Finance World Magazine| Edition: March 2024

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

This month’s edition of the Finance World Magazine focuses 

on the intricate world of tax and accountancy Editor’s in the Note UAE, 

exploring its profound economic implications. The focus is on 

understanding how the introduction of corporate tax in the UAE has 

shaped the business landscape, with a spotlight on its influence across 

various sectors such as real estate, tourism, and sports. 

The cover story unveils leading tax and accountancy firms in the 

UAE, providing insights into their pivotal role amid the implementation 

of Corporate Tax. Between the pages is an exclusive interview with 

Nirav Shah, Director at FAME Advisory, who shares valuable insights 

into the essential skill set required to navigate the challenges and 

opportunities for businesses in the UAE within this new tax framework. 

The magazine features articles that explain the significant role of 

accountancy in facilitating smooth mergers and acquisitions, as well 

as effective personal finance management. Additionally, the article, 

“Investment Fund Taxation and the Path to Corporate Tax Exemption 

in the UAE,” serves as an ultimate guide to understanding Investment 

Fund Tax Exemptions in the region. 

In alignment with emerging global trends, we bring you an exclusive 

interview with Malak Fouad, the Creator and host of the ‘What I Did 

Next’ podcast and Founder of A&T Media. She shares her journey in 

establishing the podcast and provides a unique perspective on working 

with a diverse group of intellectuals. 

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. 

March 2024 www.thefinanceworld.com 5 

September 2022 3

Contents March 

2024 

PERSONAL FINANCE 

P8 | Money Matters: Navigating 

Accounting Wisdom for Personal 

Finance 

INTERVIEW 

BUSINESS 

P26 | Business News 

COVER STORY 

ENERGY 

P48 | Energy News 

MERGERS AND 

ACQUISITIONS 

P10 | Thriving Through Change: 

UAE’s Corporate Tax Demands a 

Proactive Business Approach 

UAE BANKING 

P14 | UAE Banking News 

UAE REFORMS 

P30 | Fiscal Excellence: A Spotlight 

on UAE’s Tax and Accounting 

Consultancy Titans 

INTERVIEW 

P54 | Corporate Unions: The 

Crucial Role of Accounting in 

Mergers and Acquisitions 

P56 | Mergers & Acquisitions News 

REAL ESTATE 

P16 | A Leap Towards Global 

Leadership, FTA’s InnoVATive 

Initiatives for 2024 

FINTECH 

P18 | Inclusivity, Innovation, and 

Security Core of Astra Tech’s 

Unprecedented Growth 

P20 | Fintech News 

P22 | Fintech Application 

P44 | Highlighting the Resonating 

Impact of Woodshow Middle East 

on the Woodworking Industry 

P58 | UAE’s Golden Visa 

Attraction: Foreign Property 

Investors on the Upswing 

P60 | Real Estate News 

6 www.thefinanceworld.com March 2024

INTERVIEW 

CORPORATE 

P74 | Corporate Results 

SPORT AS A BUSINESS 

INVESTING IN ART 

P62 | “What I Did Next”: Diverse 

Stories Shaping the Middle East 

FUNDING & INVESTMENT 

P66 | Investment Fund Taxation 

and the Path to Corporate Tax 

Exemption in the UAE 

P68 | Funding & Investment News 

DIGITAL ASSETS 

P70 | Spot Bitcoin ETFs Granted 

Approval - What It Means for the 

Future of Cryptocurrency? 

P76 | Saudi Sports Market: 

Sportswashing or the Dawn of 

New Investment Frontiers? 

P78 | Sports News 

TOURISM 

P80 | The Ripple Effect of Tourism 

Taxes on Shaping the Economy of 

a Country 

GLOBAL 

P82 | Global News 

P84 | The Art Investment 

Revolution: A Technological 

Perspective 

P86 | Local News 

TRAVEL 

P88 | Top Picks for Family 

Getaways this February 

P90 | Travel News 

P33 | P93 | Launch Express 

P46 | P54 | Wheels 

P32 | P92 | Tech My Money 

March 2024 www.thefinanceworld.com 7

Personal Finance 

Source: pexels.com 

Financial literacy is the passport to economic freedom. 

Money Matters: 

Navigating Accounting 

Wisdom for Personal 

Finance 

Accounting, the language of business, is 

the key to unlocking prosperity in personal 

finance. 

Accounting is not merely a skill for 

generating income; rather, it is a crucial 

competency that empowers individuals 

to save wisely and maintain a balanced 

financial portfolio. In the realm of personal 

finance, the principles of accounting 

serve as a powerful toolkit, providing 

individuals with the means to navigate 

the complexities of their financial journey. 

It includes wealth management, balancing 

taxes, retirement planning, budgeting, and 

various other aspects that contribute 

to overall financial well-being. “Money 

Matters: Navigating Accounting Wisdom 

for Personal Finance” explores the 

symbiotic relationship between accounting 

principles and personal financial success, 

emphasising the crucial role these 

concepts play in achieving financial 

well-being. 


The Foundation of Financial 

Literacy: 

Understanding the basics of 

accounting is akin to acquiring a key that 

unlocks the doors to financial literacy. 

Just as businesses rely on accounting to 

measure profitability, manage expenses, 

and assess their financial health, individuals 

can apply these same principles to gain 

insight into their personal finances. A 

solid foundation in accounting principles 

empowers individuals to make informed 

decisions and navigate the often complex 

landscape of personal finance. 

Budgeting for Success: 

At the heart of both accounting and 

personal finance lies the concept of 

budgeting. Businesses utilise budgets 

to allocate resources effectively, set financial 

goals, and monitor their financial 

performance. Similarly, individuals can 

harness the power of budgeting to gain 

control over their spending, allocate 

funds strategically, and work towards 

achieving their financial objectives. By 

creating a budget that aligns with their 

goals, individuals can bridge the gap between 

accounting wisdom and personal 

financial prudence. 

Monitoring Revenue and Expenditures: 

Professionals in the field of accounting 

excel at classifying and monitoring financial 

transactions. Employing these abilities in 

managing your personal finances allows 

individuals to develop a comprehensive 

grasp of spending patterns and pinpoint 

areas where expenses can be reduced. 

Through meticulous tracking of 

income and expenditures, individuals 

can guarantee that they are adhering 

to their budget and advancing towards 

their financial objectives. 

Financial Statements in the 

Real World: 

While businesses generate financial 

statements to communicate their financial 

position to stakeholders, individuals can 

create personal financial statements to 

assess their net worth. 

Analysing assets, and liabilities, and 

understanding the components of personal 

financial statements provides a clear 

picture of one’s financial standing. This 

accounting-inspired approach allows 

individuals to track their progress, identify 

areas for improvement, and make 

informed decisions for the future. 

Accounting is 

not just about 

counting beans; 

it’s about 

making every 

bean count.” 

William Reed 

Setting SMART Financial 

Objectives: 

Professionals in accounting and business 

ownership are familiar with formulating 

SMART (Specific, Measurable, Achievable, 

Relevant, and Time-bound) goals 

for their enterprises. When individuals 

apply this approach to managing their 

personal finances, they can set practical 

financial objectives that align with their 

priorities and values. 

Tax Planning and Optimization: 

Accounting principles play a pivotal 

role in businesses’ tax planning, and 

individuals can benefit from a similar 

approach to optimise their tax liability. 

Understanding tax laws, deductions, 

and credits enables individuals to make 

strategic financial decisions that minimise 

their tax burden. 

By incorporating accounting wisdom 

into personal tax planning, individuals 

can ensure they are taking advantage of 

available opportunities and preserving 

more of their hard-earned money. 

Establishing a Support System: 

For an individual pursuing financial 

goals, having a support system becomes 

crucial. This network not only aids in 

maintaining accountability but also offers 

encouragement during challenging periods. 

By sharing financial objectives with 

friends, family, or a designated financial 

accountability partner, and contemplating 

involvement in a financial support group 

or online community, individuals can 

fortify their journey towards achieving 

financial milestones. 

Debt Management Strategies: 

In both business and personal finance, 

effective debt management is essential 

for financial stability. By applying accounting 

principles to analyse interest 

rates, create repayment plans, and avoid 

excessive debt, individuals can navigate 

the complexities of borrowing wisely. 

This approach helps bridge the gap between 

accounting wisdom and personal 

financial prudence, fostering a healthier 

financial future. 

Automating Savings and Investments: 

For individuals seeking to enhance 

their financial discipline, establishing 

a system that automatically transfers a 

portion of their income into designated 

savings and investment accounts is key. 

This “set it and forget it” approach not 

only facilitates consistent wealth-building 

over time but also minimises the 

temptation to divert savings towards 

discretionary spending. 

Regularly Reviewing and Adjusting 

a Financial Plan: 

In life, unforeseen circumstances 

can arise, leading to rapid changes in 

an individual’s financial situation. It is 

advisable to consistently review and 

adjust their financial plan to guarantee 

its alignment with their current circumstances 

and goals. 

By incorporating these principles into 

their financial journey, individuals can 

build a solid foundation for success. 

From budgeting to financial statements, 

tax planning, and debt management, 

accounting wisdom serves as a guiding 

light, empowering individuals to make 

informed decisions and achieve lasting 

financial well-being. 


Interview 

Thriving Through Change: UAE’s 

Corporate Tax Demands a Proactive 

Business Approach 


In an exclusive interview with Finance World Magazine, Nirav Shah, Director 

at FAME Advisory DMCC covered a range of crucial topics, from balancing 

compliance needs with agility to the recent introduction of corporate tax in 

the UAE. Mr Shah shed light on evaluating and managing risks within corporate 

structures, the impact of corporate tax on businesses, and strategies for small 

and medium-sized enterprises (SMEs) to adapt. 

Exclusive to Finance World Magazine 

Q. How do you balance the need for 

compliance with the agility required to 

navigate the ever-changing landscape 

of international tax regulations? 

Navigating the complexities of international 

taxation is a critical aspect of multinational 

business operations. As a tax professional, 

one must adopt a proactive approach to 

stay ahead of tax regulation changes. 

This entails keeping the clients abreast 

of the latest developments in tax laws 

and regulations. We assist businesses in 

identifying potential challenges early on 

by conducting regular compliance audits 

and taking necessary measures to mitigate 

them. To capitalise on opportunities and 

minimise risks, organisations need to 

invest in ongoing training for their tax 

teams, ensuring they have the necessary 

skills and knowledge to navigate complex 

regulatory environments. By adopting 

such a proactive stance, organisations 

can make timely adjustments to their 

tax strategies, enhancing their capacity 

to respond with resilience and agility 

to changes in the tax landscape. 

Q. Can you share your approach 

to evaluating and managing risks, 

both within corporate structures 

and in advising clients on potential 

investments or transactions? 

With the introduction of corporate 

tax, it is one of the crucial aspects 

that one needs to factor in while 

evaluating corporate structures as it 

will directly impact the overall costs of 

operations. Non-compliance may lead 

to hefty penalties, reputational damage, 

and potential legal consequences. It 

is critical for businesses to remain 

vigilant and promptly report any relevant 

changes to maintain compliance with 

tax regulations. 

Q. With the recent introduction 

of corporate tax in the UAE, how 

do you foresee this impacting the 

overall business environment in 

the country? 

The UAE has long been renowned 

for attracting businesses from around 

the world owing to its tax-free hub 

status The landmark announcement 

of corporate tax has brought forth a 

major change in the way businesses 

operate in the country. The introduction 

of CT will definitely impact the tax and 

compliance costs of most businesses. 

As it will be a direct hit to the bottom 

line, it needs to be factored into the 

forecasting and decision-making process. 

Businesses will need to assess their 

existing operating models, corporate 

structure, accounting policies as well 

as systems and procedures to ensure 

compliance with the corporate tax 

regime. 

Q. With your expertise in international 

tax, how does the introduction of 

corporate tax in the UAE influence 

the attractiveness of the country 

as a business hub, particularly for 

foreign investors? 

The UAE’s decision to introduce 

corporate tax in June 2023 is driven by 

a combination of strategic objectives, 

including cementing its position as 

a global business hub, accelerating 

economic development and diversification, 

and complying with international tax 

transparency standards. The tax rate 

of 9% still remains highly competitive 

in comparison to other jurisdictions. 

At an overall level, the UAE authority 

is inclined to keep the UAE CT laws 

and regulations simple with minimum 

procedure and compliances for the 

taxpayers. By creating a competitive 

and simple tax regime, the UAE aims to 

attract businesses and boost investor’s 

confidence. The impact of this decision 

on the UAE’s economy and attractiveness 

as a business destination will unfold over 

time. Moreover, dividends and capital 

gains are not subject to corporate tax 

depending on certain conditions, so 

they will remain attractive to investors. 

Q. What impact do you anticipate on 

small and medium-sized enterprises 

(SMEs) in the UAE with the 

implementation of corporate tax, 

and how can they best prepare for 

these changes? 

One of the immediate concerns for 

businesses in the UAE is the impact of 

corporate tax on their overall costs. It 


Interview 

is essential to factor in tax obligations 

while budgeting and forecasting profits, 

ensuring a smooth transition without 

compromising operational efficiency. 

Having said this, there is a small business 

relief available under the new tax regime 

to support small businesses and startups 

in the UAE by offering them the 

option of paying zero taxes and reduced 

compliance under specified conditions. 

The intent behind the small business 

tax relief is to support local businesses 

with lower annual revenue and reduce 

their costs in order to help them thrive. 

A proactive approach needs to be 

adopted by businesses on the tax front. 

Businesses will need to evaluate their 

existing structures, accounting policies 

and systems to ensure compliance with the 

corporate tax regime. It is also important 

to undertake an impact assessment 

in the light of the new corporate tax 

and transfer pricing regime to ensure 

a smooth implementation, rather than 

considering it as an after-thought Having 

a robust IT infrastructure in place, 

training in-house teams and setting-up 

integrated tax system function will be 

critical to smoothly navigate into the 

new tax era. 

Q. Are there specific industries 

or sectors that you believe will 

be more significantly affected by 

the introduction of corporate tax, 

and how should businesses in these 

sectors strategize to adapt? 

The UAE’s introduction of a federal 

corporate tax regime will have significant 

impact across all industries and sectors. 

The federal tax system is applicable to 

all businesses and commercial activities 

operating within the country’s seven 

emirates. It is essential to conduct a 

thorough impact assessment of the new 

corporate tax regulation in the UAE on 

your company/organisation to mitigate 

any potential risks and prepare for 

necessary changes. Additionally, businesses 

must consult with tax professionals or 

seek expert advice if needed to ensure 

compliance and minimise any adverse 

effects on a company’s financial stability 

and growth. 

Q. In your interactions with clients, 

what are the most common concerns 

or questions they express regarding 

the impact of corporate tax, and 

how do you address and alleviate 

those concerns? 

UAE businesses face challenges in 

understanding and complying with the 

new corporate tax framework. Businesses 

will need to establish reliable accounting 

systems and processes to be able to 

navigate through the new tax framework. 

Accounting software plays a pivotal role 

in supporting global tax compliance in 

today’s complex business environment. 

By centralising financial data, managing 

multiple currencies, automating tax 

calculations, and simplifying reporting 

and filing processes, accounting software 

can significantly reduce the burden of 

tax compliance and minimise the risk of 

penalties. The introduction of the new 

transfer pricing regulations would also 

be a game changer for most businesses 

in the UAE as intercompany transactions 

both cross-border as well as domestic 

would now have to be undertaken at 

arm’s length and supported by robust 

documentation in line with OECD 

transfer pricing guidelines. 

It is crucial for companies to plan 

for the new tax regime, assess their 

current systems and procedures, seek 

expert advice and adapt their business 

strategies wherever necessary in order 

to remain competitive and thrive in the 

new tax regime and cost environment 

in UAE. 

Q. As someone with over two decades 

of experience, how do you stay 

motivated and inspired in your 

work, and what advice do you have 

for professionals entering the field 

today? 

Tax is a fast, exciting profession. 

It’s a people business, full of change 

and opportunity. Tax has always been 

my passion. The adrenaline rush of 

managing the needs of a client keeps 

me on my toes. What I enjoy most about 

tax is that it is always changing. There 

is no shortage of new things to learn. It 

allows me to work with a wide variety 

of clients with different tax needs, 

which gives me the opportunity to 

problem-solve in different areas of tax. 

Adapting to the changing tax system 

really helps me to grow critical thinking 

and problem-solving skills continually. 

Professionals who are detail-oriented 

and love solving problems will have a 

great career and will thrive in this field. 


UAE Banking News 

ADCB Expands into 

Saudi Arabia with 

First Branch Opening 

Abu Dhabi Commercial Bank 

(ADCB), the UAE’s third-largest 

lender, is poised to extend its 

reach into Saudi Arabia, strategically 

tapping into the growing opportunities 

within the Arab world’s largest 

economy. Having secured in-principle 

approval, pending final regulatory 

nods, ADCB’s imminent branch in Riyadh 

underscores its commitment to 

an expedited business expansion plan. 

Operating under the auspices of the 

Saudi Central Bank’s foreign banking 

branch licence, the bank aims to cater 

to corporate and institutional clients 

with a diverse range of financial services. 

This move mirrors a broader 

trend in the financial sector, where 

institutions actively seek to establish 

a foothold in Saudi Arabia, aligning 

with the nation’s ambitious economic 

diversification agenda. 

Islamic Development Bank Initiates $20M 

Agricultural Value Chain Project in Benin 

The Islamic Development Bank, 

in collaboration with the LLF 

Foundation and the Government 

of Benin, has introduced a $20M integrated 

agricultural value chain project. 

This initiative seeks to enhance local 

and regional market opportunities for 

farmers in Benin. Over the next five 

years, the project will engage with 

local farming communities, the private 

sector, and various stakeholders to 

benefit 25,000 households in 16,000 

municipalities within the Collins District 

of Dassa, Benin Republic. Focused 

on corn and rice value chains, 

the project aims to boost competitiveness 

and sustainable development, 

ultimately increasing rice productivity. 

The goal is to combat poverty, hunger, 

and food insecurity while elevating the 

annual income of beneficiary families 

and generating new job opportunities 

in both agricultural and non-agricultural 

sectors. 

UAE Banks Hit Record Investments: AED 620B by 

November’s End 

By the end of November 2023, 

UAE bank investments surpassed 

an unprecedented AED 

620B, marking a historic pinnacle, 

as per the latest Central Bank of the 

UAE (CBUAE) data. The banking indicators 

report revealed a notable 21.4 

percent year-on-year surge in bank 

investments, reaching AED 620.2B 

by November’s close, an increase of 

AED 109.1B from 2022’s AED 511.1B. 

Overall, these investments exhibited 

a growth of AED 93B or 17.6 percent 

in the first 11 months of the preceding 

year compared to approximately AED 

527.4B at the end of 2022. Held-to-maturity 

securities comprised the majority, 

representing 48.7 percent, amounting 

to AED 302.2B, with a monthly 

increase of 2.93 percent compared to 

approximately AED 293.7B in October. 

Debt securities constituted about 41.4 

percent of the total investments portfolio, 

reaching AED 257.1B by the end 

of November’s period. 

Mansour bin Zayed Witnessed UAE Central Bank’s Golden Jubilee Celebration 

His Highness Sheikh Mansour bin 

Zayed Al Nahyan, Vice President, 

Deputy Prime Minister, 

Chairman of the Presidential Court, 

and Chairman of the Board of the 

Central Bank of the UAE (CBUAE), 

attended the 50th-anniversary celebration 

of CBUAE. The event also marked 

the graduation of 1,056 citizens from 

the ‘Ethraa’ programme, aimed at 

enhancing Emirati representation in 

the financial sector through advanced 

training. Held at the Abu Dhabi National 

Exhibition Center, the ceremony 

highlighted CBUAE’s 50-year journey, 

contributing to financial stability and 

economic growth. The bank’s commitment 

to digital transformation, evident 

in the Financial Infrastructure Transformation 

Programme, aligns with its 

strategy to position CBUAE among the 

top global central banks. 


Nasdaq Dubai Lists China Construction Bank’s $600M Green Bond 

Nasdaq Dubai celebrates the listing 

of a $600M green bond by China 

Construction Bank (DIFC Branch), 

underscoring the bank’s substantial 

commitment to sustainable financing. 

The green bond issuance, aimed at 

addressing climate change, signifies the 

growing collaboration in green financing 

between China and the UAE. Li Xuhang, 

Consul-General of the People’s Republic 

of China in Dubai, and Hamed Ali, CEO of 

Nasdaq Dubai and Dubai Financial Market, 

marked the occasion by ringing the market 

opening bell. This listing contributes to 

Nasdaq Dubai’s total value of ESG-related 

issuances, reaching $27.05B, positioning 

the exchange as a leading global hub for 

fixed-income listings and sustainable 

financial instruments. The total value of 

outstanding debt from Chinese issuers 

listed on Nasdaq Dubai now stands at 

$11.95B through 22 issuances, highlighting 

the market’s growing prominence. 

Gulf Bank, Kuwait Unveils 

‘A Step Towards Change’ 

Sustainability Initiative 

Gulf Bank has introduced the 

“A Step Towards Change” 

environmental sustainability 

initiative, aiming to transform societal 

behaviour by promoting the use of 

reusable bags. In collaboration with 

the Environment Public Authority and 

five cooperative societies in the initial 

phase—Al-Dahiya, Al-Mansouriah, 

Al-Shamiya and Shuwaikh, Al-Rawda 

and Hawally, Kaifan, and Mishref—the 

initiative seeks to reduce plastic usage. 

Jassim Mustafa Boodai, Chairman of 

the Board at Gulf Bank, and various 

bank executives attended the launch 

event, along with Dr. Hamad Al- 

Mutair, Chairman of the Committee 

for Environmental, Food, and Water 

Security Affairs in the National 

Assembly, and Engineer Abdullah 

Al-Otaibi, representing the General 

Authority for the Environment. This 

initiative aligns with Sustainable 

Development Goal 17, promoting 

collaboration across public and private 

sectors for the benefit of Kuwait’s 

environment. 

UAE Completes $13.6M Cross-Border Digital 

Dirham Payment to China 

The UAE achieved a historic 

milestone with the completion 

of its inaugural cross-border 

payment using the Digital Dirham, 

transferring AED 50M ($13.6M) to 

China. Sheikh Mansour bin Zayed Al 

Nahyan, Vice President, Deputy Prime 

Minister, Chairman of the Presidential 

Court, and Chairman of the Board of 

the Central Bank of the UAE (CBUAE), 

conducted this transaction during 

a celebration marking the CBUAE’s 

The Anwar Gargash Diplomatic 

Academy (AGDA) in Abu Dhabi, 

a globally renowned centre of 

diplomatic excellence, has formalised 

a collaborative effort with the Central 

Bank of the UAE through the signing 

of a Memorandum of Understanding 

(MoU). This agreement aims to 

strengthen cooperation in research, 

knowledge exchange, expertise sharing, 

and joint training programs to 

enhance diplomatic capabilities. The 

MoU was signed by Dr. Mohammed 

Ibrahim Al Dhaheri, AGDA’s Deputy 

Director-General, and Ehab Anis Al 

Ameri, Head of Human Resources 

Department at the Central Bank of 

the UAE, in the presence of senior 

officials from both institutions. AGDA, 

50th Anniversary. The payment was 

made directly with China through the 

“mBridge,” a platform utilising central 

bank digital currencies (CBDC) for 

international fund transfers between 

participating banks, based on distributed 

ledger technology (DLT or “blockchain”). 

This achievement underscores 

the UAE’s commitment to advancing 

digital currency solutions and international 

financial collaboration. 

Anwar Gargash Diplomatic Academy Inks MoU 

with UAE Central Bank 

as a respected diplomatic hub, delivers 

accredited academic programs 

and executive training, fostering an 

intellectual community in diplomacy, 

academia, and research to contribute 

to the UAE’s foreign policy objectives. 


UAE Reforms 

source: tax.gov.ae 

The introduction of taxes in the UAE is part of a GCC-wide initiative to diversify regional economies. 

A Leap Towards 

Global Leadership, 

FTA’s InnoVATive 

Initiatives for 2024 

“UAE InnoVATes is designed to enhance the country’s 

position as a global innoVATion hub” FTA 

Commencing in June 2023, the United 

Arab Emirates (UAE) has embarked on 

a significant initiative by implementing 

a tax rate of 9% for businesses. This new 

tax regulation applies to all annual taxable 

profits surpassing AED 375,000. The 

introduction of this tax framework is a 

strategic move by the UAE government to 

enhance fiscal policies and contribute to 

economic sustainability. The Federal Tax 

Authority of the UAE has played a pivotal 

role in the smooth implementation of this 

tax regime. Beyond its introduction, the 

authority has been actively engaged in 

various initiatives to raise awareness about 

the implications and processes associated 

with taxation. These efforts are aimed at 

ensuring that residents and businesses in 

the UAE are well-informed and compliant 

with the new tax regulations. 


By instituting a 9% tax rate on 

businesses with annual taxable 

profits exceeding AED 375,000, 

the UAE is aligning itself with global 

practices while seeking to bolster its 

financial infrastructure. This tax reform 

is part of a broader strategy to diversify 

revenue sources, support public services, 

and contribute to the overall economic 

development of the country. 

Businesses operating in the UAE are 

urged to familiarise themselves with the 

intricacies of the new tax system and 

ensure compliance with the stipulated 

regulations. The Federal Tax Authority 

is actively providing resources and 

support to facilitate a smooth transition 

for businesses and individuals affected 

by this taxation adjustment. 

The FTA has undertaken notable 

initiatives to advance tax reforms, 

including the launch of a public awareness 

campaign aimed at aiding taxpayers 

in comprehending and fulfilling their 

responsibilities under the Corporate Tax 

Law. This forms a crucial component of 

the FTA’s endeavours to facilitate the 

seamless enactment of Federal Decree-Law 

No.47 of 2022, focusing on the Taxation of 

Corporations and Businesses, commonly 

referred to as the “Corporate Tax Law.” 

The applicability of this law extends to 

financial years commencing on or after 

June 1, 2023. 

Following this, in February 2024, the 

FTA initiated the campaign’s second 

phase, scheduled to continue until the 

year’s end. This phase will incorporate 

numerous events and workshops, both 

virtual and in-person, spanning the UAE’s 

seven emirates. The program aims to 

heighten awareness of specific subjects, 

including legislation, Corporate Tax 

compliance requirements, and procedures, 

with customization to suit the needs of 

each taxpayer. Advanced technologies 

will be employed to facilitate accessible 

information for taxable individuals, 

fostering support and encouraging the 

business community to implement the 

Corporate Tax Law with efficiency and 

precision. 

In addition, the Federal Tax Authority 

(FTA) of the United Arab Emirates (UAE) 

is set to kick off three transformative 

initiatives as part of the UAE InnoVATes 

2024 month-long event. This initiative 

aims to foster a culture of innovation, 

celebrate innovators, and align with the 

National Strategy for Advanced Innovation. 

The details of these initiatives and their 

potential impact on tax procedures in the 

UAE are discussed as follows. 

InnoVATion Challenge Award for the 

FTA Team: 

The InnoVATion Challenge award 

underscores the FTA’s commitment to 

developing forward-looking solutions 

by encouraging its team members to 

showcase their innovative skills and ideas. 

This initiative seeks to drive tangible 

improvements in the FTA’s operational 

and strategic processes by periodically 

evaluating and implementing the most 

promising proposals. As the FTA focuses 

on achieving global leadership in tax 

procedures, this challenge sets the stage 

for innovative solutions that address 

future challenges. 

We aim to foster 

an environment 

for continuous 

innovation and 

customer service 

development.” 

Hackathon Program for Strengthening 

Community Partnerships: 

The Hackathon program represents 

a collaborative effort between the FTA, 

government bodies, and educational 

institutions. By bringing together talented 

developers, programmers, and designers, 

this initiative aims to develop innovative 

technological solutions for current 

challenges in tax procedures. Challenges 

will be announced through official FTA 

platforms, encouraging participants 

to present their ideas for evaluation. 

The best solutions will be recognised 

and celebrated, fostering a dynamic 

partnership between the FTA and the 

wider community. 

Expansion of ‘TAX 10’ Digital Innovation 

Platform: 

The third major initiative involves 

expanding participation in the ‘TAX 10’ 

digital innovation platform. Initially 

accessible to FTA employees, the platform 

will now be opened to 100 members of the 

UAE community, including representatives 

from universities, government entities, 

and tax authorities across the Gulf 

Cooperation Council (GCC) countries. 

This move signifies the FTA’s commitment 

to collaboration and knowledge-sharing, 

fostering a community-driven approach 

to tax innovation. 

The Vision of His Excellency Khalid 

Ali Al Bustani: 

H.E. Khalid Ali Al Bustani, Director General 

of the FTA, emphasises the importance 

of these initiatives in aligning with the 

UAE’s rapid digital transformation across 

all sectors. By encouraging innovative 

ideas and solutions, the FTA aims to drive 

sustainable financial diversification while 

upgrading services for taxpayers. H.E. 

Al Bustani affirms that these initiatives 

reflect the FTA’s dedication to achieving 

global leadership in tax procedures. 

As the UAE enters a month-long 

celebration of innovation, the Federal 

Tax Authority’s three-pronged approach 

to the InnoVATes 2024 initiative is poised 

to make significant strides in reshaping 

the landscape of tax procedures. By 

engaging stakeholders, fostering a culture 

of innovation, and expanding collaborative 

platforms, the FTA is actively contributing 

to the UAE’s journey towards becoming a 

global leader in innovation and taxation. 

These initiatives not only celebrate the 

present but also lay the groundwork 

for a future where innovative solutions 

drive the evolution of tax procedures 

in the UAE. 


Fintech 

Source: National News 

In just four months, Astra Tech has become the largest fintech issuer in the industry. 

Inclusivity, Innovation, 

and Security Core 

of Astra Tech’s 

Unprecedented Growth 

Astra Tech’s Swift Ascent as MENA’s Premier Fintech 

Powerhouse Under Abdallah Abu Sheikh’s Visionary 

Leadership. 

The rise of fintech has initiated a profound 

revolution, prompting companies 

to rethink financial inclusivity and 

address the needs of the masses. Amid 

this innovation wave, Astra Tech has 

swiftly emerged as the MENA region’s 

fastest-growing fintech company, boasting 

an impressive user base exceeding 

140 million individuals. Abdallah Abu 

Sheikh, at the helm of Astra Tech, has 

steered the company into a prominent 

position within the fintech landscape. His 

visionary leadership has guided Astra 

Tech through significant milestones. This 

article highlights the impactful journey of 

Astra Tech under Abu Sheikh’s leadership, 

exploring key achievements and initiatives 

that have solidified the company’s position 

in the ever-evolving realm of financial 

technology. 


Abdallah Abu Sheikh, CEO of Astra 

Tech, has forged an entrepreneurial 

path that spans from his early 

teens to guiding Astra Tech, a prominent 

technology investment and development 

company in the MENA region. Throughout 

this journey, his defining trait has been 

a steadfast “can do” attitude. 

Describing achievement as an addiction, 

the Jordanian entrepreneur, who raised 

$500M in a significant financing round, 

expresses his commitment to growing 

the company with over 130 million users 

on its platform. He emphasises the continuous 

pursuit of pushing boundaries 

and solving larger problems by staying 

close to users, attributing this drive to 

his passion. 

At 28, Abdallah Abu Sheikh builds on 

his late father’s entrepreneurial legacy, 

shaped by ventures in manufacturing and 

procurement businesses in China. His 

diverse experiences, including obtaining 

a master’s degree from London Business 

School and spending formative years in 

China, the US, and Canada, contribute 

to his approach. 

Astra Tech’s Surge: $500M Funding, 

Botim Acquisition, and Unified Platform 

Vision 

Abu Dhabi’s artificial intelligence 

and cloud computing company G42 led 

investors in Astra Tech’s funding round 

of $500M. The startup, which acquired 

FinTech platform PayBy and Rizek, stated 

it would utilise the funds to expand and 

acquire other consumer platforms. 

The following month, Astra acquired 

the popular Middle East internet calling 

platform Botim, gaining access to Botim’s 

90 million registered users. Financial 

details were not disclosed at the time. 

Apart from voice-over-internet protocol 

calls, Botim provides money transfer and 

bill payment services to users across 

markets. 

“Our investors have truly placed significant 

confidence in us to establish Astra 

and today, Astra stands as the largest 

consumer technology company in this 

part of the world, with over 130 million 

users,” Mr Abu Sheikh states. 

The decision to establish Astra Tech 

stems from the success and value created 

for investors and shareholders in their 

previous ventures. 

Continuing its quest to establish an 

Ultra Platform, Astra Tech broadened 

its consumer verticals through the 

acquisition of messaging platform BOTIM. 

This platform facilitates free video and 

voice calls, reinforcing its position as 

the largest and most popular MENA-built 

communications platform, boasting 90 

million registered users and 25 million 

active users. 

A noteworthy achievement is BOTIM’s 

integration of Arabic ChatGPT, a first in 

the region. Developed in collaboration 

with Abu Dhabi’s MBZUAI, the AI-powered 

platform introduces conversational 

commerce, revolutionizing user access 

to services. 

We, as a 

company, 

collectively 

strive to propel 

the country’s 

economy, its 

businesses, and 

people to new 

heights.” 

Astra Tech: UAE’s Top Fintech Card 

Issuer, 100,000 Cards in 4 Months 

Astra Tech revealed the issuance of 

over 100,000 Botim multi-currency cards in 

the UAE within a swift four-month period 

through its partnership with Mastercard. 

This achievement, breaking records in 

the fintech sector, highlights Astra Tech’s 

efficiency and innovation and signifies a 

growing demand for dependable fintech 

services in the region, according to the 

company’s media statement. 

Abu Sheikh sees the remarkable interest 

and growth in Botim Prepaid Cards 

within this short timeframe as indicative 

of the maturity of the UAE’s consumer 

market. He emphasises the company’s 

dedication to innovative financial services, 

promoting financial inclusion, and 

simplifying users’ lives. 

Astra Tech Plans to diversify its 

multi-currency offerings and introduce 

a new loyalty program in collaboration 

with Mastercard. These initiatives aim to 

elevate user experience, address diverse 

user needs, and solidify Botim’s standing 

in the market. 

Botim: Pioneering Fintech Offers 

CBUAE’s Aani Solution via Al Etihad 

Payments 

More recently, in February 2024 Astra 

Tech unveiled a partnership with Al 

Etihad Payments (AEP), a subsidiary of 

the Central Bank of the UAE (CBUAE), 

to introduce Aani—an advanced instant 

payment platform. 

As the operator of Aani, Al Etihad 

Payments facilitates 24x7 instant, 

secure, and seamless digital payment 

processing. Aani simplifies payments by 

enabling instant fund transfers through 

the recipient’s mobile number, email, 

or QR code, eliminating the need for 

complicated IBANs. 

This integrated solution is now accessible 

on the PayBy-powered Botim app, 

marking a significant milestone as the 

first fintech platform to offer AEP’s Aani 

solution. By ensuring complete interoperability 

across all payment services, 

this offering establishes a new industry 

standard, allowing for 24/7 instant digital 

payments. 

With a focus on continuous innovation 

and user-centric solutions, Astra Tech 

is positioned as a leader in shaping the 

future landscape of financial technology. 


Fintech News 

Middle East E-Commerce Surges with Changing Consumer Behaviour 

The Middle East is undergoing a 

transformative shift in consumer 

dynamics, preferences, and digital 

integration, as outlined in RetailX’s 

latest report, “Middle East Ecommerce 

Region Report 2023.” This UK-based 

retail and e-commerce research firm 

delves into the evolving retail landscape, 

emphasising the region’s pivot towards 

online shopping and e-commerce. The 

report meticulously examines shopper 

behaviours and consumer inclinations 

across the Middle East, shedding light 

on the profound impact of digital 

channels on traditional brick-andmortar 

establishments and payment 

methods. Focusing on six specific 

countries—Iran, Israel, Qatar, Saudi 

Arabia, Turkey, and the United Arab 

Emirates—the report meticulously 

compares similarities and differences, 

offering crucial insights into the rapidly 

changing realm of online retail in the 

Middle East. 

Saudi Central Bank Licences Network Intl. Arabia & 

Barraq for Payments 

The Saudi Central Bank (SAMA) 

has granted licences to “Network 

International Arabia” for 

point-of-sale (POS) payment services 

and “Barraq” for e-wallet offerings. 

This brings the total to 27 licensed 

companies providing payment services 

in Saudi Arabia, highlighting SAMA’s 

commitment to bolstering the payments 

sector. The move aligns with SAMA’s 

objectives of enhancing the efficiency 

of financial transactions and fostering 

innovative financial solutions for greater 

financial inclusion in the country. 

SAMA underlines the significance 

of engaging solely with authorised 

financial institutions, emphasising the 

importance of regulatory compliance 

and ensuring a secure and robust 

financial ecosystem. 

Magnati, Al Etihad Payments Partner for Instant 

Digital Payments in UAE 

Magnati, a prominent payments 

solutions provider in the Middle 

East, has formed a strategic 

partnership with Al Etihad Payments 

(AEP), a subsidiary of the Central 

Bank of the UAE. This collaboration 

integrates AEP’s advanced instant 

payment platform, Aani, into Magnati’s 

services, enabling swift, secure, 

and seamless digital payments for 

individuals, businesses, and government 

entities across the UAE. Aani, 

developed under the Central Bank’s 

Financial Infrastructure Transformation 

Programme, offers cutting-edge 

capabilities for real-time transactions. 

Leveraging Magnati’s extensive 

merchant network, this partnership 

aims to drive widespread adoption 

of Aani, contributing to the advancement 

of digital payments in the UAE. 

The joint effort underscores a shared 

commitment to innovation, fostering 

enhanced payment experiences and 

unlocking transformative potential 

in the rapidly evolving landscape of 

digital transactions. The partnership 

seeks to enhance financial inclusion 

by providing accessible and convenient 

payment solutions. 

Qatari E-Wallet Fintech 

Startup Karty Secures 

$2M Seed Round 

Afintech startup of Qatar, KARTY, 

has secured over $2M in a substantial 

seed funding round, marking 

a pivotal milestone in its journey to reshape 

the Qatari financial landscape. The 

funds, sourced from local investors, set 

the stage for KARTY’s imminent launch 

pending final approval and licensing 

from the Qatar Central Bank. Having 

received in-principle approval in partnership 

with Masraf Al Rayan, KARTY 

aims to introduce a groundbreaking e-Wallet 

and financial resource management 

application. With Visa-backed payment 

functionalities, KARTY promises clients 

instant peer-to-peer transfers, real-time 

spending oversight, and interactive chartbased 

insights. This innovative, secure 

e-wallet is poised to streamline financial 

management, offering users efficient tools 

for an enhanced understanding of their 

personal finances. 


Sahm Capital Joins MENA 

Fintech Association 

Botim: First Fintech to Provide CBUAE’s Aani 

Solution Through Al Etihad Payments 

The MENA Fintech Association 

proudly welcomes Sahm Capital 

Financial Company (formerly 

VCFC) as its newest partner. As a leading 

brokerage firm licensed by the Saudi 

Capital Market Authority, Sahm Capital 

is dedicated to delivering seamless and 

tailored investing experiences to Saudi 

users. The MENA Fintech Association, 

recognised globally as a top fintech body, 

has been a driving force in fostering 

collaboration and innovation within 

the industry since its establishment 

in 2018. Sahm Capital’s commitment 

to simplifying investing aligns with 

the association’s mission, and their 

proprietary online trading app, Sahm, 

launched in December 2023, offers a 

unique platform for users to trade in 

both Saudi and US markets, including 

Shariah-compliant stocks and US stock 

ETFs with Arabic themes. 

Astra Tech, the leading consumer 

technology holding group in 

the MENA region, is partnering 

with Al Etihad Payments (AEP), a 

subsidiary of the Central Bank of the 

UAE (CBUAE), to introduce Aani—an 

advanced instant payment platform. 

Aani, operated by Al Etihad Payments, 

facilitates 24/7 secure and seamless 

digital payments, revolutionising the 

sector. Enabling instant fund transfers 

through mobile numbers, emails, or QR 

codes, eliminates the complexity of 

IBANs. This groundbreaking solution 

is integrated into the PayBy-powered 

Botim app, making it the first fintech 

platform to offer AEP’s Aani solution. 

Aani sets a new industry standard 

with full interoperability across all 

payment services, contributing to the 

UAE’s cashless economy initiatives 

and driving financial inclusion. 

SingleView Receives Prestigious Award for 

Innovation in Saudi Arabia’s Open Banking 

Nuqi Digital Wealth 

Secures DFSA Licence 

SingleView, a groundbreaking 

fintech company based in Saudi 

Arabia, was recognised as “The 

Most Innovative Open Banking Solution 

Provider in Saudi Arabia” at the 

11th International Finance Ceremony 

in Dubai. This prestigious award underscores 

SingleView’s exceptional 

contributions to Financial Technology 

solutions, particularly in the realm 

of Open Banking. Nominated by a 

specialised research team, the company’s 

leadership in this sector reflects 

a commitment to innovation and 

delivering user-friendly services. Abdulrhman 

Alarifi, CEO of SingleView, 

expressed pride in the achievement, 

emphasising the company’s dedication 

to enhancing services and meeting 

customer aspirations. The International 

Finance Award, renowned for 

acknowledging impactful contributions 

to the financial sector, further 

validates SingleView’s commitment 

to success and expansion in regional 

and global markets. 

Nuqi Digital Wealth UAE, a prominent 

fintech firm, has secured 

the Dubai Financial Services 

Authority (DFSA) licence in the UAE, 

marking a significant milestone in its 

commitment to ethical and sustainable 

investing. Following the Securities and 

Exchange Board (SEBI) licence for 

operations in India, this achievement 

reinforces Nuqi Digital Wealth UAE’s 

position as a responsible financial advisory 

firm. Imran Farooqui, Founder 

and CEO, emphasises catering to the 

modern investor’s desire for transparency, 

impact, and ethical alignment. 

Shremohan Chauhaan, Co-founder 

and COO, highlights their commitment 

to shaping a future where ethics and 

sustainability drive financial success. 

The upcoming launch of their Wealth 

Advisory mobile app further demonstrates 

Nuqi Digital Wealth UAE’s 

dedication to providing secure and 

impactful investments aligned with 

clients’ values. Additionally, the firm 

plans to expand its services globally in 

the coming years. The app is poised to 

provide secure, values-driven investment 

solutions for its clients, ensuring 

optimal financial growth and peace 

of mind. 


Fintech Application 

SARWA: INVEST, TRADE & SAVE 

Sarwa, a UAE-based robo-advisory 

wealth management app, was 

founded in 2017 by Mark Chahwan, 

Nadine Mezher, and Jad Sayegh. The 

name “Sarwa” translates to wealth in 

Arabic, reflecting the company’s commitment 

to simplifying the investment 

process for users. 

Sarwa positions itself as an all-in-one 

investment and personal finance app, 

offering a range of features such as 

Sarwa Invest, Sarwa Trade, and Sarwa 

Save to cater to diverse financial needs. 

Sarwa Invest allows users to engage 

in hands-off investments with ease. The 

platform enables quick sign-up, and 

users can transfer funds from a local 

U.A.E AED account at zero cost. Notably, 

Sarwa boasts no lock-ins, account 

opening fees, or account closing fees, 

providing a flexible and cost-effective 

investment environment. 

For those seeking a globally 

diversified portfolio, Sarwa Invest 

constructs portfolios of Exchange-Traded 

Funds (ETFs) tailored to individual 

risk profiles and values. The platform 

takes care of various aspects, including 

dividend reinvestment and portfolio 

rebalancing, simplifying the investment 

process for users. 

Sarwa Trade facilitates self-directed 

trading, allowing users to invest in 

thousands of U.S. stocks and ETFs. 

The platform caters to individuals 

interested in actively managing their 

investment portfolios, providing flexibility 

in investment choices. 

Sarwa Save allows users to grow their 

cash with a 3% interest rate (variable 

based on the Federal Funds Rate). 

This feature offers a competitive rate, 

coupled with no lock-in period and 

no management fees, enhancing the 

appeal for those looking to optimise 

their savings. 

Human support is a key aspect 

of Sarwa’s service, blending smart 

technology with the availability of a 

dedicated support team. Users with 

accounts above $50K have the option 

to schedule meetings and engage with 

advisors when needed, emphasising a 

personalised touch in customer service. 

Ensuring security and compliance, 

Sarwa adheres to high industry standards 

and is regulated by top-tier regulators 

such as the FSRA in the ADGM 

and the DFSA. Backed by renowned 

regional and international investors 

and government funds, Sarwa strongly 

emphasises building trust and credibility 

in the financial sector. 

The platform’s emphasis on user 

education, personalised support, and 

adherence to security standards positions 

Sarwa as a comprehensive and 

reliable option in the wealth management 

landscape. 

source: www.sarwa.co 


POSTPAY | SHOP NOW. PAY LATER. 

Fintech Application 

Founded by Tariq Sheikh in 2019, 

Postpay emerged as a versatile 

Shop Now, Pay Later (SNPL) 

platform, offering users in the UAE a 

convenient and interest-free approach 

to managing their purchases. This 

application allows consumers to split 

their payments into three monthly 

instalments, creating a flexible and 

manageable shopping experience. 

To begin using Postpay, users can 

download the application, sign up, and 

verify their accounts. The straightforward 

onboarding process ensures an 

easy start for customers interested in 

utilising the service. The app is designed 

to be user-friendly, providing a 

hassle-free experience from the initial 

setup to the completion of transactions. 

Postpay collaborates with a wide array 

of brands and stores, offering users 

a diverse selection when choosing to 

utilise the SNPL service at checkout. 

The advantage lies in the ability to 

make immediate purchases without the 

need for full upfront payments. Users 

can enjoy the flexibility of dividing 

their payments into three interest-free 

monthly instalments. 

The application distinguishes itself 

by delivering instant approval with 

a single click, eliminating the need 

for a credit impact assessment. This 

ensures a quick and efficient process, 

contributing to the overall user-friendly 

interface of the app. 

A notable feature of Postpay is its 

emphasis on transparency and ease 

of payment management. Users can 

access a comprehensive overview 

of all their purchases and instalment 

plans through the app. This feature 

allows individuals to keep track of 

their spending and adhere to payment 

schedules efficiently. The commitment 

to zero interest fees and no hidden 

charges further reinforces the platform’s 

transparency. 

Postpay provides a neutral and efficient 

approach to Shop Now, Pay 

Later services in the UAE. The platform’s 

commitment to transparency, 

flexibility in payments, and a diverse 

array of partner stores position it as a 

notable player in the realm of instalment 

shopping applications. 

source: www.postpay.io 


Events 

International Real Estate and 

Investment Show 

UAE-based International Real 

Estate and Investment Show is 

set to bring one of the biggest 

local and international names in the 

real estate and property investment 

industry to the UAE’s capital. The event 

is organised by Abu Dhabi-based Exhibition 

organising firm Dome Exhibitions. 

Scheduled to be held at the Beach 

Rotana Hotel in Abu Dhabi from October 

18th to 19th 2024, the show is 

expected to be a one-stop shop for 

global investors who seek real estate 

investment opportunities in the UAE. 

The International Real Estate and 

Investment Show IREIS, a B2C sales 

and networking platform where spot 

sales are permitted, 12th edition is 

bringing leading local and foreign real 

estate developers under one roof will 

reflect the attractiveness of UAE’s real 

estate sector and will attract investors 

from various parts of the world. 

The show is expecting over 50 highend 

exhibitors and more than 500 

visitors. To give a greater value to the 

exhibitors and visitors, the associated 

events that will complement the 

main IREIS Abu Dhabi 2024 are ‘The 

International Real Estate Conference, 

Citizenship & Residency Expo and the 

Global Investor Meet. 

Abu Dhabi, with geographical limitations 

of its core islands, supply levels 

are expected to gradually align with 

demand, making Abu Dhabi’s maturing 

market present long-term investment 

opportunities for the astute buyer 

Abu Dhabi saw a huge increase in the 

number of real estate transactions last 

year, while prices remained similar, 

according to CBRE analysis. 

The total volume of residential transactions 

reached 11,235 in 2023, up by 

77.8 percent from the year prior, said 

the property experts at CBRE. This 

increase has been underpinned by a 

104 per cent growth in off-plan market 

sales and a 27.7 percent increase in 

secondary market sales. 

Average apartment rents in the emirate 

increased by 2 per cent and average 

villa rents marginally increased by 0.8 

per cent in the year to the fourth quarter 

of 2023. Considering recent rental 

registrations that occurred in Q4 2023, 

average apartment and villa annual 

rents reached AED64,996 ($17,700) and 

AED 163,098 ($44,400), respectively. 

In the year ahead, an additional 4,438 

units are expected to be completed, 

with 69.1 per cent of this new stock 

expected to be delivered to Yas Island 

and Al Maryah Island. 

The tourism sector is also at its peak 

Arun Bose, Exhibitions Director at 

DOME Exhibitions, said: “We had very 

positive meetings with several developers 

who showed overwhelmingly 

positive interest in IREIS Abu Dhabi 

2024 for an opportunity to sell their 

properties”. 

In previous years, the International 

Real Estate and Investment Show attracted 

$220 million (Dh807 million) 

worth of investments with 125 exhibitors 

from 24 countries and 8600 visitors 

from 75 countries, with the presence 

of major exhibitors like Emaar, Damac, 

Danube, G & Co, Arada, Majid Al 

Futtaim, Azizi, Dubai Properties, FAM 

Holding and many more. 

That made the show a resounding 

success. “Special offers and exclusive 

instalment schemes offered by major 

developers with spot booking benefits 

are attracting more investors and provide 

more value for the purchases during 

the 2-day event. Property consultants 

and financial institutions will also be 

at hand to provide potential buyers 

with expertise on the latest market 

trends and suitable mortgage offers.” 


Business News 

Saudi PIF Launches Company for Robotic Systems and Heavy Machinery 

Saudi Arabia’s Public Investment 

Fund (PIF) has launched Alat, a 

new company with the ambition to 

position the kingdom as a global hub for 

sustainable technology manufacturing. 

Alat will operate across seven business 

units, including advanced industries, 

semiconductors, smart appliances, health 

devices, buildings, and next-generation 

infrastructure. The company, chaired 

by Saudi Crown Prince Mohammed bin 

Salman, plans to manufacture over 30 

product categories, spanning robotic 

systems, communication systems, 

advanced computers, digital entertainment 

products, and heavy machinery 

for construction, building, and mining. 

Alat aims to create 39,000 direct 

jobs in Saudi Arabia and contribute a 

direct non-oil GDP of $9.3B by 2030, 

reinforcing the nation’s commitment to 

technological innovation and economic 

diversification. 

OPEC+ Commitment to 

Output Cuts Boosts Oil 

Prices 

Oil prices surged on Thursday 

following the decision by OPEC+ 

members to maintain their existing 

oil production policy during an 

online meeting amid ongoing market 

uncertainties. Brent, the global oil 

benchmark, witnessed a 0.78% increase, 

reaching $81.18 a barrel, while West Texas 

Intermediate, tracking US crude, rose 

by 0.8% to $76.46 a barrel. The OPEC+ 

Joint Ministerial Monitoring Committee 

(JMMC) evaluated the current global 

market conditions before reaffirming 

the production policy. According to 

OPEC’s statement, the JMMC reviewed 

crude oil production data for November 

and December 2023, acknowledging 

high conformity among participating 

OPEC and non-OPEC countries. The 

decision underscores efforts to stabilise 

oil markets amidst evolving economic 

landscapes. 

GCC Banks Forecasted for Robust 2024 with 

Strong Profitability and Credit Growth 

The Gulf Cooperation Council 

(GCC) is poised for a robust 

financial year in 2024, as affirmed 

by S&P Global Ratings. The credit rating 

agency anticipates strong profitability 

and credit growth across the region, 

fueled by resilient credit demand 

from the non-oil sector and ongoing 

economic diversification initiatives. 

Notably, the banking systems in the 

UAE and Saudi Arabia are expected 

to outpace their regional counterparts. 

S&P emphasises the dynamic non-oil 

growth in these key economies. Despite 

global challenges and geopolitical 

uncertainties, the six-member bloc 

is experiencing continued economic 

Dubai Multi Commodities Centre 

(DMCC) initiates the second 

phase of Uptown Dubai, breaking 

ground on two mid-rise towers at 

the southern end of the city. The 23- 

and 17-storey towers will encompass 

approximately 70,000 sq m of Grade 

A commercial office space and 8,000 

sq m for food, beverage, and retail 

outlets. With Swissboring Overseas 

Piling Corporation handling foundation 

works, the expansion aligns with 

DMCC’s commitment to enhancing its 

real estate offerings. Once completed, 

Uptown Dubai will boast a total gross 

floor area of 538,000 sq m, further 

growth momentum. S&P projects that 

interest rates in the GCC will remain 

elevated but anticipate a 1% reduction 

by year-end, aligning with the trajectory 

of the US Federal Reserve. This positive 

outlook reflects the GCC’s resilience, 

driven by both oil and non-oil sectors. 

DMCC Unveils New Phase of Uptown Dubai with 

2 Towers Under Construction 

solidifying its position as a premium 

urban community with diverse amenities, 

including The Plaza, a central 

hub for artistic and entertainment 

experiences. 


UAE Emerges as Crucial Growth Market for Irish Businesses in the Region 

Dara Callery TD, Ireland’s Minister 

of State for Trade Promotion, 

Digital, and Company Regulation, 

emphasises the UAE’s significance as 

a pivotal growth market for Irish businesses. 

During a four-day trade mission, 

Callery highlights the mission as an 

opportunity to strengthen economic 

ties, showcasing Ireland’s prowess in 

innovation and global trade. The visit 

aims to deepen economic connections 

and explore collaborations in sectors 

where Ireland excels, including medtech, 

aviation, technology, and fintech. A 

Memorandum of Understanding (MoU) 

signed between Enterprise Ireland and 

Dubai Chambers during the mission is 

strategically crafted to unlock opportunities 

in technology, manufacturing, ESG, 

and clean technologies, enhancing trade 

collaboration and innovation access. 

UAE Economy Set 

to Surge with 5.7% 

Growth in 2024, Says 

Finance Ministry 

The UAE economy is anticipated 

to achieve a remarkable 5.7% 

growth in 2024, overcoming 

global economic challenges, including 

a slowdown and challenging financial 

conditions. Younis Haji Al Khoori, 

Undersecretary of the Ministry of 

Finance, highlighted the nation’s effective 

efforts in economic diversification 

and sustainable growth. Non-oil GDP 

is expected to reach 5.9% in 2023 and 

continue to grow at 4.7% in 2024. Al 

Khoori shared that the UAE’s nonoil 

foreign trade recorded a historic 

AED 1.239T in the first half of 2023, 

reflecting a substantial 14.4% increase 

compared to the same period the previous 

year. These positive indicators 

underscore the resilience and success 

of the UAE’s economic strategies. 

General Authority for Foreign Trade Initiates 

Workshops to Boost Saudi Exports 

The General Authority for Foreign 

Trade, through the Agency for 

Private Sector Affairs and International 

Representation, has launched 

the “Through the Attachés’ workshops 

aimed at enhancing Saudi exports’ global 

market access. These periodic workshops 

provide Saudi exporters with insights 

into procedures, requirements, targeted 

markets, and opportunities for exporting 

products globally. Focused on identifying 

markets and understanding key agreements, 

the workshops aim to encourage 

Dubai Trade, the UAE’s premier trade 

facilitation hub, has achieved a 

significant milestone by surpassing 

300M transactions since its inception 

in 2003. Notably, this accomplishment 

has resulted in the elimination of approximately 

617M printed documents, 

leading to a reduction of 25,400 metric 

tonnes of CO2 emissions. In 2023 alone, 

Dubai Trade recorded a remarkable 25% 

increase, with 32.6M transactions compared 

to 26M the previous year. Clearance 

investment and facilitate entry into global 

markets. Acting Deputy Governor Fawaz 

bin Saad bin Rafa’ah emphasised the 

importance of these meetings in aiding 

Saudi exporters and promoting their 

participation in global exhibitions. The 

initiative underscores Saudi Arabia’s 

commitment to leveraging its geographic 

strengths and competitive advantages for 

a more diverse and sustainable economy, 

ultimately maximising trade gains and 

defending its trade interests. 

Dubai Trade Platform Surpasses 300M 

Transactions Milestone 

and border controls constituted 48% of 

these transactions, while cargo handling 

and logistics accounted for 44%. Dubai 

Trade, the digital arm of DP World in 

the GCC region, plays a pivotal role in 

enhancing trade efficiencies, aligning 

with Dubai’s Economic Agenda D33 and 

contributing to sustainability objectives. 

The platform currently facilitates nearly 

90,000 transactions daily, reflecting its 

ongoing commitment to digitalizing trade 

and logistics in Dubai. 


DJI Osmo Pocket 3 

DJI’s Osmo Pocket 3, the latest 

iteration in the gimbal camera 

family, marks a significant step 

forward in terms of features and capabilities. 

With a larger 1-inch sensor, the 

device enhances image quality, especially 

in low-light conditions, catering to users 

who prioritise cinematic shots. The 

addition of a sideways-flipping, 16:9 

2-inch screen brings more versatility, 

allowing users to shoot in both landscape 

and portrait modes seamlessly. 

Weighing 179 grams and measuring 

5.5 inches in length, the Osmo Pocket 

3 retains its portability and ease of use, 

thanks to the 3-axis gimbal stabilisation. 

While the larger camera head accommodates 

a 1-inch 9.4MP sensor, the 

overall design mirrors its predecessor, 

the Pocket 2. The touchscreen interface, 

though not entirely intuitive, offers 

access to various functions through 

swiping and tapping. 

The gimbal excels in providing smooth 

and stable video, with three modes— 

follow tilt lock, and FPV—catering to 

different shooting scenarios. The 1-inch 

sensor facilitates natural-looking motion 

blur due to slower shutter speeds, 

enhancing the device’s capability for 

cinematic video creation. The introduction 

of ActiveTrack subject tracking, 

dynamic framing, and spin shots adds 

creative options to the user’s toolkit. 

In terms of video and image quality, the 

Pocket 3 supports 4K at up to 60 fps, with 

additional features like 10-bit D-LogM 

mode, HLG mode for HDR shooting, 

and 4K 120p shooting for high-speed 

scenarios. The low-light video mode, 

operating at a boosted ISO of 16,000, 

further improves performance in dim 

environments. The gimbal’s optical 

stabilisation and improved low-light 

capabilities contribute to outstanding 

image quality for a device of its size. 

DJI’s Osmo Pocket 3 positions itself 

as a versatile tool for cinematic video 

creation, providing enhanced image 

quality, advanced tracking features, 

and improved low-light capabilities. 

While it may not cater to every content 

creation scenario and comes at a premium 

price, its unique combination of 

features makes it a compelling choice 

for those who prioritise cinematic shots 

in their vlogging endeavours. 

source: www.store.dji.com 


ASUS ROG Carnyx 

ASUS ROG Carnyx is a precision-engineered 

device designed 

for optimal audio performance 

in recording and streaming applications. 

Featuring a remarkable 24-bit, 192 

kHz sampling rate, this microphone 

ensures the capture of every sound 

with unparalleled clarity. The premium 

features, including a built-in pop filter, 

metal shock mount, and touch-sensitive 

mute button, contribute to a crisp and 

clear audio experience. 

One of the notable additions to the 

Carnyx is the touch-sensitive mute button, 

offering real-time monitoring and 

a high-pass filter function for precise 

sound control. Its sleek design and 

convenient USB connectivity simplify 

setup, making it an ideal tool for gamers 

and content creators. 

The Carnyx is not just about performance; 

it boasts user convenience 

and durability. The USB connectivity 

allows for a hassle-free plug-and-play 

experience, and its compatibility with 

standard boom arms ensures effortless 

positioning for optimal voice capture. 

Crafted from aluminium, the Carnyx 

exhibits solidity and durability, featuring 

a distinctive triangular design that 

adds a touch of style to any gaming 

or recording setup. The customizable 

Aura Sync RGB lighting enhances its 

aesthetic appeal, synchronising with 

other ASUS peripherals for a cohesive 

look. 

The 25mm diaphragm capsule and 

fixed cardioid pickup pattern of the 

Carnyx deliver warm, natural vocal 

tones with high-resolution 192 kHz/24-bit 

audio output. Noise reduction features, 

such as the metal stand, integrated 

shock mount, and built-in pop filter, 

ensure clear and crisp audio even in 

noisy environments. 

In terms of performance, the ROG 

Carnyx sets a new standard in audio 

recording with its 25mm condenser 

capsule and impressive 192 kHz / 24-bit 

sampling rate. Equipped with customisable 

Noise Gate and Equaliser presets, 

it offers optimal audio performance, 

catering to various preferences. Its 

cardioid polar pattern excels at isolating 

the user’s voice during gaming sessions, 

delivering clear and distortion-free 

communication. 

ASUS ROG Carnyx is a versatile and 

high-quality microphone designed to 

meet the demands of content creators 

and gamers alike. Its superior sound 

capture, noise-reduction features, and 

ease of use make it an excellent choice 

for anyone looking to produce top-notch 

audio content or communicate clearly 

during gaming sessions. 

source: www.asus.com 


Cover Story 

OVER 

Fiscal Excellence: 

A Spotlight on UAE’s 

Tax and Accounting 

S 



The cover story highlights the top consultancy firms 

in the UAE, specifically chosen for their comprehensive 

offerings in both accounts and tax consultancy across the 

region. The selection process entailed categorising these 

firms based on their clientele, ranging from mid-sized 

companies to large enterprises with revenues exceeding 

10 million dollars. In addition to their services and market 

size, we considered the diversity of sectors these firms 

engage with. This approach aims to showcase consultancy 

firms that provide reliable services and cater to several 

industries, including real estate, hospitality, etc, benefiting 

diverse readerships. Additionally, the firms in the cover 

story are arranged alphabetically for easy reference. 

TORY 


Cover Story 

Established in 2021, Al Burhan Accounting and Bookkeeping 

is a dynamic firm led by Ghulam Hussain 

Gadriwala, a qualified Chartered Accountant from 

The Institute of Chartered Accountants of Pakistan. With 

a mission to provide comprehensive financial services, Al 

Burhan has swiftly become a reliable partner for businesses 

in need of accounting and financial management expertise. 

The firm’s service offerings draw from extensive 

industry experience, covering a spectrum of essential 

financial aspects. From accounting and bookkeeping to 

tax consulting, end-to-end setup of accounting departments, 

and CFO services, Al Burhan ensures a one-stop 

solution for businesses seeking financial efficiency. The 

team also specialises in treasury management, internal 

control system setup, and reviews of accounts receivables, 

payables, and inventory. 

Aligned with strategic partners and regulatory authorities, 

Al Burhan extends its expertise to facilitate services 

such as In-Country Value Certification (ICV), Economic 

Substance Regulations (ESR) notification and reporting, 

Ultimate Beneficial Owner (UBO) notification, goAML 

reporting, and feasibility studies, due diligence, and 

business planning. The firm’s commitment to offering 

a comprehensive suite of services is underscored by its 

collaboration with partners and authorities to provide 

clients with a holistic financial support system. 

The clientele of Al Burhan Accounting and Bookkeeping 

reflects the diversity of its services. With a focus on 

mid-market enterprises (ranging from $10 million to $1 

billion), comprising 60% of its clients, and enterprise 

clients exceeding $1 billion making up 10%, the firm 

caters to businesses of varying sizes and complexities. 

In terms of industry distribution, 85% of its clients hail 

from the financial services sector, while 15% are from 

the legal domain. 

The firm takes pride in its all-encompassing approach, 

providing not just accounting services but also assisting 

with tax, secretarial, legal, and administrative matters. Al 

Burhan’s commitment to compliance and risk mitigation 

ensures that businesses can navigate regulatory landscapes 

seamlessly. The leadership of a highly experienced 

Chartered Accountant, boasting over 45 years in statutory 

and internal audit, further adds to the firm’s credibility 

and expertise. 

For businesses seeking an all-in-one accounting solution, 

Al Burhan Accounting and Bookkeeping emerges as a reliable 

partner, dedicated to facilitating financial success and 

compliance in today’s competitive business environment. 

Visit their website at www.alburhanaccountancy.com to 

explore the breadth of their services and how they can 

contribute to your business’s financial objectives. 






Cover Story 





Since its establishment in 2016, Abdulla Al Mulla 

Auditing and Accounting, commonly recognised as 

AM Audit, has maintained a strong presence in the 

dynamic landscape of finance. Throughout its journey, 

AM Audit has established itself as a symbol of impactful 

solutions, delivering unmatched value to clients across 

the globe. Large enterprises and SMEs across the globe 

have entrusted the firm with their financial needs, and its 

commitment to delivering top-notch auditing, accounting, 

and business consulting services has never wavered. 

The driving force behind AM Audit is Mr Abdulla Al 

Mulla, who, with over a decade of experience, has been 

a close observer of the various booms and busts shaping 

businesses in the region. Recognising the impact of technological 

advancements and evolving regulatory landscapes, 

Mr. Al Mulla and his team are passionate about helping 

businesses compete, succeed, and grow. Their commitment 

extends beyond efficiency, emphasising delivering results 

that exceed expectations and ensuring compliance with 

the latest norms and regulations. 

AM Audit has positioned itself as an approved auditor 

in the UAE Mainland and all free zones in the UAE, including 

prominent ones like RAKEZ, Dubai Silicon Oasis 

(DSOA), TECOM, JAFZA, DAFZA, DMCC, and Hamriyah 

Free Zone. The firm has also made its mark by being listed 

in all malls for sales audit, showcasing a commitment to 

comprehensive financial services that meet the diverse 

needs of its clientele. 

The client base of AM Audit is diverse, consisting 

predominantly of large enterprises and SMEs operating 

globally. Over the years, the firm has carved a niche for 

itself, providing impeccable services that offer reliable 

and timely support to clients without fail. In a rapidly 

changing business landscape, AM Audit’s adaptability 

and commitment to client satisfaction have been key 

contributors to its success. 

AM Audit caters to a wide range of industries, including 

financial services, consumer products and services, energy 

and natural resources, hospitality and leisure, legal, 

eCommerce, and other sectors. The firm’s diverse client 

base, comprising over 50% mid mid-market enterprises 

ranging from $10 million to $1 billion in revenue, spans 

across various industries. 

Service lines offered by AM Audit encompass accounting, 

tax law, business consulting, and finance and accounting 

outsourcing (FAO). As businesses face the challenges of 

an increasingly competitive and regulated environment, 

AM Audit positions itself as a reliable partner, committed 

to helping clients achieve growth and navigate the complexities 

of the modern business landscape. 


Cover Story 

Founded in 2016, Corporate Group stands as a dynamic 

consultancy, navigating the business landscape with 

a forward-thinking approach. Guided by a diverse 

board of experts, the consultancy has rapidly evolved, 

establishing itself as a fast-growing entity in the industry. 

With a core vision to transform organisations into better 

businesses, Corporate Group crafts solutions that help 

clients navigate complexities through tested frameworks 

and methodologies, employing a customer-centric, boutique 

approach to tax, audit, and advisory services. 

At the helm of Corporate Group is Mohamed Osman, 

Founder and Chairman of the Corporate Group. His expertise 

in corporate tax consulting has played a pivotal role in 

the success and growth of the organisation. As a partner 

at Daria 360 Communications and CEO and co-founder 

of Corporate Group, Osman provides strong leadership, 

guiding the organisation’s expansion. 

Osman’s skill set encompasses financial services, 

value-added tax (VAT), mergers and acquisitions (M&A), 

regulatory compliance, financial audits, and assurance 

services. His wealth of knowledge in these areas has 

consistently delivered exceptional results for clients, 

establishing Osman as a trusted figure in the industry. 

Beyond technical proficiency, Osman is recognised 

for his strong interpersonal skills and the ability to build 

positive relationships with clients and colleagues. His 

reputation for honesty, professionalism, and dedication 

to excellence precedes him in the industry. Osman’s leadership 

and management abilities have been instrumental 

in Corporate Group’s success, positioning the consultancy 

as a reliable financial partner. 

The consultancy’s unique approach to services focuses on 

quality relationships and service efficiency, distinguishing 

itself from the competition. The seamless process, from 

initial briefs to execution, is a key reason clients choose 

Corporate Group to enhance their financial structures. 

The team, composed of professionals with extensive 

experience from major finance companies, seamlessly 

blends local and international expertise, striking a perfect 

balance between personalised attention and quality service. 

With a client distribution of 50% in the mid-market 

segment ($10 million to $1 billion) and 25% in the enterprise 

segment (exceeding $1 billion), Corporate Group 

demonstrates its ability to cater to businesses of varying 

sizes. The industries they serve, including government, 

financial services, and hospitality & leisure, reflect the 

consultancy’s versatility in addressing diverse client needs. 

As Corporate Group continues to unlock the true potential 

and lasting growth for businesses, Mohamed Osman’s 

leadership remains a driving force behind their success. 






Cover Story 





Founded in 2017, Finace Consultancy has swiftly 

become a leading financial management consultancy 

in the UAE, earning recognition for its unwavering 

commitment to integrity and confidentiality. The firm has 

become a sought-after choice, particularly among small 

and medium-sized enterprises (SMEs) in the burgeoning 

business sector. 

With a qualified team of Chartered Accountants and 

Business Management experts, Finace Consultancy upholds 

a sincere and professional approach to providing 

unparalleled financial services in the UAE. Their emphasis 

on addressing the unique needs of clients and delivering 

optimal financial solutions has solidified their standing as 

one of the premier financial consulting firms in the country. 

At the heart of Finace Consultancy’s mission is an unwavering 

dedication to honesty and integrity in service 

delivery. The firm maintains strict confidentiality for 

the information obtained, utilising the latest and most 

technologically advanced methods for conducting audits. 

Their commitment to prompt customer service and excellence 

distinguishes them in the competitive landscape of 

financial consultancy. 

The firm serves a diverse array of industries in Sharjah, 

UAE, including Banking & Financial Institutions, FMCG 

& Retail, Power Sector, Health Care, Information Technology, 

Manufacturing, and more. This comprehensive 

industry coverage underscores Finace Consultancy’s 

versatility and ability to cater to the unique financial 

needs of various sectors. 



segment (exceeding $1 billion), Finace Consultancy 

showcases its capability to serve businesses of varying 

sizes and complexities. Their tailored financial solutions 

contribute to the success of clients across diverse industries, 

solidifying them as a trusted partner for businesses 

seeking financial management expertise in the UAE. 

Finace Consultancy’s rapid ascent in the financial 

consultancy landscape is attributed to its steadfast commitment 

to integrity, confidentiality, and excellence in 

financial services. As they continue to serve a diverse 

clientele and expand their influence, the firm remains 

dedicated to providing optimal financial solutions for 

businesses in the UAE. 


Cover Story 

Ali El Naggar, the CEO & Tax Partner of Alliance 

Prime, stands at the helm of a dynamic and globally 

recognised Accounting and Tax Consultancy. 

With a robust presence in the UAE, United Kingdom, 

USA, Egypt, and Pakistan, Alliance Prime collaborates 

with a diverse range of companies spanning multiple 

industries. Boasting more than 20 years of experience, 

the consultancy’s in-depth understanding of government 

regulations and specific social obligations within each 

sector sets them apart. 

As a leading Accounting and Tax Consultancy in Dubai, 

Alliance Prime is dedicated to assisting business owners 

in navigating the ever-changing and complex federal tax 

landscape. Their deep comprehension of both local and 

international tax laws positions them as trusted advisors 

in the industry. 

The foundation of Alliance Prime is built on a professional 

code of ethics, characterised by honesty, respect, 

transparent communication, and strict confidentiality 

practices. Their powerhouse team of highly trained experts 

upholds these values, ensuring that clients receive 

exceptional service, pragmatic solutions, and impeccable 

customer service tailored to individual organisational needs. 

Alliance Prime prides itself on being a leading Accounting 

& Tax Consultancy in Dubai, equipped with qualified 

finance professionals and business advisors. Their vision 

is to be recognised as the consultancy of choice for corporations 

seeking comprehensive and professional financial 

and taxation services to meet both quantitative goals and 

social responsibilities. 

The mission of Alliance Prime revolves around delivering 

incomparable professional services while maintaining the 

highest levels of competency, integrity, and effectiveness. 

They strive to meet the current and future needs of clients, 

fostering long-term business success and establishing 

trust, loyalty, and respect within their organisation and 

the community. 

Embedded in the Alliance Prime culture are values that 

serve as building blocks, guiding every conversation and 

service they provide. Integrity, professionalism, empathy, 

and competency are the core principles that allow them to 

deliver exceptional support to multinational businesses. 

In terms of client distribution, Alliance Prime caters to 

35% in the mid-market segment ($10 million to $1 billion) 

and 25% in the enterprise segment (exceeding $1 billion). 

The consultancy collaborates with industries such as Automotive, 

Business Services, Consumer products & services, 

Manufacturing, Non-profit, Retail, Supply Chain, Logistics, 

Transport, and e-commerce. With a global footprint and 

unwavering commitment to excellence, Alliance Prime 

continues to be a trusted partner for businesses seeking 

unparalleled financial and taxation services. 






Cover Story 





Established in 2010, KBA Accounting and Bookkeeping 

Services LLC has become a major player in the 

realm of accounting firms, offering comprehensive 

VAT professional services, financial consultancy, and 

cost-effective solutions to address diverse business needs. 

Positioned as one of the top corporate accounting firms, 

KBA adheres to the highest standards of professional 

ethics and quality, specialising in setting up efficient 

bookkeeping systems for small businesses. 

Under the leadership of CEO Emad Al Qudah, a Certified 

Management Accountant and an approved tax agent by 

the Federal Tax Authority of the UAE, KBA is driven by a 

mission to provide open, honest, and proactive business 

advice. The firm strives to help businesses and individuals 

meet their commercial obligations while optimising tax 

savings within the bounds of the law. The dedicated team 

of professionals at KBA combines talent, knowledge, and 

experience to offer tax, accounting, and auditing services 

with accuracy, reliability, and the personal attention 

clients deserve. 

KBA Accounting and Bookkeeping Services LLC distinguishes 

itself through a broad spectrum of accountancy 

services, covering everything from accounts management 

and business planning to VAT returns and payroll. The 

firm’s clientele spans various backgrounds and industries, 

not only within the UAE but also across the globe. With a 

fast-growing team of qualified and dedicated professionals, 

KBA adopts innovative and commercial approaches to 

navigate the complexities of today’s highly challenging 

business environment. The team comprises VAT experts 

from the UAE and professionals with backgrounds in 

established international audit firms. 

KBA Accounting and Bookkeeping Services LLC caters 

to a diverse range of industries, including arts, entertainment, 

music, business services, and others. Notably, the 

firm exclusively serves mid-market clients, with 100% of 

its clientele falling within the $10 million to $1 billion 

revenue range. 

With a passion for their business and a proud history 

of expertise, KBA guarantees every client an efficient 

service that surpasses expectations. The firm’s commitment 

to efficiency and client satisfaction, coupled with 

its longstanding experience and a roster of satisfied 

clients, solidifies its position as a trusted partner in the 

financial landscape. 


Cover Story 

Founded in 1985, NR Doshi & Partners has established 

itself as a prominent audit firm in Dubai and the 

UAE, boasting years of dedicated service. Headquartered 

in Dubai, the firm strategically operates from 

seven offices across the UAE, employing a skilled team 

of 104 professionals. This expansive presence dictates NR 

Doshi & Partners’ commitment to delivering top-notch 

services and building a foundation of trust. 

Rahul Doshi serves as the Managing Partner of NR 

Doshi & Partners. Armed with a distinguished professional 

background, including a CPA (USA) designation, 

ACCA (UK) accreditation, and a BSc in Accounting and 

Finance, Rahul plays a pivotal role in steering the firm’s 

overall leadership, planning, growth, and vision. Rahul’s 

extensive knowledge spans diverse industries, providing 

him with the insights needed to offer clients strategic 

business advice tailored to their specific needs. 

The firm caters to a broad clientele, with 40% consisting 

of mid-market enterprises, ranging from $10 million 

to $1 billion in revenue. In addition, 20% of NR Doshi 

& Partners’ clientele comprises enterprise clients with 

revenues exceeding $1 billion. This demonstrates the 

firm’s capability to handle the complex financial needs 

and strategic considerations of large enterprises, showcasing 

a track record of delivering high-quality financial 

services to some of the most substantial businesses in 

the United Arab Emirates. 

The diversity of clients underscores the firm’s adaptability 

and proficiency in navigating various industries, 

making NR Doshi & Partners a trusted partner for businesses 

across business services, consumer products and 

services, hospitality and leisure, information technology, 

legal, manufacturing, real estate, retail, telecommunications, 

and eCommerce. 

NR Doshi & Partners offers a comprehensive suite of 

services, encompassing Audit and Assurance, VAT Consultancy, 

Bookkeeping and Accounting, Business Setup, 

and Account Outsourcing Services. These services are 

designed to meet the diverse needs of clients, showcasing 

the firm’s adaptability and commitment to excellence. 

As a result of engaging with the firm, clients benefit from 

a combination of experience and innovation. The firm’s 

strategic approach ensures compliance and efficiency and 

unlocks opportunities for growth and profitability. The 

client-centric focus is reflected in NR Doshi & Partners’ 

commitment to delivering tangible benefits: 

NR Doshi & Partners stands as a cornerstone in the 

accounting and consulting landscape of Dubai. Its dedication 

to excellence, trust, and personalised service has 

solidified its position as a premier choice for businesses 

seeking strategic financial guidance in the UAE. 






Cover Story 





Founded in 2010, Risians 360 Solutions has emerged 

as a leading accounting firm in Dubai, dedicated 

to delivering financial advisory services with a 

commitment to promptness, premium value, and maximum 

client satisfaction. Specialising in risk management, 

turnaround strategies, and scaling up medium to smallscale 

businesses, the firm has been at the forefront of 

accounting and auditing for many years, consistently 

raising the bar for excellence and providing lasting and 

sustainable business solutions. 

Mohamed Al Sharhan, a distinguished figure in the financial 

and business advisory landscape of Dubai, serves as the 

esteemed partner and mentor at Risians 360 Solutions. His 

profound expertise and visionary leadership have played a 

pivotal role in shaping the firm’s success and establishing 

a commendable reputation within the industry. 

With an illustrious career marked by a wealth of experience, 

Mohamed Al Sharhan brings a unique blend 

of strategic insight and in-depth knowledge to Risians 

360 Solutions. As a mentor, he guides the firm with a 

forward-thinking approach, emphasising innovation and 

excellence in financial and business advisory services. 

In a relatively short period, Risians has evolved into a 

highly trusted and reputed financial and business advisory 

firm in Dubai, staying abreast of current technical 

advancements and readily adapting to emerging trends. 

The firm prides itself on its reliability, responsive team, and 

cutting-edge solutions, leveraging a deep understanding 

of the financial market to craft tailored solutions for its 

diverse clientele. 

Risians 360 Solutions maintains a client-centric approach, 

ensuring reliable guidance and innovative strategies. The 

firm’s team of hard-core professionals, qualified in the 

fields of Internal Audit and Assurance, Accounting, Taxation, 

Advisory, Business, and Management Consultancy, is 

determined to create effective solutions that increase the 

productivity of businesses and optimise working processes. 



segment (exceeding $1 billion), Risians showcases 

its versatility in catering to businesses of varying sizes 

and complexities. The firm’s commitment to delivering 

excellence is evident in its diverse clientele, spanning 

across different industries. 

Risians 360 Solutions takes pride in its role as a reliable 

financial partner, consistently providing cutting-edge 

solutions that align with the evolving needs of businesses. 

As a trusted entity in the financial landscape of Dubai, 

the firm is poised to continue its journey of innovation 

and excellence, contributing to the success and growth 

of its clients in diverse industries. 


Cover Story 

Shlok Tax Consultancy stands out as a leading tax 

consultant in Dubai, boasting an impressive 27-year 

legacy in the UAE market. As a registered tax firm 

with a robust reputation, they are committed to delivering 

expert guidance and comprehensive services to their 

clients. The team, comprising experienced professionals, 

navigates the intricacies of the local tax landscape, ensuring 

clients receive accurate and up-to-date advice tailored to 

their specific needs. 

Whether clients require assistance with tax planning, 

compliance, or resolving complex tax matters, Shlok Tax 

Consultancy positions itself as a reliable and efficient 

solution provider. Clients can trust the consultancy to 

navigate the complexities of the tax system and optimise 

their tax strategy for maximum benefits. 

Bharat Vyas is the Managing Director of Shlok Tax 

LLC. With two decades of experience in the UAE market, 

the consultancy under Vyas’s leadership has become the 

premier choice for expert tax guidance and services. Vyas 

takes pride in the registered tax firm and its dedicated 

professionals, emphasising their commitment to delivering 

excellence in all aspects of their work. The personalised 

approach ensures a deep understanding of the client’s 

unique goals and requirements, offering tailored solutions 

to optimise tax strategies, ensure compliance, and resolve 

complex tax matters. 

Shlok Tax Consultancy values long-term relationships 

and strives to provide exceptional service, integrity, and 

professionalism. Clients can rest assured that their tax 

matters are in capable hands, contributing to their ongoing 

success. The consultancy is grateful for clients choosing 

them as their trusted tax advisor and looks forward to 

further contributing to their success. 

In terms of services, Shlok Tax Consultancy covers a 

wide range, including audit and assurance, accounting services, 

and tax outsourcing. Their professionals, equipped 

with the highest standards, ensure clients’ needs are met 

with precision and care. 

With a client distribution of 50% in the mid-market segment 

($10 million to $1 billion) and 25% in the enterprise 

segment (exceeding $1 billion), Shlok Tax Consultancy 

demonstrates its versatility in catering to businesses 

of varying sizes. Serving diverse industry sectors, the 

consultancy positions itself as a comprehensive solution 

provider in the competitive tax consultancy landscape. 

As they continue to uphold their commitment to excellence, 

Shlok Tax Consultancy remains a trusted partner 

for businesses seeking expert guidance in tax matters. 






Cover Story 





Established in 2005, Xact Auditing stands as a prominent 

audit firm in Dubai, offering integrated and 

independent services in audit, accounting, VAT, 

excise tax, corporate tax, and tax advisory. The firm’s 

team of professional auditors and accountants, equipped 

with exceptional knowledge of the UAE business environment, 

shares a commitment to delivering excellence 

and quality services. 

Under the leadership of CEO Mr Ahmed Abu Bakr, a 

qualified Chartered Accountant with over 20 years of experience, 

Xact Auditing has garnered accolades, including 

the “Best Accounting and Auditing Services Provider in the 

UAE” award in 2018 and 2020. Recognised as a “Trusted 

Service Provider” by Dubai Economy, the firm prides 

itself on its customer-centric approach and commitment 

to delivering timely and cost-effective solutions. 

Xact Auditing’s mission revolves around continuous 

innovation and a dedicated effort to enhance service 

quality, assisting clients through both prosperous and 

challenging times. Their experienced professionals strive 

to provide strategic insight, drive, and dedication to deliver 

exceptional results. 

At the heart of Xact Auditing’s vision is a commitment 

to being a leading provider of quality financial services in 

Dubai. With a focus on client-centred business practices, 

the firm aims to generate sustainable business growth by 

delivering authentic and timely services that help manage 

and preserve wealth. 

Xact Auditing, headquartered in Dubai, offers a range 

of services, including audit and assurance, accounting 

and bookkeeping, VAT and tax consultancy, and business 

advisory services. 

The firm caters to diverse sectors such as trading, 

manufacturing, construction, hospitality, healthcare, 

and IT. With a team of experienced professionals, Xact 

Auditing provides tailored solutions to meet the unique 

needs of each client. 

With a diverse team of professional auditors and chartered 

accountants from different regions and nationalities, 

Xact Auditing provides a multicultural perspective, 

ensuring clients receive high-quality services tailored to 

their specific needs. 

The firm’s clientele comprises 35% midmarket enterprises 

($10 million to $1 billion) and 20% enterprise clients 

(exceeding $1 billion) from various industries, showcasing 

its versatility and adaptability in meeting the financial 

needs of businesses in Dubai and beyond. 


Wheels 

Specifications 

Torque: 390 Nm 

Horsepower: 251 hp 

Acceleration: 0 – 100 in 4.26 seconds 


Jetour T2 

Jetour T2 is a versatile 4X4 SUV 

that combines functionality 

with modern design. Tailored 

for various driving experiences, this 

5-door model features a 4-cylinder 

2.0T engine, delivering a balanced 390 

Nm of torque through a 7-speed DCT 

transmission, ensuring a reliable drive 

across different terrains. 

Innovatively designed, the Expandable 

Feature Tailgate enhances cargo 

space while maintaining an elegant 

appearance. The Magic Electric Door, 

an advanced security system, replaces 

traditional locking mechanisms, 

offering a smooth, quiet, and secure 

opening and closing experience. 

Beyond its aesthetics, Jetour T2’s 

high-strength steel body ensures safety 

and durability, suitable for navigating 

diverse terrains. The straightforward 

design reflects a robust SUV style, 

emphasising practicality. The Skylight 

feature floods the cabin with natural 

light, creating a spacious and open 

ambience, and providing views of the 

surroundings. 

Technically proficient, Jetour T2 

boasts a length of 4785mm and a 2800 

mm wheelbase, offering ample space 

for various travel needs. With approach, 

ramp, and departure angles of 39°, 25°, 

and 30° respectively, the T2 navigates 

challenging terrains with ease. The 

BorgWarner 6th generation 4-wheel 

drive system, combined with seven 

driving modes, allows for adaptable 

driving experiences based on the 

terrain. 

The SUV comes with a 10-year/ 1 

Million KM Warranty and 3 years or 

up to 40,000 km service packages. The 

Jetour Service Centre at Elite Motors 

Services ensures reliable customer 

support. 

Jetour T2 offers a versatile blend of 

functionality and design, making it a 

compelling choice for those seeking a 

reliable, adaptable, and aesthetically 

pleasing companion for their driving 

needs. 


Interview 

Highlighting the Resonating Impact 

of Woodshow Middle East on the 

Woodworking Industry 


In conversation with Mr Walid Farghal, Director General of the WoodShow 

Global Organising Committee, exploring the impact of Middle East 

woodworking shows on the evolution of the woodworking industry and how 

they align with the economic transformations and sustainability goals of their 

respective regions. 


Q. Can you provide an overview of 

the Dubai, Cairo, and Saudi Wood 

Shows and their significance in the 

woodworking industry? 

Dubai Wood Show, Cairo Wood Show, 

and Saudi Wood Show are pivotal events 

in the woodworking industry, serving as 

essential platforms for manufacturers, 

suppliers, and decision-makers to exhibit 

wood and woodworking machinery 

technologies and products while fostering 

invaluable networking and business 

opportunities. 

Dubai Wood Show, one of the largest in 

the Middle East and GCC region, drives 

innovation in wood and woodworking 

across the region and is considered 

the hub for international partners and 

associations from all over the world to 

participate in our platform. 

Cairo Wood Show contributes to the 

growth of Egypt’s woodworking sector 

and surrounding regions in North Africa 

and the Levant region by showcasing the 

latest trends in wood and woodworking 

industry to attract neighbouring countries 

to join our exhibition. 

The Saudi Wood Show plays a critical 

role in promoting the woodworking 

industry in Saudi Arabia and the GCC 

region, facilitating international-local 

collaborations in a rapidly developing 

wood market. Together, these exhibitions 

significantly impact the wood and 

woodworking industry’s development, 

making them vital for decision-makers 

and businesses in the field. 

Q. How has the woodworking industry 

evolved in these regions, and what 

role do these events play in its 

development? 

The woodworking industry has 

witnessed significant evolution in various 

regions, driven by a combination of 

factors and pivotal events. In the past, 

woodworking was primarily a localised 

and traditional craft that was mostly 

handmade. However, with the advent 

of industrialization and technological 

advancements, it has transformed into 

a sophisticated and globalised industry. 

For instance, the introduction of 

modern woodworking machinery and 

tools has revolutionised the industry. 

Automation, CNC (Computer Numerical 

Control) machines, and advanced 

software have increased efficiency and 

precision in woodworking processes. 

These technological advancements 

have made it possible to mass-produce 

wooden products with high quality. 

Furthermore, the rise of e-commerce 

and digital marketing has changed 

the way woodworking products are 

marketed and sold. Online platforms 

allow artisans and businesses to reach 

a global audience, expanding market 

opportunities. Thus, our exhibitions 

serve as important events in the 

woodworking industry. These events 

provide a platform for networking, 

showcasing innovations, and sharing 

knowledge. They play a crucial role in 

keeping industry professionals in the 

wood industry updated on the latest 

trends and technologies. 

Q. Dubai has been a significant hub 

for trade and commerce. How does 

the Dubai Wood Show contribute 

to the growth of the woodworking 

industry in the Middle East? 

Dubai Wood Show has served as a 

critical catalyst for the growth and 

development of the woodworking 

industry in the Middle East for twenty 

years, leveraging Dubai’s position as 

a prominent trade and commerce hub 

in several ways. 

Firstly, it provides a central platform 

for industry professionals, manufacturers, 

and suppliers from around the world 

to converge and showcase their latest 

innovations, products, and technologies 

in the wood and woodworking machinery 

industry. This facilitates knowledge 

exchange, networking, and business 

collaborations, fostering industry-wide 

growth. 

Secondly, the event plays a pivotal 

role in promoting sustainability within 

the woodworking sector by highlighting 

environmentally responsible practices and 

showcasing sustainable wood sourcing 

and manufacturing techniques. This 

aligns with Dubai’s commitment to 


Interview 

sustainability and positions the Middle 

East as a region actively engaged in 

eco-conscious woodworking. 

Additionally, the Dubai Wood Show 

facilitates access to a wide array of 

woodworking machinery and equipment, 

fostering technological advancements 

and efficiency improvements within the 

industry. Furthermore, the event’s role 

in attracting investors and entrepreneurs 

to the region amplifies the woodworking 

industry’s potential for expansion and 

economic diversification. In essence, 

the Dubai Wood Show serves as a vital 

platform that not only stimulates growth 

but also projects Dubai and the Middle 

East as influential players in the global 

wood and woodworking landscape. 

Q. Egypt has a rich history in 

woodworking and craftsmanship. 

How does the Cairo Wood Show 

embrace this heritage and promote 

it on an international scale? 

Cairo Wood Show effectively bridges 

Egypt’s illustrious history in woodworking 

and craftsmanship within the global 

stage and more specifically North Africa, 

creating a platform that celebrates and 

promotes this heritage internationally 

as well as locally. 

The event showcases Egyptian 

woodworking traditions, including intricate 

designs, carving techniques, and artisanal 

craftsmanship, allowing local artisans 

and businesses to display their skills and 

products to an international audience. 

This not only preserves Egypt’s cultural 

legacy but also highlights its relevance 

in the contemporary woodworking 

landscape. 

Moreover, the show often collaborates 

with international and local wood and 

woodworking experts and organisations, 

creating a platform for cultural exchange 

and collaboration. This helps Egyptian 

craftsmen and businesses learn from 

international best practices while 

showcasing their unique contributions. 

Overall, the Cairo Wood Show effectively 

merges Egypt’s rich woodworking history 

with contemporary woodworking trends, 

promoting this heritage on a global scale. 

Q. Saudi Arabia has been undergoing 

significant economic transformation. 

How does the Saudi Wood Show 

align with the Kingdom’s Vision 

2030 and its goals for diversifying 

the economy? 

Saudi Wood Show aligns closely with 

Saudi Arabia’s Vision 2030, a comprehensive 

plan aimed at diversifying the Kingdom’s 

economy and reducing its dependence 

on oil revenue. Our exhibition will play 

a pivotal role in advancing these goals 

in several ways. Firstly, it promotes 

entrepreneurship and innovation within 

the woodworking and related sectors, 

supporting the Vision’s objective of 

nurturing a vibrant and diversified private 

sector. By attracting local and international 

wood industry professionals, the show 

fosters partnerships, investments, and 

business opportunities in Saudi Arabia, 

contributing to economic growth. 

Secondly, the Saudi Wood Show 

emphasises sustainability and 

environmental responsibility, aligning with 

the Vision’s goals to enhance environmental 

protection and resource management. 

Through its focus on sustainable wood 

sourcing and manufacturing practices, 

the show encourages the adoption of 

eco-friendly approaches within the 

woodworking industry. Lastly, the 

event promotes knowledge transfer 

and technological advancement, in 

line with Vision 2030’s aspiration to 

drive research and development in 

key sectors. 

Overall, the Saudi Wood Show 

serves as a valuable tool in advancing 

Saudi Arabia’s Vision 2030, supporting 

economic diversification, sustainability, 

and innovation within the Kingdom. 

Q. What are some notable trends 

in the woodworking industry that 

these Wood Shows aim to showcase 

or address? 

As previously mentioned, Dubai, 

Cairo and Saudi Wood Shows each 

serve a unique dynamic showcase of key 

trends in the wood and woodworking 

industry, spotlighting themes such as 

sustainability, artisanal craftsmanship, 


sustainable materials, design aesthetics, 

and global market access. They provide 

a unique platform where industry 

professionals, exhibitors and visitors 

can explore innovative technologies, 

sustainable practices, and evolving 

consumer preferences. Also, these events 

foster collaboration and knowledge 

exchange, helping businesses adapt to 

the changing landscape while promoting 

the importance of responsible and 

eco-friendly wood and woodworking 

practices on a global scale. 

Q. How do these exhibitions 

incorporate sustainability and 

innovation in woodworking practices, 

considering the global emphasis 

on environmental responsibility? 

Our exhibitions are pivotal in leading 

sustainability and innovation within 

the wood and woodworking industry, 

recognizing the pressing need for 

environmental responsibility on a 

global scale. In addition, these shows 

dedicate substantial floor space to 

exhibitors who champion sustainable 

practices. They spotlight the utilisation 

of responsibly sourced wood, often 

certified by organisations like FSC 

(Forest Stewardship Council), and 

demonstrate how it aligns with the 

circular economy concept by ensuring 

minimal waste and maximal resource 

utilisation. Secondly, the exhibitions 

feature cutting-edge innovations that 

significantly reduce the environmental 

impact of woodworking processes. This 

includes energy-efficient machinery that 

minimises electricity consumption and 

the integration of automated systems 

to optimise material use. Additionally, 

visitors have the opportunity to explore 

advanced finishing techniques and 

coatings that are environmentally 

friendly, low in VOCs (volatile organic 

compounds), and contribute to the 

longevity of wood products, reducing 

the need for replacements. 

Furthermore, these events promote 

sustainable materials beyond wood, 

such as engineered wood products 

and alternatives, demonstrating their 

viability as eco-friendly options. On 

top of that, they often host specialised 

sessions and panel discussions where 

experts discuss eco-conscious strategies 

like recycling wood waste into new 

products or bioenergy and the use 

of renewable energy sources within 

woodworking facilities. By serving as 

comprehensive hubs of knowledge and 

innovation, these exhibitions actively 

drive sustainability and innovation, 

instilling a deep sense of environmental 

responsibility within the woodworking 

industry and fostering its transition 

towards a more sustainable future. 

Q. For businesses and individuals 

planning to participate in these 

Wood Shows, what advice would you 

offer to maximise their experience 

and benefits from attending? 

To make the most of their participation 

in our esteemed Wood Shows, businesses 

and individuals should meticulously 

plan their objectives, register early, 

and research exhibitors of interest. 

Bringing impactful marketing materials, 

actively engaging in networking, and 

attending our talk shows to enhance 

their experience. Exploring new 

technologies, emphasising sustainability, 

and considering partnerships present 

avenues for growth. After the event, 

promptly following up with contacts 

and leads is crucial. As well as being 

informed about industry trends post-event 

will ensure they maximise the benefits 

of these exhibitions, which serve as 

invaluable platforms for networking, 

innovation, and business growth within 

the wood and woodworking industry. 


Energy News 

UAE and UK Ministers Unite for Renewable Energy Collaboration 

In a proactive step to strengthen 

economic bonds, H.E. Abdulla 

bin Touq Al Marri, UAE Minister 

of Economy, recently held talks with 

H.E. Greg Hands, British Minister of 

State. The bilateral meeting aimed at 

exploring new avenues for economic 

and investment collaboration, with a 

focus on reinforcing private-sector 

connections. The strategic encounter 

occurred during a UAE delegation’s 

visit to the UK, coinciding with their 

UAE Unveils Energy 

Investment Roadmap 

A 

roadmap is underway for the energy 

cooperation agreement signed 

between Turkey and the UAE, focusing 

on solar, wind, offshore wind, and 

hydroelectric projects. The initial phase 

aims to establish a renewable portfolio of 

6,500 megawatts. Technical teams from 

both nations are actively progressing on 

this initiative, with concrete steps expected 

in the coming months. The $50.7B 

agreement allocates approximately $30B 

to renewable energy, with investments 

in offshore wind projects, wind turbines, 

and solar panels. Geographical tests and 

wind measurements are underway for 

offshore wind investments, reflecting 

Turkey’s commitment to developing its 

renewable energy potential, including 

thermal power plants. 

participation in Investopia London on 

January 31, 2024. Organised by Investopia, 

the event facilitated interactions 

among over 200 leaders, businessmen, 

investors, and entrepreneurs from 

both nations. H.E. Bin Touq praised 

the UAE-UK relations as exemplary, 

emphasising the commitment to fortify 

economic cooperation, particularly in 

emerging sectors aligning with shared 

visions for future economic transition 

and industry expansion. 

Dubai Sets Record with 1-Minute Power Outage 

in 2023 

Dubai Electricity and Water 

Authority (DEWA) achieved a 

remarkable milestone in 2023 

by reporting the lowest electricity 

Customer Minutes Lost (CML) globally, 

with just 1.06 minutes per customer. 

This breaks DEWA’s previous record 

of 1.19 minutes in the preceding year 

and represents less than 0.0002% of 

the total minutes in a year. For context, 

leading utility companies in the 

European Union record around 15 

minutes of CML. Saeed Mohammed Al 

Tayer, MD & CEO of DEWA, attributed 

this accomplishment to the organisation’s 

commitment to innovation and 

the use of Fourth Industrial Revolution 

technologies like AI, blockchain, and 

IoT, ensuring the highest standards of 

availability, reliability, efficiency, and 

sustainability in providing electricity 

and water services. 

ADNOC Boosts Decarbonization Budget to $23B, 

Creates 6,500 Jobs 

ADNOC will amplify its decarbonization 

investment to $23B, aligning 

with global energy transition 

goals. UAE President Sheikh Mohamed 

bin Zayed Al Nahyan, serving as ADNOC 

Board Chairman, directed the company 

during its annual meeting to expand its 

diversified portfolio and provide secure, 

reliable, and responsible energy to facilitate 

a just and equitable global energy 

transition. ADNOC is actively tripling 

its renewable energy capacity through 

its stake in Masdar while progressing 

toward interim targets, including a 25% 

reduction in greenhouse gas intensity 

and achieving near-zero methane 

emissions by 2030. This commitment 

underscores the UAE’s dedication to 

global energy security and fostering a 

sustainable future. 


ADCB Partners with UNIDO for Green Growth in Egypt 

Abu Dhabi Commercial Bank 

Egypt (ADCB) has entered into 

a partnership with the United 

Nations Industrial Development Organization 

(UNIDO) through the Inclusive 

Green Growth in Egypt (IGGE) 

program. The collaboration focuses on 

supporting small and medium enterprises 

(SMEs) in transitioning to a green 

economy. ADCB’s involvement aligns 

with its sustainability strategy, and 

UNIDO will provide technical support 

to facilitate the issuance of sustainable 

financial and non-financial products. 

Key sectors targeted by the program 

include renewable energy, resource 

efficiency, sustainable agriculture, and 

waste management. The announcement 

was made at ADCB’s headquarters by 

Hisham Abbas, representing ADCB, 

and Patrick Jean Gilabert, UNIDO’s 

Representative for the Regional Office 

Hub in Egypt, with senior managers 

from both entities present. 

L&T Secures EPC Order for UAE’s Largest 

Renewable Energy Project 

Larsen & Toubro (L&T), the Indian 

engineering and construction 

giant, has secured a significant 

Engineering, Procurement, and Construction 

(EPC) contract for the 1,800 

MW Phase 6 of the Mohammed bin 

Rashid Al Maktoum Solar Park in Dubai. 

The contract, awarded by Masdar to 

L&T’s Power Transmission & Distribution 

business, encompasses a solar 

photovoltaic power plant spread over 

20 square kilometres. The project will 

be operational in three phases and 

includes Gas Insulated Substations, 

high-voltage underground cabling, and 

medium-voltage distribution networks. 

Masdar and Dubai Electricity and Water 

Authority (DEWA) signed the Power 

Purchase Agreement in September 

2023, with DEWA retaining a 60% stake 

in the project. 

Saudi Aramco Halts Plans for Oil Output Boost 

Saudi Aramco, the world’s largest oil 

producer, has reversed its earlier 

decision to boost oil production 

to 13 million barrels per day (bpd) and 

will maintain its sustainable capacity 

at 12 million bpd. The company cited 

a directive from the kingdom’s Ministry 

of Energy for the change. While 

no additional details were provided, 

Saudi Aramco mentioned it would 

update its capital spending guidance 

when disclosing full-year 2023 results 

in March. The decision comes after a 

directive in March 2020 to increase 

capacity to 13 million bpd amid market 

share disputes with Russia. CEO 

Amin Nasser had previously outlined 

a gradual approach, reaching full capacity 

by 2027 through a combination 

of existing and new fields. 

Daimler Truck and 

Masdar Partner for 

Green Hydrogen in 

European Road Freight 

Masdar and Daimler Truck have 

inked a Memorandum of Understanding 

(MoU) to assess 

the viability of exporting liquid green 

hydrogen from Abu Dhabi to Europe 

by 2030. The collaboration aims to 

reduce CO2 emissions in road freight 

transport. Signed in Abu Dhabi by 

Fawaz Al Muharrami of Masdar and 

Martin Daum, CEO of Daimler Truck, 

the partnership aligns with the UAE’s 

goal to be a key player in the low-carbon 

hydrogen market by 2031. Masdar 

CEO Mohamed Jameel Al Ramahi sees 

transportation as a strategic market 

for green hydrogen, emphasising the 

potential for significant emissions 

reduction in European road freight. 

Daimler Truck’s CEO, Martin Daum, 

emphasises their commitment to leading 

sustainable transportation and making 

green energy globally accessible. 


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Lamborghini Lanzador EV 

Lamborghini unveils Lanzador, 

marking the automaker’s 

foray into the electric grand 

tourer segment. It is a practical 2+2 

seating configuration grand tourer, 

distinguishing itself from Lamborghini’s 

asphalt-hugging supercars and full-size 

SUVs. Its design, inspired by spaceships, 

features an angular and muscular 

exterior with active aerodynamics 

for stability or efficiency based on the 

driver’s preference. 

The concept, characterised as an 

“Ultra GT,” employs a dual-motor 

drivetrain with a peak power output 

of over 1 megawatt, making it the most 

powerful Lamborghini to date. With 

electric torque vectoring and a rear 

power bias, the Lanzador promises 

dynamic cornering behaviour and 

the option for controlled drifts. While 

specific details about battery capacity, 

voltage, and range remain undisclosed 

the car is expected to offer exceptional 

power and performance with over 1,340 

horsepower. Lamborghini indicates that 

its first mass-produced electric vehicle 

will hit the market in 2029. 

Inside, the Lanzador embraces a 

modern yet believable design, featuring 

two small seats behind the driver and 

passenger. A spacious storage area 

behind the second row caters to sports 

equipment or luggage, complemented 

by a frunk due to the absence of an 

engine under the nose. The interior 

incorporates recycled and sustainable 

materials, including leather tanned 

with water from olive oil production, 

renewable Merino wool, and 3D-printed 

foam made from recycled plastic bottles. 

Driving dynamics are enhanced by 

the Lamborghini Dynamic Veicolo 

Integrata (LDVI) driving control 

system, promising a refined driving 

experience with increasing data inputs 

from sensors and actuators. Lanzador 

serves as a demonstration of the 

creative possibilities offered by electric 

platforms, allowing manufacturers to 

explore new design elements and cater 

to a broader customer base. With a 

production timeline set for the later 

part of this decade, Lanzador hints at 

Lamborghini’s commitment to evolving 

with the electric automotive landscape, 

offering a glimpse into the future of 

the renowned brand. 


Merger & Acquisitions 

Source. pexels.com 

60% of CEOs plan to make at least one acquisition in the next three years. PwC 

Corporate Unions: The 

Crucial Role of 

Accounting in Mergers 

and Acquisitions 

Accountants play a multifaceted role in M&A 

success, ensuring informed decision-making 

and effective risk mitigation. 

Acquiring or divesting a business presents 

more complexities compared to transactions 

involving other assets. Unlike real 

and personal property, which can be easily 

valued based on market prices determined 

by supply and demand, businesses entail a 

more intricate pricing process. Businesses 

comprise numerous dynamic components 

that necessitate comprehensive evaluation 

before any buying or selling decisions. 

While assets and liabilities are crucial 

considerations, strategic alignment with 

the buyer plays a significant role. Mergers 

and acquisitions (M&A) represent strategic 

moves that companies undertake to 

enhance their market position, achieve 

synergies, or access new technologies 

and markets. In this intricacy of corporate 

unions, accounting plays a pivotal role in 

ensuring a seamless transition. 


In the contemporary business environment, 

mergers and acquisitions 

(M&A) have assumed a pivotal role 

as companies actively pursue growth, 

market expansion, and the realisation of 

synergistic advantages. These intricate 

transactions involve the amalgamation 

of operations, assets, and liabilities from 

two or more businesses. 

Anticipated to be a year marked by 

heightened merger and acquisition activity, 

2024 holds promise for an increased 

number of strategic corporate deals. As 

mentioned by Malcolm Lloyd, Global 

Deals Leader, PwC Spain, “Market signals 

are more positive and we’re seeing 

a willingness among dealmakers to find 

creative solutions to get deals done and 

accelerate transformation. I believe these 

factors—and pent-up demand—have 

created a tipping point and we will see 

an upswing in M&A in 2024.” 

The potential growth of these deals 

at various corporate levels necessitates 

the participation of accountants to make 

these deals smooth and profitable. While 

M&A transactions offer significant commercial 

prospects, they concurrently 

pose various challenges, particularly for 

corporate accountants. 

M&A activities serve as strategic 

mechanisms for companies aiming to 

enhance their competitive positions and 

achieve economies of scale. The union of 

resources and capabilities from multiple 

entities can lead to increased efficiency 

and broader market reach. However, the 

intricacies involved demand meticulous 

attention to financial details, making the 

role of accountants pivotal in navigating 

these multifaceted transactions. 

Accountants play a crucial role in mitigating 

these challenges by conducting 

thorough due diligence, addressing financial 

discrepancies, and ensuring compliance 

with regulatory frameworks. Simultaneously, 

they facilitate the identification 

and capitalisation of opportunities that 

arise during the merger or acquisition, 

contributing to the overall success of 

these strategic initiatives. 

Due diligence: 

Accountants meticulously scrutinise 

the financial health of the target company. 

This process involves a comprehensive 

examination of financial statements, tax 

records, and contracts to identify potential 

risks and vulnerabilities. Accountants 

assess the accuracy and completeness 

of financial information, ensuring that all 

aspects of the target’s financial position 

are thoroughly understood. Through this 

careful analysis, accountants contribute 

valuable insights that enable informed 

decision-making, helping mitigate potential 

challenges and ensuring a transparent 

understanding of the target company’s 

financial landscape for those involved 

in the merger or acquisition process. 

Financial Analysis: 

In the context of mergers and acquisitions, 

accountants are pivotal in evaluating 

the financial performance, profitability, 

and cash flow of both the acquiring and 

target companies. This thorough analysis 

is crucial for ascertaining the viability of 

the transaction and identifying potential 

synergies resulting from the amalgamation 

of these entities. Through the 

assessment of these essential financial 

factors, accountants offer valuable 

insights that assist decision-makers in 

navigating the intricacies of the deal. 

Their contribution ensures a thorough 

grasp of the financial terrain and the 

potential benefits that may arise from 

the merger or acquisition. 

Valuation: 

In the determination of the target 

company’s value, accountants contribute 

significantly by establishing the purchase 

price. Utilising methods like discounted 

cash flow analysis and market comps, 

they carefully assess and quantify the 

entity’s worth. Through these valuation 

approaches, accountants deliver a 

comprehensive evaluation that guides 

decision-makers in setting a fair and 

justified purchase price. 

Tax Planning: 

Accountants are instrumental in structuring 

deals for optimal tax efficiency, 

and strategically navigating income 

tax, capital gains tax, and other tax 

considerations. Their role extends to 

evaluating the potential impact of existing 

tax liabilities associated with the 

target company. By carefully analysing 

the tax landscape, accountants ensure 

that the deal is structured to minimise 

tax implications, fostering a financially 

advantageous arrangement. This meticulous 

approach not only contributes to the 

successful execution of the transaction 

but also aligns with overarching financial 

goals, demonstrating the pivotal role of 

accountants in securing favourable tax 

outcomes. 

Financial Modelling: 

Developing financial models projecting 

the performance of merged entities 

serves a crucial role in evaluating return 

on investment. This process allows 

accountants to forecast the combined 

financial outcomes, providing valuable 

insights that guide decision-makers in 

assessing the potential profitability and 

viability of the merger or acquisition. 

Integration Planning: 

Post-finalisation, accountants assume 

a pivotal role in planning and executing 

the integration of two companies. This 

involves critical tasks such as consolidating 

financial systems, aligning accounting 

policies, and ensuring a seamless transition. 

Accountants contribute to the 

efficient merging of operations, systems, 

and policies, thereby facilitating a smooth 

and cohesive integration process that 

optimises the benefits derived from the 

merger while minimising disruptions to 

ongoing business activities. 

Risk Assessment: 

Accountants actively identify and assess 

financial and operational risks linked to 

M&A transactions. Their role extends 

to offering valuable recommendations 

on risk mitigation strategies, helping 

safeguard the interests of the involved 

entities. Additionally, accountants play 

a pivotal part in post-acquisition monitoring, 

ensuring ongoing vigilance and 

adaptability to potential challenges. 

Compliance and Reporting: 

Throughout the M&A process, accountants 

diligently oversee compliance with 

financial reporting and regulatory obligations. 

This includes meticulous adherence 

to accounting standards and transparent 

disclosure of material information to 

stakeholders. Accountants navigate the 

intricate regulatory framework, ensuring 

that all reporting requirements are met. 

This commitment not only upholds transparency 

but also establishes a foundation 

for clear communication. 

Accountants assume a diverse role in 

M&A transactions, encompassing due 

diligence, financial analysis, valuation, 

tax planning, and post-merger integration. 

Their proficiency is crucial for informed 

decision-making and optimising financial 

gains in mergers and acquisitions, all while 

effectively mitigating associated risks. 


Merger and Acquisition News 

DHL Global Forwarding Finalizes Danzas AEI Emirates Acquisition 

DHL Global Forwarding, the freight 

specialist within the DHL Group, 

has finalised the acquisition of 

shares in Danzas AEI Emirates, rebranding 

all facilities under the DHL name. 

The integration includes the transfer of 

1,100 logistics experts and ownership 

of 20 facilities, enhancing operational 

capabilities. This move aims to provide 

more efficient and seamless logistics 

services in the UAE, GCC, and MEA 

regions. DHL Global Forwarding solidifies 

its position as a market leader in Dubai, 

accelerating logistics business growth 

in the Middle East and Africa. Amadou 

Diallo, CEO of DHL Global Forwarding 

Middle East and Africa, emphasises the 

integration’s potential for strengthened 

logistics operations and regional competitiveness. 

With a focus on innovation and 

collaboration, this partnership signifies 

a significant milestone in advancing 

sustainable practices. 

Dubai’s Amantra FM 

Acquires AL MANQAB, 

Boosting Service 

Portfolio 

Amantra FM, a Dubai-based 

facilities management company, 

has acquired AL MANQAB 

Technical Services LLC, specialising in 

firefighting and safety solutions. This 

strategic move marks Amantra’s entry into 

the construction industry, emphasising 

the importance of integrating firestop 

solutions in design stages to prevent future 

fire hazards. AL MANQAB, established in 

2018, offers a comprehensive portfolio of 

firestop solutions and related services, 

enhancing Amantra’s competitive edge 

in construction. The synergy between 

AL MANQAB’s proven competencies and 

Amantra’s existing MEP capabilities aims 

to provide advanced value to customers, 

promoting a preventive approach to fire 

safety in future buildings. CEO Sangeetha 

B. expresses pride in championing this 

cause in the GCC region. 

MENA M&A Records $80B in 2023, Marking 

Lowest Since 2020 

In 2023, the M&A landscape in the 

Middle East and North Africa (ME- 

NA) region witnessed transactions 

with a total value of $80B, marking a 

7% decline from the previous year and 

the lowest annual total since 2020, according 

to the London Stock Exchange 

Group (LSEG). Despite an 18% drop 

from the 2022 record, the number of 

announced deals in the region reached 

the third-highest level since 1980. Deals 

involving MENA targets amounted to 

$31.7B, a six-year low, while inbound 

deals with non-MENA acquirers and 

domestic deals both decreased by 

35%. MENA outbound M&A reached 

$44.1B, the highest in sixteen years. 

The Financials sector led M&A activity, 

comprising 27% of MENA target M&A. 

The UAE, Saudi Arabia, and Egypt 

were the most targeted nations, and JP 

Morgan emerged as the top financial 

advisor for any MENA involvement in 

announced M&A during 2023. 

Elite in UAE Acquires LogX in Multi-Million 

Dollar Logistics Deal 

GreenDome Holdings, via its subsidiary 

Elite Co., has successfully 

acquired LogX, the foremost temperature-controlled 

logistics company in 

the UAE, in a significant multi-million 

dollar deal. This move marks a pivotal 

moment for GreenDome Holdings as it 

expands service offerings and reinforces 

its market presence. Dr Mohammed 

Sharaf, CEO of GreenDome Holdings, 

expressed excitement about welcoming 

LogX into the GDH family, highlighting the 

acquisition’s importance in revolutionising 

the logistics industry. LogX, known for its 

robust network and exceptional customer 

satisfaction, aligns with GDH’s strategy to 

build a comprehensive logistics services 

powerhouse, capitalising on both regional 

and global growth opportunities. 


Tadawul Group Acquires Stake in Dubai Mercantile Exchange 

Saudi Tadawul Group Holding 

Company (STG), a prominent 

capital markets group in the 

MENA region, has signed a binding 

agreement to acquire a 32.6% stake 

in the Dubai Mercantile Exchange 

(DME). This strategic move positions 

STG as the joint largest shareholder in 

DME Holdings Limited alongside CME 

Group. The investment aims to leverage 

expertise, accelerating DME’s growth 

as a regional commodities leader, and 

bridging production hubs and end 

markets. The partnership sets the stage 

for the Gulf Mercantile Exchange to 

capture the surging demand for energy, 

metals, and agricultural commodities, 

supporting the global transition to a 

sustainable economy through innovative 

derivatives contracts and solutions. 

Hitachi Energy Successfully 

Acquires COET 

Global technology leader Hitachi 

Energy has successfully finalised 

the acquisition of COET, a 

prominent power equipment designer 

and manufacturer based in Italy. This 

strategic move enhances Hitachi Energy’s 

global standing and expands 

its capabilities in high-power electric 

vehicle charging infrastructure, power 

electronics, and grid-edge solutions. 

The acquisition builds on the longstanding 

collaboration between Hitachi 

Energy and COET, particularly in 

the development of Grid-eMotion® 

high-power charging infrastructure. 

COET’s expertise in DC traction products 

for rail and high-power industrial 

applications further enriches Hitachi 

Energy’s offerings, aligning with the 

growing global demand for power 

electronics. This move positions Hitachi 

Energy to play a crucial role in 

advancing the clean energy transition 

and serving diverse sectors such as 

sustainable mobility, smart living, and 

data centres. 

PureHealth Completes Acquisition of UK’s 

Largest Private Healthcare Group 

PureHealth, the leading healthcare 

platform in the Middle East, has 

announced the completion of its 

strategic acquisition of Circle Health 

Group, the UK’s largest independent 

hospital operator. This achievement, 

with rapid regulatory approvals, marks 

a significant milestone in PureHealth’s 

global expansion strategy, showcasing 

its operational capabilities and commitment 

to international growth. The 

transaction reinforces PureHealth’s 

dedication to becoming a major global 

healthcare player, aligned with 

the UAE’s vision for well-being and 

enhanced healthcare services. The 

company’s strategic expansion into 

the UK healthcare market underscores 

its steadfast commitment to advancing 

longevity science and fostering innovations 

that positively impact humanity’s 

well-being. 

EFG Hermes Advises Kazyon on 50% Stake 

Acquisition in Dukan 

EFG Hermes, a prominent investment 

bank specialising in Frontier 

and Emerging Markets, has 

effectively advised Kazyon, a leading 

discount retailer in the Middle East 

and North Africa (MENA) region, on 

the acquisition of a 50% stake in Dukan, 

the exclusive discount retailer 

in Saudi Arabia. The remaining 50% 

is retained by Al Dabbagh Group, the 

existing shareholder. Founded in 2013, 

Dukan currently operates over 100 

stores across key Saudi cities and has 

expansion plans into Riyadh. Kazyon, 

established in 2014, has a significant 

presence with over 1,000 stores in 

Egypt and Morocco. This strategic 

move signifies a crucial milestone in 

Kazyon’s regional expansion strategy, 

following its successful entry into 

Morocco in 2023 and now venturing 

into the Saudi Arabian market. 


Real Estate 

Source: pexels.com 

Dubai’s superior law and order make it a safer and more attractive destination for Europeans. 

UAE’s Golden Visa 

Attraction: Foreign 

Property Investors on 

the Upswing 

The absence of property tax and relaxed down 

payment requirements is attracting foreign 

investors to the UAE. 

Dubai’s real estate market continues to 

prosper, establishing itself as a prime 

choice for investors seeking diversification 

and attractive returns. Recent data indicate 

a remarkable $100B investment in Dubai’s 

real estate market in 2023. Predictions 

suggest a 5 percent growth in 2024. The 

economic expansion in the UAE is poised 

to benefit various sectors, with Dubai’s 

real estate standing out prominently 

among them. The recent changes in the 

UAE’s Golden Visa program have become 

a significant catalyst for the influx of 

European investors into Dubai’s real 

estate landscape. Real estate experts have 

observed a notable trend of Europeans 

investing in Dubai, driven in part by the 

challenges of high taxes in their home 

region. 


In 2023, Dubai’s real estate market 

witnessed remarkable growth, solidifying 

its position as an enticing 

investment hub. Transactions surged 

by over 36.7 percent, reaching a total 

value of $429.67B from a record-setting 

116,116 transactions. Market research has 

highlighted a common expectation among 

real estate experts: aside from a boost in 

investments in the real estate market, a 

significant portion of these investments 

is anticipated to come from Europeans. 

The main reason behind this trend is 

the increasing taxes in their respective 

countries. Additionally, some experts 

mention that rental returns on properties 

in the UAE are higher compared to those 

in New York and London. 

Furthermore, Bas Kooijman, a real 

estate expert, highlights the opportunity 

to purchase properties at reasonable 

prices and rent them out at high annual 

yields, making Dubai an ideal location 

for investors aiming to maximise returns, 

with profit margins ranging from 

5 percent to 9 percent. According to 

Betterhomes, investors from the UK, 

Russia, Italy, France and Turkey were 

ranked in the top 10 in 2023 in terms of 

top property buyers. 

The year 2023 saw Dubai gain 100,000 

new residents, but only 50,000 new properties 

were delivered in 2022, causing a 

shortage of residential units and driving 

prices upward. With almost 120,000 sales 

transactions in 2023, a 32% YoY increase, 

the total transacted value rose by 44% 

YoY to AED 314B due to price hikes. 

While the market has historically 

exhibited resilience, signs suggest a 

moderation in the rapid surge as property 

prices cool in selected Dubai neighbourhoods. 

Supported by population growth 

and potential Fed interest rate cuts, 

rental rates are projected to rise, with 

Dubai property leasing deals estimated 

to surge by 400% YoY in January 2024. 

The sustained population growth is 

projected to reach 5.8 million by 2040 

which emphasises sustainable living and 

green development, and Dubai’s status 

as an international investment hub with 

ongoing infrastructure developments. 

In 2024, Dubai’s real estate cycle may 

enter a new phase, with a resurging 

apartment market compared to more 

restrained growth in the villa market. 

Anticipated improvements in transport 

links, particularly with the Dubai Metro 

Blue Line, are expected to boost demand 

in specific communities like Dubai Silicon 

Oasis, Ras Al Khor, Dubai Creek Harbour, 

and International City. 

We are seeing 

an influx 

of German 

buyers… 

many people 

are moving to 

Dubai because 

they don’t want 

to be taxed.” 

Miloš Antic, Vice President DHG Properties 

UAE Golden Visa Dubai real estate 

boost 

Springfield Properties’ analysis indicates 

that changes to the UAE Golden 

Visa regulations are poised to attract a 

diverse group of investors to the Dubai 

real estate sector. To encourage increased 

investor involvement in real estate and 

strengthen ties with residents, the UAE 

government is eliminating the AED1m 

($272,000) minimum down payment 

condition for Golden Visa eligibility tied 

to real estate investment. Effective from 

January 24, 2024, the UAE has removed 

the requirement for a minimum down 

payment of AED1m ($272,000) or 50% 

of the property’s value for the property 

Golden Visa. 

This implies that investors can now 

qualify for a Golden Visa in the United 

Arab Emirates by owning a property worth 

AED 2M ($545,000), irrespective of the 

down payment amount or the property’s 

status (off-plan, completed, mortgaged, 

or not mortgaged). 

Investors opting for properties valued 

at AED 2M ($545,000) or more can now 

secure long-term residency in the United 

Arab Emirates. 

Farooq Syed, CEO of Springfield Properties, 

a prominent real estate brokerage 

in Dubai, praises the removal of the AED 

1M ($272,000) minimum down payment 

for real estate investments to qualify 

for golden visas as a significant move 

towards attracting foreign investment 

and catalysing growth in the real estate 

sector. 

The elimination of this financial 

threshold widens the doors for a more 

diverse pool of investors, fostering 

increased engagement in the property 

market. This benefits not only international 

investors but also strengthens the 

overall development and prosperity of 

the UAE economy. 

Recent figures from the Dubai Land 

Department reveal that the emirate’s real 

estate market has reached unprecedented 

heights, witnessing 1.6m transactions in 

the previous year, reflecting a notable 

17 per cent increase compared to the 

preceding year, according to Springfield 

Properties. 

The elimination of the minimum down 

payment requirement aligns with the UAE’s 

vision of cultivating a business-friendly 

ecosystem and positioning itself as a 

leading global hub for investment and 

innovation. We eagerly anticipate the 

positive impact of this decision on the real 

estate sector and the broader economy. 


Real Estate News 

R.evolution Launches EYWA Collection in Dubai 

with Altman Brothers 

Renowned European developer 

R.evolution, led by CEO Alex 

Zagrebelny, unveiled the highly 

anticipated EYWA Penthouse and 

Sky Collection Apartments at The 

Ritz-Carlton, DIFC, in Dubai, in the 

presence of stars Josh and Matt 

Altman from Million Dollar Listing. 

The event, attended by over 1,000 

real estate brokers, celebrities, and 

investors, showcased 46 meticulously 

designed apartments spread across 19 

floors. EYWA boasts ultra-luxurious 

penthouses featuring captivating crystal 

and waterfall entryways, complemented 

by a crystal garden, clubhouse, private 

dining, and an array of unique amenities. 

Notably, the development incorporates 

a groundbreaking crystal energy system 

based on Vastu Shastra principles, 

further enhancing residents’ wellbeing 

with a hidden pyramid of over 

1,450 exquisite crystals, creating an 

unparalleled living experience. 

Abu Dhabi Real Estate Poised for Strong Growth 

in 2024 

Abu Dhabi’s residential capital 

values are projected to see a 

steady 3 to 5 percent growth 

in 2024, driven by strategic expansion. 

Anticipating modest increases in freehold 

villa communities and stable apartment 

prices, the market also foresees 

a rise in homeownership due to lower 

mortgage rates, potentially boosting 

transactions. Residential rents for both 

villas and apartments are expected to 

achieve modest gains, reflecting positive 

momentum. Additionally, the Abu 

Dhabi real estate sector may experience 

increased demand for Grade-A office 

spaces, supported by the government’s 

efforts to attract foreign investors and 

professionals through tailored visa 

programs for remote workers and 

enhanced transparency. 

Abu Dhabi Cuts Jointly Owned Property Service 

Charges by 6% in 2023 

Abu Dhabi implemented a significant 

6% reduction in service and 

community charges on jointly 

owned properties in 2023, as reported 

by the Abu Dhabi Real Estate Centre 

(Adrec). This reduction, totalling AED 

39.7M ($10.81M), aimed to incentivize 

real estate buyers in the emirate. Adrec, 

part of the Department of Municipalities 

and Transport, expects these cuts 

to streamline property management, 

reduce operational expenses, enhance 

returns on real estate investments, 

and provide competitive pricing for 

homeowners in Abu Dhabi. Despite 

challenges, the UAE’s property market 

remained robust in 2023, witnessing 

increased transaction volumes in both 

Dubai and Abu Dhabi, propelled by 

government initiatives such as residency 

permits for retired and remote 

workers and overall economic growth. 

Ras Al Khaimah 

Reveals New High-Rise 

Financial Center 

Marjan, the property developer in 

Ras Al Khaimah, has unveiled 

ambitious plans for RAK Central 

in Al Hamra, featuring a vast commercial 

and residential district. Encompassing 

three million square feet of rentable 

office space, over 4,000 apartments, 

and three hotels, this development on 

Sheikh Mohammed bin Salem Al Qasimi 

Street aims to become the largest 

commercial business district in the 

Northern Emirates. With picturesque 

views of Al Hamra Golf Club and the 

Arabian Gulf, RAK Central will offer 

parks, retail spaces, and interconnected 

buildings. The project, developed in 

phases, includes one million square 

feet of commercial office space in the 

initial phase, attracting investors for 34 

freehold residential tower plots, with 

construction scheduled to commence 

this year and the first phase expected 

to conclude in Q4 2026. 

Sharjah Real Estate Booms 

with $7B Sales, Record 

Foreign Investments 

Sharjah’s real estate market witnessed 

a remarkable resurgence 

in 2023, reaching a six-year peak 

with a transaction volume surge of 

13.1%, totalling AED 27.1B ($7.37B). 

This level of activity is the highest 

since 2017. The diversity of investors 

expanded to 103 nationalities, marking 

a notable 21.2% growth from 2022. 

Non-Arab foreign investors notably 

increased trading volume by 165%, with 

a substantial 131.7% rise in property 

transactions. Mortgage transactions 

reached AED 7.5B ($2.04B). The report 

showcases a 7.5% increase in property 

deed transactions (24,842) and a surge 

in sales transactions (8,731) across 232 

diverse areas, encompassing over 89 

million square feet. Initial sales contract 

transactions exhibited remarkable 

growth, totalling 6,442 with a value 

of AED 7.5B ($2.04B), reflecting a 

38.4% increase from 2022. This resurgence 

underscores Sharjah’s growing 

prominence in the regional real estate 

landscape. 


Taraf Unveils Premium 

Residences ‘CELLO’ in 

Dubai Real Estate 

Taraf, the real estate arm of UAEbased 

investment holding group 

Yas Holding, has unveiled its 

latest project, CELLO, set to offer premium 

residences in Dubai’s Jumeirah 

Village Circle (JVC). Seeking to redefine 

sophisticated living in a well-established 

neighbourhood, CELLO Residences by 

Taraf feature distinctive architecture 

and serene interiors that seamlessly integrate 

work, living, and leisure spaces. 

The property options range from open 

studios to spacious 1- to 3-bedroom 

apartments and 4-bedroom penthouses, 

emphasising a perfect balance between 

functionality and ambience. Ranging 

from 430 to 5,000+ square feet, Taraf’s 

commitment to detail and comfort 

solidifies its presence in JVC, with 

optimism for further projects in Dubai 

throughout 2024, as expressed by Low 

Ping, Group Chief Executive Officer at 

Yas Holding. 

Ennismore & Partners Debut Rixos Residences in 

Dubai’s Real Estate Market 

Ennismore has forged a strategic 

alliance with East & West 

Properties, Driven Properties, 

and Refine Development Management, 

heralding a real estate venture named 

Rixos Financial Center Road Dubai Residences. 

Nestled in Downtown Dubai, 

this architectural marvel will soar to 

340 metres, encompassing 76 stories of 

contemporary sophistication. François 

Baudin, Chief Business Officer of Ennismore’s 

Immersive Resorts, expressed 

the project’s commitment to refined 

elegance, inviting residents to partake 

in an unparalleled journey of luxury. 

The property will boast 260 residences, 

featuring one to four-bedroom units and 

opulent four and five-bedroom duplex 

penthouses. Positioned as more than 

just residences, these spaces promise 

an elevated luxurious living experience 

akin to honoured guests in a world-class 

resort in Dubai. 

Ras Al Khaimah Unveils $1.3B JW Marriott Branded 

Residences 

WOW Resorts has launched a 

$1.3B branded residence development 

in Ras Al Khaimah, 

featuring JW Marriott Residences and 

JW Marriott Al Marjan Island Resort 

on Al Marjan Island. Positioned as 

a premium tourism, business, and 

investment destination, Al Marjan 

Island will host the first JW Marriott 

branded residential property in the 

GCC. The AED 4.8B ($1.3B) project 

is set for handover by 2026 and aims 

to redefine coastal living in the UAE 

market and the wider region. Anwar 

Aman, Co-Founder and co-CEO of WOW 

Resorts, expressed excitement for the 

venture, hinting at more awe-inspiring 

projects to redefine hospitality and 

real estate in the thriving UAE market. 

Lana Residences Handover Underway: OMNIYAT and Dorchester 

Collection in Dubai 

OMNIYAT, a prominent Dubai 

developer, has initiated the 

handover process for The Lana 

Residences, a collaboration with 

Dorchester Collection, Dubai, marking 

a significant milestone in Marasi Bay’s 

transformation into an ultra-luxury 

waterfront enclave. Nestled in Dubai’s 

emerging premium lifestyle hub, these 

residences offer direct access to a 

187-metre water promenade, connecting 

residents to upscale dining and 

stylish boutiques. Crafted by Foster 

+ Partners and Gilles et Boissier, The 

Lana Residences showcase pioneering 

architecture and timeless designs, accentuated 

by floor-to-ceiling windows 

providing panoramic views of the 

Burj Khalifa District. With meticulous 

attention to detail, the interiors boast 

luxurious finishes, oak flooring, and 

cutting-edge furnishings. Residents can 

indulge in amenities such as a spacious 

outdoor pool, a private gym with pilates 

and yoga studios, and other world-class 

facilities. The project aspires to meticulously 

redefine luxury living standards 

in Dubai’s dynamic and ever-evolving 

urban landscape, setting new benchmarks 

for opulence and sophistication 

in residential experiences. 


Interview 

“What I Did Next”: Diverse Stories 

Shaping the Middle East 


Malak Fouad, Founder of A&T Media, shares her journey in establishing the 

‘What I Did Next’ podcast. With diverse guests and authentic storytelling, 

the podcast navigates identity, failure, and impact, fostering inclusivity 

in the Middle East. 


Q. As the founder of A&T Media, 

can you share the vision behind 

establishing the company and how it 

aligns with your goals in enhancing 

communication strategies, particularly 

within the financial sector? 

I founded A&T Media in my midlate 

40s and it’s a venture born from a 

blend of my professional experience 

and happenstance. 

Having spent my professional life in 

the communications industry, be it as a 

journalist in a variety of publications in 

cities like New York, London, and Cairo, 

or delving into market research and 

entering the world of Public Relations, I 

cultivated a rich experience. Eventually, 

as I felt settled in my family life and had 

some extra hours at hand, I decided to 

go back to university. Going back to the 

board, I experienced a transformative 

journey at the American University in 

Cairo (AUC), while pursuing an MA in 

Global Affairs. It was during this period 

that I discovered podcasts and was 

instantly hooked —a captivating, versatile 

form of entertainment. I recognized the 

immense potential the medium held 

and decided to immerse myself in it 

upon completing my degree. 

Q. In your experience working across 

different cultural and linguistic 

landscapes, how do you navigate 

the nuances of communication to 

ensure effective messaging in the 

finance industry, where clarity and 

precision are paramount? 

On ‘What I Did Next’, we delve into 

the life journeys and pivot points of 

our guests, all of whom either originate 

from the Middle East or have a strong 

connection to the region. 

As a result, our guests so far have 

been multilingual, which has added a 

layer of richness to our discussions. 

The interplay between language and 

nuance is a recurring theme explored 

extensively on the show, often in dialogue 

with esteemed guests such as Hala 

Gorani, former CNN anchor. 

We’ve also had the chance to speak to 

many personalities from the business and 

finance world, such as Fadi Ghandour, 

Founder of Aramex, and Ahmed Hikal, 

Founder of Citadel Capital. Clarity and 

precision are at the forefront of their 

communication style, and this comes 

through on the show as well, both in 

terms of their personal journeys, but 

also how they’ve navigated their specific 

industries and conquered them. 

Q. As the founder, how do you see 

the future of ‘What I Did Next’ 

podcast evolving, and are there 

specific guests or topics you’re 

excited to explore in upcoming 

seasons? 

With two seasons annually, each 

comprising eight episodes, ‘What I 

Did Next’ Podcast continues to evolve 

dynamically. Central to this evolution is 

our ability to consistently attract highcalibre 

guests from diverse backgrounds 

and industries across the region. These 

individuals, renowned for their leadership 

and resilience, graciously share their 

compelling life experiences with our 

audience. 

The essence of our show lies in 

exploring some pivotal moments of our 

guests’ lives, and how they navigated 

through them. The show has continued 

to evolve each season in terms of our 

guests, the type of journeys they’ve 

had, the industries they’re from, and 

our ability to showcase pioneers from 

across the region, and explore both their 

personal and professional pivots. For 

instance, in the current season, we’re 

exploring the idea of legacy, and how 

each of our guests is thinking about 

the impact they’re leaving behind for 

the next generation. 

We’ve also evolved our content model 

to complement our core episodes, with 

video clips, shorts and teasers, email 

newsletters and a subscribers’ club 

with bonus content with each of our 

guests, so that we continue to engage 

with our community. 

We have been fortunate to host leaders 

from the worlds of art, culture, business, 

finance, sustainability, media, entertainment 

and more on our podcast so far. Looking 


Interview 

ahead, we are enthusiastic about the 

continued growth and refinement of 

the podcast and keen to explore a 

diverse range of guests and topics, 

each contributing to the rich tapestry 

of human experiences. 

Q. The podcast has featured individuals 

with diverse backgrounds and 

experiences. How do you believe 

this diversity of voices contributes 

to the overall impact and relevance 

of “What I Did Next”? 

The heart of our podcast is centred on 

diversity and inclusivity in storytelling. 

As mentioned earlier, each season of 

‘What I Did Next’ comprises a curated 

selection of eight episodes, featuring 

individuals from varied industries, 

nationalities, and life stages. This allows 

for a mix of stories and experiences 

that our audience has grown to love. 

For instance, within a single season, 

we may feature renowned figures such 

as actor Ramy Youssef, Fares Akkad 

(Regional Director of META), and 

Salma El Wardany (BBC radio host), 

representing a diverse spectrum of 

backgrounds and accomplishments. 

The other ‘magic’ ingredient is to mix 

well-known names with people who are 

less known to the wider public. Some 

of the less well-known stories have 

resonated the most with audiences. It 

is this blend of familiar and unfamiliar 

voices that infuses our podcast with 

relevance and impact, offering a holistic 

portrayal of the human experience. 

Moreover, on a broader scale, ‘What I 

Did Next’ is a platform to bring positive 

narratives from our region to a global 

audience. The podcast endeavours to 

showcase the remarkable achievements 

and inspiring endeavours of individuals 

within the region. By celebrating diverse 

voices and highlighting the achievements 

of extraordinary role models, we aim to 

foster a more nuanced and appreciative 

understanding of the Middle East, ultimately 

contributing to greater cross-cultural 

dialogue and empathy. 

Q. As a pioneer in the male-dominated 

podcast landscape, what challenges 

have you faced in establishing and 

leading one of the few female-led, 

English-language podcasts in the 

Middle East, and how do you believe 

this unique perspective contributes 

to the podcast’s success? 

Navigating the male-dominated podcast 

landscape in the Middle East can present 

its own set of unique challenges. However, 

I firmly believe that by amplifying diverse 

voices and perspectives, we have been 

able to cultivate a dynamic and inclusive 

platform that resonates with listeners 

across the region. 

The primary driver for A&T Media has 

been to provide the highest production 

quality within the English language space. 

This aspiration has been a driving force 

behind my endeavours and underscores 

my dedication to filling a notable gap 

in the market. 

I have also inherited traits of curiosity, 

empathy, and a relentless pursuit of 

truth from my journalism days and 

this has been instrumental in creating 

an empowering environment for the 

podcast’s guests. 

Q. How do you perceive the current 

level of acceptance and engagement of 

the general public towards podcasts 

focusing on business and finance, 

and how does ‘What I Did Next’ 

strive to influence and enhance 

this acceptance in the Middle East? 

Over the last three years, we have 

witnessed an increasing appetite for 

podcasts in the Middle East, which 

underscores a notable shift in consumer 

preferences, with Saudi Arabia, the UAE, 

and Egypt emerging as key markets. We 

also believe that the lines are not strict 

regarding content – people consume all 

types of content and are excited to gain 

perspectives and insights from outside 

their usual spheres of influence. Where 

‘What I Did Next’ stands out is that we 

host guests from across the region, and 

across a variety of industries. 

While audiences could start listening 

to us from a business perspective with 

guests like Ahmed Alfi or Kito de Boer, 

at the same time, they can also gain 

so much from the journeys of Mounaz 

and Aya Abdel Raouf, and how they 

launched the luxury brand Okhtein, or 

gain fantastic regional insights from the 

conversation with fashion entrepreneur 

Imran Amed. This is a unique mix that 

the podcast continues to provide our 

listeners, and we believe this creates 

a great space for our audience to be 

inspired and entertained. 

As podcasts continue to gain traction 

as a preferred source of entertainment 

and information, we are delighted that 

‘What I Did Next’ has already established 

itself, after six successful seasons and 

more than fifty episodes, as a leader 

in the field offering premium content, 

high-quality production and impactful 

conversations. 


21 - 23 MAY 2024 

Dubai World Trade Centre 

MEASA'S LEADING MEDIA, 

ENTERTAINMENT & SATELLITE 

TECHNOLOGY EVENT 

Tap into new business potential as thousands of key buyers, thought 

leaders and decision makers from over 120 countries come together to 

design, shape and co-create the future. 

ORGANISED BY 

Get in touch with us to exhibit, 

sponsor or visit: www.cabsat.com 

@cabsatofficial 

#CABSAT

Funding and Investment 

source: pexels.com 

The main purpose of qualifying investment funds is not to avoid Corporate Tax. 

Investment Fund 

Taxation and the 

Path to Corporate Tax 

Exemption in the UAE 

A well-informed approach to tax considerations is 

pivotal to unlocking the full potential of investment 

opportunities. 

In the dynamic landscape of global finance, 

investment funds play a pivotal role in 

providing investors with access to diversified 

portfolios, managed by professionals 

who navigate financial markets with a 

predefined strategy. The introduction 

of a 9% corporate tax in the UAE has 

prompted a closer examination of the 

taxation landscape for investment funds. 

Cabinet Decision No. 81 of 2023 brings 

essential clarity to the conditions for 

Qualifying Investment Funds, particularly 

focusing on the potential for corporate 

tax exemption. This article explores the 

insights surrounding the taxation of investment 

funds in the UAE, shedding light 

on the conditions and opportunities for 

funds, including Real Estate Investment 

Trusts (REITs), to secure corporate tax 

exemptions. 


An investment fund is a pooled 

vehicle that collects money from 

multiple investors to collectively 

invest in a diversified portfolio of financial 

instruments, such as stocks, bonds, real 

estate, or other securities. These funds are 

managed by professional fund managers 

or investment firms, who make decisions 

on behalf of the fund’s investors based 

on a predefined investment strategy. 

The primary goal of an investment fund 

is to provide investors with exposure 

to a diversified portfolio, allowing them 

to benefit from economies of scale and 

professional management expertise. 

Investment fund taxation encompasses 

the rules governing the tax treatment of 

income, gains, and transactions associated 

with investment funds. These regulations 

vary based on factors such as the fund’s 

structure, location, and the nature of 

its assets. Typically, investment funds 

generate income through dividends, 

interest, or capital gains, and the tax 

implications extend to both the fund 

level and the investors. 

The UAE’s introduction of Corporate 

Tax has significantly influenced businesses 

and has had a profound impact 

on investment funding. Cabinet Decision 

No. 81 of 2023, which outlines the Conditions 

for Qualifying Investment Funds 

under Federal Decree-Law No. 47 of 2022 

on the Taxation of Corporations and 

Businesses, has brought added clarity to 

the regulatory framework surrounding 

investment funds, including Real Estate 

Investment Trusts (REITs). 

The Decision offers guidance on whether 

these funds can seek exemption from UAE 

corporate tax, subject to the discretion 

of the UAE tax authority. Notably, this 

Decision applies universally to all investment 

funds, irrespective of their place 

of incorporation, be it in the Abu Dhabi 

Global Market (ADGM) or the Dubai 

International Financial Centre (DIFC). 

Conditions for seeking an exemption 

from corporate tax, as outlined in Article 

10(1) of Federal Decree-Law No. 47 of 

2022 on the Taxation of Corporations 

and Businesses (“CT Law”), require an 

investment fund to apply to the Federal 

Tax Authority (“FTA”) as a Qualifying 

Investment Fund. 

The eligibility criteria include the investment 

fund or its manager being under 

the regulatory oversight of a competent 

authority in the UAE or a recognized 

foreign competent authority. Additionally, 

the interests in the investment fund 

should be traded on a licensed stock 

exchange in the UAE or a Recognized 

Stock Exchange outside the UAE, and 

the primary purpose of the fund should 

not be tax avoidance. 

Further clarifying Article 10, the Decision 

introduces additional conditions 

for an investment fund (with separate 

conditions for a REIT) to qualify for 

corporate tax exemption. These include 

the investment fund predominantly engaging 

in Investment Business activities, 

defined as issuing investment interests 

for fund-raising or pooling investor funds, 

with any other activities being ancillary 

and not surpassing 5% of its total annual 

revenue. Additionally, ownership interests 

in the fund held by a single investor and 

its Related Parties should not exceed a 

specified limit. 

This Cabinet 

Decision balances 

the UAE remaining 

competitive as an 

investment hub 

while maintaining 

the integrity of 

the Corporate Tax 

system.” 

HE Younis Haji Al Khoori 

Ownership interests in the investment 

fund are subject to specific conditions, 

with the percentage determined based 

on the number of investors involved. If 

the fund has less than ten investors, a 

maximum ownership interest of 30% is 

allowed, while for funds with ten or more 

investors, the permissible ownership 

interest extends to 50%. Notably, this 

ownership condition is not applicable 

during the initial two financial years 

of the investment fund, provided there 

is ample evidence demonstrating the 

investors’ intent to meet these criteria 

post this period. 

In addition to ownership stipulations, 

the investment fund is required to be 

managed or advised by an Investment 

Manager employing a minimum of three 

investment professionals. Furthermore, 

the condition specifies that investors 

should not exert control over the dayto-day 

management of the investment 

fund, emphasising the separation between 

investors and operational management 

for compliance with the regulatory 

framework. 

For a Real Estate Investment Trust 

(REIT) seeking exemption from Corporate 

Tax under Article 10(1) of the CT Law, 

certain qualifying criteria must be met, 

and an application can be submitted to 

the Federal Tax Authority. The REIT must 

demonstrate that the value of its real 

estate assets, excluding land, surpasses 

AED 100,000,000. 

Additionally, at least 20% of the REIT’s 

share capital should either be listed on a 

Recognized Stock Exchange or be directly 

wholly owned by two or more institutional 

investors, with a crucial stipulation that at 

least two of these institutional investors 

must not be Related Parties. 

Furthermore, the REIT must maintain 

an average Real Estate Asset Percentage 

of at least 70% during either the relevant 

Gregorian calendar year or the pertinent 

12-month period covered by the financial 

statements. These conditions collectively 

aim to ensure that qualifying REITs contributing 

significantly to the real estate 

sector can benefit from corporate tax 

exemptions following the regulatory 

framework. 

Using these strategic insights, investors 

can position themselves to make 

informed decisions and capitalise on 

opportunities within the evolving tax 

framework of the UAE. 


Funding and Investment News 

Abu Dhabi’s Mubadala 

invests in India’s 

Manipal Health 

Abu Dhabi’s Mubadala Investment 

Company is extending 

its reach in India, investing in 

Manipal Health Enterprises as part of 

its strategic expansion in the country. 

Manipal Health, established by Ranjan 

Pai in 1991, operates over 30 hospitals 

across India, catering to approximately 

six million patients annually. With a 

workforce exceeding 5,000 doctors, 

it stands as India’s second-largest 

hospital chain in terms of bed capacity. 

Although Mubadala did not disclose 

the stake size or transaction value, it 

noted that Temasek, a Singapore-based 

global investment company, will maintain 

a majority stake in Manipal. The 

investment aligns with the escalating 

demand for high-quality healthcare in 

India, with the hospital sector projected 

to grow over 18% annually, reaching 

18.34T rupees ($220.99B) by the 2027 

financial year, according to Invest India. 

Qatar Free Zones: 

Investment Surges to 

$1.37B, says Chairman 

Qatar Free Zones (QFZ) has garnered 

substantial investment, 

reaching approximately QR 

5B, according to HE Dr Ahmad bin 

Mohammed Al Sayed, Chairman of 

QFZ. Hosting nearly 500 companies 

across diverse sectors, discussions 

around collaboration and support for 

the national economy took place during 

a meeting with a delegation from the 

Qatar Chamber. The delegation, led by 

HE Mohamed bin Ahmed bin Twar Al 

Kuwari, explored investment benefits 

and opportunities at the Ras Bufontas 

Free Zone. Emphasising QFZ’s commitment 

to fostering collaboration with 

the Qatari private sector, the Chairman 

highlighted ongoing efforts to facilitate 

and encourage investors, reinforcing 

the strategic role of free zones in economic 

development. These persistent 

efforts underscore the crucial role of 

free zones in contributing significantly 

to the economic development of the 

nation, positioning them as key drivers 

of sustainable growth and prosperity. 

India and UAE Elevate Economic Ties Through 

New Bilateral Investment Treaty 

During the upcoming visit on 

February 13-14, Prime Minister 

Narendra Modi is set to strengthen 

economic ties between India and the 

UAE by signing a Bilateral Investment 

Treaty (BIT) with President Mohammed 

bin Zayed Al Nahyan. The UAE 

stands as the third-largest source of 

Foreign Direct Investment (FDI) into 

India and ranks seventh among India’s 

trade partners. This BIT is expected 

to facilitate significant investments 

from UAE sovereign wealth funds, 

including the Abu Dhabi Investment 

Authority and Mubadala Investment 

Fund, totalling over $1.5T. Additionally, 

the collaboration extends to the Middle-East 

Economic Corridor project, 

linking Mundra Port in Gujarat to Fujairah 

Port in the UAE, providing a new 

trade route and reinforcing India-UAE 

strategic partnerships in the region. 

Aldar Properties: $1.4B for Abu Dhabi Office and 

Hospitality Assets 

Aldar Properties, Abu Dhabi’s 

leading developer, is set to invest 

an additional AED 5B ($1.4B) 

in the development of income-generating 

assets across key destinations 

in the city. The phased delivery of 

retail, commercial, and hospitality 

assets is scheduled between 2025 and 

2027, contributing to a 31% increase in 

Aldar’s commercial net leasable area. 

Notable projects include a 12-storey 

office tower on Yas Island, set to be 

handed over in 2025, a business park 

at Saadiyat Grove on Saadiyat Island 

by 2027, and a second Grade A commercial 

tower on Al Maryah Island 

in collaboration with Mubadala. This 

strategic investment reinforces Aldar’s 

commitment to enhancing Abu Dhabi’s 

real estate landscape. 

UAE President Issues Decree Appointing Under 

Secretary for Ministry of Investment 

President Sheikh Mohamed bin 

Zayed Al Nahyan has issued 

a Federal Decree naming Mohammed 

Abdul Rahman Al Hawi as 

the Undersecretary of the Ministry of 

Investment. With a rich background 

in the investment sector, Al Hawi 

previously served as the Director of 

Economic Development at the Executive 

Council of Dubai and held a 

Vice President role at Mubadala. His 

seven-year tenure included diverse 

positions at the Prime Minister’s Office 

and the Executive Office of Dubai, 

contributing to his extensive experience. 

The appointment reflects the 

UAE’s commitment to leveraging seasoned 

professionals to drive strategic 

initiatives in the realm of investment 

and economic development. 


Dubai’s Tumodo Secures $35M in Pre-Seed Funding for Travel Platform 

Tumodo, the Dubai-based business 

travel platform, has successfully 

secured $35M in a pre-seed funding 

round, co-led by MENA-focused 

angel investors. The newly acquired 

capital is earmarked for expanding 

operations in the UAE market, ongoing 

product development, and exploring 

new partnerships within the MENA 

region, according to a statement from 

Tumodo. Additionally, the company 

aims to scale its platform to 25 more 

countries worldwide by 2026. Tumodo’s 

Chief Commercial Officer, Stan Klyuy, 

highlighted the company’s commitment 

to contributing to the rapid recovery 

and technological advancement of the 

MENA business travel market, emphasising 

their role in optimising travel 

expenses and enhancing employee 

productivity for clients. 

Akkrue Capital Closes First Funding Round in UAE 

Akkrue Capital, the UAE-based 

digital asset management platform, 

has successfully closed 

its first funding round, with Luxembourg-based 

DHF Capital S.A. leading 

the investment. While the specific 

funding amount remains undisclosed, 

Akkrue Capital intends to utilise the 

fresh capital to advance its innovative 

financial products and services. The 

company aims to continue providing 

cutting-edge solutions for businesses, 

institutions, banks, and Ultra High Net 

Worth (UHNW) individuals, simplifying 

their engagement with the dynamic digital 

asset landscape. Oliver von Wolff, 

Founder and CEO of Akkrue Capital, 

emphasised the significance of having 

DHF Capital S.A. as a partner, considering 

it a substantial endorsement of 

the company’s mission in digital finance 

asset management. 

Future Fund Oman Aims 

for Investment Boost 

Future Fund Oman is set to enhance 

national income sources by 

increasing investments and seeking 

strategic partnerships to support 

projects. With a capital of RO 2B over 

five years, the fund will allocate 90% to 

new or existing projects, emphasising 

sectors like tourism, industry, green 

energy, and technology. The remaining 

10% will focus on supporting SMEs and 

startups. This unprecedented initiative 

aims to attract investors with financing 

ranging from RO 5M to RO 100M, fostering 

economic growth. Noteworthy 

financial entities, including Oman 

Development Bank, Inma Fund, SME 

Authority, Rakiza Fund, and Oman 

Technology Fund, are poised to support 

aspiring investors within a structured 

economic framework. 

Nykaa Investment Committee Greenlights $2.5M Investment in UAE’s 

Nykaa Beauty 

FSN E-Commerce Ventures, the 

parent company of Nykaa, disclosed 

that its Fundraise & Investment 

Committee approved an 

investment proposal by Nessa International 

Holdings Limited into Nysaa 

Beauty LLC, the newly established 

multi-branded beauty retail operation 

in the UAE. The investment, totalling 

$2.5M, is set to be deployed in 

one or more tranches. Nessa International 

will acquire equity shares of 

Nysaa Beauty at AED 1000 per share. 

The announcement follows Nykaa’s 

strong market performance, reaching 

a 52-week high on January 10 at approximately 

AED 8.65 per share. The 

investment decision reflects Nessa 

International’s strategic vision and 

confidence in the growth trajectory of 

Nysaa Beauty, positioning the company 

as a key player in the beauty retail 

sector of the UAE. 


Digital Assets 

Source. Ai gfenerated 

BlackRock’s Bitcoin ETF received most of the week’s inflows, amassing $1.6 billion in capital. 

Spot Bitcoin ETFs 

Granted Approval - What 

It Means for the Future 

of Cryptocurrency? 

Spot ETF approval will impact crypto markets the 

way securitization transformed credit markets in 

the 1980s - Preston Byrne 

The US Securities and Exchange Commission 

(SEC) has reached a pivotal 

decision by approving the first-ever exchange-traded 

funds (ETFs) for spot bitcoin. 

This marks a significant moment for 

cryptocurrency enthusiasts, who see this 

as a catalyst for attracting a wave of new 

investors, both retail and institutional, to 

the market. The approval of these ETFs 

is anticipated to significantly influence 

the cryptocurrency landscape, providing 

a more accessible entry point for a diverse 

range of investors. The article examines 

the market response to the SEC’s decision 

highlighting its prominence as a catalyst 

for attracting a wave of new investors. 

Additionally, it analyses the expected 

impact of this development on digital 

asset investments in the UAE. 


In this groundbreaking move, the SEC 

has given the green light for 11 ETFs 

to be listed. Notable sponsors include 

established industry giants such as Fidelity 

and Invesco, as well as newer entrants 

like Grayscale and Ark Invest, who are 

known for their focus on digital assets. 

The diversity in sponsorship underscores 

the growing interest and participation 

from both traditional financial players 

and digitally oriented investment firms. 

The approval reflects a growing acceptance 

of cryptocurrencies within 

mainstream financial markets, signalling 

a potential shift in perception and 

paving the way for increased adoption 

in the future. 

The initial funds, operating as tradable 

stocks with special tax advantages in the 

US, are poised to commence trading, 

coinciding with BlackRock’s ringing of 

the opening bell at Nasdaq to promote 

its iShares Bitcoin Trust. While spot bitcoin 

ETFs have been accessible in other 

markets, the US approvals are expected 

to inaugurate a transformative era for the 

widely popular and liquid cryptocurrency. 

US institutional and retail investors can 

now directly access the coin through 

a regulated product, mitigating risks 

associated with unregulated exchanges 

and lowering costs compared to ETFs 

investing in bitcoin futures. 

This development is recognized as a 

substantial milestone, affirming Bitcoin’s 

status as a mainstream investment. Jad 

Comair, CEO of Melanion Capital, the 

first to launch a bitcoin thematic ETF 

in the EU, describes it as opening doors 

to Wall Street. 

Enthusiasts anticipate that these ETFs 

will significantly stimulate demand for 

digital assets, although some observers 

remain sceptical about the extent of 

massive inflows. The launch of the first 

bitcoin futures ETF by ProShares garnered 

$1B in just two days. 

Bitcoin ETF launch triggers the 

classic market reaction 

The aftermath of the launch can be best 

described as a classic “buy the rumour, 

sell the fact” scenario. Bitcoin peaked at 

$49,000 on the launch day, only to endure 

a +15% loss in the subsequent days. The 

correction, thus far, has not triggered 

any significant technical sell signals but 

has left early entrants affected, with all 

ETFs experiencing losses during the 

initial week of trading. 

Two winners have emerged out of 

the ten launched – BlackRock’s iShares 

Bitcoin Trust and the Fidelity Wise Origin 

Bitcoin Fund, attracting the majority of 

inflows. However, it’s worth noting that, 

rather than being new money, the bulk 

of these funds has come from the sale 

of Grayscale’s Bitcoin Fund, a Trust that 

commenced trading in 2013 before its 

recent conversion to an ETF. 

Coinbase, known for its safety, security 

for investors, and low transaction fees, 

has become the custodian for most of the 

recently launched ETFs. Its share price 

witnessed a more than 400% increase last 

year, driven by strong earnings and speculation 

about the ETF launch providing a 

significant boost in the last two months. 

However, leading up to and following 

the launch, the share price corrected by 

one-third, realising that low-cost ETFs 

might pose a threat to eroding Coinbase’s 

margins and trading volumes. 

This ETF approval 

has the potential 

to accelerate 

market adoption 

and foster lasting 

momentum.” 

Gavin Michael, CEO Bakkt 

Prospects of Spot Bitcoin ETFs in 

the Middle East 

Given the market reaction and the 

dynamics observed with the launch of 

Bitcoin ETFs globally, the future of a 

spot Bitcoin ETF in the UAE could be 

influenced by various factors. The initial 

surge and subsequent correction witnessed 

in Bitcoin prices following ETF 

launches indicate the impact of market 

speculation and profit-taking behaviour. 

UAE has maintained its position as 

one of the leading countries in the Middle 

East for digital asset investors and 

this is going to have multiple benefits. 

According to Manhar Garegrat, Country 

Head, India & Global Partnerships at 

Liminal “The introduction of spot ETF in 

the Middle East will have a dual benefit. 

First, it will legitimise the digital asset 

industry and make it more attractive to 

institutional investors. Second, it will 

increase liquidity and transparency in 

the digital asset markets, making it easier 

for investors to participate in the growth 

of the industry.” 

However, according to a former regulator 

associated with a financial free zone 

authority in the UAE, the UAE appears 

to be among the regions least likely to 

immediately endorse Bitcoin ETF-type 

products. 

He suggested that the UAE/MENA 

region is not currently conducive to the 

prompt introduction of a spot Bitcoin 

ETF. The key factors mentioned include 

the need for sufficient market liquidity 

from traditional finance players and the 

issue of connectivity with global markets. 

The emphasis on connectivity with 

traditional finance players suggests that 

the success of a spot Bitcoin ETF in the 

UAE depends on attracting interest and 

participation from established financial 

institutions. Additionally, the challenges 

related to establishing links and the 

associated costs make it a complex endeavour, 

especially if the aim is to offer 

a single product without a broader suite 

to attract traditional finance (TradFi) 

players. 

The UAE has consistently embraced 

innovation and advancement, earning 

recognition for its strategic and futuristic 

approach. Although the adoption of a 

spot Bitcoin ETF holds several potential 

benefits, it is currently premature to 

assess its impact on the country’s digital 

assets market. 


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Corporate Results 

Saudi Arabia’s Almarai 

Q4’23 Net Profit: 4% 

Increase 

Saudi Arabia’s Almarai, one of the 

largest dairy companies in the Middle 

East, announced a 4% increase in fourthquarter 

net profit, driven by higher 

revenue primarily from its poultry and 

dairy sectors. The net profit, attributable 

to shareholders after zakat and tax, 

reached 370.72M Saudi Riyals ($98.85M) 

for the three months ending December 

31, as reported in a filing to the Saudi 

Stock Exchange Tadawul. The boost 

in net profit was attributed to a rise 

in operating profit, fuelled by revenue 

growth, stabilised commodity costs, 

and efficient management of operating 

expenses. The company noted positive 

performance in its core GCC markets, 

particularly Saudi Arabia. 

Mashreq 

Q4’23 Net Profit: AED 2.8B 

Mashreq, Dubai’s third-largest lender, 

reported a substantial surge in 

fourth-quarter profit, reaching AED 

2.8B ($762M), more than doubling 

from AED 1.1B in the previous year. 

The notable increase was attributed 

to a boost in net interest income and 

income from Islamic financing, rising 

almost 41% annually to AED 2B. 

Additionally, income from insurance, 

foreign exchange, and other sources 

experienced a remarkable 116% 

year-on-year growth, reaching AED 

541M. The bank’s impressive financial 

performance reflects the ongoing economic 

momentum in the UAE. Notably, 

Mashreq’s full-year profit also more than 

doubled, reaching a record AED 8.6B, 

a significant increase from AED 3.7B 

in the corresponding period of 2022. 

Adnoc Distribution 

Q4’23 Net Profit: AED 677M 

Adnoc Distribution, the UAE’s one of 

the largest fuel and convenience retailers, 

reported a substantial year-onyear 

increase in fourth-quarter profit, 

reaching AED 677M ($184.3M). This 

surge was attributed to a significant 

rise in retail fuel volumes sold. The 

company disclosed this information 

in a statement to the Abu Dhabi Securities 

Exchange, where its shares are 

listed. The revenue for the reporting 

period witnessed a robust annual 

growth of nearly 17%, reaching AED 

9.56B. The stellar performance in 2023, 

marked by a record EBITDA of $1B, is 

described by CEO Bader Al Lamki as a 

“remarkable and transformative year.” 

Furthermore, Adnoc Distribution’s 

board has greenlit a new five-year 

strategy for 2024-2028. 

Emaar 

FY’23 Net Profit: AED 11.6B 

Emaar Properties concluded a remarkable 

2023 marked by robust sales 

growth, a substantial surge in profitability, 

and noteworthy progress 

in recurring revenue segments. The 

Dubai-based developer achieved a 7% 

rise in revenues, reaching AED 26.7B 

($7.3B), and an impressive surge in 

net profit, totalling AED 11.6B ($3.2B) 

compared to 2022. The property sales 

sector thrived with group property sales 

reaching AED 40.3B ($11B), reflecting 

a notable 15% year-over-year growth, 

supported by 27 new project launches 

in the UAE. Operational efficiency 

and improved margins were evident 

by an increase in EBITDA to AED 16B 

($4.4B). Recurring revenue segments, 

including malls, hospitality, leisure, 

and entertainment, experienced a robust 

26% growth to AED 9.2B ($2.5B), 

constituting over 34% of Emaar’s total 

revenue. 

RAKBANK 

Q4’23 Net Profit: 

AED 430.9M 

The National Bank of Ras Al Khaimah 

(RAKBank) revealed a notable surge in 

its fourth-quarter net profit, propelled 

by increased interest and non-interest 

income. The bank reported a net profit 

after tax of AED 430.9M ($117.32M) for 

the October-December period. Operating 

income experienced a robust nearly 

15% increase, exceeding AED 1B in the 

September quarter. RAKBank’s full-year 

net profit soared to nearly AED 1.8B, 

with operating income rising approximately 

to surpass AED 4.4B during 

the same period. The bank attributed 

its 2023 success to factors such as a 

34% growth in net interest income to 

AED 3.3B and robust fee income of 

AED 1.1B, reflecting a 17.8% increase. 

RAKBank’s total assets reached AED 

74B in December, compared to AED 

66.3B the previous year. 

Borouge 


Increase 

Borouge, the joint venture between 

Adnoc and Borealis, reported a substantial 

nearly 17% annual increase in 

its fourth-quarter net profit, attributed 

to reduced costs and expenses. The 

net profit attributable to owners of the 

company for the three months ending 

December reached $285M. Cost of sales 

for the period decreased by 11% YoY to 

$896M, while general and administrative 

expenses and selling and distribution 

expenses saw declines of 15% and 33%, 

totalling $50M and $100M respectively. 

Despite a 6% annual decline in revenue 

to $1.5B due to “weaker global demand,” 

Borouge continues to be a key player 

in the petrochemical industry, providing 

polyolefin solutions across various sectors 

globally. 


International Holding 

Company (IHC) 


Abu Dhabi’s International Holding Company 

(IHC) announced its preliminary 

unaudited financial results for 2023, 

revealing a year marked by remarkable 

growth and strategic expansion. The 

group experienced an impressive yearon-year 

surge in preliminary revenue, 

totalling AED 60.09B ($16.4B), attributed 

to strategic acquisitions and robust 

performance in existing businesses. 

Despite market challenges, the net 

profit remained strong at AED 32.75B 

($8.9B), and earnings per share more 

than doubled to AED 12.36 ($3.40), 

underscoring IHC’s profitability and 

value creation for shareholders. Under 

the leadership of Vice Chairman and 

Managing Director Syed Basar Shueb, 

the company emphasised its success 

to diversified portfolio. Strategic acquisitions 

have also positioned IHC 

for sustained growth. 

Abu Dhabi Islamic Bank 


Abu Dhabi Islamic Bank (ADIB), the 

largest Sharia-compliant lender in the 

emirate, reported a noteworthy yearon-year 

increase in net profit for the 

fourth quarter of the previous year, 

propelled by heightened revenue and 

fee income. The bank’s net profit after 

zakat and tax for the three months 

ending December surpassed AED 

1.5B ($408.7M). Gross revenue from 

funds during this period rose by an 

impressive 33%, totalling nearly AED 

2.6B. ADIB achieved remarkable fullyear 

results, with a surge in net profit 

to a record AED 5.25B, while revenue 

experienced a substantial year-on-year 

increase, surpassing AED 9.2B. The 

bank’s chairman, Jawaan Al Khaili, 

highlighted ADIB’s exceptional performance, 

surpassing the AED 5B net 

profit milestone in 2023. 

Abu Dhabi Commercial 

Bank 


Increase 

Abu Dhabi Commercial Bank reported 

a robust 38% increase in fourth-quarter 

profit, surpassing analyst expectations. 

The bank attributed this success to 

elevated interest and financing income, 

along with a one-off gain from selling its 

property unit. Net profit for the three 

months ending December 31 reached 

AED 2.45B ($667.14M), up from AED 

1.78B a year ago, exceeding the average 

forecast of AED 1.97B by analysts. 

ADCB proposed a cash dividend of 0.56 

dirhams per share for the entire 2023, 

a notable increase from the previous 

year’s cash and stock payout. The bank’s 

strategic divestment in Abu Dhabi 

Commercial Properties contributed to 

a net gain of AED 490M, showcasing 

its financial acumen. Additionally, 

ADCB’s robust retail business, marked 

by increased disbursements in personal 

loans, mortgages, and auto loans, 

contributed to its stellar performance. 

Emirates Integrated Telecommunications 

Company 

PJSC 


Emirates Integrated Telecommunications 

Company PJSC disclosed its Q4 

and full-year 2023 financial results, 

indicating a 6.9% growth in full-year 

revenues to AED 13.64B. The notable 

expansion reflects sustained demand 

for mobile services and robust growth 

in postpaid and fixed services. Full-year 

EBITDA surged by 12.8% to AED 5.80B, 

showcasing impressive top-line growth, 

margin expansion, and disciplined cost 

management. The full-year Net Profit 

reached an outstanding AED 1.67B, 

marking a significant YoY increase. 

Full-year Capex remained stable at AED 

2.2B, and Operating Free Cash Flow 

for the year increased to AED 3.6B. 

e& 


In its fiscal year 2023 financial results, 

e& revealed a record consolidated 

net profit of AED 10.3B, showcasing 

a 3% YoY growth. Emphasising value 

creation for shareholders, the Board 

proposes a dividend of AED 0.40 per 

share for H2 2023, totalling AED 0.80 

per share for FY2023. The board recommends 

a new progressive dividend 

policy, incrementing by 3 fils annually 

from 2024, reaching 89 fils per share 

by FY2026, subject to shareholder approval. 

Consolidated revenues grew by 

8.3% YoY, reaching AED 53.8B, driven 

by successful business transformation 

and diversified revenue streams. Consolidated 

EBITDA rose by 3.7% YoY to 

AED 26.1B, resulting in a robust EBIT- 

DA margin of 49%. e& UAE reported a 

substantial increase in its subscriber 

base, exceeding 14 million, marking a 

3% YoY growth. 

Emirates NBD 

Q4’23 Net Profit: 3% Increase 

Emirates NBD, one of Dubai’s largest 

lenders, reported a 3% increase in 

fourth-quarter net profit, reaching AED 

4B ($1.1B), driven by sustained economic 

momentum in the UAE and the 

wider MENA region. The bank’s diversified 

business model contributed to a 5% 

annual growth in total quarterly income, 

amounting to AED 10.3B. Net interest 

income rose by 2% year-on-year to AED 

7.8B, while non-funded income surged 

by an impressive 18%, totalling AED 2.5B 

for the three months. Sheikh Ahmed bin 

Saeed, Chairman of Emirates NBD, attributed 

the rise in quarterly net profit to a 

“healthy regional economy” and success 

of the bank’s diversified business model 

amid global headwinds. 


Sports as a Business 

Source: SRJ Press Release 

The Saudi sports market is expected to grow by 12.22% (2022-2027), reaching US$4.24 million in 2027. 

Saudi Sports Market: 

Sportswashing or 

the Dawn of New 

Investment Frontiers? 

Saudi Arabia’s strides in elevating its nonoil 

GDP reflect a progressive vision that 

transcends the boundaries of sportswashing. 

The Saudi sports market has garnered 

significant attention in recent years, raising 

questions about the motives behind its 

rapid expansion. On one hand, there’s a 

surge of investment in sports, from acquiring 

football clubs to hosting major 

international events. On the other hand, 

concerns linger about sportswashing, a 

term referring to the use of sports investments 

to enhance a country’s image on 

the global stage. The Kingdom of Saudi 

Arabia’s remarkable strides in diversifying 

its sports sector deserve a closer look to 

discern the authenticity of its intentions, 

moving beyond the term ‘sportswashing.’ 

This article explores various initiatives 

spearheaded by the Saudi Government 

to foster sports investments within the 

country, offering an analysis of its current 

global standing. 


In recent years, Saudi Arabia has 

swiftly emerged as a significant participant 

in the global sports arena, 

investing substantial sums in various 

high-profile deals. Saudi authorities assert 

that these government expenditures 

are a component of a strategy aimed at 

broadening the nation’s economy beyond 

petroleum. However, critics argue that 

Saudi’s motives involve utilising sports 

to elevate its international standing and 

mitigate concerns regarding its human 

rights record. 

Saudi Arabia’s investments in sports, 

including potential deals with the Professional 

Golf Association (PGA) Tour and 

significant spending on recruiting soccer 

stars and tourism ambassadors, have 

triggered accusations of “sportswashing” 

– an attempt to enhance its global image 

through sports. 

In 2018, the Saudi sports ministry 

marked the kingdom’s initial major 

foray into foreign sports investments by 

signing a decade-long contract to host 

World Wrestling Entertainment (WWE) 

events. Valued at a reported $100M 

annually, approximately 10 percent of 

WWE’s yearly revenue, this deal set the 

stage. Subsequently, Saudi Arabia spared 

no expense in hosting events spanning 

boxing, tennis, horse racing, and Formula 

1. Additionally, it has funded international 

golf competitions and acquired 

interests in a Formula 1 franchise and 

an English football team, with the latter 

reflecting an investment in the nation’s 

most popular sport. 

The kingdom’s recent investments 

have been orchestrated through its $650B 

Public Investment Fund (PIF), currently 

the world’s fifth-largest sovereign wealth 

fund. Noteworthy acquisitions by the kingdom 

include Newcastle United, a top-tier 

professional football team in England; LIV 

Golf, an international competitor turned 

partner to the U.S-based PGA Tour, the 

premier competitive body in golf; and 

stakes in four teams within the Saudi 

football league. This league has attracted 

global stars with exceptionally lucrative 

contracts. Moreover, Riyadh is navigating 

a shifting “middle power” geopolitical 

landscape, with ongoing negotiations 

around the PGA/LIV merger, extending 

past the December 31, 2023 deadline. 

These sports investments align with 

the Kingdom’s Vision 2030 plan, aiming 

to diversify the economy, generate private 

sector jobs for Saudis, and secure 

a sustainable future post-oil. Crown 

Prince Mohammed Bin Salman Al Saud 

(MBS) is driven to achieve Vision 2030’s 

ambitious goals, emphasising metrics and 

performance. Apart from these impressive 

investments in the sports sector, it 

is noteworthy to mention the initiatives 

taken by the government to boost the 

country’s economy through sports. 

Saudi Arabia’s 

sports marketing 

boom aligns 

with tourism, 

technology, and 

entertainment 

growth. 

Abdulrahman Saud, CEO - Bassmat 

The Sports for All (SFA) initiative, 

launched in 2018, is integral to Vision 

2030’s sports-related targets. SFA aims 

to promote sports participation across 

all age groups, emphasising inclusivity 

and breaking gender stereotypes. The 

goal is to have 40 percent of the Saudi 

population active by 2030. Prince Khaled 

bin Alwaleed, SFA President, underscores 

these objectives, emphasising the broader 

health and community benefits associated 

with increased sports engagement. 

Furthermore, Saudi Arabia’s Public 

Investment Fund (PIF) officially launched 

SRJ Sports Investments, a significant 

move aimed at advancing the sports 

landscape in the Kingdom and the wider 

Middle East and North Africa (MENA) 

region, as reported by the Saudi Press 

Agency (SPA). 

SRJ Sports Investments strategically 

positions itself to catalyse the sports sector’s 

growth by acquiring and generating 

new intellectual property (IP) for sports 

events, securing commercial rights for 

prestigious sporting competitions, and 

organising major international events 

within the Kingdom. 

A central objective for SRJ Sports 

Investments is to enhance engagement 

with sports enthusiasts by exploring 

unique fan-focused activities. The company 

aims to delve into transformative 

sports technology solutions, contributing 

to Saudi Arabia’s aspirations to become a 

global hub for sports and entertainment. 

The establishment of SRJ Sports 

Investments aligns with this vision, 

aiming to drive financial growth, foster 

partnerships, and position Saudi Arabia 

as a global hub for sports and entertainment. 

As geopolitical dynamics evolve, 

understanding these developments is 

crucial for policymakers and businesses, 

especially with ongoing negotiations in the 

sports industry extending beyond 2023. 

The boost in sports investments by 

Saudi Arabia, led by the Public Investment 

Fund (PIF), is a complex and 

multifaceted strategy. Despite facing 

criticisms of “sportswashing” to enhance 

its international image amid human 

rights concerns, the kingdom emphasises 

the importance of these initiatives in 

realising the Vision 2030 goals for economic 

diversification. As Saudi Arabia 

strives to improve its global reputation 

through broader economic and tourism 

reforms, labelling these actions solely 

as sportswashing may oversimplify the 

kingdom’s endeavours. The recruitment 

of top sports talent and the introduction 

of initiatives like LIV Golf showcase a 

nuanced and comprehensive approach 

to sports investments, challenging a 

simplistic characterization of the motives 

behind these strategic moves. 


Sports News 

Dubai Launches First Football League for Inmates in Penal Institutions 

The Dubai Sports Council (DSC) 

and Dubai Police have jointly 

launched the General League 

for Inmates, marking the region’s first 

football league dedicated to individuals 

in penal and correctional institutions. 

Running from February 7 to May 31, 

the initiative involves 14 football teams 

competing in a six-six league system, 

to promote physical exercise within 

penal and detention facilities. The announcement 

was made during a press 

conference at the Dubai Sports Council 

headquarters, attended by Nasser Aman 

Al Rahma, Assistant Secretary-General 

of the Dubai Sports Council, Brigadier 

Marwan Julfar of Dubai Police, and 

Salem Al Karbi, Chairman of the event 

organising committee. Nasser Aman Al 

Rahma emphasised the initiative’s role 

as a pioneering community effort and 

highlighted the strategic cooperation 

between the Dubai Sports Council and 

Dubai Police in promoting sports for 

its various societal benefits. 

Abu Dhabi to Host Global 

Triathlon Opener 2024 

Abu Dhabi Sports Council is set 

to host the inaugural event 

of the 2024 World Triathlon 

Championship Series from March 8-9. 

Building on the success of hosting the 

Championship Finals in 2022, Abu Dhabi 

continues its nine-year tradition as the 

MENA region’s sole WTC event before 

the series spans Yokohama, Cagliari, 

Hamburg, Montreal, and concludes 

in Malaga, Spain. The opening round 

unfolds at Yas Marina Circuit’s waterways, 

tracks, and roads, concluding at 

the F1 start line. The event village in 

the F1 Pit Lanes, open to the public, 

returns with family-friendly attractions. 

With 270 elite and para-elite triathletes 

competing, the event carries significance 

as athletes vie for Olympic or 

Paralympic qualifying points ahead of 

the Paris Games. 

Inaugural Abu Dhabi Run and Ride Happened on 

February 18th 

Abu Dhabi Sports Council (ADSC) 

inaugurated the Abu Dhabi Run 

and Ride event on February 18, 

2024. Accompanying this, the ADSC 

launched Fitness Village, a wellness 

and fitness hub offering a range of 

family-oriented activities from February 

15-18 at Abu Dhabi Corniche. 

This initiative aligns with ADSC’s 

commitment to fostering a healthy and 

active lifestyle within the community. 

Fitness Village hosted diverse fitness 

classes, including yoga, high-intensity 

interval training (HIIT), spine exercises, 

and more for participants of all ages 

and fitness levels. Younger attendees 

enjoyed various kids’ activities like 

arts and crafts and face painting. The 

Abu Dhabi Run and Ride event aims to 

blend health, happiness, and togetherness, 

catering to runners, cyclists, and 

families seeking outdoor entertainment. 

NBA and DCT Abu Dhabi Unveil Expanded Third 

Season of Jr. NBA Abu Dhabi League 

The National Basketball Association 

(NBA) and the Department 

of Culture and Tourism – Abu 

Dhabi (DCT Abu Dhabi) have launched 

the expanded third season of the Jr. 

NBA Abu Dhabi League. Operated by 

Sport360, the league will include over 

1,300 youth aged 11-14 from schools 

in Abu Dhabi and, for the first time, 

Al Ain. The Jr. NBA programming has 

engaged over 10,000 youth in Abu 

Dhabi since 2022. The draft event, held 

on January 27th at NYU Abu Dhabi 

campus, featured the assignment of 

NBA teams to schools, distribution 

of NBA team-branded jerseys, and 

basketball development clinics led 

by NBA champions James Worthy and 

LaMarcus Aldridge. The league games 

begin on February 5th, with the finals 

scheduled for May 5th. 


UAE Fencers Triumph with Gold and Silver at AWST 2024 

UAE fencers brought glory to their 

home country at the 7th Arab 

Women’s Sports Tournament 

(AWST 2024), claiming gold and silver 

in Saber Individuals. Held at Sharjah 

Women Sports, the event showcased the 

elite talents of Arab fencers in Saber, 

Épée, and Foil competitions. Emirati 

athlete Mahra Abdullah clinched gold 

by defeating teammate Asila Darwish, 

who earned the silver. Syrian fencers 

Mary Aqsm and Haneen Elhamood 

secured third place. Mahra, from the 

Fujairah Martial Arts Club, expressed 

pride, calling the gold a pivotal career 

milestone. In Épée Individuals, Omani 

Jana Mohamed Al-Sharjya seized 

gold, facing off against Emirati Sheikha 

Youssef, who took silver. Syrian Afrodet 

Hatem Hatem and Omani Esraa Seif 

shared third place, adding intensity to 

an unforgettable tournament. 

UAE National Olympic 

Committee Explores 

Cooperation with 

Albanian Counterpart 

The United Arab Emirates and 

Albania are exploring avenues 

for strengthened collaboration 

in support of the Olympic movement. 

Fidel Ylli, President of the Albanian 

National Olympic Committee, met with 

officials from the UAE National Olympic 

Committee (UAE NOC) in Dubai. 

The NOC Board members, including 

Major General Dr. Mohammed Al Murr, 

Ahmed Abd El Malik, Qais Al-Dhalai, 

Noura Al Jasmi, and Abdulaziz Al 

Salman, discussed means to enhance 

bilateral cooperation for the mutual 

benefit of both countries’ athletes and 

sporting communities. Discussions 

included recent developments, major 

sporting events like the ongoing Winter 

Youth Olympic Games, and potential 

partnerships through training camps 

and workshops, aiming to facilitate 

the exchange of expertise and successful 

practices in various Olympic 

disciplines. 

First-ever UAE-Qatar Super Cup to kick off in April 

The inaugural UAE-Qatar Super Cup, 

symbolising collaboration between 

the United Arab Emirates and Qatar, 

is set to kick off with its first event, the 

Qatar-UAE Super Cup, in Doha on April 

12, 2024. The opening match will feature 

Qatar’s Amir Cup champion, Al Arabi, 

against the UAE’s President’s Cup winner, 

Sharjah. Following this, the UAE-Qatar 

Super Shield Cup is scheduled for April 13, 

2024, in Dubai, presenting a clash between 

ADNOC Pro League champions Shabab 

Al Ahli and Qatar Stars League winners 

Al Duhail. The agreement was signed 

at Doha’s Mandarin Oriental, marking a 

significant milestone in regional sports 

collaboration, attended by officials, sports 

personalities, and international media 

representatives from both countries. 

Official Poster Unveiled for FIFA Beach Soccer 

World Cup UAE 2024 in Dubai 

The FIFA Beach Soccer World Cup 

UAE 2024 Dubai has unveiled its 

vibrant Official Poster, igniting 

anticipation for the event set to bring 16 

top teams, including former champions 

Brazil and Portugal, to Dubai from February 

15 to 25. The poster, inspired by 

vintage tourism aesthetics, vividly captures 

the excitement and energy of beach 

soccer. With dynamic depictions of the 

beautiful game and colours reflecting the 

sun, sand, and sea, the artwork features 

a spectacular bicycle kick, synonymous 

with beach soccer, against the backdrop 

of Dubai’s skyline and a packed stadium. 

The scene also pays homage to the tournament’s 

Official Emblem, incorporating 

the iconic bicycle-kick silhouette. 


Tourism 

source: pexels.com 

The Ripple Effect of 

Tourism Taxes on 

Shaping the Economy 

of a Country 

Tourism, known for boosting economies, faces 

challenges with the introduction of tourist taxes 

intended to manage over-tourism and generate 

revenue. 

80 www.thefinanceworld.com March 2024 

Global Travel & Tourism market to reach US$1063.00bn by 2028, growing at 3.47% from 2024. 

Tourism is frequently referred to as a 

‘clean industry’ and is widely acknowledged 

as a pivotal force behind economic 

expansion. One of its foremost advantages 

lies in its capacity to invigorate local economies 

through the ripple effect of expenditures 

by tourists, whereby money spent 

in a particular area generates a cascade 

of economic benefits extending beyond 

the initial outlay. Initially implemented by 

specific governments, tourist taxes were 

introduced to address the challenges of 

over-tourism while concurrently generating 

revenue from the influx of numerous 

travellers to the destination. Nevertheless, 

research indicates a detrimental impact of 

these taxes on tourism, ultimately causing 

a ripple effect on the country’s economy. 

This article delves into the influence of 

tourism on economies and how it impacts 

the implementation of government taxes.

Tourism, a thriving industry, extends 

far beyond providing picturesque 

landscapes and memorable experiences. 

The economic impact of tourism 

goes deep: 

1. Increased Employment Opportunities: 

Tourism spending immediately results 

in the creation of job opportunities within 

the local community. The surge in tourist 

numbers correlates with heightened demand 

for goods and services, fostering 

employment in sectors like tourism, 

hospitality, retail, and transportation. 

For instance, a small town drawing a 

substantial tourist influx can generate 

jobs in restaurants, souvenir shops, and 

transportation services. 

2. Boost in Local Business: 

Tourism contributes to the prosperity 

of local businesses by augmenting their 

revenue. Tourists, when visiting an area, 

tend to spend on local products and 

services, such as food, accommodation, 

and souvenirs, thus enhancing the sales 

of local enterprises and fortifying the 

local economy. For example, a small bed 

and breakfast catering to tourists may 

experience a notable upswing in revenue 

during peak tourist seasons, sustaining 

the business year-round. 

3. Infrastructural Development: 

Tourism spending often triggers the 

development of local infrastructure. The 

increasing number of tourists necessitates 

the construction of new facilities like 

hotels and resorts, as well as upgrades 

to existing infrastructure such as roads 

and airports. This enhances the overall 

infrastructure of the local area, further 

attracting future tourism. 

4. Environmental Preservation: 

Tourism serves as an incentive for the 

conservation of natural environments. 

Tourists, drawn to the natural beauty of 

an area, heighten awareness regarding 

the importance of preserving the environment. 

For instance, a national park 

frequented by tourists might receive 

funding to safeguard its wildlife and 

natural habitats. 

All of these help in boosting the economy 

of a country, and the implementation of 

tax might break the bridge between economy 

and tourism. The diverse approaches 

to tourist taxes implemented by various 

countries worldwide have a profound 

impact on the economic dynamics of 

each nation. Tourist taxes are a common 

practice in over 20 countries worldwide, 

employed either to regulate the influx of 

tourists or to bolster economic growth. In 

the aftermath of the COVID-19 pandemic, 

which significantly impacted the global 

economy, many nations, heavily reliant 

on tourism, faced economic crises. With 

tourism playing a pivotal role in the global 

GDP, it became crucial for countries to 

reassess their strategies. 

In Austria, the seamless addition of a 

3.2% tourist tax to accommodation bills 

in Vienna contributes to the economic 

structure. Meanwhile, Brussels, Belgium, 

experiences a fluctuating tourist tax 

below $4.40, varying across its different 

cities. Bhutan’s reduction in the daily 

Sustainable Development Fee to $198 

for adults since September 2023 reflects 

the nation’s efforts to balance tourism 

revenue and sustainability. Bulgaria’s 

tourist tax, typically below $1.65 and 

varies based on destination and hotel 

standards, plays a role in shaping the 

economic landscape. 

Greece’s capped tourist tax at $4.40 per 

night is influenced by the standard and 

size of accommodations, contributing to 

the economic balance. Hungary charges a 

fixed four per cent of the accommodation 

cost per night, impacting the revenue 

and financial equilibrium. Indonesia’s 

introduction of a 150,000 rupiah ($9.50) 

tourist tax for travellers entering Bali 

starting from February 14, 2024, signifies 

a strategic move in shaping the nation’s 

economic trajectory. 

Malaysia’s 2023 tourist tax of $2.12 per 

night plays a role in contributing to the 

country’s economic framework. Thailand’s 

expected tourist tax of around $8.60 

adds to the revenue stream, influencing 

economic aspects. In Amsterdam, the 

Netherlands, with one of Europe’s highest 

tourist taxes, currently set at seven per 

cent of the accommodation price plus a 

flat rate of €3 ($3.30) per person per night, 

the economic impact is significant and 

shapes the financial landscape of the city 

and the country at large. This intricate 

web of tourist taxes across the globe 

reveals how these levies play a crucial 

role in shaping the economies of nations 

and highlights the interconnectedness of 

global economic systems. 

Recent findings indicate that an 

uptick in tourism taxes could lead to a 

5% reduction in tourist numbers, subsequently 

exerting a negative influence 

on the country’s economy. This not only 

diminishes the volume of visitors but 

also deprives the nation of numerous 

High tourism 

taxes act as 

a deterrent, 

reducing 

visitor influx 

and impacting 

a country’s 

economy.” 

business opportunities. 

In 2023, Thailand announced the implementation 

of a 300 Baht per Tourist Tax, 

although the official implementation date 

was not specified. However, a recent report 

from the nation indicates a delay in the 

tax collection process. The Tourism and 

Sports Minister mentioned, “The tourist 

tax collection would be postponed until 

the tourism situation is better. Although 

the fees are not high, we see that they 

may affect travel plans and the sentiment 

of many foreign tourists.” This development 

underscores the delicate balance 

countries must strike between taxation, 

economic stability, and maintaining an 

appealing environment for international 

travellers. 

Reduction in tourism due to high 

tourism taxes can create a ripple effect 

on the economy. A decline in tourist 

arrivals means a significant reduction in 

revenue from tourism-related expenditures, 

impacting businesses, hotels, and 

local services. This, in turn, leads to job 

losses in the tourism sector, affecting 

livelihoods and consumer spending. 

Additionally, the decreased economic 

activity can have broader consequences, 

affecting sectors dependent on tourism, 

such as transportation, restaurants, and 

retail. Ultimately, a downturn in tourism 

due to high taxes can have cascading effects, 

contributing to an overall economic 

slowdown and diminished prosperity. 


Global News 

Egyptian Pound Expected to Reach at Least 55/$ by Year-End 

As Egypt grapples with a persistent 

foreign currency shortage, Oxford 

Economics anticipates the 

Egyptian pound to decline to 55/$ to 

60/$ by year-end if regulators shift to a 

flexible exchange rate. This adjustment 

aims to narrow the disparity with the 

black market, where rates surpassed 

70/$ recently, later moderating to 

nearly 58/$. The official rate remains 

at 30.9 against the US dollar. Oxford 

Economics predicts a peak in annual 

inflation in Q4 2024, ranging from 40% 

to 45%, while Capital Economics offers 

a bleaker outlook, foreseeing an initial 

drop to 60-65/$ if devaluation occurs. 

Despite calls from the IMF, the Central 

Bank of Egypt has maintained a fixed 

rate below 31/$ for nearly a year, resisting 

a move to a flexible exchange 

rate deemed vital for attracting foreign 

capital and addressing a widening 

financing gap. 

RBI Action Sends Paytm to Near-Record Low, Wipes 

$2.5B in Market Value 

New Jersey Secures 

2026 World Cup Final 

Paytm’s shares plunged 10%, nearing 

a record low, as it grapples 

with a continued slide initiated 

by the Reserve Bank of India’s (RBI) 

crackdown on its banking unit. Since 

the RBI directed Paytm Payments Bank 

to halt fresh deposits in March, the 

company has witnessed a staggering 

$2.5B or 43% market value decline. The 

stock hit its daily trading limit, dropping 

to 438.5 rupees ($5.28), just shy of the 

previous all-time low in November 2022. 

The regulatory order has far-reaching 

implications for Paytm, resulting in a 

20% daily maximum drop last week. 

Amidst the turmoil, Paytm is reportedly 

in talks with HDFC Bank and Jio 

Financial Services to sell its wallets 

business. The RBI’s investigation has 

uncovered numerous accounts at 

Paytm Payments Bank lacking proper 

identification, raising concerns about 

potential money laundering activities. 

New Jersey’s MetLife Stadium, 

home to the NFL’s New York 

Giants and New York Jets, will 

host the 2026 World Cup final on July 19, 

according to FIFA’s announcement. The 

tournament, co-hosted by the United 

States, Canada, and Mexico, features a 

schedule that includes Canada hosting 

13 games, split between Toronto and 

Vancouver, while Mexico will host 13 

games in cities like Mexico City, Guadalajara, 

and Monterrey. The remainder 

of the matches will take place in 

various U.S. cities. Opening matches 

for the respective national teams will 

be held in Toronto, Mexico City, and 

Los Angeles. Mexico’s Estadio Azteca 

will stage the tournament’s opening 

match on June 11, 2026. 

Ireland Expanding Trade Ties with UAE for Economic Growth 

Ireland’s commitment to bolstering 

trade relations with the UAE has 

been underscored by Minister Dara 

Calleary’s recent visit, solidifying 

economic ties. At Arab Health, he 

spotlighted Irish health tech, fostering 

collaboration through ministerial 

meetings with key entities like 

Emirates, Dubai Airport Authority, 

and Dubai Duty-Free. This marks the 

eighth ministerial visit in the past 12 

months, highlighting the sustained 

efforts to strengthen bilateral partnerships. 

Enterprise Ireland’s partnership 

with the Dubai Chamber of Commerce 

and Industry is a strategic move to enhance 

cooperation further. The $1.2B 

Irish–UAE trade in 2022, evenly split 

between imports and exports, signifies 

the mutually beneficial relationship. 

With a focus on food, technology, and 

life sciences, Ireland’s economic prowess 

is evident, particularly with €16.6B 

in food exports in 2022. Optimism 

surrounds Ireland’s economic future, 

with the European Union forecasting 

GDP growth of 3% in 2024 and 3.4% 

in 2025. 


Cleveland Clinic Abu 

Dhabi Pioneers Future 

Healthcare Solutions 

Cleveland Clinic Abu Dhabi, part 

of the M42 network, continues 

its commitment to world-class, 

multidisciplinary complex care through 

innovative medical and surgical strides 

in 2023. Across fields such as oncology, 

neurology, transplant, and cardiovascular 

care, the hospital stands as a beacon 

of future healthcare. Embracing the 

role of the “hospital of the future,” it 

employs cutting-edge technologies and 

methodologies to optimise treatments 

and enhance patient experiences. As 

an integral part of the M42 network, 

a global health powerhouse, the clinic 

is positioned uniquely to drive innovation. 

Its multidisciplinary approach, 

global expert team, and integration of 

artificial intelligence across institutes 

underscore its dedication to reshaping 

healthcare. From AI-powered 

breast cancer screenings to adaptive 

radiotherapy, Cleveland Clinic Abu 

Dhabi demonstrates a commitment to 

pioneering healthcare solutions and 

improving patient outcomes. 

Dubai and Abu Dhabi 

Stand Among BRICS 

Bloc’s Wealthiest Cities 

Beijing, Shanghai, and Dubai stand 

out as the most prosperous cities 

within the expanded BRICS 

bloc, boasting a significant presence 

of millionaires, centi-millionaires, and 

billionaires. The recent inclusion of 

Egypt, Ethiopia, Iran, Saudi Arabia, and 

the UAE has enriched the BRICS group, 

now encompassing Brazil, Russia, India, 

China, and South Africa alongside these 

new additions. The Henley & Partners’ 

BRICS Wealth Report underscores the 

global elite’s strategic shift towards 

emerging economic hubs. This comprehensive 

report unveils unexpected 

cities chosen by the super-wealthy for 

residence, providing valuable insights 

into the ever-changing dynamics of 

wealth creation in the global economy. 

In a strategic shift, Henley & Partners’ 

BRICS Wealth Report highlights the 

prominence of emerging economic 

hubs like Beijing, Shanghai, and Dubai, 

underscoring global elite preferences. 

Tata Motors Advocates Government Support for 

Electric Vehicle Transition 

Tata Motors emphasises the crucial 

role of government support for 

India’s electric vehicle (EV) transition, 

urging clarity on the preferred 

clean-car technology to meet zero-emission 

goals. CFO P.B. Balaji stresses the 

need for a decisive government stance, 

stating that automakers cannot invest 

in all technologies simultaneously. 

With electric vehicles taxed at 5% and 

hybrids at 43%, Tata Motors discourages 

any potential reduction in import 

taxes on hybrids. Balaji acknowledges 

the government’s choice of a “destination” 

technology but emphasises the 

necessity of substantial investments, 

advocating for government support 

to make the transition from gasoline 

cars to EVs financially viable. Tata 

Motors remains committed to EVs and 

opposes subsidies for what it considers 

a “transient” technology like hybrids. 

Indonesia’s 2023 GDP Growth Slows to 5.1% 

Amid Declining Commodity Prices 

Indonesia’s 2023 GDP growth reached 

5.05%, slightly below 2022’s 5.3%, 

impacted by falling commodity 

prices and stringent monetary policies. 

Statistics Indonesia’s report highlighted 

the decline in key commodities like 

palm oil, coal, and nickel, coupled 

with subdued demand from major 

trading partners amid global economic 

softening. Central bank rate 

hikes, totalling 250 basis points from 

August 2022 to October 2023, further 

restrained domestic consumption. The 

government anticipates a rebound to 

5.2% in 2024, driven by election-related 

spending and increased private 

investment post-political uncertainty. 

However, economists express caution, 

with DBS Bank forecasting 5% growth 

and Bank Danamon expecting a more 

conservative 4.9% for 2024, citing trade 

challenges and global uncertainties. 

PM Modi Headlines World Environment Summit 

2024 in UAE Address 

Prime Minister Narendra Modi is 

set to address the World Environment 

Summit in the UAE on 

February 14 as the guest of honour, 

marking his second participation in 

this significant Abu Dhabi summit, 

the first being in 2018. Running from 

February 12 to 14, the summit will 

showcase over 1,000 exhibitors from 

the research sector, presenting ongoing 

innovations across various fields. 

With 100 participating countries and 

33 as partners, the event underscores 

global collaboration in addressing environmental 

challenges. This follows 

UAE President Sheikh Mohamed bin 

Zayed Al Nahyan’s recent visit to India, 

where he acknowledged PM Modi’s 

Vibrant Gujarat Global Summit as a 

vital platform for economic growth. 

Modi’s UAE visit will also include 

addressing the mega diaspora event, 

Ahlan (Hello) Modi, on February 13 at 

the Zayed Sports City Stadium. 


Investment in Art 

Source. Ai generated 

Cryptocurrency will revolutionise the art market with its secure and decentralised transactions. 

The Art Investment 

Revolution: A 

Technological 

Perspective 

Technology reshapes art transactions while 

tokenization and fractional ownership redefine 

ownership models. 

Innovations in technology are broadening 

access to the art world, accelerating 

sales, and fundamentally altering the operations 

of businesses in the art industry. 

Three crucial stages of art transactions, 

encompassing display methods, payment 

procedures, and ownership exchange, 

have been transformed by technology, 

enhancing market efficiency. However, 

there is a risk of technology leading to 

the financialisation and commodification 

of art, potentially diminishing the intrinsic 

value of artworks. Institutions and 

art professionals must establish clear 

guidelines for implementing and governance 

these technologies to address 

this concern. This article highlights how 

these technologies can impact the way 

art investments are made. 


Accessibility to the art market and 

the presentation of artworks have 

been transformed by technological 

advancements. Now, individuals can 

explore art collections, participate in auctions, 

and swiftly complete transactions 

from any part of the world, fostering the 

exchange of information and expanding 

global access to the art world. This 

technological progress facilitates digital 

interactions between buyers and sellers, 

accelerating the pace and increasing the 

volume of art transactions. 

There is no longer a need to physically 

visit a gallery, fair, or take part in an 

auction to make an art purchase. Virtual 

and augmented reality, building upon the 

advancements of the Internet, now enables 

buyers to experience a “simulated, 

computer-generated environment” from 

nearly any location. 

This is how technology facilitates 

reaching broader audiences. However, 

in a market accustomed to instant gratification, 

other aspects of the buying and 

selling process have also adapted. In the 

art world, where the sale of artwork can 

be a somewhat mysterious interaction, 

technology has enhanced the speed and 

confidence of these transactions. Take, 

for instance, provenance and authentication. 

With the emergence of blockchain 

technology, previously document-intensive 

processes crucial to any sale or 

purchase can now be securely recorded 

on decentralised ledgers or blockchains. 

Blockchain technology can document 

bids and verify transactions, accelerating 

sales while safeguarding the privacy 

of those involved, a crucial aspect in 

the art world. Although it’s still early 

days for blockchain technology and 

cryptocurrencies, the digital currencies 

facilitated by blockchains, the potential 

is remarkable. They are revolutionising 

the speed, accuracy, and transparency 

of art deals and have the potential to 

disrupt the market, even altering how 

payments for artworks are made. 

Cryptocurrencies and the future of 

art payments 

Trades involving cryptocurrencies 

like Bitcoin have already been executed. 

Instead of relying on bank transfers, 

cash, or traditional payment methods 

that necessitate clearances from third 

parties, which can be time-consuming 

or prohibitively expensive, buyers can 

now make payments at a lower cost, 

and sellers can receive payments almost 

instantly. Cryptocurrencies alleviate the 

need for trust between parties through 

decentralised consensus networks. Their 

semi-anonymous nature also enables 

traders to operate privately, a crucial 

aspect of the art market. 

One such example is Galloire which 

achieved a milestone by partnering with 

Abu Dhabi’s MidChains, becoming the 

first major gallery in the Middle East to 

embrace cryptocurrency for physical 

and digital art transactions. 

Founder Edward Gallagher emphasises 

the gallery’s commitment to leveraging 

technology, citing the use of photorealistic 

VR and AR to extend the reach of 

art exhibitions to a broader audience, 

aligning with the gallery’s mission to 

make art accessible to as many people 

as possible. 

Pioneering secure 

payments for 

physical assets 

like art with 

digital assets is a 

significant stride 

forward in the 

UAE.” 

Transferring ownership in novel art 

business frameworks 

Fresh approaches have emerged 

concerning both art consumption and 

the elements exchanged in the sale of 

an artwork. Regarding physical artworks, 

buyers are no longer confined 

to acquiring an entire piece; ownership 

extends beyond the physical artwork 

itself. Pioneering startups are introducing 

liquidity to the art market by tokenising 

artworks through blockchain technology. 

Companies like Maecenas, Feral Horses, 

and Masterworks employ tokens to 

enable purchasers to attain “fractional 

ownership” of art. Many of these startups 

issue their cryptocurrencies (tokens) 

to fund their operations, facilitating 

fractional ownership through initial coin 

offerings. Blockchain technology utilises 

cryptocurrencies and tokens to record and 

validate semi-anonymous transactions on 

an immutable distributed ledger. These 

‘ArtTech’ investment platforms differ in 

their approaches to acquiring included 

artworks but collectively assert that this 

new model broadens participation in the 

art market, allowing more individuals to 

own a share of a masterpiece. The ownership 

of the artwork isn’t necessarily 

transferred but operates similarly to art 

investment funds. 

Furthermore, there are emerging 

business models where the actual ownership 

of the artwork isn’t exchanged, 

but rather, rights to a digital reproduction 

are authorised. Technologies such 

as streaming and subscription services 

have made their mark on the art world. 

For instance, Samsung’s 4K smart television, 

“The Frame,” is positioned as a 

digital canvas. 

Technology is revolutionising the art 

buying and selling landscape, impacting 

fundamental aspects such as the location 

and method of sales, payment procedures, 

and the nuanced details of ownership 

exchanged during an art transaction. 

This transformation paves the way for 

innovative business models and the 

creation of value, enhancing the speed, 

affordability, reliability, and transparency 

of art transactions. However, it also 

introduces changes in the susceptibility 

of the art buying and selling process to 

financialisation. To prevent the commodification 

of the industry, there is a 

crucial need for internal organisations 

to guide and govern the implementation 

of technology. 


Local News 

UAE President Recognises Chalhoub Group for Parent-Friendly Initiatives 

Chalhoub Group proudly announces 

the receipt of the Parent-friendly 

Label (PFL) from the Abu Dhabi 

Early Childhood Authority (ECA), 

recognising its exemplary parentfriendly 

policies and practices. The 

prestigious ceremony at Qasr Al Shati 

in Abu Dhabi, attended by His Highness 

Sheikh Mohamed bin Zayed Al Nahyan, 

President of the UAE, and His Highness 

Sheikh Theyab bin Mohamed bin Zayed 

Al Nahyan, Chairman of the ECA, 

honoured Chalhoub Group and other 

distinguished institutions. This accolade 

underscores the Group’s commitment 

to prioritising the health, safety, and 

overall well-being of its employees. 

Chalhoub Group stands among the UAE’s 

most supportive organisations, offering 

generous parental leave policies, flexible 

working arrangements, mental health 

support, and fostering a collaborative 

environment through initiatives like 

“Culture Labs.” 

Shuaa Capital Confirms 

Board Decision: No Delisting 

Plans in Dubai 

Dubai’s Shuaa Capital dismisses 

rumours of delisting from the 

Dubai Financial Market (DFM), 

affirming in a statement that recent 

reports about the company going 

private and its board considering 

delisting are unfounded. The investment 

bank and asset manager clarify that a 

capital restructuring plan is underway, 

emphasising that shareholders will 

receive updates on developments by 

February 14th. As part of this disclosure, 

unaudited full-year results for 2023 will 

also be presented. The announcement 

aims to dispel speculation surrounding 

Shuaa Capital’s market status, providing 

transparency about its strategic 

direction amid ongoing transformations 

in the financial landscape. 

Meydan Free Zone Partners with Zoho for 

Comprehensive Business Tech Solutions 

Meydan Free Zone (MFZ), the 

UAE’s exclusive 24/7 digital 

free zone, has joined forces 

with Zoho, a global technology leader, 

to enhance business growth through 

access to a comprehensive suite of 

cloud-based solutions. This collaboration 

aims to enhance the business 

licensing experience within MFZ. 

Registered companies in MFZ will 

enjoy exclusive access to Zoho One, 

an integrated suite featuring over 50 

business management applications on 

TASC, a leading Global Resourcing 

Outsourcing (GRO), Human 

Resources Outsourcing (HRO), 

and Immigration solutions specialist, 

is reshaping the Saudization journey 

by addressing challenges in global 

mobility. The company’s recent market 

research in Saudi Arabia revealed 

that achieving a Green Nitaqat status 

while hiring expatriate talent poses a 

significant hurdle for organisations. In 

response, TASC organised the webinar 

‘Mastering Global Mobility for a Green 

Nitaqat in Saudi Arabia,’ featuring 

industry experts to dispel misconceptions 

about Nitaqat’s status. Additionally, 

TASC released a Guidebook 

in three languages to help businesses 

a single platform. Covering key functions 

like sales, marketing, customer 

service, finance, and HR, Zoho One 

empowers businesses with efficiency 

and scalability. The Memorandum of 

Understanding was signed by Hamed 

Ahli, Head of Meydan Free Zone, and 

Premanand Velumani, Regional Manager, 

Middle East and Africa at Zoho. 

This strategic partnership reflects their 

commitment to fostering innovation 

and success for entrepreneurs in the 

region. 

TASC Survey: Challenges in Global Mobility and 

Green Nitaqat Balance 

navigate the regulatory landscape. The 

company, having assisted over 40 local 

and international businesses in establishing 

a presence in Saudi Arabia, 

now focuses on streamlining Nitaqat 

and Saudization, further emphasised 

by the inauguration of a larger office 

in Riyadh. 


Emirates Litfest 

Partners for Youth 

Engagement Across 

Gulf Region 

The Emirates Airline Festival of 

Literature is forging powerful 

partnerships with the Investment 

Corporation of Dubai, Dubai 

Business Associates, and FlyDubai to 

enhance the impact of Youth Day 2024. 

This collaboration enables the Festival 

to extend invitations to students 

across the region for an all-expenses-paid 

experience, covering flights, 

accommodation, and immersive Festival 

activities. Youth Day, scheduled for 

February 1, 2024, at Intercontinental 

– Dubai Festival City, offers a diverse 

program encompassing artificial intelligence, 

innovation, literature, and 

sustainability, with a core focus on Arabic 

culture. Designed for individuals 

aged 16 and above, the event, priced at 

a nominal AED 125, provides a unique 

opportunity to attend specially curated 

sessions fostering adaptability and 

resilience in an ever-evolving world. 

Apparel Group Unleashes Expansion: 29 New 

Stores Set to Grace Philippines 

Dubai’s Apparel Group is embarking 

on a major expansion, 

unveiling plans to open 29 retail 

stores this year in the UAE and 

venture into new markets like the 

Philippines and Hungary. The fashion 

and lifestyle retail giant, managing a 

portfolio of 2,100 stores, confirmed 

these growth initiatives during the 

inauguration of five outlets at Abu 

Dhabi’s Al Reem Mall. The upcoming 

stores are slated to join the vibrant 

retail landscape within the same mall. 

With a diverse brand portfolio encompassing 

global names like Tommy Hilfiger, 

Charles & Keith, Skechers, Aldo, 

and more, Apparel Group continues 

to make significant strides across the 

Middle East and beyond, solidifying 

its presence in countries such as Saudi 

Arabia, India, and South Africa. 

Abu Dhabi Health Dept. Partners with Masdar City 

& Global Leaders 

The Department of Health – Abu 

Dhabi (DoH) has entered a strategic 

alliance at Arab Health 

2024, signing a Memorandum of Understanding 

(MoU) with Masdar City, 

Xlife Sciences, and Thermo Fisher 

Scientific. The collaboration aims 

to foster innovation in Abu Dhabi’s 

healthcare sector, promoting clinical 

research and trials, and nurturing a 

supportive ecosystem for life science 

startups. Under the agreement, these 

entities will work closely with DoH 

to drive advancements, with a focus 

on supporting local innovators and 

utilising the emirate’s advanced infrastructure 

for startups. The MoU was 

signed by key representatives, including 

Dr. Asma Ibrahim Al Mannaei from 

DoH and leaders from Masdar City, 

Xlife Sciences, and Thermo Fisher 

Scientific. 

UAE Tops Global Charts as Prime Hub for Expats’ Work Visas 

The UAE has claimed the top 

spot as the global epicentre 

for expatriates seeking work 

visas, according to the latest Deel 

Global Hiring Report. Analysing data 

from 300,000 contracts worldwide, 

the report highlights the UAE’s dominance 

over 150 countries in attracting 

international talent for employment. 

This appeal is particularly strong in 

industries such as financial services, 

IT, software development, management 

consulting, marketing, and advertising. 

In today’s competitive job 

market, key sought-after roles span 

a diverse range of sectors and skill 

sets. Among these coveted positions 

are management consultants, content 

managers, software engineers, and 

strategy directors. The study reveals 

that the Netherlands secured the 

second spot in the list of popular visa 

destinations, with France, the United 

Kingdom, and Singapore following 

suit. The findings reflect the UAE’s 

dedication to cultivating a diverse 

and dynamic multinational workforce, 

emphasising its role as a top choice for 

recruiters globally. 


Travel 

4 Guilt-Free Shopping Destinations to 

Visit this March 

As spring arrives, beckoning pleasant weather and global travel adventures, the journey is incomplete without a mix 

of leisure, pleasure, and a touch of guilt-free shopping. This article spotlights destinations worldwide that offer tax 

refunds on your shopping, extending beyond the well-known option in the UAE. Explore the world, indulge in unique 

shopping experiences, and revel in the added perk of tax refunds to enhance your travel memories and make every 

destination a retail discovery. 

Sydney, Australia 

Sydney celebrated for its picturesque 

beaches and iconic opera house, emerges 

as a premier destination offering 

a plethora of entertainment choices. 

The country welcomes tourists with a 

diverse array of culinary delights and 

accommodation options to suit every 

traveller’s budget. However, Sydney’s 

allure extends beyond its natural beauty 

and welcoming atmosphere. With 

shopping destinations like the Queen 

Victoria Building and World Square, 

the city caters to those seeking retail 

therapy, adding another layer to the 

vibrant experiences awaiting visitors. 

Notably, Australia’s Tax Refund 

Scheme (TRS) permits individuals to 

reclaim the Goods and Services Tax 

(GST) and Wine Equalisation Tax 

(WET) paid on items taken out of the 

country. The TRS is accessible to both 

international visitors and Australian 

residents. To qualify, one must present 

a tax invoice for purchases amounting 

to $300 or more from a single business 

within 60 days before departure. Refunds 

encompass the entire GST (computed 

at 1/11th of the price) and/or the 

full WET (14.5% of the wine price). 

Claimants can process their claims at 

TRS facilities located in international 

airports or cruise terminals. The TRS 

app is also available to expedite the 

claim process. 

London, England 

London, the capital of both England 

and the United Kingdom, stands as a 

modern metropolis in the 21st century, 

with a history that traces its roots back 

to Roman times. London, a haven for 

shopping enthusiasts, boasts a diverse 

and vibrant retail scene that captivates 

visitors from around the world. The 

city’s iconic shopping districts, including 

the renowned Oxford Street and 

chic Covent Garden, offer a plethora 

of high-end boutiques, flagship stores, 

and unique marketplaces. From luxury 

fashion houses to eclectic vintage shops, 

London caters to every taste and style. 

Visitors exploring London have the 

opportunity to reclaim the Value Added 

Tax (VAT) on purchases made from 

various British retailers. To qualify for 

the refund, individuals must initially buy 

items from stores displaying the Tax- 

Free shopping sign. Upon completing 

the purchase, the retailer will provide 

a tax refund form, and it’s essential 

to retain both this form and the corresponding 

receipt. Upon departure 

at the airport, travellers can submit 

their forms and receipts at a Travelex 

counter or the customs desk to secure 

their VAT refund. 


Marbella, Spain 

Situated on the Costa del Sol in the 

Andalusia region of southern Spain, Marbella 

is a city and resort area. Framed by 

the Sierra Blanca Mountains, it features 

27 kilometres of sandy Mediterranean 

beaches, alongside an array of villas, 

hotels, and golf courses. Marbella, Spain, 

emerges as a captivating destination 

for shopping sprees, offering a unique 

blend of luxury and local charm. The 

city’s vibrant shopping scene encompasses 

upscale boutiques, renowned 

international brands, and quaint local 

markets, providing a diverse range of 

options for every taste and preference. 

The iconic Puerto Banús, a glamorous 

marina, stands as a premier shopping 

hub where visitors can explore highend 

fashion, jewellery, and designer 

boutiques. Additionally, the charming 

Old Town showcases traditional 

Spanish craftsmanship, with narrow 

streets adorned with boutique shops 

and artisanal stores. 

For non-European Union residents 

visiting Spain, there is an opportunity 

for tax-free shopping, resulting in a 

21% discount on purchases exceeding 

€90.15. Look for stores providing taxfree 

shopping services, similar to the 

process in London. Obtain a form from 

the shop and retain your receipts. Upon 

reaching the airport, present your forms 

to customs or at a Travelex counter to 

avail the tax-free benefits. 

Puebla, Mexico 

Puebla, located in central Mexico, 

is a city steeped in rich history and 

vibrant culture. Recognized as a UN- 

ESCO World Heritage Site, Puebla is 

celebrated for its well-preserved colonial 

architecture, charming cobblestone 

streets, and colourful Talavera-tiled 

buildings. It also offers a delightful 

shopping experience for enthusiasts. 

Renowned for its Talavera pottery, 

Mercado El Parian bustles with diverse 

handicrafts and regional products, 

providing an authentic Mexican flair. 

The antique shops in Callejón de los 

Sapos charm with historical finds, while 

artisan markets showcase handmade 

textiles and leather goods. El Parián, 

near the Cathedral, offers a cultural 

and shopping blend, and for luxury 

seekers, Angelopolis boasts upscale 

malls with international and Mexican 

designer stores. 

In Mexico, the tourist tax refund is 

exclusively accessible to international 

visitors who make purchases at participating 

stores, provided they depart 

the country via plane or cruise liner. 

Eligibility requires a minimum spending 

of 1200 pesos on Mexican goods, with 

each receipt meeting or exceeding 

this amount. To identify participating 

stores, look for the MONEYBACK logo 

displayed in the store window. At the 

airport, locate a MONEYBACK kiosk 

or office to process the refund, which 

approximately amounts to 8.9% of the 

claimed purchase total. 


Travel News 

Kuwait Introduces New 

Visit Visas and Lists 53 

Visa-on-Arrival 

Countries 

Kuwait announces the resumption 

of issuing visit visas for families, 

tourism, and commercial 

visitors as part of a strategy to boost 

commercial, economic, and tourist 

activities. Following the instructions 

of Deputy Prime Minister Sheikh Fahad 

Yusuf Saud Al-Sabah, the new visas 

aim to stimulate movements while 

considering social aspects. Effective 

February 7, the issuance of visit visas 

for expat family members requires 

meeting certain conditions, including a 

minimum salary and proof of return air 

tickets. The visa is granted to parents, 

spouses, and children of expat workers, 

with a minimum salary requirement of 

KD 400 ($1,300) and KD 800 ($2,600) 

for other relatives. This resumption 

of visit visa issuance aims to enhance 

economic vitality and promote family 

reunification. 

Saudi Arabia Aims for 150M Tourists; Spending 

Hits $26.7B in the Last Year 

Saudi Arabia’s tourism sector 

achieved a milestone in 2023, 

hosting over 100 million tourists 

who collectively spent SR 100B 

($26.7B), announced Ahmed bin Aqeel 

Al Khateeb, the Kingdom’s Minister of 

Tourism. This comprised 77 million 

domestic and 27 million international 

tourists. Al Khateeb, participating in 

a ministerial session at the PIF and 

Private Sector Forum, highlighted the 

Crown Prince’s strategy to attract 150 

million tourists by 2030, with 80 million 

domestic and 70 million international 

visitors. He emphasised Saudi Arabia’s 

commitment to funding training programs, 

with over 100,000 individuals 

trained last year, including 15,000 in 

top global institutes for the tourism 

sector, and highlighted the role of the 

Human Resources Development Fund 

in increasing salaries. 

UAE Cancels Cruise Voyages Amid Escalating 

Tensions in the Red Sea 

Major cruise companies like 

Royal Caribbean, MSC Cruises, 

and Carnival Corporation 

are adjusting itineraries and cancelling 

voyages in the Red Sea due to 

escalating tensions between Yemen’s 

Houthi militants and British and US 

forces. Carnival Corporation, one of 

the largest cruise operators globally, 

has rerouted a significant number of 

ships across its brands. MSC Cruises, 

the Swiss-Italian operator, was the first 

to cancel sailings in mid-January, prioritising 

the safety of passengers and 

crew. The affected ships sailed empty 

around Africa to reach Europe, where 

they will remain until the summer 

season. Passengers are offered various 

options, including transferring to future 

journeys, rebooking with a partial 

refund, or opting for a full refund. 

Jumeirah Group Opens 

First Luxury Hotel in 

Saudi Arabia 

Jumeirah Group, a luxury hospitality 

company, has inaugurated 

its inaugural hotel in Saudi Arabia—Jumeirah 

Jabal Omar Makkah. 

Positioned in the heart of Jabal Omar 

and in proximity to the Great Mosque 

of Makkah, this marks a significant 

step in the company’s regional and 

global expansion. As part of the Jabal 

Omar project’s second phase designed 

by Fosters + Partners architects, the 

hotel offers a serene atmosphere 

and world-class amenities with 1,121 

rooms, suites, and residences. The 

dining options include Mediterranean 

restaurant Patras, a lobby lounge, and 

upcoming venues offering regional 

Arabesque, Persian, Middle Eastern, 

Southeast Asian, and Indo-Pakistani 

cuisine, along with a café serving exquisite 

teas and French baked goods. 

The property also features three meeting 

rooms and event spaces accommodating 

10 to 70 people. 


NEOM Unveils Xaynor: Exclusive Beach Club Oasis in Saudi Arabia 

NEOM reveals Xaynor, a luxurious 

private members’ beach club 

nestled along the rocky Gulf of 

Aqaba landscapes in northwest Saudi 

Arabia. This addition to the evolving 

regional development promises an 

exclusive retreat where members can 

unwind on the pristine Gulf of Aqaba 

coastline. Xaynor’s architecture and 

curated interiors elevate comfort and 

sophistication, creating a space for 

leisure, relaxation, entertainment, and 

conversation. The entrance, adorned 

with a canopy, seamlessly integrates 

with the natural landscape, guiding 

guests to the beach. The distinctive 

architectural style combines concealed 

retreats with expansive open spaces. 

Facilities at Xaynor include private pools, 

beachside lounges, gourmet dining, a 

signature entertainment venue, and a 

world-class spa and wellness centre. 

Dubai Hits Record 17 Million Visitors in 2023: 

Sheikh Hamdan 

Dubai witnessed an extraordinary 

tourism surge in 2023, welcoming 

an impressive 17.15 million 

international tourists, as disclosed by 

Sheikh Hamdan bin Mohammed bin 

Rashid Al Maktoum, Crown Prince of 

Dubai and Chairman of The Executive 

Council of Dubai. This remarkable 

growth, a 19.4 percent increase, firmly 

established Dubai as a premier global 

destination in alignment with the 

objectives of Dubai Economic Agenda 

D33. The city’s tourism sector exhibited 

strength with a remarkable 77.4 

percent hotel occupancy rate, surpassing 

150,000 rooms to meet escalating 

demand. Occupied hotel room nights 

reached a new high at 41.7 million, 

marking an 11 percent YoY increase 

and a 30 percent surge compared to 

2019 figures. 

Saudi Arabia and VFS Global Unveil New Visa Services 

Saudi Arabia’s Ministry of Commerce 

has entered into a significant 

agreement with VFS Global 

to introduce new visa application 

services. VFS Global will establish a 

dedicated centre within the Ministry’s 

headquarters in Riyadh, streamlining 

visa processing for employees, delegates, 

and subsidiary companies. 

Zubin Karkaria, Founder and CEO of 

VFS Global, expressed the company’s 

honour in this strategic partnership, 

emphasising their commitment to 

enhancing the visa application experience. 

Approximately 8,000 individuals 

associated with the Ministry and its 

subsidiary government institutions will 

benefit from VFS Global’s expertise. 

Notably, the partnership introduces 

the Visa At Your Doorstep service, 

offering flexibility by allowing trained 

professionals to visit applicants at a 

chosen location for the visa application 

process. Please note that this service 

is available for certain missions. 

UK Launches Visa-Free 

Travel for UAE, Saudi, 

and GCC Nationals on 

Feb. 22 

Starting February 22, citizens of the 

UAE, Saudi Arabia, and other Gulf 

states can benefit from a streamlined 

travel process to the UK. The UK’s newly 

introduced Electronic Travel Authorization 

(ETA) system replaces the Electronic Visa 

Waiver (EVW) system, offering a quicker 

and more straightforward visa-free process 

for repeated visits to Britain under 

a single approval. Managed by the UK 

Visas and Immigration (UKVI), this ETA 

system aims to enhance efficiency and 

convenience in travel arrangements. The 

initiative is not limited to GCC citizens, 

as it is also extended to Jordanian nationals. 

This development signifies the 

UK’s commitment to facilitating smoother 

travel experiences for visitors from these 

regions. 


Samsung HW-Q990C soundbar 

Samsung’s HW-Q990C soundbar 

is a comprehensive audio solution 

for home theatres, offering 

an all-in-one package that includes a 

soundbar, subwoofer, and rear speakers. 

Priced at $1,900, this high-end model 

from Samsung caters to users seeking 

a hassle-free setup without the need 

to purchase additional components 

separately. 

In terms of design, the Q990C is 

Samsung’s flagship soundbar, boasting 

a width of 48.5 inches and incorporating 

11 front-facing drivers, including 

side-firing ones, four up-firing drivers, 

and an internal subwoofer. The substantial 

wireless subwoofer, measuring 16 x 

16 x 8 inches and weighing 26 pounds, 

complements the rear speakers, which 

feature a three-driver setup for a more 

immersive audio experience. The mesh 

plastic covering on both the soundbar 

and rear speakers adds a touch of sophistication 

and practicality for easy 

maintenance. 

Setting up the Q990C is a breeze, and 

Samsung’s SmartThings app streamlines 

the process. The app not only 

aids in the initial configuration but 

also provides a platform for users to 

customise settings. The soundbar supports 

two HDMI inputs, Dolby Atmos, 

and various audio options, ensuring a 

crisp 11.1.4-channel sound experience 

in the living room. However, it’s worth 

noting that the absence of HDMI 2.1 

might disappoint gamers. 

The Q990C’s sound quality is a 

standout feature, offering immersive 

Dolby Atmos and impressive upscaling 

capabilities. With 11.1.4-channel output, 

this soundbar excels in delivering directional 

audio, creating a theatre-like 

experience within the confines of your 

living space. Music enthusiasts will 

appreciate the crisp highs and punchy 

bass, making it a versatile choice for 

various genres. 

The package’s completeness and ease 

of setup contribute to its overall value, 

making it an attractive choice for those 

seeking a premium, all-inclusive home 

theatre audio solution from Samsung. 

However, the absence of HDMI 2.1 and 

the premium pricing may make users 

consider alternative options based on 

their specific needs and preferences. 

source: www.samsung.com 


ACCENTUM Wireless 

Sennheiser has recently unveiled its 

ACCENTUM Wireless noise-cancelling 

headphones in the Middle 

East, marking a significant expansion 

for this state-of-the-art audio technology. 

Launched on September 26, 2023, the 

ACCENTUM Wireless is now accessible 

to Middle Eastern consumers, 

introducing them to a carefully crafted 

personal audio device that redefines 

standards in headphone performance. 

ACCENTUM Wireless prioritises a 

thoughtful design, emphasising comfort, 

robustness, and sound quality. 

This gadget stands out as an advancement 

in the audio technology sector, 

offering users an unparalleled blend 

of features. With a 4-button control 

system, users can effortlessly adjust 

volume, switch between tracks, and 

handle calls without reaching for their 

phones. The headphones also allow 

for a personalised audio experience, 

thanks to customisable sound settings 

that enhance immersion during phone 

calls, movie watching, or music listening. 

One of the standout features of 

ACCENTUM Wireless is its impressive 

battery life, boasting a staggering 50 

hours of playback. This extended playback 

time positions the headphones 

as ideal for extended music sessions 

or lengthy travels, setting them apart 

from competitors. Including adaptive 

noise cancellation and a manual anti-wind 

mode ensures crystal-clear, 

high-quality music even in turbulent 

or noisy environments, making the 

ACCENTUM Wireless suitable for 

outdoor use or travel. 

Sennheiser’s introduction of AC- 

CENTUM Wireless in the Middle East 

signifies a strategic move in the company’s 

global success within the audio 

technology industry. The anticipation 

of a positive reception in the Middle 

East market is fueled by the device’s 

exceptional features and competitive 

pricing. This product launch further 

reinforces Sennheiser’s reputation as 

a leader in advanced audio technology 

and innovative hearing care solutions. 

The ACCENTUM Wireless is reasonably 

priced at AED 729, aligning with 

Sennheiser’s commitment to offering 

high-quality products at various price 

points. Available in two fashionable 

colours, black and white, these headphones 

not only serve as essential 

audio instruments but also make a 

stylish addition to any outfit. The elegant 

design makes the ACCENTUM 

Wireless a versatile choice for those 

seeking exceptional audio technology 

without compromising on aesthetics. 

source: www.sennheiser.com 


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