Finance World Magazine| Edition: February 2024

Economic Significance of Family Businesses in UAE
Exploring The AlMulla Brothers' Visionary Approach to Healthcare
UAE's Unified Registry Launch: Strengthening Family Business Governance
Towards Net-Zero: ADNOC’s Decarbonisation Odyssey in 2024
February 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
Business Triumphs:
Family Traditions,
UAE’s Core Enterprises
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Reaching a visionary goal requires
one percent vision and 99 percent alignment.
This edition of Finance World magazine delves into the intricate
tapestry of family businesses that form the backbone Editor’s Note of the
UAE’s economic landscape. While the world marvels at the
skyscrapers that adorn the horizon, it is the stories of resilience,
tradition, and financial acumen within these family enterprises that
define the nation’s economic fabric.
The cover story highlights some of the influential family businesses
that traverse diverse sectors within the UAE, weaving together a
narrative that profoundly influences the nation’s economic trajectory.
Furthermore, articles such as ‘Exploring The AlMulla Brothers’ Visionary
Approach to Healthcare’ and ‘Innovation in Elevation: Al Habtoor Real
Estate’s Landmark Projects of 2023’ navigate the influential role of
family businesses in driving growth within diverse sectors.
Moreover, the magazine explores regulatory initiatives taken by
the UAE to boost family businesses within the country and their
consequential impact on the economy. Articles including, ‘The
Economic Significance of Family Businesses in the UAE’ and ‘UAE’s
Unified Registry Launch: Strengthening Family Business Governance’
provide insights into these regulatory measures.
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, 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
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.
February 2024 www.thefinanceworld.com 5
September 2022 3

STAY CONNECTED
WITH OUR LATEST
BUSINESS NEWS
Contents February
2024
PERSONAL FINANCE
P8 | Integrating Family-Owned
Business with Personal Finance: A
Comprehensive Guide
UAE BANKING
P10 | Exploring LGT’s Family-
Centric Business Model and
Long-Term Vision
P12 | UAE Banking News
UAE REFORMS
P14 | UAE’s Unified Registry
Reforms: Strengthening Family
Business Governance
FINTECH
P16 | Cash Infusion: FinTech
Funding Highlights from the
Middle East
P18 | Fintech News
P20 | Fintech Application
BUSINESS
P22 | Innovative Solutions,
Enduring Wealth: Exploring the
DIFC Family Wealth Centre
P24 | Business News
COVER STORY
Economic Significance of Family Businesses in UAE
Exploring The AlMulla Brothers' Visionary Approach to Healthcare
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
P28 | Family Traditions, Business
Triumphs: UAE’s Core Enterprises
START-UP
P38 | How Dubai’s Startups Are
Attracting Significant Foreign
Investments
ENERGY
P40 | Towards Net-Zero: ADNOC’s
Decarbonisation Odyssey in 2024
P42 | Energy News
UAE's Unified Registry Launch: Strengthening Family Business Governance
Towards Net-Zero: ADNOC’s Decarbonisation Odyssey in 2024
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
February 2024
HEALTHCARE
P46 | Mohamed & Obaid AlMulla
Groups’ Visionary Approach to
Healthcare
MERGERS AND
ACQUISITIONS
P52 | Key Reasons Why Due
Diligence is Essential for
Mergers & Acquisitions in UAE
P54 | Mergers & Acquisitions News
REAL ESTATE
P56 | Innovation in Elevation: Al
Habtoor Real Estate’s Landmark
Projects of 2023
P60 | Real Estate News
6 www.thefinanceworld.com February 2024

FUNDING & INVESTMENT
P62 | HB Investments: Nurturing
Global Brands Through Strategic
Investments
P64 | Funding & Investment News
DIGITAL ASSETS
CORPORATE
P70 | Corporate Results
SPORT AS A BUSINESS
P72 | Scoreboard Economics: The
Influence of Sports Investments on
the Global Stage
P74 | Sports News
TOURISM
TRAVEL
P84 | Top Picks for Family
Getaways this February
P86 | Travel News
P27 | P89 | Launch Express
P38 | P44 | Wheels
P26 | P88 | Tech My Money
P66 | Navigating the Top
Blockchain Companies and
Developers in Dubai
ECONOMY
P76 | Charting Success: A Step-by-
Step Guide to Tourism Licensing in
Dubai
GLOBAL
P78 | Global News
INVESTING IN ART
P68 | The Economic Significance
of Family Businesses in the UAE
P80 | Navigating Legal Aspects
of Art Investment: Contracts and
Ownership
P82 | Local News
February 2024 www.thefinanceworld.com 7

Personal Finance
source: freepik.com
Family businesses see largest growth increase in 15 years, pwc.
Integrating Family-
Owned Business with
Personal Finance: A
Comprehensive Guide
Family-run companies may slightly lag during
economic booms but excel in recession
resilience. - Harvard Business Review
Embarking on the journey of integrating
family-owned businesses with personal
finance demands a nuanced understanding
of the intricate dynamics involved. In
an era where financial success is pivotal
for both individual prosperity and the
longevity of family enterprises, a comprehensive
guide becomes indispensable.
Recent research sheds light on the encouraging
fact that 71% of family businesses
witnessed growth in their latest financial
year, marking a significant uptick in performance.
Even more striking, 43% of
these businesses reported double-digit
growth, demonstrating a robust and resilient
sector. As we delve into the intricacies
of integrating family-owned businesses
with personal finance, these statistics
underscore the potential for prosperity
and provide a compelling backdrop for
our comprehensive guide.
8 www.thefinanceworld.com February 2024

Family-owned businesses bring a
unique set of dynamics to the table,
intertwining the success of the
enterprise with the financial well-being
of family members. Balancing personal
financial goals with the demands and
opportunities of a family business requires
a thoughtful and strategic approach. In
this comprehensive guide, we delve into
key considerations and strategies for
seamlessly integrating family-owned
businesses with personal finance.
Compensation Harmony:
It is the art of fairly and competitively
remunerating family members involved
in a family-owned business. This process
ensures that each member receives
compensation commensurate with their
roles and contributions, aligning personal
financial interests with the success of the
business. By establishing a transparent
and structured compensation plan, the
distinction between personal income
and business profits becomes clear.
This clarity not only fosters a shared
commitment to the business’s prosperity
but also aids family members in making
informed decisions for their financial
planning, creating a harmonious relationship
between familial and business
financial objectives.
Wealth Building through
Business Ownership:
It involves recognising the interconnected
nature of owning a family
business and personal wealth. This
concept emphasises understanding the
symbiotic relationship between the
family’s ownership of the business and
the accumulation of personal wealth. As
the family business experiences growth
or diversification, it directly influences
personal financial goals. By exploring
how the family business impacts personal
financial objectives, individuals
can leverage the business’s success to
contribute to long-term wealth building.
Succession Planning Integration:
It goes beyond securing the future of
the family business; it is an essential
aspect of personal financial planning.
This concept emphasises the need to align
personal goals with a carefully crafted
succession plan, recognising that the two
are intricately connected. Succession
planning ensures a smooth transition of
leadership and ownership, contributing
The fusion of
family values
and financial
wisdom crafts a
legacy of enduring
prosperity of
business.”
to the continuity of financial stability for
the entire family. This approach fosters
a strategic alignment where the family’s
aspirations and the business’s long-term
sustainability complement each other,
resulting in a seamless and prosperous
transition for generations to come.
Tax Planning Synergy:
Family-owned businesses, like any other
business, require tax planning. However,
when considering the synergy of personal
finance with the business, it becomes
crucial to explore optimal options. Tax
planning synergy involves strategically
leveraging tax planning strategies that
account for both personal and business
taxes. By exploring tax-efficient methods
for transferring wealth between family
members and the business, individuals
can optimise financial outcomes, ensuring
a harmonious integration of tax planning
strategies for the benefit of both entities.
Retirement Goals Aligned:
Integrate comprehensive retirement
planning aligning family members with
business retirement plans. Develop a
strategic transition plan for business
ownership upon retirement, ensuring a
harmonious balance between personal
retirement goals and the ongoing needs
of the family business.
Financial Education Across the Board:
A family business is a fusion of collective
efforts and unity, with varying
levels of financial literacy among its
members. To ensure the long-term health
of the family business, it is crucial to
promote financial literacy among all
family members. Fostering a shared
understanding of both the dynamics of
the family business and personal financial
matters cultivates responsible financial
practices and informed decision-making.
Emergency Funds and
Contingency:
Being prepared for the worst is always
preferable to being helpless, especially
in family businesses where losses affect
everyone. Establishing emergency funds
at both personal and business levels is
essential to navigate unforeseen financial
challenges. Develop contingency plans
that carefully consider the financial
stability of both family members and
the business.
Distinguishing Business
and Personal Debt:
Maintain financial clarity by clearly
distinguishing between business and
personal debts. Recognize how business
debt may impact personal credit and
financial standing, and manage these
aspects separately.
Family Council Meetings:
Transparency is fundamental for a
successful business. Utilising regular
family council meetings as a platform
facilitates discussions on both business
and personal financial matters. Open
communication is pivotal in addressing
concerns and aligning financial goals
across all family members, fostering
a cohesive and informed approach to
managing both aspects of the family’s
financial landscape.
Professional Advisor
Collaboration:
Engage professional advisors who
specialise in both family business and
personal finance. Ensure coordination
among legal, financial, and business
advisors to create holistic strategies that
align with overall goals.
The integration of family-owned businesses
with personal finance is a delicate
dance requiring strategic planning, open
communication, and a deep understanding
of the interconnected nature of these
financial spheres. When approached
thoughtfully, the synergy between family
and business can create a legacy of financial
success for generations to come.
February 2024 www.thefinanceworld.com 9

UAE Banking
source: Pexels.com
Designated Non-Financial Businesses and Professions Regulations safeguards business integrity.
Exploring LGT’s
Family-Centric
Business Model and
Long-Term Vision
Offering a comprehensive suite, including Princely
strategy, co-investments, wealth planning, and
sustainable investments, LGT stands as a steward of
generational wealth.
In the realm of family businesses, one
that demands our attention is the exemplary
model of the LGT group. It is one
of the largest royal family-owned private
banking and asset management groups in
the world with over 25 locations across
the globe. The ownership of LGT has a
deep-rooted connection to Liechtenstein
since the era of Prince Karl I (1569 to
1627), the first Prince of Liechtenstein,
establishing a historical tie that persists
to this day in one of the world’s most
economically prosperous states. Initially
centred around land acquisition and management,
the family evolved its business
across diverse sectors, demonstrating skill,
innovation, and a long-term perspective.
Through strategic diversification, the family
navigated crises, preserving wealth
over generations, with current holdings
spanning agriculture, forestry, alternative
energy production, and thriving financial
institutions.
10 www.thefinanceworld.com February 2024

The Princely Family, spanning 900
years and 26 generations, has
maintained its entrepreneurial
legacy by embracing a sustainable and
innovative approach. Initially rooted
in agriculture and forestry, the family’s
success factors expanded beyond
these sectors with the incorporation of
diverse businesses, including banking
and asset management, into its portfolio.
Throughout this evolution, the core principles
of sustainability and continuous
innovation remained unchanged. LGT,
as a family-owned entity, embodies this
centuries-old entrepreneurial character,
allowing for independent decision-making
aligned with long-term goals, a privilege
not afforded to publicly traded companies
on stock exchanges.
For over a century, LGT, a family-run
private bank, has been at the helm of
managing assets for families and corporations
globally. Delving into the annals
of LGT’s history, its roots intertwine with
traditional values, systematic investment
processes, and modern portfolio theories,
earning the trust of clients worldwide.
LGT’s enduring principles echo a
commitment to long-term thinking
and sustainable practices. In a rapidly
changing world, LGT, as one of the last
family-run private banks, has navigated
substantial growth while keeping its sights
on sustainability. From Europe to Asia
and the Middle East, LGT has become
a prominent figure for high-net-worth
individuals and families, prioritising
sustainable growth over fleeting profits.
Understanding the distinct nature of
each client’s financial journey, LGT’s advisors
craft personalised solutions. Clients
gain direct access to expert insights, with
investment processes rooted in modern
portfolio theories and meticulous financial
analyses. Whether aligning with the
Princely Family’s strategy or venturing
into private equity and impact funds,
LGT opens doors to diverse investment
opportunities.
Built on the bedrock of the Princely
Family’s traditional values, LGT’s corporate
culture exudes respect, friendliness,
and an entrepreneurial spirit. Mutual
trust serves as the cornerstone of LGT’s
relationships, fostering sustainability in
both private and business connections.
Families entrust LGT with their assets
for generations, drawn by a commitment
to client interests and a robust financial
foundation.
We believe
that integrating
sustainability
enhances longterm
risk-adjusted
returns.”
Christopher Greenwald, Head of
Sustainable Investing, LGT.
LGT’s investment expertise revolves
around personalised advice, conflict-free
practices, and systematic, disciplined
processes. The aim is to optimise returns,
manage risks, and ensure investments
positively impact society and the environment.
Offering a comprehensive suite,
including Princely strategy, co-investments,
wealth planning, and sustainable
investments, LGT stands as a steward of
generational wealth.
The group, housing Private Banking
and Asset Management divisions operates
independently with streamlined structures.
The Foundation Board, chaired by H.S.H
Prince Max von und zu Liechtenstein,
oversees LGT Group, ensuring efficient
decision-making. This organisational
efficiency establishes LGT as a steadfast,
long-term partner for clients, emphasising
stability and solidity in the face of
market fluctuations.
LGT works closely with many families
and family offices across the Middle East,
where their businesses have grown into
significant players in the regional economy
over the past few decades. These
enterprises, once small, have transformed
into global conglomerates, becoming
essential pillars in their respective local
economies.
Drawing the Princely Family’s entrepreneurial
history brings valuable insights
and interactions with business families
in the region. Conversations about family
governance, succession planning, and
wealth preservation mirror challenges
that owners have successfully tackled
across generations. This shared experience
resonates well with clients and is
genuinely appreciated.
LGT’s commitment to independence
and long-term vision is evident in its
international expansion. Over the past
two decades, the company has consistently
grown, demonstrating resilience
even during economic downturns. The
establishment of LGT’s DIFC entity a
decade ago marked the beginning of
its expansion into India and Australia.
This strategic growth aligns with the
company’s enduring approach, reflected
in the significant number of long-tenured
employees and a sustained presence in
the jurisdictions it enters. LGT’s dedication
to stability and longevity extends
beyond financial strategies, shaping its
corporate culture and global footprint.
This steadfast commitment positions LGT
as a reliable partner, distinguishing it in
a landscape often marked by short-term
perspectives.
Clients choose LGT due to its unparalleled
grasp of wealth management,
dedication to family values, impressive
track record, commitment to sustainability,
and personalised approach. Rooted
in the Princely Family of Liechtenstein’s
values, their culture centres on a holistic
wealth management approach, ensuring
LGT maintains a long-term perspective
aligned with clients’ best interests. This
foundation cultivates trust and confidence,
which are crucial for enduring
relationships.
Moreover, LGT’s strong focus on
sustainability and impact investing, a
sustained priority for years, attracts
clients seeking investments aligned with
their values. In an era where many wish
to contribute positively to society and the
environment through their investments,
LGT provides the expertise and support
to help clients realise this aspiration.
February 2024 www.thefinanceworld.com 11

UAE Banking News
Saudi Arabia’s PIF
Investments Surge in
2023
In 2023, Saudi Arabia’s sovereign
wealth fund, the Public Investment
Fund (PIF), demonstrated
its significant influence by
contributing a noteworthy $31.5B,
roughly a quarter of the total $124B
spent globally by sovereign wealth
funds. PIF’s active participation extended
across US public and private
markets, along with diverse global
sectors. Detailed in documents related
to the LIV Golf-PGA merger, PIF’s top
holdings encompassed shares in Lucid,
Electronic Arts, Uber, Take-Two, and
Live Nation. Beyond mere financial
stakes, PIF showcased a strategic focus
on experiential sectors, spanning
gaming to in-person entertainment.
This underscores PIF’s dynamic and
diversified investment strategy, positioning
itself as a key player on the
global financial stage.
Emirates NBD Business Banking Unveils ‘Foreign
Exchange and Trade’ Promotion
Emirates NBD has launched a
major Foreign Exchange and
Trade customer promotion,
offering prizes exceeding
AED 3M. Running until March 31, 2024,
the initiative rewards 120 Business
Banking customers with monthly
prizes of up to AED 10,000 each for
engaging in trade or foreign exchange
transactions. Additionally, participants
have the chance to win a grand prize
of AED 1M, two prizes of AED 250,000
each, and five prizes of AED 100,000
each. Rohit Garg, Group Head of
Business Banking at Emirates NBD,
emphasises the bank’s commitment
to recognizing the crucial role of business
transactions in driving economic
prosperity and invites customers to
participate in this rewarding initiative.
UBF and HKAB Ink Deal to Boost Cooperation in UAE
The UAE Banks Federation
(UBF) and Hong Kong Association
of Banks (HKAB) recently
inked a Memorandum
of Understanding (MoU) to bolster
collaboration and knowledge exchange
within the banking and financial realm.
The agreement, sealed by Jamal Saleh,
UBF’s Director General, and Stephen
Chan, HKAB’s Acting Chairman, aims
to foster cooperation among the two
entities, their member banks, and the
broader financial sector. This strategic
alliance, overseen by the Central
Bank of the UAE and the Hong Kong
Monetary Authority (HKMA), emphasises
sharing expertise, organising
workshops, and ensuring adherence
to international regulations. Key focus
areas include governance, transparency,
and sustainability, showcasing a
commitment to harmonising practices
on a global scale.
UAE Central Bank Introduces Regulations for Short-Term Credit Services
The UAE Central Bank has
rolled out a revised Finance
Companies Regulation to supervise
firms providing shortterm
credit and buy-now-pay-later
services. The updated rules authorise
entities, acting as agents for licensed
banks or finance companies, to offer
short-term credit upon approval from
the banking regulator. Furthermore,
the Central Bank has the authority to
issue licences to entities as restricted
licence finance companies for these
activities. Unlicensed entities involved
in short-term credit must either seek
a restricted licence or partner with a
licensed finance company or bank.
This regulatory step responds to the
burgeoning sector fueled by the increasing
popularity of buy-now-pay-later
models, aiming to ensure oversight
and stability in financial services.
12 www.thefinanceworld.com February 2024

Union Properties in Debt Repayment Deal with Leading UAE Bank
Union Properties in Dubai has
secured a debt repayment
agreement with a prominent
UAE bank, marking its second
significant transaction. The Board of
Directors has greenlit a payment plan
ranging from AED 825M to AED 875M, to
be fulfilled within nine months through
four instalments. This initiative is part
of Union Properties’ proactive approach
to managing debt exposure, following
a settlement with its ex-chairman for
AED 620M under a structured instalment
plan. The company is strategically
addressing legacy issues, aiming to
fortify its operational focus and enhance
future cash flow generation. The board’s
approval underscores Union Properties’
commitment to navigating financial
challenges through strategic measures.
Saudi Arabia Unveils
First Financial Center
with Unified Policies
Saudi Arabia is poised to
inaugurate its inaugural
financial centre, incorporating
a unified system of standards
and policies at the national level.
Abdul Aziz Al-Furaih, Chairman of the
Steering Committee at the Ministry of
Finance, emphasised the significance
of this initiative at the Leadership
Forum in Riyadh. The move towards
accrual accounting is anticipated
to optimise government financial
and accounting efficiency, furnishing
precise information for decisionmaking,
performance assessment, and
accountability. Al-Furaih highlighted
the transformation’s achievements,
underscoring its role in advancing
sustainability and augmenting gains—
an essential stride in Saudi Arabia’s
commitment to modernise financial
practices for comprehensive and
improved governance.
UAE Insurance Sector Expands with $36B in
Assets
The UAE insurance sector
demonstrates robust growth,
reaching AED 131.6B ($35.8B)
in assets by Q3 2023, a 9.6%
surge in the initial nine months, marking
an AED 11.5B ($3.1B) increase
from year-end 2022. Quarterly, assets
climb 3.05% to AED 127.7B ($34.8B)
from Q2 to Q3 2023. Leading in Arab
insurance, the UAE rises to 37th
Proshot Holding is set to revolutionise
the banking landscape in
the Middle East and North Africa
(MENA) with an innovative digital
banking platform launched in the UAE.
Founded by Iman Khatibzadeh, the
vision is to address the unique needs
and challenges of the rapidly evolving
MENA market. The platform aspires
to offer a seamless, secure, and user-friendly
digital banking experience
catering to diverse customers, from
individuals to large enterprises. Iman
Khatibzadeh underscores the goal of
bridging the gap in digital financial services,
providing accessible, efficient,
and secure banking solutions to meet
the dynamic needs of customers in
the region. The initiative represents a
significant step towards modernising
and enhancing the financial landscape
in the MENA region.
globally in 2021, underscoring its
resilience and dynamism. These figures
solidify the UAE’s status as a
regional powerhouse and global player,
emphasising consistent growth and a
fortified position in the international
financial arena. The sector’s performance
highlights its adaptability and
enduring strength in the face of economic
dynamics.
New Digital Banking Launch Anticipated in UAE
February 2024 www.thefinanceworld.com 13

UAE Reforms
source: freepik.com
The ministry’s unified registry aligns with Cabinet Resolution No. 109 for family business registration.
UAE’s Unified
Registry Reforms:
Strengthening Family
Business Governance
The evolving policies and frameworks showcase a
commitment to fostering an environment for longterm
success among family businesses in the UAE.
The United Arab Emirates (UAE) has
embarked on a transformative journey
to fortify the governance and sustainability
of family businesses, signalling a pivotal
shift in its economic landscape. With the
Ministry of Economy unveiling a unified
registry and enacting four resolutions,
the UAE is redefining the framework for
family enterprises. These reforms, aimed
at bolstering governance and competitiveness,
underscore the nation’s commitment
to fostering an environment where local,
regional, and global family companies
thrive. The article explores the registration,
deregistration, and governance
procedures of family businesses in the
UAE, as stipulated by the new unified
registry law, emphasising transparency
and compliance within this regulatory
framework.
14 www.thefinanceworld.com February 2024

The cornerstone of this transformation
lies in recognising the pivotal role
of family businesses in shaping
economies worldwide. H.E. Abdulla bin
Touq Al Marri, Minister of Economy,
emphasised their significance, highlighting
their substantial contribution to the global
private sector, workforce, and GDP. In the
UAE, where these businesses constitute
a significant portion of the national
GDP and private companies, their role
is paramount in realising the country’s
ambitious economic goals outlined in
the ‘We the UAE 2031’ vision.
Central to these reforms is the introduction
of the Family Business Law Decree
and the subsequent establishment
of a unified registry. This registry
serves as a comprehensive database,
streamlining the registration process for
family companies. It mandates specific
criteria for registration, ensuring that
only eligible family businesses become
part of this centralised system. This
process, spanning five distinct steps,
ensures transparency and compliance
while facilitating smoother operations
for family enterprises.
Firstly, the majority shareholders of
the family-owned enterprise initiate
the registration by applying through
the relevant authority in each emirate.
This authority, encompassing free zones
as well, meticulously verifies the family
company’s compliance with all specified
regulations and prerequisites. Following
this, the authority manages the data
and ensures seamless communication
between the family-owned company
and relevant parties, with any updates
promptly shared with the Ministry of
Economy. Subsequently, the Department
of the Unified Registry at the Ministry
takes charge, overseeing the registration
process upon receiving the necessary
documentation and data, ultimately issuing
the certification for the family company.
In cases where digital connectivity is
absent between the Ministry and the
relevant authority, alternate coordinated
methods are utilised to share the data
within three working days to ensure a
streamlined registration process.
Moreover, the establishment of
deregistration procedures is crucial to
uphold the credibility and accuracy of the
unified registry for family businesses in
the UAE. These procedures are designed
within a robust framework that ensures
stringent checks and balances. They serve
as safeguards against any inaccuracies or
deviations from the specified ownership
structures outlined during the registration
process.
By delineating a clear process for
deregistration, the framework empowers
authorities to thoroughly review and
assess the reasons behind a family
business’s potential removal from the
registry. This could occur if there are
substantial deviations from the initially
provided information regarding ownership,
which might compromise the integrity
of the registry.
Additionally, these measures help
prevent any unauthorised or misleading
information from being associated with
registered family businesses, thereby
maintaining the trustworthiness and
reliability of the information stored within
the unified registry. The credibility of the
registered family businesses is thereby
reinforced, ensuring that the registry
remains a comprehensive and accurate
database of eligible family enterprises
within the UAE.
The integration of the Family Charter into
the unified registry stands as a testament
to the commitment to sustainability
and succession planning within family
enterprises. This charter sets out ownership
rules, values, and mechanisms, crucial
for the continuity and long-term viability
of these businesses across generations.
Facilitating share purchase mechanisms
and outlining guidelines for issuing
multiple share classes further enhances
the adaptability and growth prospects
of family businesses. These resolutions
provide a structured approach, allowing for
strategic decision-making and flexibility
in adapting to evolving market demands.
H.E. Al Saleh detailed Cabinet Decision
No. 107 of 2021, aligning with Article
No. 11 of the Family Businesses Law,
outlining a structured procedure for
family companies to purchase their
shares. This mechanism mandates several
key steps: the initial approval from the
family company’s general assembly,
empowering the board of directors or
the company manager to proceed with
the purchase. Subsequently, the family
company seeks approval from the
relevant authority, committing to adhere
to specified obligations and obtaining
the necessary consent from government
bodies if applicable. The commitment
includes executing the purchase process
within a stipulated time frame set by the
competent authority. The final decision on
the approval or rejection of the purchase
request is made by the relevant authority
within 15 business days, contingent upon
the submission of all required data and
documents.
Cabinet Decision No. 108 of 2023
introduces stringent controls governing
the issuance of multiple share categories
within family companies, emphasising the
importance of clarity in the allocation of
rights and privileges for each category.
These controls, delineated within the
company’s articles of association or
bylaws, ensure that shares of the same
category possess equal rights and privileges.
Moreover, the resolution grants the
family company the authority to modify
or revoke share categories or associated
rights, allowing for the establishment of
specific rules within the founding contract
or bylaws to facilitate such changes
when necessary. Notably, if procedures
for altering or revoking share categories
aren’t defined, a 75% or more majority
vote from partners with voting rights,
as specified in the founding contract or
bylaws, is mandated to authorise such
modifications.
H.E. Al Saleh emphasised that these
resolutions mark a significant milestone,
providing increased flexibility for the
operations of family businesses across
diverse sectors within the UAE. These
measures are aligned with the nation’s
ongoing efforts to enhance its appeal
for family businesses, supporting their
expansion and fostering an environment
conducive to their sustained growth. These
initiatives are in line with the country’s
long-term objectives, ensuring a thriving
ecosystem for family enterprises over
the coming decades.
These reforms underscore the UAE’s
commitment to nurturing an ecosystem
where family businesses thrive, contributing
significantly to the nation’s economic
landscape. By aligning legislative
advancements with visionary programs,
the UAE stands poised to elevate its
position as a global destination for family
companies.
The unveiling of these resolutions marks
a pivotal moment in the UAE’s economic
narrative. As the country looks towards
the next fifty years, these reforms pave
the way for sustained growth, innovation,
and global leadership within the realm
of family enterprises.
February 2024 www.thefinanceworld.com 15

Fintech
source: freepik.com
UAE’s investment spiked by 92%, fueled by fintech-friendly regulations. CNBC
Cash Infusion:
FinTech Funding
Highlights from the
Middle East
Fintech thrives on innovation, where funding is
the spark that ignites a revolution in reshaping and
redefining the future of finance.
Fintech, short for financial technology,
encompasses the delivery of financial
services utilising IT and internet solutions.
Key subcategories include digital
payments, mobile banking, money
transfer services, and cryptocurrency.
Projections for 2024 indicate that the
global fintech sector’s total revenue is
expected to reach 188 billion U.S. dollars.
In the Middle East, fintech services play a
crucial role within the financial industries,
with numerous startups emerging in this
sector. Entrepreneurs swiftly grasped the
value within the fintech industry, securing
noteworthy funding mere years after their
inception. This article spotlights some of
these fintech ventures that have garnered
substantial funding due to their innovative
approaches and robust ideas.
16 www.thefinanceworld.com February 2024

“To date, KARTY has garnered significant
direct funding from local and international
investors”, Mohammed Suleiman.
KARTY
In the ever-expanding landscape of
FinTech in the Middle East, KARTY has
emerged as a standout player, founded
in 2021 by Mohammed Suleiman and
Abdulaziz Al-Marri. The recent success
of KARTY, a Qatari fintech, lies in its
completion of a substantial seed funding
round, securing an impressive $2 million.
The infusion of capital stems from a
diverse consortium of local investors,
as reported by IBS Intelligence. This
influx of funds is strategically earmarked
for the imminent launch and scaling of
KARTY’s cutting-edge e-wallet and financial
resource management application.
The platform, designed with user-friendly
features, offers instant peer-to-peer
money transfers, meticulous oversight
of daily spending, and insightful tracking
of spending patterns through interactive
charts. Amidst the thriving FinTech
funding landscape in the Middle East,
KARTY is a standout contender.
This investment propels our
global AI-driven retail customer
engagement revolution, Omar Ebeid.
Zeal
Established in 2019 by Omar Ebeid,
Bellal Mohamed, and Amr Mohamed,
Zeal has carved its niche in the fintech
landscape, offering a unique blend of
payment solutions and customer loyalty
programs. Users can seamlessly link
various payment methods to their Zeal
accounts, making in-store payments with
a QR code scan, facilitated by Zeal-provided
scanners.
Zeal’s innovative approach replaces
traditional loyalty cards, allowing users
to accumulate points with each transaction
that can be redeemed for rewards
at partner outlets. Recently securing a
substantial $4 million in funding led by
Raed Ventures and Cur8 Capital, along
with strategic angel investors, Zeal is
set to expand its technological footprint
across the EMEA region. Having already
made strides in the UK market, Zeal aims
to stand out by providing Value Added
Service solutions for payment acquirers
and merchants globally, solidifying its
position as a noteworthy player in the
Middle East’s FinTech funding landscape.
At Takadao, we create user-owned
financial services, fostering community
empowerment, Sharene Lee.
Takadao
Established in 2022 by Sharene Lee
and Morrad Irsane, Takadao stands out
in the FinTech funding landscape with
its Shariah-compliant blockchain-based
services, offering users savings, loans, and
cooperative life insurance. As a pioneer
in creating the infrastructure for community-based
financing and insurance,
Takadao represents a significant stride
towards inclusive, transparent financial
solutions.
The Saudi Arabia-based fintech recently
garnered attention by raising a
substantial $1.6 million in a pre-Seed
round in June 2023, led by prominent
investor Tim Draper, along with BIM,
Core Vision Ventures, and Prince Sultan
bin Fahad bin Salman Al Saud.
Notably, Takadao secured additional
undisclosed investment in January 2024
from Adaverse, a Cardano ecosystem
accelerator and seed fund, focusing on
Web3 solutions. This new funding will
propel the launch of Takadao’s flagship
product, Takasure, in June 2024, marking
a noteworthy development in the FinTech
funding landscape of the Middle East.
What we offer can be vital for small
business owners, Idriss Al Rifai.
Flow48
Established in 2022 by Idriss Al Rifai,
Flow48 is making waves in the Middle
East’s FinTech landscape by providing
SMEs in the UAE with innovative revenue-based
financing solutions. Recently
securing an impressive $25 million in a
pre-Series A funding round, featuring a
blend of equity and debt funding, Flow48
is poised for expansion.
The platform, which seamlessly integrates
with ERP providers, payment
gateways, and e-commerce platforms,
utilises a proprietary risk engine for
precise and efficient credit assessments.
With plans to expand its horizons, Flow48
is actively considering South Africa,
acknowledging the robust SME lending
market and advanced fintech ecosystem
in the region.
Backed by investors like Speedinvest,
Daphni, Blockchain Founders Fund, and
more, this funding aligns with Flow48’s
commitment to data-driven, real-time
lending solutions, emphasising its dedication
to empowering SMEs across
emerging markets globally.
The journey of Flow48 continues, driven
by a vision to empower SMEs across
emerging markets on a truly global scale.
February 2024 www.thefinanceworld.com 17

Fintech News
Maalexi’s Pre-Series A Funding Hits $3M for UAE Agri-Trade Fintech
Maalexi, in the global agritrade
sector, triumphs with
a $3M pre-Series A funding
round, proudly announced
by the company. Spearheaded by Global
Ventures, the leading MENA venture
capital firm, this round sees collaboration
with existing investors Rockstart
(Amsterdam) and Ankurit Capital (New
Delhi). The infusion of funds is strategically
earmarked for Maalexi’s tech
advancement, focusing on fortifying its
full-stack platform. This move aims to
empower SME agri-buyers to procure
swiftly, cost-effectively, and securely
from SME sellers across the globe. Additionally,
the funds will be instrumental
in expanding Maalexi’s customer base,
targeting increased buyers in the UAE
and Saudi Arabia and welcoming sellers
from more than 50 origin countries.
Maalexi’s cutting-edge technology,
featuring digital contracts, AI-enhanced
inspections, and blockchain-verified
documentation, addresses trade risks
and financial constraints faced by small
agri-businesses.
Tabby Raises $700M in Debt Financing, Extends
Series D to $250M
Saudi Arabia’s prominent shopping
and financial services
app, Tabby, has secured a
substantial boost with up to
$700M in receivables securitisation
from J.P. Morgan, marking the largest
asset-backed facility attained by a
fintech company in the MENA region.
Simultaneously, Tabby has extended its
Series D financing, reaching a total of
$250M. The extended round includes
investment from Hassana Investment
Company, Soros Capital Management
from the US, and Saudi Venture Capital
(SVC). This financial infusion fortifies
Tabby’s balance sheet, meeting the surging
demand for its buy now, pay later
platform. The capital will facilitate the
expansion of Tabby’s financial services
and shopping products, catering to its
extensive user base of 10M consumers
and 30,000 retailers. This positions
Tabby for continued innovation and
market leadership.
Qashio Teams Up With Emirates Skywards for UAE
Business Expense Solutions
In a strategic alliance with Emirates
Skywards, the acclaimed
loyalty programme of Emirates
and flydubai, Qashio, the UAE’s
premier business expense solution,
introduces a rewarding collaboration.
Through this partnership, customers
can seamlessly convert Qashio Points,
earned via Qashio’s business expense
cards, into coveted Skywards Miles.
This unlocks a plethora of exclusive
benefits offered by Emirates Skywards,
renowned globally. As business travel is
projected to rebound to pre-pandemic
levels by 2024, Qashio aims to enhance
its customers’ travel experiences. This
significant milestone provides Qashio’s
clientele with unparalleled travel advantages,
including flight rewards and
upgrades, with Emirates, the world’s
largest international airline.
CBUAE Unveils
Regulatory Framework
for BNPL Services
Addressing the rising demand
for “Buy-Now, Pay-Later”
and similar credit offerings,
the Central Bank of the UAE
(CBUAE) introduces an amended Finance
Companies Regulation. The new
framework permits entities to provide
short-term credit as agents of licensed
Banks or Finance Companies, subject to
CBUAE approval. Alternatively, entities
can engage in this activity by obtaining
a licence as Restricted Licence Finance
Companies from CBUAE. Unlicensed
entities involved in short-term credit
activities must either seek to licence as
Restricted Licence Finance Companies
from CBUAE or collaborate with a licenced
Finance Company or Bank to continue
such operations. This initiative aims to
regulate and streamline the growing market
for these financial services in the UAE.
18 www.thefinanceworld.com February 2024

Fintech Saudi Partners
With Kyndryl to Empower
Saudi Arabian Fintechs
Fintech Saudi and Kyndryl, the
world’s largest IT infrastructure
services firm, have inked a
memorandum of understanding
(MoU) to support fintech entrepreneurs
and startups in Saudi Arabia. This
collaboration, part of the Fintechs Enablement
Programme (Makken), aligns
with the kingdom’s fintech strategy
under Saudi Vision 2030. Makken, which
means “to enable” in Arabic, aims to
expedite the market entry of fintech
startups efficiently. Kyndryl, under the
MoU, will provide a secure, cloud-based
incubation platform to aid startups in
developing prototypes before seeking
funding. The partnership also involves
co-hosting seminars and workshops to
foster knowledge sharing, networking,
and the advancement of modernisation
within the Saudi fintech community.
Tameed Platform Secures $15M in Series A
Funding for Saudi Digital Lending
Saudi-based Tameed Digital
Lending Platform, specialising in
shariah-compliant Government
Purchase Orders Financing for
SMEs, has successfully concluded a
Series A funding round, securing SAR
56.75M ($15M). Alromaih Investments
led the investment. Tameed plans to
utilise the funds to fuel its expansion,
catering to the rising demand for its
innovative Digital Lending products
in sync with Saudi Arabia’s economic
growth. Benefiting from an operating
licence from the Saudi Central Bank
since January 2023, Tameed has already
facilitated over SAR 400M in funding
to SMEs, achieved a growth rate exceeding
400%, and garnered 50K downloads
for its mobile app. The recently
launched Auto-Invest product allows
investors to participate in short-term
funding opportunities aligned with their
pre-configured preferences.
Islamic Banks in UAE Embrace Digital Innovation
Islamic banks in the UAE are
rapidly embracing digital innovations,
leveraging technologies
such as artificial intelligence (AI),
e-learning, and blockchain, according
to a recent report by the Central Bank
of the UAE (CBUAE). Released on
December 20, 2023, the UAE Islamic
Finance Report 2023 assesses the global
and local performance of various
Islamic finance sectors, emphasising
sustainability. The report highlights
the swift adoption of digital initiatives
by Islamic banks in the UAE, encompassing
online finance, contactless
payments, chat support, dedicated
applications, and upgraded ATMs and
CDMs. This digital transition has led to
increased online and mobile transactions,
expanded customer bases, and
higher mobile wallet adoption. Additionally,
AI and robotics are employed
for facial recognition in account openings,
while e-learning and blockchain
enhance employee training and trade
finance transparency.
Dubai establishes
itself as a fintech and
investment hub
Dubai and the broader Middle
East and North Africa (ME-
NA) region have emerged
as pivotal hubs for fintech
and online trading, witnessing a surge
in investment, startups, and venture
capital in 2024. MENA has become
an attractive destination for various
industry players, including brokers,
service providers, and fintech firms,
seeking to establish a market presence
and expand operations. Global interest
in the region is evident through major
events like the upcoming iFX EXPO
Dubai 2024. With over 465 fintechs operating
in MENA, the region is poised
for significant growth, reflecting a
strategic shift toward high-potential
markets amid strong competition,
scalability, and notable challenges in
the fintech and online trading spheres.
According to various estimates, several
local retail trading markets in the
MENA region have outpaced their
counterparts, showcasing the region’s
robust growth and attractiveness for
those operating in the online trading
sector.
February 2024 www.thefinanceworld.com 19

Fintech Application
ENBD X
ENBD X, the latest iteration of
Emirates NBD’s mobile banking
app, heralds a new era in streamlined
and efficient banking experiences.
This comprehensive revamp has been
engineered to cater to diverse financial
needs, setting a higher benchmark in
user-centric digital banking solutions.
The app redesign emphasises speed
and usability, offering an enriched user
interface that ensures faster navigation
and access to a vast array of banking
services. With over 150 services available
at your fingertips, the majority of
transactions are processed instantly in
real-time, eliminating unnecessary steps
and enhancing convenience for users.
One of the defining features of ENBD
X is its personalised dashboard, allowing
users to tailor their app according to
their preferences and lifestyle. Whether
managing profiles, notifications,
or security preferences, users have
complete control, ensuring a banking
experience that aligns seamlessly with
their needs.
The app’s capabilities extend far
beyond everyday banking functionalities.
It empowers users to manage
their wealth effortlessly, facilitating
instant account openings on the app
with enticing rewards of up to AED
1,000. Additionally, users can venture
into investment portfolios and trade in
global and local equities across various
markets, enhancing accessibility to
stock trading.
ENBD X doesn’t just simplify local
transfers; it revolutionises global transactions.
From international transfers
via SWIFT to rapid 60-second transfers
to select countries like the UK, India,
Pakistan, Philippines, Sri Lanka, and
Egypt, the app ensures efficient and
secure money transfers.
Moreover, the app introduces innovative
features like cardless withdrawals,
allowing users to send money to any
Emirates NBD ATM for withdrawal
by themselves or their recipients, irrespective
of their banking affiliation.
For added convenience, users can
swiftly make utility, telecommunications,
and other bill payments, set up
auto payments, and perform secure
money transfers between contacts
using UAE mobile numbers.
The app’s enhanced functionality
spans from managing finances and
card payments to handling service
requests, accessing dedicated rewards,
and exploring simplified financial services
like loan applications, instalment
plans, and more.
ENBD X redefines mobile banking,
empowering users with unparalleled
control, efficiency, and an extensive
suite of features designed to elevate
their banking experience to new heights.
Availability
Google Play, App Store, App Gallery
source: Paytabs.com
20 www.thefinanceworld.com February 2024

Fintech Application
BANKIOM
Bankiom stands out as a transformative
super money app,
reshaping the digital banking
landscape across the GCC countries.
With a focus on enhancing the user’s
relationship with money, Bankiom introduces
a novel and intelligent digital
banking experience.
The standout feature of Bankiom is
its promise of a hassle-free account
setup that takes a mere three minutes.
Users can swiftly access their payment
card directly on their phones,
providing unparalleled convenience.
Additionally, the app allows users to
connect and manage all their bank
accounts seamlessly, consolidating
financial management into a single,
user-friendly platform.
One of the key attractions of Bankiom
is its provision of a free-to-use virtual
card, obtained effortlessly in just three
simple steps. This virtual card comes
with a significant advantage—no exchange
fees. Users can shop from
their favourite online merchants in
their local AED currency without the
burden of exorbitant exchange charges,
contributing to a more cost-effective
and user-friendly experience.
Bankiom empowers users with full
control over their financial transactions.
The app allows users to freeze or
unfreeze cards, manage transactions,
and gain valuable insights into their
spending patterns. With an emphasis
on security, Bankiom incorporates 3D
Secure payments, ensuring that online
transactions are safe and protected,
reducing the risk of exposing primary
bank card details.
Money transfers are made quick,
efficient, and enjoyable through Bankiom.
Users can leverage the app to pay
friends or family within seconds, and
the Tap and Pay feature facilitates
swift requests or transfers with just
a button tap.
Bankiom positions itself as a centralised
hub for all financial activities.
Users can connect multiple bank accounts,
providing a comprehensive
dashboard to view transactions, spending
trends, and other insights for a
holistic financial overview. The app’s
detailed transfer logs and insightful
reports simplify the task of tracking
payments, ensuring transparency and
accountability in financial transactions.
Recently, Bankiom introduced a range
of enhancements. The newly launched
Bankiom virtual card, available for
free, signifies a commitment to providing
enhanced online freedom. Back
top-ups, an improved user interface,
increased card limits, and upgraded
bank connectivity for improved categorisation
demonstrate Bankiom’s
dedication to continuous innovation,
ensuring a better user experience for
its growing user base.
Availability
Google Play, App Store
February 2024 www.thefinanceworld.com 21

Business
Image Supplied
Innovative Solutions,
Enduring Wealth:
Exploring the DIFC
Family Wealth Centre
“As the next generation takes on the responsibility for
growing their family wealth, DIFC’s experience and
expertise will enhance their ability to achieve their future
ambitions”. H.H. Sheikh Maktoum bin Mohammed
Family businesses anchor the UAE’s economy, constituting almost 90% of private companies.
In the compelling narrative of Dubai’s
remarkable economic growth, family
enterprises emerge as key drivers of
progress and innovators contributing to
value creation. Constituting over 40% of
the emirate’s GDP, this sector epitomises
Dubai’s entrepreneurial spirit. As Dubai
endeavours to usher in a new era of robust
economic expansion, the government
is implementing a series of initiatives
aimed at fortifying family businesses and
ensuring their resilience. Over the past
year, Dubai has introduced fresh legislative
measures and support systems, addressing
the challenges and opportunities arising
from a world economy in flux. One such
initiative is the inauguration of the DIFC
Family Wealth Centre which aims to
maximise the growth and potential of
family businesses.
22 www.thefinanceworld.com February 2024

Family businesses form the cornerstone
of the UAE’s economic
landscape, with an astonishing 90%
of private companies in the country being
family-owned, according to a report by the
UAE Ministry of Economy. Additionally,
they play a significant role as employers,
supporting over 70% of the private sector
workforce. Dubai’s economic diversification
has been spearheaded by family
enterprises, showcasing a substantial
presence across crucial sectors such as
real estate, construction, retail, wholesale
trade, hospitality, tourism, manufacturing,
financial services, healthcare, education,
and technology.
Dubai’s strategic location and its status
as one of the world’s most interconnected
cities make it an ideal global hub for
family businesses aiming to access highgrowth
markets with its business-friendly
environment, pro-growth infrastructure,
and an ecosystem conducive to family
enterprises.
The Dubai Economic Agenda D33,
launched by His Highness Sheikh Mohammed
bin Rashid Al Maktoum, Vice
President and Prime Minister of the UAE
and Ruler of Dubai, outlines ambitious
economic targets for the next decade.
With the swift expansion of financial
wealth in the UAE projected to grow at a
compound annual rate of 6.7%, reaching
$1T in 2026 from $700B in 2021, significant
growth is anticipated in the family
business sector.
Dubai International Financial Centre
(DIFC), the primary global financial centre
in the Middle East, Africa, and South
Asia (MEASA) region, has introduced the
DIFC Family Wealth Centre, marking the
world’s inaugural initiative of its kind.
This centre extends advisory and
concierge services, certification, advisor
accreditation, and educational resources.
Additionally, it facilitates outreach and
exclusive networking, conducts research,
publishes materials, and aids in dispute
resolution.
The DIFC Family Wealth Centre serves
as a hub for global family-owned businesses
and ultra-high net-worth individuals
(UHNWIs), aiming to safeguard and
foster this sector.
Through a comprehensive array of support
services, the Center aims to expedite
the growth of local family businesses and
attract family enterprises and UHNWIs
from around the globe.
Given the projected transfer of approximately
AED3.67T in assets to
the next generation in the Middle East
over the next decade, this initiative is
poised to play a pivotal role in fulfilling
Dubai’s commitment to supporting family
businesses.
DIFC remains dedicated to evolving
and enhancing its ecosystem to assist
families in managing their wealth,
incorporating new legislative and regulatory
measures designed to entice
family businesses to Dubai. Notably, the
DIFC Family Arrangements Regulations
constitute a key framework tailored to
cultivate a favourable environment for
family businesses, fostering transparency,
accountability, and stability, and
providing the utmost levels of protection
and assistance.
DIFC’s recent initiatives also contribute
to a series of legislative reforms
implemented by Dubai and the UAE over
the past decade. These reforms aim to
facilitate the seamless transfer of wealth
and ownership of family-owned assets and
businesses. Noteworthy measures include
Leveraging the
experience and
expertise of DIFC,
family businesses
in Dubai can
elevate their
growth.” H.E. Essa Kazim
the enactment of trust and foundation
legislation and the establishment of clear
inheritance procedures for non-Muslims.
Another highlight is the partnership
between Dubai Chambers and DIFC
Family Wealth Centre. An MoU, signed by
Mohammad Ali Rashed Lootah, President
and CEO of Dubai Chambers, and Arif
Amiri, CEO of DIFC Authority, aims to
bolster family businesses globally.
The collaborative effort involves
joint training, education initiatives, and
coordinated events. The MoU delineates
the entities’ cooperation with relevant
federal and local authorities, striving
to develop strategic recommendations
for family business governance aligned
with Family Wealth Centre’s high ratings
(ranging from AA to AAA*).
The goal is to encourage global family
business presence through adherence to
world-class standards, including environmental,
social, and governance (ESG)
standards, Sharia-compliant practices,
and other measures promoting sustainable
development.
Areas of cooperation extend to access
to the Family Office Club, recommendations
on business structures, succession
planning models, and the adoption of
certification programs for family business
advisors. Dubai Chambers has embraced
DIFC’s regulations, structures, and family
business rating system, aligning with best
international practices.
Recently inaugurated by HH Sheikh
Maktoum bin Mohammed bin Rashid
Al Maktoum, the Centre introduces an
integrated system of consultancy and
training programs, focusing on vital aspects
of family businesses. These include
adopting robust governance practices,
succession planning, and developing the
next generation. Its formation underscores
Dubai Chambers’ dedication to
enhancing the competitiveness of family
businesses. This commitment involves
safeguarding their interests, regulating
their operations, and investing in their
leadership for a sustainable future.
Dubai’s commitment to supporting family
businesses is evident through initiatives
like the DIFC Family Wealth Centre
and strategic partnerships with Dubai
Chambers. Aligned with the ambitious
goals of the Dubai Economic Agenda D33,
these efforts reinforce Dubai’s position
as a global hub for family enterprises,
emphasising growth, innovation, and
long-term sustainability.
February 2024 www.thefinanceworld.com 23

Business News
Abu Dhabi’s IHC Unveils $27.2B 2PointZero Holding Company
Abu Dhabi’s International Holding
Company (IHC) has unveiled
the creation of 2PointZero,
a next-generation holding
company set to amass assets totalling
AED 100B ($27.2B). Following board
approval, various companies from
diverse sectors will be transferred to
IHC under the umbrella of 2PointZero.
This strategic consolidation is anticipated
to result in an impressive asset
size exceeding AED 100B ($27.2B).
Tahnoon bin Zayed Al Nahyan, IHC
Chairman, expressed pride in announcing
2PointZero, emphasising its commitment
to pioneering advancements
in multiple sectors. The company’s
vision extends globally, focusing on
technology, artificial intelligence, and
the development of solutions reshaping
industries like finance, investment
banking, and resource management.
Saudi’s 2024 GDP to
expand by 4.4% on
non-oil growth
Saudi Arabia’s economic outlook
for 2024 is optimistic, projecting
a 4.4% GDP growth despite lower
oil revenues. Non-oil activities,
fueled by robust consumer spending
and initiatives under Saudi Vision 2030,
are key contributors. AlJazira Capital’s
report highlights positive indicators
like increased consumer spending,
low unemployment, and growth in the
non-oil private sector. The forecasted
GDP, slightly below China’s at 4.6%,
surpasses emerging economies (4%),
the Euro area (1.2%), and the United
States (1.5%). While oil revenues are
expected to decline, non-oil revenues
are set to rise. The government’s
strategic spending through the Public
Investment Fund is expected to bolster
non-oil activity and effectively offset
the impact of reduced oil income.
Dragon Oil Begins Crude Production in Egypt,
Plans 7 New Wells by 2026
Dragon Oil, a Dubai Government-owned
upstream
exploration and production
platform, has initiated crude
oil production in Egypt, marking a
significant milestone. The Al Wasl field
(North Safa), Dragon Oil’s inaugural
oil discovery in Egypt, commenced
production at an initial rate of 3,000
barrels per day. This field, discovered
in 2021, stands out as one of the Gulf of
Suez’s largest oil finds in the last two
decades, boasting a reserve surpassing
95 million barrels. With a commitment
to long-term expansion, Dragon Oil aims
to intensify oil exploration in the Gulf
of Suez, investing $200M to develop the
In 2023, UAE’s sovereign wealth
funds (SWFs), including Mubadala,
ADIA, and ADQ, collectively
invested $36.5B, as reported by
Global SWF in its 2024 annual report.
Mubadala secured the third position
among the top 10 SWFs with investments
totalling $ 17.5 B, followed by
ADIA with $13.2B. ADQ claimed the
eighth spot with $5.8B. Meanwhile,
Saudi Arabia’s Public Investment Fund
(PIF) led with $31.5B deployed in 48
deals. Co-investments surpassed $30B,
with Mubadala actively bolstering the
UAE’s economy through strategic collaborations
in various sectors, including
Al Wasl oil field and drilling additional
wells for a substantial increase in daily
output by 2026.
UAE’s Mubadala, ADIA, and ADQ Hit $36.5B in
Combined 2023 Investments
payments and biopharma. Mubadala
has been an active seller, divesting
$122.7B between 2018 and 2022.
24 www.thefinanceworld.com February 2024

TAQA Joins Consortium in $408M Makkah Water Project in Abu Dhabi
Abu Dhabi’s TAQA is part of a
consortium set to develop Saudi
Arabia’s AED 1.5B ($408M)
Juranah Independent Strategic
Water Reserve Project (ISWR-1)
in the Makkah region. This marks the
kingdom’s inaugural project under the
Build Operate Own Transfer (BOOT)
model, emphasising private sector
engagement in water infrastructure.
The contract, signed with Saudi Water
Partnership Company (SWPC), involves
consortium members Vision Invest and
GIC from Saudi Arabia and Kuwait,
respectively. TAQA, leading operations
and maintenance activities, will coown
a specialised O&M company with
Vision Invest. The project’s estimated
cost is AED 1.5B, with TAQA holding
a 35% share in the project company
and a 50% stake in the O&M company.
AD Ports Group:
Noatum Acquires APM
Terminals Castellón in
Spain
AD Ports Group announces
that Noatum Terminals,
part of Noatum Group, has
acquired 100% ownership of
APM Terminals Castellón in Spain for
EUR 10 million. The deal, with regulatory
approvals secured, positions
Noatum as a key player in Spain’s
logistics landscape. Noatum Terminals’
strategic investment in Castellón
enhances its existing operations and
increases the combined capacity to
handle 250,000 TEUs annually, capturing
70% of the Port of Castellón’s
container volume. With direct rail links
to the hinterland and connectivity to
the Mediterranean, Middle East, and
North Africa, the acquisition strengthens
the port’s competitiveness across
various industries, particularly in
serving the tile production sector, a
significant export contributor in the
Castellón region.
Dubai financial frenzy: Surge as investor
accounts hit new record
Dubai Financial Market (DFM)
reports a record surge in new
investor accounts, with brokerage
firms opening 57,054
accounts in 2023—a remarkable 12.5%
increase from the previous year. The
listing of government and semi-government
companies, coupled with the rising
popularity of online trading, fueled this
growth. December alone witnessed a
substantial spike with 6,088 new accounts,
marking a remarkable 184% year-onyear
rise, attributed in part to the Dubai
Taxi Corporation’s IPO. Reflecting the
Arada expands into Dubai’s
high-end property market with
the acquisition of a prime AED
600M land plot in Zabeel 2,
adjacent to the Dubai International Financial
Centre (DIFC). The 138,466 sq
ft plot, purchased from Rital Properties,
is strategically located between DIFC
and Downtown Dubai. Plans include
developing a 50-floor luxury residential
increased activity, 29 brokerage firms
executed over 3.83 million transactions
in 2023, showcasing a significant 32.7%
surge compared to the previous year’s
2.88 million.
Arada’s AED 600M Zabeel 2 Plot Marks Dubai
Expansion
tower with 400 premium apartments,
offering panoramic views of the Burj
Khalifa and Dubai skyline. The acquisition
strengthens Arada’s position as
a leading master developer in the UAE.
The purchase agreement was signed at
Emirates NBD Headquarters, attended
by notable figures including HRH Prince
Khaled bin Alwaleed bin Talal and Ahmed
Alkhoshaibi, CEO of Arada.
February 2024 www.thefinanceworld.com 25

Nacon Revolution 5 Pro
Nacon Revolution 5 Pro makes
its mark as a significant innovation,
being the first official
PS5 gaming controller compatible
with PlayStation 5, PlayStation 4, and
Windows systems. Available in sleek
black or white variants, it stands out
with a range of innovative features,
albeit at a pricing point higher than
the standard PS5 controller.
The controller incorporates sticks
and triggers equipped with magnetic
Hall effect technology, offering precise
responsiveness. Its multipoint wireless
connectivity, adjustable trigger
amplitude, dual vibration motors, and
a distinct D-pad represent pioneering
advancements. Users benefit from
programmable triggers, software support,
customisable weights, a 3.5mm
jack, and the ability to store up to four
profiles per platform.
Crafted from high-quality matte plastic,
the controller boasts exceptional build
quality, ensuring a sturdy feel without
any concerning creaks or loose components.
The unique D-pad design, a
collaboration with professional player
Mister Crimson, adds a distinguishing
element to its ergonomic design,
enhancing comfort during extended
gaming sessions.
Compared to the DualSense, the
Revolution 5 Pro carries a weight of
315g even before incorporating the
included weights, accentuating its
premium quality. Notably, an RGB ring
encircling the right thumbstick adds a
stylish touch, aiding users by indicating
volume levels and selected profiles.
The rear buttons enable effortless
switching between layout profiles,
device connectivity, and volume adjustment
when a headset is connected.
Additionally, customisable rubber grips
and easily swappable thumbsticks with
included metal rings allow for personalised
adjustments. The controller offers
a comprehensive selection of buttons,
with well-tuned analogue sticks and a
responsive D-pad, enhancing precision
during gameplay.
Nacon Revolution 5 Pro emerges
as an appealing choice for enthusiasts
seeking extensive customisation
options and impeccable hand-feel
adjustments. With impressive battery
life and a satisfying user experience,
it serves as a seamless complement to
the PS5 or a high-end PC, catering to
discerning gamers.
source: www.nacongaming.com
26 www.thefinanceworld.com February 2024

BenQ GV31 Portable Projector
BenQ has unveiled its latest line of
portable projectors, including the
GV31 model, specifically designed
for ceiling projection, introducing a
new dimension to home entertainment
in the UAE market. These ceiling projectors
are engineered to redefine the
viewing experience, offering Full HD
1080p projection and built-in Android
TV with Netflix integration.
Built upon BenQ’s extensive expertise
in DLP projection technology, these
ceiling projectors ensure exceptional
audiovisual quality, leveraging the renowned
CinematicColor proficiency.
Among these projectors, the GV31 model
stands out with its impressive features,
including Full HD 1080p resolution, a
unique rotating angle projection design,
autofocus capabilities, and an auto
vertical keystone.
The standout features of these projectors
enable breathtaking and immersive
projections on the ceiling or unconventional
spaces within the home, promoting
maximum comfort for viewers. Each
projector within the ceiling series is
equipped with integrated high-quality
audio, with the GV31 model offering
up to 16W 270-degree 2.1-channel
sound enriched with extended bass.
Furthermore, the GV31 doubles as a
wireless speaker, delivering up to 3
hours of video playback or 6 hours of
music on a single charge.
These ceiling projectors by BenQ
promise an immersive entertainment
experience suitable for streaming
shows, movies, or even large-scale
video games. Featuring fully certified
Android TV, including Netflix, users can
enjoy integrated, all-in-one entertainment
from the comfort of their homes.
Notably, these projectors are equipped
with modern USB-C connectivity for
seamless content transmission, Display-
Port output (DP Alt Mode), and power
delivery (PD inputs and outputs). This
functionality opens up new possibilities
for enhancing daily life by facilitating
comfortable streaming experiences in
various spaces within the home, be it on
the bedroom ceiling, in a cosy corner,
or in any preferred location.
BenQ’s commitment to revolutionising
visual content experiences is evident
across its comprehensive range of
projectors. Catering to diverse needs,
from smart projectors for businesses
to interactive series for education
and home cinema projectors, BenQ
prioritises delivering immersive experiences
for movie streaming, gaming,
and professional presentations.
source: www.benq.com
February 2024 www.thefinanceworld.com 27

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Rashid Al Abbar
Chairman, Al Abbar Group
Sector: Construction | Establishment: 1968
Al Abbar Group stands as an internationally acclaimed
façade solutions provider, boasting over fifty years
of expertise in delivering iconic building façades.
As one of the largest architectural envelope and glazing
contractors in the Middle East, the group specialises in
the comprehensive process of designing, engineering,
manufacturing, project management, and installing bespoke
architectural façades on a global scale.
With a pervasive global presence, Al Abbar Group has a
network of offices in the Middle East, South & East Asia,
North America, and Europe. The group’s annual turnover
of 300 million US dollars is driven by its five separate
manufacturing and global supply facilities. Employing
over 5000 professionals, the group’s capabilities span
manufacturing, global reach, one-stop-shop services, and
performance mockup & testing.
Al Abbar Group’s product and service portfolio is diverse,
covering bespoke architectural aluminium facade systems,
aluminium & steel skylights, active façade systems &
solutions, point-fixed glass façades, rain-screen cladding,
aluminium composite solid panels & Mashrabiya, standing
seam roofing, certified fire-rated curtain walls, windows
& doors, secondary steel structures & AESS, architectural
stainless steel metal works and cladding, frameless
glass partitions, free-standing balustrades, architectural
flat & curved glass processing, architectural decorative
glass processing, high-performance solar control glass
coatings, blast-proof glazing systems, and architectural
surface finishing.
The group has left an indelible mark across various
project categories, including airports, commercial spaces,
high-rises, hospitality venues, iconic structures, leisure
facilities, mixed-use developments, and retail spaces.
Al Abbar Group’s subsidiaries, including Al Abbar
Tempering Plant LLC and Al Abbar Glass & Trading Co.,
complement its prowess in manufacturing and glass
processing. The commitment to quality is evident in its
certified fire-rated curtain walls, windows, and doors, as
well as its high-performance solar control glass coatings.
In the competitive landscape of architectural envelope
and glazing, Al Abbar Group has consistently demonstrated
its leadership through innovative solutions, global excellence,
and a dedication to delivering iconic facades. As
a family business with a legacy dating back decades, Al
Abbar Group continues to shape skylines and contribute
to the aesthetic and functional aspects of architectural
design worldwide.
28 www.thefinanceworld.com February 2024

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Khalaf
Ahmad Al Habtoor
Founder and Chairman, Al Habtoor Group
Sector: Diverse | Establishment: 1970
Over the past 45 years, the Al Habtoor Group has
grown alongside the United Arab Emirates, becoming
one of the region’s largest and most respected
family-owned businesses. With interests spanning hospitality,
automotive, car leasing, real estate, education,
and publishing, the group has earned a solid reputation
both locally and internationally under Khalaf Al Habtoor’s
visionary leadership.
As a self-made man, Khalaf Al Habtoor began his career
as an employee of a local UAE construction firm. In
1970, he took a bold step, establishing his own company,
Al Habtoor Engineering. The establishment, which later
evolved into the Al Habtoor Group, embarked on a series
of innovative construction projects, aligning with the
founding of the UAE Federation in 1971.
The Al Habtoor Group proudly represents the UAE on
the global stage, with a presence in cities such as London,
Vienna, Budapest, Beirut, and Springfield, Illinois.
The hospitality division, Habtoor Hospitality, oversees a
portfolio of domestic and international hotels, showcasing
the group’s commitment to excellence.
Al Habtoor Motors, a part of the conglomerate, manages
a brand portfolio that includes Mitsubishi, JAC, Chery,
Bugatti, and Bentley. Diamondlease, specialising in shortterm
and long-term leasing, further extends the group’s
reach in the automotive sector.
The real estate division of the Al Habtoor Group includes
commercial and residential properties, with the ongoing
development of Al Habtoor City’s Residence Collection
exemplifying exclusivity and style.
Khalaf Ahmad Al Habtoor’s net worth, estimated currently
at $2 billion, reflects the success of his ventures. The $3
billion Al Habtoor City, a significant project comprising
hotels and residential towers, stands as one of his major
achievements.
Beyond business, Khalaf Al Habtoor’s commitment to
societal development is evident through the establishment
of the Khalaf Ahmad Al Habtoor Foundation. This
foundation, with a mission to uplift the lives of the less
fortunate in the UAE, underscores the family-oriented
values and community engagement embedded in the Al
Habtoor Group.
With over 10,000 employees, the Al Habtoor Group has
become synonymous with dynamic growth, reflecting
Khalaf Ahmad Al Habtoor’s willingness to take calculated
risks, face adversity, and always look ahead. As a family
business, the Al Habtoor Group is not just a conglomerate;
it is a legacy, shaped by a leader who loves meeting new
people, acquiring knowledge, and embracing each new
day with optimism and warmth.
February 2024 www.thefinanceworld.com 29

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Obaid Khaleefa
Al Jaber Al Marri
Chairman, Al Jaber Group
Sector: Diverse | Establishment: 1970
Established in 1970, the Al Jaber Group embarked
on a journey with a vision to contribute to the economic
boom of Abu Dhabi. Initially focusing on the
construction sector, the company evolved over the years
into a privately owned, multi-disciplinary conglomerate
with a strong presence in Abu Dhabi, the Kingdom of Saudi
Arabia, and Qatar. Rooted in family values, the Al Jaber
Group remains committed to its vision of being a leader
in engineering, construction, and logistics.
The core principles of safety and diversity have been
pivotal in the Al Jaber Group’s sustainable growth. With
a commitment to the safety of its people, the company
invested in cutting-edge technologies and diversified its
portfolio by launching shipping, transport, and heavy-lifting
entities to complement its Construction Division.
The success and achievements of the past 46 years are
a testament to the group’s dedication and its role in the
economic development of Abu Dhabi.
Al Jaber Group operates across various sectors, including
construction, logistics, industrial and trading,
and joint ventures such as Deutsche Babcock Al Jaber
(DEBAJ), Hytec Abu Dhabi, Trakker Middle East, and
VEOLIA Environmental Services. The company’s vision
is to be the leading provider in the GCC for engineering,
construction, and logistics, with a reputation for delivering
quality projects on time and within budget.
As a multi-disciplinary conglomerate, Al Jaber Group
employs over 55,000 professionals and boasts up-to-date
facilities in the industrial hub of Abu Dhabi. The company’s
workforce and facilities enable it to meet the dynamic
demands of its target markets, providing exceptional
engineering and information technology services.
In addition to its prowess in construction, Al Jaber Group
is an industry leader in oil & gas pipeline construction, oil
rig refurbishment, industrial fabrication, heavy lifting, and
heavy transportation. The group possesses an extensive
fleet, including over 300 cranes and the country’s largest
construction equipment/vehicle fleet, managing more than
10,000 units under one umbrella.
With a history of over 30 years in land and sea transportation
and logistics in the UAE, Al Jaber Group’s fleet
includes 25 ships with worldwide marine transportation
capability. The company’s specialities encompass construction,
infrastructure, industrial, engineering, trading,
leasing of equipment, heavy lifting, marine, and logistics.
Al Jaber Group’s revenue of $2.8 billion underscores
its significant contribution to the regional economy and
solidifies its position as a key player in the engineering
and construction landscape.
30 www.thefinanceworld.com February 2024

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Dr. Saif Ahmad Belhasa
Chairman, Belhasa Group
Sector: Diverse | Establishment: 1968
Saif Ahmad Belhasa, at the helm of the Saif Belhasa
Group of Companies, continues to carry forward the
legacy of his father’s vision, Dr Ahmad Saif Belhasa,
who founded the company in 1960. A true embodiment of
a family business, the Saif Belhasa Group has expanded
its influence with more than several establishments operating
across an array of industries.
Originating in the 1960s as a small firm dealing in imported
used cars and equipment, the establishment has
transformed over the years into a highly diversified group
with a presence in real estate, construction, automotive,
technology, education, trading, insurance, investment,
travel, and tourism.
Under the leadership of Saif Ahmad Belhasa, the group
has experienced significant expansion and diversification.
Joining the family business, Saif Ahmad quickly became
General Manager, showcasing his leadership and business
acumen. Today, the Saif Belhasa Group boasts more than
thirty subsidiaries operating not only in the Middle East
but also globally.
The group’s contributions to the economic development
of the UAE and the GCC are noteworthy. With associate
companies and representative offices both locally and
internationally, the Saif Belhasa Group stands as a major
player in the region’s business landscape.
Belhasa Group’s services span a wide spectrum, reflecting
its commitment to providing turnkey solutions
across various industries. From recruitment services,
labour supply, security services, and cleaning services
to real estate, automotive, hospitality, and finance, the
group’s diversified portfolio underscores its versatility.
The management of Belhasa International Co LLC reflects
the global nature of its business activities, drawing talent
from the Middle East, Asia, and Europe. The company’s
headquarters in Deira, Dubai, houses the Chairman’s office
and offices of Senior Managers overseeing day-to-day
financial, legal, and personnel affairs.
Saif Belhasa Holding, under Saif Ahmad Belhasa’s
leadership, operates over 50 business divisions with a
workforce exceeding 10,000 across various sectors. The
group’s commitment to delivering on promises year on
year is evident in its continuous success and expansion.
Saif Ahmad Belhasa’s estimated annual revenue of $1
billion is a testament to his entrepreneurial prowess and
successful ventures, including the Saif Belhasa Group
of Companies and Belhasa International Company. As a
family business, the Saif Belhasa Group stands as a beacon
of success, driven by the shared vision and dedication of
the Belhasa family.
February 2024 www.thefinanceworld.com 31

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Abdullah Mohammed
Juma Al Naboodah
Chairman, Saeed & Mohammed
Al Naboodah Group
Sector: Diverse | Establishment: 1958
In 1958, brothers Saeed and Mohammed Al Naboodah
laid the foundation for what would become one of the
most esteemed family companies in the UAE - the Saeed
& Mohammed Al Naboodah Group. With a workforce of
over 10,000 individuals representing nearly 50 nationalities,
the group has evolved into a powerhouse with a diverse
portfolio spanning civil engineering, building, MEP, and a
multitude of sectors including automotive, transportation,
travel, electrical, logistics, agriculture, smart cities, real
estate, and renewable energy.
At the heart of the enterprise is the parent company,
Saeed & Mohammed Al Naboodah Holding LLC, overseeing
the management of two main divisions: Al Naboodah
Construction Group (ANCG) and Al Naboodah Commercial
Group (ACG). Renowned for delivering world-class
projects and services that surpass client expectations, Al
Naboodah has become a trusted brand synonymous with
quality and sustainability.
In 2010, the group diversified into multiple sectors,
presenting an impressive portfolio of global brands, and
solidifying its position as one of the leading conglomerates
in the UAE. In 2014, Al Naboodah Group Enterprises
(ANGE) was established to streamline management processes,
consolidating the group’s activities. Al Naboodah’s
commitment to corporate governance and sustainability
was formalised, leading to the issuance of its first Sustainability
Report in 2016, adhering to GRI standards.
In 2018, as the UAE celebrated the Year of Zayed, Al
Naboodah marked ‘60 Years of Excellence’ since its inception.
The group continued to build on its sustainability
vision, issuing its second GRI-compliant Sustainability
Report and securing the Happiest Working Environment
award for the second consecutive year.
Aligned with the UAE Vision 2021 and National Innovation
Strategy, 2019 saw the launch of Al Naboodah’s Smart
Cities business, focusing on Smart Buildings and Smart
Mobility. Adding to its public transportation portfolio,
the group introduced the RTA Optare Solo, a UK-manufactured
low-floor city bus developed in partnership with
the Roads & Transport Authority.
With an extensive range of offerings, including agriculture,
automotive, construction, electrical, logistics,
real estate, and more, Al Naboodah Group Enterprises,
under the visionary leadership of its Chairman, continues
to thrive as a beacon of excellence, sustainability, and
innovation, with an annual revenue of $2.71 billion and
a commitment to shaping a brighter future for the UAE
and beyond.
32 www.thefinanceworld.com February 2024

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Khalid Al Rostamani
Chairman, AW Rostamani Group
Sector: Diverse | Establishment: 1954
AW Rostamani Group, a distinguished name synonymous
with innovation and excellence, stands
as a testament to the entrepreneurial spirit and
commitment to quality that has defined the family-owned
business since its inception in the early 50s. As part of
AWR Holding, the group encompasses a diverse portfolio
of 14 companies across seven sectors, offering exceptional
products and services aimed at enriching lives.
Founded by Abdul Wahid Al Rostamani in 1954 with
a modest bookstore in Dubai, the AW Rostamani Group
has evolved into one of the most progressive and innovative
business houses in the region. Rooted in Dubai, the
fastest-growing metropolis in the world, the group takes
immense pride in its journey of growth and prosperity,
becoming a beacon for excellence not only in the Middle
East but also beyond.
Abdul Wahid Al Rostamani, with his business acumen
and exceptional people skills, laid the foundations for the
group, driven by a commitment to add real value to the
nation, customers, and stakeholders. This commitment to
quality and value remains a hallmark across all the businesses
and endeavours of AW Rostamani Group, reflecting
the visionary principles set by its founder.
Khalid Al Rostamani, who joined the family group in
1993, has played a pivotal role in managing and growing the
diverse portfolio of companies under the group. Armed with
a bachelor’s degree in business administration, majoring in
finance from George Washington University, Washington,
D.C., Khalid Al Rostamani embodies the next generation’s
dedication to sustaining the legacy of excellence.
Today, AW Rostamani Group comprises 14 companies
that collectively employ over 4,000 people, generating an
impressive $2 billion in revenue. The group’s portfolio spans
across seven diverse sectors, showcasing a wide range of
expertise and leading multinational brands. These sectors
include automotive, real estate and construction, retail,
logistics, information technology, travel, and consultancy.
The automotive sector represents a significant component
of the group’s activities, alongside real estate,
ventures, and investments. This diversified approach has
not only fueled the group’s growth but also positioned it
as a dynamic force across various industries.
As AW Rostamani Group continues to thrive and expand,
its unwavering commitment to quality, innovation, and
enriching lives remains at the forefront of its mission.
With a rich legacy and a forward-looking approach, the
group stands poised to shape the future of business in
the Middle East and beyond, maintaining its status as a
trailblazer in the corporate landscape.
February 2024 www.thefinanceworld.com 33

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Buti Obaid Al Mulla
Chairman, Mohamed & Obaid AlMulla Group
Sector: Diverse | Establishment: 1942
The Mohamed & Obaid AlMulla Group stands as
a testament to the rich heritage, cultural pride,
and modern progress that define the United Arab
Emirates. An embodiment of success that intertwines
tradition with contemporary approaches, the group is a
dynamic force in the UAE’s business landscape, with a
legacy dating back to 1942.
Founded as a private, family-owned business in the
construction sector, the Mohamed & Obaid AlMulla Group
has evolved into one of the UAE’s most dynamic business
entities, showcasing a blended approach to success.
The second generation of the AlMulla family now leads
the group, upholding the mission and vision set by their
forefathers. Early on, the group became a role model for
incorporating corporate governance laws, positioning itself
as a forward-thinking entity in its business operations.
The group’s diversified portfolio spans strategic sectors
crucial to Dubai’s international fame. From its roots
in construction, the Mohamed & Obaid AlMulla Group
has expanded into hospitality, healthcare, real estate,
and travel & tourism, establishing iconic brands in each
domain. The AlMulla Plaza and the American Hospital,
offering robotic surgery services, are just a few examples
of their impactful contributions to the healthcare and
real estate sectors.
Operating with a profound sense of patriotism and
pride for the UAE’s values, the AlMulla Group’s growth
is intricately linked with the nation’s progress over
seven decades. With divisions in healthcare and pharmaceuticals,
hospitality, and real estate, the group plays
a significant role in the economic fabric of the UAE. The
American Hospital, Monrol U.A.E., Unimed, and Stay Well
Pharmacies contribute to the healthcare division, while
Ishraq Hospitality and AlMulla Travel & Tourism enrich
the hospitality portfolio. Real estate projects, including
AlMulla Plaza, further underscore the group’s commitment
to Dubai’s development.
Under the leadership of Mr. Buti Obaid AlMulla, the
Chairman, the group embraces a progressive and goal-oriented
outlook. The values inherited from the forefathers,
rooted in culture and heritage, guide the group as it prepares
for an international take-off, aligning itself with its
global counterparts.
With interests in healthcare, hospitality, real estate,
and travel and tourism, the Mohamed & Obaid AlMulla
Group has left an indelible mark on the UAE’s economic
landscape. From successful robotic surgeries at the American
Hospital to owning stakes in prominent companies
like Dubai Insurance and Emirates Investment Bank, the
group’s influence is far-reaching. Employing 3,000 people
and contributing significantly to various sectors, the
Mohamed & Obaid AlMulla Group continues to shape the
UAE’s business narrative with a perfect blend of tradition
and modernity.
34 www.thefinanceworld.com February 2024

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Mishal Hamed Kanoo
Chairman, The Kanoo Group
Sector: Diverse | Establishment: 1890
The Kanoo Group, a behemoth in the business landscape
of the Gulf region, stands tall as one of the
largest independent, family-owned conglomerates
based in the UAE. With roots tracing back to the late
1960s, the company’s journey is intricately woven into
the tapestry of the United Arab Emirates’ astronomical
growth and development.
Founded in 1967, The Kanoo Group emerged as a key
player in various dynamic industries, showcasing its
prowess in shipping, travel, machinery and rentals, energy,
cranes, capital services, steel reinforcement, real
estate, logistics, speciality chemicals, business centres,
and other retail and commercial activities. The visionary
efforts of Sheikh Zayed provided the backdrop for The
Kanoo Group to establish its operation hub in the UAE,
contributing significantly to the nation’s development.
Mishal Hamed Kanoo’s leadership journey within the
family business began in 1991 when he joined as an Assistant
Shipping Manager. His tenure at Arthur Andersen
in Dubai and subsequent return to The Kanoo Group
in various capacities culminated in his current role as
Chairman in 2015.
Under his leadership, The Kanoo Group has forged
partnerships with some of the world’s most prominent
companies, enhancing mutual commitment, development,
and success. The conglomerate’s diversified portfolio encompasses
shipping, travel, machinery, logistics, energy,
real estate, and more.
Over the years, The Kanoo Group has expanded its
realm of businesses across the Middle East, becoming a
symbol of innovation, quality, and success. The company’s
commitment to early values, ethics, and beliefs has not
only fueled its growth but has also fostered strong loyalty
among team members and industry partners.
With a valuation of assets exceeding US$4 billion, The
Kanoo Group is not just a conglomerate; it is a testament
to the family’s enduring commitment to excellence. The
conglomerate employs around 1,000 direct employees
from around 40 different nationalities, fostering a diverse
and inclusive work environment.
The Kanoo Group’s subsidiaries, including Kanoo Shipping,
Kanoo Travel, Kanoo Machinery, Kanoo Logistics,
Kanoo Energy, Kanoo Real Estate, Hak Chemicals, BRC
Arabia, and Kanoo Cranes, reflect its extensive reach
across industries. As one of the largest family-owned
conglomerates in the region, The Kanoo Group continues
to shape the business landscape with a rich heritage, a
commitment to education, and a focus on the values that
have been passed down through generations.
February 2024 www.thefinanceworld.com 35

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Tariq Khansaheb
Chairman, Khansaheb
Sector: Construction | Establishment: 1935
Khansaheb, an epitome of excellence and innovation
in the construction and facilities management sphere,
stands as a testament to the enduring dedication of
the Khansaheb family. Founded in 1935, this family-owned
business has thrived under the leadership of Mr. Hussain
Abdulrahman Khansaheb, who has steered the company
since 1954. Today, the legacy is continued with Tariq
Hussain Abdulrahman Khansaheb as Chairman and Amer
Abdulaziz Khansaheb as Vice Chairman, representing the
third generation of the Khansaheb family.
Over its remarkable 88-year journey, Khansaheb has
transformed into one of the leading construction and
facilities management companies in the UAE. The company
is highly regarded for its professionalism, integrity,
and commitment to delivering high-quality and reliable
projects across all building and infrastructure sectors.
The Khansaheb family takes pride in having contributed
to the development of the UAE and having played a pivotal
role in delivering some of the country’s most iconic and
important projects.
The company’s mission is rooted in providing a comprehensive
range of construction services of the highest quality,
ensuring the best value for customers and joint success.
Khansaheb has successfully combined local knowledge
and experience with international management systems
and procedures through a fruitful partnership with the UK’s
Interserve. This collaboration has elevated Khansaheb’s
management expertise, enabling the company to provide
professional services on a global scale.
Tariq Hussain Khansaheb, a University of Colorado
graduate with a Bachelor’s in Civil Engineering, has been
a crucial part of the company’s evolution. Having worked
in the UK with Khansaheb’s partner R.M. Douglas (later
Interserve), Tariq returned to the UAE in 1985 and has
since played a significant role in the management of major
projects. As the current Chairman of Khansaheb Civil
Engineering LLC, he contributes to the strategic direction
and leadership of the business, ensuring the company’s
principles are upheld while delivering top-notch project
services to clients.
Khansaheb’s extensive portfolio covers a wide range of
sectors, demonstrating its versatility in areas such as retail,
hospitality, commercial, residential, sports, education,
healthcare, leisure, manufacturing, and infrastructure.
The company engages in the construction, fitting out,
upgrading, and maintenance of buildings and infrastructure,
catering to both private and public sector clients.
Boasting a substantial operation, Khansaheb operates
with a workforce exceeding 6,500 employees spread across
its various divisions. The company’s impressive group
sales have reached approximately $550 million (AED 2
billion). This substantial presence and financial strength
enable Khansaheb to maintain a pivotal role in society by
actively contributing to the creation, construction, and
maintenance of physical assets that form the foundation
of our communities.
36 www.thefinanceworld.com February 2024

Cover Story
Family Traditions,
Business Triumphs:
UAE’s Core Enterprises
Abdulla
Ahmed Al Moosa
Chairman, A.A. Al Moosa Enterprise
Sector: Diverse | Establishment: 1971
A. A. Al Moosa Enterprises, also known as the
ARENCO Group, is a dynamic and diversified
family-owned conglomerate that leaves an indelible
mark on daily life through its extensive portfolio of services.
Established in 1970, the group has evolved into one
of the largest establishments in the Gulf region, playing a
prominent role in the fields of Architectural & Engineering
Consultants, Real Estate, Hotel Apartments, Hotels, Car
Rentals & Auto Services, Manufacturing, Furniture Trading,
Interior Design, and Commercial Laundry Services.
The visionary leadership, with its Chairman at the
helm, has guided the group’s growth and maintained a
position of leadership and innovation among its peers.
The mission of ARENCO is to be leaders in the society
it serves, providing thoughtful and innovative passion.
The group’s values centre around offering services that
ensure the highest standards of quality and perfection in
the Gulf Region.
ARENCO has earned an excellent reputation for quality
and customer care, committing to exceeding client expectations
in all aspects. As a well-established local brand,
the group is dedicated to delivering excellence, aligning
with Dubai’s commitment to quality and reflecting the
leadership’s vision for the future.
With over 50 years of history, ARENCO has made itself
as a leading service-oriented group in the UAE, encompassing
a diverse range of business interests. The foundation
of their continuous growth lies in their ability to
provide clear and significant value to clients. The group’s
implementation-focused approach, grounded in rigorous
analytical analysis, has built enduring relationships with
leading companies in different markets.
Quality, service, innovation, and peak performance are
the pillars on which ARENCO thrives. The commitment
to innovation is a driving force behind their long-term
growth, coupled with a dedication to peak performance
and delivering exceptional quality and service.
ARENCO’s group of companies includes Arenco Real
Estate, Arenco Architectural & Engineering Consultants,
Golden Sands Hotels & Hotel Apartments, Thrifty Car
Rental, Dollar Car Rental, Dollar Car Rental Oman, Marlin
Interiors Design, Golden Sands Hotel L.L.C, Dubai
Furniture Manufacturing, Golden Sands Laundry, and Al
Wataniya Workshop.
With an impressive team of over 2,740 members and
offices across the UAE and GCC, ARENCO operates with
an annual revenue ranging between $500 million and $1
billion. This remarkable success is a testament to their
commitment to maximising client satisfaction through
innovative and value-added project delivery.
The group’s leadership in the industry is directly attributable
to the talented staff’s dedicated attention to
client’s needs and the effective execution of solutions to
achieve success. ARENCO’s motto, “Building a better future
together,” reflects its dedication to creating a positive
impact on society and fostering a legacy of excellence.
February 2024 www.thefinanceworld.com 37

Wheels
Specifications
Torque: 800 Nm
Horsepower: 671 hp
Acceleration: 0-60 in 3.5 seconds
38 www.thefinanceworld.com February 2024

Aston Martin Vantage DB12
Aston Martin DB12, slated for
release in 2024, is a captivating
addition to the luxury
automaker’s lineup. This “Super Tourer”
introduces a fresh design concept,
emphasising its aesthetic allure. The
low-slung body commands attention,
boasting a stunning exterior that blends
elegance with modernity. Contrary to
assumptions based on its name, the
DB12 is powered by a twin-turbocharged
4.0-liter V-8, generating an impressive
671 horsepower and delivering a top
speed of 202 mph.
Inside, the DB12 harmonises highquality
materials with cutting-edge
technology, creating a luxurious
grand-touring experience. The
cabin features hand-stitched leather
enveloping surfaces from seats to
dash, prioritising comfort alongside
performance. While specific cargo
capacity details remain pending, the
DB12, designed for long-distance travel,
undoubtedly incorporates practical
storage solutions.
The twin-turbocharged V-8 engine
propels the DB12 with authoritative
force, accelerating from 0 to 60 mph
in an estimated 3.3 seconds. Aston
Martin maintains a delicate balance
between the car’s powertrain and its
handling, ensuring a comfortable yet
responsive drive. The eight-speed
automatic transmission and electronic
rear differential contribute to the DB12’s
overall performance.
DB12 achieves an EPA rating of
14 mpg city and 22 mpg highway,
aligning with expectations for a highperformance
vehicle, despite not being
exceptional.
DB12’s interior boasts a 10.3-inch
centre infotainment screen, featuring
wireless Apple CarPlay and Android
Auto. A standard 11-speaker audio
system, with an available 15-speaker
Bowers & Wilkins upgrade, caters
to audiophiles. In terms of safety,
it incorporates standard automated
emergency braking, lane-departure
warning with lane-keeping assist,
adaptive cruise control, and automatic
high-beam headlamps.
Aston Martin provides a competitive
three-year unlimited mileage limited
and powertrain warranty, though
notably lacks complimentary scheduled
maintenance visits. As DB12 gears up for
deliveries starting in the third quarter
of the year, it stands as a testament to
Aston Martin’s commitment to blending
performance and opulence in the world
of grand touring.
February 2024 www.thefinanceworld.com 39

Energy
Image Supplied
ADNOC lifts investment in the decarbonisation sector to $23bn by 2030 from the previous $15bn.
Towards Net-Zero:
ADNOC’s
Decarbonisation
Odyssey in 2024
ADNOC strives to balance its role as a major energy
producer with a proactive stance on sustainability
and decarbonisation.
As the 12th largest global oil producer,
the Abu Dhabi National Oil Company
(ADNOC), a state-owned entity in the
UAE, is at the forefront of the energy
landscape. With a robust oil production
capacity exceeding 4 million bpd in
2021 and ambitious plans to increase
to 5 million bpd by 2030, ADNOC is
strategically positioned for growth.
Recognising the pressing environmental
challenges, the company has embarked
on significant initiatives to reduce carbon
emissions. Under the leadership of CEO
Sultan al-Jaber, known for his commitment
to informed decision-making, ADNOC
has kickstarted 2024 with impactful
sustainability endeavours, as highlighted
in this article. These initiatives underscore
ADNOC’s dedication to a sustainable and
responsible energy future.
40 www.thefinanceworld.com February 2024

In the ever-evolving landscape of energy
innovation, ADNOC Drilling has
reached a significant milestone in its
commitment to sustainability with the
introduction of cutting-edge hybrid-powered
land rigs. This forward-thinking
initiative will fuel efficiency and drive
environmental consciousness as the
company propels into its 2024 operations.
The recently deployed rigs epitomise
the synergy of cutting-edge technology,
employing a high-capacity battery and
engine automation. The hybrid power
system, a triumph in ADNOC Drilling’s
decarbonisation journey, stores energy
in its batteries. This stored energy is
intelligently utilised during continuous
power demand or swiftly deployed when
an instant power boost is needed. The
result is a commendable 15% reduction
in greenhouse gas emissions compared
to traditional rigs.
In a strategic move, ADNOC Drilling
invested $327 million in acquiring 16 of
these innovative rigs in 2023, signalling
a bold step in expanding its rig fleet.
With 14 more to be gradually integrated
into the operational fleet throughout the
year, the company emphasises its belief
that growth and decarbonisation can
harmoniously coexist.
Beyond the environmental benefits,
the hybrid systems embedded in these
rigs empower crews to optimise engine
use and curtail fuel consumption. This
efficiency enhancement allows crews
to manage steadier loads and respond
swiftly to fluctuating power demands,
potentially extending the operational
life of the rigs.
From an environmental standpoint,
the advantages extend beyond emission
reduction. Hybrid rigs are renowned for
operating at lower noise levels, minimising
their impact on the surrounding
environment.
Abdulrahman Abdullah Al Seiari,
CEO of ADNOC Drilling, emphasises
the alignment of these initiatives with
the company’s ambitious targets. “The
addition of hybrid rigs into our fleet
marks the latest endeavour undertaken
by ADNOC Drilling in alignment with our
ambitious target to reduce greenhouse
gas intensity by 25% by 2030, as well as
supporting ADNOC’s Net Zero by 2045
target,” says Al Seiari.
ADNOC Drilling’s commitment to
decarbonisation extends beyond its rig
fleet. The company actively contributes
ADNOC is
committed to
enabling a lowercarbon
future and
a just, orderly and
equitable energy
transition”
Sultan al-Jaber
to carbon capture and storage initiatives,
playing a pivotal role in delivering the
world’s first fully sequestered carbon
dioxide injection well in 2023. With a
minimum storage of 18,000 tons of CO2
annually, this project is part of ADNOC’s
broader $23 billion investment in low-carbon
solutions and landmark projects.
More recently, Adnoc, the UAE’s state
energy company, is intensifying its commitment
to decarbonisation projects,
following the recent UN COP28 climate
summit. The board has endorsed an increase
in investment for decarbonisation,
elevating the budget to $23 billion by
2030 from the previous $15 billion. This
strategic move aligns with global efforts
to transition away from fossil fuels.
Adnoc is boosting decarbonisation
funding to $23 billion by 2030, but with a
concurrent $150 billion capital expenditure
plan, mainly focused on expanding oil and
gas production. Launched in 2022, this
plan underscores Adnoc’s commitment to
diversify into sectors like chemicals and
clean energy, aligning with the changing
global energy landscape.
In tandem with accelerating decarbonisation
efforts, ADNOC Drilling
collaborates on carbon capture projects
like the Habshan initiative. This initiative
seeks to capture and securely store 1.5
million tons of CO2 emissions annually
in subterranean geological formations.
Notably, Adnoc has ventured beyond
its home ground, making its first overseas
investment in carbon capture and storage
through a partnership with Storegga, the
lead developer of the UK’s Acorn project
near Aberdeen.
On the frontier of energy transition,
ADNOC Drilling partnered with Masdar
in early 2023 to develop geothermal
energy projects. By leveraging its industry-leading
drilling technical expertise,
the company contributes to harnessing
heat from the Earth’s core—a stable and
reliable source of energy.
Moreover, Adnoc has been actively
engaged in dealmaking on a global scale,
fostering collaborations across various
geographies and sectors. The company is
currently in discussions with Covestro,
a German chemical company, exploring
a potential acquisition that could
value Covestro at approximately €14
billion. Concurrently, talks have been
held with Austrian energy group OMV,
contemplating a deal to integrate their
chemical divisions.
By bringing forward its net-zero
emissions target to 2045, Adnoc is not
only aligning with global climate goals
but is also actively working towards
zero methane emissions by 2030, showcasing
its dedication to environmental
responsibility.
As ADNOC Drilling charts its course
into 2024 and beyond, the commitment
to reducing its environmental footprint
remains unwavering. Beyond internal
initiatives, the company is poised to
support clients in achieving their decarbonisation
goals, ensuring a sustainable
and responsible energy future.
February 2024 www.thefinanceworld.com 41

Energy News
Oman Energy Ministry Signs Concession with CC Energy in Lebanon
Oman’s energy ministry recently
sealed a pivotal concession
agreement with Lebanon’s CC
Energy Development, paving
the way for collaborative efforts in oil
and gas exploration. The focus lies on
concession areas 38 and 74 in Dhofar
province, underscoring a strategic
partnership between the two nations.
This move aligns with Oman’s proactive
stance in enhancing its energy sector and
leveraging international expertise. The
agreement is anticipated to stimulate
exploration activities in the specified
areas, contributing to the overall energy
landscape in Dhofar province. As both
entities join forces, the collaboration
signifies a step towards fostering
growth and development in Oman’s
vital energy sector through shared
exploration endeavours.
Saudi Energy
Ministry and NEOM
Company Ink Energy
Collaboration Deal
The Saudi Ministry of Energy
and NEOM company solidified
their dedication to enhancing
collaboration in the energy
sector through the formal signing of a
Memorandum of Understanding (MoU).
This agreement symbolises a strategic
partnership between the governmental
ministry and NEOM, a key player in the
development of the innovative NEOM
City. The MoU serves as a foundation
for cooperative endeavours, paving
the way for joint initiatives to advance
various facets of the energy industry.
According to reports from the Saudi
state news agency, this step underscores
the nation’s unwavering commitment to
fostering innovation and progress in the
pivotal realm of energy, harmonising
with their broader economic and developmental
goals.
Taqa Consortium Secures $408M Reservoir Project
in Makkah Bid
Taqa, Vision Invest, and the
Gulf Investment Corporation
(GIC) consortium, led by the
Abu Dhabi National Energy
Company (Taqa), clinched the bid for a
$408M water reservoir project in Saudi
Arabia’s Makkah region. Tasked with
constructing, owning, and operating the
Juranah Independent Strategic Water
Reservoir Project (ISWR-1) for 30 years,
the consortium will later transfer ownership
to the Saudi Water Partnership
Company (SWPC). This initiative aims
to meet emergency municipal water
demands across the kingdom, with a
specific focus on handling peak demands
in Makkah and Madinah during
the Hajj season. Taqa will spearhead
operations and maintenance activities
through a jointly-owned company with
Vision Invest, holding a 35% share in the
project and a 50% stake in operations
and maintenance.
Saudi Arabia launches bids for 7200MW plants
with CCU
The Saudi Power Procurement
Company (SPPC) has opened
bids for the establishment of
four power plants, totalling
7,200MW, across the kingdom. These
plants, situated in the central (Rumah1
& Rumah2) and eastern (Nairyah1
& Nairyah2) regions, each boast an
1800 MW capacity. SPPC highlights
their commitment to operating all
plants with natural gas combined cycle
technology and readiness for carbon
capture units, aligning with the Saudi
Green Initiative. Aligned with the
circular carbon economy approach,
these projects contribute to the goal
of achieving greenhouse gas net zero
by 2060. Integral to Saudi Vision 2030,
they signify strides in improving generation
efficiency, cost reduction, and
realising a balanced energy mix of
50% renewable energy and 50% gas in
electricity production.
42 www.thefinanceworld.com February 2024

Dubai’s Dragon Oil Commences Production at Egypt’s Al Wasl Field
Dubai’s Dragon Oil, a subsidiary
of Emirates National Oil
Company, has broadened its
investment in Turkmenistan’s
oil and gas sector. The preliminary
agreement with state-owned Turkmenistan
Oil involves boosting production
through three new fields within Turkmenistan’s
Block 19 offshore area.
While the investment’s value remains
undisclosed, Dragon Oil conducted
a $35M seismic survey in the fields,
yielding promising results. The fields are
in proximity to the Cheleken Contract
Area, an oil-producing field in the Caspian
Sea. Turkmenistan, with significant
oil and gas reserves, stands as a crucial
player among the Caspian Sea littoral
countries. Dragon Oil aims to reinforce
its presence in Turkmenistan through
these new investments, contributing to
the nation’s income and job creation.
DEWA Boosts Dubai’s Energy Security with Clean
Storage Tech Adoption
The global push towards clean,
renewable energy, particularly
solar power, is gaining momentum
due to its cost-effectiveness
in combating climate change,
underscoring the importance of energy
storage technologies. Dubai Electricity
and Water Authority (DEWA) is a
frontrunner in adopting cutting-edge
technologies for clean energy storage,
with several projects ranking among
the largest globally. A notable initiative
is the Green Hydrogen Project at the
Mohammed bin Rashid Al Maktoum
Solar Park, the first of its kind in the
Middle East and North Africa. Producing
400 kilograms of hydrogen daily, the
plant’s hydrogen gas tank stores for
up to 12 hours, converting hydrogen
back into 280 kilowatts of electrical
energy through a hydrogen gas motor.
Emrill Energy Engages with Rera to Explore
Energy-Saving Strategies in UAE
Emrill Energy, a division of the
prominent integrated facilities
management company Emrill,
engaged in discussions with
the Real Estate Regulatory Agency (Rera)
regarding the future of sustainable
energy strategies in Dubai’s real estate
sector. This dialogue ensued following
the release of Rera’s Energy Efficiency
Policy, designed to enhance energy
efficiency in the built environment
through the implementation of energy-saving
asset optimisation practices.
Emrill Energy and Rera are committed
to exploring solutions that foster energy-efficient
buildings, green spaces,
and smart technologies, aligning with
the UAE’s dedication to sustainability.
The discussion centred on strategies to
elevate building performance through
enhanced efficiencies, emphasising the
importance of regular audits to identify
areas for operational improvements
and sustainable practices.
EWEC Spearheads
Diversification of
UAE’s Energy Mix
UAE’s strategic imperative of
cultivating a water and electricity
sector underscored by
cutting-edge renewable and
clean energy initiatives, the Emirates
Water and Electricity Company (EWEC)
assumes a pivotal role in steering this
transition. Positioned as a vanguard,
EWEC not only champions the diversification
of the UAE’s energy portfolio
but also endeavours to augment the
proportion of renewable and clean
energy within Abu Dhabi’s power grid.
Prominent among its endeavours are
the four world-leading single-site solar
power plants, featuring the operational
Noor Abu Dhabi and the recently
inaugurated Al Dhafra Solar PV. With
the commissioning of Al Ajban Solar
PV and Khazna Solar PV, Abu Dhabi
is poised to host four of the world’s
preeminent single-site solar power
facilities, underscoring EWEC’s dedication
to portfolio diversification and
substantively propelling the decarbonisation
of the energy sector.
February 2024 www.thefinanceworld.com 43

Wheels
Specifications
Torque: 716 Nm
Horsepower: 715 hp
Acceleration: 60 in 3.2 seconds
44 www.thefinanceworld.com February 2024

Ferrari Purosangue
The 2024 Ferrari Purosangue
marks a significant milestone
as Ferrari’s inaugural venture
into the SUV realm. Priced starting at
$402,050, this distinctive model seeks
to dispel scepticism among purists with
its potent naturally-aspirated 6.5-liter
V-12 engine, delivering a commanding
715 horsepower and 528 pound-feet
of torque.
The Purosangue boasts an estimated
acceleration time of 3.2 seconds to
reach 60 mph, accompanied by a top
speed of 193 mph. This underscores
Ferrari’s commitment to maintaining
high-performance standards within
the SUV segment. During their test
drive, the Purosangue impressed the
evaluators with agile handling and
dynamic performance that surpassed
initial reservations about Ferrari’s
foray into the SUV market.
Fuel efficiency, however, takes a
back seat as the V-12 engine earns the
Purosangue a modest EPA rating of 12
mpg city and 16 mpg highway. Despite
this, it aligns with comparable offerings
in the luxury SUV space.
Inside, Purosangue accommodates
four passengers with rear-hinged coachstyle
doors for enhanced accessibility
to the back seat. The absence of a rear
bench allows for individual bucket
seats in both rows, maintaining a sleek
two-door appearance.
The driver-centric cockpit integrates
a 10.2-inch digital gauge cluster and a
separate screen for the front passenger,
while standard Apple CarPlay and
Android Auto add modern connectivity.
Notably, a centrally mounted
infotainment touchscreen is absent,
aligning with Ferrari’s assumption that
drivers will prefer using their phones
for such functions.
Safety features are comprehensive,
including automated emergency
braking, blind-spot monitoring,
lane-departure warning with lanekeeping
assist, and adaptive cruise
control. Purosangue also boasts a
generous warranty package, offering
three years of limited and powertrain
coverage, coupled with an exceptional
seven-year complimentary scheduled
maintenance plan, distinguishing it
from its competitors.
In the grand tradition of Ferrari,
Purosangue blends the brand’s
unmistakable performance DNA with
the practicality of an SUV, making a
noteworthy entry into this evolving
automotive landscape.
February 2024 www.thefinanceworld.com 45

Healthcare
Image Supplied
“We know our purpose, who we are and what we do, and we do it correctly” American Hospital CEO.
Mohamed & Obaid
AlMulla Groups’
Visionary Approach to
Healthcare
The Mohamed & Obaid AlMulla Group has led
in healthcare, exemplifying a commitment to
excellence and community well-being.
Established in 1942 as a family-owned
construction business, the Mohamed
& Obaid AlMulla Group has evolved
into a dynamic conglomerate with a
strategic focus on sectors vital to Dubai’s
economic growth. From its roots, the
group expanded into diverse areas such
as hospitality, healthcare, real estate, and
travel & tourism, contributing iconic
brands to Dubai’s international acclaim.
Recognising the significance of health,
the group ventured into healthcare early
on. In 1996, it achieved a milestone by
creating American Hospital Dubai, a
benchmark in regional healthcare. This
article highlights noteworthy initiatives
like American Hospital, Monrol, UNIMED,
and Stay Well pharmacies that underscore
the group’s commitment to excellence.
46 www.thefinanceworld.com February 2024

The Mohamed & Obaid AlMulla
Group seamlessly blends a profound
reverence for tradition and culture
with a forward-looking approach in
today’s rapidly evolving world. As one
of the UAE’s most dynamic business
entities, the second generation of the
AlMulla family now champions the
enduring mission and vision set forth
by their predecessors. An early adopter
of corporate governance principles, the
Group has served as a model in the UAE,
strategically incorporating these laws as
a cornerstone in its business endeavours.
Acknowledging the crucial importance
of healthcare in the nation, the group
initiated its foray into the sector in
the early 90s. In 1996, their visionary
commitment materialised with the
establishment of American Hospital,
setting a new benchmark in international
healthcare standards. The AlMulla family’s
forward-thinking approach propelled them
beyond medical services, expanding into
the supply of medical equipment, and
pharmaceuticals, and even venturing
into the radiopharmaceutical industry.
Additionally, they made significant
strides in establishing pharmacies.
The ensuing sections delve into these
impactful projects.
American Hospital:
American Hospital, a flagship entity
within the Mohamed & Obaid AlMulla
Group, stands as a leading private
healthcare provider in the Middle East.
With a mission to deliver world-class
medical services to the community, this
254-bed acute care facility excels in
general medical/surgical services. Boasting
state-of-the-art facilities, the hospital is
supported by a highly skilled team of
healthcare professionals specialising in
over 40 medical and surgical disciplines,
ensuring comprehensive and high-quality
care for patients.
At the forefront of healthcare innovation,
the commitment to being a Complex
Disease Multi-Specialist has led to the
establishment of a cluster of regional
Centers of Excellence. Within the hospital,
these centres span diverse specialities,
from heart health to cancer and diabetes,
offering niche medical services and health
packages to deliver exceptional results.
AlMulla Group pioneered the establishment
of the Total Joints Replacement Centre,
the first of its kind in the Middle East
and one of only four worldwide. Boasting
the largest patient base among private
hospitals in the region, it attracts
international patients seeking advanced
orthopaedic care.
The Heart Center, recognised as a
regional Center of Excellence, excels in
comprehensive cardiac care. Beyond its
advanced capabilities in treating various
cardiac conditions, it holds distinctions such
as being an American Heart Association
Training Centre and receiving accolades
for ultrasound practice accreditation.
Moreover, the Cancer Care Centre
has been a leader since its inception in
2005. Aligned with the UAE National
Agenda, it focuses on reducing cancerassociated
mortality rates by delivering
world-class comprehensive cancer care.
Embracing traditional treatment options
and introducing innovative therapies, the
centre’s multidisciplinary team ensures the
highest quality of care. With the integration
of world-class healthcare leaders like
Mayo Clinic as a Mayo Clinic Network
Member (MCNM), the commitment to
excellence remains unwavering.
Beyond expanding care boundaries
through a fusion of world-class expertise
and advanced medical technology, the
institution invested directly in healthcare
research and innovation and established
the region’s first AI-led Research Lab.
Aligned with the UAE Government’s
vision, the AI initiative aimed to alleviate
the burden of chronic diseases. In
collaboration with global healthcare
technology company Cerner, American
Hospital Dubai set up this research lab,
utilising Jupiter notebook Python and R
as the data science environment.
American Hospital Dubai played a
pivotal role in advancing surgical care
by becoming the first medical facility in
the region to adopt the da Vinci Robotic
System. Installing the fourth-generation
da Vinci system, they conducted the initial
robotic surgery in Dubai, establishing
a state-of-the-art, multi-organ robotic
surgery facility.
Positioned as a leading healthcare
destination globally, Dubai, with its
esteemed Dubai Health Experience (DXH)
brand, is recognised for exceptional
medical facilities. American Hospital
Dubai has aligned itself with DXH,
partnering with the Dubai government to
champion its medical tourism objectives.
Catering to global patients, the hospital
offers seamless remote assistance via
telemedicine consultations, ensuring
thorough assessments and addressing
concerns before travel.
American Hospital Dubai has been a
centre of excellence since its inauguration,
offering comprehensive one-stop care
in Dubai.
Image Supplied
February 2024 www.thefinanceworld.com 47

Healthcare
Image Supplied
Unimed (United Medical Supplies)
Quality. Trust. Reliability
Pioneering a visionary initiative, Mohamed
& Obaid AlMulla Group spearheaded the
establishment of Unimed in 2001. This
marked the inception of a transformative
journey, evolving from a supplier to
American Hospital Dubai to a trusted
distributor meeting the diverse healthcare
needs of the entire UAE market.
Since its inception as a supplier of
medical equipment and pharmaceutical
products to its sister company, American
Hospital Dubai, Unimed’s growth and
success have been anchored by a singular
aim: to become the preferred and most
trusted supplier and distributor of medical
equipment and pharmaceutical products.
Unimed’s integrity, fair practices, and
its reputation for quality and reliability
drove its expansion. By the present day,
Unimed has delivered to 224 hospitals
and clinics, 776 pharmacies, and 143
wholesale companies across the UAE.
The company deals in various types of
medical equipment and pharmaceutical
products, encompassing both registered
and non-registered items such as treatment
medications, supplements, and cosmetic
ranges. It procures supplies from both
international and local manufacturers,
covering a spectrum of branded and
generic products.
Specialising in pharmaceutical products,
medical consumables and disposables,
as well as medical equipment related to
imaging departments, medical gas pipeline
systems, hospital medical furniture, and
air purifiers, Unimed maintains a focus on
collaborating with esteemed manufacturers
following globally recognized quality
processes and certifications.
Unimed has played a significant role in
contributing to the growing pharmaceutical
industry in the UAE, importing most
medical equipment from abroad while
also supporting local manufacturers
for medical furniture and basic needs.
Against the backdrop of Dubai’s thriving
healthcare market, where expenditures
surged from AED 39 billion in 2010 to
double that amount in 2021, and the
pharmaceutical sector witnessed growth
from AED 6 billion in 2010 to AED 13
billion in 2020, Unimed’s remarkable
trajectory of success and significant
contributions underscore the effectiveness
of its strategic vision.
Unimed’s commitment to business
excellence is rooted in robust principles and
a dedication to result-oriented practices.
In its operations, Unimed underscores
the importance of collaborating with
esteemed manufacturers who adhere
to globally recognized quality processes
and certifications. Unimed exhibits
keen market mindfulness, showcasing a
predictive ability to identify trends and
challenges, and maintains an unwavering
focus on product excellence. This strategic
intelligence plays a pivotal role in allowing
Unimed to establish standards in seamless
logistics, ensuring on-time delivery as it
consistently upholds its reputation for
reliability and efficiency.
Monrol UAE
The vision of the Mohamed & Obaid
AlMulla Group extended beyond the
advancements of the American Hospital;
they harboured expansive plans for the
growth and development of their healthcare
sector. In the tightly regulated landscape
of the radiopharmaceutical industry, an
integral segment of healthcare, they took
an early initiative in 2005, formalising
the presence of Monrol UAE in 2010. It
is noteworthy that Monrol UAE holds the
distinction of being the inaugural commercial
radiopharmaceutical manufacturer to
launch in the UAE.
On January 27, 2010, the Monrol
UAE Office in Dubai was inaugurated,
marking the culmination of a joint venture
resulting in the production of FDG
(Fluorodeoxyglucose) for advanced clinical
diagnosis in oncology, cardiovascular,
and neurological health.
Monrol UAE specialises in the manufacturing
of radiopharmaceuticals, a vital category
of drugs employed for the diagnosis of
various diseases, prominently including
cancers. The company perceives its role
as significant within the UAE and the
broader regional oncology landscape.
The primary aim is to consistently and
continuously meet the requirements of
licensed healthcare entities in the UAE and
the region by delivering radiopharmaceuticals
of the highest quality while adhering to
international standards.
In the realm of oncological diagnosis,
radioactive tracers are indispensable.
Monrol UAE manufactures these tracers,
crucial for diagnosing and managing
cancer, encompassing general cancer,
bone scans, and prostate cancers. These
tracers play a pivotal role in molecular
imaging through PET (Positron Emission
Tomography), contributing to advancements
in the field of medical imaging for more
effective cancer diagnosis and treatment.
With the capability to produce a range
of radiopharmaceuticals, including 18F
FDG, NAF, FLT, and F-DOPPA, Monrol UAE
stands at the forefront of meeting diverse
medical imaging needs. The Production
and Quality Control Departments play
a pivotal role in ensuring compliance
with rigorous standards, adhering to
regulations set forth by the Ministry
of Health (MOH), Good Manufacturing
Practice (GMP), Good Laboratory Practice
(GLP), and European Pharmacopeia. This
commitment to regulatory adherence
underscores Monrol UAE’s dedication
48 www.thefinanceworld.com February 2024

Image Supplied
to delivering radiopharmaceuticals of
the highest quality while maintaining
stringent quality control measures.
Over the decade-plus since the inception
of Monrol UAE, the company has achieved
remarkable success, driven by its
unwavering commitment to core values
such as honesty, integrity, uncompromising
quality, and safety, all united under the
overarching objective of “Saving Lives.”
The joint venture, established in 2013,
between Mohamed & Obaid AlMulla,
Monrol UAE, and Eczacıbası-Monrol, the
Turkish pharmaceutical giant, has seen
the realisation of numerous milestones.
Currently, the company is actively involved
in researching and developing the fourth
tracer, targeting neuroendocrine tumours,
underscoring Monrol UAE’s commitment
to advancing diagnostic capabilities and
contributing to medical advancements
in the field of radiopharmaceuticals.
As the company continues its journey,
it stands as a beacon of progress in the
vital realm of healthcare, contributing to
enhanced diagnostic capabilities in UAE
as well as other GCC nations including
Saudi Arabia, Bahrain, Kuwait and Qatar.
Stay Well Pharmacies
Stay Well Pharmacies, a vital extension
of the renowned Mohamed & Obaid
AlMulla Group, stands out as a far-reaching
chain of outlets strategically dispersed
across Dubai. Purposefully positioned
and thoughtfully designed, this dedicated
division mirrors the group’s commitment to
addressing the diverse health and wellness
needs of families and individuals. Stay
Well Pharmacies, seamlessly integrated
into the group’s expansive approach,
symbolise a concerted effort to make
quality healthcare solutions accessible to
a wide audience, reinforcing the Mohamed
& Obaid AlMulla Group’s overarching
dedication to holistic well-being.
Cognizant of the pivotal role pharmacies
play as a critical link between individuals
and their wellness objectives, Stay Well
is unwaveringly committed to the overall
well-being of its patrons. Purposefully
crafted as an essential component of the
healthcare system, Stay Well Pharmacies
are meticulously designed to serve as
a preferred comfort zone, ensuring a
supportive environment for your healthrelated
needs.
With a comprehensive array of medicines
and wellness products thoughtfully curated
under one roof, Stay Well Pharmacies are
poised to make life more convenient for
you and your family. The ethos behind
Stay Well is rooted in the belief that
catering to diverse needs within a trusted
and supportive environment is essential.
Stepping into a Stay Well Pharmacy
guarantees not only access to a broad
spectrum of health-related solutions
but also an assurance of empathetic,
personalised service characterised by
unwavering quality and reliability. The
guiding principles shaping this endeavour
are rooted in the core values of Customer
Focus, Trust, Efficiency, and Convenience,
reaffirming Stay Well’s commitment to
providing an exceptional and holistic
healthcare experience.
Stay Well Pharmacies boasted an
extensive inventory of medicines and
wellness products, meticulously aligned
with government regulations. Ranging
from health supplements to skincare,
haircare, personal care products, and
more, their offerings were thoughtfully
curated to cater to diverse health and
wellness needs.
Acknowledging the discerning choices
of consumers and their reliance on
reputation and expertise when selecting
a pharmacy, Stay Well Pharmacies
endeavoured to not only meet but exceed
those expectations. The team, comprising
highly trained pharmacists, strived to
provide a stress-free, streamlined, and
empowering experience for patrons,
facilitating optimal health and wellness
management.
The operational efficiency of Stay Well
Pharmacies was augmented by a stateof-the-art
inventory management system,
ensuring the consistent availability of
medications and wellness products. This
commitment to precision and accessibility
underscored the pharmacy’s dedication
to delivering a seamless and reliable
healthcare experience.
Image Supplied
February 2024 www.thefinanceworld.com 49

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Merger & Acquisitions
Source. freepik.com
The M&A market in the UAE is projected to reach a transaction value of US$7.91B in 2024.
Key Reasons Why
Due Diligence is
Essential for Mergers
& Acquisitions in UAE
Due Diligence ensures financial stability,
addresses legal risks, and provides insights for
a smooth integration process.
In the realm of Mergers and Acquisitions
within the UAE, due diligence has gained
considerable significance, reflective of the
dynamic business landscape. It assumes
a pivotal role in shaping the trajectory of
transactions by meticulously examining
various dimensions. The due diligence
process, encompassing a comprehensive
investigation and assessment undertaken
by acquiring entities, scrutinises the
financial, legal, operational, and strategic
facets of a potential target company. This
thorough scrutiny stands as an imperative
precursor to engaging in any M&A
transaction. Against the backdrop of the
UAE’s evolving business environment,
where ongoing expansion is characteristic
of SMEs and established corporations,
the significance of due diligence is accentuated.
52 www.thefinanceworld.com February 2024

The core objective of due diligence
in Mergers and Acquisitions lies in
the identification and mitigation
of associated risks. Acquiring entities
undertake a thorough examination of the
target company’s financial statements,
contracts, intellectual property, compliance
records, and pertinent documentation.
This comprehensive scrutiny aims
to provide a holistic understanding of
potential liabilities or issues that could
impact the transaction.
By pinpointing and evaluating risks
early in the process, purchasers can
make well-informed decisions and negotiate
transaction terms effectively.
This proactive approach allows for a
more nuanced assessment of the deal’s
viability. In instances where substantial
risks are uncovered, this diligence
may prompt a re-evaluation or even the
abandonment of the transaction. Such
decisive actions serve as a safeguard,
preventing purchasers from enduring
significant financial losses and potential
legal complications.
Due diligence costs, influenced by the
target company’s complexity, are justified
compared to the risks of skipping the
process. Expenses are typically shared,
with both buyer and seller covering their
respective professional teams, including
investment bankers, accountants, and
attorneys.
Due diligence in M&A is essential for
buyers to confirm transaction expectations
and minimise risks. Sellers may
also benefit, as it can reveal a higher fair
market value than anticipated, leading
sellers to prepare due diligence reports
proactively.
The success of mergers and acquisitions
hinges on seamless integration,
with due diligence playing a pivotal
role in this intricate process. Acting as a
vital instrument, due diligence provides
acquiring companies with indispensable
information, steering the planning and
execution of integration strategies. This
thorough examination extends to scrutinising
the target company’s systems,
processes, and infrastructure, enabling
the identification of potential synergies,
redundancies, and operational efficiencies.
In the context of the UAE, due diligence
assumes added significance by helping
companies navigate cultural nuances
and potential conflicts that may arise
during integration. Early awareness of
these factors is instrumental in crafting
effective change management strategies,
fostering transparent communication, and
cultivating a collaborative environment
for employees from both organisations.
In essence, meticulous due diligence lays
the groundwork for a successful M&A,
ensuring a harmonious assimilation of
disparate entities.
Due diligence stands as a cornerstone
for informed decision-making in acquisitions,
guiding acquiring companies
through a meticulous examination of
a target company’s operations, market
position, competitive landscape, and
growth prospects. This comprehensive
review allows purchasers to assess the
strategic fit of the merger or acquisition,
examining factors such as long-term
goals, complementary capabilities, and
the financial viability of the transaction.
Due diligence
is a crucial risk
management
tool, empowering
acquirers to
make informed
decisions in M&A
transactions.”
Beyond financial considerations, it
extends to evaluating the target company’s
management team, culture, and
human resources. This holistic insight is
invaluable for anticipating challenges and
compatibility issues during post-merger
or post-acquisition integration. Armed
with this comprehensive knowledge,
acquiring companies can negotiate
transaction terms effectively, structure
the deal appropriately, and develop a
well-informed roadmap for a successful
integration.
In M&A transactions, the consideration
or purchase price is profoundly shaped
by the outcomes of due diligence. A
meticulous examination of a target
company’s assets, liabilities, intellectual
property, and growth prospects equips
acquirers with the knowledge needed
for well-informed decision-making on
transaction considerations.
By identifying potential risks and opportunities,
acquirers can adjust transaction
terms and pricing based on the seller’s
representations and warranties. This
ensures a fair and equitable outcome
for all parties involved.
Additionally, due diligence may uncover
hidden or undervalued assets, intellectual
property, or growth opportunities within
the target company. This discovery has
the potential to augment the overall
value of the transaction, offering the
acquiring company a competitive edge
in the market through a more thorough
understanding of the target company’s
true worth.
In M&A transactions, the consideration
or purchase price is intricately tied to due
diligence outcomes. This examination
of a target company’s facets—assets,
liabilities, intellectual property, and
growth prospects—provides acquirers
with crucial knowledge.
This knowledge becomes the bedrock
for informed decision-making on transaction
considerations. Acquirers adeptly
identify risks and opportunities, enabling
adjustments to terms and pricing based
on the seller’s representations. The goal
is to secure a fair and equitable outcome
for all parties.
Furthermore, due diligence can unveil
hidden or undervalued assets, intellectual
property, or growth opportunities within
the target company. This discovery potentially
elevates the overall transaction
value, granting the acquiring company a
competitive advantage by comprehending
the target company’s true worth more
thoroughly.
The United Arab Emirates has taken the
lead in mergers and acquisitions within
the GCC region, successfully closing 77
out of 128 deals in 2023. With ongoing
regulatory reforms, strategic initiatives,
and a rising interest in Foreign Direct
Investments, experts anticipate a further
surge in activity this year. Emphasising
the significance of due diligence is crucial
for ensuring a seamless and successful
process.
February 2024 www.thefinanceworld.com 53

Merger and Acquisition News
Abu Dhabi-Backed Fintech Firm to Acquire Philippine Rural Bank
Salmon, a consumer fintech firm
backed by Abu Dhabi’s sovereign
wealth fund ADQ, has obtained
regulatory approval to acquire a
59.7% majority stake in the Rural Bank of
Sta. Rosa in Laguna province, Philippines.
The move aligns with Salmon’s mission
to introduce AI-centric consumer credit
and debit products while expanding its
footprint by opening new branches. Established
in 2022, Salmon’s initiative aims to
Investcorp Unit to
Acquire German
Payroll-as-a-Service
Provider Veda
Investcorp’s technology arm is set to
acquire a majority stake in German
payroll-as-a-service provider Veda
GMBH, as reported. The terms
of the deal were undisclosed. Veda,
headquartered in Alsdorf, Germany, with
about 170 employees, offers a digital HR
management platform covering payroll,
time and security, recruiting, personnel
development, and learning management.
With approximately 1,200 customers,
Veda’s CEO Ralf Graessler will maintain
an investment in the company alongside
Investcorp Technology Partners. The
transaction is expected to be finalised
in Q1 2024, contingent on customary
closing conditions. Investcorp sees
significant potential in supporting Veda
as it facilitates more SMEs transitioning
their mission-critical HR services to the
cloud.
address financial inclusion challenges in
the Philippines, where around 34 million
individuals, or 44% of the adult population,
remain unbanked, according to the
central bank’s financial inclusion survey.
The acquisition follows the International
Finance Corp’s consideration of a $7M
equity investment in Salmon’s operator,
Fintech Holdings Ltd, in December. The
move positions Salmon to bring AI-centric
consumer financial products.
Aldar Invests AED 1B to Expand UAE Logistics
Real Estate Business
Aldar Properties, a leading
UAE real estate developer,
is committing AED 1B to
expand its logistics real estate
business in Dubai and Abu Dhabi. The
investment involves acquiring the 7
Central logistics hub and an adjacent
land plot in Dubai Investments Park,
marking Aldar’s inaugural logistics
acquisition in Dubai. Additionally, the
company plans to develop 233,000 sqm
of new logistics facilities in both Dubai
and Abu Dhabi. This strategic initiative
aims to meet the escalating demand for
Grade A logistics facilities, propelling
Aldar’s total logistics Gross Leasable
Area (GLA) in the UAE to over 400,000
sqm. This move solidifies Aldar’s position
in the thriving logistics sector,
reflecting its commitment to meeting
evolving market needs.
AD Ports Unit Acquires Spain’s APM Terminals
for $10.95M
Abu Dhabi-based AD Ports Group
has confirmed that its Spanish
unit, Noatum Terminals, completed
the acquisition of 100%
ownership of APM Terminals Castellón
in Spain for ($11.55M). The agreement
received regulatory and stakeholder
approvals, and the ownership transition
is effective immediately, according to a
statement from AD Ports on Tuesday.
This strategic acquisition is aimed at
consolidating Noatum’s position as a
major multipurpose port operator in
Spain, contributing to the expansion
of the logistics firm’s terminal capacity.
Noatum Terminals, a part of the Noatum
Group, witnessed AD Ports securing 100%
ownership through a ($762M) acquisition
last year, solidifying its prominence
in the logistics sector. The statement
highlights that, with this acquisition,
Noatum’s combined capacity at Castellón
is 250,000m2, with an annual capacity to
handle 250,000 TEUs.
54 www.thefinanceworld.com February 2024

Alujain Boosts Stake in NATPET, Ownership Reaches 97.5%
Alujain Corporation has completed
the acquisition of shares
from specific shareholders
of its subsidiary, National
Petrochemical Industrial Company
(NATPET). The finalisation of the deal
followed the successful execution
of a share swap transaction and the
transfer of cash consideration, as
detailed in a bourse statement. This
equity acquisition marks a substantial
increase in Alujain’s ownership in
NATPET, rising from 88.59% to 97.55%.
In the first half (H1) of 2023, Alujain
reported noteworthy financials, with
net profits after Zakat and tax reaching
SAR 9.63M, and revenues totalling SAR
798.93M. This strategic move is in line
with Alujain’s persistent efforts to fortify
its position and influence within the
petrochemical sector.
Emirates Stallions Group
Secures 60% Stake in
AFKAR with Acquisition
Abu Dhabi-based Emirates
Stallions Group (ESG) has acquired
a 60% stake in AFKAR
Financial & Property Investments,
marking its expansion into the
real estate and retail sector of the UAE.
ESG, a global investment, engineering,
and construction solutions company,
operates as a subsidiary of the International
Holding Company (IHC), a
prominent conglomerate in the UAE.
AFKAR, based in Abu Dhabi, engages in
commercial enterprise investment, real
estate development, and retail trade of
furniture and interior decoration materials
through brands like 2XL Home
and OC Home. The strategic acquisition
aims to fortify and diversify ESG’s
portfolio, expediting the development
of its business plan for the upcoming
year, according to Kayed Khorma, CEO
of Emirates Stallions Group. AFKAR
has demonstrated growth in assets by
13% and revenue by 10% over the past
three years.
Jaf Investment Acquires Stakes in Two Units of
Arabia Investments Holding
Jaf Investment Company has
acquired equity stakes in two
companies owned by Arabia
Investments Holding for a combined
value of EGP 177M, as disclosed in
a bourse filing. Jaf Investment secured
a 30% shareholding in UE Finance
and Rawaj Consumer Finance for
EGP 147M and EGP 30M, respectively.
In the first nine months of 2023,
Arabia Investments Holding reported
consolidated net profits after tax of
EGP 28.44M, experiencing an annual
decline from EGP 47.01M, including
minority interest. Revenues increased
to EGP 939.33M as of September 30,
2023, compared to EGP 899.65M in the
same period in 2022. Basic earnings
per share (EPS) decreased to EGP 0.01
during January-September 2023 from
EGP 0.03 in the corresponding period
of the previous year.
Fairfax Successfully Acquires $860M Stake in
Gulf Insurance Group
Fairfax Financial Holding, a Canadian
firm, has successfully
concluded the acquisition of
an additional $860M stake in
Gulf Insurance Group (GIG), elevating
its shareholding to 90.01%. The acquisition
involved Fairfax purchasing all
shares of GIG under Kuwait Projects
Company’s (Kipco) control for KD
263.7M ($860M), representing 46.3% of
GIG’s equity. Following the closing of
the deal, Fairfax’s equity interest in GIG
has risen to 90.01%. GIG will continue
under the leadership of Khaled Saoud
Al Hasan, Group CEO, and Paul Adamson,
CEO of GIG Gulf. Fairfax intends
to launch a mandatory tender offer to
all other GIG shareholders in Q1 2024,
complying with the regulations of the
Capital Markets Authority of Kuwait.
Fairfax primarily operates in property
and casualty insurance and reinsurance,
having written $229B in cumulative
premiums over nearly four decades.
February 2024 www.thefinanceworld.com 55

Real Estate
Image supplied
“Passionate about excellence, we set new standards in comfort and style” - Khalaf Al Habtoor
Innovation in Elevation:
Al Habtoor Real
Estate’s Landmark
Projects of 2023
“Al Habtoor Tower is designed to become the
ultimate lifestyle and residential address in the
heart of Dubai.” Khalaf Al Habtoor
In the realm of family-owned businesses,
Al Habtoor Group has consistently been
in the limelight, whether for its hospitality,
real estate, or automotive ventures.
With over four decades of experience
in the real estate sector and a carefully
cultivated portfolio of properties, Al
Habtoor Real Estate delivers a transparent,
comprehensive value package. The
company has successfully operated in
both residential and commercial spheres,
offering properties on a global scale. It has
established itself as a prominent name in
the real estate sector in India as well as
in various parts of Europe. This article
aims to highlight some of the prominent
projects launched in 2023, showcasing
Habtoor Group’s remarkable journey
in the ever-evolving world of property
investment and development.
56 www.thefinanceworld.com February 2024

One of Al Habtoor Real Estate’s
prominent projects was the inauguration
of Al Habtoor Towers,
a remarkable achievement that saw the
development of Sky Villas and Ultra
Residences within just six months of
its announcement. Thomas Murdoch,
Deputy GM of Al Habtoor Real Estate,
stated, “The Al Habtoor Group has always
been synonymous with quality, luxury,
and uncompromising standards. For over
five decades, we have worked tirelessly
to shape the landscape of Dubai.”
Al Habtoor Real Estate continued to
make headlines in 2023 with the official
launch of one of the world’s largest residential
buildings – Al Habtoor Tower.
It was unveiled during an event in June
2023 at La Perle Dubai, another iconic
project by Al Habtoor Group, attended
by key industry players, stakeholders,
personalities, and members of the media.
The 82-storey residential tower, set
to be located within Al Habtoor City on
Sheikh Zayed Road, is a multi-billion
dirham development that aims to leave a
lasting impression on the Dubai skyline.
With 1,701 keys spread across a built-up
area of 3,517,313 square feet, Al Habtoor
Tower is not merely a residential building;
it is a vertical city designed to redefine
luxury living in the heart of Dubai.
Al Habtoor Tower, the largest residential
building globally, boasts a striking
façade and sleek contours that are a
testament to the vision and expertise
of Al Habtoor Real Estate’s world-class
team of architects and engineers. The
group’s commitment to excellence is
further underscored by the appointment
of China Railway 18th Bureau Group Ltd.
as the main contractor for this AED3.7
billion project.
The tower is a lifestyle destination,
offering an array of amenities that are
second to none. State-of-the-art fitness
centres, landscaped gardens, exclusive
dining and retail options, a padel court,
an infinity pool, a library, and more
contribute to making Al Habtoor Tower
a self-contained vertical city.
The flagship tower is now officially
open for sale, with the sales centre set to
open soon for unit bookings. Prices for
one-bedroom apartments start at around
AED 2 million, two-bedroom apartments
from AED3.5 million, and AED4.7 million
for four-bedroom apartments. As Al
Habtoor Real Estate continues to reshape
the skyline and redefine luxury living, Al
Habtoor Tower stands as a testament to
the group’s unwavering commitment to
excellence and innovation in the realm
of real estate.
Image supplied
February 2024 www.thefinanceworld.com 57

Real Estate
Al Habtoor Real Estate marked another
monumental achievement in 2023 with
the official launch of Ultra Residences &
Sky Villas at Al Habtoor Tower, situated
atop Dubai’s latest landmark. This iconic
tower not only redefines the city’s skyline
but also sets a new standard for luxury
living in the region.
The Ultra Residences & Sky Villas,
spanning levels 76 to 82, are the epitome
of engineering, design, and meticulous
planning. Offering breathtaking views
of the Arabian Gulf, Sheikh Zayed Road,
Dubai Canal, Business Bay, Burj Khalifa,
and Meydan, these residences signify a
milestone in Al Habtoor Real Estate’s
commitment to excellence.
Mohamed Al Habtoor, Vice Chairman
& CEO of Al Habtoor Group, expressed
pride in the achievement, stating, “Surpassing
construction expectations, our
early delivery is a testament to our dedication
to precision and timely project
completion, setting new standards in
the realm of architectural achievement.”
These residences, located over 300
metres high, provide an unparalleled
living experience with world-class
amenities. The highest terraced gardens,
private residential pools, and 360-degree
panoramic views of Dubai make the
Ultra Residences & Sky Villas a true
symbol of luxury. The incorporation of
energy-efficient glass windows and one
of the world’s fastest elevators further
enhance the living experience.
The tower’s construction not only
aims for architectural brilliance but
also emphasises sustainability. Utilising
higher-grade steel to reduce carbon
emissions by up to 50%, and innovative
construction techniques like the Deep
Piling Foundation, the project showcases
a commitment to environmental responsibility
and efficiency, saving at least 6
months of construction time.
The Sky Villas, comprising 16 exclusive
units, offer a luxurious lifestyle with
features like private pools, large terraces,
and a 3.8-meter ceiling height. The
demand for these high-end residences
is expected to be substantial, thanks
to their unique views within the tower
and the flexibility offered through unit
merging options.
As Al Habtoor Real Estate continues
to shape the future of real estate in 2023,
the launch of the Ultra Residences &
Sky Villas stands as a testament to the
company’s dedication to creating iconic,
sustainable, and luxurious living spaces
that resonate with the evolving needs of
discerning residents in Dubai and beyond.
58 www.thefinanceworld.com February 2024

Image supplied
February 2024 www.thefinanceworld.com 59

Real Estate News
ZaZEN Properties Unveils Key Insights into Future
Real Estate Trends
ZaZEN Properties, a UAE-based
sustainable property developer,
emphasises the urgency
for increased sustainable
construction efforts post-COP 28 to
meet the rising population and ensure
economic resilience. Despite delivering
50,000 new units this year, addressing
half of Dubai’s population growth,
only 24,000 units are slated for 2024.
With over $356B allocated for real
estate developments, including public
programs, and $17B in contract awards
in 2023. However, Madhav Dhar, COO
of ZaZEN Properties, stresses the need
for sustainable growth, aligning with
the Dubai 2040 Urban Masterplan to
accommodate the city’s projected eight
million people by 2040. The market
anticipates robust transactional activity
and a surge in demand for mortgages,
with a projected 39.9% growth in the
UAE alternative lending market in 2023.
Burj Khalifa: $2.7B in Home Sales, 22% Rise in
Deals Last Year
Dubai’s iconic Burj Khalifa has
witnessed a remarkable $2.7B
in home sales over its 14-year
history, constituting 8% of
Downtown Dubai’s total residential
transactions. Despite a 52% decrease
in available homes in 2023, signalling
a surge in long-term investors and
genuine end users, the number of deals
within the tower increased by 22% to
117 sales. Global property consultant
Knight Frank’s analysis reveals that
the world’s tallest building remains
a hotspot for demand, contributing
to 7% of all Downtown sales in 2023,
surpassing AED 1.06B ($288.7M) and
underlining its enduring appeal in
Dubai’s real estate landscape. The Burj
Khalifa has outperformed the rest of
the city, with prices growing by 55.4
per cent over the same period.
Discovery Land Company Unveils Exclusive
Members-Only Residences in Dubai
Discovery Land Company, a
global leader in private clubs,
introduces its inaugural UAE
venture, Discovery Dunes,
offering exclusive members-only residences.
Spanning over 27 million
square feet in Dubai South’s Golf
district, it aligns with the company’s
commitment to family-centric, active
lifestyles. Boasting a private golf course
by Tom Fazio, accessible without tee
time reservations, the project fosters a
relaxed environment. As part of Discovery
Land Company’s diverse portfolio
across 35 destinations worldwide,
Discovery Dunes emphasises creating
secure, intimate havens for like-minded
families, ensuring world-class amenities
and an Outdoor Pursuits Programme,
reinforcing the company’s dedication
to delivering unparalleled lifestyle
experiences.
Dubai Mansion Breaks
Records: Listed as the
City’s Priciest Home at
$163M
Dubai’s real estate scene boasts
a jaw-dropping offering – the
AED 600M ($163M) Super
Penthouse R1 at Raffles The
Palm Dubai Residences, presented
by the Emerald Palace Group. This
architectural marvel spans the top three
levels and rooftop, making it the city’s
largest penthouse. Collaborating with
renowned design company Yodezeen,
the 77,707 sq ft space includes a
cryogenic room, basketball court,
and teppanyaki kitchen. With eight
bedrooms, a 20-person dining table, and
a bar, it stands as Dubai’s largest private
residence. The handover is expected
within 15 months from the booking
date, setting a new standard in luxury
living. Super Penthouse R1 at Raffles
The Palm Dubai Residences offers
luxury, featuring a private elevator to
the Grand Saloon and a Teppanyaki
Kitchen in the expansive dining room.
The vast sitting area opens to a central
terrace, providing stunning views of
Palm Jumeirah.
Dubai Real Estate: Agents
Raking in Over AED 150,000
in Commission per Deal
Dubai’s real estate agents are
experiencing robust financial
gains, with individual
transactions yielding up to
AED 150,000, a testament to the city’s
dynamic real estate market and heightened
international investor interest.
Industry insiders project a notable
surge in annual incomes, particularly for
top-performing agents earning between
AED400,000 and AED 500,000. This
uptick is attributed to agents adeptly
navigating complex deals, facilitating
quick turnarounds, and strategically
positioning properties for optimal
returns through rentals or resale. Olga
Strakhova, an analyst at Colife Invest,
underscores the pivotal role agents play
in shaping Dubai’s global real estate
landscape, citing adaptability, negotiation
prowess, and market insights as
key drivers of their success.
60 www.thefinanceworld.com February 2024

Q Properties Secures
$16.89M Contract for
New Development
Project
Abu Dhabi-based real estate
developer Q Properties, a
subsidiary of Q Holding, has
announced a significant milestone
with a contract award worth
AED 61.96M for the design and construction
of nearly 5,000 foundation
piles. The project, known as Reem
Hills, comprises six apartment buildings
featuring spacious 1-, 2-, and
three-bedroom apartments, along with
three-bedroom townhouses designed
for utmost comfort and convenience.
This initiative aligns with Q Properties’
commitment to Abu Dhabi’s economic
development and contributes to the
UAE’s global ambitions. This follows
the AED 1.75B deal awarded in August
2023 to Trojan General Contracting for
Reem Hills Phase 1 villas.
MAG Secures AED 350M Plot in Downtown
Acquisition
MAG, a prominent UAE
real estate developer, has
revealed the acquisition of
a new AED 350M plot in
Downtown Dubai for the development
of a luxury well-being real estate and
hospitality project under the Keturah
brand. Talal Moafaq Al Gaddah, Senior
Executive Vice Chairman of MAG,
highlighted the success of the Keturah
brand, emphasising Dubai’s dynamic
real estate sector and the growing
demand for strategic plots. The new
development, strategically positioned
in Downtown Dubai, aligns with the
emirate’s leadership vision, reflecting
MAG’s commitment to launching
innovative projects that enhance the
city’s appeal and consistently surpass
expectations.
Saudi Real Estate Refinance Company Renews
$2.9B Deal with Alrajhi Bank
The Saudi Real Estate Refinance
Company (SRC) has expanded
its refinancing pact with Alrajhi
Bank, injecting an additional SR
5.8B ($1.5B) and elevating the total
agreement value to SR 10.8B ($2.9B).
This ongoing collaboration underscores
SRC’s vital role in fortifying the growth
capabilities of financial institutions by
providing liquidity, capital management,
and balance sheet de-risking solutions.
Majeed Fahad Alabduljabbar, CEO of
SRC, emphasised the significance of the
partnership in advancing the Vision 2030
Housing Program’s objectives, aiming
to establish a benchmark secondary
housing finance market and enhance
accessibility to home financing,
ultimately fostering increased rates
of home ownership in Saudi Arabia.
Mered Reveals 311-Unit Premium Residential Project in Dubai
Award-winning international
real estate developer Mered
has unveiled its flagship project
in the UAE, “Iconic,” a
residential tower situated in Dubai Internet
City. Developed in collaboration
with Italian design house Pininfarina,
the project comprises 311 premium
ergonomic apartments and various
amenities. Embodying its name, Iconic
aims for landmark status in Dubai’s
skyline, featuring construction quality
that prioritises excellence in every
detail. The tower offers diverse retail
outlets, eateries, a gym, a private
lounge, a children’s play area, and
an infinity pool with stunning views.
Iconic reflects Mered and Pininfarina’s
commitment to creating a functional
and architecturally aesthetic living
experience that redefines development
standards in Dubai.
February 2024 www.thefinanceworld.com 61

Funding and Investment
source: www.hbinvestments.com
We seek visionary entrepreneurs unafraid to challenge norms and inspire teams to execute the mission.
HB Investments:
Nurturing Global
Brands Through
Strategic Investments
It’s not just about monetary conversion for Kattan;
it’s about appreciating and nurturing the innovative
approach that sets each business apart.
HB Investments, established in 2018,
functions as the private investment office
for Huda Kattan and her family. Huda
Kattan, the CEO and Chairperson of Huda
Beauty, one of the leading independent
beauty brands globally, leads the venture.
Accompanying her are her sisters, Mona
Kattan and Alya Kattan, who hold key
roles as the President and General Partner
at HB Investments. Operating within the
Seed stage, HB Investments, a pivotal
player in the dynamic startup ecosystem,
has consistently garnered attention for
its innovative and futuristic funding approach.
This article delves into the notable
brands that have received funding from
HB Investments, showcasing the family
office’s role in shaping and advancing
innovative projects.
62 www.thefinanceworld.com February 2024

Jamie True, Patrick Walker, and Jack
Bekhor, co-founders, Uptime
UPTIME
Uptime, the revolutionary edtech app
founded by Jamie True, Jack Bekhor, and
Patrick Walker, has become a beacon of
digital learning innovation. HB Investments,
the Dubai-based private investment
office of Huda Beauty’s founders, added
a strategic US$3 million into Uptime’s
seed funding round.
Chairperson Huda Kattan emphasised
the shared vision of democratising education,
stating, “I’m excited to be joining
them on this journey as an investor and
board member to create a truly global
edtech platform.”
With a unique blend of machine learning
and human curation, Uptime offers users
five-minute “knowledge hacks” from
top books, courses, and documentaries.
Boasting impressive user engagement—
second only to TikTok—the partnership
with HB Investments positions Uptime
as a digital dynamo in reshaping global
access to education.
Fresha is leading the way with
free software for salons around
the world. William Zeqiri
Fresha
Fresha, the brainchild of William Zeqiri
and Nick Miller, has transformed the salon
and spa industry with its online booking
platform. Backed by HB Investments, the
Dubai-based private investment office of
Huda Beauty’s founders, Fresha boasts
over 50,000 venues in 120 countries.
Co-founder Nick Miller emphasises
Fresha’s commitment to simplifying
operations: “By making top business
software accessible without any subscription
fees, Fresha lets professionals focus
on offering great experiences for their
customers.” Huda Kattan, Chairperson of
HB Investments, recognises the platform’s
impact in managing day-to-day sales for
smaller operations.
Handling eight million monthly appointments,
valued at over $270 million,
Fresha operates on a commission-based
revenue model. This strategic investment
underscores HB Investments’ dedication
to empowering digital brands that redefine
industries with innovative, accessible
solutions.
It hydrates four times more successfully
than water alone, Dave Catudal
Humantra
Humantra, a global wellness brand
founded by Dave Catudal, is on a mission
to make thriving health and optimal
performance accessible to all through
supplements. Launched in February,
with its flagship product, Hydration
Hack, Humantra has secured support
from Huda Beauty Investments, a fund
and incubator known for partnering with
exceptional entrepreneurs.
Huda Kattan, Chairperson of HB
Investments and the visionary behind
Huda Beauty applauded the brand and
said, “I strongly believe in creating transformative
products, especially those that
contribute positively to both mental and
physical well-being. It brings me great
pride to introduce Humantra, our latest
venture at HB Investments, dedicated to
elevating health and wellness journeys.”
Embodying a vision to empower
individuals on their wellness journey,
Humantra aims to demystify supplement
purchasing by focusing on four crucial
pillars of health: hydration, gut health,
brain health, and sleep. Dave Catudal
envisions a future where individuals can
take control of their health through the
right supplements.
HB Investments’ strategic backing of
Humantra exemplifies its commitment
to supporting ventures that align with a
broader vision of enhancing well-being
globally.
Resale is the future of shopping,
Kunal Kapoor
The Luxury Closet
Founded by Kunal Kapoor, The Luxury
Closet has established itself as one of the
premier regional platforms for authenticated
luxury consignment. Launched
in 2012, this e-commerce marketplace
specialises in pre-owned luxury goods,
encompassing watches, handbags, clothing,
shoes, and accessories. With a keen
focus on ‘perfect condition’ items from
renowned brands like Louis Vuitton,
Hermes, and Rolex, The Luxury Closet
has become a go-to destination for luxury
enthusiasts in the Middle East.
Under the strategic backing of HB
Investments, led by Chairperson Huda
Kattan, the platform has listed an impressive
80,000 items valued at $120 million,
sourced from 5,000 sellers.
Kattan expressed enthusiasm about
the partnership, stating, “We are excited
to partner with The Luxury Closet. Sustainability
is one of our primary focuses
and a core tenet of the HBI portfolio.
In our continued effort to champion
responsible and eco-friendly businesses,
we couldn’t be more enthusiastic about
our partnership with The Luxury Closet.”
The Luxury Closet stands as a testament
to the success of digital brands
empowered by HB Investments, making
significant strides in the realms of luxury
and sustainability.
February 2024 www.thefinanceworld.com 63

Funding and Investment News
Saudi Arabia’s new
civil laws aim to boost
investment
In response to shifts in Saudi
Arabia’s legal landscape, private
equity investor Imad Ghandour is
contemplating a strategic adjustment.
His firm, CedarBridge Capital
Partners, may now consider purchasing
minority stakes in Saudi companies, a
departure from their previous focus on
majority stakes. This reconsideration
is prompted by the introduction of the
kingdom’s first written civil code on
Dec. 16, replacing a system that relied
on judges’ discretion in commercial disputes
guided by Islamic law. Ghandour
sees the new civil transactions law as
providing enhanced protection and
predictability for investors. Aligned
with Saudi Arabia’s Vision 2030 reform
plan, the legal changes aim to attract
capital, steering the economy away
from reliance on fossil fuels. Despite
a 2021 target of $100B in foreign direct
investment by 2030, recent data
suggests the nation faces challenges
in achieving this goal.
Lokalee Secures $5.6M
Funding, Expands
Presence into Europe
Dubai-based Lokalee, an AI-driven
content platform for hotels
and holiday homes, has
successfully raised $5.60M
in a pre-series A funding round, as announced
in a press release. The capital
injection, led by Crown Private Fund
and three other strategic investors with
expertise in hotels and technology,
will fuel Lokalee’s ongoing product
development initiatives and facilitate
its expansion into European markets.
Operating as a business-to-business
(B2B) content platform, Lokalee aims
to elevate guest interactions, streamline
operations, and maximise revenue potential.
With a portfolio of 250 hotels,
the company expanded its reach to
Austria, Germany, and Saudi Arabia
in 2023. Plans include the introduction
of a trip planner, integrating AI technology
with curated human-provided
data to deliver an optimal synthesis
of both worlds.
Saudi Arabia Surpasses UAE in Middle East VC
Fundraising
Saudi Arabia emerged as a frontrunner
in venture capital investments
last year, surpassing
its regional rival, the United
Arab Emirates. Fueled by government-backed
funds, startups within the
kingdom secured a notable $1.4B—an
impressive 33% surge from the previous
year. This sum represents over half
of the total venture capital funding
amassed in the Middle East and North
Africa in 2023, according to data from
Dubai-based venture capital platform
Magnitt. This substantial capital influx
highlights Saudi Arabia’s escalating
role as an innovation hub, indicative
of a strategic commitment to fostering
technological advancements. The
investment surge aligns with broader
efforts towards economic diversification
and positioning the nation as a
key player in the evolving landscape
of innovation.
MyZoi, Standard Chartered’s Start-Up, Secures
$14M in Funding
MyZoi, a digital payroll platform
in the UAE, owned by
Standard Chartered Bank,
has successfully raised $14
million in funding from SC Ventures and
SBI Holdings. This infusion of capital,
following the startup’s seed round, will
be instrumental in expanding its FinTech
product offerings after the anticipated
launch later this year. While specific
details about the total funds raised
before this round remain undisclosed,
SBI Holdings’ investment marks myZoi’s
inaugural external backing. The CEO,
Syed Muhammad Ali, highlighted the
company’s commitment to making
a positive impact on the lives of the
underbanked and their support networks.
With the global digital revolution
gaining momentum, especially in the
wake of the COVID-19 pandemic, the
financial services sector is witnessing
significant transformations, fostering
fiscal inclusion.
Andalusia Labs, Backed by Mubadala, Raises
$48M in Series A Funding
In digital asset risk management,
Andalusia Labs has successfully
raised $48M in a Series A funding
round, catapulting its valuation
beyond $1B. This funding, led by Lightspeed
Venture Partners and Mubadala
Capital, also saw participation from
existing investors like Pantera Capital
and Bain Capital Ventures. Opting for
Abu Dhabi Global Markets (ADGM)
as its global headquarters, Andalusia
Labs cited the emirate’s burgeoning
status as a digital assets financial hub,
boasting progressive regulations and
strategic market connectivity. The
secured funds will fuel accelerated
product development, strengthen institutional
partnerships, and support
global expansion. Simultaneously, the
company is aggressively expanding its
team across vital sectors, including
finance, business development, AI,
cryptography, distributed systems, and
security engineering.
64 www.thefinanceworld.com February 2024

DP World Chairman Announces $3B investment in Gujarat
DP World, a global logistics
management and services
firm, has unveiled plans
to construct a container
terminal in Gujarat, reaffirming its
commitment to further investments
in India. Sultan Ahmed bin Sulayem,
the Chairman of DP World, announced
this development during the Vibrant
Gujarat Global Summit. The company
aims to bolster its partnership with
the Indian logistics sector, supporting
manufacturing industries in Gujarat
and across India to enhance global
competitiveness. DP World, which
initiated operations in Gujarat in 2003
with the Mundra International Container
terminal, has already invested
$2.5B in various activities, including
multimodal logistics, container freight
stations, inland terminals, contract
logistics, cold chain, and acute first
cargo services. The chairman outlined
plans for an additional $3B investment
and highlighted a future state-of-theart
container terminal at Kandla with
a 2M container capacity. It signifies a
strategic commitment to elevate global
competitiveness and fortify collaboration
with the Indian logistics sector.
UAE-India Agreements Boost Cross-Sector Investment
His Highness Sheikh Mohamed
bin Zayed Al Nahyan, President
of the United Arab
Emirates, oversaw the signing
of three significant Memorandums
of Understanding (MoUs) between the
UAE’s Ministry of Investment and India.
These MoUs establish frameworks for
bilateral investment cooperation in
renewable energy, food processing,
and healthcare. The UAE’s commitment
to India’s growing economy is
evident, with an anticipated 7.3 percent
growth during the current fiscal year.
Economic ties between the two nations
have flourished, facilitated by the
Comprehensive Economic Partnership
Agreement (CEPA) in effect since May
2022. Bilateral trade amounted to $84.5B
from April 2022 to March 2023, expected
to reach $100B by 2027. The UAE,
ranked as the seventh-largest investor
in India, contributed approximately
$18B in 2023. The signed MoUs specifically
focus on cooperation between
the UAE’s Ministry of Investment and
India’s Ministry of New and Renewable
Energy, Ministry of Food Processing
Industries, and Ministry of Health and
Family Welfare.
Saudi logistics solutions
provider Nawel raises
$1M funding
Saudi tech startup Nawel, specialising
in logistics and supply
chain solutions, has successfully
closed a $1M pre-seed funding
round led by NOMD Holding, according
to a press release. The funding will accelerate
Nawel’s network expansion and
enhance its technological infrastructure,
including widening its warehouse
management system to streamline
business operations. Renowned for
optimising supply chain operations
by repurposing underutilised spaces
in warehouses and retail establishments,
Nawel aims to reshape storage,
fulfilment, and delivery approaches.
Mohammad Balsharaf, Co-Founder
and CEO, expressed enthusiasm for
the milestone and emphasised the
support from NOMD Holding as a
validation of their mission to redefine
storage processes, fulfilment, and delivery,
ultimately enhancing customer
experiences.
UAE President MBZ Explores Energy and Investment Collaboration in
Azerbaijan
United Arab Emirates President
Sheikh Mohamed bin
Zayed Al Nahyan (MBZ)
embarked on a visit to
Azerbaijan, signalling a potential
strengthening of energy ties amid
global conflicts. Landing in Baku,
MBZ paid respects at a monument
honouring Azerbaijani soldiers and
joined Azerbaijani President Ilham
Aliyev for a dinner, as reported by
the Emirates News Agency. The
high-profile delegation accompanying
MBZ includes key figures such as
Foreign Minister Abdullah bin Zayed
Al Nahyan, Energy Minister Suhail bin
Mohammed Al Mazrouei, and Investment
Minister Mohamed Hassan Al
Suwaidi, reflecting a comprehensive
exploration of energy and investment
collaboration. This diplomatic engagement
unfolds amidst ongoing conflicts
in Gaza and Ukraine, emphasising the
significance of geopolitical alliances.
February 2024 www.thefinanceworld.com 65

Digital Assets
Source. freepik.com
The Middle East Blockchain Technology is set to grow by a CAGR of 46.96% from 2021-2030.
Navigating the
Top Blockchain
Companies and
Developers in Dubai
These companies are pivotal players in blockchain
development, reshaping financial transactions and
embracing digital assets in Dubai.
As businesses worldwide recognise the
potential of blockchain, Dubai has positioned
itself as a key player in fostering
its development. Blockchain technology
stands as a transformative solution that
has reshaped the landscape of financial
transactions. The world is rapidly gravitating
towards the era of digital assets,
and blockchain developers are poised to
play a pivotal role in this transformative
shift. If you seek adept professionals capable
of delivering tailored blockchain
solutions to elevate your client services,
it is imperative to engage only with the
premier blockchain development services
in the UAE. In this article, we will explore
some of the leading blockchain companies
and developers in Dubai, equipped to
meet several requirements for blockchain
development.
66 www.thefinanceworld.com February 2024

Dubai’s commitment to becoming a
global technology and innovation
hub is evident in its embrace
of blockchain technology. The city’s
blockchain companies and developers
are at the forefront of this revolution,
creating innovative solutions that have
the potential to transform industries. As
blockchain continues to gain traction
globally, Dubai’s role in shaping its future
is only set to grow, solidifying the city’s
position as a key player in the world of
decentralised technologies.
Cryptorsy
Founded in 2021 by Vlad Svitanko,
Cryptorsy stands as a pioneering Web3
marketing agency, specialising in elevating
projects to new heights within
the dynamic blockchain industry. With
a mission to keep clients consistently
bullish, Cryptorsy offers a comprehensive
range of services, including community
engagement, strategic marketing, and
the seamless launch of web3 projects.
With a team size ranging from 11 to
50 employees, Cryptorsy operates from
the United Arab Emirates. Their services
cover various aspects of the Web3 landscape,
including Blockchain Marketing,
Funding & Investment strategies, Marketing
Strategy development, Blockchain
technology implementation, Branding,
Content Marketing, and UX/UI Design.
The company’s commitment to making
every Web3 project a viral rockstar
is reflected in its enthusiastic and
results-driven approach, positioning
Cryptorsy as a valuable partner for those
looking to ascend to the pinnacle of the
Web3 industry. With an average hourly
rate ranging from $50 to $99, Cryptorsy
combines expertise with strategic insights
to propel clients to success in the rapidly
evolving blockchain space.
Chain Shack
Founded in 2023, Chain Shack is a
Web3-focused company that redefines
success in the digital era. As a comprehensive
crypto marketing agency,
they seamlessly integrate Marketing,
Development, and Consulting services
to empower blockchain projects. With
a team size ranging from 10 to 49, Chain
Shack’s seasoned experts specialise in
crafting tailored strategies, ensuring
the survival and growth of blockchain
ventures.
The company navigates the complexities
of the crypto landscape with expertise,
offering services such as Blockchain,
Crypto, Metaverse, Smart Contract, Web
Development, Social Media Marketing,
SEO, PPC, Web3 Content Writing, Web3
Influencer Marketing, Web3 PR, Discord
and Telegram Marketing.
At Chain Shack, the focus is on providing
strategic guidance without a promotional
tone, allowing blockchain projects to
thrive in the evolving digital ecosystem.
As a top-tier crypto marketing agency,
Chain Shack offers valuable expertise for
those navigating the dynamic landscape
of blockchain technologies.
BlockAhead
Established in 2018, BlockAhead, a
pioneer in Blockchain technology, has
been actively engaged in providing
innovative solutions to businesses. The
company, rooted in Dubai, collaborates
globally, recognising the value of powerful
digital currencies for enterprises. Since
February 2018, BlockAhead’s expert team
has diligently integrated Blockchain
technology into businesses worldwide.
With a commitment to delivering largescale
solutions based on blockchain
technology, BlockAhead sets industry
standards from its Dubai base. Operating
globally with a team size ranging from
10 to 49 people, the company specialises
in Blockchain development, Blockchain
Consulting, Blockchain Supply Chain,
Hyperledger Blockchain, EOS Blockchain
Development, and dApp Development.
With hands-on experience in IT, BlockAhead
fulfils its responsibility by offering
insightful solutions, ensuring customer
satisfaction, and aligning with the latest
blockchain trends.
BNB Chain
Founded in 2017, BNB Chain, formerly
known as Binance Smart Chain, stands
as a community-driven and decentralised
blockchain powered by BNB. The ecosystem
comprises the BNB Beacon Chain
and BNB Smart Chain (BSC), offering
compatibility with the Ethereum Virtual
Machine (EVM) and fostering a multichain
environment. With a company size
ranging from 50 to 249, BNB Chain is the
world’s largest smart contract blockchain,
boasting the highest transaction volume
and daily active users.
Processing an impressive 3 billion
transactions to date from 163 million
unique addresses, BNB Chain ensures
massive user access with ultra-low gas
fees and zero downtime since inception.
The ecosystem hosts over 1,300 active
decentralised applications (dApps)
spanning various categories like DeFi,
Metaverse, blockchain games, NFTs,
and more. Developers are encouraged to
explore BNB Chain’s offerings through
documentation, support, developer
programs, and GitHub repositories,
making it an influential player in the
blockchain space.
February 2024 www.thefinanceworld.com 67

Economy
Source. freepik.com
Family businesses Nurture prosperity, drive economies, and build lasting legacies.
The Economic
Significance of
Family Businesses
in the UAE
UAE’s family businesses have a promising outlook
as financial wealth is projected to grow by 6.7%
annually, reaching $1 trillion by 2026.
Family businesses have long been the
backbone of the global economy, contributing
significantly to growth, employment,
and innovation. In the United Arab
Emirates (UAE), these enterprises play
a pivotal role in shaping the economic
landscape by not only providing business
opportunities to smaller companies but
also offering a substantial number of
job opportunities. With a rich cultural
emphasis on family values and heritage,
the UAE has seen the rise of numerous
successful family businesses that have
become integral to the nation’s economic
fabric. This article delves into the profound
impact these businesses have on
the UAE’s economy and explores the
legislative measures implemented by
the government to promote and secure
their flourishing presence.
68 www.thefinanceworld.com February 2024

The economic history of the UAE is
closely intertwined with the growth of
family businesses. Traditionally, these
enterprises were mostly involved in
the energy sector oil businesses. Over
time, the diversification of the economy
has seen family businesses expand into
various industries, including finance,
hospitality, manufacturing, education,
healthcare and technology. The UAE has
witnessed a lot of family businesses that
began with one sector and developed into
a conglomerate spanning several sectors.
Family-owned businesses are integral
to the UAE’s economy, making a substantial
impact by contributing 60% to the
country’s GDP and providing employment
for 80% of the nation’s workforce. These
enterprises serve as the cornerstone of
the private sector, comprising roughly
90% of all private companies in the UAE.
Notably, the top ten family businesses
alone employ 600,000 individuals and
collectively hold a net worth surpassing
USD 31 billion (AED 114 billion).
The influence of UAE family businesses
extends beyond national borders. In a
regional context, 21 UAE families rank
among the Arab world’s 100 most powerful
family businesses, marking the UAE
as the second-highest contributor after
Saudi Arabia. This recognition showcases
the robust and dynamic nature of family
enterprises in the country.
A noteworthy aspect is the diversification
trend among family businesses
in the UAE, with approximately 87% of
them operating across multiple sectors.
While some specialise in areas such as
real estate, jewellery, FMCG (fast-moving
consumer goods), industrial, food and
beverages, and retail, this adaptability
highlights their ability to navigate diverse
market environments.
The leadership landscape of family
businesses reflects a balance between
tradition and evolution. Around 38%
of these businesses are still chaired
by the first generation, demonstrating
the enduring entrepreneurial spirit that
initiated these enterprises. The second
generation takes the helm in 47% of cases,
showcasing a successful transition of
leadership within family structures. Remarkably,
a meagre 15% are managed by
the third generation or later, emphasising
the unique challenges and opportunities
associated with generational shifts.
In recognition of the pivotal role played
by family businesses in the economy,
Abu Dhabi has actively undertaken
initiatives to enhance the conditions
for these enterprises. The establishment
of the Abu Dhabi Global Market on Al
Maryah Island in 2016 marked a significant
step in institutionalising support
for private-sector asset management on
behalf of Abu Dhabi authorities. Offering
streamlined registration processes, a
multitude of active double tax treaties,
zero domestic taxes, the status of a
UAE company, and the advantages of a
common law jurisdiction, the Abu Dhabi
Global Market provides a comprehensive
platform that attracts investors from both
within and outside Abu Dhabi.
Simultaneously, the Tharawat Family
Business Forum, founded in 2006 to provide
thought leadership and networking
opportunities, has extended its support
to family businesses in the Arab world.
This commitment is further exemplified
by a cooperation agreement signed with
Without proper
governance, we
face a significant
risk of value
destruction
in family
businesses.”
Badr Jafar, CEO Crescent Enterprises
New York University Abu Dhabi in April
2017. The collaboration aims to launch
a groundbreaking project focused on
documenting the histories of family
businesses in Abu Dhabi and the broader
Arab region. By delving into the rich
history of family businesses, the project
seeks to provide valuable insights and
contribute to the ongoing development
and understanding of the role played by
these enterprises in Abu Dhabi and the
Arab world.
Dubai has also embarked on a comprehensive
series of initiatives aimed at “future-proofing”
family businesses, fostering
their growth, enhancing competitiveness,
and assisting them in navigating the rapidly
evolving global economy. Recognising
their vital contribution to the economy,
Abdulaziz Al Ghurair, Chairman of Dubai
Chambers, emphasised the need for
family businesses to address challenges
posed by digitalisation, cultural issues,
governance, and succession planning in
the evolving economy.
To support these businesses, Dubai has
implemented new legislative and support
measures. Dubai Chambers introduced
the Dubai Centre for Family Businesses,
focusing on leadership transition, succession
planning, and dispute resolution.
The centre has released guidelines to establish
governance frameworks, ensuring
a smooth succession process.
Additionally, it offers programs to
enhance global competitiveness, covering
leadership, training, governance,
and certified adviser development. The
Dubai International Financial Centre has
also launched the DIFC Family Wealth
Centre, providing advisory services and
education to empower family businesses.
As a result, Dubai is poised to attract a
significant migration of family businesses
from various global hubs.
The economic significance of family
businesses in the UAE is indisputable.
Their substantial contributions to GDP,
employment, and regional influence make
them integral to the nation’s sustained
growth. As these enterprises continue
to shape the economic narrative of the
UAE, their resilience, adaptability, and
commitment to success underscore their
enduring legacy. Recognising their pivotal
role is essential for policymakers, business
leaders, and the broader community,
ensuring the continued prosperity of the
UAE economy.
February 2024 www.thefinanceworld.com 69

Corporate Results
Emaar Properties
9M’23 Net Profit: AED 8.2B
In the first nine months of 2023, Emaar
Properties exhibited operational excellence
and sustained growth, reporting a
net profit of AED 8.2B ($2.2B), marking
a significant increase from the corresponding
period in the previous year.
Emaar achieved a notable 29% growth
in Earnings Before Interest, Taxes,
Depreciation, and Amortization (EBIT-
DA), reaching AED 10.8B ($2.9B). The
group’s property sales for the same period
amounted to AED 31.1B ($8.5B),
showcasing a robust 16% year-over-year
growth. Additionally, the revenue backlog
from property sales reached AED
69.5B ($18.9B), indicating a promising
outlook for revenue recognition in the
coming years.
Saudi: National Company
for Learning and Education
(NCLE)
Q1-23/24 Net Profit: SAR
31.05M
In the first quarter of fiscal year
2023/2024, the National Company for
Learning and Education (NCLE) witnessed
a robust financial performance,
with net profits surging by 20.04% to
SAR 31.05M, compared to SAR 25.87M
in the same period the previous year.
The interim income statements revealed
a substantial YoY increase in revenues,
reaching SAR 140.69M, up by 33.95%
from SAR 105.04M. Earnings per share
(EPS) saw an annual rise, reaching
SAR 0.72 in September-November
2023, up from SAR 0.60. The fiscal year
2022/2023 concluded with NCLE’s net
profits after Zakat and tax experiencing
a remarkable 43.06% YoY increase to
SAR 101.78M from SAR 71.04M.
Saudi Aramco
Q3’23: 23% Decline in Net
Profit
In Q3, Saudi Aramco reported a net
income of SR 122.2B ($32.6B), reflecting
a 23% decrease from Q3 2022,
primarily attributed to lower oil prices
and volumes sold. Cash flow from operating
activities dropped to SR 117.6B
($31.4B) in Q3 2023 from SR 202.5B
($54B) in the same period last year.
Free cash flows also declined to SR
76.3B ($20.3B) in Q3 2023 compared
to SR 168.6B ($45B) in Q3 2022. The
gearing ratio was -7.6% on September
30, 2023, slightly improved from -7.9%
at the end of 2022. Dividends included a
Q2 base dividend of SR 73.2B ($19.5B)
paid in Q3, with another SR 73.2B
($19.5B) base dividend scheduled for
Q4. Additionally, performance-linked
dividends of SR 37B ($9.9B) were paid
in Q3, with an additional SR 37B ($9.9B)
slated for Q4, based on full-year 2022
and nine-month 2023 results.
Saudi Yansab
Q3’23 Net loss: SAR 503.6M
Saudi Arabia’s Yanbu National Petrochemical
Company (Yansab), an affiliate
of Saudi Basic Industries Corporation,
reported a widened net loss of SAR
503.6M in Q3 2023, compared to a loss
of SAR 61M a year earlier. The net loss
was attributed to lower production and
sales due to the temporary shutdown of
plants in August 2023. Revenue declined
by 31% YoY to SAR 1.098B. Yansab also
mentioned a decrease in average sales
prices for some products, coupled with
a decline in production costs for certain
inputs. The average sales prices fell
by 2%, and sales volumes decreased
by 30% YoY. The company recorded
a net loss of SAR 503.6M in the first
nine months of 2023, compared to a
net profit of SAR 510.6M in the same
period last year, mainly due to lower
production resulting from scheduled
plant maintenance.
Saudi: United Electronics
Company (eXtra’s)
11.28% Decline in Annual
Net Profit
In 2023, United Electronics Company
(eXtra) reported a year-on-year net
profit decline of 11.28%, amounting
to SAR 390.49M compared to SAR
440.16M in the previous year. The
estimated annual results reflected a
positive trend in revenues, reaching
SAR 6.19B by December 31, 2023, a
2.75% YoY increase from SAR 6.03B.
However, earnings per share (EPS)
decreased from SAR 5.50 in 2022 to
SAR 4.88. For the fourth quarter of
2023, eXtra exhibited resilience with
net profits of SAR 126.17M, a 3.93%
YoY increase from SAR 121.39M. Revenues
in Q4-23 amounted to SAR 1.55B,
surpassing the year-ago period’s SAR
1.54B. Quarter-on-quarter, net profits
and revenues increased by 6.67%
and 7.34%, respectively, showcasing
positive momentum in the company’s
financial performance.
Fertiglobe
Q3’23 Net Profit: $41M
In Q3 2023, Fertiglobe reported revenues
and adjusted EBITDA at $525M
and $199M, respectively, with adjusted
net profit and free cash flows for the
quarter reaching $41M and $126M.
The company experienced an 8% YoY
increase in own-produced sales volume,
driven by a 10% rise in own-produced
sales volumes. Fertiglobe declared
dividends of $275M for H1 2023, emphasising
its commitment to generating
attractive shareholder returns. The cost
optimisation program remains on track
and is expected to achieve the targeted
$50M run rate savings by the end of
2024. Sustainability-focused projects
are progressing, with Fertiglobe and
ADNOC piloting the deployment of the
world’s first modular CycloneCC carbon
capture unit at UAE facilities, with potential
for broader future deployment.
70 www.thefinanceworld.com February 2024

Al Ansari Financial
Services
Q3’23: 22% Decline in Net
Profit
Al Ansari Financial Services, the
UAE-based money exchange and
transfer company, reported a 22%
decline in its third-quarter net profit
as costs increased due to an expansion
push. The net profit attributable to
shareholders for the three months
ending in September dropped to AED
124.5M ($34M). During the period, the
net gain on currency exchange fell
20% YoY to AED 131.2M, while finance
costs more than doubled to AED 1.6M.
Depreciation and amortisation charges
for the quarter rose 16% annually to
AED 21.5M. Al Ansari made its trading
debut on the Dubai Financial Market
in April, raising $210M from the sale
of a 10% stake to retail and qualified
institutional investors.
First Abu Dhabi Bank (FAB)
Q3’23 Net Profit: AED 4.26B
First Abu Dhabi Bank (FAB) reported
a robust performance in Q3 2023,
achieving a net profit of AED 4.26B,
a significant YoY increase and the
highest ever on an underlying basis.
The bank’s 9M 2023 net profits reached
AED 12.41B, marking a 13.29% YoY
surge from AED 10.95B. Revenues
for the first nine months increased to
AED 20.53B, while basic and diluted
earnings per share (EPS) rose to AED
1.07 from AED 0.96. FAB’s total assets
expanded to AED 1.18T, and customer
accounts and other deposits grew to
AED 785.19M. The bank continues to
support sustainability, aligning with Abu
Dhabi and the UAE’s ambitions for a
sustainable future. Hana Al Rostamani,
Group CEO of FAB, emphasised the
bank’s commitment to net-zero emissions
by 2050 and strategic partnerships
supporting sustainability.
Abu Dhabi Commercial
Bank
Q3’23 Net Profit: AED 1.942B
Abu Dhabi Commercial Bank (ADCB)
posted robust financials for Q3 2023,
reporting a record net profit of AED
1.942B, maintaining stability QoQ
and marking a 22% YoY increase. The
bank attributed this success to solid
momentum in loan growth and an
augmented net interest margin. Key
highlights for Q3 include a 8% QoQ
and 24% YoY rise in net interest income
to AED 3.179B, while non-interest
income slightly declined by 7% QoQ
but surged by 11% YoY to AED 1.054
billion. Operating income reached
AED 4.233B, up 4% QoQ and 21% YoY,
with a cost-to-income ratio improving
by 210 basis points YoY to 33.3%. The
operating profit before the impairment
charge increased by 3% QoQ and 24%
YoY to AED 2.822B.
Abu Dhabi Multiply Group
Q3’2023 Net Profit: AED
331M
Multiply Group, the prominent Abu Dhabi-based
investment holding firm (ADX:
MULTIPLY), reported a substantial net
profit, excluding fair value changes, of
AED 331M for Q3 2023, reflecting a remarkable
335% increase from the AED
76M reported in the same quarter of 2022.
The Q3 2023 revenue of AED 351.8M signifies
a robust 23.82% YoY growth, propelled
by organic expansion across its four core
verticals (+9% YoY) and the consolidation
of Media 247 and LVL from July 1,
2023. The Group’s gross profit margin
reached 50.1%, indicating a noteworthy
improvement of 128 basis points from Q3
2022. Multiply Group’s net profit for the
first nine months of 2023, excluding fair
value changes, surged to AED 811.17M,
marking a remarkable YoY growth.
National Bank of Umm Al
Qaiwain (NBQ)
9M’23 Net Profit: AED
385.46M
National Bank of Umm Al Qaiwain (NBQ)
reported net profits of AED 385.46M in the
first nine months of 2023, marking a 48%
YoY increase from AED 259.92M. Operating
income for January-September 2023
increased YoY to AED 471.31M from AED
268.90M. The basic and diluted earnings
per share (EPS) stood at AED 0.19 as of
September 30, 2023, compared to AED
0.14 in the year-ago period. Total assets
widened to AED 14.39B in 9M-23 from
AED 13.60B as of December 31, 2022,
and customers’ deposits grew to AED
8.42 billion from AED 7.86B. In Q3-23,
the bank’s net profits expanded to AED
130.33M from AED 94.63M in the same
period in 2022.
Saudi Tadawul Group
9M Net Profit: SAR 298.30M
Saudi Tadawul Group Holding Company
reported net profits after Zakat and
tax of SAR 298.30M for the first nine
months (9M) of 2023. This marked an
18.81% year-on-year (YoY) decrease from
SAR 367.40M. Revenues also dropped
by 12.78% to SAR 740.70M in 9M-23
compared to SAR 849.20M in the same
period in 2022. The earnings per share
(EPS) stood at SAR 2.49 as of September
30, 2023, down YoY from SAR 3.06. In
Q3-23, the company achieved a 14.81%
surge in net profit after Zakat and tax to
SAR 102.30M, compared to SAR 89.10M.
Revenues for July-September 2023 were
SAR 277.40M, up 7.85% YoY from SAR
257.20M. However, on a quarterly basis,
Q3-23 net profits declined by 2.76% from
SAR 105.20M in Q2-23, while revenues
grew by 10.08% from SAR 252M.
February 2024 www.thefinanceworld.com 71

Sports as a Business
Source. pexels.com
Sports will remain a key investment focus for the Arab Gulf, Statista.
Scoreboard Economics:
The Influence of Sports
Investments on the
Global Stage
Sports investments amplify global influence,
shaping economies, cultures, and brand
recognition on an unprecedented scale.
In the intricate web of global economics,
sports investments have emerged as a
formidable player, transcending the
boundaries of mere entertainment and
competition. The world of sports, with
its iconic athletes, passionate fanbase,
and monumental events, has become a
lucrative arena for investors seeking not
only financial gains but also a platform
for global influence. This article delves
into the realm of scoreboard economics,
exploring the profound impact of sports
investments on the global stage. From
team ownership to infrastructure development
and media rights, the economic
resonance of sports investments reaches
far beyond the playing field, shaping
industries, cultures, and economies on
a global scale.
72 www.thefinanceworld.com February 2024

Traditionally, top-performing sports
teams, due to their high value,
were prohibitively expensive for
the majority of investors, and these
prized assets were seldom available for
sale. However, emerging sports leagues
have created a new opportunity, allowing
investors, including individuals, to own
a share of professional sports teams or
leagues.
This shift in accessibility opens up
promising opportunities in sports investment.
One key advantage lies in the
rapidly increasing revenue and value of
the sports industry. The expansion of
broadcasting rights and the establishment
of major sports leagues contribute to the
commercialisation of sports, presenting
a profitable opportunity for investors.
Projections suggest that the sports
industry could reach a value of $600B
by 2025 and $826B by 2030, fueled by
factors like the growth of esports, sports
technology, fantasy sports, and legalised
sports betting.
Beyond the cheers of the crowd and
the exhilaration of victory, the sports
industry wields significant economic
clout. Investments in sports encompass
a wide spectrum, from team ownership
and sponsorships to the construction of
state-of-the-art stadiums and the development
of cutting-edge sports technology.
The economic impact resonates through
various sectors, creating a ripple effect
that extends far beyond the playing field.
Gone are the days when sports team
ownership was limited to local enthusiasts.
Today, it’s a global affair, with investors
from different corners of the world acquiring
stakes in teams and franchises.
This international ownership not only
injects substantial capital into the sports
ecosystem but also transforms teams into
global brands. The economic ramifications
are profound, as revenue streams
from merchandise, broadcasting rights,
and sponsorships flow across borders.
The construction of sports infrastructure,
including stadiums, training facilities,
and sports complexes, is a cornerstone
of sports investments. These projects
not only enhance the overall sports
experience but also act as catalysts for
economic growth. The development of
modern sports facilities creates jobs,
stimulates local economies, and attracts
tourism, contributing to a positive economic
cycle in the regions where these
investments take place.
The globalisation of sports is mirrored
in the widespread distribution of media
rights and broadcasting deals. Major
sporting events, from the Olympics to
international leagues, draw billions of
viewers globally. Sports investments in
broadcasting rights become a conduit
for economic exchange, as networks
and streaming platforms secure lucrative
deals to broadcast these events,
connecting advertisers with a vast and
diverse audience.
Sports investments are increasingly
driving technological advancements and
innovation. From athlete performance
analytics and wearable technology to
augmented reality experiences for fans,
the intersection of sports and technology
opens up new economic frontiers. Investors
keen on staying at the forefront of
Investment in
sports is a key
part of the global
economy, being
one of the main
pillars of the new
economy”
Abdullah bin Touq Al Marri
innovation find ample opportunities in
funding research and development projects
that redefine the sports landscape.
Corporate sponsorships and brand
collaborations within the sports industry
are economic powerhouses. In this
symbiotic relationship, sports provide
an unparalleled platform for corporate
entities to not only showcase their brands
but also cultivate emotional connections
with fans worldwide. From iconic logos
on jerseys to the prestigious naming of
stadiums, these collaborations transcend
traditional advertising, fostering a sense
of community and loyalty that extends far
beyond the realm of sports, solidifying
the lasting impact of these economic
powerhouses.
Another notable benefit of sports investments
is their status as an alternative asset
class. These investments gain popularity
as a separate option from traditional and
more volatile markets. Particularly after
the economic downturn caused by the
global pandemic, and facing a potential
financial crisis, investors are turning
to alternative asset classes to diversify
portfolios. Sports investments, remaining
resilient and acting as a hedge against
economic uncertainties, stand out in
this regard.
While the economic impact of sports
investments is undeniable, navigating
this arena comes with challenges. Managing
the complex web of international
regulations, understanding diverse fanbases,
and addressing cultural nuances
are among the hurdles investors face.
However, the potential for returns on
investment and the opportunity to wield
global influence make sports investments
an attractive proposition for those who
can strategically navigate this dynamic
landscape.
Scoreboard economics, shaped by
sports investments, underscores the
interconnectedness of the global economy.
Beyond the scores on the field, the
economic impact of sports investments
reverberate through industries, cultures,
and economies.
In 2023, the sports investment landscape
experienced a significant shift, marked
by a surge in multi-club ownership
(MCO). The adoption of this structure
by over 300 global clubs, up from a mere
80 three years earlier, was a notable
development. Concurrently, there was a
rise in high-profile individuals—athletes,
celebrities, and influencers—investing
in various facets of the sports industry,
from teams to franchises and leagues.
Notably, investments extended across
more than 20 sports, with valuations
surpassing $1 billion, underscoring the
dynamic and competitive nature of the
global sports market. This trend attracted
investors from the US, the UK, and the
Middle East. As this market continues
to evolve, prospective investors are
strongly advised to engage in thorough
due diligence and strategic planning
before making substantial investment
decisions.
February 2024 www.thefinanceworld.com 73

Sports News
UAE’s Resilient Performance Against Afghanistan Signals Promising
T20 Future
UAE’s performance in the
three-match T20 series against
Afghanistan sparks optimism
for the national team’s future.
After a setback in the first match, where
Afghanistan posted 203 runs, the UAE
regrouped with improved strategies,
securing an 11-run victory in the second
game. Captain Muhammad Waseem’s
aggressive half-century, supported by
Aryan Lakra’s composed unbeaten 63,
set the stage. Seamers Ali Naseer and
Muhammad Jawadullah’s impressive
performances levelled the series.
Although narrowly losing the decider
defending 127, the UAE’s fighting spirit
throughout suggests a promising future,
showcasing resilience and determination
against a strong opponent.
Dubai Sports Council Geared Up for 23rd Dubai
Marathon Edition
The Dubai Sports Council, led
by Secretary-General Saeed
Hareb, is actively preparing for
the 23rd edition of the Dubai
Marathon, the oldest long-distance
race in the Middle East. In a meeting
attended by key figures, including
Nasser Aman Al Rahma and Event
Director Peter Connerton, logistics for
the Umm Suqeim route along Jumeirah
Road were discussed. This scenic route
attracts elite international marathon
runners seeking the first challenge of
2024. Hareb expressed confidence in
the event’s success, highlighting the
Dubai secures its spot as a premier
destination in the 2024
Premier Padel season with
the official announcement of
hosting duties. A collaborative effort
collaboration between government
agencies and the organising committee
to ensure a seamless and vibrant
atmosphere for the thousands of eager
international participants.
Dubai Set to Host Padel Tournament in 2024
between the UAE Padel Association
(UAEPA), the Department of Economy
and Tourism (DET), and the Dubai
Sports Council (DSC) solidified this
commitment. Set for November 2024,
the inaugural Dubai Premier Padel P1
event is a key highlight in the unified
25-tournament season spanning 18
countries across five continents. Gallop
Global will orchestrate the event,
welcoming 320 players in separate
male and female pair formats. The
combined prize pool for both categories
reaches a substantial EUR O ‘470,000
(AED 1.89M).
Extreme E Electrifies
Saudi Arabia with SUV
Racing Debut
In a significant move, Saudi Arabia
is set to host the 2024 season of
Extreme E, featuring all-electric
SUV off-road races in Jeddah. The
series, dedicated to raising awareness
about climate change and human impact
in remote areas, aims to highlight
environmental conservation efforts
through the use of electric vehicles
(EVs). Starting on February 17 and
18, 2024, near Jeddah, the global tour
will commence in Saudi Arabia for the
fourth consecutive year. The series
will then journey to Europe on July
13 and 14, with hosting locations to be
announced. Sardinia, Italy, will be the
final destination for the 2024 season.
74 www.thefinanceworld.com February 2024

Dubai Police Hosts Inmate Arm Wrestling Championship
Dubai Police organised an arm
wrestling championship for
inmates, collaborating with
the General Department of
Punitive and Correctional Establishments,
the ‘Positive Spirit’ initiative,
and the Emirates Bodybuilding and
Fitness Federation. Brigadier Marwan
Abdul Karim Julfar revealed that 70
inmates participated, fostering a positive
and rehabilitative environment.
The championship, divided into weight
categories, aligns with correctional
institutions’ ongoing efforts for inmate
rehabilitation. Brigadier Ali Khalfan
Al Mansouri, Director of the General
Department of Community Happiness,
emphasised the ‘Positive Spirit’ initiative’s
role in promoting values of
tolerance and societal brotherhood,
using sports and recreational activities
to enhance security and community
awareness. It exemplifies positive
initiatives.
Sharjah Gears Up for Seventh Arab Women’s
Sports Tournament
Sharjah is poised to host the highly
anticipated seventh edition of
the Arab Women’s Sports Tournament
(AWST) from February
2 to 12, 2024. Organised by the Sharjah
Women’s Sports Foundation, the event
will feature eight sports, providing
a platform for women’s sports clubs
across the Arab world. Volleyball,
table tennis, basketball, shooting,
archery, fencing, athletics, and karate
will be showcased. With the slogan
‘Our Courts. Her Story.’, this year’s
tournament emphasises the inspiring
narratives of women in sports globally,
aiming to captivate the audience with
tales of resilience, determination, and
triumph. In the previous edition, over
1,050 players and administrative staff
from 78 clubs representing 18 Arab
countries participated, supported by
131 referees.
Saudi Arabia Captain Aims for 2034 World Cup
Hosting to Elevate Women’s Soccer
Saudi Arabia’s commitment to
advancing women’s football is
evident with the rapid growth
of the Saudi Women’s Premier
League. Lamia Bahaian, the Saudi
Arabian Football Association’s first
female vice president, highlighted
the record-breaking progress during
a Fifa women’s convention. The
influx of international football stars
like Benzema, Neymar, Mane, and
Mahrez into the Saudi Pro League
further elevated the country’s
football profile. The women’s game
is flourishing, boasting over 30 clubs
and 694 registered players from
20 nationalities. With a significant
investment of 49.9 million riyals
and nearly 50,000 girls joining the
inaugural schools’ league, hosting the
2034 World Cup could serve as a major
catalyst for women’s football in Saudi
Arabia.
Abu Dhabi’s
Manchester City Wins
2023 FIFA Club World
Cup
Manchester City secured
their inaugural FIFA Club
World Cup title with a resounding
4-0 victory over
Brazil’s Fluminense FC in the 20th edition’s
final. The historic win occurred
at Jeddah’s King Abdullah Sports
City Stadium, Saudi Arabia, marking
City’s first participation and making
them the first English club to claim
the coveted title. Julian Alvarez set
a tournament record with the fastest
goal at 42 seconds, and Nino’s own
goal and Phil Foden’s contribution
in the first half set the tone. Alvarez
sealed the triumph with his second
goal in the 89th minute. Manager Pep
Guardiola now boasts four FIFA Club
World Cup titles, surpassing his Italian
counterpart Carlo Ancelotti.
February 2024 www.thefinanceworld.com 75

Tourism
source: freepik.com
Projected revenue in the UAE’s Tourism market is expected to reach US$1,447.00 million in 2024.
Charting Success: A
Step-by-Step Guide to
Tourism Licensing in
Dubai
The Dubai Tourism License goes beyond bureaucracy,
signifying a commitment to excellence and dedicated
provision of trustworthy tourism in the city.
Dubai is a city that has captivated the
world with its towering skyscrapers, luxurious
shopping malls, and breathtaking
desert landscapes. As the city continues
to attract millions of tourists each year,
the demand for tourism has never been
higher. To tap into this thriving market,
it is crucial to familiarise yourself with
the essential procedures for obtaining a
Tourism License in Dubai. This comprehensive
guide is designed to provide you
with a detailed understanding of the key
phases you need to navigate to successfully
launch your tourism enterprise in the
dynamic city of Dubai. Whether you’re a
seasoned entrepreneur or a newcomer
to the industry, this guide aims to equip
you with the knowledge and insights
necessary to navigate the intricacies of
acquiring a Tourism License and thrive
in the vibrant tourism sector of Dubai.
76 www.thefinanceworld.com February 2024

Before embarking on the intricacies
of acquiring a Dubai Tourism License,
understanding the profound
importance of this pivotal document is
essential. Beyond its legal implications,
the licence acts as the gateway to delivering
high-calibre and secure tourism
services to the vast number of tourists
that visit Dubai annually. Serving as a
commitment to excellence, the licence
ensures strict adherence to essential
standards, guaranteeing the safety and
contentment of your clientele. This goes
beyond a regulatory requirement; it becomes
a testament to your dedication to
providing an exceptional and trustworthy
tourism experience in the vibrant city
of Dubai. Acquiring the Dubai Tourism
License is not just a procedural step; it’s a
commitment to elevating the standards of
tourism services and contributing to the
city’s reputation as a premier destination.
Types of Dubai Tourism Licences
Dubai presents a range of tourism
licences, each designed to cater to different
aspects of the industry. It’s crucial
to comprehend these licences as they are
tailored to specific tourism activities:
For businesses engaged in general
tourism services, such as tour operations,
travel agencies, or hotels, the ideal choice
is the Commercial Tourism License. This
licence is specifically tailored to cover
a broad spectrum of tourism-related
activities, ensuring that businesses align
with regulatory requirements and operate
within the parameters of the Commercial
Tourism License framework.
Conversely, for businesses with a focus
on desert-based tourism activities such
as dune bashing and camel rides, it is
necessary to acquire a specialised Desert
Tourism License. This licence ensures that
your operations align with the specific
regulations and requirements related to
desert-based tourism, providing a tailored
framework for compliance and successful
business operations in this niche.
For entrepreneurs looking to provide
exhilarating adventure experiences such
as skydiving, scuba diving, or hot air
balloon rides, the optimal choice is the
Tourism Adventure License. This specialised
licence is designed to accommodate
and regulate businesses engaged in
adventurous tourism activities, ensuring
compliance with relevant regulations and
offering a framework that supports the
unique nature of these ventures.
Why Obtaining a Tour Guide
License is Crucial in Dubai:
Legal Compliance: Operating as a tour
guide without a valid licence is illegal,
subjecting individuals to penalties. The
Dubai Tourism Board ensures guides are
well-trained and knowledgeable.
Professional Credibility:
A tour guide licence signifies a commitment
to professionalism, differentiating
licensed guides from unregulated
counterparts.
Exclusive Opportunities:
Licensed guides access exclusive
opportunities, collaborating with reputable
tour companies, leading tours
to restricted areas, and participating in
special events.
Contributing to Dubai’s Image:
High-quality guiding enhances the visitor
experience, contributing to Dubai’s
status as a premier tourism destination.
Enhanced Earning Potential:
Licensed guides command higher fees
due to recognized expertise and credibility,
with potential income from selling
souvenirs or providing private tours.
Steps to Obtain a Tour
Guide License in Dubai:
Step 1: Check Eligibility
Ensure meeting criteria such as age
(minimum 18), fluency in English and
Arabic, possession of a valid Emirates
ID, and completion of high school or
equivalent education.
Step 2: Register and Submit
Documents
Register online, providing necessary
documents like passport, Emirates ID,
high school diploma, and police clearance
certificate if required.
Step 3: Enrol in Training Program
Enrol in the Dubai Tour Guide Programme
at the Dubai College of Tourism,
followed by an assessment test covering
Dubai’s tourism sector.
Step 4: Obtain Licence
Upon successful completion, receive an
official tour guide licence from the Dubai
Department of Tourism and Commerce
Marketing (DTCM).
Establishing a Tourism Company
in Dubai:
Establishing a tourism company in
Dubai encompasses crucial steps, including
selecting a business structure and
location, obtaining necessary licences
and permits from Dubai’s Department
of Economic Development (DED), and
Dubai Department of Tourism and Commerce
Marketing (DTCM), and relevant
free zone authorities, securing office
space, hiring staff, building a robust
online presence, and staying updated
on tourism regulations.
These steps collectively form a strategic
framework, ensuring legal compliance,
operational readiness, and market relevance.
Navigating through these essential
aspects not only sets the foundation
for a successful tourism venture but
also positions the company to thrive in
Dubai’s dynamic and competitive tourism
landscape.
Tour Guide License Costs:
Navigating the cost aspect, the average
for a Tour Guide License begins at AED
11,000, though this is subject to change.
To obtain the most current and accurate
information on fees and potential additional
costs, it is advisable to consult with the
DTCM directly or seek guidance from
experienced business setup consultants.
Renewing Tour Guide License:
Eligible for renewal if not expired for
over two consecutive years. Submit a
renewal application to the DTCM at least
two weeks before expiration to avoid
penalties or interruptions in guiding
activities. Adherence to professional
conduct guidelines is crucial to avoid
licence revocation or suspension.
In essence, the journey of acquiring
and maintaining a Dubai Tourism License
is a commitment to excellence,
professionalism, and contributing to the
growth and success of Dubai’s vibrant
tourism sector. It positions businesses
and individuals to not only comply with
regulations but also to thrive in a market
that values quality, safety, and exceptional
experiences.
February 2024 www.thefinanceworld.com 77

Global News
India Unveils ‘Bharat Park’ in UAE, Aims to Enhance Trade Relations
India, under the leadership of
Commerce and Textiles Minister
Piyush Goyal, is gearing up to
establish ‘Bharat Park’ in the UAE,
a dynamic trade hub that will house
showrooms and warehouses for Indian
goods. This ambitious project aims
to provide a centralised platform for
global buyers, akin to China’s Dragon
Mart, facilitating streamlined access
to a diverse array of Indian products.
The envisioned Bharat Park is set to
Tata Group Debuts in
UAE Packaged Food
Market with Millet-
Based Snacks
Tata Group, celebrated for its
success in jewellery, watches,
and steel, is now entering the
UAE’s packaged food market
with Tata Consumer Soulful, specialising
in millet-based snacks and breakfast
products. This strategic move involves
substantial investments in the Middle
East, positioning the region as a pivotal
global supply chain hub for their millet
offerings. The initial phase focuses
on introducing signature products in
the UAE and Kuwait, with ambitious
plans to expand across the GCC in the
next 6-12 months. Tata Group aims
to revolutionise the Middle East’s
packaged food segment with a diverse
range of cereal products tailored for
breakfast and mini meals, showcasing
their commitment to innovation and
market diversification.
include retail showrooms, warehouses,
offices, and auxiliary facilities,
accommodating goods ranging from
perishables to heavy machinery. With
an expected operational date of 2025,
this strategic move aligns with India’s
commitment to enhancing bilateral
trade with the UAE, strengthening the
Comprehensive Economic Partnership
Agreement (CEPA) between the two
nations.
UAE Inks Historic Deal with US for Moon Station
and Emirates Lunar Mission
The UAE has forged a landmark
deal with the US, committing
to supply an airlock for NA-
SA’s Lunar Gateway station,
crucial for future Moon missions. The
Mohammed bin Rashid Space Centre
Global Luxury Market Hits $1.64T with Shift towards
Experiences over Materials
The global luxury market surged
to ($1.64T) in 2023, marking an
impressive 8-10% growth from
2022, setting a new industry
record and showcasing remarkable
resilience. The latest Bain & Company
report for Altagamma, the Italian industry
association, highlights the sector’s
ability to thrive despite challenging
macroeconomic conditions. Notably,
spending on experiences reached
historic highs, fueled by a revival in
social interactions and travel. Despite
pronounced geopolitical and economic
shifts, the luxury market demonstrated
unparalleled strength. Personal luxury
goods, the key segment, exhibited
continuous growth, projected to reach
($397B) by the year-end, a 4% increase
from 2022 at current exchange rates.
This robust performance reinforces
the luxury market’s adaptability and
will deliver this airtight chamber, facilitating
space station entry and exit, by
the decade’s end. This agreement not
only contributes to the Lunar Gateway
project but also ensures access for Emirati
astronauts, advancing ambitions
to send the first Emirati to the Moon’s
orbit. President Sheikh Mohamed,
announcing the news, emphasised the
UAE’s commitment to international
collaboration in space exploration,
underscoring its long-term investment
in scientific innovation and determination
to foster collective progress on
a global scale.
underscores its capacity to evolve
in response to changing consumer
preferences and global dynamics,
solidifying its position as a resilient
and dynamic industry.
78 www.thefinanceworld.com February 2024

Egyptian Banks Offer High Returns on New Savings Certificates
The National Bank of Egypt
(NBE) and Banque Misr have
introduced enticing savings
certificates with returns of
23.5% and 27%, following a temporary
restriction to electronic methods and
ATMs. These government banks offer
a platinum certificate with a one-year
maturity, presenting returns of up to
27% paid at the certificate’s end and a
monthly 23.5% return. Issued in EGP
1,000 denominations, the certificates
Asian Wealth
Managers Choose
Dubai as Clients Seek
Diversification
The growing trend of Asian wealth
managers flocking to Dubai is fueled
by improving diplomatic ties
between China and the Middle
East. With clients increasingly seeking
geographical diversification, Dubai has
emerged as a favoured wealth hub in the
Gulf region. Wealth management firms,
like Noah Holdings overseeing around
$23B in client assets, are strategically
establishing offices in Dubai to cater
to the rising demand. The city’s allure
lies in favourable policies, making it an
attractive destination for entrepreneurs
and affluent families, primarily from China,
looking to expand their businesses.
This move aligns with the broader shift
of Chinese entrepreneurs exploring new
markets and diversifying supply chains,
finding appealing prospects in the dynamic
Middle East.
are accessible to both adult Egyptians
and foreigners, including individuals
and minors. Online purchase options
enhance convenience, and the banks
anticipate the certificates generating
proceeds exceeding half a trillion
pounds. This initiative aims to attract
new customer segments who may not
have had the opportunity to acquire
previous certificates, providing diverse
investment options amid economic
challenges.
Gautam Adani is Asia’s richest person once again
Gautam Adani has swiftly
regained his position as
Asia’s wealthiest individual,
reclaiming the title from
Mukesh Ambani just days after a court
dismissed calls for a special probe into
US short-seller Hindenburg Research’s
allegations of stock manipulation
and fraud. Adani’s net worth surged
to $97.6B, a remarkable $7.67B increase
in a single day, according to the
Bloomberg Billionaires Index. Now the
12th richest globally, Adani overtook
Ambani after Hindenburg’s claims led
to a significant dip in market value.
Following a Supreme Court directive,
India’s market regulator, SEBI, is set
to conclude its probe into the Adani
Group. Adani expressed gratitude on
social media, asserting that the “truth
has prevailed.” His net worth now
narrowly surpasses Ambani’s at $97B.
Air Transat Strikes New Deal with Flight
Attendants’ Union in Canada
Air Transat, the Canadian
leisure carrier, has successfully
negotiated a new labour
contract with the Canadian
Union of Public Employees (CUPE),
representing 2,100 flight attendants.
This development mitigates the risk
of a potential strike that could have
disrupted the airline’s operations. In the
coming days, general meetings will be
held to disclose the agreement’s details
and facilitate a vote among members.
The previous tentative agreement was
rejected earlier this month, primarily
due to concerns about insufficient pay
raises to cope with rising living costs.
In their pursuit of fair compensation,
flight attendants underscore the importance
of addressing time-related
challenges during boarding and waiting
at airports, reflecting their commitment
to enhancing working conditions.
February 2024 www.thefinanceworld.com 79

Investment in Art
source: pexels.com
The art purchase agreement transfers ownership, protects interests, and supports claims.
Navigating Legal
Aspects of Art
Investment: Contracts
and Ownership
Investing in art can be an exciting venture,
offering cultural enrichment and the potential for
financial gain.
In the present world, being financially
responsible has become a necessity, with
careful investment in profitable businesses
taking centre stage. While traditional investments
focused on real estate or stock
sectors, there has been a noticeable shift
in attention towards art investments in
recent years. Investing in art is a tricky
venture, and it is advisable to proceed
with caution, carefully considering each
aspect of the art being considered for
investment. The complexity increases
when navigating the legal aspects of art
investments, including guidelines for
contracts and ownership. This article
aims to guide readers through the legal
considerations they should be aware of
once they’ve decided to invest in art.
80 www.thefinanceworld.com February 2024

Art investment is an intricate field
that involves appreciating the
aesthetic value of artworks and
understanding the legal intricacies that
surround transactions. The art purchase
agreement plays a pivotal role in shaping
the legal landscape of art investment. It
transfers artwork ownership, protecting
both parties’ interests and fostering a
positive relationship; in litigation, it serves
as crucial support for claims. Several
sections in the agreement thoroughly
cover most of the legalities of a purchase.
Sale:
The sale section outlines the essential
terms, conditions, and specifics of the
transaction, serving as the foundational
aspect of the agreement.
Purchase Price and Manner of Payment:
This section defines the agreed-upon
purchase price for the artwork and
details how payments are to be made,
ensuring transparency in the financial
aspect of the deal.
Representations and Warranties:
Providing assurances about the
artwork’s authenticity, condition, and
provenance, this section safeguards the
buyer’s interests and sets expectations
regarding the artwork’s quality.
Storage and Care of the Work:
Addressing the handling, storage, and
care of the artwork is crucial to prevent
damage. This section outlines responsibilities
and expectations to maintain the
artwork’s condition.
Insurance:
The insurance segment covers the
necessary policies and procedures to
protect the artwork against potential
risks, ensuring financial security for
both parties.
Title:
Clearly defining the transfer of ownership
and verifying the legitimacy of the
title, this section safeguards the buyer
from potential disputes over the artwork’s
rightful ownership.
Delivery and Expenses:
Detailing the logistics of delivering
the artwork, including responsibilities
and expenses, ensures a smooth and
transparent process, minimising the risk
of misunderstandings.
Understanding
art contracts
and ownership
intricacies is
crucial for a
successful and
legally sound art
investment.”
Third-Party Commissions:
Addressing any commissions payable
to third parties, such as art dealers or
agents, is crucial for transparency and
can impact the overall cost of the artwork
for the buyer.
Inspection:
This section outlines the buyer’s right
to inspect the artwork thoroughly before
finalising the purchase, ensuring that the
buyer is satisfied with the condition of
the piece.
Security Interest:
Addressing any security interests in
the artwork, such as loans or collateral,
protects both parties and ensures a clear
understanding of any encumbrances.
Miscellaneous:
Covering various miscellaneous provisions,
this section may include clauses
related to governing law, dispute resolution
mechanisms, or any additional
terms deemed necessary to complete
the agreement.
In essence, these sections collectively
contribute to a comprehensive and
legally sound art purchase agreement,
providing a framework for a successful
and secure transaction in the dynamic
world of art investment.
Understanding the art purchase agreement
is fundamental in art investment,
but delving into ownership issues is
equally crucial. These issues form a vital
backdrop to the investment process,
impacting its smoothness and success.
A comprehensive grasp of ownership
intricacies anticipates potential hurdles,
fostering a more streamlined investment
experience.
Title and Transfer of Ownership:
Clear title and proper transfer of
ownership are critical aspects of art
transactions. Buyers must ensure that
the seller has legal authority to sell the
artwork and that the title is free from
encumbrances or liens. Legal experts
recommend conducting a comprehensive
title search to verify the legitimacy of
the artwork’s ownership.
Authentication and Certification:
Some artworks require authentication
or certification from recognized experts
or institutions to establish their legitimacy.
Buyers should obtain relevant
documentation proving the authenticity
of the artwork, as it can significantly impact
its market value and legal standing.
Licensing and Copyright:
Art investors should be aware of the
intellectual property rights associated
with an artwork. While owning the
physical piece is one aspect, artists or
their estates may retain copyright and
licensing rights. Understanding these
rights is crucial, especially if the investor
intends to reproduce or commercially
exploit the artwork.
Estate Planning:
Art investors should consider the
implications of their investment in their
estate planning. Clear instructions regarding
the distribution or sale of artworks
in the event of the investor’s death can
help avoid legal disputes among heirs.
Navigating the legal aspects of art
investment requires a comprehensive
understanding of contracts and ownership
considerations. Engaging legal professionals
experienced in art transactions is
highly advisable to ensure that investors
are protected throughout the process. By
carefully crafting and reviewing contracts,
conducting thorough due diligence, and
understanding ownership intricacies, art
investors can enhance the likelihood of a
successful and legally sound investment
in the captivating world of art.
February 2024 www.thefinanceworld.com 81

Local News
UAE’s Robust Logistics Drives Trade Alliances and Economic Growth
The UAE’s strategic approach to
global trade involves proactive
initiatives, forging alliances, and
entering into collaborations
with nations and major corporations. A
standout example is the robust bilateral
trade relationship between the UAE and
China. In 2022, their non-oil trade reached
about AED 284B, marking a substantial
27 percent increase from the previous
year. The UAE has emerged as China’s
foremost trading partner in the Arab
region, constituting 30 percent of the
total non-oil trade with Arab countries.
The UAE-China trade ties are poised to
strengthen further, with both countries
aspiring to elevate overall bilateral trade to
AED 734B ($200B) across diverse sectors
by 2030. This commitment is reinforced
by multiple agreements focusing on enhancing
trade cooperation, fostering new
partnerships, and supporting exporters
and importers.
UAE Insurance
Industry Soars with
$36B Asset Growth
The UAE insurance sector is
experiencing robust expansion,
boasting assets totalling
AED 131.6B ($35.8B) by the
close of Q3 this year, according to data
from the Central Bank. This marks a
substantial 9.6% growth in total assets
during the first nine months of 2023,
reflecting an AED 11.5B ($3.1B) increase
compared to the year-end 2022
figure. Quarter-on-quarter performance
remains positive, with assets rising
3.05% (AED 3.9B) between Q2 and
Q3 of 2023. The UAE’s leadership in
the Arab insurance landscape is evident,
consistently ranking among the
top global performers and climbing
one position to 37th place globally
in 2021. These statistics underscore
the resilience and dynamism of the
UAE’s insurance sector, positioning it
for continued expansion as a regional
powerhouse and key player on the
global stage.
UAE Leads Global Crypto Adoption in Diverse
Sectors with Tangible Impact
Sergey Sheleg, Chief Product
Officer at eSIM Plus, highlights
the transformative impact of
UAE’s regulatory frameworks
on steering cryptocurrencies into
practical applications across diverse
industries. Notably, telecom access
payments using digital currencies are
gaining momentum among consumers,
reflecting the dynamic evolution of
financial landscapes. Sheleg interprets
the widespread global ownership of
cryptocurrencies as a testament to
UAE-Oman border crossings
are set to undergo a remarkable
transformation with the
introduction of AI-powered
scanners at Abu Dhabi Customs centres.
In alignment with strategic priorities, the
General Administration of Abu Dhabi
Customs has completed a project equipping
land customs centres in Al Ain with
advanced inspection devices featuring
artificial intelligence and rapid non-stop
scanning. These devices, including seven
state-of-the-art X-ray scanners, adhere to
the highest health and radiation safety
standards while facilitating the movement
of tourist vehicles, buses, and trucks.
The initiative, a key strategic project for
Abu Dhabi Customs, aims to expedite
customs processes, underscored by the
rapid non-stop scanning technology’s
capacity of up to 100 trucks, 150 tourist
growing investor confidence in the
UAE’s regulatory stability. While acknowledging
this positive trend, he
stresses the collective responsibility
of stakeholders to ensure inclusive
crypto adoption, encompassing both
traditional and emerging sectors.
This emphasises the ongoing need for
sustained efforts to integrate digital
currencies into the broader economic
landscape, promoting harmonious
coexistence with existing financial
systems.
AI Scanners Accelerate Border Crossings
Between UAE and Oman
vehicles, and 150 buses per hour. The
project also involves establishing two
advanced central control and operation
rooms, marking a significant leap in
border control technology for the UAE.
82 www.thefinanceworld.com February 2024

UAE Targets Growth Post-Record $338B H1 Trade, Thriving CEPA Network
UAE’s Comprehensive Economic
Partnership Agreement
(CEPA) program
experienced significant expansion,
marking the implementation
of three deals, two awaiting implementation,
and four new agreements.
This brings the total number of CEPA
partners to 10 across four continents.
Dr. Thani Al Zeyoudi, Minister of State
for Foreign Trade, emphasised the
substantial growth, underlining the
Dubai Duty-Free
Achieves Record
Annual Sales, Hits
$2.15B Mark
Dubai Duty-Free (DDF) achieved
an unprecedented milestone
in 2023, reporting annual
sales of AED 7.88B ($2.15B),
surpassing pre-pandemic levels by 6.4%.
This success was fueled by the surge in
passenger traffic at Dubai Airport, facilitating
over 20 million transactions with an
average of 55,000 daily sales. December
marked a triumphant finish with record
monthly sales of AED 807.6M ($220M),
including a remarkable single-day sales
peak of AED 54.1M ($14.73M) during a
25% discount event. Colm McLoughlin,
DDF’s Executive Vice Chairman & CEO,
credited the achievement to Chairman
Sheikh Ahmed bin Saeed Al Maktoum,
the dedicated team, suppliers, media,
and customers, marking a celebratory
40th-anniversary milestone.
positive impact on the UAE’s foreign
trade network. Implemented CEPA
deals with Türkiye, Indonesia, and
Israel, alongside upcoming agreements
with Cambodia and Georgia in the first
half of 2024, underscore the program’s
global reach. Additional CEPA terms
agreed with South Korea, Colombia,
Mauritius, and Congo-Brazzaville
further enhance opportunities for the
UAE’s private sector in diverse and
dynamic global economies.
UAE Sees Drop in Petrol Prices for January 2024
Petrol and diesel prices in the
UAE have witnessed a consecutive
third-month decline
in January 2024, following
reductions in November and December.
Over the past 12 months, prices have
fluctuated but remain lower than last
year’s corresponding period. Notably,
E-Plus 91 and diesel, priced at AED
2.64 and AED 3 per litre respectively,
reflect reduced costs compared to
January 2023. Special 95 and Super
98 are also more affordable than the
previous year. The current adjustments,
effective since January 1, respond to
market dynamics, with Special 95 at
AED 2.71 per litre, Super 98 at AED2.82,
E-Plus at AED 2.64, and diesel at AED
3 per litre. The fluctuation in petrol
prices is attributed to global oil price
shifts and ongoing influences from the
COVID-19 pandemic.
UAE Introduces New Regulations for Buy-Now-
Pay-Later Services
The Central Bank of the UAE
responds to evolving consumer
financial trends by introducing
updated regulations for firms
providing buy-now-pay-later or analogous
credit services. The amended
Finance Companies Regulation permits
entities to offer short-term credit as
agents of licensed banks or finance
companies, contingent upon Central
Bank approval. Unlicensed entities
involved in short-term credit activities
must opt to apply for a Restricted License
Finance company or partner with
a licensed finance company or bank.
This regulatory framework addresses
the surging demand for flexible credit
solutions while prioritising adherence
to established standards and ensuring
oversight by the Central Bank, contributing
to a more controlled and
consumer-friendly financial landscape.
February 2024 www.thefinanceworld.com 83

Travel
Top Picks for Family Getaways this
February
As February unfolds and the winter calms down, families worldwide are eagerly planning their next adventure, seeking the perfect
blend of warmth, excitement, and cherished moments. Whether you’re pursuing sun-kissed beaches, snowy escapades, or cultural
explorations, this article unveils the top picks for family getaways to make your February extraordinary. Pack your bags and create
lasting memories with these carefully curated destinations, where each locale promises a unique tapestry of experiences that will
leave an indelible mark on your family’s collective memory.
Belitung, Indonesia
If your ideal family vacation involves
playing in the water and swimming
along the beach, then Belitung is the
perfect destination for you. This enchanting
regency is part of the Bangka
Belitung Islands Province in Indonesia,
with Tanjung Pandan serving as its
captivating capital.
Belitung beckons to family travellers
seeking a seaside retreat, thanks to the
short distances between its stunning
islands. The regency boasts a plethora
of beautiful islands and beaches waiting
to be explored. Picture yourself
enjoying the sun and surf at Nyiur
Melambai Beach, strolling along the
pristine shores of Lengkuas Beach,
or marvelling at the beauty of Tanjung
Tinggi Beach. Discover hidden gems
like Pasir Island and Batu Berlayar
Island, promising unforgettable family
adventures.
Belitung’s charm lies not only in its
natural beauty but also in the proximity
of these idyllic destinations, making
it a family-friendly haven for beach
enthusiasts. Pack your bags, gather
the family, and head to Belitung for
a seaside escape that promises sunsoaked
memories, sandy toes, and the
joy of exploring beautiful islands and
beaches together.
Subic, Philippines
Located in the heart of Olongapo
City, Subic emerges as a family-friendly
haven just a few hours’ drive away from
bustling Manila. This vibrant destination
offers a plethora of activities that cater
to every member of the family.
For a splash of fun under the sun,
Subic’s Inflatable Island awaits, promising
laughter and excitement for both
kids and the young at heart. Dive into
the vibrant colours and bouncing joy
that make this inflatable wonderland
a must-visit spot. To explore the wild
side, Zoobic Safari beckons, providing
an opportunity for the whole family to
get up close and personal with fascinating
wildlife. Nearby, Funtastic Park
ensures that kids and adults alike can
play to their heart’s content.
For those seeking high-end accommodation
and family-friendly activities,
Subic Bay Yacht Club is the perfect
choice. Immerse yourself in luxury
while enjoying the picturesque surroundings.
If a more relaxed day is on
the agenda, Magaul Bird Park offers a
fun and educational experience for the
entire family, creating lasting memories
with our feathered friends.
As for accommodation, Subic boasts
a variety of hotels, ensuring that there’s
something for every preference and
budget. Whether you’re in search of
adventure, relaxation, or a bit of both,
Subic emerges as an ideal destination
to create cherished family moments,
all within a stone’s throw from the
vibrant energy of Manila.
84 www.thefinanceworld.com February 2024

Kanchanaburi, Thailand
Thailand boasts a vibrant tourist culture
in Bangkok’s bustling streets and
the scenic beaches of Phuket. However,
tucked away from the well-trodden path
lies the charming town of Kanchanaburi,
still a hidden treasure waiting to be
discovered. This serene haven offers
an ideal escape for you and your family,
providing a peaceful retreat from the
demands of busy lives. Merely two
hours from Bangkok, Kanchanaburi is
conveniently accessible by rail.
Set at the junction of the Khwae Noi
and Khwae Yai Rivers, forming the Mae
Klong River, this enchanting city is a
tranquil sanctuary, contrasting with
the nearby capital’s hustle and bustle.
What initially seems like a short visit
often transforms into an extended
stay, as the town’s unique charm captivates
travellers. Venture beyond its
boundaries, and Kanchanaburi reveals
breathtaking waterfalls, dense forests,
and three of Thailand’s largest reservoirs.
For those with varied interests,
activities such as white-water rafting,
elephant trekking, and golfing make it
an appealing destination, especially for
nature enthusiasts.
Among the recommended places
to explore are Srinakharin Dam, Vajiralongkorn
Dam, Sai Yok Noi Waterfall,
Sai Yok Yai Waterfall, Erawan
Waterfall, Mon Bridge, Mueang Sing
Historical Park, Three Pagodas Pass,
Wat Wang Wiwekaram, Underwater
City, the Bridge over the River Kwai,
Kanchanaburi War Cemetery, and the
World War II Museum and Art Gallery.
In Kanchanaburi, a harmonious blend
of natural beauty and historical significance
awaits, promising a memorable
escape for those ready to explore.
Mataking Island, Malaysia
Unveil the beauty of Mataking Island,
a hidden Malaysian treasure nestled
in the Celebes Sea, within the state of
Sabah. This family-friendly destination
offers a unique blend of relaxation and
adventure. Connected to Pulau Mataking
Kecil (Small Mataking Island) by
a narrow sand bank, Mataking Island
stands out as a haven for those seeking
a memorable family escape.
Home to Malaysia’s first ‘Underwater
Post Office,’ Mataking Island
boasts not only natural wonders but
also unique attractions. The island
is privately owned by the Reef Dive
Resort, featuring luxury chalets and
a dive centre catering to enthusiasts
exploring the renowned Sipadan.
Families can revel in the tranquillity
of this exclusive paradise, surrounded
by pristine waters and the charm of
Malaysian hospitality.
Discover unparalleled diving and
5-star luxury at Resort Mataking & Spa
on Mataking Island, a private retreat in
one of the world’s most pristine corners.
Away from the crowds, this secluded
haven offers exquisite comfort, delectable
cuisine, and impeccable service,
making it the perfect destination for a
family getaway. Choose from Waterfront
Beach Villas, Executive King Chalets,
Premier, and Deluxe Rooms, and immerse
your family in the peace and
tranquillity of a private tropical island.
For those yearning for underwater
exploration, Mataking Island provides
a gateway to the wonders of the deep.
With its connection to Pulau Mataking
Kecil and the allure of the ‘Underwater
Post Office,’ this Malaysian gem
promises a family-friendly adventure
filled with luxury, cultural richness,
and marine marvels. Pack your bags
for Mataking Island – where family
bliss meets underwater wonders in
the heart of the Celebes Sea.
February 2024 www.thefinanceworld.com 85

Travel News
Saudi Arabia’s Visitor Spending Hits $26.66B, Up 72% in First 9 Months
The Ministry of Tourism proudly
announces Saudi Arabia’s unprecedented
achievement in foreign
visitor spending, soaring to over
SR 100B during the first three quarters
of 2023—an astonishing 72% surge from
the previous year. The nation’s balance
of payments underscores this triumph,
revealing a substantial surplus of approximately
SR 37.8B in the travel category. This
remarkable success mirrors the tourism
Qatar Achieves
5-Year Tourism High,
Welcomed 4M Visitors
in 2023
In 2023, Qatar celebrated a tourism
milestone by welcoming 4 million
visitors, surpassing records of
the past five years. The surge is
attributed to the positive aftermath of
the FIFA World Cup Qatar 2022 and
Qatar’s proactive tourism initiatives.
The Hayya platform, simplifying visa
processes, complements the nation’s
open travel policies. With a diverse
tourism offering, including a 500 km
pristine coastline and world-class
attractions, Qatar entices global travellers.
Saad Bin Ali Al Kharji, Chairman
of Qatar Tourism, underscores the
nation’s appeal, highlighting ongoing
developments in the tourism sector.
Notable visitor contributions come
from Saudi Arabia, India, Germany,
the UK, and Kuwait, reflecting Qatar’s
international allure. Recent events like
the Geneva International Motor Show
debut and a record-breaking cruise
season further enhance Qatar’s position
as a premier destination.
sector’s robust recovery, showcasing a
remarkable 150% rebound compared
to pre-COVID-19 levels. Noteworthy is
Saudi Arabia’s leadership within the
G20, boasting the highest growth rate of
incoming tourists and securing the second
spot globally among the fastest-growing
tourist destinations, as reported by
the World Tourism Organization. This
impressive feat highlights the nation’s
ability to attract diverse global tourists.
Saudi Arabia Unveils Tourism Initiative in
Madinah to Showcase Islamic Heritage
Saudi Arabia is enhancing its
cultural tourism appeal with
the introduction of an Islamic
Civilization Village within the
Rua Al Madinah development in Madinah.
Stretching across 257,000 square
metres, the village will encompass
eight thematic zones, including regions
like the Arabian Peninsula, Mashriq,
Maghrib, and Africa. This initiative
aligns with the broader goal of positioning
Saudi Arabia as a premier Islamic
destination. The project, led by Rua
In just two months since its launch
on October 11, 2023, Riyadh Season
has already drawn an impressive
12 million visitors. Turki bin Abdulmohsen
Al Al-Sheikh, Chairman of
the Board of Directors of the General
Entertainment Authority, attributes this
success to the unwavering support from
the Custodian of the Two Holy Mosques
King Salman bin Abdulaziz Al-Saud and
Crown Prince Mohammed bin Salman.
Al Madinah Holding, also integrates
retail spaces, dining establishments,
interactive displays, and green areas.
Moreover, it offers opportunities for
private sector participation, fostering
investment and job creation. This
development follows the strategic
collaboration with Accor for luxury
hotels, contributing to the Kingdom’s
ambitious tourism agenda, aiming for
150 million visitors by 2030 as part of
Vision 2030.
Riyadh Season attracts more than 12M visitors
in 60 days
The event’s popularity stems from its
diverse offerings, including unprecedented
activities in entertainment, fashion,
technology, electronic games, perfumes,
fine arts, and crafts. Riyadh Season has
emerged as a groundbreaking Saudi event,
introducing novel concepts in the global
entertainment landscape and positioning
Riyadh as a premier destination for international
entertainment and gastronomy.
86 www.thefinanceworld.com February 2024

Dubai Airport Set to Join the ‘100 Million Passenger Club’ in 2024
Dubai International Airport
(DXB) is poised to join the
prestigious ‘100 Million Passengers
Club’ in 2024, according
to a study by global aviation
analyst CAPA - Centre for Aviation.
The post-COVID surge in the aviation
sector contributes to this potential
milestone. The report identifies other
cities, including Istanbul, Paris, New
York, Los Angeles, Tokyo, and Atlanta,
Sheikh Hamdan Declares
Hatta Festival an Annual
Event with New Order
Sheikh Hamdan bin Mohammed
bin Rashid Al Maktoum,
Crown Prince of Dubai, has
officially declared the Hatta
Festival an annual event during his
visit to the 2023 edition. Organised by
Brand Dubai in collaboration with the
Supreme Committee Overseeing Hatta
Development, the inaugural festival,
concluding on December 31, aimed to
showcase Hatta’s unique attractions
and diverse experiences for tourists.
Sheikh Hamdan briefed on the various
events and activities and directed the
festival’s continuation as an annual
tradition. Emphasising the leadership’s
inspiration in advancing development
beyond urban centres, he highlighted
the festival’s role in positioning Hatta
as a global tourist hub with its natural,
cultural, and recreational offerings.
expected to either join or rejoin the
club this year. London is anticipated
to lead in passenger numbers, with 177
million passengers across its collective
airports. Dubai Airport’s consistent
growth, rebounding after pandemic-induced
setbacks in 2020, is evident in
November’s raised annual passenger
forecast to 86.8 million, surpassing
2019 levels and reflecting robust recovery
throughout 2023.
Etihad Unveils New Flights to India for 2024 Expansion
Etihad Airways marks the
beginning of 2024 with the
inauguration of daily nonstop
flights from Abu Dhabi
to Kozhikode (CCJ) and Thiruvananthapuram
(TRV) in Kerala, India. With
this expansion, Etihad now serves 10
Indian gateways, reinforcing its commitment
to facilitating seamless travel
to and from the Subcontinent. Etihad’s
CEO, Antonoaldo Neves, emphasises
the convenience of non-stop routes,
providing easier access to the airline’s
global network without transiting
through major Indian hub airports. This
move not only enhances accessibility
to Kerala, fostering increased inbound
tourism but also streamlines travel for
professionals visiting the burgeoning
business hubs in the region.
Emaar’s Address Fountain Views Unveils
Significant Name Change
Emaar Hospitality’s Address
Fountain Views undergoes a
significant rebranding, effective
January 8, and will now
be officially known as Address Dubai
Mall. Directly linked to Dubai Mall and
the newly opened Chinatown Dubai
Mall, the hotel boasts 193 rooms, 783
residences, various dining options,
spa facilities, a fitness centre, and a
kids club. Mohamed Alabbar, Emaar’s
founder, emphasises that this change
is more than a name alteration; it signifies
a commitment to unparalleled
luxury and excellence. Address Dubai
Mall aims to exemplify Dubai’s values,
offering extraordinary experiences and
maintaining Emaar’s tradition of setting
new milestones in premium hospitality,
reflecting the brand’s dedication to
upholding its distinguished status.
February 2024 www.thefinanceworld.com 87

Urbanista Phoenix
Urbanista Phoenix emerges as
a groundbreaking advancement
in true wireless audio
technology, harnessing the boundless
potential of light to reimagine the
charging experience. The innovation
lies in its redesigned charging case,
which continuously recharges when
exposed to both indoor and outdoor
light sources. This novel approach
ensures uninterrupted power for the
earbuds, providing 8 hours of playtime
on a single charge, with an additional
40 hours on the charging case.
This second-generation iteration
of the Urbanista Phoenix boasts an
upgraded earbud design, prioritising
comfort with fully customisable silicone
ear tips, ensuring a tailored fit. The
smaller and more compact charging
case, featuring an integrated Powerfoyle
solar cell, renders it easily portable and
convenient for everyday use.
Crafted from recycled plastic, the
Phoenix earbuds are IP54-rated for
sweat and water resistance, ensuring
durability for active lifestyles. Notably,
the enhanced active noise cancellation
technology now offers up to -45dB
noise reduction, providing a more
immersive audio experience in various
environments.
The earphones also integrate advanced
features, including ear-detection
technology similar to the Los Angeles
model, facilitating automatic play/
pause functionality, and Bluetooth
multipoint for seamless connectivity
to multiple devices.
Compatibility with the Urbanista
mobile companion app further enhances
user control over the audio
experience, offering customisation
options such as fully adjustable EQ
settings. Additionally, the app allows
users to monitor the live charging status
of the headphones, ensuring optimal
utilisation of the product’s playtime
and light-charging capabilities.
Technical specifications reveal the
drivers as 10mm dynamic, with a 16
Ohm ±15% driver impedance and a
sensitivity of 97 ±3 dB SPL/mW @ 1kHz.
Bluetooth® 5.2 technology ensures
seamless connectivity.
In the box, users can expect a USB
Type-C charging cable, documentation,
silicone tips in different sizes for a
personalised fit, and a convenient
necklace strap for added portability.
The Urbanista Phoenix represents a leap
forward in wireless audio technology,
offering a blend of innovation, comfort,
and sustainability for discerning users
seeking an enhanced audio experience.
source: www.urbanista.com
88 www.thefinanceworld.com February 2024

HUAWEI MateBook D 16
HUAWEI MateBook D 16 is
an attractive choice among
modern laptops, thanks to its
expansive 16-inch display that boasts an
impressive 90% screen-to-body ratio by
minimising bezels. This feature caters
to a diverse range of users, presenting
creators with an expanded canvas for
their projects while affording office
professionals an ample workspace for
multitasking.
One of the standout features of this
laptop is its powerful 13th Gen Intel
Core i5 processor, designed to handle
intensive tasks such as programming,
illustrating, and video editing with ease.
The laptop’s performance capabilities
cater to the demands of heavy multitasking,
ensuring a seamless experience
for users engaged in resource-intensive
activities.
Despite its generous screen size, the
MateBook D 16 maintains an incredibly
slim profile, measuring a mere 17mm in
thickness and weighing just 1.68kg. Its
sleek design, available in Space Grey
and Mystic Silver, exudes elegance
and modernity, making it a visually
appealing device.
Huawei’s innovation extends to connectivity
with the inclusion of Metaline
technology, enabling stable connections
at distances of up to 270 metres. This
feature significantly reduces signal
interference, ensuring smoother video
streaming and conference calls and
enhancing the overall user experience.
Functionality is further elevated by
incorporating a numeric keypad and
physical shortcut keys, enhancing efficiency
for users working extensively
with data, charts, and documents.
MateBook D 16 introduces the Super
Device feature, facilitating seamless
integration with other Huawei devices.
This feature streamlines the connection
process, allowing users to effortlessly
pair their laptops with Huawei smartphones,
tablets, speakers, or earphones.
This integration enables functionalities
like using the smartphone as external
storage or the tablet as an additional
monitor, enhancing productivity and
convenience.
Additionally, Huawei unveils the
MatePad Air PaperMatte Edition,
introducing a PaperMatte Display
that minimises glare and reflection,
delivering a comfortable viewing
experience akin to reading on paper.
This display technology reduces eye
strain, validated by certifications such
as TÜV Rheinland Reflection Free, Low
Blue Light, Flicker-Free, and SGS Low
Visual Fatigue Premium Performance.
source: www.huawei.com
February 2024 www.thefinanceworld.com 89

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