT Compliance 

Programs: DNFBPs are expected to 

create and implement comprehensive 

anti-money laundering and counterterrorism 

financing (AML/CFT) compliance 

programs tailored to their specific risks 

and obligations. This includes appointing 

a designated compliance officer and 

conducting regular assessments. 

6. Undertake Risk Assessments: 

DNFBPs must identify and evaluate money 

laundering and terrorist financing risks 

associated with their business activities. 

This involves assessing customer profiles, 

geographic risks, offered products/ 

services, and delivery channels. 

7. Cooperate with Regulatory Authorities: 

DNFBPs are anticipated to cooperate 

with regulatory authorities, respond to 

inquiries, and provide necessary information 

during investigations or audits. 

8. Stay Updated with Regulatory 

Changes: DNFBPs should stay informed 

about AML/CFT regulations, guidelines, 

and best practices, ensuring compliance 

and implementing necessary updates to 

policies and procedures. 

9. Periodic Review of Risk Assessments 

and Compliance Programs: Regular 

reviews of risk assessments and AML/ 

CFT compliance programs are essential 

for DNFBPs to ensure effectiveness 

and alignment with evolving risks and 

regulatory changes. 

Monitoring and Reporting: 

DNFBPs are mandated to monitor 

and report various aspects, including 

suspicious transactions, dealings with 

Politically Exposed Persons (PEPs) and 

sanctioned individuals, transactions with 

virtual currency exchanges, transactions 

involving sanctioned entities or countries, 

and trading in prohibited goods or activities 

posing risks of money laundering or 

terrorist financing. Vigilance is required, 

especially for transactions beyond 

specified thresholds. 

It’s crucial to acknowledge that 

these obligations may vary based on 

jurisdiction and the specific DNFBP 

sector. DNFBPs should consistently 

refer to local regulations and seek legal 

advice to ensure compliance with their 

distinct obligations. 


Business News 

Mubadala Eyes Stake in Indian Logistics Firm, Reports Say 

Abu Dhabi’s sovereign wealth 

fund, Mubadala, is among the 

contenders vying for the 50% 

stake in India’s IndoSpace Core, 

currently owned by Canada Pension 

Plan Investment Board (CPPIB). The 

sale, managed by Morgan Stanley, is 

projected to reach $700M, with Dutch 

pension fund APG, Canadian investor 

Oxford Properties, and Ivanhoe Cambridge 

also in the running. IndoSpace 

Core, a joint venture between IndoSpace 

and CPPIB, is focused on warehouse 

ownership and development, with 

IndoSpace holding an 80% stake. As 

CPPIB seeks to exit its investment 

after six years, the matured portfolio 

is expected to be finalised in the coming 

months, following CPPIB’s initial 

$500M commitment. IndoSpace Core’s 

portfolio comprises 50 logistics parks, 

covering 57 million sq ft of delivered 

or under-development space. 

Hyundai Teams Up 

with UAE Sovereign 

Wealth Fund to Drive 

Eco-Friendly Mobility 

Hyundai Motor, South Korea’s 

leading car manufacturer, 

has announced a strategic 

collaboration with the United 

Arab Emirates’ sovereign wealth fund to 

advance eco-friendly mobility initiatives. 

This partnership underscores Hyundai’s 

commitment to sustainable and 

innovative transportation solutions. By 

joining forces with the UAE’s sovereign 

wealth fund, Hyundai aims to accelerate 

the development and adoption of 

environmentally conscious technologies 

and vehicles. The collaboration aligns 

with global efforts to address climate 

change and promote green alternatives 

in the automotive industry. Hyundai’s 

participation in this initiative exemplifies 

a shared commitment to creating 

a more sustainable future through the 

integration of cutting-edge technologies 

and responsible business practices. 

Warehouse Demand Surges in UAE and Saudi 

Arabia 

The demand for warehouses 

in the UAE and Saudi Arabia 

is on the rise, attributed to 

the burgeoning e-commerce 

sector and local economic diversification 

efforts. Arcapita, a Bahrain-based 

alternative asset manager, plans to 

boost its logistics portfolio in these 

key economies from $1B to $2B in 

the next two to three years. CEO Atif 

Abdulmalik emphasises the pivotal role 

of e-commerce growth in driving these 

investments. With Arcapita owning 

logistics assets worth $500M each in 

Dubai and Saudi Arabia, the company 

aims to double its total asset value by 

2025. The trend is further fueled by 

Careem, the leading multi-service 

platform in the region, 

introduces Dubai’s inaugural 

fleet of electric delivery 

motorbikes, supported by a charging 

infrastructure at Careem Bike stations. 

Available through a subscription model 

for Careem delivery Captains, the 

electric fleet promises up to 50% savings 

compared to petrol. Powered by 

4,000-watt lithium batteries, these bikes 

can be charged at 192 Careem stations 

across Dubai, ensuring efficient and 

eco-friendly operations. With enhanced 

safety features, a weight of 130 kg, and 

a top speed of 80 km/hr, the electric 

the GCC region’s e-commerce market 

projected to reach $9.2B by 2026, as 

reported by the Dubai Chamber of 

Commerce. International investments 

are also contributing to the heightened 

demand for warehouses, according to 

a recent report from Knight Frank. 

Careem rolls out Dubai’s first e-delivery 

motorbike fleet 

motorbikes will debut with Careem’s 

Quik Grocery delivery Captains before 

extending to Careem Food and Careem 

Box services, aligning with Careem’s 

commitment to environmental impact 

and community well-being. 


ShiplifierX by Shiplifier Unleashes 45-Minute Deliveries in Dubai 

Shiplifier revolutionises shipping 

logistics with ShiplifierX, offering 

a groundbreaking same-day 

delivery solution in Dubai. The 

feature ensures swift 45-minute deliveries 

within a 20-kilometre radius, covering 

packages up to 7 kg and dimensions 

of 40x40x40. Integrated seamlessly 

into the Shiplifier platform, ShiplifierX 

simplifies shipping for businesses and 

individual users. With a standardised 

flat fee, members enjoy cost-effective 

and reliable courier services, leveraging 

Shiplifier’s corporate rates for expense 

predictability. The service operates from 

7:30 am to 2:00 am, allowing scheduled 

pickups and deliveries with a minimal 

5 to 10-minute wait for courier collection, 

catering to diverse needs in the 

dynamic logistics landscape. 

Saudi Arabia Hits 

79.01 on UNCTAD 

Shipping Index 

Saudi Arabia achieved a historic 

milestone in Q4, scoring 79.01 

points on UNCTAD’s Liner 

Shipping Connectivity Index 

(LSCI), showcasing remarkable progress 

in global maritime standing. The 

achievement, in line with the National 

Transport and Logistics Strategy, 

results from collaborative efforts. 

Saudi Ports Authority (Mawani) added 

28 cargo services with leading liners 

and significantly improved container 

handling, rising to the 16th position 

in Lloyd’s List rankings. Climbing 17 

places in the World Bank’s Logistics 

Performance Index, Mawani’s success 

reflects continuous infrastructure 

upgrades, automation initiatives, and 

cutting-edge equipment deployment. 

The commitment to streamlining import-export 

procedures contributes to 

reducing port operation costs, fostering 

national exports, and enhancing 

global maritime trade. 

Saudi Arabia Plans First Opera House for Arts 

and Culture Development 

As part of Saudi Arabia’s Vision 

2030 initiative, the kingdom is 

set to construct its inaugural 

opera house, the Royal Diriyah 

Opera House, in the historic Diriyah 

district. Planned for completion in three 

to four years, the opera house is a key 

component of the second phase of the 

Diriyah master plan. Designed by Norwegian 

architectural firm Snohetta in 

collaboration with Syn Architects, the 

building draws inspiration from the Najdi 

architectural style and Wadi Hanifah. 

Situated in the birthplace of the kingdom 

Saudi Aramco, the world’s largest 

oil producer, is set to acquire a 

40% equity stake in Gas & Oil 

Pakistan (GO), a leading downstream 

fuels, lubricants, and convenience 

store operator. While the transaction 

value remains undisclosed, this move 

marks Aramco’s entry into Pakistan’s fuel 

retail market, aligning with its strategy 

to bolster the downstream value chain 

globally. The agreement provides Aramco 

near the UNESCO World Heritage Site of 

At-Turaif, the opera house aims to foster 

arts and culture, aligning with Saudi 

Arabia’s transformative vision. 

Saudi Aramco to buy 40% stake in Gas & Oil Pakistan 

with additional outlets for its refined 

products and presents opportunities for 

Valvoline-branded lubricants, following 

Aramco’s earlier acquisition of the US 

motor oil and lubricant maker’s global 

products business in February. Aramco 

anticipates leveraging GO’s storage capacity, 

high-quality assets, and growth 

potential to establish the Aramco brand 

in Pakistan. 


Lenovo Legion R45w-30 

Lenovo Legion R45w-30 monitor 

is a colossal gaming display that 

immerses users in a vast, curved 

screen, boasting a 32:9 aspect ratio 

and a massive 44.5-inch size with a 

DQHD resolution of 5120 x 1440 for 

detailed visuals. 

Its VESA Display HDR 400 certification 

ensures enhanced image quality, 

backed by a speedy 170Hz refresh 

rate and a lightning-fast 1ms MPRT 

response time, delivering seamless 

gaming experiences. 

Equipped with AMD FreeSync Premium 

Pro and Adaptive Sync, the R45w-30 

eliminates screen tearing and stuttering, 

promoting a smooth gaming experience. 

It offers versatile connectivity options, 

including USB-C, HDMI, DP, and a USB 

hub, ensuring effortless integration 

with various devices. 

Additional features such as smart 

network optimisation, True Split for 

multitasking, and Natural Low Blue 

Light technology enhance productivity 

and comfortable viewing. 

The packaging includes essential 

accessories like power and display 

cables, ensuring a convenient setup 

process for users. With dimensions of 

42.91×13.43×20.8 inches and weighing 

over 12 kg (including the stand), this 

monitor demands ample desk space. 

Connectivity-wise, it offers multiple 

inputs including HDMI 2.1, DisplayPort 

1.4, USB-C, and a robust 75-watt PD 

capacity. Ergonomically designed with 

tilt, rotation, height adjustment, and 

VESA mounting, it caters to various 

user preferences. 

The monitor’s OSD navigation is 

user-friendly, offering straightforward 

settings and modes. With a VA panel, 

1500R curvature, and DisplayHDR 400 

certification, it maintains a high refresh 

rate of 170 Hz, excellent contrast ratio, 

and impressive colour coverage. 

While the integrated speakers provide 

modest audio output at 3 watts each, 

the monitor’s true strength lies in its 

immersive display and multitasking 

capabilities, making it an ideal choice 

for gaming and professional use. 

Lenovo Legion R45w-30 impresses 

with its expansive display, immersive 

curvature, and affordability compared 

to competitors. Its rich feature set and 

performance make it a versatile option 

for gaming and multitasking needs, 

despite modest audio capabilities. 


source: uae.microless.com 


GameSir G8 Galileo 

GameSir recently launched the 

GameSir G8 Galileo, a cutting-edge 

Type-C wired mobile gaming controller 

that promises to revolutionise gaming 

experiences without the intention of 

a sales pitch. 

Compatible with Android and iPhone 

15 series devices, this controller aims 

to redefine excellence in mobile gaming 

by incorporating top-tier connectivity, 

customisable software, and advanced 

features. 

The surge in mobile gaming’s popularity 

and the demand for technological 

advancements motivated the creation 

of the G8 Galileo. The controller intends 

to unlock uncharted potential 

for gamers, offering an unparalleled 

gaming experience that exceeds expectations. 

G8 Galileo boasts console-grade ergonomics, 

featuring sizable sticks and 

buttons for comfort during prolonged 

gaming sessions. Its movable Type-C 

port ensures a reliable connection to 

gaming devices, guaranteeing seamless 

and dependable gameplay. 

One of its standout features is the 

GameSir Hall Tech, comprising precision-tuned 

Hall Effect analogue triggers 

and sensing sticks that provide smooth 

and responsive control, enhancing 

gaming precision and durability. 

The controller also offers two additional 

back buttons for pro-level gaming, 

allowing users to map in-game actions 

on the fly. Pass-through charging ensures 

uninterrupted gameplay, allowing 

the controller to charge while in use. 

Moreover, its universal compatibility, 

courtesy of an extendable bridge and 

ample rear space, caters to a wide 

range of phone models, making it an 

adaptable choice for mobile gamers. 

G8 Galileo’s customisable design, 

including interchangeable magnetic 

detachable faceplates, laser-engraved 

texture grips, and high-saturation fluorescent 

ink buttons, aims to match 

the user’s unique style. 

The GameSir App further enhances 

customisation by enabling users to create 

personalised controller profiles, map 

buttons, fine-tune the D-pad diagonals, 

and adjust sticks and trigger zones. 

GameSir G8 Galileo introduces several 

features to enhance the mobile 

gaming experience. Its ergonomic 

design, advanced technology, and 

customisation options aim to elevate 

gaming experiences without pushing 

for a sales pitch. 

Availability: Bangood.com 

source: gamesir.hk 

Price: AED 272.00/- 


Cover Story 




George Soros 

Chair, Soros Fund Management LLC 

George Soros, a global philanthropist and legendary 

hedge fund investor, has left an indelible mark on 

the landscape of foreign investments in the United 

Arab Emirates (UAE). With a philanthropic legacy that 

spans decades and a strategic approach to investments, 

Soros has seamlessly woven his commitment to societal 

progress into the fabric of the UAE’s evolving economic 

tapestry. 

Born in Hungary in 1930, Soros’s early life experiences, 

including surviving the Nazi occupation, shaped his 

worldview and instilled in him a deep commitment to 

combating intolerance and injustice. His philanthropic 

journey began in 1979 when he provided scholarships to 

black South Africans under apartheid. Over the years, his 

Open Society Foundations, fueled by a personal fortune 

exceeding $32 billion, have supported causes globally, 

promoting freedom of expression, accountable government, 

and justice. 

Soros’s foray into the UAE’s investment arena includes 

a strategic move to acquire a 4% stake in the Bombay 

Stock Exchange through his Quantum hedge fund. Valued 

at approximately $35 million, this investment reflects Soros’s 

knack for identifying opportunities in fast-growing 

economies. The move not only granted Soros a foothold 

in the thriving stock exchange but also positioned him as 

a key player in the UAE’s financial landscape. 

Dubai Holding, one of the emirate’s major government 

conglomerates, played a role in Soros’s UAE investments. 

Selling its 4% stake in the Bombay Stock Exchange to 

Soros provided Dubai Holding with much-needed liquidity 

amid restructuring efforts and debt repayments. Soros’s 

involvement demonstrated his ability to navigate complex 

financial scenarios while contributing to the transformation 

of Dubai Holding’s business portfolio. 

Soros’s strategic investment ventures extend beyond the 

financial sector. In 2017, he invested in Vice Media, a bold 

move that aligns with the UAE’s commitment to media 

growth. The $250 million debt financing injection, which 

included Soros Fund Management, aimed to propel Vice 

Media’s turnaround strategy and accelerate its growth. 

Vice Arabia, launched in 2017, stands as a testament to 

Soros’s investment in the region’s media landscape. 

Beyond the financial realm, Soros’s philanthropic efforts 

have embraced social causes. His support for marginalised 

groups, including Europe’s Roma people, resonates with 

the UAE’s commitment to inclusivity. Soros’s focus on 

tackling discrimination aligns with the UAE’s vision for 

a diverse and tolerant society. 

In the UAE, Soros’s contributions exemplify the 

symbiotic relationship between strategic investments, 

philanthropy, and the nation’s vision for a prosperous 

and inclusive future. 


Cover Story 




Warren Buffett 

Chairperson, Berkshire Hathaway 

Warren Buffett, the iconic American businessman, 

investor, and philanthropist, renowned for his 

unparalleled success in the world of finance, 

has strategically expanded his investment portfolio into 

the United Arab Emirates (UAE), making waves in the 

country’s real estate landscape. 

With a net worth of $120 billion as of December 2023, 

Buffett’s reputation as the “Oracle of Omaha” is built on 

his decades-long adherence to value investing principles. 

His Berkshire Hathaway conglomerate, of which he is the 

co-founder, chairman, and CEO, has become synonymous 

with prudent and strategic investment decisions. 

Buffett’s journey into the UAE’s real estate market began 

with the acquisition of Fine & Country (UAE) through 

Berkshire Hathaway, marking his first-ever investment 

in the Arabian Gulf. The move, while relatively small for 

Buffett, speaks volumes about his long-term judgement 

on the market. Berkshire Hathaway HomeServices Gulf 

Properties, the real estate brokerage under Buffett’s 

umbrella, has since solidified its presence in the UAE, 

attracting U.S. investors and positioning itself as a key 

player in the region. 

In 2019, amidst a cautious real estate market, Buffett’s 

brokerage, Berkshire Hathaway HomeServices Gulf 

Properties, increased its number of advisors, signalling 

confidence in the potential for growth in the UAE’s property 

sector. The expansion also included plans to offer 

exclusive services to institutional investors interested in 

commercial properties, demonstrating Buffett’s strategic 

vision for diversification within the real estate domain. 

The Berkshire Hathaway HomeServices Gulf Properties’ 

Luxury Collection Division, launched to focus on properties 

priced at $5,000,000 or higher, further emphasises 

Buffett’s interest in the upscale segment of Dubai’s real 

estate market. This move aligns with Dubai’s international 

reputation as a luxury real estate hub, attracting global 

attention and interest. 

Despite challenges in the local real estate market, 

including a slump in prices and an oversupply of homes, 

Buffett’s investment in the UAE real estate market reflects 

a long-term perspective. Buffett’s history of successful 

investments during economic downturns, such as the 

2008 global financial crisis, positions him as a strategic 

investor who looks for bargains in quality locations that 

may be down on their luck. 

As the UAE’s property market navigates economic challenges, 

Warren Buffett’s calculated entry into the sector 

not only reinforces confidence but also adds a touch of 

the “Buffett magic” to the country’s real estate narrative. 


Cover Story 




Jeff Bezos 

Executive Chairman, Amazon 

Jeff Bezos, the visionary entrepreneur and founder 

of Amazon renowned for reshaping the landscape of 

global e-commerce, has also made strategic investments 

that extend into the vibrant business environment 

of the United Arab Emirates (UAE). 

As the founder, executive chairman, and former president 

and CEO of Amazon, Bezos boasts a net worth of 

approximately $170 billion as of November 2023, securing 

his position as one of the world’s most affluent individuals. 

His influence has not been limited to revolutionising 

online shopping; Bezos has diversified his investments, 

including forays into the UAE. 

One of the notable moves was Amazon’s acquisition of 

Souq.com in 2017, a Dubai-based e-commerce platform. 

The acquisition, valued between $650 million and $750 

million, positioned Amazon to tap into the fast-growing 

e-commerce sector in the Middle East. By leveraging Souq’s 

existing customer base and infrastructure, Amazon secured 

a significant presence in key markets such as Egypt, the 

United Arab Emirates, and Saudi Arabia. 

The acquisition of Souq.com marked a strategic entry 

for Amazon into the Middle East, demonstrating Bezos’s 

calculated approach to expanding the company’s global 

footprint. It showcased Amazon’s commitment to adapting 

to regional dynamics by partnering with an established 

player. 

Beyond e-commerce, Bezos has extended his influence into 

the aerospace industry through Blue Origin, an aerospace 

manufacturer and spaceflight services company founded 

in 2000. In 2021, Bezos himself took a historic suborbital 

flight aboard Blue Origin’s New Shepard vehicle. Now, 

Blue Origin is exploring the possibility of establishing 

a space tourism presence in the UAE, with discussions 

underway for a spaceport in the country’s desert. 

The Ministry of Economy in the UAE has collaborated 

with Blue Origin to explore the potential of space tourism 

flights, aligning with the country’s broader strategy for 

economic development through space activities. This collaboration 

not only signifies Bezos’s interest in the UAE’s 

ambitious space plans but also positions the country as 

a potential hub for the evolving space tourism industry. 

Jeff Bezos’s influence in the UAE goes beyond business 

ventures. His acquisition of The Washington Post 

in 2013 and co-founding of the biotechnology company 

Altos Labs in 2021 demonstrate his diverse portfolio of 

investments managed through Bezos Expeditions, his 

venture capital firm. 

As Bezos continues to make waves in various industries, 

his strategic investments in the UAE reflect a commitment 

to being at the forefront of technological advancements 

and economic development in the region. 


Cover Story 




CEO of BlackRock 

Larry Fink 

Larry Fink, the esteemed American billionaire 

businessman and current Chairman and CEO of 

BlackRock, has played a pivotal role in fostering 

strategic investments, particularly in the context of the 

United Arab Emirates (UAE). 

BlackRock, one of the world’s largest money-management 

firms with assets exceeding $10 trillion, has been 

at the forefront of global investment strategies. In April 

2022, Fink’s net worth reached an estimated $1 billion 

according to Forbes Magazine, solidifying his status as a 

prominent figure in the financial world. 

A notable collaboration between the UAE and Black- 

Rock is the $30 billion commitment to ALTÉRRA, a newly 

launched private investment climate vehicle. This initiative 

involves a partnership to create the BlackRock Climate 

Transition Vehicle, which aims to invest $2 billion in climate 

opportunities across BlackRock’s private debt and 

infrastructure equity strategies. The ALTÉRRA project, 

touted as “the world’s largest private investment vehicle 

for climate change action,” is geared towards mobilising 

$250 billion globally by 2030. 

Within the BlackRock Climate Transition Vehicle, $1 

billion is earmarked for the Climate Transition-Oriented 

Private Debt strategy. This innovative private debt strategy 

is focused on financing middle-market companies, 

primarily in Europe and the US, that exhibit climate transition 

characteristics. Another $1 billion is allocated to 

transition-related infrastructure, including a commitment 

to the BlackRock Global Infrastructure Fund IV, which 

invests in decarbonization-related infrastructure assets. 

A portion of this investment, $350 million, is dedicated to 

infrastructure in the Global South, emphasising a commitment 

to climate-related infrastructure in emerging markets. 

Larry Fink emphasised the significance of BlackRock’s 

participation in ALTÉRRA, stating, “The launch of ALTÉR- 

RA will itself not only help mobilise much-needed capital 

to support the transition in the Global South, but it can 

also serve as a blueprint for other sovereigns and private 

sector actors to replicate.” The collaboration between the 

UAE and BlackRock exemplifies a commitment to global 

green finance and creating a climate investment landscape 

that stimulates sustainable growth. 

In addition to the ALTÉRRA initiative, BlackRock is 

set to invest up to $400 million in Positive Zero, a Dubaibased 

decarbonization company. This investment aligns 

with Positive Zero’s mission to promote sustainable 

energy adoption across the GCC, contributing to efforts 

to reduce carbon emissions and combat global warming. 

As the UAE continues to position itself as a hub for 

green finance and sustainable development, partnerships 

with key players like BlackRock contribute to the nation’s 

vision of a climate-resilient future. 


Cover Story 




Mukesh Ambani 

Chairman, Reliance Industries 

Mukesh Ambani, the renowned Indian billionaire 

businessman, Chairman, and Managing Director 

of Reliance Industries, has significantly contributed 

to the landscape of foreign investments in the United 

Arab Emirates. 

With an estimated net worth of $92 billion as of December 

2023, Ambani stands as the richest person in Asia and 

the 15th richest globally, according to Forbes Magazine. 

One notable investment in the UAE involves Reliance 

Industries signing a pact to invest in a massive petrochemical 

hub. This strategic move involves Reliance joining the 

Ta’ziz joint venture with Abu Dhabi’s state energy giant 

Adnoc and state holding company ADQ for the development 

of the Ruwais Derivatives Park in western Abu 

Dhabi. Adnoc, being a major player in the UAE’s crude 

oil production, plans to invest $45 billion, with partners, 

to develop downstream operations in Ruwais, including 

refining and petrochemical capacity. 

The collaboration includes the construction of a worldscale 

Chlor-alkali, ethylene dichloride, and polyvinyl 

chloride (PVC) production facility at Ta’ziz in Ruwais. 

Ambani stated that this venture is a significant step in 

globalising Reliance’s operations, emphasising the production 

of ethylene dichloride, a crucial component for 

the production of PVC in India. The agreement aims to 

capitalise on the growing demand for these industrial raw 

materials, leveraging the strengths of both companies as 

global industrial and energy leaders. 

In addition to the petrochemical venture, Reliance 

Industries has established a wholly-owned subsidiary 

in the UAE named Reliance International Limited. This 

subsidiary, incorporated in the Abu Dhabi Global Market, 

is intended for trading in oil, petroleum, petrochemical 

products, and agricultural commodities. The move follows 

Reliance’s announcement in June about developing 

a major chemicals facility in partnership with Abu Dhabi 

National Oil Company at the new Ta’ziz Industrial Chemicals 

Zone in Ruwais. 

Mukesh Ambani’s notable real estate purchase in Dubai 

further underscores his commitment to foreign investments 

and highlights his significant impact on the UAE’s real 

estate sector. The Indian billionaire acquired a luxurious 

villa on Palm Jumeirah, marking a substantial real estate 

investment. This purchase, reportedly surpassing his 

previous acquisition which was already the city’s most 

expensive residential real estate deal, reflects Ambani’s 

confidence in the UAE’s property market. 

Mukesh Ambani’s foray into the UAE’s business landscape 

showcases his commitment to fostering economic 

partnerships and contributing to the growth of the region. 


Cover Story 




Ratan Tata 

Former Chairman, Tata Group 

Ratan Tata, the distinguished Indian industrialist 

and former chairman of Tata Group, has played a 

pivotal role in expanding the global footprint of 

the company, contributing significantly to foreign investments 

in the UAE. 

His strategic vision and leadership have propelled 

Tata’s ventures into diverse sectors, including trading, 

distribution, and luxury products, fostering economic 

growth and collaboration between India and the UAE. 

Tata International, the global trading and distribution 

arm of the Tata Group, marked a significant milestone 

with the inauguration of its new office premises in Dubai’s 

DMCC free zone. This move aimed to strengthen Tata’s 

presence in the Middle East and North Africa (MENA) 

region, demonstrating a commitment to fostering business 

growth, collaboration, and engagement with stakeholders. 

The Dubai office, inaugurated by the Ambassador of India 

to the UAE, became a hub for Tata Companies, facilitating 

cooperation among various Tata entities operating 

in the region. 

In addition to trading and distribution, Ratan Tata’s influence 

extended to the luxury products sector, exemplified 

by Titan Company, a Tata Group entity. Titan, a renowned 

brand in the luxury products segment, announced plans 

to set up an international hub in Dubai, catering to the 

Middle East and beyond. The proposed international hub, 

possibly in the Dubai Airport Free Zone Authority (DAFZA), 

signifies Tata’s commitment to leveraging Dubai’s strategic 

location as a global business hub. This move aligns with 

the UAE’s broader goal of attracting foreign investors and 

talent, showcasing the Tata Group’s confidence in Dubai 

as a gateway to the broader MENA region. 

Tata Group’s diversified portfolio extends its foreign 

investments in the UAE, notably through hospitality 

ventures such as Taj Exotica Resorts & Spa The Palm 

Dubai, Taj Dubai, and Taj Jumeirah Lakes Towers, Dubai. 

Additionally, the conglomerate’s presence extends to 

aviation, with Air India and Air India Express operating 

an extensive network of 450+ flights per week across the 

Gulf, Middle East, and Africa (GMEA) region, including 

key destinations like Dubai, Sharjah, Abu Dhabi, Al Ain, 

and Ras Al Khaimah. 

Furthermore, Titan’s ambitious Gulf region expansion 

plans, coupled with a focus on attracting top talent, underscore 

Ratan Tata’s commitment to contributing to the 

local economy and generating employment opportunities 

across the Middle East. As Tata’s ventures continue to 

unfold in the UAE, Ratan Tata’s legacy of global business 

expansion remains intertwined with the vibrant landscape 

of foreign investments in the region. 


Cover Story 




Ray Dalio 

Co-Chief Investment Officer of 

Bridgewater Associates 

Ray Dalio, the influential American billionaire investor 

and co-chief investment officer of Bridgewater 

Associates, the world’s largest hedge fund, is 

solidifying his presence in the Middle East with the establishment 

of a branch of his family office in Abu Dhabi. 

The Dalio Family Office (DFO), located within the Abu 

Dhabi Global Market (ADGM), marks a strategic move for 

Dalio, reflecting not only a commitment to expanding his 

investments but also a deepening of his more than 30-year 

relationship with the United Arab Emirates (UAE). 

Bridgewater Associates, founded by Ray Dalio in 1975, 

manages assets exceeding $150 billion, making it a powerhouse 

in the financial world. Dalio, with a net worth of 

$16.2 billion, holds the 108th position on the Bloomberg 

Billionaires Index, underscoring his significant influence 

in global finance. The establishment of the DFO in Abu 

Dhabi signifies a pivotal step, not just for Dalio but also 

for the burgeoning financial landscape of the UAE. 

The Dalio Family Office, situated within the ADGM, will 

serve as a central hub overseeing the family’s ventures, 

managing investments, and steering philanthropic initiatives 

through Dalio Philanthropies. This strategic move 

aligns with Abu Dhabi’s growing prominence as a hub for 

diverse developments in the region, particularly in the 

UAE and Saudi Arabia. Dalio expressed his enthusiasm 

for this new venture, stating, “Abu Dhabi is also becoming 

a hub for many exciting developments in the region... For 

these reasons, I am thrilled to make Abu Dhabi a home 

for the Dalio Family Office.” 

Beyond managing the Dalio family’s substantial fortune, 

the Abu Dhabi office is poised to play a crucial role in 

cultivating strategic partnerships. These partnerships will 

extend into areas of shared interest, with a notable focus 

on ocean exploration. The DFO’s strategic presence in 

Abu Dhabi and its existing offices in the United States and 

Singapore reflect Dalio’s commitment to contributing to 

the long-term growth of the broader Middle East region. 

The UAE, and Abu Dhabi in particular, has increasingly 

become an attractive destination for high-profile investors 

and entrepreneurs. Dalio’s decision to establish a 

significant presence in Abu Dhabi adds another layer to 

the emirate’s appeal as a global financial centre and a 

hub for strategic investments. His recent acquisition of a 

luxury residence on Saadiyat Island further underscores 

the confidence placed in the UAE’s economic ecosystem. 

Ray Dalio’s move to deepen his roots in Abu Dhabi is 

not only a testament to the emirate’s growing influence in 

the financial world but also highlights the transformative 

potential the UAE holds for global investors seeking strategic 

partnerships and sustainable growth opportunities. 

As the Dalio Family Office positions itself within the 

heart of the ADGM, it symbolises a significant milestone 

in the ongoing evolution of Abu Dhabi as a key player in 

the global financial landscape. 


Cover Story 




Richard Branson 

Founder, Virgin Group 

Sir Richard Branson, the British business entrepreneur, 

and founder of the Virgin Group, has significantly 

contributed to the landscape of foreign investments 

in the UAE. With a diverse business empire spanning over 

400 companies globally, Branson’s ventures have left an 

indelible mark on various industries. Two noteworthy 

instances of Richard Branson’s significant investments 

in the UAE involved introducing his companies Virgin 

Mobile and Virgin Galactic to the region. 

Virgin Mobile, officially launched in the UAE by Emirates 

Integrated Telecommunications Company (EITC), introduced 

the first fully digital mobile service to the country. 

Branson’s visit marked a pivotal moment, as he witnessed 

the development of this innovative app-based service. 

The Virgin Mobile UAE app, available for download on 

both Google Play and the Apple App Store, epitomises a 

paradigm shift in the mobile industry, providing customers 

with unparalleled flexibility and convenience. The digital 

platform allows users to hand-pick their mobile number, 

customise plans, manage usage in real-time, and have the 

Virgin Mobile UAE SIM card delivered anywhere in the 

country within an hour. This forward-looking approach 

aligns with the UAE’s commitment to technological advancements 

and customer-centric services. 

In the realm of space exploration and tourism, Branson’s 

Virgin Galactic has set its sights on Abu Dhabi to 

establish a commercial spaceport. This ambitious project 

is a joint venture between the Virgin Group and Abu 

Dhabi’s Aabar Investments, intending to position Abu 

Dhabi as a regional hub for space tourism and scientific 

research. Steve Landeene, appointed as chief adviser, is 

tasked with developing a business plan for the Spaceport 

Abu Dhabi initiative and guiding it through regulatory 

processes. The strategic vision includes facilitating space 

tourism and research and envisioning commercial flights 

between Abu Dhabi and New Mexico in under an hour, 

demonstrating Branson’s commitment to pushing the 

boundaries of innovation. 

These investments underscore Branson’s recognition 

of the UAE’s potential as a hub for technological innovation, 

connectivity, and space exploration. The ventures 

align with the broader narrative of the UAE’s efforts to 

attract global entrepreneurs and visionaries, positioning 

itself as a destination for cutting-edge technologies and 

groundbreaking initiatives. As Branson continues to 

leverage his global influence in shaping industries, his 

investments in the UAE contribute to the country’s aspirations 

of becoming a leading player in diverse sectors, 

from telecommunications to space exploration. 


Cover Story 




Wang Chuanfu 

Founder, BYD Company 

Wang Chuanfu, the Chinese chemist, billionaire 

entrepreneur, and founder of BYD Company, has 

significantly shaped the landscape of foreign investments 

in the UAE, particularly in the realm of electric 

vehicles (EVs). Under his leadership, BYD has emerged 

as the world’s largest EV company by sales, surpassing 

Tesla in 2022 and currently accounting for a substantial 

21% of the global market. 

One noteworthy aspect of Wang Chuanfu’s engagement 

with the UAE is the strategic collaboration between BYD 

and Al-Futtaim, a leading distributor in the United Arab 

Emirates. The partnership, announced on March 15, 2023, 

during the “Future Mobility Day” event in Dubai, reflects 

BYD’s commitment to fostering green travel in the country. 

Two BYD models, the BYD Han and BYD ATTO 3, were 

unveiled at the event, signalling BYD’s intent to contribute 

to the UAE’s sustainable mobility initiatives. 

Wang Chuanfu’s BYD is renowned as the world’s 

leading manufacturer of new energy vehicles and power 

batteries. In 2022 alone, BYD achieved the sale of more 

than 1.86 million new energy vehicles globally, serving 

over 3.7 million customers worldwide. The company’s 

commitment to environmental sustainability is evident 

through initiatives like “Cool the Earth by 1°C,” which, as 

of February 2023, has saved over 29 million tons of carbon 

emissions. BYD’s expertise encompasses the development 

of powertrain systems, power batteries, drive motors, and 

motor controller systems. 

Al-Futtaim, established in the 1930s and headquartered 

in Dubai, plays a pivotal role in BYD’s expansion into the 

UAE. The signing ceremony in Dubai marked the beginning 

of a collaborative effort to bring BYD’s cutting-edge 

electric vehicles to the Emirates. Al-Futtaim’s reputation 

for customer service and its commitment to building a 

customer-centric electric vehicle ecosystem align with 

BYD’s vision for sustainable mobility. 

The positive impact of Wang Chuanfu’s investments in 

the UAE is further underscored by the unveiling of BYD’s 

premier Han sedan in the country. The Han, along with 

the ATTO 3 model, signifies BYD’s relentless commitment 

to expanding its presence globally, particularly in the 

Middle East. BYD’s local website in the UAE now allows 

customers to purchase the ATTO 3 model, showcasing 

the company’s dedication to providing innovative and 

eco-friendly transportation solutions in the region. 

Wang Chuanfu’s BYD has not only contributed to the 

UAE’s green travel initiatives but has also positioned itself 

as a key player in the country’s fast-growing electric 

vehicle industry. The collaboration with Al-Futtaim and 

the introduction of new models highlight the positive 

trajectory of foreign investments, bringing state-of-the-art 

technology and sustainable practices to the forefront of 

the UAE’s automotive landscape. 


Cover Story 




Naguib Sawiris 

Chairman of Weather Investments 

Naguib Sawiris, an influential entrepreneur and 

scion of Egypt’s wealthiest family, has achieved 

substantial success in both the telecommunications 

and real estate industries. As part of a prominent family 

that includes his billionaire brother Nassef, Sawiris has 

left a permanent mark on various industries. 

Sawiris’s journey to success began with the telecommunications 

sector, where he built a formidable fortune. 

The pinnacle of his telecom achievements came in 2011 

when he orchestrated the sale of Orascom Telecom, a 

company he founded, to the Russian telecom firm VimpelCom 

(now Veon). This multibillion-dollar transaction 

not only showcased Sawiris’s business acumen but also 

added substantial value to his wealth portfolio. 

Currently serving as the chairman of Orascom TMT Investments, 

Sawiris continues to demonstrate his prowess 

in strategic investments. The company holds stakes in 

diverse assets, including an asset manager in Egypt and 

the Italian internet company Italiaonline. Sawiris’s ability 

to diversify investments reflects his astute understanding 

of global markets and economic trends. 

Through his ownership of Media Globe Holdings, Sawiris 

has a commanding 88% stake in Euronews, a pan-European 

pay TV and video news network. This venture showcases 

his interest in media and communication on a broader 

scale, aligning with the changing dynamics of information 

dissemination in the digital age. 

Venturing into the realm of real estate, Sawiris has 

embarked on ambitious projects that contribute to his 

personal wealth and also to the economic development 

of the regions he invests in. 

One notable partnership is with Abu Dhabi investment 

firm Q Holding for a USD 10 billion real estate project in 

the Ghantoot area, strategically positioned between Abu 

Dhabi and Dubai. The mega real estate project, spanning 

15 million square metres, is anticipated to be completed 

within the next 10-15 years. This collaboration signifies 

Sawiris’s commitment to playing a pivotal role in the 

economic growth and urban development of the UAE. 

Ora Developers, a company owned by Sawiris, is at the 

forefront of these real estate endeavours. The company 

recently acquired substantial land parcels, including 175 

feddans in New Cairo and 128 feddans in the North Coast. 

These acquisitions lay the foundation for upcoming real 

estate projects that are poised to enter the market in the 

coming years. 

The partnership with Q Holding for the development 

of a smart and sustainable city in the Ghantoot region 

underscores Sawiris’s dedication to creating communities 

that prioritise renewable energy and sustainability. 

As a strategic investor and entrepreneur, Sawiris continues 

to make influential contributions to various sectors, 

solidifying his legacy as a global business visionary. 


Wheels 

Specifications 

Torque: 600 Nm 

Horsepower: 490 hp 

Acceleration: 100 in 3.9 seconds 


Maserati 

GranTurismo Modena 

Maserati GranTurismo Modena 

is a dynamic and stunning 

grand tourer designed for 

those who view travel as a unique 

and memorable journey. For these 

individuals, “long-distance” signifies 

more than just reaching a destination; 

it’s about savouring the sights, scents, 

and sounds along the way in true 

Italian style. 

GranTurismo Modena is the twinturbo 

3.0-liter V6 Nettuno engine, a 

masterpiece of engineering capable of 

producing 490 horsepower and 600 Nm 

of torque at 3,000 rpm. This powerplant 

transforms the experience of grand 

touring into a commanding display of 

finesse. Accelerating from zero to 100 

km/h in just 3.9 seconds and reaching 

a top speed of 302 km/h, the Modena 

provides brilliant acceleration that 

serves as a thrilling prelude to the 

multi-sensory pleasure of a grand tour, 

precisely as envisioned by Maserati. 

The GranTurismo Modena is equipped 

with COMFORT, GT, and SPORT driving 

modes, offering a spectrum from relaxed 

driving with maximum comfort to 

the most exhilarating experiences 

possible. In SPORT mode, the Launch 

Control command provides immediate 

acceleration, masterfully tamed to 

deliver the excitement of a racing start. 

Underpinning this grand tourer is the 

undeniably impressive Nettuno engine, 

a twin-turbocharged V6 that defines the 

essence of the Modena’s performance. 

Producing 490 horsepower and 601 

Nm of torque, the power per litre is 

an outstanding 166 PS, showcasing the 

efficiency and potency of Maserati’s 

engineering. 

The 8-speed DCT transmission and 

all-wheel-drive layout contribute to the 

Modena’s precise handling and control, 

ensuring a harmonious fusion of power 

and performance. As you engage with 

the GranTurismo Modena, it is not 

merely a car; it is an embodiment of 

Maserati’s commitment to delivering 

an extraordinary driving experience, 

where every journey becomes a sensoryrich 

adventure. 


Start-up 

source: Pexels 

Dubai’s investor-friendly regulations have transformed it into a global startup hub 

How Dubai’s Startups 

Are Attracting 

Significant Foreign 

Investments 

Dubai’s diverse startup scene attracts global 

investments supported by favourable regulations 

and robust entrepreneurial networks. 

Dubai’s startups have witnessed an influx 

of foreign investment, showcasing global 

confidence in the region’s potential. 

The diversity of the startup landscape, 

spanning sectors like technology, fintech, 

healthcare, and logistics, has been a key 

draw for international investors seeking 

promising ventures. The city’s rise as a 

global business hub stems from strategic 

initiatives, a favourable regulatory environment, 

and a commitment to fostering 

innovation and entrepreneurship. Additionally, 

co-working spaces, incubators 

and entrepreneurial training programs 

have been an attractive tool for startups 

and SMEs. Dubai’s comprehensive 

support network for startups contributes 

significantly to its reputation as a thriving 

hub for innovation and entrepreneurship. 


The UAE’s proactive measures 

in streamlining business setup 

processes have significantly contributed 

to its attractiveness. The World 

Bank Group’s acknowledgement of the 

UAE’s favourable business environment, 

highlighted in its “Ease of Doing Business 

Rankings,” positioned the nation at the 

top among MENA countries. With just 

six procedures and eight days required 

to open a company, the UAE surpasses 

the regional average significantly, 

fostering a conducive atmosphere for 

entrepreneurial endeavours. 

Dubai stands out as an inviting destination 

for startups due to its tax 

environment. Most companies in Dubai 

enjoy exemptions from income taxes, 

making it an appealing location for 

budding businesses. Even with plans 

to introduce a minimal value-added tax 

(VAT), Dubai retains its attractiveness 

for startups by offering exemptions in 

crucial sectors such as healthcare and 

staple food items. 

The city’s numerous free zones serve 

as hotspots for startups, providing a 

regulatory and taxation environment 

that fosters growth. These zones bypass 

ownership regulations and grant tax 

holidays, creating an environment conducive 

to startup success. Dubai Media 

City and other renowned free zones have 

transformed into nurturing grounds for 

startups, drawing in foreign entrepreneurs 

seeking an optimal launchpad for 

their ventures. 

Entrepreneurs are drawn to Dubai’s 

free zones due to their supportive infrastructure 

and beneficial regulations. 

These zones have become incubators, 

attracting a wave of foreign talent eager 

to leverage the advantageous environment 

as a springboard for their entrepreneurial 

endeavours. 

The UAE’s commitment to fostering 

small and medium enterprises (SMEs) is 

evident in its legislation. The SME Law 

exempts SMEs from customs tax, mandates 

procurement allocation for SMEs, 

and encourages government-linked firms 

to allocate contracts to SMEs. Initiatives 

like Expo 2020 Dubai’s allocation of a 

significant portion of contracts to SMEs 

highlight the commitment to SME growth. 

Embracing an innovation-centric 

approach, the UAE’s Vision 2021 and National 

Strategy for Innovation underscore 

the nation’s commitment to becoming a 

knowledge-based economy. With clear 

In 2023, Dubai 

surged ahead 

among cities in 

funding, with 

its tech startups 

securing an 

impressive 

$579 million in 

investments.” 

directives focusing on sectors like renewable 

energy, technology, and space, the 

UAE propels itself as a breeding ground 

for cutting-edge innovations. 

The UAE backs its innovation agenda 

with substantial financial commitments. 

With multi-billion AED investments dedicated 

to science, technology, alternative 

energy, and innovation incubators, the 

nation actively supports groundbreaking 

ideas and research. 

Additionally, high-profile events like 

the annual Dubai Expo and various tech 

summits serve as platforms for startups 

to showcase their innovations, thereby 

attracting attention and investment 

from international venture capitalists, 

corporate investors, and angel investors. 

One notable trend in Dubai’s startup 

scene is the increasing interest from 

international corporate giants. Many 

established companies are establishing 

innovation labs, partnerships, and incubation 

programs within Dubai, aiming to 

collaborate with startups and leverage 

their agility and fresh ideas. 

Moreover, initiatives like the Sheikh 

Mohammed bin Rashid Al Maktoum 

Fund to Finance Innovation provide a 

financial cushion for individuals and 

companies to materialise their innovative 

ideas, aligning with the UAE’s strategic 

innovation sectors. 

As Dubai continues to pave the way for 

innovation and entrepreneurship, its status 

as a global investment hotspot solidifies. 

The convergence of visionary policies, 

robust infrastructure, and a commitment 

to fostering innovation propels Dubai 

to the forefront of global entrepreneurship, 

attracting foreign investment and 

propelling economic growth. 

Dubai’s expanding startup investments 

owe much of its success to the abundant 

support infrastructure available for entrepreneurs. 

From co-working spaces to 

incubators, accelerators, and numerous 

networking opportunities, the city offers 

a robust ecosystem that nurtures innovation 

and growth. 

Entrepreneurs in Dubai have access 

to a variety of affordable co-working 

spaces where they can work alongside 

like-minded individuals. Astrolabs Dubai, 

in partnership with Google, stands as a 

prominent tech hub offering cost-effective 

pathways to full free zone licence at 

Dubai Multi Commodities Center. Other 

notable spaces like Impact Hub Dubai, 

The Bureau Dubai, GlassQube in Abu 

Dhabi, and Sharjah Entrepreneurship 

Centre provide supportive environments 

for startups to thrive. 

Dubai houses several incubators, such 

as The Cribb and in5 Innovation Centre, 

offering office space, business guidance, 

and funding for emerging startups. These 

incubators, including those associated 

with various free trade zones like Dubai 

Silicon Oasis and Masdar in Abu Dhabi, 

play a pivotal role in nurturing entrepreneurial 

ventures. 

Numerous accelerators like innovation360 

(i360), TURN8, Flat6Labs Abu Dhabi, and 

The Catalyst facilitate the rapid growth 

of existing startups through funding, 

mentoring, and networking opportunities. 

These programs aid startups at different 

stages of their journey, fostering their 

development and expansion. 

In addition, Dubai offers several resources 

and networking tools such as 

“Startup Central,” “Dubai Startup Hub,” 

and platforms like MAGNiTT, providing 

valuable information, connectivity, 

and visibility for startups in the local 

ecosystem. 

The city’s commitment to fostering 

a conducive environment continues to 

attract and empower a diverse range 

of startups, solidifying its position as a 

global player in the startup landscape. 


Energy 


UAE’s Energy Regulatory Reforms have reshaped global investments in the country’s energy sector. 

Analysing the Impact 

of UAE Energy 

Regulatory Reforms 

on Global Investments 

The enactment of Federal Decree-Law No. 17/2022 in 

the UAE marks a pivotal step towards a sustainable 

and diversified energy sector 

With the rising interest in sustainability, 

investors are leaning towards choices that 

align with sustainable energy objectives. 

The UAE’s energy regulatory reforms, 

accessible through government websites, 

have positioned the country as a 

prominent player in the global renewable 

energy landscape. These reforms attract 

investments and contribute significantly 

to the UAE’s renewable energy targets and 

its vision of a sustainable future, making 

information readily available for interested 

global investors. In the ongoing global 

shift towards cleaner energy, the UAE 

emerges as a shining example of progress 

and a transparent hub for international 

investments. This article explores key 

aspects that make the UAE an attractive 

destination for global investors in the 

renewable energy landscape. 


Federal Decree-Law No. 17/2022 

coming into effect in the United 

Arab Emirates (UAE) signifies a 

critical milestone in the nation’s pursuit 

of a sustainable and diversified energy 

sector. This extensive regulatory transformation, 

available for reference on 

official government websites, resonates 

on a global scale, exerting a substantial 

impact on investment dynamics. 

The UAE’s dedication to renewable 

energy and sustainability, detailed 

in official government documents, 

establishes it as a compelling hub for 

global investors. The clarity provided 

by well-defined regulatory processes, 

accessible on government platforms, 

enhances the country’s attractiveness. 

Ambitious renewable energy targets, 

clearly outlined in official documents, 

further bolster the appeal for international 

investors. This transparent and 

conducive regulatory environment not 

only aligns with global sustainability 

goals but also instils confidence, enabling 

investors to engage with assurance in the 

UAE’s renewable energy projects. The 

commitment showcased in government 

materials reinforces the nation’s position 

as a frontrunner in the global shift toward 

sustainable investments. 

Investors seeking insight into the 

UAE’s regulatory reforms can access 

comprehensive information directly 

from the government’s official websites. 

The detailed framework outlined on 

these platforms offers transparency and 

clarity concerning licenses, permits, and 

approvals, cultivating an environment of 

certainty for both local and international 

investors. This accessible and transparent 

approach enhances the investment 

landscape, providing stakeholders with 

a clear understanding of the regulatory 

processes. As a result, potential investors 

can make well-informed decisions, 

confidently navigating the regulatory 

landscape and contributing to the UAE’s 

burgeoning renewable energy sector. 

The UAE government’s commitment to 

diversifying energy sources is distinctly 

articulated in the regulatory reforms, acting 

as a catalyst for heightened international 

investments in renewable energy projects. 

Official government publications offer 

investors a detailed understanding of 

how this diversification aligns with global 

sustainability goals. By clearly outlining 

the strategic initiatives, the government 

invites investors to contribute to a more 

resilient and varied energy landscape. 

UAE’s regulatory 

reforms are 

attracting 

numerous 

sustainable global 

investments.” 

This commitment not only positions the 

UAE as a progressive force in renewable 

energy but also provides prospective 

investors with the necessary insights to 

participate in shaping a sustainable and 

diversified energy future. 

The UAE’s steadfast alignment with 

international conventions, notably the 

New York Convention on the Recognition 

and Enforcement of Foreign Arbitral 

Awards, is meticulously documented on 

government websites. This commitment 

ensures that contracts and arbitral awards 

maintain enforceability within the country, 

adhering to well-established global 

standards for dispute resolution and international 

legal norms. By transparently 

showcasing this alignment, the UAE not 

only instils confidence in investors but 

also establishes itself as a jurisdiction 

that upholds rigorous legal standards, 

fostering an environment conducive 

to fair and internationally recognized 

dispute resolution mechanisms. 

For investors seeking opportunities 

in microgrid projects and distributed 

renewable energy systems, the Federal 

Distributed Energy Law, accessible on 

government websites, serves as a comprehensive 

guide. This legislative move 

seamlessly aligns with the prevailing 

global trend toward decentralized energy 

solutions. By providing transparent 

insights into regulatory frameworks, 

the government enables investors to 

actively participate in the development 

of sustainable and locally embedded 

energy systems. This accessibility and 

alignment with contemporary energy 

trends not only attract investment but 

also foster a collaborative environment 

that encourages stakeholders to contribute 

meaningfully to the advancement of 

renewable energy solutions in the UAE. 

The UAE’s approach to ownership, 

adeptly allowing foreign investment while 

retaining control over strategic sectors, 

is transparently outlined on government 

websites. This balanced approach accommodates 

international participation in 

the burgeoning renewable energy sector, 

ensuring a sustainable and secure future. 

By clearly communicating this strategy, the 

government provides clarity to potential 

investors, assuring them of the nation’s 

commitment to fostering collaboration 

while safeguarding key areas of national 

interest. This deliberate approach not 

only attracts global investments but also 

establishes the UAE as a forward-thinking 

destination that strategically manages 

foreign involvement in the renewable 

energy landscape for mutual benefit and 

sustainable development. 

Investors keen on understanding the 

UAE’s commitment to fair competition 

can turn to official government documentation 

detailing the implementation of the 

Competition Law. This documentation 

serves as a testament to the country’s 

unwavering dedication to fostering fair 

competition and preventing anti-competitive 

practices. By providing transparent 

insights into the regulatory framework, 

available on government websites, the 

UAE establishes a competitive market 

environment. This accessibility not only 

promotes a level playing field but also 

makes the market appealing to businesses 

and investors seeking an environment 

where fair competition is actively encouraged 

and upheld according to the 

standards outlined in official government 

documents. 

The UAE’s adoption of the UNCITRAL 

Model Law for arbitration, along with the 

incorporation of alternative dispute resolution 

mechanisms in energy contracts, 

is explicitly detailed on government 

platforms. These mechanisms, clearly 

outlined in official documents, significantly 

enhance the appeal of the country’s legal 

framework for international investors. By 

offering efficient and reliable methods 

for resolving disputes, as accessible on 

government platforms, the UAE not only 

promotes investor confidence but also 

positions itself as a jurisdiction committed 

to providing a robust and effective legal 

infrastructure for addressing potential 

conflicts in the dynamic landscape of 

energy investments. 


Energy News 

Cop28 climate summit accelerates hydrogen deals 

On the sidelines of COP28 in 

Dubai, hydrogen deals gained 

momentum as companies raced 

to advance fuel production 

crucial for emissions reduction in shipping 

and steel manufacturing. Announcements 

included plans for hydrogen projects 

and initiatives to boost international 

low-carbon fuel trade. Focused on the 

UAE and the Middle East-North Africa 

region, considered a potential global 

hydrogen hub, the initiatives involve 

the production, export, and blending 

of hydrogen. Abu Dhabi’s Masdar and 

Spain’s Iberdrola signed a ($16.35B) 

partnership for offshore wind and 

green hydrogen projects. Masdar also 

inked agreements with OMV and Hy24, 

signalling a growing commitment to 

large-scale green hydrogen initiatives. 

OPEC holds oil demand 

forecast on ‘resilient’ 

economic growth 

OPEC remains steadfast in its 

oil demand growth projections 

for 2023 and 2024, anticipating 

stable global GDP growth 

to bolster crude demand. The current 

forecast maintains 2.5 million barrels per 

day for 2023, with a subsequent rise to 2.2 

million bpd in 2024, driven by improved 

economic conditions in China. OPEC 

highlights sustained economic activity 

in key regions such as China, Asia, the 

Middle East, India, and Latin America 

as primary contributors to rising oil 

consumption. Despite a November drop 

in OPEC’s crude production to 27.84 

million bpd, the alliance, including Saudi 

Arabia, commits to voluntary production 

cuts until March 2024. 

Masdar, Adio, and Abu Dhabi’s DoE Forge 

Agreement to Advance Hydrogen Economy 

Abu Dhabi’s Department of 

Energy, Investment Office, 

and green energy company 

Masdar have inked a trilateral 

agreement at Cop28 to accelerate the 

development of a global low-carbon 

hydrogen hub. The collaboration aims 

to enhance the production and export 

of low-carbon hydrogen from Abu 

Dhabi, fostering market conditions for 

international investment and co-development. 

By linking production centres, 

off-takers, and hydrogen storage across 

the UAE, the initiative seeks to create 

a hub for clean hydrogen, facilitating 

the decarbonisation of challenging 

sectors. This comprehensive approach 

aligns with Abu Dhabi’s commitment 

to sustainable energy transition and 

the realisation of the UAE’s net-zero 

strategy. This trilateral agreement 

marks a pivotal step towards Abu 

Dhabi’s ambition for a sustainable 

future, illustrating its commitment to 

pioneering global solutions. 

Schneider Electric, Volts Plan Giga BESS Plant 

in Abu Dhabi 

Schneider Electric has inked an 

agreement with Masdar City’s 

technology firm, Volts, to establish 

a giga-scale industrial 

facility for Battery Energy Storage Systems 

(BESS) production in Abu Dhabi. 

Volts, founded in 2019, is recognised as 

the Middle East’s first energy storage 

device manufacturer. The memorandum 

of understanding, signed during COP28 

in Dubai, outlines collaboration areas 

between Schneider Electric and Volts, 

spanning technological, consulting, and 

automation services for the production 

of industrial and home energy storage 

systems and battery cells. This partnership 

signifies a significant stride in 

advancing sustainable energy solutions 

within the region, enhancing Schneider 

Electric’s commitment to innovation 

and industry leadership. 


UAE’s Amea Power to Build $600M wind farm in Ethiopia 

Dubai-based Amea Power has 

inked agreements during the 

Cop28 climate conference for 

renewable energy projects in 

Africa, revealed its chairman, Hussain 

Al Nowais. The company is slated to 

develop a $600 million wind farm in 

Ethiopia, with a potential energy output 

of 300 megawatts. Amea Power is 

actively engaging with entities like the 

African Development Bank, the International 

Finance Corporation, and the 

Abu Dhabi Fund for Development for 

project financing. Despite Ethiopia’s 

ambitious plans to boost hydropower 

capacity to 13.5 gigawatts by 2040, 

rapid GDP growth and a burgeoning 

population exceeding 120 million pose 

challenges, leading to power shortages 

and load shedding. 

Samsung C&T to set up mega Oman green 

ammonia project 

Samsung C&T Corp. is partnering 

with Marubeni Corporation 

and Oman’s OQ for the 

SalalaH2 green ammonia project 

in Oman. This collaboration aims to 

produce 1 million tonnes of green 

ammonia annually in Salalah, utilising 

renewable energy from solar and wind 

power within a free zone. The project 

involves constructing a large-scale 

complex, incorporating OQ’s existing 

ammonia plant. Samsung C&T plans to 

initiate construction in 2027, with full 

operational status expected by 2030. 

The consortium, securing exclusive 

business rights, recently signed an 

agreement for project development 

and land use with Hydrom, an Omani 

government entity promoting the green 

hydrogen business. 

Energy companies back Cop28 deal calling for 

transition from fossil fuels 

Energy companies, including 

France’s TotalEnergies, are 

expressing support for the 

COP28 deal that advocates 

transitioning away from fossil fuels 

by 2050. The global stocktake, unanimously 

approved by 198 countries in 

Dubai, marks a historic step in the fight 

against climate change. TotalEnergies 

welcomes the agreement and endorses 

the goals of tripling renewable energy 

and doubling energy efficiency by the 

end of the decade. The company notes 

that natural gas, as a transitional fuel 

with lower emissions, could play a role 

in achieving net-zero targets by 2050. 

This support aligns with TotalEnergies’ 

multi-energy strategy, focusing on 

low-emission oil and gas assets and 

diversifying into renewables. 

COP28 Adopts UAE 

Consensus for Energy 

Transition from Fossil 

Fuels 

At COP28 in Dubai, nearly 200 

nations embraced the “UAE 

Consensus,” focusing on accelerating 

climate action in 

the energy sector for a net-zero target 

by 2050. While lacking a commitment 

to fully abandon fossil fuels, the consensus 

emphasises a “just, orderly, 

and equitable” transition away from 

them. The UN member states avoided 

explicit terms like “phase out” or 

“phasedown.” The agreement comes 

amid a context of plummeting oil prices 

and includes calls to triple renewable 

energy capacity, double global energy 

efficiency improvements by 2030, and 

accelerate the phasedown of unabated 

coal power. COP28 aims to drive substantial 

progress in addressing climate 

challenges. 


Wheels 

Specifications 

Torque: 545 Nm 

Horsepower: 641 hp 

Acceleration: 60 in 3.25 seconds 


Hyundai Ioniq 5 N 

The Ioniq 5 N emerges as a 

compelling force in the realm 

of electric vehicles, distinguished 

by its dual-motor, all-wheel-drive 

configuration delivering a consistent 

601 horsepower. 

The N Grin Boost feature elevates 

the powertrain to an impressive 641 

horsepower temporarily, showcasing 

its dynamic prowess. Offering a 

personalised driving experience, the 

all-wheel-drive system allows drivers 

to distribute power between front and 

rear wheels. 

Diverse driving modes, including 

Eco, Normal, Sport, and N, finely adjust 

steering weight, damping, and throttle 

sensitivity. Introducing Endurance and 

Sprint modes provides users with the 

flexibility to either conserve battery 

range or unlock maximum power for 

specific tasks like qualifying or drag 

racing. The addition of a dedicated drift 

mode injects a sense of excitement, 

empowering drivers to confidently 

execute spirited slides. 

In a nod to high-performance gaspowered 

cars, Hyundai integrates a 

simulated gear shift feature, heightening 

the driving experience with a familiar 

touch for enthusiasts accustomed to 

multi-speed automatic transmissions. 

With a claimed 0-60 mph acceleration of 

around 3.3 seconds, real-world testing 

is anticipated to potentially reveal even 

quicker results. 

Transitioning to the essential electric 

vehicle components, the Ioniq 5 N is 

equipped with an 84.0-kWh battery pack 

capable of DC fast charging at up to 238 

kW. While official range estimates from 

the EPA are pending, an anticipated 

range of around 195 miles per charge 

positions it as a practical and efficient 

choice. Hyundai’s assertion that the 

Ioniq 5 N can complete two laps of the 

Nürburgring Nordschleife before any 

performance degradation underscores 

its endurance. 

The Ioniq 5 N seamlessly blends 

performance and electric efficiency, 

making a noteworthy contribution 

to the evolving landscape of electric 

vehicles. 


Healthcare 

Image Supplied 

DHCC permits 100% foreign ownership within a designated area in the emirate. 

Dubai Healthcare 

City’s Impact on 

Empowering Business 

Growth in Healthcare 

DHCC has surged with a 12% annual growth, 

emerging as a pivotal hub for healthcare and 

business development. 

In just seven years, the UAE has made 

a significant leap from the 28th spot 

to secure the 9th position globally in 

competitiveness, surpassing nations like 

Norway, Sweden, and Canada as per the 

IMD World Competitiveness Ranking 2021. 

This achievement can be attributed to 

the UAE’s business-friendly environment 

across various sectors. Notably, one 

strategic initiative contributing to this 

success is the establishment and growth of 

Dubai Healthcare City, drawing the interest 

of over 130 international companies within 

a relatively short time frame. Guided by an 

ethos of relentless innovation and strategic 

partnerships, DHCC persistently leads 

the charge in pioneering transformative 

breakthroughs in healthcare investment, 

solidifying its status as a pioneering force 

in the industry. 


In its 21-year journey, Dubai Healthcare 

City (DHCC) stands as a beacon of 

success, achieving a 12% year-on-year 

growth and becoming a cornerstone 

for business development, especially 

in the healthcare department. Guided 

by visionary leadership and strengthened 

by strategic partnerships, DHCC’s 

commitment to sustainable health and 

wellness has made it a pivotal force in the 

industry. This success is evident in the 

remarkable expansion of the free zone, 

reflecting its influential role in shaping 

the future of healthcare investment and 

contributing to the dynamic growth of 

businesses within its ecosystem. 

DHCC’s ecosystem thrives with 481 registered 

facilities, including 195 dedicated 

to clinical services. In the past year, 19 

facilities expanded operations, showcasing 

the dynamic nature of healthcare business 

within the zone. The groundbreaking of 

Prime Hospital, Moorfields Eye Hospital 

Dubai’s expansion, and the introduction 

of Kandinsky Clinic, Dubai’s first Russian 

clinic, highlight DHCC’s commitment 

to diverse healthcare services. These 

strategic developments underscore the 

Free Zone’s dedication to fostering a 

comprehensive and inclusive healthcare 

landscape, catering to the diverse needs 

of the community it serves. 

Foreign investments are integral to 

DHCC’s success, with 130 international 

companies establishing regional offices, 

a testament to their trust in Dubai as a 

healthcare hub. Operating within the 

free zone provides these companies with 

unparalleled benefits, and their presence 

underscores global recognition of DHCC’s 

significance in the healthcare industry. 

The influx of international businesses 

not only contributes to the free zone’s 

growth but also solidifies its position as 

a preferred destination for global healthcare 

enterprises, fostering collaboration 

and reinforcing Dubai’s standing as a key 

player in the international healthcare 

landscape. 

Allae Almanini, Chief Financial Officer 

of Dubai Healthcare City Authority, 

underscores the ongoing development 

in the UAE’s healthcare ecosystem. 

The impressive growth, marked by a 

commitment to relentless innovation 

and strategic partnerships, serves as a 

testament to DHCC’s dedication. 

Almanini’s emphasis on continuous 

development highlights the free zone’s 

pivotal role in creating unparalleled 

DHCC’s businessfriendly 

free zone 

environment 

offers direct 

access to an 

unrivalled 

network for 

business 

growth.” 

opportunities for business partners. 

DHCC’s unwavering commitment to 

excellence not only contributes to its 

status as a leading healthcare and wellness 

destination in the region but also 

positions it as a catalyst for positive 

transformation and advancement in the 

broader healthcare landscape of the UAE. 

Since 2002, Dubai Healthcare City 

(DHCC) has played a pivotal role in 

shaping the future of healthcare investment. 

In 2021, the Dubai Healthcare City 

Authority collaborated with KLAIM and 

Jade Healthcare Consultancy to optimise 

performance and streamline operations 

for business partners, fostering their 

growth within the free zone. 

The collaboration with KLAIM and Jade 

Healthcare Consultancy underscores DH- 

CC’s proactive commitment to elevating 

the business environment. By ensuring 

partners benefit from cutting-edge advancements 

in operational efficiency 

and performance optimisation, DHCC 

maintains its position at the forefront of 

healthcare innovation and investment. 

This dedication solidifies the Free Zone’s 

standing as a dynamic and forward-thinking 

healthcare destination. DHCC’s strategic 

approach not only enhances the success 

of its partners but also reinforces its role 

as a trailblazer in fostering a thriving 

ecosystem that pushes the boundaries 

of healthcare excellence and sets new 

standards for the industry. 

In response to the growing demands 

of the UAE’s healthcare sector, DHCC 

introduced C37 in 2021 – the UAE’s first 

private medical workspace fully managed 

and operated by DHCC. This innovative 

solution caters to UAE-based and visiting 

doctors seeking independent, part-time 

practice options, fostering healthcare 

beyond borders. Over the last year, C37 

has seen a threefold increase in the number 

of doctors, including 14 international 

experts, performing 5,619 procedures. 

Beyond business growth, DHCC has 

also dedicated efforts to support local 

entrepreneurship. Partnering with Dubai 

SME, the free zone aims to nurture 

Emirati entrepreneurs, contributing to 

the development of a robust healthcare 

ecosystem. 

The economic impact of DHCC on 

Dubai is substantial, with its contribution 

to the city’s GDP reaching AED 2.8B in 

2021. This economic success is a result 

of strategic agreements, expanded healthcare 

offerings, and consistent support for 

business growth within the community. 

Guided by innovative sustainable 

healthcare practices, DHCC has expanded 

its service spectrum while prioritising 

environmental sustainability. The adoption 

of eco-friendly measures throughout 

the free zone reflects a comprehensive 

commitment to health and wellness. 

This dual focus harmonises cutting-edge 

care with responsible environmental practices, 

showcasing DHCC’s dedication to a 

holistic approach. By integrating eco-friendly 

initiatives, the free zone contributes to 

the well-being of its community and also 

sets a commendable example within the 

healthcare industry, demonstrating that 

excellence in patient care can go hand in 

hand with a commitment to preserving 

and protecting the environment. 

Dubai Healthcare City’s impact on empowering 

business growth in healthcare 

is evident through its dynamic expansion, 

strategic partnerships, and support for 

local and international businesses. As 

DHCC continues to evolve, it remains 

a key player in shaping the future of 

healthcare investment and fostering a 

sustainable healthcare landscape in the 

UAE and beyond. 


Merger & Acquisitions 

Source. freepik.com 

In the first half of 2023, the UAE recorded 82 M&A deals totalling $6 billion. 

UAE’s Global Reach: 

Acquiring Foreign 

Companies and the 

Shifting Paradigm 

UAE’s strategic acquisitions are reshaping industries, 

contributing to a new economic landscape, and 

solidifying its pivotal role in the global economy. 

In a dynamic era of economic evolution, 

the UAE has positioned itself as a global 

force through a series of strategic 

acquisitions. This transformative journey, 

marked by the acquisition of foreign 

companies, has reshaped industries and 

propelled the UAE into a pivotal role 

on the international stage. This article 

explores the nation’s expanding global 

reach, examining the shifting paradigm 

brought about by its deliberate and 

calculated efforts in acquiring foreign 

entities. From significant investments in 

diverse sectors to navigating challenges 

and embracing opportunities, the UAE’s 

approach reflects a broader commitment 

to economic diversification and global 

influence. The article unfolds the narrative 

of the UAE’s global reach through the 

lens of strategic acquisitions. 


The United Arab Emirates (UAE) 

has emerged as a dynamic global 

player, not just in terms of its economic 

prowess but also in its strategy 

of acquiring foreign companies. This 

strategic manoeuvring has significantly 

altered the global economic landscape 

and exemplifies the country’s ambitious 

vision for growth and diversification. 

In recent years, the UAE’s investment 

strategy has seen it venture into diverse 

sectors, acquiring prominent foreign 

companies that have garnered attention 

worldwide. 

Notably, one of the landmark acquisitions 

was the purchase of Manchester 

City Football Club by the Abu Dhabi 

United Group, an investment firm based 

in Abu Dhabi and affiliated with the Abu 

Dhabi royal family, overseen by Sheikh 

Mansour. in 2008. The club was acquired 

for £200 million from Thaksin Shinawatra, 

Thailand’s former prime minister. 

After purchasing Man City, Mansour 

delegated club management to Khaldoon 

Al Mubarak and the City Football Group 

(CFG). The CFG operates as the parent 

company of City and holds interests in 

clubs across the United States, Australia, 

India, Japan, Spain, Brazil, Uruguay, 

China, Belgium, France, and Italy. 

This move marked the beginning of the 

UAE’s foray into the world of sports and 

entertainment, underlining its ambitions 

beyond traditional sectors like energy 

and real estate. 

During the initial half of 2023, the UAE 

marked the region’s most significant M&A 

activity by revealing the acquisition of 

Univar Solutions by Apollo Global Management 

and ADIA for a substantial sum 

of US$8.2 billion. 

Furthermore, the Emirates’ sovereign 

wealth funds, particularly the Abu Dhabi 

Investment Authority (ADIA) and Mubadala 

Investment Company, have been pivotal 

in this global expansion. These entities 

have made strategic investments in 

various sectors, including technology, 

finance, healthcare, and infrastructure. 

Among these acquisitions, Mubadala 

secured a minority stake in Bahrain’s 

Investcorp, signalling its interest in the 

investment management sector beyond 

its borders. Additionally, its investment 

in RHB Bank, a Malaysian financial 

institution, and partnerships with renowned 

entities like GE Capital and 

Carlyle Group demonstrate Mubadala’s 

foray into the global financial services 

industry. Moreover, collaborations with 

companies like Votorantim Group in Brazil 

showcase Mubadala’s intent to diversify 

its portfolio across different sectors and 

regions, embracing opportunities in Latin 

America’s markets. 

These acquisitions and partnerships 

underline Mubadala’s approach to expanding 

its influence and investments 

internationally, beyond the boundaries 

of the UAE, while fostering mutually 

beneficial relationships for sustained 

growth and development. 

In the technology domain, the acquisition 

of British semiconductor company, 

Arm Holdings, by a consortium led by 

Mubadala in 2020, highlighted the UAE’s 

interest in bolstering its technological 

capabilities. This acquisition expanded 

the country’s footprint in the tech industry 

and also signified a shift towards securing 

assets in critical sectors vital for future 

advancements. 

Moreover, the UAE’s approach to diversification 

and expansion is evident in 

its acquisitions in the healthcare sector. 

For instance, the acquisition of VPS 

Healthcare, a network of hospitals and 

clinics in the UAE, expanded its global 

reach with the acquisition of Lifecare 

Hospitals in India and other healthcare 

facilities in Oman and Kenya. Among 

these acquisitions, notable examples 

include Medeor Hospital, purchased for 

AED 10 million, and the acquisition of 

a majority stake in Lakeshore Hospital 

located in Kochi. 

Another notable M&A activity is 

PureHealth which has officially inked a 

substantial agreement to acquire Circle 

Health Group, solidifying its position as 

a major player in the healthcare sector. 

This strategic move, valued at AED 4.41 

billion, marks a significant milestone for 

PureHealth. 

The energy sector, traditionally dominant 

in the UAE’s economy, has also witnessed 

significant global acquisitions. Abu Dhabi 

National Oil Company’s (ADNOC) partnerships 

with international entities and 

investments in overseas refineries and 

petrochemical plants reflect the nation’s 

goal of securing its position as a global 

energy player. 

One noteworthy facet is ADNOC’s 

refining partnerships with global entities 

like Eni and OMV, enabling technological 

advancements and increased operational 

efficiency. The Ruwais Refinery expansion 

project, undertaken in collaboration 

with companies such as Bechtel and 

TechnipFMC, stands as a testament to 

ADNOC’s commitment to scaling up its 

refining capacity through substantial 

investments. 

Moreover, ADNOC’s foray into petrochemicals 

through joint ventures with 

industry leaders like Borealis and ADQ 

emphasises its endeavour to diversify 

and expand its downstream capabilities. 

Beyond refining and petrochemicals, 

ADNOC’s global footprint extends to 

investments in downstream assets, 

including acquiring stakes in storage 

terminals like VTTI and participating in 

strategic petroleum reserves in India. 

The paradigm shift in the UAE’s investment 

strategy from a regional focus to a 

global outlook aligns with its long-term 

vision outlined in initiatives like UAE 

Vision 2071. This vision aims to position 

the country as a hub for innovation, 

knowledge, and sustainable development, 

emphasising economic diversification 

and global competitiveness. 

However, it’s important to note that 

such global acquisitions also pose challenges. 

Cultural differences, regulatory 

landscapes, and the need for effective 

integration strategies are crucial factors 

that the UAE must navigate while 

integrating acquired companies into its 

fold. Additionally, geopolitical dynamics 

and economic fluctuations on a global 

scale can impact the success of these 

acquisitions. 

As the UAE continues to expand its 

global footprint through strategic acquisitions, 

it underscores the country’s 

commitment to diversifying its economy 

and securing a prominent position on the 

world stage. These acquisitions not only 

signify a shift in economic strategies but 

also reflect the country’s aspirations to 

become a global economic powerhouse 

while contributing to the international 

business landscape in multifaceted ways. 

The UAE’s pursuit of acquiring foreign 

companies across various sectors 

demonstrates a calculated approach 

toward realising its vision of sustainable 

economic growth and global influence. 

As the nation navigates through the complexities 

of global markets, its strategic 

acquisitions are reshaping industries 

and contributing to the evolution of a 

new economic landscape, reinforcing 

the UAE’s position as a key player in the 

global economy. 


Merger and Acquisition News 

EDGE Group Secures Control of ANAVIA, Leader in Autonomous Air Systems 

The UAE’s e& is set to expand its 

footprint in Pakistan through the 

complete acquisition of Telenor’s 

local unit, marking a strategic 

move to tap into Pakistan’s burgeoning 

telecoms market. The binding agreement, 

signed by Pakistan Telecommunication 

Company (e&’s listed entity) and Telenor, 

values the acquisition at 108B Pakistani 

rupees ($381M). e&, formerly Etisalat 

Group, aims to leverage this acquisition to 

focus on building an advanced next-generation 

network, fostering digital transformation 

in Pakistan. Hatem Dowidar, 

e&’s Group CEO, emphasized the strategic 

opportunity for market consolidation 

and reiterated the steadfast commitment 

to advancing Pakistan’s telecom sector 

through innovative solutions. 

EFG Advises $625M 

Eastern Co. Sale 

to UAE’s Global 

Investment 

EFG Hermes, a leading investment 

bank, has successfully 

concluded advisory services 

for UAE’s Global Investment 

Holding Ltd on a $625M deal. The 

transaction involves Global Investment 

Holding acquiring a 30% stake in Egypt’s 

Eastern Company, a tobacco giant, from 

the state-owned Chemical Industries 

Holding Co. EFG Hermes acted as the sole 

financial advisor for Global Investment 

Holding Ltd in this acquisition, which 

was approved by the cabinet. Maged 

El Ayouti, Managing Director at EFG 

Hermes, highlighted the deal’s significance, 

marking one of Egypt’s largest minority 

stake sales and a substantial foreign direct 

investment (FDI) transaction. Egypt’s 

largest tobacco product maker holds a 

consistent 70% market share. 

Geopolitical Tensions Lead to 26% Drop in 

Middle East and Africa Deal Activity 

Deal activity in the Middle 

East and Africa experienced 

a significant 25.7% year-onyear 

decline from January 

to November 2023, according to a 

report by London-based GlobalData. 

The global deal landscape also saw 

a 23.6% YoY decrease, attributed to 

macroeconomic challenges and ongoing 

geopolitical tensions. A sum of 48,953 

deals, including mergers & acquisitions 

(M&A), private equity, and venture 

financing, were concluded during this 

period, compared to 64,092 deals the 

previous year. M&A deals were down 

by 16.3% YoY, while private equity and 

venture financing deals saw declines 

of 28.4% and 32.5%, respectively. The 

report highlights the uniform impact 

of macroeconomic challenges and 

geopolitical tensions on deal-making 

sentiments across regions. In North 

America, which led to deal volume, 

there was a 28.6% YoY decline. 

Cenomi Retail Sells 18 Brands to Al-Othaim, 

Fulfilling Transformation Commitment 

Cenomi Retail, a leading retail 

brand partner in Saudi Arabia, 

finalised a share purchase agreement 

on December 6, 2023, for 

the acquisition of 100% of Innovative Outfit 

Trading Company by Abdullah Al-Othaim 

Fashion Company. This strategic move 

involves the sale of franchise rights for 

18 brands and their assets, aligning with 

Cenomi Retail’s transformation program 

and focusing on Champion Brands in 

the Fashion, Electronics, and Food and 

Beverage categories. The SAR 120M deal 

is expected to positively impact profitability, 

with the divestment contributing to 

EBITDA growth by approximately SAR 

10 million annually. The transaction is 

contingent on regulatory approval from 

Saudi Arabia’s General Authority for 

Competition. 


Adnoc to acquire OCI’s stake in Fertiglobe for $3.6B 

Abu Dhabi National Oil Company 

(Adnoc) is set to acquire 

OCI Global’s entire stake 

in Fertiglobe, the largest 

seaborne exporter of urea and ammonia, 

for $3.62B. The deal, expected to 

finalise in 2024, will boost Adnoc’s 

shareholding in Fertiglobe to 86.2%, 

with the remaining 13.8% on the Abu 

Dhabi Securities Exchange. Fertiglobe, 

a major nitrogen fertiliser producer in 

the Middle East and North Africa, is at 

the forefront of sustainable ammonia. 

Adnoc’s purchase of OCI Global’s 50% plus 

one share stake at AED 3.20 per share 

solidifies its dedication to Fertiglobe, 

reinforcing a commitment to long-term 

growth and shareholder value. 

ADCB Sells 80% Stake in 

Abu Dhabi Commercial 

Properties 

Abu Dhabi Commercial Bank 

(ADCB) has agreed to divest 

an 80% stake in its wholly-owned 

property management 

subsidiary, Abu Dhabi Commercial 

Properties (ADCP), to Nine Yards Plus 

Holding, a real estate subsidiary of EIH 

Ethmar International Holding PJSC. 

The transaction values ADCP at AED 

591M, with ADCB set to register a gain 

of approximately AED 490M, subject to 

closing conditions by December 2023. 

This move aligns with ADCB’s strategy 

to focus on core banking businesses, 

unlocking substantial value for shareholders. 

ADCB will retain a 20% stake 

in ADCP and continue its partnership 

through a long-term relationship agreement, 

fostering strategic growth. 

Top Abu Dhabi developer buys London Square 

for $291M 

Abu Dhabi’s Aldar Properties 

(ALDAR.AD) has acquired 

London-based developer 

London Square for an enterprise 

value of AED 1.07B ($291M), 

marking Aldar’s inaugural international 

acquisition. The strategic move aims to 

leverage Aldar’s expertise and financial 

strength to support London Square’s 

land acquisition strategy, facilitating the 

development of prime central London 

sites. The joint statement emphasises 

the potential positive impact on sales 

through cross-selling opportunities 

across their respective customer bases. 

London Square, established in 2010, is 

renowned for its Nine Elms development 

near Battersea Power Station, 

featuring over 750 luxury homes, 

affordable housing, and commercial/ 

retail space spanning 21,500 square feet. 

United Printing Transforms into E7 Group Post 

ADC Merger, Initiates Listing 

United Printing and Publishing 

Sole Proprietorship (UPP) 

has rebranded as E7 Group 

following its successful 

merger with ADC Acquisition Corporation. 

The completion of this business 

combination infused AED 1.10B in cash, 

positioning E7 as the region’s inaugural 

Special Purpose Acquisition Company 

(SPAC) and facilitating accelerated 

growth. E7 Group commenced trading 

on the Abu Dhabi Securities Exchange 

(ADX) under the new ticker symbol E7 

on November 23, 2023. CEO Ali Saif 

Ali Abdulla Alnuaimi expressed the 

company’s commitment to becoming 

a leading national industrial champion, 

emphasising values of innovation and 

growth as E7 embarks on an exciting 

new chapter as a listed entity. 


Real Estate 


Investing in Dubai’s real estate sector offers numerous benefits to indian investors 

Your Complete Guide 

for Investing in 

Dubai’s Real Estate 

Market from India 

Investing in real estate in the UAE holds the 

potential for substantial returns and enduring 

financial stability. 

Dubai’s real estate sector has consistently 

captivated global investors, boasting a 

fusion of opulence, progressive innovation, 

and promising returns. For Indian 

investors, this landscape represents an 

alluring prospect, fortified by strategic 

positioning, impeccable infrastructure, 

and attractive rental yields. Investing 

in this realm not only ensures financial 

gains but also qualifies you for UAE’s 

Golden Visa upon reaching a certain 

investment threshold. If you’re stepping 

into this vibrant market, navigating Dubai’s 

real estate landscape requires a deep 

understanding. This comprehensive guide 

aims to serve as your compass, offering a 

roadmap tailored to aid Indian investors 

in understanding Dubai’s dynamic real 

estate landscape, and facilitating informed 

decisions. 


Since 2004, Indians have consistently 

ranked within the top three 

nationalities regarding property 

purchases in Dubai. From 2015 to 2021, 

Indian investors contributed significantly 

to the city’s real estate market, acquiring 

properties valued at AED 83.62 billion 

during this period alone. 

Dubai holds a distinct appeal owing 

to its simplified property registration 

procedures, a refreshing departure from 

the complexities often encountered in 

India. What’s more enticing for Indian 

citizens exploring Dubai’s real estate 

market is the sheer variety of options 

available, amplified by the prospect of 

securing a coveted 10-year Golden visa 

upon investing in properties exceeding 

INR 4.5 crores. These factors collectively 

position Dubai as an inviting prospect 

for Indian investors seeking to broaden 

their portfolios, attracted by its investor-friendly 

real estate environment and 

promising opportunities for expansion. 

Before delving into any investment 

venture, comprehending the landscape 

is crucial. When considering Dubai’s real 

estate market, a fundamental concept 

to grasp is the notion of freehold areas. 

Dubai’s freehold ownership areas stand 

as a testament to its openness to foreign 

investment, offering non-residents the opportunity 

to own property outright. These 

designated zones have been instrumental 

in attracting global investors, allowing 

them to acquire properties without local 

sponsorship. 

These areas, including prominent 

locations like Dubai Marina, Downtown 

Dubai, Palm Jumeirah, and others, grant 

investors the liberty to buy, sell, or lease 

properties with full ownership rights, 

irrespective of their nationality. 

Once you’ve chosen the freehold area 

for your investment, the subsequent 

step is to obtain pre-approval.To initiate 

the process, several key documents 

are typically necessary. These include 

a valid passport with an active visa, 

proof of residential address in India, 

financial statements like bank records 

or salary slips illustrating your income 

stability, evidence of funds available for 

the investment, and in some cases, a No 

Objection Certificate (NOC) from your 

employer affirming approval for property 

acquisition abroad. Additionally, providing 

a copy of your Permanent Account 

Number (PAN) card is often part of the 

required documentation. 

Indian investors 

have emerged 

as the foremost 

contributors to 

Dubai’s property 

market, wielding 

significant 

influence in 

shaping the 

city’s real estate 

landscape.” 

It is important to know that all Indian 

investors engaged in Dubai real estate 

transactions are mandated to report 

their property acquisitions to the Indian 

government through the Foreign Assets 

(FA) Schedule ITR and the Black Money 

(Undisclosed Foreign Income and Assets) 

Imposition of Tax Act (Black Money Act). 

After getting the pre-approval, you will 

sign a reservation agreement and pay a 

reservation fee, which is usually around 

5-15% of the property value, to take the 

property off the market. Subsequently, you 

will sign a sales and purchase agreement 

that outlines the terms and conditions 

of the property purchase, including payment 

schedule, completion date, and any 

other relevant details. Both parties sign 

the SPA, and you will pay a percentage 

of the property price. 

After that, the next step is the transfer 

of ownership at the Dubai Land Department, 

where the remaining balance is 

settled, and the title deed is officially 

transferred. Following registration, 

payment of fees, and obtaining the title 

deed, possession or handover takes place, 

either for a completed property or after 

construction completion. 

Post-purchase considerations include 

managing service charges, maintenance 

fees, and potentially engaging property 

management services for non-resident 

owners. 

When investing in property in Dubai, 

it’s crucial to factor in various expenses, 

including those linked to mortgages, real 

estate agents or brokers, and developers. 

These costs, when aggregated, typically 

amount to an additional 5% of the overall 

property price. The expenses related to 

purchasing real estate in Dubai encompass 

several components, such as the Dubai 

Land Department (DLD) fee, constituting 

4% of the property price, along with additional 

charges for title deed issuance, 

admin fees varying for different property 

types, agent’s commission typically at 

2% of the property price, and NOC (No 

Objection Certificate) charges, ranging 

from INR 11,000 to INR 1,10,000. 

Seeking professional advice from tax 

experts specialising in international 

investments is an indispensable step in 

the Dubai real estate investment journey. 

These experts possess an intricate 

knowledge of cross-border taxation laws 

and can provide invaluable guidance on 

potential tax implications that may arise 

from property acquisitions in Dubai. 

Their expertise allows you to navigate 

the complex landscape of international 

taxation effectively, ensuring compliance 

with Indian and UAE tax regulations. 

With their insights, you can strategise 

to optimise tax liabilities, understand tax 

treaties between the two countries, and 

uncover opportunities for maximising 

returns within the bounds of legal and 

regulatory frameworks. Ultimately, their 

counsel will empower you to make informed 

decisions, mitigate risks, and capitalise 

on the lucrative prospects presented by 

Dubai’s real estate market while staying 

aligned with taxation requirements. 

Investing in Dubai’s real estate from 

India presents an exciting opportunity, 

offering potential financial gains and a 

gateway to an international property 

portfolio. However, thorough research, 

understanding legalities, and seeking 

expert guidance remain paramount for 

a successful investment journey. With 

the right approach, you can leverage 

Dubai’s thriving real estate market to 

its advantage, tapping into a world of 

opportunities beyond borders. 


Real Estate News 

Masdar City Unveils 844-Unit Residential Project 

in Latest Reportage 

UAE real estate developer 

Reportage expands its 

Masdar City portfolio with 

the launch of Royal Park, a 

sprawling 844-unit residential project 

in Abu Dhabi. Spanning 27,080 sq m, the 

development comprises 6 residential 

groups offering a mix of townhouses, 

penthouses, and apartments. With 

Royal Park, Reportage’s Masdar City 

portfolio now encompasses six projects, 

totaling around 2,750 residential units. 

The company, known for its sustainable 

urban developments, has successfully 

handed over previous projects like Oasis 

2, Oasis Residence 1, and Leonardo 

Residence in Masdar City. Currently, 

Reportage is actively developing two 

more projects, The Gate and The Plaza, 

in the same area. 

Arista Properties 

makes an inaugural 

entry into the UAE 

The UAE’s real estate sector, 

contributing 5.5% to the GDP, 

plays a pivotal role in Dubai’s 

economic landscape. Dubai’s 

ultra-prime property market, ranked 

fourth globally, witnessed a notable 

40% surge, reaching AED 97.55B in 

Q3 2023 from AED 69.5B in Q3 2022. 

Amid Dubai’s emergence as a financial 

and business hub, the real estate 

market attracts increased players and 

investors, fostering sectoral growth. 

Arista Properties enters this dynamic 

landscape, pledging over AED 5B 

investments in the next three to four 

years. Positioning itself as a beacon of 

luxury living, Arista aims to redefine 

opulence, targeting High-Net-Worth and 

Ultra High-Net-Worth Individuals with 

bespoke designs and lavish residences. 

Damac’s Maison Aykon City breaks new ground 

Damac Properties, a leading 

UAE real estate developer, 

has unveiled Damac Maison 

Aykon City, a luxurious 

addition to Dubai’s skyline located 

along Sheikh Zayed Road, near Safa 

Park and vibrant entertainment 

hubs. This visionary project aims to 

elevate standards in both real estate 

and hospitality, offering a range of sophisticated 

living spaces from modern 

studios to expansive three-bedroom 

58 www.thefinanceworld.com January 2024 

luxury hotel apartments. Boasting 

state-of-the-art design and panoramic 

windows with breathtaking views of 

Dubai, the development symbolises the 

city’s dynamic growth. It caters to the 

evolving preferences of residents and 

global travellers. Damac’s Senior VP of 

Hotels and Resorts Hospitality, Dean 

Rossilli, emphasises the project’s role 

in redefining luxury living and setting 

new benchmarks in the intersection of 

global luxury real estate and tourism. 

Dar Global Launches 

Tierra Viva, Aida, Les 

Vagues Construction 

Luxury real estate developer Dar 

Global achieves a major milestone 

with the simultaneous 

commencement of construction 

on three highly anticipated projects in 

December 2023 – Tierra Viva in Spain, 

AIDA in Oman, and Les Vagues in Qatar. 

This milestone underscores Dar Global’s 

dedication to timely delivery and longterm 

value for investors. Following a 

successful listing on the London Stock 

Exchange earlier in the year, the brand 

reinforces its global presence. CEO 

Ziad El Chaar expresses excitement 

about setting new benchmarks in luxury 

living, recording strong demand, 

and progressing as scheduled on these 

prestigious projects amid heightened 

investor interest worldwide.

Qatar’s Real Estate 

Trading Hits $411M in 

November 

In November 2023, Qatar’s real 

estate market recorded a substantial 

trading volume of QR 1.46B 

in registered sale contracts, as 

reported by the Real Estate Registration 

Department at the Ministry of Justice. 

The month saw 321 transactions, reflecting 

a 10% increase in the index of sold 

properties and a 7% rise in traded areas 

compared to October 2023. Leading in 

financial value were Doha, Al Rayyan, 

and Al Dhaayen municipalities, with 

Doha’s transactions alone amounting 

to QR 603.7M. This robust performance 

underscores the market’s resilience 

and highlights key contributors to the 

country’s real estate landscape. 

Azizi sees Riviera project Phase IV 40% 

complete 

Azizi Developments, based 

in the UAE, reports significant 

progress on its Riviera 

development in Dubai, with 

Phase IV nearing 40% completion and 

set for Q3 next year. Riviera, a French 

Mediterranean-inspired waterfront 

community in Mohammed Bin Rashid 

City, is strategically situated near key 

business, leisure, and retail hubs. Azizi 

Azure, one of six buildings in Phase 

IV, stands at 44% completion, with 

structural work at 100%, blockwork 

and internal plaster at 95% and 70%, and 

HVAC, MEP, and overall finishes at 14%, 

25%, and 18%, respectively. The swift 

advancement, with a total workforce 

of 3,100, reflects Azizi’s commitment 

to the Riviera mega-project, as CEO 

Farhad Azizi expresses excitement 

about the rapid progress. 

Taraf unveils Terra Golf Collection, luxury villas 

in Jumeirah Golf Estates 

Taraf, the real estate arm of UAEbased 

Yas Holding, unveils 

the Terra Golf Collection, a 

luxury residential villa project 

in Dubai’s coveted Jumeirah Golf 

Estates. Comprising 84 single-family 

properties, including six-bedroom 

villas and townhouses, this gated 

community marks Taraf’s third project. 

Designed to seamlessly blend with its 

natural surroundings, most properties 

offer picturesque golf course views. 

Terra Golf Collection aims to set a 

new standard for community living 

in the Emirate, providing world-class 

leisure facilities. With a commitment to 

architectural and interior excellence, 

the project reflects Taraf’s dedication 

to contemporary luxury, elevating 

lifestyle-centric communities in Dubai’s 

thriving real estate landscape. 

Arcilla Secures Contracts for 100,000 Sq Ft Luxury Real Estate Development in 

the United Arab Emirates 

Arcilla Property Partners, a 

prominent development and 

design firm, has secured 

contracts to develop and design over 

100,000 sq ft of luxury residential 

real estate in the UAE. Founded by 

property experts Alexis Stellakis 

and Harry Helsby, Arcilla has rapidly 

expanded its portfolio to eight sites 

across the UAE, including prestigious 

residences at Atlantis The Royal. 

Currently redeveloping and designing 

properties, including two penthouses, 

the company aims to meet UAE’s 

demand for a higher standard of 

quality and understated luxury. The 

penthouses, part of Atlantis The Royal, 

are set to be completed on schedule 

by the end of the year, showcasing 

meticulous interior architecture and 

design. Arcilla Property Partners, under 

the guidance of its founders, continues 

to set new benchmarks in luxury real 

estate development across the UAE. 


Funding and Investment 

source: Dubai Design District 

Investing in UAE free zones offers foreign investors a platform for global market expansion. 

Exploring the 

Advantages of Foreign 

Investment in UAE 

Free Zones 

UAE free zones offer foreign investors full 

ownership, tax waivers on imports/exports, 

complete profit repatriation and more. 

The UAE offers investors more than 40 

multidisciplinary free zones, in which expatriates 

and foreign investors can have 

full ownership of companies. These zones 

are characterised by their highly efficient 

infrastructure and distinct services that 

facilitate smooth workflows, saving businesses 

considerable time and effort. The 

country has made significant efforts to 

pull foreign investors in various business 

areas, including real estate, healthcare, 

fintech, and more. These designated zones, 

strategically established across the Emirates, 

offer an optimal environment for 

businesses to flourish and thrive. This 

article will explore the compelling reasons 

why investing in these free zones 

stands as an attractive proposition for 

foreign investors looking for a dynamic 

and growth-centric business landscape. 


Investing in free zones within the 

United Arab Emirates (UAE) stands 

as an enticing prospect for foreign 

investors seeking streamlined business 

operations and a favourable investment 

environment. Free zones, also known as 

economic zones or free trade zones, constitute 

designated areas where goods can 

be landed, stored, handled, manufactured, 

reconfigured, and re-exported without 

involvement from customs authorities. 

Typically located near ports or airports, 

these zones offer special economic incentives 

to foreign investors. 

In the UAE, the government has 

introduced free zones to facilitate foreign 

investment and operational ease 

for international entrepreneurs. Each 

free zone is tailored around specific 

industry categories and comes with 

unique requirements regarding minimum 

capital, office or warehouse space, and 

permitted activities. 

These zones have witnessed a global 

prevalence, experiencing a significant 

increase in number worldwide. Countries 

looking to attract export businesses and 

foreign direct investment have found 

these zones to be highly appealing. With 

various types like Special Economic Zones 

(SEZs), Free Trade Zones (FTZs), Export 

Processing Zones (EPZs), Business Zones 

(BZs), and Industrial Zones (IZs), these 

areas offer diverse incentives, and countries 

across the Middle East, including 

Qatar, Saudi Arabia, and Kuwait, have 

also embraced similar zones. 

The evolution of free zones in the UAE 

dates back to the establishment of the 

Jebel Ali Free Zone in 1985. Since then, 

the nation has developed over 40 free 

zones, each catering to specific industries 

or business types, with each zone 

tailored to cater to particular industries or 

business sectors. A prime example of this 

specialisation is the Dubai International 

Financial Centre (DIFC), a distinctive 

zone situated at the heart of Dubai City. 

Renowned as a prestigious financial hub, 

it operates under the governance of the 

English Common Law framework. These 

zones have evolved to offer increasing 

advantages, including 100% foreign ownership, 

tax exemptions, capital and profit 

repatriation, corporate tax exemptions, 

and access to bustling areas and services 

surrounding Dubai. 

Tax Benefits and Financial Incentives: 

UAE free zones present a tax-efficient 

environment. Despite the introduction of 

The UAE’s free 

zone paradigm 

dynamically 

fosters investment 

and serves as a 

comprehensive 

tool for integrated 

business 

development.” 

corporate tax in the UAE, entities within 

these zones continue to enjoy a 0% tax 

rate, making them highly competitive 

and advantageous for foreign investors. 

Furthermore, financial incentives like 

capital and profit repatriation and corporate 

tax exemptions for a specified 

duration further enhance their appeal. 

Regulatory Flexibility: 

Free zones in the UAE provide regulatory 

advantages tailored to businesses. With 

more flexible licensing procedures and 

simplified immigration processes compared 

to the mainland, these zones offer 

a conducive environment for business 

setup and operations. The streamlined 

regulations enable foreign investors to 

navigate administrative requirements 

efficiently. 

State-of-the-Art Infrastructure: 

These zones boast modern infrastructure 

and cutting-edge facilities such as 

office spaces, warehouses, logistics 

centres, and advanced communication 

networks. The world-class amenities 

and connectivity empower businesses to 

operate seamlessly, enhancing efficiency 

in import-export activities and facilitating 

global trade. 

Global Connectivity: 

Situated at the crossroads of Europe, 

Asia, and Africa, the UAE’s strategic 

location makes it an ideal hub for international 

trade and commerce. Free zones 

leverage this geographical advantage, 

providing access to global markets 

without import-export duties. The stable 

political and economic climate, coupled 

with robust legal frameworks, strengthens 

investor confidence. 

Industry-Specific Focus: 

Each free zone caters to distinct industry 

categories, offering specialised 

zones for technology, logistics, finance, 

media, and more. This industry-centric 

approach fosters sector-specific growth, 

encourages innovation, and facilitates 

collaboration among businesses within 

similar domains. 

Job Creation and Economic 

Diversification: 

Foreign investment in UAE free zones 

contributes significantly to economic 

diversification. These zones generate 

employment opportunities for both 

nationals and expatriates, playing a 

crucial role in the nation’s economic 

development. The diverse sectors housed 

within the zones contribute to a vibrant 

and diversified economy. 

Government Support and Ease 

of Setup: 

The UAE government is committed 

to nurturing a conducive business environment 

and providing comprehensive 

support for foreign investors. Setting up a 

business in these zones is straightforward 

and requires minimal documentation, 

with dedicated support services offered 

by the authorities throughout the setup 

process. 

These zones play a pivotal role in the 

UAE’s economic growth by attracting 

foreign direct investment (FDI), stimulating 

economic development, and 

creating job opportunities for nationals 

and expatriates. The government’s continuous 

investment in the development 

and expansion of free zones aims to draw 

more foreign investors, diversify the 

economy, and foster overall economic 

growth in the nation. 

With a conducive regulatory environment, 

tax exemptions, streamlined processes, 

and access to world-class infrastructure, 

these zones provide an optimal platform 

for businesses to thrive and expand 

their global footprint in a dynamic and 

competitive landscape. 


Funding and Investment News 

COP28 gathers $2.4bln in 

funds to focus on forests, 

oceans, and NTDs 

On the fourth day of the UN 

Climate Change Conference 

COP28, commitments exceeding 

$2.4B were announced. UN 

Climate Change High-Level Champion 

for COP28, Razan Khalifa Al Mubarak, 

unveiled $1.7B in nature conservation 

finance, emphasising nature’s role in 

climate action from COP28 to COP30. 

The first-ever COP Health Day witnessed 

pledges of over $777M to combat 

neglected tropical diseases (NTDs) 

in Africa. The World Climate Action 

Summit introduced new initiatives 

with an initial commitment of $1.7B 

to address climate and biodiversity 

goals. Brazil’s President Luis Lula 

da Silva and the COP28 Presidency 

announced a two-year partnership to 

mobilise resources for nature. 

Mubadala-Backed 

Andalusia Labs Raises 

$48M in Series A 

Funding 

Andalusia Labs, a pioneer in 

risk management infrastructure 

for digital assets, has 

secured $48M in a Series A 

funding round, valuing the company at 

over $1B. Led by Lightspeed Venture 

Partners and Mubadala Capital, the 

funding included participation from 

existing investors such as Pantera 

Capital, Framework Ventures, Bain 

Capital Ventures, and Digital Currency 

Group. Andalusia Labs announced 

its global headquarters in Abu Dhabi 

Global Markets (ADGM) to leverage 

the region’s growing prominence in 

the digital assets space. The company 

plans to use the funds for product development, 

institutional partnerships, 

and global expansion, with a focus on 

hiring across various roles. 

Saudi Debt Crowdfunding Platform Lendo 

Secures $28M in Series B Funding 

Saudi Arabia’s Shariah-compliant 

debt crowdfunding marketplace, 

Lendo, has successfully 

raised SAR 105M ($28M) in a 

Series B funding round led by Sanabil 

Investments, a PIF-owned company. 

Other participants include Shorooq 

Partners, AB Ventures, and additional 

investors. Lendo, licensed by the Saudi 

Central Bank (SAMA), facilitates the 

pre-financing of outstanding invoices 

for businesses in Saudi Arabia. The 

funds will support the platform’s rapidly 

growing customer base, introduce 

innovative financing products, and expedite 

market expansion plans. Lendo, 

expressing gratitude to regulatory bodies 

and supporters, aims to contribute 

to reshaping the financial landscape 

and addressing the substantial SME 

financing gap in the MENA region. 

Funding in UAE tech startups witnessed a 65% 

decline in 2023 

The UAE’s startup ecosystem 

experienced a funding decline 

of 65% in 2023, with capital 

inflows dropping to $638M 

compared to $1.83B in 2022, marking 

the least funded year since 2020, 

according to Tracxn’s ‘Geo Annual 

Report: UAE Tech 2023.’ The number 

of funding rounds for tech startups 

also decreased by 21% compared to 

the same period in 2022. Seed-stage 

investments in 2023 reached $223M, a 

7% decrease from 2022 but a 47% rise 

from 2021. Early-stage funding declined 

by 66%, and late-stage funding saw 

an 80% plunge. Fintech, Environment 

Tech, and Blockchain Technology were 

the top-performing segments in 2023. 

BlackRock to invest up to $400M in Dubai 

decarbonization firm Positive Zero 

Al Naboodah Group, a leading 

UAE-based conglomerate, 

has launched a digital venture 

aimed at transforming 

the construction sector. The initiative 

focuses on leveraging advanced technologies, 

such as artificial intelligence, 

machine learning, and data analytics, 

to enhance project efficiency, sustainability, 

and safety. The digital venture 

aligns with the UAE’s vision for innovation 

and technological advancement, 

contributing to the country’s position 

as a leader in the construction industry. 

By embracing digital solutions, 

Al Naboodah Group aims to drive 

significant improvements in construction 

processes, reduce environmental 

impact, and foster sustainable development 

in the region. The initiative 

reflects the growing trend of digital 

transformation across industries in 

the UAE. 


UAE’s Positive Zero Secures $400M for GCC Sustainable Energy Push 

Dubai-based decarbonisation 

firm Positive Zero has secured 

a substantial investment 

of up to $400M from 

BlackRock, channelled through a 

diversified infrastructure fund, as per 

Reuters reports. This financial infusion 

is poised to bolster Positive Zero’s 

mission as an infrastructure enterprise, 

concentrating on decentralised 

decarbonisation initiatives within the 

Gulf nations. Originating from the 

collaboration of SirajPower, a solar 

company, Taka Solutions specialising 

in energy efficiency, and HYPR Energy, 

an on-demand battery business, 

Positive Zero emerged last year under 

Creek Capital’s guidance—a climate 

investment-focused firm. 

Dubai-based gaming studio Farcana raises $10M 

in seed funding 

Dubai-based gaming studio 

Farcana has secured $10M 

in seed funding from a multifund 

round, with participation 

from Animoca Brands, Fenbushi 

Capital, Polygon Ventures, Merit Circle, 

and others. Farcana specialises in developing 

competitive interactive games 

set on Mars, offering players Bitcoin 

rewards. The funding will support the 

studio’s efforts to combine esports with 

emerging technologies like blockchain. 

Illman Shazhaev, CEO and founder of 

Farcana highlighted the role of games 

in contributing to society’s economic 

landscape, while Yat Siu, co-founder 

and executive chairman of Animoca 

Brands, expressed excitement about 

supporting Farcana as it leads the sector 

and introduces innovative products to 

the market. 

Invest in Sharjah at 

the World Investment 

Conference in India 

The Sharjah FDI Office, Invest 

in Sharjah, actively engaged in 

fostering economic collaboration 

and investment synergies 

between Sharjah and influential 

Indian business communities at the 

27th World Investment Conference 

in New Delhi. Held from December 

11-14 by the WAIPA, the conference, 

themed ‘Empowering Investors: IPAs 

Pioneering Future Growth,’ drew decision-makers 

and industry leaders from 

120 countries. Invest in Sharjah, led by 

HE Mohamed Juma Al Musharrkh, showcased 

Sharjah’s economic achievements 

and commitment to sustained growth, 

emphasising technology, innovation, 

and sustainability. The delegation 

participated in panel discussions, with 

HE Mohamed Al Musharrkh highlighting 

the role of investment promotion 

agencies in fostering sustainable FDI 

for climate initiatives. 

ADQ and Azerbaijan Investment Holding form a joint investment platform 

Abu Dhabi-based ADQ and 

Azerbaijan Investment 

Holding (AIH) have formed 

a joint venture to invest in 

mutually prioritised sectors such as 

agriculture, technology, pharmaceuticals, 

and energy infrastructure. The 

joint platform aims to identify and 

capitalise on investment opportunities, 

focusing on generating sustainable 

financial returns in Azerbaijan, the 

UAE, and Central Asia initially, with 

potential expansion to other countries. 

Each party will hold a 50% interest 

in the joint venture, committing 

$500M each. AIH, established in 2020, 

manages and enhances state-owned 

enterprises, actively contributing to 

Azerbaijan’s long-term development. 

ADQ, with diverse investments, brings 

its expertise to key sectors like energy, 

utilities, food, agriculture, healthcare, 

life sciences, mobility, and logistics. 


Digital Assets 

Source. pexels.com 

Dubai’s VASP licensing framework combats illicit finance in virtual assets. 

Fasset Secures VASP 

License in Dubai 

for its Digital Asset 

Investment Platform 

Fasset FZE completed the final stage and is ready 

to offer broker-dealer services and introduce 

tokenised assets with VARA in Dubai. 

With the establishment of Dubai’s Virtual 

Assets Regulatory Authority (VARA), the 

Emirate embraced a progressive approach 

to regulating the digital asset landscape. 

The authority introduced a pivotal licensing 

framework for Virtual Asset Service 

Providers (VASPs), showcasing the Emirate’s 

dedication to consumer protection 

and preventing illicit financial activities 

in the virtual asset realm. Within this 

evolving framework, Fasset, a pioneering 

digital asset investment platform, has 

achieved the VASP licence from VARA. 

This pivotal accomplishment underscores 

Fasset’s commitment to compliance, innovation, 

and ethical financial practices 

within Dubai’s expanding digital asset 

ecosystem. Fasset’s VASP licence positions 

it as a leader in fostering financial 

inclusivity globally. 


Fasset stands as a global digital 

asset gateway, offering unmatched 

accessibility to the digital asset 

sphere. Their user-friendly, secure, and 

innovative digital assets create pathways 

for individuals in emerging markets to 

forge a brighter future. Spearheading web3 

technologies, Fasset is at the forefront of 

propelling the adoption of digital assets 

for the next billion users. 

Amid the COVID-19 pandemic, Fasset 

was based in London, but it has transitioned 

to a dual-headquarter setup, now 

operating from both Indonesia and Dubai. 

In 2020, Fasset unveiled plans to provide 

zero-fee trades for users in six Gulf Region 

countries. Additionally, they introduced 

the world’s inaugural operating system 

constructed on the Ethereum blockchain, 

specifically designed for the ethical 

funding of sustainable infrastructure. 

Since then, Fasset has prioritised practical 

applications for diverse customer needs 

while establishing compliant remittance 

corridors. Expanding its operations, Fasset 

obtained licences and permissions to 

function within the European Union. Its 

expansion continued with a successful 

launch in Indonesia in August, marked by 

a strategic partnership with Mastercard 

Indonesia. 

Fasset CEO Mohammad Raafi Hossain 

remarked, “As one of the most progressive 

regulatory frameworks globally, the 

VARA approval serves as a pivotal element 

in our expansive licensing portfolio, 

bridging connections across regions 

like Indonesia, Malaysia, Bangladesh, 

Pakistan, and Turkey.” 

According to Dubai’s public register, 

Fasset, an investment platform for digital 

assets, has obtained a licence to function 

as a Virtual Asset Service Provider (VASP) 

in Dubai. This accreditation enables 

Fasset to cater to institutional, qualified, 

and retail investors in the region. 

The acquisition of a full licence 

consists of three stages: a provisional 

permit, a preparatory licence, and an 

operational licence. Fasset FZE has 

completed the final stage, positioning 

itself to offer broker-dealer services and 

introduce tokenised bonds and stocks 

in collaboration with Dubai’s Virtual 

Asset Regulatory Authority (VARA) in 

the foreseeable future. 

Below is an in-depth overview of VARA’s 

licensing framework tailored for Virtual 

Asset Service Providers (VASPs). 

The recent launch by the Dubai Virtual 

Fasset’s 

VASP licence 

success aligns 

with Dubai’s 

progressive 

regulation, 

enhancing 

digital asset 

accessibility and 

compliance.” 

Assets Regulatory Authority (VARA) of its 

much-anticipated licensing framework for 

Virtual Asset Service Providers (VASPs) 

signifies a significant shift in regulatory 

oversight within Dubai’s virtual asset 

realm (excluding the Dubai International 

Financial Centre). This milestone enables 

firms intending to engage in virtual asset 

activities in or from Dubai to procure a 

comprehensive VASP licence from the 

pertinent Dubai authorities. It solidifies 

Dubai’s dedication to ensuring consumer 

protection and curbing illegal financial 

activities within the virtual asset sector. 

The VARA licensing framework 

spans various virtual asset services 

encompassing advisory, broker-dealer, 

custody, exchange, lending, borrowing, 

management, investment, transfer, and 

settlement services. Acquiring a VASP 

licence has become mandatory for any 

company aiming to participate in virtual 

asset operations within Dubai. 

Moreover, alongside the Virtual Assets 

Law and Marketing/Penalties Regulations 

introduced in 2022, the VARA’s licensing 

framework now incorporates a suite of 

compulsory general and activity-specific 

rulebooks. These enhancements aim to 

thoroughly regulate VASP activities, ensuring 

consumer protection and deterring 

illicit practices. The activity-specific 

rulebooks offer added oversight, tailoring 

regulatory supervision to each licensed 

virtual asset activity. 

Companies aiming to offer virtual 

asset services within or from Dubai are 

required to secure a VASP licence from 

either Dubai Economy and Tourism (DET) 

or any Dubai Free Zone Authority (FZA) 

within Dubai (excluding the DIFC). This 

licence is compulsory and a fundamental 

requirement for conducting virtual asset 

services in the region. 

Following the acquisition, a VASP 

licence remains valid for one year and 

necessitates annual renewal. This process 

involves applying along with the payment 

of an annual supervision fee. 

For new VASPs, the application process 

involves two stages. Firstly, Stage 

1 necessitates the submission of an 

Initial Disclosure Questionnaire (IDQ) 

to the Dubai Economic Department or a 

pertinent Free Zone Authority, alongside 

additional documentation and fee payments, 

culminating in an Initial Approval. 

Subsequently, Stage 2 entails the detailed 

submission of documentation in line with 

VARA’s guidance, engaging directly with 

VARA for feedback and potential meetings, 

paying remaining application and 

supervision fees, and ultimately securing 

a VASP licence, potentially subject to 

operational conditions. The duration of 

this process varies based on application 

complexity and proposed activities. 

After obtaining the licence, it is crucial 

to consistently adhere to the evolving 

regulations detailed in VARA’s rules, 

regulations, and directives. This ongoing 

compliance is essential and is tied to 

fulfilling specific prerequisites in corporate 

governance and legal structure as 

outlined in the VARA Company Rulebook. 

For effective navigation within this 

framework, VASPs ought to proactively 

strategise, uphold detailed documentation, 

and steadfastly ensure adherence 

to the evolving regulatory requirements 

set forth by VARA. 

The approval and acquisition of a Virtual 

Asset Service Provider licence by Fasset 

in Dubai marks a significant milestone, 

cementing its position as a reputable 

digital asset investment platform. 


Economy 

Source. freepik.com 

Dubai FDI foresees over 38,000 jobs from sustained foreign investment 

The Synergistic 

Impact: How Foreign 

Investments Fuel Local 

Economies in the UAE 

Aiming for AED 60 billion in annual FDI from 

2023 to 2033, the emirate anticipates a substantial 

positive impact on its economy. 

In a transformative shift, the United Arab 

Emirates (UAE) has redefined its stance 

on foreign direct investment, moving from 

historical restrictions to a more accommodating 

and investor-friendly framework. 

Since September 2021, certain onshore 

companies can enjoy full foreign ownership, 

eliminating the previous requirement 

for local majority ownership. This 

strategic move has not only spurred an 

impressive 80% year-on-year increase 

in Foreign Direct Investment (FDI) in 

2022, particularly in Dubai but has also 

positioned the UAE as an enticing global 

investment hub. This article explores 

the evolution of these regulatory changes 

and their profound impact on the nation’s 

economic landscape. It also highlights 

the direct influence of FDI on the local 

economies in the UAE. 


UAE law historically restricted 

foreign investors to a maximum of 

49% ownership in a UAE mainland 

company, with at least 51% required to 

be owned by UAE nationals. Specific 

activities were exclusively reserved 

for UAE nationals. The Foreign Direct 

Investment Law (FDI Law) eased these 

restrictions, permitting increased foreign 

ownership. However, the FDI Law was 

later repealed through amendments to 

the Commercial Companies Law (CCL). 

Recent amendments to the UAE’s CCL 

now permit 100% foreign ownership of 

certain onshore companies, eliminating the 

previous requirement for a UAE national 

to own at least 51% of shares. Effective 

in September 2021, these changes also 

remove the need for UAE national agents 

for branches of foreign companies. 

The Departments of Economic Development 

in different emirates have 

issued lists of approved activities, and 

wholly foreign-owned companies face 

no additional fees or higher capital requirements. 

The CCL allows discretion 

for 100% foreign ownership in other 

activities, subject to approvals and on 

a case-by-case basis, applicable to both 

new and existing companies engaging 

in specified activities. 

These alterations significantly changed 

the number of foreign direct investments 

in the country. Dubai experienced a 

remarkable 80% year-on-year increase 

in Foreign Direct Investment in 2022, as 

reported by Dubai FDI. The total number 

of FDI projects for the year reached 

1,173, marking an impressive 89% surge 

compared to the 619 projects recorded 

in the previous year. In another report, 

Dubai’s economy demonstrated resilience 

and growth, expanding by 4.4% in 

the year 2022. This positive momentum 

continued into the first quarter of 2023, 

with a sustained year-on-year increase 

of 2.8%. 

Foreign Direct Investment plays a 

pivotal role in driving the economic 

growth and development of Dubai. A key 

objective outlined in the D33 agenda is to 

elevate the annual FDI level to AED 60 

billion from 2023 to 2033, a target that, 

based on current trends, the emirate is 

well-positioned to achieve. 

The impact of FDI extends to fostering 

economic diversification in Dubai, with 

investments spanning sectors such as real 

estate, tourism, finance, technology, and 

logistics. These foreign investments serve 

as catalysts for technology and knowledge 

transfers, enriching local capabilities and 

bolstering competitiveness. 

Moreover, FDI is instrumental in 

catalysing business expansion and the 

establishment of new enterprises, leading 

to significant job creation. According 

to Dubai FDI, the total FDI inflow is 

anticipated to generate over 38,000 jobs, 

highlighting the positive employment 

outcomes associated with sustained 

foreign investment. 

Foreign investments have played a 

transformative role in shaping the local 

economies of the United Arab Emirates. 

The impact can be observed across various 

sectors, contributing to economic 

diversification, job creation, technological 

advancement, and infrastructure 

development. Here’s a closer look at 

how foreign investments influence the 

local economies of the UAE: 

Diversification of the Economy: 

The UAE has historically been heavily 

dependent on oil and gas revenues. Foreign 

investments have been instrumental in 

diversifying the economy by encouraging 

investments in non-oil sectors such as 

technology, tourism, renewable energy, 

and healthcare. This diversification strategy 

is crucial for reducing vulnerability 

to fluctuations in global oil prices and 

building a more resilient and sustainable 

economic base. 

Job Creation and Skill Enhancement: 

Foreign investments in the UAE lead to 

the creation of job opportunities for the 

local workforce. Multinational corporations 

establishing their presence in the 

country often hire locally, contributing to 

reduced unemployment rates and increased 

income levels. Moreover, these foreign 

companies bring advanced technologies 

and management practices, facilitating 

the transfer of skills and knowledge to 

the local workforce and enhancing overall 

competitiveness. 

Infrastructure Development: 

The UAE has witnessed substantial 

infrastructure development fueled by 

foreign investments. Major projects such 

as state-of-the-art airports, seaports, and 

smart cities have been made possible 

through partnerships with international 

investors. Enhanced infrastructure not 

only supports the growth of local businesses 

but also positions the UAE as a 

global business and tourism hub. 

Urbanisation and Real Estate 

Development: 

Foreign investments have contributed 

to the urbanisation of the UAE, with 

the development of modern cities and 

residential communities. The real estate 

sector has experienced significant 

growth, driven by foreign capital. This 

urban development not only caters to the 

increasing population but also attracts 

international businesses and investors 

seeking a favourable environment for 

their operations. 

Technology Transfer and Innovation: 

The UAE actively encourages foreign 

investments in technology and innovation. 

This has resulted in the transfer 

of cutting-edge technologies and the 

establishment of research and development 

centres. The collaboration between 

local and international entities has led 

to advancements in various industries, 

positioning the UAE as a hub for technological 

innovation in the Middle East. 

Diversification of Investment Channels: 

Foreign investments have diversified 

the channels through which capital 

flows into the UAE. The establishment 

of free zones, special economic zones, 

and investment-friendly policies has 

attracted a diverse range of investors, 

fostering entrepreneurship and creating 

a dynamic business environment. 

Global Competitiveness: 

Foreign investments have enhanced 

the global competitiveness of the UAE. 

By attracting multinational corporations 

and fostering innovation, the country 

has become a global player in industries 

beyond oil and gas. This increased 

competitiveness not only benefits local 

businesses but also strengthens the 

overall economic standing of the UAE 

in the international arena. 

The influence of foreign investments 

on the local economies of the UAE is 

profound and multifaceted. The strategic 

vision of the UAE leadership, coupled 

with a business-friendly environment, has 

positioned the country as an attractive 

destination for foreign capital, driving 

economic growth, and ensuring longterm 

prosperity. 


Corporate Results 

Dubai Investments 

9M Net Profit: $225M 

Dubai Investments recorded a net 

profit of AED 817.027M ($222.5M) for 

the nine months ending September 30, 

fueled by strong performances in its 

property and investment portfolio. Although 

lower than the previous year’s 

AED 1.49B ($410M), which included a 

one-off gain of AED 980.42M ($267M) 

from the divestment of a 50% share in 

Emicool, the diversified investment company 

showcased resilience. Total income 

reached AED 3B ($820M), and total assets 

amounted to AED 21.08B ($5.74B). 

Khalid Bin Kalban, Vice Chairman and 

CEO, highlighted sustained momentum, 

with the Danah Bay development in Ras 

Al Khaimah progressing well. 

Emirates 

Net Profit: 138% 

Emirates Group has reported a record 

half-year profit of AED 10.1B ($2.7B), 

marking a 138% YoY increase, driven by 

a 20% surge in revenue to AED 67.3B 

($18.3B). This surpasses its previous 

best half-year profit of AED 4.2B ($1.2B) 

last year. The flagship business, Emirates 

Airline, achieved a 19% increase 

in revenue to AED 59.5B ($16.2B) and 

a 134% growth in profit to AED 9.4B 

($2.6B). The overall capacity during 

the period increased by 25%, carrying 

26.1 million passengers and uplifting 

1,035,000 tonnes by Emirates Skycargo, 

up 31% and 11% YoY, respectively. 

Emirates Group’s remarkable halfyear 

performance signifies a period 

of unprecedented growth, driven by 

impressive results across its flagship 

business, Emirates Airlines. 

RAK Ceramics 

Q3’23 Net Profit: 77% 

RAK Ceramics PJSC, a leading ceramics 

lifestyle solutions provider, 

reported financial results for Q3 2023. 

The company faced a challenging 

market cycle, currency depreciation, 

and rising interest costs, resulting in 

a 7.7% year-on-year decline in revenue 

to AED 837.0M. However, net profit 

for the period increased by 13.3% to 

AED 83.9M compared to the previous 

year. Despite the quarterly decline, 

the 9-month revenue showed a marginal 

decrease of just 1% year-on-year, 

reaching AED 2.59M. The gross profit 

margin improved by 270bps year-onyear 

to 37.6%, driven by a favourable 

product mix shift. EBITDA increased 

by 16.0%, reaching AED 169.0M, with 

a notable margin expansion of 410 bps 

to 20.2%. Net debt decreased by AED 

49.8M in Q3 2023, and the Net Debt to 

EBITDA ratio improved slightly from 

2.44x to 2.43x quarter-on-quarter. 

Zoho 

Net Profit: 42% 

Zoho, a prominent global technology 

company, reports a substantial 42% 

increase in new customers in the UAE 

and a noteworthy 50% surge in the 

MEA region for its finance platform. 

The company has expanded its finance 

platform significantly, introducing over 

230 extensions in Zoho Marketplace and 

unveiling a dedicated developer portal. 

Additionally, Zoho Practice, an endto-end 

practice management solution 

for accounting professionals, has been 

launched. These enhancements fortify 

the Zoho Finance Platform’s ecosystem, 

empowering businesses in the MENA 

region to customise applications, collaborate 

with accountants, and optimise 

operations. Zoho’s commitment to 

building a robust ecosystem provides 

businesses with efficient enterprise 

tech solutions. 

ADNOC Drilling 


ADNOC Drilling achieved robust growth 

in Q3 2023, reporting a 36% YoY increase 

in net profit to $257M and a strong 16% 

YoY revenue growth to $776M. The results, 

filed at the Abu Dhabi Securities 

Exchange, reflect the impact of new 

rigs in the operational fleet. Updated 

fiscal year 2023 guidance includes total 

revenue between $3 to $3.2B, EBITDA 

of $1.4-$1.5B, with a margin range of 

47-49%, and net profit of $0.9-$1B, with 

a margin range of 29-32%. ADNOC Drilling 

anticipates capex around $1.3B for 

the year. Q3 performance showcased 

effective cost management and a 27% 

YoY increase in EBITDA to $381M. 

Salik 

Q3’23 Revenue: 14.2% 

Salik achieved its best-ever Q3 performance 

since 2007, generating over 

110.8 million revenue-generating trips 

and recording revenues of AED 509M 

($138.6M), marking a 14.2% YoY increase. 

The net profit reached AED 

255M ($69.43M), up 5.3% compared to 

the previous year. Toll usage revenue, 

constituting 87.1% of total revenue, 

experienced a 14.6% YoY increase, 

the highest Q3 performance since inception. 

Although revenue-generating 

trips were slightly below the Q2 2023 

record, attributed to seasonal factors, 

active registered accounts and vehicles 

increased by 13% and 8.8%, reaching 2.4 

million and 3.9 million, respectively. 


Investment Corporation of 

Dubai (ICD) 


Investment Corporation of Dubai (ICD), 

the Government of Dubai’s principal 

investment arm, reported robust 

financials for H1 2023, capitalising on 

increased travel, tourism, and financial 

services revenues. Record revenues 

of AED 145.1B ($39.51B) marked a 

20% YoY surge, translating to a gain of 

AED 24B ($6.54B). Net profit reached 

AED 28.3B ($7.71B), a remarkable 91% 

increase, with notable contributions 

from banking, financial services, 

and transportation. Despite lower 

commodity prices affecting oil & gas and 

aluminium, real estate and hospitality 

exhibited strong performance. Assets 

soared to AED 1,252.9B ($341.2B), a 

6.5% increase, driven by banking asset 

growth. 

Dubai Financial Market 

(DFM) 

9M Net Profit: 109% 

Dubai Financial Market (DFM) recorded 

a 109% increase in net profit, reaching 

AED 186.2M ($50.7M) for the first nine 

months of 2023, compared to AED 89M 

in the corresponding period of 2022. 

The growth is attributed to increased 

trades, overall trade value, and new 

investors. Total consolidated revenue 

rose by 48% to AED 351.8M ($95.79M). 

Operating income contributed AED 

214.2M, and AED 137.6M came from 

investment returns and other income. 

The DFM General Index rose by 25%, 

reaching 4,136.58, and the total market 

capitalisation increased from AED 

576B in 9M 2022 to AED 697B in 2023. 

Financials led capitalisation at 41%. 

Dubai Financial Market exemplifies its 

pivotal role in driving market growth 

and fostering a thriving investment 

landscape in the region. 

Yahsat 


Al Yah Satellite Communications 

Company (Yahsat) has seen an 81% surge 

in Mobility Solutions revenue for Q3 and 

a 22% increase in the nine months of 2023. 

The UAE’s satellite solutions provider 

announced consolidated financial 

results with revenue reaching AED 

1.2B ($323M), and normalised EBITDA 

up to AED 713M ($194M). Net income 

more than doubled, while normalised 

net income remained in line with the 

prior year at AED 274 million ($75M). 

Contracted future revenue for the 

group reached AED 25.3 billion ($6.9B), 

15.7 times last-12-month revenue, 

with a substantial increase from AED 

7.3B ($2B) at year-end 2022. Yahsat’s 

impressive financial performance 

in Q3 and over the nine months of 

2023 showcases a substantial surge in 

revenue and EBITDA, underscoring its 

robust growth trajectory and enhanced 

market positioning. 

Aramex 

Revenue: 5% Decrease 

Aramex faced a 5% YoY decline in 

third-quarter revenue, amounting to AED 

1.35B ($370M), attributed to currency 

fluctuations, macroeconomic challenges, 

and subdued global retail activity in 

certain markets. Despite this, the company 

implemented proactive measures for 

operational efficiencies and General and 

Administrative expenses (GA) optimisation, 

resulting in a resilient gross profit 

with a 4% YoY increase and an EBITDA 

of AED 134M ($36.5M). The reported 

net profit for Q3 2023 was AED 9.6M 

($2.6M), reflecting a decline from AED 

39.6M ($10.8M) in Q3 2022, primarily due 

to increased interest expenses related to 

the acquisition of MyUS. Aramex’s proactive 

measures to enhance operational efficiencies 

and optimise expenses amidst 

challenging market conditions demonstrate 

its commitment to resilience. 

AD Ports Group 

Q3’23 Results: 20% 

AD Ports Group reported robust financial 

performance in Q3 2023, with revenue 

growing 189% YoY to AED 4.24B. Excluding 

M&A activity, like-for-like (LFL) 

revenue growth reached 113% YoY. Key 

growth drivers included logistics (546% 

YoY), maritime & shipping (264% YoY), 

ports (71% YoY), and EC&FZ (20% YoY). 

Q3 2023 EBITDA rose by 28% YoY to AED 

759M, supported by acquisitions. Despite 

higher contributions from maritime & 

shipping and logistics, there was a dilution 

in EBITDA margin to 17.9% for the 

quarter compared to 40.5% in Q3 2022. 

The group maintains its EBITDA margin 

guidance of 25-30% in the medium term, 

expecting a rebalancing of the revenue 

mix and improved profitability with ongoing 

investments. 

Dubai Islamic Bank 

9M Net Profit: $3.95B 

Dubai Islamic Bank (DIB), the largest 

Islamic lender in the UAE, reported 

strong financial results for Q3 2023 and 

the first nine months of the year. Total net 

income for the quarter ending September 

30 increased to AED 4.82B ($1.3B), up 

from AED 4.1B a year earlier. For the first 

nine months of the year, total income 

reached AED 14.5B ($3.95B), marking 

a 47% increase compared to the same 

period last year. DIB’s net operating 

profit stood at AED 6.2B, up 12% from 

AED 5.6B in 9M 2022, with net operating 

revenues increasing 11.7% year-on-year 

to reach AED 8,547M. With a notable increase 

in net income, total income, and 

net operating profit, DIB demonstrates 

its strong market presence and effective 

financial management, positioning it for 

continued success. 


Sports as a Business 

Exploring Sports Investment Prospects 

with Key UAE Companies 

In a matter of a few years, the world has witnessed the rise of startups across 

various industries, spanning tech, hospitality, healthcare, and sports. Countries 

worldwide are strategically endeavouring to attract innovative minds and 

investment opportunities, recognising their pivotal role in national growth. 

Recently, sports investments have emerged as a robust landscape, appealing 

to both investors and startups. The UAE has positioned itself at the forefront, 

offering an ideal environment for startups to flourish, backed by numerous 

governmental and private funding opportunities. This article explores three 

such companies that provide funding to potential sports startups and SMEs. 

FasterCapital 

Hesham Zreik, 

Founder 

Amidst the landscape of companies 

fostering the growth of 

sports startups, FasterCapital 

emerges as a notable figure. Founded 

and led by Hesham, FasterCapital 

operates as an online incubator/accelerator 

on a global scale, distinguishing 

itself through a multifaceted approach 

to supporting startups. 

FasterCapital’s significant contributions 

lie in its extensive track record. 

Having facilitated more than 473 startups 

in raising over $1.6 billion and 

investing approximately $495 million 

in 190 startups, their global reach 

and financial impact are undeniable. 

The company prides itself on a vast 

network encompassing a staggering 

155,000 angel investors and over 

50,000 funding institutions, predominantly 

comprising venture capitalists. 

The company’s core mission revolves 

around aiding startups in their 

quest for funding. Leveraging its robust 

network, FasterCapital facilitates 

connections between startups and 

potential investors, boasting an impressive 

92% success rate in securing 

funding for these ventures. While their 

primary focus remains on funding, FasterCapital 

extends its support beyond 

financial backing. 

Their distinctive approach includes 

providing a suite of services tailored 

to various stages of a startup’s journey. 

For startups requiring software 

development or the creation of 

a Minimum Viable Product (MVP), 

FasterCapital offers a unique workper-equity 

model. By investing half 

of the costs in exchange for equity, 

they provide a full technical team 

capable of software development, and 

Android and iOS app development, 

alongside comprehensive business 

packages for market analysis and 

product conceptualization. 

Additionally, FasterCapital caters 

to startups seeking sales, marketing, 

expansion, and growth opportunities. 

Through services like Sales as a Service, 

Business Marketing Strategy, SEO 

Service, Business Development, and 

Business Growth, they assist startups 

in scaling their operations effectively. 

Moreover, the company extends its 

support to first-time entrepreneurs, 

guiding them through idea validation, 

proof of concept development, business 

feasibility studies, and market 

research. 

FasterCapital stands as a game 

changer for sports startups seeking 

funding. Through their work-per-equity 

model, they offer crucial software development 

support and a full technical 

team for startups building their MVPs. 

Moreover, their extensive network 

of over 155,000 angel investors and 

50,000 funding institutions amplifies 

the chances of securing vital funding. 

This multifaceted approach provides 

a comprehensive solution for sports 

entrepreneurs looking to secure funding 

for their ventures. 


Global Ventures 

Established in 2018, Global Ventures 

stands as a prominent 

venture capital investment firm 

headquartered in Dubai, United Arab 

Emirates. Under the leadership of 

Noor Sweid, the Managing Partner 

and founder, the firm specialises in 

empowering growth-stage companies 

across emerging markets. With 

a strong focus on technology-driven 

transformation, Global Ventures boasts 

a diverse team of professionals with 

extensive experience in scaling and 

building companies. 

Distinguished by their strategic investments, 

Global Ventures operates 

across various sectors, including 

fintech, digital health, tech, food 

tech, insurtech, cybersecurity, web3, 

mobility & logistics, infotech, future 

of work, eCommerce, and agritech. 

Although not explicitly focused on 

sports, their investment philosophy of 

backing technology-driven companies 

positioned for global growth aligns 

with the core ethos of innovative 

sports startups. 

Their geographical footprint spans 

several countries, encompassing the 

UAE, Egypt, Kenya, Nigeria, the United 

States, Lebanon, Saudi Arabia, 

Bahrain, Turkey, Rwanda, Jordan, and 

Pakistan. 

The investment stages embraced by 

Global Ventures encompass early-stage 

funding, growth capital infusion, 

and exit strategies. Their investment 

strategy revolves around identifying 

globally scalable enterprise technology 

companies in the Middle East and 

Africa (MEA) region, capitalising on 

markets with lower valuations. Recent 

investments in Arrow Labs and 

CDP highlight their commitment to 

companies swiftly expanding globally 

post-investment. 

The firm’s investment strategy revolves 

around identifying and nurturing 

high-potential, globally scalable 

companies, leveraging the region’s access 

to talent, a youthful demographic, 

Noor Sweid, 

Founder and Managing Partner 

and favourable valuation multiples. 

Global Ventures’ approach, rooted in 

strategic investments positions it as a 

key player in propelling the growth of 

technology-driven enterprises across 

the MEA region and beyond. 

Wamda Capital 

Fadi Ghandour, 

Executive Chairman 

Wamda Capital, spearheaded 

by Fadi Ghandour, stands as 

a pivotal force in shaping the 

entrepreneurial landscape of the ME- 

NA region. Founded in 2010 by Ghandour 

after his successful venture with 

Aramex, Wamda Capital directs its 

focus towards bolstering the growth 

of technology-driven startups in the 

Middle East and North Africa. 

Operating as a leading venture capital 

firm based in Dubai, UAE, their 

investment strategy revolves around 

nurturing seed and early-stage technology 

companies. Through their investment 

vehicles, ‘Wamda Capital – Fund 

I’ and ‘Wamda Capital – Evergreen’, the 

firm prioritises long-term sustainable 

growth over short-term gains, backing 

a diverse array of innovative companies 

that drive positive change in their 

respective industries. 

A standout feature of Wamda Capital 

lies in its holistic approach towards 

fostering entrepreneurship ecosystems. 

Besides financial investments, 

their commitment extends to the development 

and support of high-growth 

technology and tech-enabled startups. 

With a knowledge platform that 

offers impactful thought leadership, 

research, community development, 

and advisory services, Wamda Capital 

emerges as a catalyst in empowering 

stakeholders across the startup ecosystem 

in the MENA region. 

While Wamda Capital’s primary focus 

lies in nurturing technology-driven 

startups, its commitment to sector-agnostic 

investments and support for 

companies driving positive change 

in diverse industries presents an intriguing 

prospect for sports startups 

seeking funding in the MENA region 

Ghandour’s entrepreneurial journey 

as the Founder of Aramex grants Wamda 

Capital a distinctive perspective 

in evaluating startups. This firsthand 

understanding of the challenges in 

building a company from inception to 

IPO shapes their approach, enabling 

them to assess startups from the lens 

of a fellow founder. 

With an impressive track record 

spanning over a decade and investments 

in over 100 companies, including 

notable successes like Souq, Careem, 

and Mumzworld, Wamda Capital 

leverages this experience and vast 

network to guide founders towards 

exceptional outcomes. 


Sports News 

Sharjah Launches Formula 1 Powerboat Racing World Championship 

The highly anticipated Formula 

1 Powerboat Racing World 

Championship is set to kick 

off today against the stunning 

backdrop of Sharjah’s Khalid Lagoon. 

Organised by the Sharjah Commerce 

and Tourism Development Authority 

(SCTDA), the three-day spectacle 

promises exhilarating Formula 1 races 

on December 10, determining the 2023 

world champion. Concurrently, the 

Sharjah World Championship Week 

will feature the 22nd edition of the 

Sharjah Grand Prix. Khalid Jasim Al 

Midfa, Chairman of SCTDA, expressed 

enthusiasm for significant improvements 

in venue, services, and facilities, 

enhancing the overall experience for 

global visitors. This year’s event also 

welcomes delegations and ministers 

from various countries, adding to the 

international appeal of the Formula 1 

Powerboat Racing World Championship 

at Khalid Lagoon. 

Abu Dhabi Unveils Extensive Road Closures in 

Preparation for the 2023 Marathon 

Abu Dhabi is poised for significant 

road closures as the city 

gears up for the 2023 ADNOC 

Abu Dhabi Marathon, attracting 

an impressive 25,000 participants from 

168 nations, including elite athletes. 

Scheduled for Saturday morning, the 

marathon route spans key city areas 

and prominent landmarks, prompting 

the closure of major roads from midnight 

to 2 pm. The Integrated Transport 

Centre, in partnership with the Abu 

Dhabi Police and Sports Council, will 

Dubai has given the green light 

to an ambitious sports strategy 

spanning 2024-2033, aiming 

for a substantial increase in 

the sports sector’s contribution to the 

manage traffic flow through the central 

control room. Electronic signs, both 

fixed and mobile, will guide road users, 

while Road Service Patrols will assist 

in the designated areas, emphasising 

adherence to temporary road closure 

instructions. The marathon, commencing 

at the ADNOC headquarters 

on the Corniche, promises a scenic 

journey past iconic landmarks to the 

finish line near Baynunah Park at the 

ADNOC Complex. 

Dubai Greenlights 24-33 Sports Strategy 

emirate’s GDP and a surge in event 

hosting. Sheikh Mansoor bin Mohammed 

bin Rashid Al Maktoum, Chairman of 

the Dubai Sports Council, endorsed the 

comprehensive plan, aligning with the 

leadership’s vision. The strategy not only 

targets sustainability goals, such as a 

50% reduction in carbon emissions by 

2030 but also aligns with the Dubai 2040 

Urban Master Plan. Emphasising sports’ 

pivotal role in community well-being, 

the plan underscores a commitment 

to enhancing the overall quality of life 

while driving economic impact through 

increased private sector participation 

in organising an impressive 450 annual 

sports events in Dubai. 

Saudi Arabia 

announces exclusive 

visa for football fans 

Saudi Arabia has introduced a 

new e-visa, in collaboration 

with the Ministry of Sports, 

exclusively for fans attending 

the FIFA Club World Cup in Jeddah this 

month. The Ministry of Foreign Affairs 

announced the initiative on social media, 

emphasising its aim to streamline 

travel procedures for football enthusiasts 

holding tickets for major sporting 

events. The tournament, taking place at 

King Abdullah Sports City and Prince 

Abdullah Al Faisal Stadium, marks the 

final FIFA Club World Cup in the current 

annual format before transitioning to 

a 32-team version played every four 

years starting in June 2025. The e-visa 

initiative aims to enhance the overall 

experience for fans visiting the Kingdom 

and supporting their teams amid 

an exciting atmosphere. 


Dubai Grants Free Entry to UAE-Bangladesh Under-19 Asia Cup Final 

Hosts UAE, making history with 

their impressive journey to 

the final of the Asian Cricket 

Council Under-19 Asia Cup, 

have received a boost from the Emirates 

Cricket Board (ECB). In a Friday 

announcement, the ECB declared free 

entry to the final on Sunday, inviting 

fans to witness the historic moment 

at the Dubai International Stadium. 

The UAE team’s remarkable success 

includes victories against Sri Lanka 

in pool play and a triumphant 11-run 

win over cricket giant Pakistan in the 

semifinals at the ICC Cricket Academy. 

General Secretary Mubashshir Usmani 

urged fans to rally behind the young 

talents, expressing pride in their outstanding 

performance. 

BITS Pilani Dubai and DPS Sharjah Secure Top 

Honors at Sports Festival 

BITS Pilani Dubai emerged 

as the overall champions, 

securing 10 gold and 7 silver 

medals, in the five-day BITS 

Pilani Sports Festival held in Dubai. 

Meanwhile, Delhi Private School, 

Sharjah claimed the top spot among 

schools in a competition that featured 

5,000 students from 29 universities in 

the UAE and 1,200 students from 24 

schools in UAE, Oman, and India. The 

event showcased spirited sportsmanship 

and intense competition across 

various disciplines, including football, 

cricket, throwball, basketball, volleyball, 

tennis, athletics, chess, badminton, 

and table tennis. The closing ceremony, 

graced by former West Indian opener 

Chris Gayle as chief guest, celebrated 

the achievements of the participants 

and the vibrant sporting atmosphere. 

Saudi Arabia to host 2025 and 2026 AFC 

Champions League 

Saudi Arabia has been named 

the host country for the AFC 

Champions League Elite finals 

in the 2024-2025 and 2025-2026 

seasons, as officially announced by the 

Asian Football Confederation (AFC). 

The Saudi Arabian Football Federation 

(SAFF) will oversee the final stage 

of the tournament, starting from the 

Quarter Finals. The competition will 

feature the top 24 Asian clubs divided 

into two leagues representing the 

West and East regions. The winners 

of the Round of 16 will advance to 

the final stage, with Quarter Finals 

scheduled to take place from April 

25 to May 4, 2025. The tournament’s 

victor will receive a substantial prize 

of $12M, while the runner-up will be 

awarded $6M. SAFF President Yasser 

Almisehal expressed gratitude for 

Saudi Arabia’s selection as the host 

of the AFC Champions League Elite 

finals. 

MBME Group Praises 

UAE Pro League 

Soccer Development 

Initiatives 

MBME Group, the technological 

partner of the UAE 

Professional League, lauds 

the league’s comprehensive 

efforts in advancing UAE football. 

Acknowledging the league’s commitment 

to leveraging technology and 

artificial intelligence in technical and 

administrative aspects, MBME Group 

supports the pursuit of excellence, 

anticipating a significant qualitative 

leap in the Adnoc Professional League 

and UAE football. The commendation 

aligns with the presence of juniors and 

youth accompanying players during 

the Al-Wahda vs. Al Ain match in the 

11th round of the Adnoc Professional 

League, emphasising the league’s 

dedication to fostering talent at various 

levels. 


Hospitality 

Image Supplied 

The studio hosts a culinary team mentored by executive chefs from École Ducasse Paris Campus. 

Exploring the 

Essence of École 

Ducasse Abu Dhabi 

Studio 

The studio aspires to promote culinary harmony by 

highlighting Abu Dhabi’s rich array of flavours and 

stories, making it a global culinary destination. 

The DCT Abu Dhabi and Erth Hospitality 

partnership marks a groundbreaking era 

with the launch of École Ducasse Abu 

Dhabi Studio, led by Chef Alain Ducasse. 

Located at Abu Dhabi’s Cultural Foundation, 

the studio redefines culinary 

education with contemporary design 

and personalised, professional classes. 

Beyond education, it houses a gourmet 

café and hosts corporate events. Offering 

diverse programs, the studio spans 418 

square metres in the historic Al Hosn 

site. Erth Hospitality, the licence partner, 

brings 25 years of expertise, while Alain 

Ducasse’s 20 Michelin stars elevate the 

local culinary scene. École Ducasse Abu 

Dhabi Studio aims to foster excellence, 

innovation, and cultural exchange in Abu 

Dhabi, positioning itself as a global culinary 

hub. 


The Department of Culture and 

Tourism - Abu Dhabi (DCT Abu 

Dhabi) has officially announced 

a groundbreaking partnership with Erth 

Hospitality, ushering in the inauguration 

of École Ducasse Abu Dhabi Studio, the 

region’s premier institute by the esteemed 

Chef Alain Ducasse. This culinary venture 

was recently inaugurated and is set 

to reshape the landscape of culinary 

education in the United Arab Emirates. 

Nestled in the heart of the city at Abu 

Dhabi’s Cultural Foundation, the studio 

under the visionary leadership of Chef 

Alain Ducasse will provide an enriching 

culinary education experience. The studio, 

characterised by contemporary design 

and a friendly ambience, will offer short 

and professional classes equipped with 

state-of-the-art tools. 

Maintaining an intimate class size, with 

a small group of students per session, 

allows for personalised 1-1 attention, 

creating an ideal environment for clients 

and learners to hone their culinary talents. 

Moreover, the studio will not only serve 

as a space for education but will also 

feature a gourmet café and be available 

for welcoming corporate events. 

École Ducasse Abu Dhabi Studio is 

designed to cater to a diverse range of 

abilities, from aspiring culinary enthusiasts 

to seasoned talents seeking to broaden their 

skill sets. The Culinary Arts and Pastry 

programs, featuring the fundamentals of 

French and international cuisine along 

with the Ducasse philosophy, will be 

among the exceptional offerings. 

Program themes include “First Cooking 

Lesson – Learning to Cook Without 

Inhibition,” “Cooking for a Special 

Event,” “Do it Like a Chef – Cuisine 3*,” 

“Healthy Cooking,” “Kids and Teens in 

the Kitchen,” “Mediterranean Cuisine,” 

and the “Famous Parisian Macarons 

Madness Class.” 

Situated within the historic Al Hosn 

site, the meticulously designed 418-squaremetre 

École Ducasse Abu Dhabi Studio 

boasts a generous classroom area, a 

fully equipped workshop show kitchen, 

a bespoke Chef’s table, and a spacious 

outdoor terrace with stunning views of 

the Abu Dhabi skyline. 

Expressing his thoughts on the significant 

development, His Excellency Saleh Mohamed 

Al Geziry, Director General for Tourism at 

DCT Abu Dhabi, emphasised, “The expansion 

of Abu Dhabi’s thriving culinary landscape 

is part of our commitment to fostering 

The inauguration 

of École Ducasse 

Abu Dhabi Studio 

in partnership 

with Erth 

Hospitality marks 

a significant 

milestone, 

further elevating 

the local culinary 

scene.” 

and encouraging cultural expression in 

the emirate.” He further noted that the 

arrival of École Ducasse Abu Dhabi Studio 

would not only transform the culinary 

sector but also significantly contribute 

to the growth of the hospitality industry 

in the region. Al Geziry highlighted the 

aim of nurturing local talent, fostering 

creativity and innovation, and creating 

a lasting impact on the culinary scene 

in Abu Dhabi and beyond. 

This inauguration aligns with the 

earlier launch of a comprehensive AED 

360 million culinary sector acceleration 

program, designed to attract leading 

brands to the UAE capital over five years, 

bolstering Abu Dhabi’s development as 

a gastronomical hub. 

Erth Hospitality, with over 25 years of 

expertise and passion for the hospitality 

industry, will play a crucial role as the 

licence partner for École Ducasse. Shaikha 

Al Kaabi, Chief Executive Officer of Erth 

Hospitality, emphasised the profound 

significance of this partnership, stating, 

“École Ducasse stands as a beacon of 

global culinary excellence, and its arrival 

in Abu Dhabi signifies a momentous 

milestone.” Al Kaabi expressed pride in 

spearheading this culinary endeavour, 

bridging the gap between tradition and 

innovation and ensuring that École 

Ducasse’s world-class philosophy and 

expertise become integral to the region’s 

culinary identity. 

With an impressive 20 Michelin stars 

to his name, Alain Ducasse, Michelin’s 

most decorated chef of all time, launched 

his first culinary and pastry school in 

1999. Since then, he has established 

globally recognised institutes in India, 

the Philippines, and Thailand. 

Elise Masurel, École Ducasse Managing 

Director, expressed her enthusiasm, 

stating, “The launch of École Ducasse 

Studio in partnership with Erth Hospitality 

in Abu Dhabi is a great milestone for us 

in the Middle East region, and we are 

very happy to contribute to enriching the 

local gastronomic scene and encouraging 

culinary talents to flourish.” 

Through its unique and personalised 

cooking classes, along with offerings 

such as the gourmet café and corporate 

events, École Ducasse Abu Dhabi Studio 

aims to promote culinary excellence, 

innovation, and cultural exchange in 

Abu Dhabi. 

As a melting pot of cultures with a 

diverse population of over 200 nationalities, 

Abu Dhabi provides an ideal home 

for the institute, welcoming talents 

from around the world and fostering a 

nurturing environment for creativity and 

the development of new culinary trends. 

Aligned with Abu Dhabi’s commitment 

to cultural expression, the studio not only 

serves as an educational space but also 

features a gourmet café and is available 

for corporate events. École Ducasse 

Abu Dhabi Studio, in collaboration with 

Erth Hospitality, aims to contribute 

significantly to the region’s culinary and 

hospitality industry growth, nurturing 

local talent and fostering creativity. It 

offers a transformative culinary education 

experience with contemporary design, 

state-of-the-art tools, and personalised 

attention in small class sizes. The institute, 

with its global reputation, adds a milestone 

to Abu Dhabi’s culinary landscape, offering 

diverse programs and promoting culinary 

excellence, innovation, and cultural 

exchange in the vibrant city. 


Tourism 


The global space tourism market is expected to grow at a CAGR of 37.1% by 2030. 

Evaluating the 

Space Tourism 

Initiatives in the 

UAE 

The UAE’s forward-thinking commitment to 

becoming a leading global nation has propelled its 

initiatives in the space tourism market. 

The UAE is actively forging a path in innovation, 

notably recognised for its vibrant 

tourism industry and its dedicated efforts 

to advance space tourism initiatives. With 

the space industry emerging as a focal 

point for the next fifty years, the UAE has 

allocated AED 22 billion for space-related 

activities spanning from 2015 to 2020. 

Notably, the UAE Space Agency has reported 

a 40 percent increase in contractual 

agreements for space services and 

applications. Over recent years, strategic 

plans have been introduced to consolidate 

the tasks and missions within the space 

sector. The UAE inaugurated the AED 3 

billion National Space Fund through the 

UAE Space Agency. This article assesses 

the space tourism initiatives in the UAE, 

emphasising various key aspects of this 

expanding industry. 


UAE’s Space Investment Drive: 

The “Space Economic Zones 

Programme” has been developed to 

assist space startups and SMEs contribute 

to the national space economy through 

partnerships. Key initiatives include 

Space Economy Stimulus Packages, Space 

Labs, and the establishment of Space 

Economic Zones, with the overarching 

goal of creating an attractive business 

environment, enhancing competitiveness, 

and stimulating innovation in the sector. 

The UAE Space Agency, in collaboration 

with the Federal Competitiveness 

and Statistics Centre (FCSC), launched 

the “Space Economic Survey 2022”. The 

survey involved contributions from various 

national entities, including government, 

private sector, academic, and research 

establishments operating in space technology 

and communications. 

The UAE unveiled the National Plan 

for the Promotion of Space Investment, 

intending to boost both domestic and 

foreign investment in the country’s space 

sector. This initiative seeks to position 

the UAE as a regional hub for commercial 

space activities and advanced research 

and development, encouraging local 

investment in the sector globally. The 

Space Investment Promotion Plan aligns 

with the UAE Vision 2021, UAE 2071, 

and the UAE Plan on the 4th Industrial 

Revolution, focusing on economic diversification, 

knowledge-based economy, 

R&D incentives, entrepreneurship, and 

SMEs’ role in the private sector. 

UAE’s Optimal Climate Boosts Space 

Launch 

The UAE benefits from a consistent 

year-round climate for space launches, 

ensuring stability crucial for mission 

success. The region’s warm, dry weather 

with minimal rainfall reduces the risk 

of disruptive adverse conditions, and 

its equatorial location aids rockets in 

utilising the Earth’s rotation for more 

efficient orbital reach. 

Space launch starbases must be situated 

away from populated areas for safety 

reasons. The launch process generates 

significant noise, heat, and vibration, 

posing risks to nearby structures and 

populations. Additionally, in case of 

accidents, rocket debris could potentially 

harm people or property in the vicinity. 

Logistically, space launches demand 

substantial infrastructure, including launch 

pads, fueling stations, and control centres. 

Finding suitable locations for these 

complex facilities in densely populated 

areas is challenging. Remote locations 

not only enhance safety but also provide 

a quieter environment for scientific and 

technological research, allowing easier 

access to natural resources and materials 

needed for experiments or testing. 

Global Shift: Private Space Tourism 

Private space tourism, championed 

by US companies like SpaceX, Blue 

Origin, and Virgin Galactic, is becoming 

a permanent feature. The impressive 

exploits of these companies inspire other 

nations, particularly wealthier ones, to 

join the trend. 

Advocates Anna Hazlett and John 

B. Sheldon of AzurX in Dubai propose 

establishing a space tourism hub in 

the UAE. They highlight key attributes 

enabling the Middle Eastern country to 

host space tourism facilities, runways, 

and astronaut training centres. 

Beyond private sector appeals for 

investment in space tours, the UAE 

government actively works towards 

realising space tourism, collaborating 

with foreign private entities. In October 

of the previous year, the Ministry of 

Economy, Abdulla bin Touq, disclosed 

a partnership with Jeff Bezos’s Blue 

Origin to introduce space tourism flights 

to the country. The collaboration aims 

to establish a UAE desert spaceport for 

suborbital flights, utilising Blue Origin’s 

expertise in space manufacturing and 

low Earth orbit flight services. 

UAE’s combination of factors, including 

government initiatives and private sector 

enthusiasm, positions it as an appealing 

destination for space companies. 

With ambitious investment plans and 

supportive policies, the UAE is poised 

to emerge as a prominent player in the 

global space industry. 

Given the substantial investments made 

by the UAE, it is poised to emerge as a 

leader in this industry. The country offers 

unique experiences such as space travel 

and high-altitude balloon rides, providing 

passengers with views of the vastness of 

space and the Earth’s curvature. 

Strategically positioned, the UAE is 

well-suited to attract a worldwide audience 

of space enthusiasts. This suggests that 

Dubai could evolve into a space hub in 

the future, not only drawing tourists but 

also scientists and engineers involved 

in developing innovative transportation 

options. 

Additionally, the UAE’s ambitions extend 

to exploring the asteroid belt between 

Mars and Jupiter. This interplanetary 

mission, part of the “Projects of the 50” 

initiative, aims to propel the UAE into 

its next 50 years. It will be carried out 

in collaboration with the Laboratory for 

Atmospheric and Space Physics (LASP) 

at CU Boulder. 

UAE’s Unique Edge in Space Tourism 

The UAE’s unique advantages position it 

to offer a range of space tourist activities, 

aligning with its broader space ambitions. 

Firstly, the country’s favourable climate 

permits year-round space tourism 

flights, even during the Gulf’s hot and 

humid summers. 

Secondly, the UAE’s central location 

as an international air travel hub makes 

it attractive to space tourists spanning 

Europe to northeast Asia, establishing 

it as the prime space tourism hub for 

Eurasia. 

Thirdly, the nation’s well-developed 

luxury hospitality and entertainment sector, 

including luxury hotels, Michelin-star 

restaurants, and exclusive shopping 

experiences in Dubai and Abu Dhabi, 

caters to the high net-worth space tourist 

demographic. The existing infrastructure 

readily supports the establishment of a 

space tourism hub. 

Lastly, the UAE’s rapid ascent in the 

global space arena, marked by investments 

in advanced satellite technologies 

and the successful Hope Mars mission, 

positions it as a leading space power. 

Future plans, such as a Venus flyby and 

an asteroid belt rendezvous, demonstrate 

its ambitious space agenda. Establishing 

a space tourism launch site will contribute 

to the domestic space ecosystem, 

enabling microgravity research flights 

and enhancing the country’s global 

reputation. 

A world-class space tourism hub will 

not only bolster the UAE’s standing as 

an advanced global space power but 

also attract space tourism operators, 

manufacturers, SMEs, start-ups, and a 

significant number of aspiring space 

tourists worldwide. 


Global News 

UAE Ranks Fourth Globally as a Premier Remote Work Destination 

The UAE secures the top spot 

in the Middle East and ranks 

fourth globally as a prime destination 

for remote work, as 

unveiled by VisaGuide.World. Renowned 

for assessing visa system efficacy, the 

website evaluates countries’ efforts in 

fostering an appealing environment 

for digital talent. Spain, Argentina, 

and Romania precede the UAE in the 

rankings, considering various factors. 

Omar bin Sultan Al Olama, Minister of 

State for Artificial Intelligence, Digital 

Economy, and Remote Work Applications, 

credits the UAE’s success to visionary 

leadership. He highlights the nation’s 

pioneering digital initiatives and robust 

remote work infrastructure, positioning 

it as a global model of efficiency and 

adaptability. 

Goldman Sachs predicts 

series of 2024 interest 

rate cuts by US Fed 

Goldman Sachs anticipates a 

series of interest rate cuts 

by the US Federal Reserve in 

2024, citing eased financial 

conditions. The investment banking 

firm’s economists project three consecutive 

25-basis-point reductions in 

March, May, and June, followed by 

quarterly cuts until overnight borrowing 

rates reach a targeted range 

of 3.25% to 3.5%. The Federal Open 

Market Committee (FOMC) recently 

maintained the federal funds rate at 

5.25 to 5.5%, considering easing inflation. 

Goldman Sachs notes a durable 

easing trend since October and raises 

its Q4 2024 US GDP growth estimate to 

2%, surpassing the FOMC’s forecast of 

1.4%, attributing it to lower inflation. 

DART and OffSec Forge Partnership to Advance 

Cybersecurity Landscape 

DART and OffSec announce a 

strategic partnership, merging 

DART’s cyber capacity 

building with OffSec’s expertise. 

DART, excelling in tailored training, 

becomes OffSec’s certified training 

partner, offering their certificates in 

training programs. With a cadre of 60+ 

expert trainers, DART aligns seamlessly 

with OffSec’s commitment to empowering 

cybersecurity professionals. 

Together, they aim to revolutionise 

skill sets, enhancing the resilience of 

nations, governments, and organisations. 

DART, with a mission to boost 

cybersecurity capacity, has trained 

over 1500 professionals. Leveraging 

elite cyber intelligence trainers, they 

bridge skill gaps, elevating proficiency. 

The partnership introduces OffSec’s 

OSCP certificate in DART’s boot camp, 

enriching the training experience for 

penetration testers and cybersecurity 

professionals. 

China’s economic conditions to improve in 2024 

China’s economic outlook 

for 2024 appears optimistic, 

with officials emphasising 

favourable conditions and 

opportunities. The Central Economic 

Work Conference outlined ongoing 

macroeconomic policies supporting 

recovery, citing low prices and manageable 

government debt. Despite 

these positive indicators, challenges 

persist, such as weak demand, consumption, 

and enterprise investment. 

The focus for the upcoming year will 

shift from post-pandemic recovery to 

sustained consumption growth. The 

International Monetary Fund raised its 

growth forecast for China, anticipating 

a 5.4% increase. China plans to foster 

new consumption areas like smart 

homes and tourism while addressing 

challenges in the real estate market 

through policy measures, aiming for 

stability and risk prevention. 


Oman and India Embrace Joint Vision for Enhanced Cooperation 

Oman and India embrace a 

Joint Vision titled ‘A Partnership 

For the Future,’ aligning 

Oman Vision 2040 with 

India’s ‘Amrit Kaal’ development objectives. 

Both nations express commitment 

to leveraging these synergies for 

deeper collaboration. During the state 

visit of His Majesty Sultan Haitham bin 

Tarik to India, marked by a ceremonial 

Egypt Shields 

Healthcare and 

Subsidies in Public 

Spending Cuts 

Egypt’s public spending rationalisation 

excludes healthcare 

services, subsidised goods, 

petroleum products, social 

insurance pensions, and the Takaful and 

Karama program, affirms Finance Minister 

Mohamed Maait. Additionally, priority 

in contracts will be granted to Egyptian 

products, even if their prices surpass 

imported alternatives by approximately 

15%. The strategic decision intends to 

boost local production, foster industrial 

localisation, incentivise private sector 

investments in competitive industries, 

and facilitate exports to international 

markets. Maait’s emphasis on protecting 

essential services and promoting domestic 

industries reflects a comprehensive 

approach to economic sustainability 

and resilience. 

welcome and banquet dinner hosted by 

President Smt Droupadi Murmu, the 

leaders held consultations and talks, 

highlighting the enduring partnership 

built on historical ties, mutual trust, 

and shared interests. This significant 

visit reinforces bilateral relations and 

marks Oman’s Sultan’s first visit to 

India in over 25 years. 

Infobip Launches AI Hub for Enhanced Conversational 

Customer Experiences 

Infobip launches AI Hub, a transformative 

AI integration into its 

global cloud communications 

platform. This overhaul empowers 

businesses to craft seamless end-to-end 

conversational experiences throughout 

the customer journey. Infobip’s AI Hub 

combines advanced analytics, AI, and 

generative AI features within its Software-as-a-Service 

(SaaS) portfolio, supporting 

digital transformation efforts. 

In collaboration with Microsoft, the 

platform integrates OpenAI’s ChatGPT 

model to enhance security and isolate 

language models from potential threats. 

This evolution positions Infobip as a 

conversational ecosystem, allowing 

organisations to create personalised 

customer experiences, optimise marketing 

campaigns, and ensure customer 

loyalty through advanced analytics and 

predictive capabilities. 

Egypt Aims for $9B in Outsourcing Service 

Exports by 2026 

Egypt anticipates its outsourcing 

services exports to surge 

to $9 billion by 2026, as reported 

by Asharq Business, 

quoting Minister of Communications 

and Information Technology Amr Talaat. 

This growth will create diverse 

job opportunities in various IT fields, 

aiming to elevate the number of specialists 

to 550,000 by 2026. Former 

Head of Vodafone Intelligent Solution 

Egypt Center and Global Care, Ramy 

Kato, predicts a robust growth rate of 

over 15% for the outsourcing industry 

between 2023 and 2024. Egypt’s strategic 

focus on expanding its outsourcing 

sector underscores its commitment to 

fostering technological advancement 

and job creation. 


Investment in Art 

source: photoeverywhere.co.uk 

Impact investors hold a pivotal role in the growth and success of the creative economy. 

Art as an Impact 

Investment, 

delivering positive 

change 

Fine art is gaining recognition as a distinctive and 

valuable asset class for impact investment, capable of 

producing both financial returns and social impact. 

In recent years, the concept of impact 

investing has gained significant traction, 

with investors increasingly seeking opportunities 

that generate both financial 

returns and positive social or environmental 

outcomes. While traditional sectors 

like renewable energy and education 

have dominated the impact investment 

landscape, the art world is emerging as an 

unexpected yet powerful player in delivering 

positive change. It underscores the 

importance of considering the broader 

implications of investments, acknowledging 

that cultural and artistic contributions 

can be as influential as traditional sectors 

in fostering positive change. This article 

navigates through the concept of impact 

investments and how art is influenced 

by it. 


Impact investing is a strategic investment 

approach designed to generate 

financial returns and foster positive 

social or environmental change. The 

primary objective of impact investing is 

to leverage investment capital to support 

innovative solutions addressing pressing 

social or environmental challenges, 

ranging from poverty and climate change 

to inequality. 

In today’s market, such investments 

commonly manifest as private equity or 

debt instruments, and the asset class is 

continuously expanding. Typically, impact 

investors include individuals and institutions, 

such as foundations, philanthropic 

funders, or pension fund managers, who 

are committed to utilising their capital 

for profit and the advancement of positive 

social and environmental outcomes. 

In contrast to traditional investing, 

which predominantly prioritises financial 

returns with social or environmental considerations 

often relegated to secondary 

status or entirely disregarded, impact 

investors place equal emphasis on both 

financial returns and positive impact. 

This approach signifies a departure from 

conventional investment strategies and 

represents a conscious effort to align 

financial goals with a commitment to 

social and environmental responsibility. 

Measuring the effectiveness of impact 

investing involves employing diverse 

metrics, such as the United Nations’ 

Sustainable Development Goals (SDGs), 

evaluations of social return on investment 

(SROI), and assessments of environmental 

impact. These metrics serve as valuable 

tools for impact investors, aiding them 

in tracking the progress and success of 

their investments in meeting predefined 

social and environmental impact goals. 

Art has a unique ability to provoke 

thought, inspire dialogue, and challenge 

societal norms. Impactful art pieces have 

historically played a pivotal role in shaping 

public opinion and driving social change. 

By investing in artists and projects with 

a clear social or environmental purpose, 

investors can actively contribute to 

movements addressing issues such as 

climate change, inequality, and human 

rights. Supporting artists who use their 

creative talents to promote positive social 

change turns art into a force for good. 

The art world has faced criticism for its 

lack of diversity and inclusivity. Impact 

investing in art provides an opportunity 

Investors 

acknowledging 

art’s 

transformative 

potential can 

shape a more 

sustainable, 

inclusive, 

and socially 

responsible 

future.” 

to address these concerns by supporting 

artists from underrepresented backgrounds. 

Investors can play a crucial 

role in promoting diversity within the 

art community, ensuring that a variety 

of voices and perspectives are heard and 

celebrated. This contributes to a more 

inclusive art world and also fosters social 

harmony and understanding. 

Artistic endeavours often involve the 

use of materials and resources that can 

have a significant environmental impact. 

Impact investors in art are increasingly 

directing their funds towards projects 

prioritising sustainable practices. This 

includes supporting artists who use 

eco-friendly materials, engage in recycling 

and upcycling, or contribute to 

environmental awareness through their 

work. By doing so, investors can align 

their financial goals with a commitment 

to environmental stewardship. 

Investing in art can be a catalyst for 

community revitalisation, particularly in 

economically disadvantaged areas. Art 

installations, public murals, and cultural 

events can transform neighbourhoods, 

attracting attention and investment that 

goes beyond the art itself. Impact investors 

can strategically support projects 

that not only contribute to the cultural 

enrichment of a community but also 

drive economic development and social 

cohesion. 

Laura Merage, a successful artist and 

venture philanthropist, spearheads initiatives 

that significantly influence the 

daily lives of thousands. Her generosity 

has left an indelible mark on Denver’s Art 

and Culture scene. In 2008, she catalysed 

the establishment of RedLine Contemporary 

Art Center, an urban art laboratory 

promoting education and collaboration 

between artists and communities for 

positive social change. Witnessing Red- 

Line’s success, Laura envisioned another 

innovative nonprofit and in 2015, founded 

Black Cube—a nomadic, experimental art 

museum aiming to foster artist self-sufficiency 

and encourage the exploration 

of contemporary art beyond traditional 

gallery confines. 

Quantifying the impact of art investments 

can be challenging, given the subjective 

nature of artistic expression. However, 

innovative approaches, such as tracking 

community engagement, social media 

reach, or collaborations with local organisations, 

can provide valuable insights 

into the real-world impact of art projects. 

One such example is the development 

of Newark CEDC’s Makers Village, an 

initiative by Newark’s economic development 

branch, that provides affordable 

studios and commercial storefronts for 

creatives to rent. 

Investors in this space are increasingly 

recognising the importance of developing 

metrics that go beyond financial returns 

to capture the broader positive effects 

on society. 

Art as an impact investment represents 

a dynamic and evolving frontier within the 

broader landscape of socially conscious 

investing. By recognising the transformative 

power of art to drive positive 

change, investors can play a vital role 

in shaping a more sustainable, inclusive, 

and socially responsible future. As the 

art world continues to embrace impact 

investing, we can see a shift towards a 

more holistic understanding of the value 

that art brings to both the cultural fabric 

of society and the well-being of our planet. 


Local News 

COP28 Delegates Laud Mohammed bin Rashid Al Maktoum Solar Park 

Dubai Electricity and Water 

Authority (DEWA) hosts 217 

COP28 participants on field 

visits to the Mohammed bin 

Rashid Al Maktoum Solar Park. Visitors, 

mainly international, explored the 

Innovation Centre and the park’s 4th 

phase, praising DEWA’s commitment to 

cutting-edge technologies in renewable 

energy. The Innovation Centre, a Dubai 

landmark, was impressed with over 35 

interactive exhibits showcasing advancements 

in clean energy. The DEWA Museum 

highlighted historical achievements, while 

visitors delved into solar technologies, 

Concentrated Solar Power, and Smart 

DEWA initiatives. The immersive experiences, 

including drone shows and 

Augmented Reality, underscored DEWA’s 

dedication to innovation in sustainable 

energy at this influential global gathering. 

RTA unveils its digital 

strategy 2023-2030 

Dubai’s Roads and Transport 

Authority (RTA) reveals 

a Digital Strategy for 

2023-2030, encompassing 

82 projects and initiatives with a total 

investment of AED 1.6B. Aligned with 

Dubai’s vision, RTA aims to lead in global 

digital transformation, emphasising 

fintech-driven mobility, achieving 95% 

digital service adoption, and digitising 

employees’ skill sets. The strategy, 

guided by the visionary leadership of 

His Highness Sheikh Mohammed bin 

Rashid Al Maktoum and H.H. Sheikh 

Hamdan bin Mohammed bin Rashid Al 

Maktoum, focuses on creating an agile 

digital infrastructure. With pillars like 

people’s happiness and innovation, 

RTA aims to streamline services, stay 

ahead of contemporary demands, and 

position Dubai as a leading smart city. 

COP28 Secures Permanent Role for Youth 

Climate Champions 

COP28’s historic presidency 

leaves a lasting impact on 

youth involvement in climate 

governance by institutionalising 

the role of the Presidency Youth 

Climate Champion (YCC) for future 

COPs. This commitment is enshrined 

in the official COP28 negotiated text, 

compelling all upcoming COP Presidencies 

to ensure meaningful youth 

participation within the United Nations 

Framework Convention on Climate 

Al-Futtaim Automotive, as the 

Strategic E-Mobility Partner 

of COP28, unveils insights 

from a comprehensive survey 

conducted with YouGov, shedding light 

on UAE residents’ shifting perspectives 

on Electric Vehicle (EV) adoption. The 

survey of 2,008 respondents highlights 

environmental concerns, with 64% expressing 

worry about internal combustion 

engine vehicles. Notably, 26% of non-EV 

owners are keen to purchase one within 

Change (UNFCCC) process. Notably, 

Shamma bint Suhail Faris Al Mazrouei, 

appointed as the first-ever YCC at 

COP28, reflects the UAE’s commitment 

to empowering youth globally. Minister 

Al Mazrouei emphasised that COP28 

has catalysed transformative change, 

positioning children and young people 

at the forefront of climate action, 

and ensuring a legacy that transcends 

future COPs. 

Anticipating Full Electric and Hybrid Vehicle 

Takeover: UAE Residents’ Outlook 

the next 12 months, while 50% consider 

the shift. A remarkable 63% plan to make 

EVs their primary transport within 6 

months to 2 years, reflecting a swift move 

towards sustainable mobility. Confidence 

in UAE’s charging infrastructure growth 

is evident, with 7 out of 10 residents expecting 

widespread EV charging stations. 

Anticipations also point towards a future 

where 30–50% of the UAE’s population 

drives EVs or hybrids by 2030. 


UAE Ministry of Finance Joins G20 Finance Track During Brazil’s Presidency 

The UAE Ministry of Finance 

(MoF) accepts Brazil’s invitation 

to join the Finance 

Track of the 2024 Group of 20 

(G20) under Brazil’s presidency. This 

move highlights the enduring bilateral 

relations between the UAE and Brazil. 

The Ministry’s involvement kicks off 

with the G20 Finance and Central 

Bank Deputies meeting in Brasília 

on December 14-15, 2023, addressing 

priorities set by Brazil’s Presidency. 

Expo City Dubai: Ideal 

Host for COP28, Making 

Climate Talk Accessible 

Expo City Dubai emerged as 

a sustainable living model 

and the perfect backdrop for 

COP28’s Green Zone, solidifying 

its standing as a premier global event 

venue. This innovative zone, accessible 

to all, pioneered by placing it adjacent 

to the Blue Zone, became a hub for 

diverse participants—youth, corporations, 

cities, and governments. With a 

vibrant program spanning exhibits, talks, 

workshops, metaverse experiences, 

and family-friendly shows, it fostered 

a festival-like atmosphere, symbolising 

a heightened global commitment to 

climate action. Expo City Dubai’s Chief 

of Education and Culture, Marjan Faraidooni, 

emphasised the enduring legacy, 

emphasising cooperation, collaboration, 

and inclusivity as essential for steering 

humanity toward a sustainable future 

beyond COP28. 

Mohamed Hadi Al Hussaini, Minister of 

State for Financial Affairs, expresses 

gratitude for Brazil’s invitation and 

affirms alignment with the Finance 

Track’s focus on reducing global inequalities 

and building a just world. 

The UAE MoF is prepared to contribute 

to key issues such as enhancing 

international financial institutions, 

tackling persistent debt burdens, and 

mobilising resources for a sustainable 

global economy. 

Dubai’s population grows by 100,000 in 2023 

Dubai’s population surged 

by 100,240 in 2023, reaching 

3.65 million, driven by a 

substantial influx of foreign 

workers, professionals, and investors. 

The emirate’s appeal stems from effective 

pandemic management, attractive 

property returns, diverse residency 

permits, and business-friendly conditions. 

This growth surpasses the 2022 

increase, with 71,495 new residents. 

Dubai’s allure for millionaires, evident 

in 1,500 relocations from London in the 

past decade, remains robust, with an 

additional 250 expected this year. The 

Henley Private Wealth Migration Report 

anticipates 4,500 millionaire relocations 

to the UAE in 2023, reflecting the emirate’s 

sustained economic dynamism, 

highlighted by notable wealth growth 

in key sectors and successful global 

events like Expo 2020 and COP28. 

RTA Implements Truck Ban on Select Roads in 

Dubai Amid Construction Activities 

Dubai’s RTA has enforced a 

continuous truck ban on 

select roads within Nad Al 

Sheba Reserve since December, 

aligning with the area’s extensive 

redevelopment plans. Nad Al Sheba 

is a focal point for future development 

in Dubai. The RTA encourages 

construction firms and heavy vehicle 

operators to utilise alternative truck 

routes. In cases requiring truck access 

to restricted roads, drivers must 

secure a mobility permit through the 

integrated RTA-Dubai Police traffic 

system. Monitoring, in collaboration 

with Dubai Police, ensures compliance, 

with violators facing penalties. This 

measure follows the completion of the 

initial phase of the Al Meydan Street 

improvement project, transforming 

roundabouts into signalised junctions. 


Travel 

4 places to visit this January from UAE 

As January begins, the call to travel emerges, free from the complexities of visa formalities. 

Reflecting the visionary spirit of the UAE, this article reveals four appealing destinations 

ready for exploration. These visa-exempt havens guarantee an immersive mix of cultural 

richness, natural wonders, and lively experiences. These destinations serve as the backdrop 

for an idyllic escape into the new year. Whether immersed in captivating landscapes or 

delving into the narratives of historical marvels, these January getaways act as portals to a 

world where exploration knows no boundaries. 

Bakuriani, Georgia 

Bakuriani, Georgia’s oldest winter 

resort boasting two centuries of 

history, has evolved into a premier 

mountain and ski centre. Nestled high in 

the mountains at the intersection of the 

Lesser Caucasus and the Trialeti Range, 

Bakuriani offers an ideal environment 

for Winter Olympic sports, catering to 

both professional and amateur skiers 

in the colder months. Beyond winter, 

it transforms into a haven for extreme 

mountain sports or family-friendly vacations. 

Transportation in and around 

Bakuriani is convenient, with the village 

being small enough for travel on foot. 

Bicycle and ATV rentals are readily 

available in the town centre, providing 

easy exploration. For convenient 

site visits, car hire is also available at 

just AED 88, providing an accessible 

means of exploring the picturesque 

surroundings. 

Bakuriani stands out as one of Georgia’s 

premier winter sports destinations, 

attracting families and professional 

sports enthusiasts alike. With slopes 

suitable for all levels of skiing and 

snowboarding, ranging from beginner 

to advanced, the resort offers a diverse 

range of activities such as tobogganing, 

ice skating, and snowmobile rentals. 

The snow season typically spans from 

November to March, making it an extended 

winter paradise. Flights from 

Dubai to Bankuriani start at an affordable 

AED 514, ensuring a reasonable travel 

expense. The city’s accommodation is 

also budget-conscious, with options 

starting from AED 353 per night, allowing 

travellers to enjoy a comfortable stay. 

Tabuk Mountains, Saudi Arabia 

The Tabuk region near the Jordanian 

border transformed into a 

winter wonderland on New Year’s 

Day, as desert sands were blanketed in 

pristine white snow. The Jabal Al-Lawz 

mountain range, accustomed to winter’s 

icy touch, becomes a picturesque 

landscape during this time, attracting 

locals and visitors alike. While Saudi 

Arabia is known for its arid climate, 

the diverse landscape sees snowfall in 

the northern mountainous regions like 

Turaif, Tabuk, Arar, and Rafha. 

Winter enthusiasts travel from across 

the Kingdom to partake in the cold 

weather and engage in snow activities, 

such as sledging. The Asir region in 

the southwest, home to the towering 

Soudah mountains, also experiences 

occasional snowfall, adding to the 

country’s surprising climatic diversity. 

The National Center for Meteorology 

forecasts further snowfall in the coming 

days, promising a captivating blend 

of thunderstorms and snow-covered 

landscapes in regions like Asir, Jazan, 

Al-Madinah, Hail, the northern borders, 

Al-Jawf, and Tabuk. Embark on a 

seamless journey from Dubai to Tabuk 

with flights starting from AED 900. 

After a day of exploration, unwind in 

comfortable accommodations starting 

at AED 400, ensuring a relaxing stay to 

complement your travel experience. 


Uludag Mountains, Turkey 

Uludag, known as the ancient 

Mysian or Bithynian Olympus, is 

a prominent mountain situated 

in Bursa Province, Turkey, boasting 

an elevation of 2,543 m (8,343 ft). The 

Turkish name “Uludag” means “great 

mountain,” reflecting its majestic 

presence. For those seeking a more 

relaxed holiday, Uludag offers luxurious 

hotels, facilities, and chalets amidst its 

refreshing air and natural splendour. 

Camping enthusiasts can explore the 

Sarıalan Camp Daily Use Area, accommodating 

300 tents with amenities like 

country clubs, barracks, bungalows, 

and more—similarly, the Çobankaya 

Camp Daily Use Area. In recent years, 

paragliding has also gained traction, 

with suitable areas for flying around 

Bakacak at an altitude of 1700 m, 

adding an adventurous dimension to 

Uludag’s diverse offerings. With travelling 

expenses starting from AED 700, 

Choose from accommodations starting 

at AED 350, ensuring a comfortable 

stay that complements the charm of 

Uludag. Explore the region at your own 

pace by opting for car hires, available 

from AED 130, providing the freedom 

to discover breathtaking landscapes. 

Salalah, Oman 

Salalah, the residence of the Sultan 

of Oman, emerges as a captivating 

city, showcasing a wealth of culture, 

history, and breathtaking beaches. Its 

distinction on the Arabian Peninsula 

is accentuated by a climate that is 

both unique and famed. Surrounded 

by verdant mountains and lush greenery, 

Salalah transforms into a vibrant 

landscape during the monsoon season. 

The city’s spectacular beaches not only 

serve as picturesque retreats but also 

cater to the adventurous spirit with 

ample opportunities for snorkelling 

and diving. 

Positioned along the Arabian Sea, 

Salalah offers a culinary journey especially 

renowned for its delectable seafood 

choices. The tapestry of Salalah’s 

history and cultural heritage is on 

vivid display in its museums, forts, 

mosques, and bustling souks, making 

it a city of profound depth and visual 

allure. Salalah, in all its uniqueness, 

stands as a testament to Oman’s rich 

blend of natural wonders and cultural 

treasures. The journey from Dubai to 

Salalah with flights starting at AED 

600. Explore the charm of this Omani 

city, known for its cultural richness 

and stunning landscapes. Retreat to 

comfortable accommodations starting 

at AED 200, ensuring a relaxing stay to 

complement your travel experience. 


Travel News 

Saudi Arabia to build a version of the Champs-Elysees in Diriyah 

Diriyah Company, the force 

behind the transformation 

of Saudi Arabia’s historic 

city, unveils plans for a grand 

Parisian-style boulevard, King Salman 

Boulevard, mirroring the famed Champs- 

Elysées. Set to launch in December 2024, 

the boulevard will accompany several 

projects, including a new opera house, 

contemporary art museum, mosque, 

convention centre, and performance 

Flydubai announces 

winter travel return 

flights from $300 

Flydubai introduces budget-friendly 

winter travel 

packages, with fares starting 

from AED1,105 ($300). The 

offerings span city breaks, beach holidays, 

and skiing adventures, catering 

to budget-conscious travellers seeking 

international winter getaways from 

Dubai. Among the ski destinations, 

Georgia beckons with pristine slopes 

in Bakuriani and Gudauri, promising 

a thrilling skiing experience amidst 

stunning landscapes. Salzburg in Austria 

offers a blend of cultural exploration 

and downhill adventures, while Serbia’s 

Kopaonik boasts modern resorts and 

diverse terrains for ski enthusiasts. The 

diverse options showcase Flydubai’s 

commitment to providing affordable 

travel opportunities, inviting exploration 

and enjoyment in various winter 

destinations. 

arena. These initiatives mark the city’s 

evolution into a tourism giga-project, 

emphasising cultural and entertainment 

offerings. Jerry Inzerillo, CEO of Diriyah 

Company, envisions continuous progress, 

with annual project reveals leading up 

to the World Expo in 2030. The $63.2B 

giga-project encompasses 14 square kilometres, 

featuring hotels, restaurants, 

museums, and homes by 2030. 

Dubai Airport expects more than 4M 

passengers in 16 days 

Dubai International Airport 

anticipates lengthy queues 

over the next two weeks, 

with a projected four million 

passengers from December 15 to 31, 

peaking at 279,000 on December 22. To 

enhance the festive travel experience, 

Terminals 1, 2, and 3 offer various activities, 

including 3D photo opportunities 

and a meet-and-greet with Santa Claus. 

The General Civil Aviation Authority 

(GCAA) Director-General 

reported a notable 15% surge 

in air traffic at UAE airports 

during the 28th Conference of the Parties 

(COP28). This increase underscores the 

significant international presence during 

the climate-focused event. The rise in air 

travel indicates heightened global participation, 

possibly attributed to delegates, 

New airlines and additional flights 

were introduced at the start of winter 

to attract more visitors to Dubai. Essa 

Al Shamsi, Senior Vice President of 

Terminal Operations, highlights the 

commitment to ensuring a cheerful 

and bright travel experience, offering 

tips such as at-home check-in services 

and self-service touchpoints to navigate 

the holiday rush effectively. 

UAE Airports Experience 15% Surge in Air 

Traffic During COP28 

experts, and attendees converging in 

the UAE for COP28. Such a substantial 

growth in air traffic emphasises the interconnectedness 

of nations in addressing 

environmental concerns. The link provided 

offers more in-depth information 

on this noteworthy development in air 

travel within the context of the COP28 

conference. 


Dubai Ranks as World’s Second Most Popular City; Kenya to Implement 

Visa-Free Travel 

Exciting news for travellers 

as Kenya declares visa-free 

entry for all starting January. 

President William Ruto 

revealed this initiative during Nairobi’s 

celebration of Kenya’s 60th 

independence anniversary, stating that 

a new digital platform will facilitate 

electronic travel authorisation. This 

move aims to streamline the entry 

process, eliminating the need for visa 

Etihad Expands Maldives 

Reach with Flights to 16 

New Islands 

Etihad Airways and Maldivian 

unveil a strategic interline 

partnership, granting access 

to 16 new holiday destinations 

in the Maldives beyond Malé. This collaboration 

enables seamless navigation 

across the Indian Ocean archipelago, 

with passengers enjoying combined 

services and networks on a single ticket. 

Etihad’s Chief Revenue Officer, Arik 

De, emphasises the enhanced customer 

experience, simplifying travel for those 

bound for the Maldives. Facilitated by 

smooth connections from Malé, Etihad 

customers can easily transition to 

Maldivian’s services, reaching various 

domestic destinations. The partnership 

aligns with Maldivian’s global expansion 

efforts, offering customers opportunities 

to connect seamlessly within their 

growing route network. 

applications worldwide. In the UAE, 

Dubai has secured its position as the 

second-most sought-after global city 

for travellers. At the same time, Abu 

Dhabi earns a spot in the top 10 trending 

destinations for the upcoming year. 

These developments mark significant 

advancements in easing travel restrictions 

and enhancing global tourism 

experiences. 

Airline Expands India-UAE Flights, Connects Other 

Indian Cities to Dubai 

Air India Express announced 

the launch of a direct flight 

connecting Surat and Dubai. 

Becoming the first airline to 

establish this direct link, the inaugural 

flight coincided with the inauguration 

of Surat Airport’s new international 

terminal by Prime Minister Narendra 

Modi. Carrying 171 passengers, the flight 

landed at Dubai International Airport. 

Aloke Singh, Managing Director of Air 

India Express, expressed the airline’s 

commitment to Surat’s growth story 

and connecting the City of Diamonds 

to the City of Gold. The airline plans 

to operate four weekly flights on the 

Surat-Dubai route, strengthening its 

position as the exclusive international 

carrier from Surat. 

Fairmont The Palm: A Blend of Contemporary 

Charm and Arabian Flair in Dubai 

Dubai’s Fairmont The Palm 

seamlessly blends contemporary 

aesthetics with Arabian 

elegance, evident in both its 

artwork and architectural design. Since 

its inauguration in 2012, the five-star 

hotel has stood as an epitome of luxury 

with 391 rooms, four pools, and an 

800-metre-long private beach. A recent 

visit by The National delves into the 

hotel’s offerings over a decade since 

its opening. Positioned conveniently 

on Palm Jumeirah Road, the hotel’s 

welcoming ambience is accentuated 

by a valet and bellboy duo. Despite the 

bustling check-in time, the process is 

swift, allowing guests to swiftly ascend 

to their rooms, six flights above, amid 

the agreeable floral notes. 


Sennheiser AMBEO Soundbar Mini 

Sennheiser AMBEO Soundbar Mini 

represents a sleek and formidable 

audio innovation that emerged 

from a collaboration with the Fraunhofer 

Institute for Integrated Circuits. 

Designed for versatile spaces like 

living rooms, desktops, bedrooms, or 

game rooms, this soundbar, measuring 

a mere 70 x 10 x 6.5 cm, effortlessly 

blends into various TV or monitor 

setups while delivering exceptional 

audio quality. 

With 250 Watts of amplification, four 

high-end full-range drivers, and dual 

four-inch subwoofers, the soundbar 

ensures sharp fidelity, impactful bass, 

and clear audio presence. Its support for 

Dolby Atmos, DTS:X, MPEG-H codecs, 

and 360 Reality Audio formats offers 

a diverse range of audio experiences, 

excelling particularly in smaller spaces. 

The soundbar offers content-specific 

presets, Voice enhancement, and Night 

mode, catering to personalised listening 

experiences. 

Featuring HDMI1 input for eARC-enabled 

TVs or monitors and integration 

with the Sennheiser Smart Control App, 

managing features and updates becomes 

seamless via smartphones. Equipped 

with integrated microphones, it supports 

AMBEO room calibration, Alexa Built- 

In, Chromecast Built-In, and AirPlay, 

allowing versatile connectivity options 

through existing Google Assistant or 

Siri-enabled devices. 

The native AMBEO|OS operating 

system enables room calibration with 

one-touch functionality, adjusting surround 

virtualisation to suit room sizes 

and acoustic textures. Doubling as a 

streaming companion over Wi-Fi or 

Bluetooth, it offers vibrant sound and 

impactful bass, enhancing the overall 

audio experience. 

While excelling in smaller spaces 

and offering an outstanding soundbar 

experience, the AMBEO Soundbar Mini 

might not entirely meet expectations 

in larger home theatre setups. The 

soundbar provides a remote control 

for basic controls and preset modes 

like Music, Movie, Neutral, News, 

and Sports. 

source: amazon.com 



Host Partner 

Strategic Partner 

International 

Financial 

Institutions Partner 

NAVIGATING THE 

RISING WAVE OF 

LARGE CORPORATE 

INSOLVENCIES 

Organized by 

19 – 20 

FEBRUARY 2024 

ADGM, ABU DHABI, U.A.E.

Strategic Road to Business Resilience and Superior Performance in AI-powered Future 

24 – 25 January 2024 | Crowne Plaza Al Minhal, Riyadh, KSA 

29 – 30 January 2024 | JW Marriot Marina, Dubai, UAE 

“Join us at the 2nd GPRC Summit 2024!” The G[P]RC Summit is 

the world’s largest summit on GPRC: GRC integrated with 

Performance and Strategy, a pivotal event that brings together 

the brightest minds in global business leadership taking place in 

Riyadh on the 24-25 January 2024, Crowne Plaza Riyadh Minhal 

and in Dubai on the 29 January 2024, JW Marriott Marina. This 

year, we are excited to host this esteemed event under the 

theme "Strategic Road to Business Resilience and Superior 

Performance in an AI-powered Future". The summit promises a 

blend of enlightening keynotes, interactive panels, and exclusive 

networking sessions with C-Level Executives designed to foster 

meaningful collaborations and insights. We are eager to 

welcome you to an event that promises not just discourse, but 

the shaping of future business landscapes. 

Meet your speakers 

HE. Dr. Mohammed 

Al Kuwaiti 

Head of Cyber Security 

UAE Government, UAE 

Michael Rasmussen 

GRC Analyst and Pundit 

GRC 20/20 Research, Inc, 

USA 

Faisal Mohammed 

Al Shimmari 

Executive Vice President, Head 

of ESG & Corporate Strategy 

Mashreq Bank, UAE 

Your participation will not only enrich the discussions but also 

help in shaping the future of GPRC in an increasingly 

interconnected business world. As a G[P]RC Summit delegate, 

you will have an opportunity to earn a globally recognised GRC 

Certification from the Non-Profit Organisation that invented 

GRC: OCEG. The GRC professional (GRCP) certification 

validates that you understand and can apply GRC in your 

organisation. It equips executives and aspiring leaders with 

essential GRC knowledge and skills by integrating and advising 

on governance, strategy, performance, risk, compliance, ethics, 

internal control, security, privacy, and audit activities. 

Mario Foster 

Group CIO 

Al Ghurair Group, UAE 

Ahsan Ali 

Chief Risk Officer 

Tourism Development 

Fund, Saudi Arabia 

Suhaib Alhosainy 


Saudi EXIM Bank, Saudi Arabia 

Mohammad Al-Nasser 


Saudi Credit Bureau - SIMAH, 

Saudi Arabia 

Jason Davies 

Chief Internal Audit Officer 

NEOM, Saudi Arabia 

Nasser Saud Alsahli 

Chairman 

Saudi Governance Center, 

Saudi Arabia 

Strategic Supporters 

Strategic Partner 

Host Sponsor Platinum Sponsors Corporater Technology Expert 

Gold Sponsors 

Silver Sponsors 

Bronze Sponsor 

Training Partner 

Organiser 

Media Partners 

FOR MORE INFORMATION: info@gprcsummit.com www.gprcsummit.com

The Institute of Chartered Accountants of India 

Abu Dhabi Chapter 

(A Company Limited by Guarantee and Registered in Abu Dhabi Global Market) 

ANNUAL 

INTERNATIONAL 

SEMINAR 

Date & Day : 

27th & 28th January 2024 | Saturday & Sunday 

Seminar Venue : 

Conrad Hotel, Abu Dhabi Etihad Tower 

Gala Dinner & Concert Venue : 

VOGO Abu Dhabi Golf Resort & Spa 

(Formerly known as The Westin Golf Resort)

BUSINESS 

SETUP IN THE UAE 

14 years 

THECO MPANY 

FORMATION 

100% ONLINE AND HASSLE FREE 

hello@thecompanyformation.com | www.thecompanyformation.com | +971 50 764 90 56

Giving Businesses 

Support to ease their 

Cashflow 

Contact Us 

www.iFundFactoring.com 

iFund

Finance World Magazine| Edition: January 2024

Create successful ePaper yourself

Delete template?

Save as template?