Finance World Magazine| Edition: April 2024

Amidst pressing global climate challenges, the UAE has emerged as a leader in sustainability, spearheading initiatives promising a greener future. At the forefront of this movement is the country's ambitious Net Zero 2050 initiative, which has garnered pledges from several companies. This month's edition of Finance World Magazine delves into the implications of the UAE's Net Zero 2050 initiative and its transformative effects on the financial landscape, echoing the country's dedication to sustainable development. The cover story highlights companies dedicated to the Net Zero by 2050 initiative, driving change across sectors with innovative strategies for carbon neutrality, reflecting their proactive leadership and impactful contributions to a sustainable future. Between these pages, readers can discover insights into Venkat Reddy's visionary approach behind klipit, the world's first eco-friendly, blockchain-based paperless receipt app. The edition highlights the significance of the UAE's pioneering Digital Asset Law and the newly introduced Biofuel Policy, assessing their implications and potential impact. Complementing the net zero initiatives the article, “Sustainable Living in Dubai: A Closer Look at ZāZEN Properties' Prescient Developments” deciphers the successful green developments by ZāZEN Properties. It also features Shahzad Ahmad, CEO of Ensure Events, sharing insights on his entrepreneurial journey fueled by childhood passion, navigating challenges and envisioning global music festivals and business expansion. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

Amidst pressing global climate challenges, the UAE has emerged as a leader in sustainability, spearheading initiatives promising a greener future. At the forefront of this movement is the country's ambitious Net Zero 2050 initiative, which has garnered pledges from several companies. This month's edition of Finance World Magazine delves into the implications of the UAE's Net Zero 2050 initiative and its transformative effects on the financial landscape, echoing the country's dedication to sustainable development.

The cover story highlights companies dedicated to the Net Zero by 2050 initiative, driving change across sectors with innovative strategies for carbon neutrality, reflecting their proactive leadership and impactful contributions to a sustainable future. Between these pages, readers can discover insights into Venkat Reddy's visionary approach behind klipit, the world's first eco-friendly, blockchain-based paperless receipt app.

The edition highlights the significance of the UAE's pioneering Digital Asset Law and the newly introduced Biofuel Policy, assessing their implications and potential impact. Complementing the net zero initiatives the article, “Sustainable Living in Dubai: A Closer Look at ZāZEN Properties' Prescient Developments” deciphers the successful green developments by ZāZEN Properties.

It also features Shahzad Ahmad, CEO of Ensure Events, sharing insights on his entrepreneurial journey fueled by childhood passion, navigating challenges and envisioning global music festivals and business expansion.

Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.


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Reaching a visionary goal requires<br />

one percent vision and 99 percent alignment.<br />

Amidst pressing global climate challenges, the UAE has emerged<br />

as a leader in sustainability, spearheading initiatives Editor’s promising Note a<br />

greener future. At the forefront of this movement is the country’s<br />

ambitious Net Zero 2050 initiative, which has garnered pledges from<br />

several companies. This month’s edition of <strong>Finance</strong> <strong>World</strong> Magazine<br />

delves into the implications of the UAE’s Net Zero 2050 initiative and<br />

its transformative effects on the financial landscape, echoing the<br />

country’s dedication to sustainable development.<br />

The cover story highlights companies dedicated to the Net Zero<br />

by 2050 initiative, driving change across sectors with innovative<br />

strategies for carbon neutrality, reflecting their proactive leadership<br />

and impactful contributions to a sustainable future. Between these<br />

pages, readers can discover insights into Venkat Reddy’s visionary<br />

approach behind klipit, the world’s first eco-friendly, blockchain-based<br />

paperless receipt app.<br />

The edition highlights the significance of the UAE’s pioneering<br />

Digital Asset Law and the newly introduced Biofuel Policy, assessing<br />

their implications and potential impact. Complementing the net zero<br />

initiatives the article, “Sustainable Living in Dubai: A Closer Look at<br />

ZaZEN Properties’ Prescient Developments” deciphers the successful<br />

green developments by ZaZEN Properties.<br />

It also features Shahzad Ahmad, CEO of Ensure Events, sharing<br />

insights on his entrepreneurial journey fuelled by childhood passion,<br />

navigating challenges and envisioning global music festivals and<br />

business expansion.<br />

We aim to espouse the vision of the UAE’s wise leadership on the<br />

nation’s development path, highlighting the social, economic, and<br />

developmental aspects shaping this dynamic nation. To that end, we<br />

tirelessly curate the latest and most credible finance news for our<br />

readers, aiming to advance financial literacy and contribute to Dubai’s<br />

journey to becoming one of the world’s most pioneering economies.<br />

- Ambrish Agarwal, Editor in Chief<br />

- Ambrish Agarwal, Editor in Chief<br />

Advertisers advertised in this guide are included on a sponsored basis.<br />

Details are correct at the time of going to press, but offers and prices<br />

may change.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 7<br />

September 2022 3

Contents <strong>April</strong><br />

<strong>2024</strong><br />



P25 | Business News<br />


EVENT<br />

P10 | Seamless. Sustainable.<br />

Secure. klipit’s Steps Towards a<br />

Better Future<br />


P14 | The Emerging Trend of<br />

Financial Literacy Education<br />

Globally<br />


P16 | UAE Banking News<br />


P28 | Toward Net Zero 2050:<br />

Businesses Championing Climate<br />

Action<br />

ENERGY<br />

P56 | Dubai Fintech Summit <strong>2024</strong><br />


P60 | Sustainable Living<br />

in Dubai: A Closer Look at<br />

ZaZEN Properties’ Prescient<br />

Developments<br />

P62 | Real Estate News<br />


P18 | Future-Proofing Dubai’s<br />

Workforce: A Bold Vision for<br />

Talent Empowerment<br />


P20 | Fintech News<br />

P22 | Fintech Application<br />

8 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong><br />

P48 | “UAE’s Biofuels Policy:<br />

Promoting Sustainable Energy for<br />

a Greener Future”<br />

P50 | Energy News<br />



P54 | Mergers & Acquisitions News<br />

P64 | Nurturing Dreams, Building<br />

Success - The Ensure Events<br />

Entrepreneurial Journey



P68 | Shifting Sands: ESG<br />

Investing Transforming the UAE’s<br />

Financial Landscape<br />

P71 | Funding & Investment News<br />


P74 | Deciphering the DIFC’s<br />

Groundbreaking Digital Asset Law<br />

EVENT<br />

P78 | Journey of Excellence:<br />

Inside Burjeel Holdings’ Visionary<br />

Expansion<br />

P82 | Healthcare News<br />


P84 | Corporate Results<br />


P98 | Investing in Ecological<br />

Art: Bridging Environmental<br />

Consciousness and Creative<br />

Expression<br />

P100 | Local News<br />

TRAVEL<br />

P104 | Travel News<br />

P41 | P93 | Launch Express<br />

P44 | P52 | Wheels<br />

P40 | P92 | Tech My Money<br />

P86 | From Pixels to Profit:<br />

Exploring Abu Dhabi’s Esports<br />

Island<br />

P89 | Sports News<br />

P77 | Connecting Green Hydrogen<br />

MENA <strong>2024</strong>: Driving the Energy<br />

Transition Towards a Sustainable<br />

Future<br />

GLOBAL<br />

P95 | Global News<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 9

Interview<br />

Seamless. Sustainable. Secure.<br />

klipit’s Steps Towards a Better Future<br />

10 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

In an exclusive interview with <strong>Finance</strong> <strong>World</strong> Magazine, Venkat Reddy,<br />

CEO and Founder of klipit, shares the journey behind the world’s first ecofriendly,<br />

blockchain-based paperless receipt app. klipit transforms personal<br />

inconvenience into a universal solution, tackling environmental challenges and<br />

reshaping consumer habits. Reddy’s efforts align with reaching the UAE’s net-zero<br />

goal by 2050, promoting a sustainable and secure future for digital transactions.<br />

Exclusive to <strong>Finance</strong> <strong>World</strong> Magazine<br />

Q. Can you share the inspiration<br />

behind founding klipit and how<br />

the idea of a blockchain-powered<br />

digital receipt platform originated?<br />

The inspiration behind klipit sprouted<br />

from a personal inconvenience:<br />

the cumbersome task of managing a<br />

plethora of paper receipts. This challenge<br />

prompted us to seek out more<br />

sustainable alternatives, leading to the<br />

realisation of a universal need for an<br />

efficient, eco-conscious solution. Our<br />

research confirmed this need, with<br />

76% of GCC consumers expressing a<br />

preference for digital receipts.<br />

Thus, klipit emerged as the world’s<br />

first eco-friendly, blockchain-based paperless<br />

receipt app- a product designed<br />

to tackle two significant challenges:<br />

reducing landfill waste and providing<br />

consumers with a comprehensive digital<br />

platform for receipt storage.<br />

By transitioning to digital receipts, klipit<br />

not only helps businesses in decreasing<br />

their environmental footprint but also<br />

enables them to save costs, streamline<br />

operations, and gain valuable insights<br />

into consumer purchasing behaviour.<br />

Q. klipit has established hubs in<br />

various locations, including Singapore,<br />

Dubai, and Bangalore. How<br />

does this global presence contribute<br />

to klipit’s mission, and are there<br />

specific regional considerations<br />

in promoting a paperless receipt<br />

system?<br />

Klipit is actively working towards<br />

expanding its global presence, with a<br />

particular emphasis on the dynamic<br />

Middle East region. Currently, we are<br />

gearing up to introduce our innovative<br />

solutions in Saudi Arabia, with plans<br />

for subsequent expansion into other<br />

GCC markets.<br />

Klipit recognises the importance<br />

of adapting to regional nuances and<br />

preferences. In each market, we tailor<br />

our strategies to address specific regulatory<br />

requirements, cultural norms,<br />

and technological infrastructures. For<br />

instance, in regions like the Middle<br />

East, where environmental sustainability<br />

and digital transformation are<br />

gaining momentum, we emphasise the<br />

eco-friendly and convenient aspects of<br />

our paperless receipt system.<br />

Q. Sustainability is a key focus for<br />

klipit. How do you see technology,<br />

particularly blockchain, playing a<br />

role in addressing environmental<br />

challenges, and how does klipit<br />

contribute to this effort?<br />

We leverage blockchain technology<br />

to revolutionise receipt management<br />

and promote sustainability in the retail<br />

sector. By digitising receipts and<br />

storing them securely on our blockchain-based<br />

platform, we eliminate<br />

the need for paper receipts, thereby<br />

reducing paper waste. Furthermore,<br />

our platform ensures the integrity and<br />

privacy of transaction data, enhancing<br />

trust and accountability in the receipt<br />

management process.<br />

Q. The transition to digital receipts<br />

is a significant step towards reducing<br />

paper usage and deforestation.<br />

What challenges did klipit face in<br />

promoting this shift, and how have<br />

you overcome them?<br />

At klipit, we are committed to spearheading<br />

a transformative shift towards<br />

a paperless receipt ecosystem. Our<br />

vision extends beyond mere innovation;<br />

we envision a future where regions<br />

such as the UAE, India, and Singapore<br />

embrace paperless transactions as the<br />

norm. However, amidst our ambitious<br />

goals, we recognise the formidable challenge<br />

of reshaping consumer mindsets<br />

regarding the environmental impact<br />

of traditional thermal paper receipts.<br />

One of our primary hurdles has been<br />

fostering awareness among consumers<br />

about the detrimental effects of thermal<br />

paper on the environment. Convincing<br />

individuals to reconsider their habits<br />

and adopt digital alternatives requires<br />

a concerted effort in education and<br />

advocacy. Many consumers are accustomed<br />

to the convenience of physical<br />

receipts and are still hesitant to embrace<br />

a digital alternative.<br />

Moreover, as klipit operates through<br />

a mobile application, we encountered<br />

the challenge of incentivising consumers<br />

to download and utilise our platform<br />

solely for receipt organisation. Recognising<br />

this obstacle, we’ve strived to<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 11

Interview<br />

communicate that klipit offers far more<br />

than mere receipt management. Our<br />

application serves as a comprehensive<br />

financial tool, empowering users to<br />

budget effectively and gain insights<br />

into their spending habits.<br />

Despite these challenges, we remain<br />

steadfast in our commitment to progress.<br />

While we acknowledge that we<br />

have a considerable journey ahead,<br />

we are encouraged by the increasing<br />

traction and positive feedback we’ve<br />

received thus far.<br />

Q. Could you elaborate on the specific<br />

ways in which klipit leverages<br />

blockchain technology to ensure<br />

the security and authenticity of<br />

digital receipts?<br />

klipit utilises blockchain technology<br />

to enhance digital receipt storage and<br />

transaction management through its<br />

decentralised and immutable ledger<br />

system. Here’s how it works:<br />

Decentralised Storage: Traditional<br />

receipt storage systems rely on centralised<br />

servers, which are susceptible<br />

to hacking and data breaches. klipit,<br />

on the other hand, stores receipts on<br />

a decentralised blockchain network<br />

(private and public networks depending<br />

on the retailer’s requirement). This<br />

means that purchase receipts are not<br />

stored in a single location but are distributed<br />

across multiple nodes in the<br />

network, making it much more secure<br />

and resistant to tampering.<br />

Immutable Records: Once a receipt<br />

is added to the blockchain, it cannot<br />

be altered or deleted. This ensures the<br />

integrity and authenticity of the transaction<br />

data, as it provides a tamper-proof<br />

record of all transactions. Users can<br />

trust that the information stored on the<br />

blockchain is accurate and cannot be<br />

manipulated by any party.<br />

Transaction Transparency: By<br />

leveraging blockchain technology, klipit<br />

offers greater transparency into transaction<br />

histories. Users can easily access<br />

their transaction records stored on the<br />

blockchain, providing a clear audit trail<br />

of their activities. This transparency<br />

can help prevent disputes and provide<br />

peace of mind to both consumers and<br />

businesses.<br />

Smart Contract Integration: As<br />

a future scope klipit will utilise smart<br />

contracts to automate certain aspects<br />

of transaction management. Smart<br />

contracts are self-executing contracts<br />

with the terms of the agreement directly<br />

written into code. They can automatically<br />

trigger actions (such as prompting for<br />

purchase of extended warranty, auto<br />

servicing appointments, and Auto-renewal<br />

of insurance) when predefined<br />

conditions are met, streamlining transaction<br />

processes and reducing the need<br />

for manual intervention.<br />

Q. The United Arab Emirates has<br />

set an ambitious goal of achieving<br />

net-zero carbon emissions by 2050.<br />

How does klipit envision contributing<br />

to this national objective, and<br />

what role do you see blockchain and<br />

digital receipt technology playing<br />

in promoting sustainability within<br />

the UAE’s business landscape?<br />

At klipit, we recognise the United<br />

Arab Emirates goal of achieving net-zero<br />

carbon emissions by 2050 and believe<br />

that our vision aligns closely with this<br />

national objective. We see our platform<br />

playing a pivotal role in advancing sustainability<br />

within the UAE’s business<br />

landscape.<br />

By transitioning from traditional<br />

paper receipts to digital alternatives,<br />

we can significantly reduce paper consumption<br />

and the associated carbon<br />

footprint. This shift not only aligns with<br />

the UAE’s sustainability objectives but<br />

also represents a practical solution for<br />

businesses seeking to minimise their<br />

environmental impact.<br />

Blockchain technology serves as a<br />

cornerstone of klipit’s approach to digital<br />

receipts. By leveraging blockchain, we<br />

ensure the security, immutability, and<br />

transparency of digital transactions,<br />

thereby enhancing trust and accountability<br />

in the receipt management process.<br />

Furthermore, blockchain enables us<br />

to create a decentralised ecosystem<br />

where businesses and consumers can<br />

seamlessly exchange digital receipts<br />

while maintaining data privacy and<br />

integrity.<br />

Q. With the vision of klipit in mind,<br />

transforming the receipt management<br />

landscape globally, what growth<br />

expectations do you have for the<br />

platform in the next few years?<br />

How do you anticipate klipit’s user<br />

base, market presence, and overall<br />

impact evolving on a global scale?<br />

Looking ahead, we see klipit transcending<br />

its role merely as a receipt<br />

management system, envisioning it as<br />

a transformative platform capable of<br />

reshaping customer engagement and<br />

refining retail analytics. Our trajectory<br />

involves the integration of additional<br />

features, such as tailored shopping<br />

insights and financial management<br />

tools, thereby enabling klipit as an<br />

indispensable facet of daily transactions.<br />

Taking consumer protection to the<br />

next level, we also plan to introduce<br />

TRUklip, a blockchain-based AI/ML<br />

tool. The tool will enable brands to<br />

allocate unique QR codes to each of<br />

their products, which will allow consumers<br />

to determine the authenticity<br />

of the product at the time of purchase<br />

while flagging any counterfeit products.<br />

The tool will also be equipped with the<br />

ability to track the movement of products<br />

as they transit from warehouses<br />

and factories to retail stores which will<br />

further ensure a seamless solution to<br />

eliminate counterfeits from the market.<br />

12 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Personal <strong>Finance</strong><br />

Source: pexels.com<br />

Denmark leads financial literacy rates, currently at 71% according to global reports.<br />

The Emerging<br />

Trend of Financial<br />

Literacy Education<br />

Globally<br />

The global rise in financial literacy education<br />

signifies a positive shift towards empowering<br />

individuals to make informed financial decisions.<br />

In an age where financial complexities<br />

are on the rise, the importance of<br />

understanding money management has<br />

never been more evident. Across the globe,<br />

there’s a growing realisation that being<br />

financially literate is highly imperative for<br />

navigating the intricacies of modern life.<br />

This awareness has boosted a rising trend<br />

in financial literacy education worldwide.<br />

Countries with higher tax rates are seen to<br />

take such initiatives including academic<br />

courses, campaigns, and seminars to<br />

promote informed financial decisions in<br />

the nation. This article highlights some<br />

of the recent advancements taking place<br />

globally to improve financial literacy and<br />

the reasons behind these initiatives. From<br />

schools to online platforms, efforts are<br />

expanding to reach broader audiences.<br />

14 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Financial literacy encompasses a<br />

range of skills and knowledge that<br />

enable individuals to make informed<br />

financial decisions. From budgeting and<br />

saving to investing and understanding<br />

complex financial products, a solid grasp<br />

of financial concepts can significantly<br />

impact one’s financial well-being. Recognising<br />

this, governments, educational<br />

institutions, and financial organisations<br />

are increasingly investing in initiatives<br />

to improve financial literacy among<br />

their citizens.<br />

One of the primary drivers behind the<br />

push for financial literacy education is<br />

the recognition of its correlation with<br />

economic stability and growth. Studies<br />

have shown that populations with higher<br />

levels of financial literacy tend to exhibit<br />

better financial behaviours, such as saving<br />

for retirement, avoiding high-interest<br />

debt, and making informed investment<br />

choices. These behaviours contribute to<br />

overall economic resilience and reduce<br />

the likelihood of financial crises.<br />

Recent research indicates that 75%<br />

of teenagers exhibit low confidence in<br />

their understanding of personal finance.<br />

Moreover, 41% are unfamiliar with the<br />

concept of a 401(k), and 32% cannot<br />

differentiate between a credit card and<br />

a debit card. This deficiency in financial<br />

education significantly contributes to<br />

increased debt, missed opportunities,<br />

and economic instability.<br />

Moreover, the democratisation of<br />

financial markets and the proliferation<br />

of financial products have made it necessary<br />

for individuals to possess a certain<br />

level of financial acumen. From basic<br />

banking services to complex investment<br />

instruments like stocks and bonds, the<br />

modern financial landscape demands<br />

that individuals understand how to use<br />

these products and their associated risks<br />

and benefits.<br />

In response to these challenges, countries<br />

around the world are integrating<br />

financial literacy education into their<br />

formal education systems. Starting from<br />

primary school and continuing through<br />

higher education, curricula are being<br />

developed to teach students essential<br />

financial concepts. These initiatives aim<br />

to equip young people with the knowledge<br />

and skills they need to navigate financial<br />

decisions throughout their lives.<br />

One of the notable examples is the<br />

launch of Wise Up Academy, a pioneering<br />

in-person financial and life skills educational<br />

program for teens and young adults with<br />

a primary focus on strengthening the<br />

fundamentals of personal finance among<br />

people from an early age.<br />

In today’s<br />

interconnected<br />

world, financial<br />

literacy holds<br />

immense<br />

transformative<br />

power, impacting<br />

every facet of our<br />

lives.<br />

Marilyn Pinto<br />

Another example is the collaboration<br />

between the National <strong>Finance</strong> Olympiad<br />

and schools in India, aiming to raise<br />

awareness about the significance of financial<br />

education from early childhood.<br />

Throughout its duration, the National<br />

<strong>Finance</strong> Olympiad has played a pivotal<br />

role by offering practical insights into<br />

money management through innovative<br />

teaching approaches. Additionally, it<br />

has facilitated financial learning with<br />

the aid of a comprehensive and easily<br />

comprehensible study toolkit.<br />

Furthermore, governments and non-profit<br />

organisations are launching public awareness<br />

campaigns and offering workshops<br />

and seminars to reach adults who may<br />

have missed out on financial education<br />

in school. These programs cover topics<br />

such as budgeting, debt management,<br />

retirement planning, and investment<br />

basics. By providing accessible and<br />

relevant information, these initiatives<br />

empower individuals to take control of<br />

their financial futures.<br />

Financial institutions also play a crucial<br />

role in promoting financial literacy.<br />

Banks, investment firms, and insurance<br />

companies are increasingly offering educational<br />

resources to their customers,<br />

ranging from online tutorials to personalised<br />

financial advice. By helping their<br />

clients understand the products and<br />

services they offer, these institutions<br />

not only foster trust but also contribute<br />

to improved financial decision-making.<br />

The National Bank of Fujairah (NBF)<br />

recently launched a pioneering initiative<br />

aimed at enhancing financial literacy<br />

among 14-16-year-old students in the UAE.<br />

The inaugural event took place at GEMS<br />

Winchester School in Fujairah, where<br />

fifty students participated in a half-day<br />

session. The program was designed to<br />

challenge and educate students on various<br />

aspects of personal finance, including<br />

saving, loans, credit cards, and budgeting.<br />

The success of this initial campaign has<br />

spurred the organisers to expand the<br />

initiative nationwide, recognising the<br />

importance of equipping young people<br />

with the knowledge and skills to make<br />

informed financial decisions.<br />

In addition to formal education and<br />

industry-led initiatives, technological<br />

advancements are revolutionising the<br />

way financial literacy is delivered. Mobile<br />

apps, online platforms, and gamified<br />

learning experiences are making financial<br />

education more engaging and accessible<br />

than ever before. These tools leverage<br />

the ubiquity of smartphones and the<br />

internet to reach a broader audience,<br />

including underserved communities and<br />

marginalised groups.<br />

Emirates NBD’s MoneyWise platform<br />

stands out as a prime example of leveraging<br />

technological advancements to promote<br />

financial literacy. This comprehensive<br />

platform offers a wealth of essential<br />

financial information, covering topics<br />

such as financial wellness tips, security<br />

awareness, and a financial glossary. By<br />

providing users with easily accessible<br />

and relevant resources, MoneyWise<br />

empowers individuals to enhance their<br />

financial literacy and make informed<br />

decisions about their finances.<br />

By equipping people with the knowledge<br />

and skills they need to manage<br />

their money effectively, we can foster<br />

economic stability, reduce inequality,<br />

and improve overall well-being. As we<br />

continue to invest in financial education,<br />

we move closer to a world where everyone<br />

has the opportunity to achieve financial<br />

security and success.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 15

UAE Banking News<br />

CBUAE Releases<br />

Monetary and<br />

Banking Updates<br />

The Central Bank of the UAE<br />

(CBUAE) reported notable<br />

changes in various monetary<br />

aggregates and banking indicators for<br />

December 2023. The Money Supply<br />

aggregate M1 saw a 4.0 per cent increase,<br />

reaching AED 829.3B, driven<br />

by a rise in Currency in Circulation<br />

Outside Banks and Monetary Deposits.<br />

M2 rose by 4.5 per cent, reaching<br />

AED 2,023.4B, fuelled by an increased<br />

M1 and growth in Quasi-Monetary<br />

Deposits. The Money Supply aggregate<br />

M3 increased by 2.4 per cent,<br />

reaching AED 2,445.2B, primarily<br />

due to an augmented M2 despite a<br />

reduction in Government Deposits.<br />

The Monetary Base expanded by 7.3<br />

per cent, reaching AED 658.8B, with<br />

various components contributing to<br />

this growth. Meanwhile, gross banks’<br />

assets, including bankers’ acceptances,<br />

rose to AED 4,075.2B, but gross credit<br />

saw a slight decrease of 0.1 per cent.<br />

First Abu Dhabi Bank Introduces Innovative<br />

Platform for Asset Managers in MENA<br />

First Abu Dhabi Bank (FAB) has<br />

launched MENASSA (MENA Securities<br />

Services for Asset Managers),<br />

a post-trade platform designed<br />

for MENA-based asset managers. This<br />

platform aims to bring sophistication<br />

to securities services in the region,<br />

offering a suite of modular services,<br />

including Global Custody, Fund Accounting,<br />

Transfer Agency, Performance<br />

and Risk Measurement, and<br />

Middle Office Services. Integrated with<br />

FAB’s capital markets and investment<br />

banking capabilities, the platform<br />

addresses global regulatory complexities<br />

affecting investment flows. The<br />

platform’s distinctive feature lies in<br />

its world-class component products,<br />

supported by regulatory experts in the<br />

UAE, Saudi Arabia, Bahrain, Kuwait,<br />

and Oman. Despite regional regulatory<br />

challenges, Middle Eastern markets<br />

are expected to outpace others in assets<br />

under management (AuM) growth,<br />

according to PwC’s 2023 Global Asset<br />

and Wealth Management survey and<br />

2027 projections.<br />

Ajman Bank and KPMG Collaborate on ESG<br />

Framework Development<br />

Ajman Bank has entered into a<br />

partnership with KPMG ESG<br />

Services, a significant step in<br />

its commitment to environmental,<br />

social, and governance (ESG) principles.<br />

This collaboration aims to<br />

shape Ajman Bank’s inaugural ESG<br />

Framework, providing a roadmap and<br />

long-term vision for sustainability. The<br />

UAE’s dedication to sustainability resonates<br />

with Ajman Bank’s alignment to<br />

fostering sustainable practices across<br />

sectors, emphasising climate action<br />

and broader sustainability issues.<br />

The Memorandum of Understanding<br />

(MoU) was signed at Ajman Bank’s<br />

head office, and attended by leaders<br />

from both organisations. Mustafa Al<br />

Khalfawi, Group CEO of Ajman Bank,<br />

highlighted the institution’s commitment<br />

to responsible and sustainable<br />

banking, viewing the partnership<br />

with KPMG ESG Services as a pivotal<br />

moment in contributing to the UAE’s<br />

sustainability objectives.<br />

First Abu Dhabi Bank Aims to Triple China Business Revenue by 2026<br />

First Abu Dhabi Bank (FAB) is<br />

poised to triple its China business<br />

revenue by 2026, solidifying<br />

its role as a key player in UAE-Chinese<br />

and Sino-MENA trade and investment.<br />

As the sole UAE bank with a fully licensed<br />

branch in mainland China, FAB<br />

achieved a remarkable 50% business<br />

growth in the region in 2023. Zhang<br />

Yiming, Ambassador of the People’s<br />

Republic of China to the UAE, praised<br />

FAB during the bank’s Chinese New<br />

Year celebration, emphasising the<br />

bank’s confidence in the Chinese<br />

economy. These plans align with the<br />

UAE’s deepening ties with China, its<br />

primary global trade partner, with expectations<br />

of bilateral trade reaching<br />

$200B annually by 2030. The UAE, a<br />

strategic partner of China, hosts over<br />

6,000 Chinese businesses and was<br />

recently included in the expanded<br />

BRICS trade bloc.<br />

16 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

ADIB Shareholders Approve 71 Fils Dividend per Share for 2023<br />

Abu Dhabi Islamic Bank (ADIB)<br />

has gained approval for a cash<br />

dividend of AED 2.595B, equivalent<br />

to 71 fils per share, for the fiscal year<br />

ending December 31, 2023. This marks<br />

an increase from the previous year’s<br />

49 fils per share, constituting 49% of<br />

the bank’s net profit. ADIB achieved a<br />

record Return on Equity (ROE) of 27.1%,<br />

showcasing strong momentum in core<br />

operations fueled by a resilient local<br />

economy and transformative initiatives.<br />

The General Assembly also approved<br />

the Board of Directors’ report, auditors’<br />

report, and financial statements for<br />

2023. Jawaan Awaidha Suhail Al Khaili,<br />

ADIB’s Chairman, expressed gratitude<br />

to shareholders, highlighting the bank’s<br />

exceptional 2023 results, surpassing AED<br />

5B in net profit and emphasising strategic<br />

initiatives aligned with ESG principles<br />

and sustainability integration.<br />

ADIB Names<br />

Mohamed Abdelbary<br />

Acting Group CEO<br />

Abu Dhabi Islamic Bank (ADIB)<br />

has appointed Mohamed<br />

Abdelbary as acting Group<br />

CEO, succeeding Nasser Al Awadhi,<br />

who resigned for personal reasons.<br />

Abdelbary, ADIB’s group CFO since May<br />

2020, brings over 27 years of experience<br />

from roles at international banks like<br />

Standard Chartered, Citibank, and<br />

Barclays Bank. His diverse expertise<br />

includes serving as the regional CFO in<br />

Africa and the Middle East and leading<br />

business finance in the UAE and the<br />

Middle East. ADIB’s decision aligns with<br />

its strategic goals for expansion and<br />

achievement. The bank, a key player<br />

in the UAE since its establishment in<br />

1997, boasts approximately AED 193B<br />

in total assets. Abdelbary’s leadership<br />

will be crucial as ADIB navigates new<br />

opportunities and advances its longterm<br />

vision.<br />

Saudi CMA Approves Capital Hike for Bank<br />

Albilad and Aldrees<br />

The Capital Market Authority<br />

(CMA) has approved capital<br />

hikes for Bank Albilad and Aldrees<br />

Petroleum and Transport Services<br />

Company. Bank Albilad will<br />

increase its capital by issuing one<br />

bonus share for every four existing<br />

shares, totalling 250 million bonus<br />

First Abu Dhabi Bank (FAB)<br />

shareholders have approved<br />

a substantial cash dividend of<br />

AED 7.8B, translating to 50% per share<br />

(AED 0.71) for the fiscal year ending<br />

December 31. The endorsement took<br />

place at FAB’s Annual General Meeting<br />

in Abu Dhabi, and shareholders as of<br />

March 15, <strong>2024</strong>, are set to enjoy the<br />

dividends. The AGM showcased FAB’s<br />

remarkable performance throughout<br />

2023, marking three consecutive years<br />

of heightened business momentum.<br />

Sheikh Tahnoon Bin Zayed Al Nahyan,<br />

FAB’s Chairman, underscored the<br />

bank’s resilience in the face of a challenging<br />

global economic landscape,<br />

shares, raising the new capital to<br />

SAR 12.50B. Aldrees, a Tadawul-listed<br />

company, will issue one bonus share<br />

for every three existing shares, transferring<br />

SAR 250M from the retained<br />

earnings account to raise its capital<br />

to SAR 1B. Both transactions received<br />

CMA approval on March 5, <strong>2024</strong>. Bank<br />

Albilad’s 25% capital hike proposal<br />

came on February 4, while Aldrees’<br />

board suggested a 33.33% increase<br />

on January 25. In 2023, Bank Albilad<br />

reported net profits of SAR 2.36B,<br />

and Aldrees witnessed profits of SAR<br />

280.80M.<br />

FAB Shareholders Approve AED 7.8B Cash Dividend<br />

outlining strategic goals for <strong>2024</strong> to<br />

further strengthen its market leadership<br />

in the UAE and expand internationally.<br />

Hana Al Rostamani, FAB’s<br />

Group CEO, emphasised the bank’s<br />

consistent growth, robust returns,<br />

and its standing as one of the world’s<br />

safest and most profitable banks over<br />

the past three years.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 17

UAE Reforms<br />

source: wam.ae<br />

The objective is to expedite the integration of 65,000 Emiratis into the private sector.<br />

Future-Proofing<br />

Dubai’s Workforce: A<br />

Bold Vision for Talent<br />

Empowerment<br />

By embracing the challenges of tomorrow today,<br />

Dubai is laying the groundwork for a future where<br />

talent knows no bounds.<br />

In an era defined by rapid technological<br />

advancements and dynamic shifts in global<br />

markets, the strategic management of<br />

human capital has emerged as a critical<br />

imperative for nations seeking to<br />

thrive in the 21st century. Nowhere is<br />

this more apparent than in Dubai, where<br />

the Dubai Government Human Resources<br />

Department (DGHR) has launched the<br />

groundbreaking ‘Future Proofing Dubai’s<br />

Workforce’ project. With its ambitious goal<br />

of positioning Dubai as a global hub for<br />

talent empowerment and innovation, this<br />

initiative heralds a new era of strategic<br />

workforce planning and development.<br />

By harnessing the collective expertise of<br />

government entities, private organisations,<br />

and other stakeholders, the project seeks<br />

to revolutionise the landscape of talent<br />

management.<br />

18 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

As we delve into the intricacies of<br />

this transformative initiative, it<br />

becomes clear that the ‘Future<br />

Proofing Dubai’s Workforce’ project<br />

represents a bold step towards shaping<br />

a future where talent knows no bounds<br />

and possibilities are limitless.<br />

The launch event, held on the 7th of<br />

March, <strong>2024</strong>, was attended by a diverse array<br />

of stakeholders, including representatives<br />

from federal authorities, government<br />

bodies in Dubai, and key employers from<br />

various sectors in the private industry.<br />

This strong show of support underscores<br />

the significance of the project and the<br />

collective commitment towards shaping<br />

a brighter future for Dubai’s workforce.<br />

At the heart of the ‘Future Proofing<br />

Dubai’s Workforce project lies a multifaceted<br />

approach aimed at addressing the<br />

evolving needs of the labour market<br />

while harnessing the potential of local<br />

talent. One of the primary objectives is<br />

the integration of 65,000 Emiratis into<br />

the private sector, a move that promotes<br />

inclusivity and strengthens the overall<br />

economy by leveraging local expertise<br />

and knowledge. By fostering partnerships<br />

between government entities and private<br />

organisations, the project seeks to create<br />

a conducive environment for talent<br />

development and retention.<br />

Moreover, the initiative places a strong<br />

emphasis on harnessing the power of<br />

technology to drive innovation and<br />

productivity in the workforce. Through<br />

the digitization of labour market forecasts<br />

and the implementation of advanced<br />

analytics engines, decision-makers<br />

will have access to real-time data and<br />

insights to inform strategic workforce<br />

planning. This data-driven approach not<br />

only enhances efficiency but also enables<br />

proactive decision-making in response<br />

to changing market dynamics.<br />

In addition to promoting talent integration<br />

and technological advancement, the<br />

‘Future Proofing Dubai’s Workforce project<br />

is committed to fostering a culture of<br />

lifelong learning and skill development.<br />

To this end, capacity-building programs<br />

tailored for the future workforce will be<br />

devised, equipping individuals with the<br />

skills and knowledge needed to thrive<br />

in an increasingly competitive global<br />

marketplace. By investing in human<br />

capital development, Dubai is not only<br />

preparing its workforce for the challenges<br />

of today but also laying the foundation<br />

for sustained economic growth and<br />

prosperity in the years to come.<br />

The project is structured into four<br />

main phases, each spanning 12 months,<br />

with specific initiatives and programs<br />

continuing beyond the completion of these<br />

phases. This long-term approach reflects<br />

DGHR’s commitment to driving sustainable<br />

change and ensuring the project’s lasting<br />

impact on Dubai’s workforce.<br />

This initiative<br />

reflects our vision<br />

to bolster Dubai’s<br />

future plans<br />

by leveraging<br />

exceptional<br />

talents, and<br />

brilliant minds.”<br />

Abdullah Ali bin Zayed Al Falasi,<br />

Director General of DGHR<br />

Abdullah Ali bin Zayed Al Falasi,<br />

Director General of DGHR, expressed his<br />

optimism about the project’s potential to<br />

shape Dubai’s future. He emphasised the<br />

alignment of the initiative with Dubai’s<br />

strategic vision for 2033, including<br />

ambitious economic growth targets and<br />

sustainability objectives. Moreover, he<br />

highlighted the importance of collaboration<br />

and alliance-building in driving the<br />

project forward, stressing the need for<br />

continued partnership between government<br />

entities, private organisations, and other<br />

stakeholders.<br />

In the lead-up to the project launch,<br />

DGHR conducted a series of visits to key<br />

government and private entities to foster<br />

collaboration and joint efforts. These<br />

engagements were aimed at deepening the<br />

understanding of job market dynamics and<br />

identifying opportunities for partnership<br />

and innovation. By bringing together<br />

diverse stakeholders, DGHR aims to<br />

harness the collective expertise and<br />

resources needed to drive the project’s<br />

success.<br />

The ‘Future Proofing Dubai’s Workforce’<br />

project holds considerable strategic<br />

importance as it aligns with the vision<br />

of His Highness Sheikh Mohammed bin<br />

Rashid Al Maktoum, Vice President, Prime<br />

Minister, and Ruler of Dubai, to position<br />

Dubai as a global hub for innovation<br />

and creativity. Through this initiative,<br />

DGHR seeks to address the evolving<br />

needs and future expectations of the<br />

human workforce in Dubai, providing<br />

solutions and proposing effective tools<br />

to empower both national human capital<br />

and global talents.<br />

Furthermore, the project is dedicated to<br />

fostering partnerships and collaboration<br />

between the government and private<br />

sectors to drive sustainable development<br />

and enhance the overall well-being of<br />

the community. By investing in talent<br />

development and strategic workforce<br />

planning, Dubai is not only future-proofing<br />

its economy but also creating a pathway<br />

to prosperity for generations to come.<br />

As the ‘Future Proofing Dubai’s Workforce’<br />

project unfolds, it is poised to set new<br />

benchmarks for talent development<br />

and innovation on a global scale. With<br />

its holistic approach and unwavering<br />

commitment to excellence, the project<br />

has the potential to transform Dubai<br />

into a beacon of talent empowerment<br />

and a model for sustainable economic<br />

development.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 19

Fintech News<br />

bolttech Expands into the Middle East with stc Group Partnership<br />

Insurtech firm bolttech has made its<br />

foray into the Middle East through a<br />

strategic partnership with stc Group,<br />

a key player in telecommunications<br />

and digital transformation within the<br />

region. This collaboration introduces<br />

device protection services to stc’s<br />

customer base and integrates advanced<br />

technology to elevate the overall user<br />

experience. Initially focusing on mobile<br />

device protection, the partnership has<br />

ambitious plans to diversify its offerings.<br />

The expansion will include IoT-enabled<br />

solutions, encompassing a wide range<br />

of products such as home appliances,<br />

health electronics, and cybersecurity<br />

for personal assets. This strategic<br />

move by bolttech aligns with its goal<br />

of entering new markets, leveraging<br />

the established telecommunications<br />

and digital capabilities of stc Group<br />

in the Middle East.<br />

AWS Invests $5.3B in Saudi Infrastructure Hub<br />

Amazon Web Services (AWS) has<br />

revealed plans to establish a new<br />

AWS infrastructure Region in<br />

Saudi Arabia, scheduled to commence<br />

operations in 2026. The substantial<br />

$5.3B investment is poised to offer<br />

developers, enterprises, healthcare institutions,<br />

educational entities, gaming<br />

companies, and nonprofits the flexibility<br />

to run their applications from data<br />

centres located within the kingdom.<br />

Initially comprising three Availability<br />

Zones, this initiative contributes to<br />

AWS’s extensive global network, currently<br />

encompassing 105 Availability<br />

Zones spread across 33 regions. The<br />

strategic move reflects AWS’s commitment<br />

to strategic investments in key<br />

regions and emphasises its dedication<br />

to meeting customer preferences<br />

for localised data storage solutions.<br />

Alongside Saudi Arabia, AWS envisions<br />

launching an additional 18 Availability<br />

Zones and 6 AWS Regions in Malaysia,<br />

Mexico, New Zealand, Thailand, and<br />

the AWS European Sovereign Cloud.<br />

Fintech Momentum in MENA Faces Talent and<br />

Funding Gaps<br />

The fintech sector in the Middle<br />

East and North Africa (MENA),<br />

particularly in cities within the<br />

Gulf Cooperation Council (GCC),<br />

has gained global recognition as an<br />

emerging fintech hub. Despite this<br />

success, sustaining the momentum<br />

requires addressing talent and capital<br />

challenges, as highlighted in a report<br />

by Strategy&, the strategy consulting<br />

unit of PricewaterhouseCoopers. Titled<br />

“Fintech in the Middle East: Building on<br />

the Momentum,” the paper examines the<br />

remarkable growth of the MENA fintech<br />

industry and identifies key obstacles<br />

to its further development. The report<br />

underscores the rapid expansion of the<br />

fintech startup ecosystem, with over<br />

800 startups in mid-2023, supported by<br />

increasing funding volumes reaching<br />

approximately $885M in 2022. This<br />

robust growth reflects a maturing<br />

landscape with larger deal sizes, emphasising<br />

the industry’s potential for<br />

continued success.<br />

Singapore Gulf Bank<br />

Secures Funding from<br />

Bahrain’s Sovereign<br />

Wealth Fund<br />

Bahrain’s sovereign wealth fund<br />

Mumtalakat has announced<br />

its investment in Singapore<br />

Gulf Bank (SGB), a new digital bank<br />

established by Whampoa Group. This<br />

funding will facilitate SGB’s launch<br />

and expansion in Bahrain, following<br />

the recent approval of its licence by<br />

the Central Bank of Bahrain. SGB plans<br />

to offer a digital banking platform catering<br />

to global investors, institutions,<br />

and innovators, providing access to<br />

both conventional and digital assets,<br />

real-time settlements, and asset management.<br />

The bank’s goal is to bridge<br />

the gap between Asia and the Middle<br />

East and North Africa (MENA) region,<br />

fostering cross-border trade and financial<br />

connectivity. SGB’s presence<br />

in Bahrain is expected to contribute<br />

to the development of the country’s<br />

digital banking sector and make it<br />

the first in the region to allow remote<br />

onboarding of banking clients, aligning<br />

with Mumtalakat’s strategy to diversify<br />

its portfolio and support Bahrain’s<br />

economic transformation.<br />

20 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Additiv Opens New Office<br />

in Dubai<br />

Swiss embedded finance fintech,<br />

additiv, is expanding its presence<br />

in Dubai by opening a new office<br />

in the Dubai International Financial<br />

Centre (DIFC), the Innovation One<br />

building. The move aims to strengthen<br />

Additiv’s commitment to the Middle East<br />

as a key market. The DIFC Innovation<br />

Hub was chosen as the location for its<br />

regional headquarters due to its status<br />

as one of the world’s most advanced<br />

financial centres and a major innovation<br />

community. Additiv plans to hire<br />

key personnel locally for research and<br />

development, customer delivery, and<br />

sales to implement industry-leading<br />

wealth, credit, and insurance solutions.<br />

The expansion comes as digital literacy<br />

and affluence rise in the Middle East,<br />

creating a growing demand for tailored<br />

financial services. Additiv’s comprehensive<br />

consumer research study in<br />

the UAE and Saudi Arabia revealed a<br />

significant demand for professional<br />

financial or investment advice, with a<br />

preference for advisor-led and hybrid<br />

models blending digital platforms with<br />

advisor interaction.<br />

Barraq Inks Deal with MoneyGram in Saudi Arabia<br />

Saudi fintech app, barraq, has<br />

entered a strategic partnership<br />

with global financial technology<br />

giant MoneyGram, facilitating seamless<br />

international fund transfers for Saudi<br />

consumers. Through barraq’s app,<br />

users can send funds worldwide using<br />

MoneyGram’s cross-border platform,<br />

enabling recipients to access funds<br />

through various channels, including<br />

bank accounts, mobile wallets, or<br />

over 450,000 retail locations across<br />

200 countries. Barraq’s CEO, Ahmed<br />

Alenazi, expressed enthusiasm about<br />

the collaboration, highlighting the<br />

app’s commitment to customer satisfaction.<br />

MoneyGram’s CEO, Alex<br />

Holmes, emphasised the significance<br />

of barraq’s selection, anticipating the<br />

app’s rapid growth in the Middle East.<br />

The agreement marks a milestone for<br />

barraq, having received its licence from<br />

the Saudi Central Bank in January.<br />

With a focus on secure payments and<br />

device compatibility, barraq is poised to<br />

become a leading digital wallet option<br />

in the region.<br />

Oman Retailers Experience Revenue Boost with<br />

Digital Payments<br />

Muscat Visa’s ‘Value of Acceptance’<br />

study reveals that 65%<br />

of Oman retail merchants<br />

experienced increased revenue and<br />

higher footfall by embracing digital<br />

payments. The survey examined two<br />

groups: those accepting digital payments<br />

for 1-4 years and those exclusively<br />

dealing in cash transactions.<br />

Quick service restaurants, mobile<br />

shops, cafes, beauty salons/barber<br />

shops, and fashion/shoe stores were<br />

among the top represented businesses.<br />

Digital and cash payments collectively<br />

constituted over 95% of payments<br />

accepted by surveyed small businesses,<br />

with 41% of cash-only merchants<br />

considering or planning to invest in<br />

digital payment technology. Anticipating<br />

enhanced footfall and revenue,<br />

40% of these merchants recognize the<br />

potential of providing a better payment<br />

experience through digital payments,<br />

marking a notable shift in Oman’s<br />

retail landscape.<br />

Bahrain Fintech Bay<br />

Joins Forces with Qatar<br />

Financial Centre<br />

Bahrain FinTech Bay (BFB) and<br />

the Qatar Financial Centre Authority<br />

(QFCA) have signed<br />

a Memorandum of Understanding<br />

(MoU), establishing a framework for<br />

collaboration in the fintech sector. The<br />

agreement aims to support the growth<br />

of startup networks and facilitate<br />

knowledge exchange between the two<br />

entities. The MoU emphasises mutual<br />

support for startups exploring business<br />

opportunities in each other’s territories,<br />

providing access to co-working spaces<br />

during business trips. Both organisations<br />

will assist startups with expansion<br />

plans into Bahrain and Qatar, leveraging<br />

their networks and market insights.<br />

The partnership also includes collaborative<br />

research efforts, participation<br />

in events, networking opportunities,<br />

and virtual sessions to introduce each<br />

other’s fintech landscapes, promoting<br />

cross-border understanding.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 21

Fintech Application<br />


Keyper, Co-founded by Omar Abu<br />

Innab, stands out as a digitally<br />

enabled real estate portfolio<br />

management platform and property<br />

management service provider. This<br />

application empowers property investors,<br />

offering a suite of tools and<br />

services to streamline their real estate<br />

management processes.<br />

At its core, Keyper serves as a comprehensive<br />

hub for property investors to<br />

consolidate and manage their portfolios<br />

effortlessly. Through tech-enabled property<br />

management solutions accessible<br />

on the go, landlords can automate daily<br />

tasks, ensuring a smooth experience.<br />

The platform’s emphasis on transparency,<br />

visibility, and 360° communication<br />

aligns with its commitment to providing<br />

users with a clear overview of their<br />

real estate holdings.<br />

Keyper introduces a fresh perspective<br />

on property management, allowing<br />

users to stay informed and in control<br />

while focusing on more critical aspects<br />

of their lives. By combining technology,<br />

data, and experienced relationship<br />

managers, the platform promises a<br />

curated experience tailored for real<br />

estate investors.<br />

The services offered by Keyper cover<br />

a spectrum of essential aspects of real<br />

estate management. From portfolio<br />

monitoring that enables informed<br />

decision-making to a digital payments<br />

solution that enhances payment success<br />

and eliminates delays, Keyper aims to<br />

simplify the often intricate world of<br />

property management.<br />

One standout feature of Keyper is<br />

its real-time data provision. Users can<br />

access live market valuations, performance<br />

updates, return on investment<br />

(ROI) figures, and more, ensuring they<br />

are well-informed at all times. This<br />

data-driven approach, coupled with<br />

the support of dedicated relationship<br />

managers, allows users to navigate<br />

crucial decisions with confidence,<br />

backed by insights and without any<br />

conflict of interest.<br />

Keyper’s commitment to simplicity is<br />

evident in its on-the-go capabilities. All<br />

essential information, from contracts to<br />

payment details and marketing assets,<br />

is consolidated within the application,<br />

providing users with a convenient,<br />

centralised platform.<br />

Keyper emerges as a transformative<br />

real estate dashboard that amalgamates<br />

human innovation and data-driven<br />

technology. It positions itself as a knowledge-centric<br />

tool, offering complete visibility<br />

into users’ real estate portfolios<br />

through an accessible interface. With<br />

features like upfront rent payments,<br />

Keyper aims to provide landlords with<br />

immediate access to their annual rent,<br />

mitigating default risks.<br />

Keyper’s Rent Now, Pay Later feature<br />

revolutionises landlord-tenant transactions,<br />

ensuring landlords receive<br />

their annual rent upfront in a single<br />

payment, eliminating default risks.<br />

This innovative approach enhances<br />

financial predictability for landlords,<br />

fostering a more secure and efficient<br />

real estate management experience.<br />

The platform’s emphasis on functionality,<br />

data-driven insights, and user<br />

convenience positions it as a noteworthy<br />

player in the evolving landscape of<br />

real estate management applications.<br />

source: www.realkeyper.com<br />

22 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Fintech Application<br />

ZYWA<br />

Zywa, a neo-bank created by and<br />

for Gen Z, targets the financial<br />

fitness of teenagers in the Middle<br />

East, beginning with the UAE. This<br />

prepaid card and money management<br />

app, exclusively catering to ages 13-21,<br />

facilitates digital and offline payments<br />

through the Zywa Card, functioning<br />

akin to a debit card designed for teens.<br />

Teens can efficiently spend, receive,<br />

and manage money using the Zywa app.<br />

Parents can also engage with the same<br />

platform, sending money securely to<br />

their children, who can spend within the<br />

controlled oversight of their parents.<br />

Zywa aspires to be the sole banking<br />

app for the youth, transitioning Gen Z<br />

from cash to digital without the need<br />

for a traditional bank account.<br />

Zywa stands as the pioneering prepaid<br />

Mastercard and money management<br />

app crafted exclusively for the next<br />

generation in the Middle East. Presently<br />

accessible in the UAE, Zywa is gearing<br />

up for expansion, with upcoming<br />

launches in KSA and Egypt.<br />

The app empowers teenagers to make<br />

independent payments, allowing them<br />

to send and receive money, make tapand-pay<br />

transactions at stores, and pay<br />

offline using their personalized Zywa<br />

Card. It also supports bill splitting,<br />

encourages savings through goals,<br />

and offers rewards and opportunities<br />

within the app.<br />

For parents, Zywa transforms the<br />

way they manage their child’s finances.<br />

They can send money digitally, track<br />

their child’s expenses transparently, and<br />

promote financial independence and<br />

literacy through practical experience.<br />

The app prioritizes security, adhering to<br />

CBUAE guidelines and requiring KYC<br />

verification for both parents and teens<br />

to ensure maximum safety.<br />

Zywa’s security features include operating<br />

on the secure Mastercard/Union<br />

Pay network, PCI DSS compliance<br />

without the need to link a bank account,<br />

and a team of engineers dedicated to<br />

fraud detection and prevention. Users<br />

can block, pause, or change the card’s<br />

pin at any time, with 24x7 customer<br />

support available for assistance.<br />

In essence, Zywa allows teens to<br />

focus on their lives while entrusting the<br />

safety of their finances to the app. With<br />

its commitment to security, financial<br />

empowerment, and user-friendly features,<br />

Zywa aims to be a transformative<br />

tool in shaping the financial habits of<br />

the next generation.<br />

source: www.zywa.co<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 23

JSAUX OmniCase 2 Pro<br />

JSAUX OmniCase 2 Pro is a multifaceted<br />

12-in-1 storage docking<br />

station designed to streamline<br />

connectivity and amplify functionality.<br />

This compact gadget consolidates a<br />

diverse range of ports, including HDMI,<br />

USB, Ethernet, and more, into a single<br />

unit, offering users an organized and<br />

efficient solution for managing their<br />

devices and peripherals.<br />

Constructed with a sleek aluminium<br />

alloy exterior and a lightweight plastic<br />

interior, the OmniCase 2 Pro is both<br />

durable and portable. Weighing in at<br />

just 192g and measuring 126x78x26mm,<br />

it stands out as a pocket-sized powerhouse,<br />

making it an ideal companion<br />

for professionals on the go, students,<br />

and content creators.<br />

One of the highlighting features of<br />

this docking station is its integrated<br />

compartment for storing cables, memory<br />

cards, and SIMs, reducing clutter<br />

and enhancing organisation. The top<br />

of the dock can also detach due to<br />

internal magnets, further boosting its<br />

portability.<br />

In terms of performance, the Omni-<br />

Case 2 Pro supports stunning 4K@60Hz<br />

Ultra HD resolution and triple display<br />

capability, catering to Windows and Mac<br />

OS users. It also ensures efficient power<br />

delivery with its PD100W charging and<br />

facilitates high-speed data transfer up<br />

to 5Gbps, ensuring seamless file management<br />

and device charging.<br />

The dock effectively manages heat<br />

distribution, safeguarding SD and TF<br />

cards from potential damage. Port labels<br />

located at the bottom of the hub<br />

are easily legible, aiding in smooth and<br />

hassle-free connectivity. The Power<br />

Delivery port can supply up to an<br />

impressive 100W of power via USB-C,<br />

ensuring sufficient power supply for<br />

even the most demanding laptops.<br />

OmniCase 2 Pro also offers additional<br />

USB ports for attaching peripherals such<br />

as hard drives, SSDs, input devices, and<br />

more. The inclusion of both an SD card<br />

reader and a TF/MicroSD card reader<br />

intensifies its versatility, allowing for<br />

convenient storage and accessibility.<br />

JSAUX OmniCase 2 Pro provides<br />

a practical and versatile solution for<br />

individuals seeking enhanced connectivity<br />

in their portable and remote<br />

work setups. Its compact design, strong<br />

performance, and comprehensive port<br />

selection cater well to diverse workflow<br />

needs, making it a valuable addition to<br />

any tech enthusiast’s arsenal.<br />

24 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Emerging Industries for New Businesses in the UAE Market in <strong>2024</strong><br />

Business News<br />

The UAE market, traditionally<br />

linked to oil and gas, is actively<br />

diversifying, with the government<br />

steering towards emerging industries to<br />

reduce reliance on oil and fuel broader<br />

economic growth. Notably, the hospitality<br />

sector in Dubai is transforming,<br />

influenced by Michelin-star restaurants,<br />

positioning the city as a hub for highnet-worth<br />

individuals. Competitive<br />

commercial rental prices in prime<br />

locations affirm Dubai’s global appeal.<br />

The demand for private member F&B<br />

clubs mirrors trends in London and New<br />

York, bolstering Dubai’s international<br />

stature. Additionally, global fast-food<br />

chains are embracing cloud kitchens,<br />

finding fertile ground in Dubai’s infrastructure<br />

and economic policies.<br />

Open Hub’s successful introduction of<br />

Michelin-star restaurants underscores<br />

Dubai’s allure for businesses, a sentiment<br />

echoed by His Excellency Mohammad<br />

Ali Rashed Lootah, revealing a 19.4%<br />

YoY growth with 6,478 new F&B companies<br />

joining the Dubai Chamber of<br />

Commerce in 2023.<br />

Opportunities in UAE<br />

Aviation Sector, Notes<br />

Business France<br />

Business France, the agency facilitating<br />

French export growth<br />

and international investment,<br />

affirms the UAE’s aviation sector as<br />

vast with abundant opportunities. With<br />

a substantial fleet and active expansion<br />

by national airlines, the UAE market<br />

holds significant promise. Sandra<br />

Papet, Head of Industry & Cleantech<br />

Department for the UAE at Business<br />

France, noted the presence of 30 French<br />

companies in the aviation sector with<br />

offices in the Middle East, underlining<br />

the market’s importance. The 12th<br />

French participation at MRO Middle<br />

East <strong>2024</strong> features 22 companies in<br />

maintenance, repair, spare parts, and<br />

aircraft equipment. Papet highlighted<br />

2023’s pivotal cooperation between the<br />

UAE and France, including billion-dollar<br />

projects, emphasising sustainable<br />

aviation transformation with France<br />

investing 1.2B euros for a lower carbon<br />

footprint by 2030.<br />

Non-Oil Business Surges in Saudi Arabia and UAE<br />

Non-oil business activity in Saudi<br />

Arabia and the UAE surged,<br />

reaching nearly a five-year high<br />

in the Emirates, the Arab world’s<br />

second-largest economy. The Riyad<br />

Bank purchasing managers’ index, a<br />

key measure of Saudi Arabia’s non-oil<br />

economy, rose to 57.2 from January’s<br />

55.4, indicating robust growth well<br />

above the neutral 50 mark. This signals<br />

a marked improvement in operating<br />

conditions, driven by increased output<br />

due to rising client demand and<br />

tourism activity in the kingdom. While<br />

new work inflows rose more sharply<br />

than in January, competition within<br />

the domestic market remained strong,<br />

and export orders recorded a modest<br />

rebound. The data also revealed a faster<br />

increase in employment, among the<br />

Deyaar Development, a prominent<br />

real estate developer and service<br />

provider in Dubai, has revealed<br />

its Board’s approval for dividend distribution,<br />

marking a historic first for<br />

the company. Founded in 2002 and<br />

listed on the Dubai Financial Market<br />

(DFM) in 2007, the board recommends<br />

distributing 4% of the share capital,<br />

amounting to AED 175M ($47.65M), or 4<br />

fils per share. Described as a “landmark<br />

decision,” this move is considered a<br />

significant chapter in Deyaar’s history.<br />

Abdullah Al Hamli, Chairman of the<br />

Board, expressed delight in distributing<br />

sharpest in the past eight years, coupled<br />

with increased optimism for the year<br />

ahead. This positive trend aligns with<br />

expectations of a modest recovery in<br />

demand driven by the acceleration<br />

of Vision 2030 projects, part of Saudi<br />

Arabia’s diversification agenda.<br />

Deyaar Announces Maiden Dividend Distribution<br />

in Company’s History<br />

dividends to shareholders, highlighting<br />

Deyaar’s steady growth trajectory and<br />

successful transformation in recent<br />

years. The Annual General Assembly<br />

meeting is proposed for 5 <strong>April</strong>,<br />

reflecting the company’s confidence<br />

in continued success with strategic<br />

initiatives and a strong business model<br />

in place. Majority-owned by Dubai<br />

Islamic Bank (DIB), Deyaar has established<br />

real estate ventures across key<br />

growth corridors and prime locations in<br />

Dubai, delivering a diverse portfolio of<br />

commercial and residential properties<br />

over the past two decades.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 25

Business News<br />

Dubai’s Drake & Scull Shares to Resume Trading on DFM<br />

Dubai-headquartered construction<br />

firm Drake & Scull International<br />

(DSI) has gained approval from<br />

the Dubai Financial Market to reinstate<br />

its shares. This development follows<br />

the company’s successful increase of<br />

its share capital by at least AED 300M,<br />

aligned with the court-approved restructuring<br />

plan. Shafiq Abdelhamid,<br />

Chairman of Drake & Scull, expressed<br />

delight in this significant progress, acknowledging<br />

the support from various<br />

UAE and Greece<br />

Strengthen Trade and<br />

Economic Ties with<br />

Signed Pacts<br />

The UAE and Greece have signed<br />

initial agreements, marking a<br />

significant step in strengthening<br />

trade and economic ties within their<br />

Comprehensive Strategic Partnership<br />

(CSP). During official discussions in<br />

Greece, led by Dr Sultan Al Jaber,<br />

Minister of Industry and Advanced<br />

Technology, UAE government officials<br />

and private sector executives<br />

explored ways to broaden cooperation.<br />

Mubadala Investment Company and<br />

Greece’s Hellenic Development Bank<br />

of Investments sealed an initial agreement<br />

for a €200M ($219M) investment,<br />

complementing a €400M partnership<br />

from 2018. This additional investment<br />

aims to enhance collaboration<br />

in emerging and private investments<br />

focused on high-growth sectors in<br />

Greek funds. The CSP encompasses<br />

political cooperation, trade, investment,<br />

tourism, culture, and energy<br />

sector investments. The Abu Dhabi<br />

clean energy company Masdar and the<br />

Greek Ministry of Environment and<br />

Energy also signed an agreement to<br />

advance projects under the “GR-Eco<br />

Islands” initiative.<br />

entities and emphasising the importance<br />

of shareholder participation in the upcoming<br />

General Assembly meeting on<br />

March 27, <strong>2024</strong>. The meeting’s agenda<br />

encompasses discussions on the share<br />

capital increase and the resumption of<br />

trading, both crucial steps in the restructuring<br />

plan aimed at reducing the<br />

company’s debt by 90%. Other strategic<br />

topics related to the company’s plans<br />

and growth are also on the agenda.<br />

Dubai Future District Fund Emphasises<br />

Sustainability and Innovation in AGM <strong>2024</strong><br />

The Dubai Future District Fund<br />

(DFDF) conducted its Annual<br />

General Meeting (AGM) at the Museum<br />

of the Future in Dubai, showcasing<br />

collaborative efforts between the public<br />

and private sectors to enhance the<br />

UAE’s innovation ecosystem through<br />

strategic venture investments. Established<br />

by H.H. Sheikh Maktoum bin<br />

Mohammed bin Rashid Al Maktoum,<br />

the DFDF AGM, co-anchored by Dubai<br />

International Financial Centre and Dubai<br />

Future Foundation (DFF), highlighted<br />

the Fund’s remarkable progress in its<br />

second year. Distinguished attendees<br />

included government officials, investors,<br />

and top executives from leading national<br />

corporations, discussing collaborative<br />

initiatives, adopting new technologies,<br />

and exploring forward-looking strategies<br />

to drive innovation. The event featured<br />

keynotes, panel discussions, and insights<br />

from prominent figures in the innovation<br />

landscape.<br />

Mohammed bin Rashid Aerospace Hub & Tim Aerospace:<br />

Mega MRO Hangar Construction Starts<br />

The Mohammed bin Rashid Aerospace<br />

Hub (MBRAH) and Tim Aerospace<br />

have officially marked the commencement<br />

of their groundbreaking<br />

venture—a new hangar at Dubai South.<br />

As one of the GCC’s largest wide-body capable<br />

MRO hangars, the facility, designed<br />

to accommodate up to five wide-body<br />

aircraft, excluding the A-380, promises a<br />

significant boost to aviation services. The<br />

ceremony, graced by Khalifa Al Zaffin and<br />

Timor Shah Shahab, celebrated this milestone<br />

in the presence of key executives.<br />

Slated for completion in 2025, the hangar<br />

aims to offer premium, cost-efficient<br />

base maintenance services for a diverse<br />

range of commercial passenger and cargo<br />

aircraft. Tahnoon Saif, CEO of MBRAH,<br />

emphasised the strategic importance of<br />

supporting the aviation sector’s growth,<br />

underscoring Dubai’s commitment to<br />

becoming a global aviation hub.<br />

26 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

OVER<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

S<br />

28 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Amidst the pressing global imperative to combat climate<br />

change, a select group of companies has emerged as pioneers<br />

in the journey towards a sustainable future. With<br />

a commitment to the Net Zero by 2050 initiative, these<br />

businesses are setting ambitious goals and implementing<br />

strategic plans to achieve carbon neutrality.<br />

This comprehensive cover story highlights the efforts<br />

of the companies that have pledged their dedication to<br />

the Net Zero by 2050 initiative. Discover the proactive<br />

leaders driving the fight against climate change with<br />

impactful strategies to mitigate carbon emissions across<br />

their operations.<br />

From healthcare to luxury retail, satellite communications<br />

to finance, these companies represent a diverse<br />

array of sectors, each contributing its unique perspective<br />

and expertise to the collective effort. Through innovative<br />

technologies, strategic partnerships, and bold commitments,<br />

they are paving the way towards a more sustainable<br />

future for all.<br />

In compiling this list, we have selected companies that<br />

demonstrate a genuine commitment to sustainability and<br />

have tangible progress towards their net zero goals.<br />

The businesses featured in the list are organised alphabetically<br />

and presented without ranking to emphasise<br />

their collective commitment to sustainability.<br />

TORY<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 29

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Sultan<br />

Ahmed Al Jaber<br />

Managing Director and Group CEO<br />

ADNOC Group<br />

Founded in 1971, ADNOC Group stands as a prominent<br />

diversified energy group, wholly owned by<br />

the Abu Dhabi Government. Operating across the<br />

energy value chain, the company is dedicated to responsibly<br />

meeting the evolving demands of the energy market.<br />

ADNOC has established itself as one of the leading<br />

oil and gas producers globally, boasting top-tier status<br />

in terms of low carbon intensity. With a commitment<br />

to cleaner energy solutions, the company is actively<br />

investing in sustainable initiatives to shape the future of<br />

energy. Under the leadership of Dr. Al Jaber, serving as<br />

Group CEO and Managing Director since 2016, ADNOC<br />

has undergone a comprehensive transformation directed<br />

by the UAE leadership.<br />

Dr Al Jaber has spearheaded initiatives to enhance<br />

operational efficiencies, bolster overall performance, and<br />

cultivate a more commercial approach within the company.<br />

ADNOC has achieved several strategic milestones under<br />

his guidance, including its entry into the global capital<br />

markets and the completion of its first-ever IPO.<br />

Embracing a digital transformation, ADNOC is at the<br />

forefront of adopting breakthrough technologies such<br />

as AI, Big Data, and Blockchain to stay ahead of global<br />

energy demands and contribute significantly to the UAE’s<br />

economy.<br />

In alignment with the UAE’s commitment to achieving<br />

net-zero emissions by 2050, ADNOC has pledged substantial<br />

investments, totalling $23 billion, to accelerate the development<br />

and deployment of lower-carbon solutions.<br />

In July 2023, the Abu Dhabi energy company, ADNOC,<br />

advanced its sustainability goals by revising its timeline,<br />

accelerating its target from achieving net zero emissions<br />

by 2050 to eliminating methane emissions by 2030 and<br />

achieving net zero by 2045. ADNOC’s decarbonisation<br />

strategy involves a $3.8 billion initiative to transition<br />

its offshore operations to clean grid power, expected to<br />

reduce its offshore carbon footprint by up to 50 per cent.<br />

Additionally, ADNOC is constructing a 1 million tonneper-annum<br />

low-carbon ammonia production facility, aimed<br />

at aiding its customers in their decarbonisation efforts.<br />

ADNOC’s sustainability strategy for 2030 encompasses<br />

key initiatives across climate change mitigation, environmental<br />

conservation, economic and social contribution,<br />

workforce diversity, health, safety, security, and business<br />

sustainability.<br />

The recent announcement in January <strong>2024</strong> of an additional<br />

$8 billion commitment to decarbonisation projects<br />

reaffirms ADNOC’s dedication to shaping a lower-carbon<br />

future and facilitating a just energy transition. With a<br />

strong emphasis on sustainability and innovation, ADNOC<br />

continues to play a pivotal role in advancing the UAE’s<br />

net-zero agenda while maintaining its position as a global<br />

energy leader.<br />

30 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Talal Al Dhiyebi<br />

Group Chief Executive Officer<br />

Aldar Properties<br />

Aldar Properties PJSC, established in 2004, stands<br />

as a prominent real estate development, management,<br />

and investment company headquartered in<br />

Abu Dhabi, United Arab Emirates, with its shares traded<br />

on the Abu Dhabi Securities Exchange. Leading the company<br />

as Group Chief Executive Officer is Talal Al Dhiyebi,<br />

spearheading Aldar Properties’ evolution into the UAE’s<br />

premier real estate developer, investor, and manager.<br />

Under Talal Al Dhiyebi’s stewardship, Aldar has significantly<br />

expanded its presence beyond Abu Dhabi, venturing<br />

into neighbouring emirates such as Dubai and Ras Al<br />

Khaimah, as well as internationally into Egypt. With a<br />

diversified recurring income portfolio exceeding USD 9<br />

billion and an ongoing development backlog surpassing<br />

USD 20 billion Aldar has solidified its position in the real<br />

estate market.<br />

When it comes to Aldar’s commitment to sustainability<br />

the company marked a significant moment in January 2023<br />

with the launch of its Net Zero Plan, a comprehensive<br />

sustainability initiative underscoring the company’s commitment<br />

to responsible growth. Aligned with the Science<br />

Based Targets Initiative (SBTi) Corporate Standard, the<br />

Net Zero Plan outlines Aldar’s targets and strategies to<br />

achieve Net Zero emissions across all scopes by 2050.<br />

The Net Zero Plan encompasses Scope 1, 2, and 3. (Scope<br />

1 refers to Aldar’s direct emissions; Scope 2 pertains to<br />

indirect emissions, such as those generated by the power or<br />

water utilised by Aldar; Scope 3 emissions are associated<br />

with Aldar’s supply chain or tenants occupying its developments).<br />

The plan will be executed through Eight Net<br />

Zero levers, addressing various aspects of the value chain.<br />

Acknowledging the challenges posed by climate change,<br />

Aldar recognises that its growth trajectory may lead to<br />

an initial increase in total emissions. However, sustained<br />

efforts in embedding sustainability and decarbonisation<br />

practices throughout the business, driven by the Net<br />

Zero levers, will reduce emissions intensity over time,<br />

positioning Aldar on the path to Net Zero.<br />

In 2023, Aldar achieved significant milestones toward<br />

its Net Zero goals, including signing 64 suppliers to<br />

the Real Estate Climate Pledge, screening 100 per cent<br />

of suppliers on sustainability criteria, avoiding 13 per<br />

cent of embodied carbon emissions across 27 projects,<br />

achieving an 87.5 per cent construction waste recycling<br />

rate, neutralising per cent of Scope 2 emissions through<br />

Clean Energy Certificates (CECs), and projecting a 12 per<br />

cent increase in clean energy production through a solar<br />

energy partnership.<br />

Aldar has set ambitious targets for 2030 and 2050, aiming<br />

for a 90% reduction in Scope 1 and 2 emissions, a 45%<br />

reduction in Scope 3 emissions intensity by 2030, and a<br />

97% reduction in GHG emissions across all scopes by 2050.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 31

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Barry Lewis<br />

Chief Executive Officer<br />

ALEC Engineering and<br />

Contracting L.LC.<br />

ALEC Engineering and Contracting L.LC. (ALEC), a<br />

prominent construction company under the Investment<br />

Corporation of Dubai (ICD), operates across<br />

the GCC region and Africa, offering construction solutions<br />

for complex projects. Over the past two decades, ALEC<br />

has earned a reputation as a reliable partner, prioritising<br />

quality, safety, functionality, and aesthetics in its projects.<br />

With over two decades of experience working closely<br />

with the former CEO of Alec, Kez Taylor and demonstrating<br />

exemplary leadership in ALEC’s operations,<br />

Barry Lewis is poised to lead the company into its next<br />

chapter. His tenure promises an unwavering commitment<br />

to innovation, sustainability, and delivering world-class<br />

construction projects. Under Barry’s leadership, ALEC<br />

aims to pursue expansion strategies, invest in its people<br />

and technology, set global benchmarks, and synergize<br />

diverse lines of business.<br />

Recently, the company launched its inaugural sustainability<br />

report, outlining its current achievements, ongoing<br />

initiatives, and plans towards sustainability. Among<br />

its notable accomplishments, ALEC has secured LEED<br />

certification for seven projects, including two Platinum,<br />

three Gold, one Silver, and one LEED NC 2.2 certification.<br />

Additionally, one project is in progress for Gold LEED<br />

Certification, while four others are undergoing the process<br />

for pearl ESTIDAMA rating.<br />

Demonstrating its commitment to sustainability, ALEC<br />

has joined initiatives such as the UN Global Impact,<br />

Emirates Green Building Council, and British Safety<br />

Council. Looking ahead to <strong>2024</strong>, the company aims to<br />

establish Environmental, Social, and Governance (ESG)<br />

and decarbonisation targets, finalise related policies and<br />

processes, enhance carbon baseline coverage, and launch<br />

training and engagement programs.<br />

In 2025 and beyond, ALEC plans to align its reporting<br />

with global ESG standards and procure clean energy<br />

through onsite solar generation across its owned properties.<br />

Notably, in 2022, the company produced around<br />

158,600 kWh of energy from its 0.5 MWP onsite solar PV<br />

plant in Dubai Industrial City. ALEC intends to increase<br />

its total installed solar capacity to 1.45 MWp by early <strong>2024</strong><br />

and is also embracing electric/hybrid solutions to power<br />

equipment at its construction sites.<br />

In its pursuit of decarbonizing the construction industry,<br />

ALEC offers prefabricated modular units through LINQ<br />

Modular, its subsidiary based in Dubai Industrial City.<br />

These units contribute to significant reductions in material<br />

waste while ensuring predictability and quality. Similarly,<br />

ALEMCO, the company’s MEP arm, aims to increase the<br />

usage of modular and prefabricated solutions in MEPD<br />

system installations to 20-25% by 2025, underscoring<br />

ALEC’s steadfast commitment to sustainable construction<br />

practices.<br />

32 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Khaled Al Huraimel<br />

Group Chief Executive Officer<br />

BEEAH Group<br />

BEEAH Group, established in 2007 as a Sharjah-based<br />

public-private partnership, has evolved into a symbol<br />

of sustainability across the MENA region. Initially<br />

focusing on environmental and waste management, BEEAH<br />

strategically expanded its scope to embrace renewable<br />

energy, green mobility, education, and technology, with<br />

sustainability and digitalization at the core of its vision.<br />

In alignment with global initiatives like COP28 and<br />

the UAE’s Net Zero by 2050 Strategic Initiative, BEEAH<br />

has committed to achieving net-zero emissions by 2040.<br />

Notably, BEEAH has made significant strides towards this<br />

goal, achieving a remarkable 90% landfill waste diversion in<br />

Sharjah, thereby reducing landfill emissions substantially.<br />

Under the leadership of Khaled Al Huraimel, Group<br />

CEO of BEEAH, the organisation’s enduring commitment<br />

to sustainability since its inception has been emphasised.<br />

BEEAH is firmly set on a path towards zero waste to<br />

landfill, aiming to leverage existing emission reduction<br />

strategies, innovative technologies, and diligent tracking<br />

to achieve net-zero emissions by 2040.<br />

Central to BEEAH’s sustainability efforts is its end-toend<br />

waste management ecosystem, featuring digitally-enabled<br />

waste collection, an integrated waste management<br />

complex, and pioneering waste-to-energy initiatives.<br />

The Sharjah Waste to Energy plant, a joint venture with<br />

Masdar, exemplifies this commitment, producing 30 MW<br />

of power and displacing 450,000 tonnes of CO2 annually.<br />

During COP28, BEEAH unveiled plans for groundbreaking<br />

projects, including a solar landfill and a waste-to-hydrogen<br />

plant. These initiatives, in collaboration with partners like<br />

Masdar, SEWA, Air Water, and Chinook Hydrogen, underscore<br />

BEEAH’s dedication to innovation and decarbonisation.<br />

With 13,000 employees across the UAE, KSA, and Egypt,<br />

BEEAH is committed to shaping sustainable, smart cities<br />

and enhancing quality of life.<br />

The iconic BEEAH Headquarters, inaugurated in 2022<br />

and designed by Zaha Hadid, epitomises the organisation’s<br />

commitment to sustainability and digitalization. Equipped<br />

with on-site solar and greywater recycling facilities, as<br />

well as predictive AI technology, the headquarters sets<br />

a precedent for future-ready, environmentally conscious<br />

infrastructure.<br />

Furthermore, during COP28, BEEAH collaborated with<br />

Abu Dhabi Future Energy Company – Masdar and SEWA,<br />

the Sharjah Electricity, Water and Gas Authority, to announce<br />

their partnership in pioneering the MENA region’s<br />

inaugural landfill-to-solar project. This first-of-its-kind<br />

endeavour aims to repurpose empty landfills, transforming<br />

over 68 hectares of land into solar farms with a total energy<br />

production capacity of 120 MW. Positioned atop the Al<br />

Saj’ah landfill, adjacent to BEEAH Group’s state-of-the-art<br />

Waste Management Complex, solar photovoltaic panels<br />

will be strategically installed, marking a significant step<br />

towards sustainable energy utilisation.<br />

BEEAH Group’s unwavering commitment to achieving<br />

net-zero emissions by 2040 underscores its dedication to<br />

pioneering sustainable solutions and leading the charge<br />

towards a carbon-neutral future.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 33

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Patrick Chalhoub<br />

Chief Executive Officer<br />

Chalhoub Group<br />

Chalhoub Group, established in 1995 and headquartered<br />

in Dubai, UAE, is a prominent luxury goods<br />

retailer and distributor with a global presence<br />

across 14 countries. Recognised as the largest retail operator<br />

in the Middle East, Chalhoub Group is committed<br />

to advancing sustainability initiatives in alignment with<br />

international standards.<br />

In response to the urgent threats posed by climate<br />

change, the Chalhoub Group under the governance of President<br />

Patrick Chalhoub has proactively set science-based<br />

Greenhouse Gas (GHG) reduction targets to mitigate its<br />

environmental impact. These targets are aligned with<br />

the Intergovernmental Panel on Climate Change (IPCC)<br />

pathway to limit global temperature rises to well below<br />

1.5°C above pre-industrial levels.<br />

With a clear focus on environmental protection and<br />

societal needs, Chalhoub Group integrates Environmental,<br />

Social, and Governance (ESG) principles into its business<br />

model. Upholding a Net Zero commitment by 2040,<br />

validated by the Science-Based Targets initiative (SBTi),<br />

the company accelerates electrification and operational<br />

efficiency efforts to reduce carbon emissions.<br />

Chalhoub Group has pledged to decrease absolute<br />

scope 1 and 2 GHG emissions by 50.4% by 2032 from a<br />

base year of 2021. Furthermore, the company aims to<br />

reduce absolute scope 3 GHG emissions, encompassing<br />

purchased goods and services, upstream transport and<br />

distribution, upstream leased assets, and investments,<br />

by 30% within the same timeframe.<br />

Embracing sustainable business models, Chalhoub<br />

Group has enhanced customer-centric experiences while<br />

minimising its carbon footprint. Collaborating with industry<br />

experts, the company is strengthening waste management<br />

practices and nurturing circular partnerships to achieve<br />

its Zero Waste to Landfill goal by 2030. Moreover, efforts<br />

are underway to develop circular products, reducing<br />

material consumption and associated carbon emissions.<br />

Chalhoub Group prioritises the health, safety, and<br />

well-being of its employees, establishing a robust Health<br />

and Safety management framework across all operational<br />

areas. The company’s commitment extends beyond internal<br />

operations to promoting ethical corporate governance<br />

and responsible business practices among partners and<br />

suppliers.<br />

Through cross-functional collaborations and near-term<br />

science-based targets, Chalhoub Group aims to halve its<br />

emissions by 2032 and eliminate 90% of emissions by 2040.<br />

The company is dedicated to driving sustainability across<br />

its operations, promoting renewable energy solutions, and<br />

advocating for circular economy principles.<br />

Chalhoub Group’s sustainability journey underscores<br />

its dedication to environmental stewardship, societal<br />

well-being, and responsible corporate citizenship. By<br />

aligning with international climate goals and embracing<br />

innovative solutions, the company sets a precedent for<br />

sustainable business practices in the luxury goods industry.<br />

34 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Fahad Al Hassawi<br />

Chief Executive Officer<br />

du<br />

Emirates Integrated Telecommunications Company<br />

P.J.S.C., known commercially as du since February<br />

2007, stands as one of the key telecom operators in<br />

the United Arab Emirates. Established in 2005, du offers<br />

a comprehensive range of services including fixed line,<br />

mobile telephony, internet, and digital television across<br />

the UAE.<br />

Committed to environmental sustainability, du has<br />

pledged to achieve net zero Scope 1 and 2 emissions<br />

within its UAE operations by 2030, extending its efforts to<br />

Scope 3 emissions by 2050. The company is strategically<br />

focusing on initiatives to reduce its carbon footprint,<br />

with an emphasis on enhancing energy efficiency and<br />

transitioning to renewable energy sources.<br />

Under the leadership of CEO Fahad Al Hassawi, du<br />

aligns its net zero ambitions with the UAE’s broader<br />

goal of reaching net zero emissions by 2050. Al Hassawi<br />

emphasises the importance of corporate responsibility<br />

in environmental stewardship, highlighting the potential<br />

for economic opportunities and improved quality of life<br />

through sustainable practices.<br />

Du’s Sustainability Report 2022 outlines its commitment<br />

to key sustainability objectives, aiming to contribute to<br />

societal well-being, operate ethically and responsibly, and<br />

ensure equitable access to its services. These objectives<br />

are aligned with the United Nations’ Sustainable Development<br />

Goals (SDGs), guiding du’s sustainability efforts.<br />

To reduce greenhouse gas emissions, du has implemented<br />

various initiatives including the deployment of hybrid<br />

and solar-powered alternatives to diesel generators. With<br />

170 sites running on hybrid generators and 78 sites powered<br />

entirely by solar energy, du continues to expand its<br />

sustainable infrastructure, aiming to further reduce its<br />

environmental impact.<br />

Furthermore, du prioritises energy efficiency across its<br />

network operations and non-technical sites, implementing<br />

measures such as free cooling systems, LED lighting,<br />

and eco-friendly building designs. These initiatives have<br />

resulted in significant reductions in energy consumption<br />

and carbon emissions, demonstrating du’s commitment<br />

to sustainability across its operations.<br />

In addition to environmental initiatives, du focuses on<br />

waste management and corporate sustainability awareness,<br />

aiming to minimise waste generation and promote<br />

sustainable practices among its employees and stakeholders.<br />

Through these efforts, du reaffirms its dedication<br />

to being a responsible corporate citizen, integrating<br />

economic, social, and environmental considerations into<br />

its business practices.<br />

During Cop28 Ericsson and Du, from Emirates Integrated<br />

Telecommunication Company (EITC), partnered<br />

to support the communications service provider to enhance<br />

the sustainability of its networks and accelerate<br />

their transition to Net Zero by reducing network energy<br />

consumption and carbon emissions.<br />

du stands committed to pioneering sustainability in the<br />

telecommunications industry, championing eco-friendly<br />

practices for a greener future.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 35

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Hana Al Rostamani<br />

Group Chief Executive Officer<br />

First Abu Dhabi Bank<br />

First Abu Dhabi Bank (FAB) emerges as a frontrunner<br />

in the MENA region’s banking sector towards<br />

achieving net-zero ambitions, exemplifying its leadership<br />

in sustainability. Headquartered in Abu Dhabi and<br />

boasting a strategic global footprint across 20 markets,<br />

FAB stands as the UAE’s largest lender, holding total<br />

assets of US$323 billion. With awards as the best ESG<br />

performer within the MENA banking system and ranking<br />

in the top 10% globally for ESG rating, FAB has solidified<br />

its position as a pioneer in green finance.<br />

Noteworthy achievements mark FAB’s sustainability<br />

journey, including being the first bank to commit to the<br />

UAE’s net-zero target by 2050 and the first GCC bank to<br />

join the UN-convened Net-Zero Banking Alliance. FAB’s<br />

endeavours extend to issuing green bonds, with 14<br />

completed thus far, and leading the MENA bond market,<br />

targeting US$75 billion in sustainable finance by 2030.<br />

In alignment with its ambitious net-zero roadmap,<br />

FAB is committed to reducing carbon intensity across<br />

high-emitting sectors, setting financed emissions reduction<br />

targets for key industries. The targets ranged from -7% to<br />

-64% across key sectors such as oil and gas (-7% to -15%),<br />

power (-64%), aviation (-15%), agriculture (-35% to -45%),<br />

aluminium (-32%), cement (-25%), commercial real estate<br />

(-45% to -55%), and steel (-26% to -32%). With a focus on<br />

achieving up to 45% reductions in emissions across these<br />

sectors by 2030, FAB aims to drive impactful change and<br />

support the transition to a low-carbon economy.<br />

FAB has also set an ambitious target of spending US$75<br />

billion in green finance by 2030. By September 2023, the<br />

bank had already achieved 36% of this goal, amounting to<br />

US$27.1 billion. This achievement solidifies FAB’s position<br />

as a leader in regional sustainable finance.<br />

Under the leadership of CEO Hana Al Rostamani, FAB<br />

has accelerated sustainable initiatives, exemplified by its<br />

Sustainable <strong>Finance</strong> Framework and significant disbursement<br />

of green finance. Bashir emphasises the importance<br />

of green finance in achieving sustainability goals and urges<br />

CEOs to prioritise alignment with these targets.<br />

In addition to its environmental endeavours, FAB<br />

prioritises social responsibility, supporting community<br />

development projects and promoting financial inclusion.<br />

By leveraging its resources and expertise, the bank endeavours<br />

to create a more equitable and resilient society,<br />

ensuring that the benefits of sustainable finance reach all<br />

segments of the population.<br />

FAB remains committed to advancing sustainable<br />

finance and positioning the UAE as a green finance hub.<br />

As a strategic pathway partner of the climate conference<br />

and signatory to the COP28 Net-Zero Charter, FAB plays<br />

a pivotal role in driving discussions and initiatives centred<br />

on climate finance and environmental action. With<br />

a comprehensive six-point agenda, FAB aims to catalyse<br />

positive change, empower stakeholders, and accelerate<br />

the transition to a sustainable future.<br />

36 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Shaista Asif<br />

Group Chief Executive Officer<br />

Pure Health<br />

PureHealth, known to be the largest integrated<br />

healthcare network in the United Arab Emirates, has<br />

positioned itself as a frontrunner in sustainability<br />

within the healthcare sector. Committed to advancing the<br />

science of longevity while minimising its environmental<br />

footprint, PureHealth has set a pioneering precedent by<br />

pledging to achieve net zero emissions by 2040.<br />

This landmark commitment, aligned with the Science<br />

Based Targets Initiative (SBTi), makes PureHealth the<br />

first healthcare company in the Middle East, Africa, and<br />

Asia to embrace such ambitious environmental goals.<br />

Shaista Asif, now serving as PureHealth’s CEO, actively<br />

champions sustainability initiatives within the company.<br />

Under her leadership as the COO, PureHealth joined the<br />

Race to Zero for Climate Change and pledged to achieve net<br />

zero emissions by 2040. Asif’s visionary approach fosters<br />

a greener and more sustainable future for PureHealth.<br />

Aligned with the UAE’s broader strategic initiative of<br />

achieving net zero emissions by 2050, PureHealth’s pledge<br />

underscores its dedication to fostering a greener future.<br />

Recognising the significant environmental impact of<br />

the healthcare sector, which contributes approximately<br />

five per cent of global carbon emissions, PureHealth<br />

has devised a comprehensive decarbonisation roadmap.<br />

Embracing sustainable procurement practices, enhancing<br />

waste management protocols, and implementing stricter<br />

controls on fugitive emissions are integral components<br />

of PureHealth’s sustainability strategy.<br />

Moreover, PureHealth is prioritising the adoption of<br />

energy-efficient buildings, infrastructure, and cleaner<br />

transport fleets to further reduce carbon emissions. Embracing<br />

clean and renewable energy sources is another<br />

focal point, reflecting the company’s commitment to<br />

transitioning towards a low-carbon future.<br />

Apart from reducing its carbon footprint, PureHealth is<br />

leveraging technology to revolutionise patient care while<br />

promoting sustainability. Expanding Virtual Care services<br />

to deliver healthcare beyond traditional settings, enhancing<br />

Value-Based Care practices to minimise readmission rates,<br />

and strengthening Preventive Care through innovative<br />

technologies like Digital Twins exemplify PureHealth’s<br />

holistic approach to sustainability.<br />

Notably, PureHealth’s participation in the United Nations-backed<br />

Race to Zero initiative signifies its dedication<br />

to global climate action. By joining this coalition, PureHealth<br />

aligns itself with the UAE’s vision for achieving climate<br />

neutrality and contributes to the broader environmental<br />

resilience agenda outlined by the Environment Agency<br />

Abu Dhabi (EAD). This strategic alignment reinforces<br />

PureHealth’s pivotal role in driving sustainability efforts<br />

within the regional healthcare sector.<br />

As PureHealth forges ahead with its net zero emissions<br />

commitment, it stands as a catalyst for climate change<br />

mitigation and environmental stewardship in the Middle<br />

East. By prioritising sustainability in its operations and<br />

embracing innovative solutions, PureHealth exemplifies<br />

its dedication to fostering a healthier, greener world for<br />

generations to come.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 37

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Jasim Husain Thabet<br />

Chief Executive Officer and Managing Director<br />

TAQA<br />

TAQA, rooted in Abu Dhabi with a global presence,<br />

stands as a top 10 integrated utilities champion<br />

in the EMEA region. Established in 2005, TAQA’s<br />

journey traces back to 1998, marked by the privatisation<br />

of Abu Dhabi’s power and water sector, emphasising its<br />

commitment to water security and community power supply.<br />

Jasim Husain Thabet, as TAQA’s Group CEO and Managing<br />

Director, has been instrumental in promoting the<br />

company’s commitment to achieving net zero emissions by<br />

2050. With over two decades of experience in the energy<br />

industry, Thabet brings strategic vision and leadership to<br />

TAQA’s sustainability initiatives. Under his guidance, TAQA<br />

has intensified its focus on renewable energy investments,<br />

energy efficiency measures, and green finance frameworks.<br />

Central to TAQA’s growth strategy is the imperative of<br />

transitioning the global energy system towards cleaner and<br />

more efficient technologies to mitigate climate change.<br />

With a pledge to achieve net zero emissions by 2050,<br />

TAQA’s 2030 ESG strategy outlines near-term emission<br />

reduction goals, emphasising its dedication to environmental<br />

stewardship.<br />

TAQA has positioned itself as a leader in green finance,<br />

launching a Green <strong>Finance</strong> Framework in <strong>April</strong> 2023 for<br />

the issuance of green bonds, sukuks, and loans. Proceeds<br />

from these investments support eligible green projects,<br />

including renewables, energy efficiency, and sustainable<br />

water management, aligning with TAQA’s long-term sustainability<br />

goals.<br />

In its pursuit of emission reduction, TAQA has made<br />

significant strides, with an 8% reduction in greenhouse gas<br />

emissions for scopes 1 and 2 compared to 2021. Investments<br />

in renewable energy sources, energy management<br />

systems, and climate risk management reflect TAQA’s<br />

commitment to sustainability and resilience.<br />

Aligned with global best practices, TAQA’s Green <strong>Finance</strong><br />

Framework adheres to the Green Bond Principles 2021 and<br />

has received a Sustainability Quality Score of SQS2 (Very<br />

Good) from Moody’s Investor Services. This framework<br />

underscores TAQA’s commitment to financing sustainable<br />

initiatives contributing to its net-zero aspirations.<br />

TAQA outlines three fundamental elements crucial to<br />

the energy transition: cleaner power and water, electrification,<br />

and efficiency. The company aims to significantly<br />

increase the share of renewables in its power generation<br />

capacity, targeting 65% by 2030, with a focus on efficient<br />

water desalination using reverse osmosis technology. In<br />

terms of electrification, TAQA is investing heavily in grid<br />

infrastructure upgrades, committing AED 40 billion by 2030<br />

in the UAE while also pursuing international investments<br />

in smart grid technologies.<br />

Additionally, TAQA is actively involved in demand-side<br />

management services through its subsidiary, Abu Dhabi<br />

Energy Services, and distribution companies, facilitating<br />

energy and water savings targets for both public and<br />

private entities.<br />

38 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Cover Story<br />

Toward Net Zero 2050:<br />

Businesses Championing Climate Action<br />

Ali Al Hashemi<br />

Chief Executive Officer<br />

Yahsat<br />

Yahsat, a prominent player in the satellite communications<br />

industry, is actively engaged in sustainability<br />

initiatives that align with global environmental<br />

objectives. Under the leadership of Group CEO Ali Al<br />

Hashemi, Yahsat has committed to enhancing its measurement<br />

and reporting of greenhouse gas (GHG) emissions.<br />

By integrating climate change mitigation efforts into its<br />

business model, Yahsat aims to contribute to the global<br />

efforts outlined in the United Nations Sustainable Development<br />

Goal 13 on climate action. This commitment reflects<br />

Yahsat’s dedication to fostering a climate-resilient future.<br />

Yahsat recognises the importance of reducing its environmental<br />

impact across its operations. The company is<br />

focused on reducing its consumption of natural resources,<br />

increasing recycling rates, and minimising waste generation.<br />

Notably, Yahsat has made significant strides in recycling<br />

efforts, particularly in the reduction of e-waste. By implementing<br />

systematic approaches, such as developing<br />

a printing policy to reduce paper and ink consumption,<br />

Yahsat is actively pursuing sustainable practices.<br />

The significance of space technology applications in<br />

disaster planning and recovery, coupled with the substantial<br />

investments made by nations and private entities in<br />

this field, cannot be overstated. Satellite communications<br />

play a pivotal role in furnishing vital data for disaster preparedness<br />

and facilitating search and rescue operations.<br />

Yahsat, leveraging its state-of-the-art technology, plays<br />

a crucial role in enhancing global disaster management<br />

capabilities. Through its innovative Internet of Things<br />

(IoT) solutions, Yahsat facilitates various crucial functions,<br />

including forest mapping, wildfire detection, monitoring<br />

of greenhouse gas emissions and water resources, biodiversity<br />

management, and early detection and prevention<br />

of natural calamities such as floods, hurricanes, earthquakes,<br />

and tsunamis.<br />

Concurrently, Yahsat’s satellite-enabled connectivity<br />

solutions have been instrumental in saving lives and<br />

fostering social, health, and educational development<br />

in underserved and unserved communities across the<br />

African continent.<br />

In addition to its environmental initiatives, Yahsat<br />

prioritises the sustainable use of space. The company<br />

adheres to international standards to ensure the safety of<br />

its space assets and mitigate space debris risks. Through<br />

operational policies based on Inter-Agency Space Debris<br />

Coordination Committee guidelines, Yahsat aims to<br />

minimise the impact of its satellite operations on space<br />

debris accumulation.<br />

In October 2023, the company announced its membership<br />

in the United Nations Global Compact, integrating<br />

principles related to human rights, labour standards, environmental<br />

stewardship, and anti-corruption measures into<br />

its business operations. By embracing these principles,<br />

Yahsat seeks to uphold ethical standards and contribute<br />

to global sustainability goals.<br />

Through strategic initiatives and collaborative efforts,<br />

Yahsat is actively contributing to a more sustainable future<br />

for the planet and its inhabitants.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 39

Nvidia Shield Portable<br />

The Nvidia Shield Portable challenges<br />

the conventions of handheld<br />

gaming devices by merging<br />

a dedicated gaming console with the<br />

versatility of an Android tablet. This<br />

$249 device boasts a hefty frame,<br />

overshadowing the 3DS and Vita with<br />

its 6.4-inch width, 5.5-inch depth, and<br />

2.1-inch thickness, weighing in at a<br />

sturdy 1.3 pounds.<br />

Despite its unconventional aesthetics,<br />

the Shield Portable offers a surprisingly<br />

secure grip with twin soft-touch<br />

rubber-coated grips, providing a comfortable<br />

hold even when held above<br />

the head. The plastic frame exudes<br />

quality, minimising any cheap feel, and<br />

the twin thumbsticks adopt a precise<br />

and comfortable design reminiscent of<br />

their Xbox 360 counterparts.<br />

The controller on the Shield Portable<br />

plays a dual role – not only is<br />

it essential for gaming, but it serves<br />

as the primary navigation tool for the<br />

Android operating system. With dedicated<br />

Home, Back, and Volume keys,<br />

the controller seamlessly integrates<br />

with Android, recognising the layout for<br />

intuitive navigation. The face buttons,<br />

triggers, and thumbsticks all contribute<br />

to a satisfying and responsive gaming<br />

experience.<br />

The 5-inch, 720p display of the Shield<br />

Portable stands out, offering vibrant<br />

colours and crisp visuals. With a pixel<br />

density of 294ppi, the display ensures<br />

an immersive experience for gaming<br />

and movie playback. The hinge allows<br />

for a full 180-degree rotation, adding<br />

versatility to the viewing angles.<br />

In the audio department, the Shield<br />

Portable impresses with custom-tuned<br />

bass reflex speakers, providing fidelity<br />

and range rarely experienced on a handheld<br />

device. While not a substitute for<br />

dedicated audio devices, these speakers<br />

offer a commendable audio experience<br />

for gaming and action movies.<br />

Despite the need for a fan to cool<br />

the Tegra 4 chip, the Shield Portable<br />

remains quiet, and its battery life exceeds<br />

expectations, surpassing 10 hours<br />

in testing. Running on stock Android<br />

4.2.1, the device supports a wide range<br />

of apps from the Play Store, ensuring<br />

a versatile user experience.<br />

However, using touchscreen apps on<br />

the Shield Portable can be cumbersome<br />

due to its form factor, presenting challenges<br />

in terms of ergonomic design.<br />

Holding the device in various orientations<br />

for touchscreen interactions feels<br />

awkward, highlighting limitations in<br />

its usability for certain applications.<br />

While the Nvidia Shield Portable<br />

presents an innovative approach to<br />

handheld gaming with a unique blend<br />

of gaming controls and Android functionality,<br />

its unconventional design<br />

may not appeal to all users.<br />

40 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Google Pixel 8a<br />

Google Pixel 8a, internally codenamed<br />

“Akita,” is anticipated<br />

to blend design elements from<br />

its predecessor, the Pixel 7a, and the<br />

current Pixel 8 series. The device is<br />

expected to feature rounded corners,<br />

and a more prominently curved camera<br />

bar, possibly crafted from aluminium,<br />

and introduce a range of new colour<br />

options.<br />

The Pixel 8a is projected to house a<br />

6.1-inch screen, maintaining the size<br />

of its predecessor, the Pixel 7a. While<br />

hopes are high for a 90Hz refresh rate,<br />

an even more impressive 120Hz panel<br />

is the sweet spot enthusiasts are eager<br />

for. The overall dimensions will likely<br />

shift due to the curvier corners, emphasising<br />

pocket-friendly dimensions<br />

akin to the current model.<br />

Details regarding the rear camera<br />

setup remain undisclosed, but a strategic<br />

differentiation between the Pixel<br />

8a and the pricier Pixel 8 is expected.<br />

Drawing parallels with the Pixel 7a,<br />

which featured a 64MP primary snapper<br />

and a 12MP ultrawide lens, a similar<br />

configuration is anticipated for the<br />

Pixel 8a. Google’s recent trend of introducing<br />

exclusive software features to<br />

flagship models raises questions about<br />

potential differentiators for the A-series,<br />

suggesting a wait-and-see approach.<br />

The device’s timing will play a crucial<br />

role in determining whether the Pixel<br />

8a will house a Tensor G3 processor.<br />

If released in the first half of <strong>2024</strong>, it is<br />

likely to boast AI capabilities, offering<br />

a balance of smart functionality and<br />

respectable performance in the midrange<br />

segment. Expectations for storage<br />

include a standard 128GB with 8GB of<br />

RAM, and the device is anticipated to<br />

run Android 14 out of the box.<br />

Building on the success of the Pixel<br />

7a, wireless charging is anticipated to<br />

make a return to the Pixel 8a, providing<br />

users with added convenience. The<br />

inclusion of AI-assisted camera and<br />

image editing technologies, introduced<br />

in the Pixel 8 Pro, is a hopeful feature,<br />

offering users advanced capabilities for<br />

photography and video editing.<br />

As Pixel enthusiasts await the official<br />

unveiling, desires for a superior screen,<br />

potentially featuring a 120Hz refresh<br />

rate and brighter display technology,<br />

are voiced. Additionally, a call for faster<br />

USB-C charging and the integration of<br />

Qi2 wireless charging, akin to Mag-<br />

Safe-style magnetic accessory support,<br />

is expressed, as Google seeks to keep<br />

pace with charging speed innovations<br />

in the smartphone landscape.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 41

21 - 23 MAY <strong>2024</strong><br />

Dubai <strong>World</strong> Trade Centre<br />




Tap into new business potential as thousands of key buyers, thought<br />

leaders and decision makers from over 120 countries come together to<br />

design, shape and co-create the future.<br />


Get in touch with us to exhibit,<br />

sponsor or visit: www.cabsat.com<br />

@cabsatofficial<br />


Wheels<br />

Rivian R2<br />

Rivian, the California-based<br />

electric vehicle startup, has<br />

introduced its latest model,<br />

the R2, signalling a significant move<br />

towards a more mainstream market.<br />

Priced under $50,000, the R2 is an<br />

affordable and relatively compact<br />

SUV, measuring 185.6 inches in length,<br />

75.0 inches in width, and 66.9 inches<br />

in height.<br />

The dimensions place it squarely<br />

within the dimensions of luxury<br />

crossovers like the Porsche Macan,<br />

BMW X3, and Mercedes-Benz GLC,<br />

positioning it as a competitive player<br />

in the market.<br />

Distinguishing itself from its larger<br />

counterpart, the R1S, the R2 is designed<br />

with international markets in mind,<br />

aiming for broader appeal. Despite<br />

its slightly reduced dimensions<br />

compared to the R1S, the R2 maintains<br />

an impressive off-road capability,<br />

featuring nearly 10 inches of ground<br />

clearance, surpassing its competitors.<br />

While prioritising on-road comfort<br />

and commuting, R2 is expected to<br />

handle diverse terrains with surefooted<br />

prowess.<br />

Upon release, R2 will offer three<br />

drivetrain configurations: a single motor<br />

driving the rear wheels, a dual-motor<br />

all-wheel-drive setup, and a tri-motor<br />

all-wheel-drive setup. Combined with<br />

two battery pack options, the R2 aims<br />

to provide over 300 miles of range, with<br />

the tri-motor version accelerating to 60<br />

mph in under three seconds. Charging<br />

efficiency is emphasised, with the<br />

battery reaching 10 to 80 per cent in<br />

under 30 minutes.<br />

44 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Designed to accommodate five<br />

passengers, the R2 prioritises interior<br />

space and offers sufficient cargo room<br />

behind the seats and a sizable frunk.<br />

Addressing a previous concern, the R2<br />

includes two gloveboxes, enhancing<br />

practicality for occupants. Additional<br />

features like power-operated vents in<br />

the rear windows and a fold-flat seat<br />

configuration contribute to a versatile<br />

and comfortable interior.<br />

Rivian introduces sporty accessories<br />

for the R2, including a rooftop tent<br />

named the Rivian Treehouse, equipped<br />

with a heated mattress, integrated<br />

lighting, and a movie screen. Buyers<br />

can also opt for a compact travel<br />

kitchen and a two-bike rack, enhancing<br />

the vehicle’s utility for those with an<br />

adventurous lifestyle.<br />

R2 incorporates advanced safety<br />

features with 11 cameras and five radar<br />

sensors, providing comprehensive<br />

visibility. Over-the-air updates will<br />

ensure regular enhancements to the<br />

onboard advanced driver assistance<br />

systems, emphasising Rivian’s<br />

commitment to staying current with<br />

evolving technology.<br />

Specifications<br />

Torque: 1,320 Nm<br />

Horsepower: 835 hp<br />

Acceleration: 0-60 mph in under 3 seconds<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 45

Events<br />

AgriNext Awards and Conference: Shaping<br />

the Future of Agriculture Technology<br />

In a world where technology is<br />

rapidly transforming industries,<br />

agriculture stands at the forefront<br />

of innovation. The intersection of agriculture<br />

and technology is not just a<br />

trend but a necessity for sustainable<br />

farming practices and global food security.<br />

To celebrate the pioneers and<br />

innovators driving this transformation,<br />

InternetShine Technologies and Next<br />

Business Media present the AgriNext<br />

Conference, a premier event set to take<br />

place on 13th-14th November <strong>2024</strong> at<br />

Crowne Plaza, Dubai. The AgriNext<br />

Conference is a convergence of visionaries,<br />

industry leaders, and technology<br />

enthusiasts dedicated to shaping the<br />

future of agriculture.<br />

AgriNext Conference:<br />

AgriNext Conference is a two-day<br />

extravaganza where the brilliance of<br />

agriculture and technology merge to<br />

create a sustainable future. The event<br />

is a testament to the commitment of<br />

InternetShine Technologies and Next<br />

Business Media to fostering innovation<br />

and driving technological advancement<br />

in agriculture.<br />

The AgriNext Conference isn’t just<br />

about recognising achievements but<br />

also about catalysing change and fostering<br />

collaboration. Attendees will be<br />

able to engage in insightful conference<br />

sessions, explore cutting-edge solutions<br />

at the Expo, and witness the prestigious<br />

Agriculture Tech Awards ceremony.<br />

Recognising Innovation: Agriculture<br />

Tech Awards<br />

The highlight of the AgriNext Conference<br />

is the Agriculture and Agriculture<br />

Tech Awards. This ceremony celebrates<br />

the trailblazers and innovators who<br />

are revolutionising farming practices<br />

and leveraging technology to address<br />

the agriculture industry’s challenges.<br />

From precision farming to drone<br />

technology, the Agriculture Tech Awards<br />

recognise excellence across various<br />

categories, showcasing the diversity<br />

and ingenuity within the agriculture<br />

technology sector. Through these<br />

awards, we honour the visionaries who<br />

are driving positive change and shaping<br />

the future of agriculture.<br />

Building Connections: Next Business<br />

Media<br />

Next Business Media, led by visionary<br />

CEO Anas Jawed, is committed to<br />

fostering collaboration and driving technological<br />

innovation across industries.<br />

With a focus on community building<br />

and impactful events, Next Business<br />

Media catalyses transformative change.<br />

As an advisor to Next Business<br />

Media, Anas Jawed underscores the<br />

company’s unwavering commitment<br />

to reshaping industry landscapes.<br />

Through strategic partnerships and<br />

visionary leadership, Next Business<br />

Media aims to redefine the future of<br />

agriculture by positioning the AgriNext<br />

Conference as a central platform for<br />

innovation and collaboration.<br />

Join the AgriNext awards, Conference<br />

and Expo<br />

The AgriNext Awards and Expo<br />

Conference is more than just an event;<br />

it’s a movement towards a sustainable<br />

and advanced future for global farming.<br />

By bringing together thought leaders,<br />

innovators, and industry experts, the<br />

event aims to ignite a global movement<br />

towards redefining the future<br />

of agriculture.<br />

Whether you’re a farmer, technology<br />

enthusiast, or industry leader,<br />

the AgriNext Awards & Conference is<br />

your gateway to the forefront of agritech<br />

evolution. Witness the future of<br />

agriculture and be a part of paving<br />

the way for a more sustainable and<br />

prosperous tomorrow.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 47

Energy<br />

source: pexels.com<br />

The UAE Cabinet’s approval of the National Policy on Biofuels is a game-changer for the energy sector.<br />

“UAE’s Biofuels<br />

Policy: Promoting<br />

Sustainable Energy for<br />

a Greener Future”<br />

The National Policy on Biofuels will help<br />

achieve the objectives of the UAE Energy<br />

Strategy 2050<br />

As the United Arab Emirates (UAE) moves<br />

towards achieving its goal of reaching net<br />

zero carbon emissions by 2050, businesses<br />

in the country have a crucial role to play<br />

in promoting sustainability and environmental<br />

responsibility. A key aspect of this<br />

effort is implementing the UAE’s national<br />

biofuel policy, which aims to encourage<br />

the use of renewable energy sources and<br />

reduce greenhouse gas emissions. In the<br />

context of growing global concern about<br />

climate change, the UAE’s biofuel policy<br />

reflects its proactive approach to promoting<br />

eco-friendly growth and aligning with<br />

international sustainability targets. This<br />

article analyses the impact of the recently<br />

unveiled details of the national biofuel<br />

policy on the country’s journey towards<br />

a greener and more sustainable future.<br />

48 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

In a monumental stride towards<br />

sustainability, the United Arab Emirates<br />

(UAE) has unveiled its National<br />

Policy on Biofuels, marking a pivotal<br />

moment in the nation’s energy landscape.<br />

Developed by the Ministry of Energy and<br />

Infrastructure (MoEI) in partnership with<br />

key stakeholders from the public and<br />

private sectors, the policy endeavours to<br />

offer sustainable fuel alternatives, driving<br />

economic growth and environmental<br />

stewardship.<br />

Advancing Decarbonization Goals:<br />

The National Policy on Biofuels<br />

underscores the UAE’s dedication to<br />

decarbonisation, aiming to reduce<br />

carbon emissions by increasing biodiesel<br />

consumption by 20 per cent by 2050. By<br />

prioritising the adoption of sustainable<br />

fuel alternatives, the policy supports<br />

the nation’s environmental objectives<br />

while simultaneously enhancing energy<br />

security and resilience.<br />

Suhail bin Mohammed Al Mazrouei,<br />

Minister of Energy and Infrastructure,<br />

applauded the policy and stated, “The<br />

National Policy on Biofuels will help achieve<br />

the objectives of the UAE Energy Strategy<br />

2050. It will enhance the implementation<br />

of circular economy principles in various<br />

sectors, such as infrastructure, mobility,<br />

and manufacturing, and drive economic<br />

growth by using waste as input for<br />

production.”<br />

Diversification of Energy Sources:<br />

The UAE’s policy actively works to<br />

diversify its energy mix by promoting the<br />

production and utilisation of biofuels,<br />

thus reducing dependence on traditional<br />

fossil fuels. This strategic shift towards<br />

renewable energy sources aligns with<br />

the UAE’s broader strategy of net zero<br />

by 2050 and reinforces the objectives<br />

outlined in the country’s biofuel policy.<br />

By prioritising sustainable practices and<br />

embracing renewable energy solutions,<br />

the UAE is forging towards a greener and<br />

more resilient future while minimising<br />

environmental impact and fostering<br />

economic growth.<br />

Driving Economic Growth:<br />

Moreover, the National Policy on<br />

Biofuels is a catalyst for environmental<br />

sustainability and a driver of economic<br />

growth. By leveraging waste materials as<br />

inputs for biofuel production, the policy<br />

promotes the implementation of circular<br />

economy principles, spurring innovation<br />

and investment across various sectors.<br />

The development of a local biofuel<br />

market creates opportunities for job<br />

creation and encourages the growth of<br />

related industries such as agricultural<br />

and waste management sectors, which<br />

play crucial roles in biofuel production.<br />

By promoting the development of these<br />

sectors, the policy lays the foundation for<br />

a more resilient and dynamic economy,<br />

equipped to adapt to changing environmental<br />

and economic landscapes.<br />

Regulatory Framework and Oversight:<br />

Central to the successful implementation<br />

of the biofuels policy is the establishment<br />

of strong regulatory frameworks and<br />

oversight mechanisms. The Ministry<br />

of Energy and Infrastructure (MoEI)<br />

The successful<br />

implementation<br />

of the National<br />

Policy on Biofuels<br />

will decrease<br />

the country’s<br />

carbon footprint<br />

and reliance on a<br />

new, sustainable<br />

source.”<br />

collaborates with industry stakeholders<br />

to develop regulations governing biofuel<br />

distribution, production standards, and<br />

sustainability criteria. Through stringent<br />

controls and mandates, the UAE ensures<br />

the responsible and sustainable growth<br />

of the biofuels industry.<br />

Industry Collaboration and Innovation:<br />

The adoption of biofuels in the UAE<br />

catalyses collaboration and innovation<br />

within the energy sector. Leading entities<br />

such as the Emirates General Petroleum<br />

Corporation (Emarat), ENOC Group, and<br />

ADNOC Distribution are pioneering the<br />

deployment of biofuels across various<br />

sectors, including transportation and<br />

aviation. By leveraging their expertise<br />

and resources, these organisations<br />

drive technological advancements<br />

and operational excellence in biofuel<br />

production and distribution.<br />

According to Saif Humaid Al Falasi, CEO<br />

of ENOC Group, the company launched<br />

biofuel in the UAE in 2017, which is one<br />

of the advanced alternative fuel products.<br />

It has also expanded the application of<br />

this biofuel to reach various sectors,<br />

including operating Marine Abras and<br />

some of our assets such as ENOC Link<br />

trucks.<br />

Environmental Stewardship and<br />

Climate Action:<br />

At its core, the National Policy on<br />

Biofuels reaffirms the UAE’s commitment<br />

to environmental stewardship and climate<br />

action. By reducing greenhouse gas<br />

emissions and mitigating environmental<br />

impacts, biofuels play a crucial role in<br />

the nation’s transition to a low-carbon<br />

economy. One such example is the<br />

Lootah Biofuels, which has developed a<br />

forward-thinking policy that recognises<br />

the multifaceted potential of biofuels. The<br />

policy reaffirms the UAE’s environmental<br />

stewardship and supports the country’s<br />

goal of producing 700 million litres of<br />

sustainable aviation fuel annually and<br />

reaching net zero by 2050.<br />

The introduction of the National<br />

Policy on Biofuels heralds a new era of<br />

sustainable energy in the UAE, underscoring<br />

the nation’s unwavering commitment to<br />

environmental preservation and economic<br />

prosperity. By embracing biofuels as a<br />

key component of its energy strategy, the<br />

UAE paves the way for a greener, more<br />

resilient future, setting a precedent for<br />

sustainable development and climate<br />

action worldwide.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 49

Energy News<br />

Year of Sustainability <strong>2024</strong> Unveils ‘Sustainability Champions Society’<br />

Following UAE President Sheikh<br />

Mohamed bin Zayed Al Nahyan’s<br />

extension of the Year of<br />

Sustainability into <strong>2024</strong>, the initiative<br />

introduces its tagline “Plan to Action.”<br />

It aims to engage the public in four key<br />

focus areas: green transportation, water<br />

and energy reduction, responsible<br />

consumption, and wise planting. The<br />

inaugural activation, the Sustainability<br />

Champions Society, encourages<br />

enthusiasts of all ages to share their<br />

sustainability stories and participate<br />

in events, initiatives, and gatherings<br />

throughout the Emirates. The initiative<br />

welcomes ideas for impactful activities<br />

and community-driven projects<br />

via the official Year of Sustainability<br />

website. Eisa Alsubousi, Project Lead,<br />

emphasises building upon last year’s<br />

success and fostering a collective<br />

commitment to sustainability. The<br />

goal is to catalyse sustainable action,<br />

unite the UAE community, and create<br />

a positive impact on climate change<br />

for future generations.<br />

UAE Sustains Global<br />

Leadership in Clean<br />

Energy Transition<br />

The UAE secures the second position<br />

in the Green Future Index<br />

2023’s Energy Transition category,<br />

reaffirming its dedication to clean and<br />

renewable energy. Guided by visionary<br />

leaders Sheikh Mohamed bin Zayed Al<br />

Nahyan and Sheikh Mohammed bin<br />

Rashid Al Maktoum, the nation pursues a<br />

diverse, sustainable economy. A decade<br />

ago, the UAE’s commitment to celebrating<br />

the last barrel of oil export signalled a<br />

strategic shift towards sustainability.<br />

Hosting COP28 in Expo City Dubai, the<br />

UAE achieved the historic ‘UAE Consensus’<br />

agreement, with DEWA showcasing<br />

transformative clean energy projects.<br />

DEWA’s digital transformation, aligned<br />

with the Dubai Future Council on Energy’s<br />

net-zero vision, includes landmark<br />

initiatives like the Mohammed bin Rashid<br />

Al Maktoum Solar Park and the world’s<br />

largest solar-powered desalination plant<br />

in Hassyan, highlighting a commitment to<br />

cleaner technologies and environmental<br />

stewardship.<br />

Abu Dhabi - Japan Economic Council Backs<br />

Sustainability<br />

The 10th session of the Abu Dhabi-Japan<br />

Economic Council (AD-<br />

JEC) held in Abu Dhabi underscores<br />

the commitment to supporting<br />

UAE Net Zero 2050, COP28, and UN<br />

Sustainable Development Goals. Cochaired<br />

by Ahmed Jasim Al Zaabi and<br />

Kodaira Nobuyori, the session brought<br />

together key figures, including Japan’s<br />

state minister of economy, trade, and<br />

industry. Focused on energy transition<br />

and green innovation, the meeting<br />

featured group activity reports on<br />

sustainable energy, infrastructure,<br />

education, and human resources development.<br />

Ahmed Al Zaabi highlights<br />

the evolving cooperation between Abu<br />

Dhabi and Japan, emphasising ADJEC’s<br />

role as a vital platform for economic<br />

collaboration. Progress since the 9th<br />

session in Tokyo includes over 20<br />

agreements signed during the Prime<br />

Minister of Japan’s visit in July 2023,<br />

further strengthening bilateral ties.<br />

Masdar Powers UAE Ministry of Defence’s Clean<br />

Energy Goals<br />

Masdar, the global clean energy<br />

developer, strengthens its support<br />

for the UAE Ministry of<br />

Defence’s clean energy goals, aligning<br />

with the country’s net-zero emissions<br />

target by 2050. The partnership involves<br />

developing multi-solar plants across<br />

Abu Dhabi through a deal signed at<br />

Masdar City. Emerge, a joint venture<br />

of Masdar and France’s EDF Group<br />

will provide a comprehensive solution<br />

covering finance, design, procurement,<br />

construction, operations, and maintenance<br />

for 25 years. The initiative, in<br />

line with commitments from COP28<br />

UAE, supports the UAE Ministry of<br />

Defence’s Climate Change Strategy,<br />

launched in December 2023, emphasising<br />

a reduction in carbon emissions and<br />

active participation in sustainability.<br />

Emerge, established in 2021, focuses<br />

on distributed solar, energy storage,<br />

and hybrid solutions for commercial<br />

and industrial sectors.<br />

50 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Saudi Arabia and Kazakhstan Ink Energy Cooperation Executive Program<br />

Saudi Arabia and Kazakhstan solidified<br />

their energy collaboration<br />

with the signing of an executive<br />

program, witnessed by Kazakhstan<br />

President Kassym-Jomart Tokayev.<br />

Stemming from a memorandum of understanding<br />

in June 2023, the program<br />

spans various energy sectors, encompassing<br />

oil, gas, derivatives, refining,<br />

petrochemicals, electricity, clean<br />

hydrogen, renewable energy, energy<br />

efficiency, and storage. Focused on<br />

implementing projects in Kazakhstan, it<br />

targets renewable energy, innovations,<br />

and combating global warming. The<br />

program aligns with the energy security<br />

and transformation goals of both<br />

nations, emphasising major projects for<br />

energy production and storage, including<br />

electricity initiatives. Additionally,<br />

it supports Kazakhstan’s emissions<br />

reduction objectives, striving for zero<br />

neutrality by 2060, and fostering close<br />

cooperation between Saudi and Kazakh<br />

companies in diverse fields.<br />

UAE’s EWEC Initiates Tender for 400MW Battery<br />

Energy Storage System Project<br />

Emirates Water and Electricity<br />

Company (EWEC) invites developers<br />

and consortiums to<br />

participate in the development of a<br />

cutting-edge 400 MW Battery Energy<br />

Storage System (BESS) project. The<br />

BESS technology aims to enhance<br />

system flexibility, offering ancillary<br />

services like frequency response and<br />

voltage regulation. Aligned with EWEC’s<br />

vision, this initiative contributes to<br />

diversifying the energy portfolio sustainably,<br />

targeting a 7.5GW total solar<br />

photovoltaic (PV) power generation<br />

capacity by 2030. Anticipating a 42%<br />

reduction in carbon dioxide intensity<br />

by 2030, the project supports the Abu<br />

Dhabi Department of Energy’s Clean<br />

Energy Strategic Target 2035 and<br />

broader UAE sustainability goals.<br />

Following the independent power<br />

project model, developers will engage<br />

in long-term agreements, overseeing the<br />

BESS system’s development, financing,<br />

construction, operation, maintenance,<br />

and ownership.<br />

Saudi Arabia Shifts 8% of Aramco Stake to PIF<br />

Portfolio<br />

Saudi Arabia doubled the Public<br />

Investment Fund’s (PIF) stake<br />

in Aramco, transferring an 8%<br />

share valued at approximately $163.6B.<br />

This move aligns with Saudi Arabia’s<br />

Vision 2030 program to diversify the<br />

economy. PIF, chaired by Crown Prince<br />

Mohammed bin Salman, already holds a<br />

4% direct stake in Aramco, transferred<br />

in 2022, and an additional 4% indirectly<br />

through Sanabil. The transfer aims to<br />

boost and diversify the national economy,<br />

solidifying PIF’s financial position<br />

and credit rating. PIF, now the world’s<br />

top-spending sovereign wealth fund<br />

with around $700B in assets, plays a<br />

central role in Saudi Arabia’s ambitious<br />

plans for giga projects and economic<br />

diversification. The private transfer<br />

will not impact Aramco’s operations,<br />

strategy, or governance.<br />

ADNOC Generated<br />

$500M with AI<br />

Solutions in 2023<br />

ADNOC announced a $500M<br />

(AED 1.84B) value generated<br />

through the deployment of<br />

artificial intelligence (AI) solutions<br />

in 2023. Over 30 industry-leading AI<br />

tools integrated across ADNOC’s value<br />

chain, from field operations to corporate<br />

decision-making, contributed to<br />

this achievement. The applications<br />

also reduced up to 1 million tonnes<br />

of carbon dioxide (CO2) emissions,<br />

equivalent to removing around 200,000<br />

gasoline-powered cars from the road<br />

between 2022 and 2023. ADNOC’s<br />

commitment to pioneering technologies<br />

like AI, robotic automation, and<br />

advanced data analytics aligns with a<br />

multi-year program aimed at accelerating<br />

the deployment of AI solutions. The<br />

focus is on enhancing safety, reducing<br />

emissions, and increasing overall value<br />

across Adnoc’s operations. Dr. Sultan<br />

Ahmed Al Jaber emphasises AI’s crucial<br />

role in accelerating a just and equitable<br />

energy transition.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 51

Wheels<br />

Specifications Scat Pack:<br />

Torque: 850 Nm<br />

Horsepower: 670 hp<br />

Acceleration: 0-60 mph in 3.3 seconds<br />

52 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

<strong>2024</strong> Dodge Charger Daytona<br />

In a bold move for the <strong>2024</strong> model<br />

year, Dodge has announced that<br />

the Charger will exclusively feature<br />

an electric powertrain, marking a<br />

significant shift towards sustainable<br />

mobility. This transformation extends<br />

to models carrying the “Daytona”<br />

designation, with the entire lineup<br />

adopting a two-door body style. The<br />

Charger utilises the modular STLA<br />

Large platform, while the Daytona<br />

introduces a specialised 400-volt<br />

electrical architecture, setting the<br />

stage for Dodge’s foray into the electric<br />

vehicle (EV) market.<br />

The ‘24 Charger Daytona lineup<br />

boasts the familiar R/T and Scat Pack<br />

trim levels, maintaining the dual electric<br />

motors for standard all-wheel drive. The<br />

R/T is set to deliver up to 496 horsepower<br />

and 404 pound-feet of torque, while<br />

the Scat Pack takes performance up<br />

a notch with up to 670 horses and 627<br />

pound-feet. Dodge’s Direct Connection<br />

Stage 1 and Stage 2 packages, initially<br />

standard for <strong>2024</strong>, will become optional<br />

next year, influencing the base-level<br />

output of these electrified models.<br />

To unlock the peak power of the<br />

Daytona models, an over-boost function<br />

called “Power Shot” is introduced,<br />

providing a 40-hp boost for up to<br />

15 seconds. With a 93.9-kWh usable<br />

capacity, the Charger Daytona is<br />

estimated to achieve EPA-rated ranges<br />

of 317 miles for the R/T and 260 miles<br />

for the Scat Pack.<br />

In terms of performance, Dodge<br />

aims to convince its loyal fan base<br />

that the electric Charger surpasses<br />

its predecessors. The ‘24 Charger<br />

Daytona R/T is projected to accelerate<br />

to 60 mph in 4.7 seconds, while the<br />

Scat Pack model achieves this in an<br />

impressive 3.3 seconds. Both models<br />

promise quicker acceleration and<br />

improved performance on the drag<br />

strip compared to their combustionengine<br />

counterparts.<br />

Dodge prioritises performance over<br />

efficiency with the Charger Daytona,<br />

emphasising features such as wide tyres<br />

upgraded Brembo brakes, and various<br />

drive modes, including Drift and Donut<br />

modes for the top-tier Scat Pack. The<br />

exterior design draws inspiration from<br />

the iconic second generation, paying<br />

homage to the Charger’s heritage.<br />

Inside, the Charger Daytona embraces<br />

a modern, tech-savvy cockpit with<br />

digital displays, wireless connectivity,<br />

and innovative features like a pistolgrip-style<br />

shifter. The introduction of a<br />

rear hatchback enhances practicality,<br />

offering 23 cubic feet of cargo space,<br />

expandable to 37 cubes with the rear<br />

seats stowed.<br />

Dodge’s venture into the electric<br />

realm with the <strong>2024</strong> Charger Daytona<br />

signifies a paradigm shift for the iconic<br />

muscle car, aligning with the industry’s<br />

push towards sustainable mobility<br />

without compromising the brand’s<br />

performance heritage.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 53

Merger and Acquisition News<br />

Mitgo Group Acquires UAE’s Embedded for Financial Market Entry<br />

Mitgo Group, a MarTech leader,<br />

unveils its new fintech services<br />

division tailored for affiliate<br />

publishers, targeting a booming market<br />

projected to surpass $15.7B in <strong>2024</strong>. With<br />

plans to capture over 7% of this volume,<br />

potentially exceeding $1.5B, Mitgo’s<br />

strategic move begins with acquiring<br />

UAE’s Embedded, bolstering its fintech<br />

capabilities. This venture aims to revolutionise<br />

affiliate marketing by providing<br />

instant earnings withdrawals, particularly<br />

benefiting underbanked regions<br />

like MENA, APAC, and LATAM. Mitgo’s<br />

innovative solutions offer access to loans,<br />

reduced transaction costs, and enhanced<br />

speed, addressing the challenges faced<br />

by publishers, predominantly SMBs, in<br />

accessing financial services. Leveraging<br />

15 years of experience and advanced<br />

AI algorithms, Mitgo aims to create a<br />

lucrative yet low-risk loan portfolio,<br />

transforming the financial landscape for<br />

affiliate publishers worldwide.<br />

Investrade Acquires<br />

Majority Stake in<br />

Areen Park Hotel and<br />

Waterpark<br />

Investrade, a prominent boutique<br />

investment and asset management firm,<br />

has finalised a strategic agreement to<br />

acquire a 53 per cent stake in the Areen<br />

Park Hotel and The Land of Paradise<br />

Waterpark within the Areen Master<br />

Development Project in southern Bahrain.<br />

The signing ceremony, graced by Shaikh<br />

Mohamed Bin Abdulrahman Al Khalifa,<br />

Chairman of the Executive Board of<br />

Investrade, and Mr. Hisham Alrayes,<br />

Chairman of Al Areen Holding Company,<br />

signifies a significant milestone for both<br />

entities. The project encompasses a luxury<br />

hotel, villas, and apartments across a<br />

sprawling 2 million square metre area,<br />

strategically located near key landmarks<br />

like the King Fahd Causeway and Bahrain<br />

International Circuit. Shaikh Mohamed<br />

Bin Abdulrahman Al Khalifa expressed<br />

excitement, affirming Investrade’s<br />

commitment to Bahrain’s development.<br />

Managing Director of Al Areen Holding<br />

Company, Shaikh Mohammed bin Duaij Al<br />

Khalifa, echoed enthusiasm, emphasising<br />

the project’s role in advancing Bahrain’s<br />

tourism sector and contributing to the<br />

nation’s Vision 2030.<br />

RasMal Acquires MENAP Pipeline Management<br />

Platform, Pentugram<br />

Saudi-based equity management<br />

platform RasMal has announced<br />

its acquisition of Pentugram,<br />

marking its foray into private capital<br />

investment management solutions.<br />

Pentugram, founded in 2018 by Hasan J.<br />

Zainal and Miled Elias, offers a cloudbased<br />

SaaS platform that simplifies<br />

investment processes for VC, PE, and<br />

angel investors, along with financial<br />

advisors across the MENA region.<br />

RasMal, co-founded by Basil Alkuraya,<br />

Nasser Al-Tamimi, and Salem Aljawini,<br />

has been integral to Saudi Arabia’s<br />

entrepreneurial landscape since 2019,<br />

providing cap table management services.<br />

The acquisition aims to bolster<br />

RasMal’s mission of empowering the<br />

entrepreneurial ecosystem by providing<br />

feature-rich solutions for deal flow<br />

and portfolio management. Nasser Al-<br />

Tamimi, RasMal’s Co-founder & COO,<br />

emphasises the shared vision of both<br />

entities to enhance transparency and<br />

sustainability in the regional investment<br />

landscape.<br />

Nybl and Basserah Tech Merger to Propel Saudi<br />

AI Industry Globally<br />

Saudi Arabia’s pioneering artificial<br />

intelligence (AI) firm, nybl, and<br />

Basserah, renowned for its expertise<br />

in data and robotic process automation,<br />

have formally sealed their merger, marking<br />

a significant milestone in the region’s tech<br />

landscape. The amalgamation is poised<br />

to propel the joint entity’s regional and<br />

global expansion efforts, leveraging a<br />

cohesive, vertically integrated data-AI<br />

pipeline. While nybl’s brand remains<br />

unchanged, Basserah’s resources, including<br />

its talented workforce, cutting-edge<br />

products, and valuable intellectual<br />

property, will be seamlessly integrated<br />

into nybl’s operations. Mr. Noor Alnahhas,<br />

Co-Founder and CEO of nybl, expressed<br />

enthusiasm about welcoming Basserah’s<br />

team and assets into the fold, foreseeing<br />

a substantial enhancement of nybl’s capabilities<br />

and a strengthened position in<br />

the global arena. Basserah, a subsidiary<br />

of NOMD Holding, boasts a commendable<br />

track record of driving operational<br />

efficiency and innovation across diverse<br />

sectors, such as Telecommunications,<br />

Oil and Gas, and Government, through<br />

data-driven insights.<br />

54 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

UAE Chemical Maker Eyes Expansion Amid Ongoing Merger Talks<br />

The United Arab Emirates’s largest<br />

chemicals producer, Borouge Plc,<br />

is actively seeking expansion<br />

opportunities while concurrently<br />

pursuing a ($32.8B) tie-up with a unit<br />

of Austria’s OMV AG. State-owned<br />

Abu Dhabi National Oil Co., which<br />

oversees Borouge, is driving international<br />

growth initiatives, including a potential<br />

acquisition of Germany’s Covestro AG<br />

and investments in natural gas fields<br />

in Egypt and Azerbaijan. Additionally,<br />

discussions are underway regarding the<br />

merger of Borouge with OMV’s chemical<br />

Hudson RPO Expands into<br />

UAE with Acquisition<br />

RPO, a global talent solutions<br />

firm under Hudson Global, Inc.<br />

(NASDAQ: HSON), has acquired<br />

Executive Solutions, a Dubai-based<br />

talent solutions company, marking its<br />

entry into the UAE, known for its rapid<br />

growth. Expected to finalise this month,<br />

the move aims to bolster RPO’s presence<br />

in the Middle East. Jacob Zabkowicz,<br />

Global CEO of Hudson RPO, believes<br />

the acquisition will meet global clients’<br />

strategic needs by placing top talent<br />

in the UAE and the broader Middle<br />

East. Jeff Eberwein, CEO of Hudson<br />

Global, echoes this sentiment, emphasising<br />

the expansion’s significance for<br />

shareholder value and global growth<br />

strategy. Established in 2008, Executive<br />

Solutions excels in talent placement<br />

across industries. Post-acquisition, it<br />

will rebrand as Executive Solutions: A<br />

Hudson RPO company. Hudson RPO’s<br />

collaborative approach aligns with<br />

its mission to provide scalable talent<br />

solutions worldwide.<br />

producer Borealis AG. Borouge CEO<br />

Hazeem Sultan Al Suwaidi emphasised the<br />

company’s role as Adnoc’s petrochemicals<br />

“champion,” highlighting the significant<br />

expansion plans within the sector. Al<br />

Suwaidi mentioned that Borouge is<br />

evaluating options, particularly in key<br />

Asian markets like India and China, with<br />

a focus on finding suitable partners.<br />

The Borouge 4 project, expected to<br />

conclude by the end of 2025, will increase<br />

production capacity to 6.4 million tons<br />

annually, further solidifying its position<br />

in the global chemicals market.<br />

Acclime Expands into UAE with MeiPro<br />

Acquisition and Rebranding<br />

Acclime, Asia’s top professional<br />

corporate and advisory services<br />

specialist, formally enters the<br />

United Arab Emirates (UAE) market,<br />

aiming to cater to multinational and<br />

regional companies seeking to establish<br />

and manage operations within<br />

the UAE. Offering a comprehensive<br />

suite of services, including company<br />

incorporation in UAE-free zones,<br />

mainland, and offshore jurisdictions,<br />

Acclime ensures compliance with local<br />

regulations. Acclime strengthened its<br />

presence by acquiring MeiPro Corporate<br />

Services, a renowned Dubai-based<br />

corporate services provider founded<br />

in 2017. MeiPro will be rebranded as<br />

Acclime Dubai. Leading the Middle<br />

East expansion is Rajiv Kumar Singh<br />

(“Rajiv”), appointed as the Managing<br />

Director of Acclime Middle East, based<br />

in Dubai. With over two decades of<br />

experience in business expansion and<br />

mergers across the MENA region and<br />

Southeast Asia, Rajiv brings extensive<br />

expertise to the role.<br />

Mubadala, Stone Point Capital, CD&R Acquire<br />

Truist Insurance Holdings Stake<br />

Mubadala Investment Company<br />

(“Mubadala’’), a renowned Abu<br />

Dhabi-based investment firm,<br />

has forged a strategic alliance with<br />

prominent private equity entities, Stone<br />

Point Capital and Clayton, Dubilier &<br />

Ross (“CD&R”), alongside other investors.<br />

Together, they are set to acquire<br />

the remaining stake held by Truist<br />

Financial Corporation (NYSE: TFC)<br />

in Truist Insurance Holdings (“TIH’’).<br />

Headquartered in Charlotte, North Carolina,<br />

TIH stands tall as the fifth-largest<br />

insurance broker in the United States,<br />

boasting a sprawling network of over<br />

200 offices catering to diverse insurance<br />

services. This latest venture follows<br />

Mubadala’s earlier acquisition in 2023,<br />

where alongside Stone Point Capital<br />

and other partners, they secured a 20%<br />

stake in TIH for a significant $1.95B<br />

investment. The anticipated all-cash<br />

transaction, valuing TIH at a robust<br />

implied enterprise worth of $15.5B,<br />

awaits regulatory nods and customary<br />

closing procedures, with completion<br />

slated for the second quarter of <strong>2024</strong>.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 55

Event<br />

DUBAI FINTECH SUMMIT <strong>2024</strong><br />

The 2nd edition of Dubai FinTech<br />

Summit (DFS), held under the<br />

patronage of His Highness Sheikh<br />

Maktoum bin Mohammed bin Rashid Al<br />

Maktoum, First Deputy Ruler of Dubai,<br />

Deputy Prime Minister and Minister of<br />

<strong>Finance</strong> of the UAE and President of<br />

DIFC – will return at Madinat Jumeirah,<br />

Dubai, on 6-7 May <strong>2024</strong>.<br />

Dynamic Convergence<br />

The FinTech industry is characterised<br />

by rapid technological advancements<br />

and regulatory shifts. The Dubai FinTech<br />

Summit stands as a pivotal event for<br />

the future of the FinTech sector, driving<br />

innovation and fostering collaboration<br />

while promoting a culture of continuous<br />

learning and adaptation. It will serve<br />

as a key platform for stakeholders to<br />

exchange ideas and insights, showcase<br />

cutting-edge technologies, discuss and<br />

debate emerging regulatory frameworks,<br />

and forge strategic partnerships<br />

for building a more inclusive and<br />

resilient FinTech ecosystem.<br />

The first edition of the Dubai FinTech<br />

Summit, held on 8 and 9 May 2023, recorded<br />

a remarkable turnout of 5,300<br />

visitors from 92 countries. The Dubai<br />

FinTech Summit 2023 also set a global<br />

benchmark for the way enterprises<br />

and governments approach financial<br />

innovation. It brought 5000+, world-renowned<br />

thinkers, policymakers, and<br />

decision-makers from more than 90<br />

countries, consolidating Dubai as a<br />

rising FinTech hub.<br />

Organised by Dubai International<br />

Financial Centre (DIFC), one of the<br />

leading global financial centres in the<br />

MEASA region, the Dubai FinTech<br />

Summit will bring together an unprecedented<br />

gathering of over 8,000 decision-makers,<br />

300+ thought leaders and<br />

200+ exhibitors, signalling increased<br />

appetite for growth opportunities in<br />

the region. The summit is designed to<br />

encourage cross-border collaboration<br />

and innovation, pivotal to strengthening<br />

the global FinTech sector.<br />

Dubai FinTech Summit aligns<br />

D33 Agenda’s strategic goal of<br />

propelling Dubai into the ranks<br />

of the top four global financial<br />

hubs by 2033.”<br />

Fintech Frontier<br />

Dubai FinTech Summit signals a<br />

new wave of financial innovation, opportunity,<br />

transformation, and growth<br />

for the international financial services<br />

sector. As a rising FinTech hub, Dubai<br />

is also spearheading the evolution of<br />

the financial services industry, with<br />

investments in FinTech projected to<br />

grow by 17.2% CAGR to USD 949 billion<br />

from 2022 to 2030. The summit aligns<br />

with the Dubai Economic Agenda D33’s<br />

strategic goal of propelling Dubai into<br />

the ranks of the top four global financial<br />

hubs by 2033.<br />

The expanded programme of the<br />

Dubai FinTech Summit is set to exceed<br />

expectations by delving into key tracks,<br />

including the future of FinTech, embedded<br />

and Open <strong>Finance</strong>, climate finance,<br />

Web3 and digital assets. The summit<br />

stands as a thought leadership-driven<br />

platform, addressing industry challenges<br />

head-on and championing innovation.<br />

Event Agenda<br />

Exploring how traditional financial<br />

paradigms are being reimagined in the<br />

digital age, the summit will examine<br />

the evolving international financial<br />

landscape and its implications. Leading<br />

experts from across the globe will discuss<br />

innovations and challenges in the<br />

sector, as well as spotlight all things<br />

impacting the future of finance – from<br />

Web3, the Metaverse and blockchain to<br />

decentralised finance, regulation and<br />

policymaking, and the greater need<br />

for increased financial inclusivity. The<br />

focus will also be on the integration of<br />

environmental sustainability into financial<br />

strategies and products as much<br />

as it will be on the latest innovations.<br />

56 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 57

Event<br />

Dubai is at the heart of everything FinTech<br />

and its global penetration has continued<br />

to disrupt the way traditional financial<br />

services operate. In line with the D33<br />

Agenda to position Dubai as one of the<br />

top four, global financial hubs by 2033 and<br />

DIFC’s 2030 strategy to shape the future<br />

of finance and innovation, the 2nd edition<br />

of the Dubai FinTech Summit is designed<br />

to encourage cross-border collaboration<br />

and innovation, which will remain pivotal<br />

to transforming the global FinTech<br />

sector. It presents a unique opportunity<br />

to explore emerging FinTech trends and<br />

their potential to drive financial progress<br />

in the MEASA region.”<br />

Mohammad Alblooshi<br />

CEO of DIFC Innovation Hub<br />

By exploring the frontiers of technological<br />

innovation, regulatory dynamics,<br />

and societal imperatives, the<br />

summit endeavours to chart a course<br />

towards a more inclusive, sustainable,<br />

and prosperous financial future for all.<br />

58 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Economic Significance of Family Businesses in UAE<br />

Exploring The AlMulla Brothers' Visionary Approach to Healthcare<br />

UAE's Unified Registry Launch: Strengthening Family Business Governance<br />

Towards Net-Zero: ADNOC’s Decarbonisation Odyssey in <strong>2024</strong><br />

February <strong>2024</strong><br />




How Dubai's Startups Garner Unprecedented Foreign Investment<br />

Top Companies Poised for Sports Investment Opportunities in UAE<br />

Dubai Healthcare City's Impact on empowering business growth<br />

Complete Guide for Investing in Dubai Real Estate from India<br />

January <strong>2024</strong><br />





UAE - AED 30 | USA - USD 16.5 KSA - SR<br />

61 | Qatar - QAR 60 Oman - OMR 6.3 |<br />

Bahrain - BD 6.2 Kuwait - KWD 5 | UK -<br />

£12 | EU - €14<br />

THE<br />

Business Triumphs:<br />

Family Traditions,<br />

UAE’s Core Enterprises<br />

UAE - AED 30 | USA - USD 16.5 KSA - SR<br />

61 | Qatar - QAR 60 Oman - OMR 6.3 |<br />

Bahrain - BD 6.2 Kuwait - KWD 5 | UK -<br />

£12 | EU - €14<br />

UAE’s Economic<br />

Metamorphosis:<br />

Spotlighting Foreign Investments<br />

Contact us at: +971 58 591 8580<br />

www.thefinanceworld.com | subscribe@thefinanceworld.com

Real Estate<br />

Source: fnst.axflare.com<br />

ZaZEN Properties will continue to align with UAE’s 2050 net zero commitment<br />

Sustainable Living in<br />

Dubai: A Closer Look<br />

at ZaZEN Properties’<br />

Prescient Developments<br />

ZaZEN Gardens, Al Furjan’s first LEED Goldcertified<br />

residential and retail project, will cut<br />

annual electrical expenses by over 24%.<br />

HH Sheikh Mohammed’s decision to<br />

extend the ‘UAE’s Year of Sustainability’<br />

throughout <strong>2024</strong> underscores the growing<br />

significance of sustainability across<br />

all sectors in the UAE, including real<br />

estate. This extension aligns with the<br />

increasing focus on sustainable practices<br />

seen throughout the country. There is<br />

a discernible trend among individuals<br />

towards making more informed choices,<br />

with many opting for sustainable<br />

residential properties in anticipation of<br />

a brighter future. While the concept of<br />

sustainable real estate projects is not new,<br />

some developers have demonstrated a<br />

stronger commitment to sustainability<br />

than others. This article explores the<br />

sustainable projects undertaken by ZaZEN<br />

and examines the future of sustainable<br />

real estate in the UAE.<br />

60 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Established in 2018, ZaZEN Properties<br />

sets itself apart from other<br />

real estate developers through<br />

its distinctive sustainable residential<br />

developments within Dubai’s established<br />

communities. These projects are designed<br />

for the mid-market segment and offer a<br />

unique concept of a ‘community within<br />

a building.’<br />

ZaZEN Properties prioritises the individual<br />

resident’s lifestyle in every aspect<br />

of their development process. Their<br />

approach is centred on creating homes<br />

specific to residents’ needs rather than<br />

focusing solely on market trends. By<br />

promoting a sense of community within<br />

their properties, ZaZEN aims to enhance<br />

the living experience for UAE residents.<br />

Madhav Dhar the COO and Co-founder<br />

of ZaZEN played a pivotal role in its<br />

establishment with a vision to foster<br />

healthier living environments through<br />

sustainable real estate projects in Dubai.<br />

Under his leadership, the company has<br />

successfully launched two notable sustainable<br />

residential projects, ZaZEN One<br />

and ZaZEN Gardens.<br />

Both of these projects are LEED certified<br />

which is a symbol of sustainability<br />

achievement and leadership. This system<br />

was established by the US Green Building<br />

Council (USGBC) in 1993 and serves<br />

as a comprehensive rating system for<br />

environmentally responsible buildings,<br />

covering design, construction, operation,<br />

and maintenance. Widely adopted globally,<br />

it evaluates the sustainability, efficiency,<br />

and cost-effectiveness of developments<br />

across four tiers, Certified (40-49 points),<br />

LEED Silver (50-59 points), LEED Gold<br />

(60-79 points), LEED Platinum (80 points<br />

and above)<br />

ZaZEN One<br />

Situated in Jumeirah Village Triangle,<br />

ZaZEN One is a testament to sustainable<br />

community living. Since its successful<br />

completion in January 2022, this flagship<br />

project has redefined the standard for<br />

mid-market residential developments<br />

in Dubai. Embracing a diverse and international<br />

community, ZaZEN One has<br />

residents from 27 different nationalities,<br />

encouraging a vibrant and inclusive<br />

atmosphere.<br />

The meticulously planned residential<br />

complex prioritises sustainability at its<br />

core. From its artful design to its comprehensive<br />

amenities, every aspect of<br />

ZaZEN One is geared towards reducing its<br />

environmental footprint while enhancing<br />

the quality of life for its residents. Solar<br />

power generation not only lowers service<br />

We aim to lead<br />

sustainable<br />

development<br />

in Dubai and<br />

collaborate with<br />

other landowners<br />

to promote<br />

the benefits<br />

of sustainable<br />

living alongside<br />

profitability.”<br />

Madhav Dhar<br />

charges for homeowners but also contributes<br />

to the building’s overall energy<br />

efficiency, aligning with the principles<br />

of green living.<br />

ZaZEN One’s commitment to sustainability<br />

has earned it prominent awards,<br />

including the Sustainable Project of<br />

the Year Award and The Residential<br />

Project of the Year Award. Its Trakhees<br />

Leadership in Energy and Environmental<br />

Design (LEED) green building certification<br />

underscores its dedication to<br />

environmental responsibility, reducing<br />

approximately 440 metric tonnes of CO2<br />

emissions annually.<br />

Beyond its eco-friendly features, ZaZEN<br />

One offers residents access to generous<br />

lush green spaces, providing a peaceful<br />

retreat from the hustle and bustle of<br />

city life. With its incorporation of solar<br />

panels, the building harnesses renewable<br />

energy which generates approximately<br />

25% of the building’s annual electricity<br />

requirement. Additionally, it passes on<br />

cost savings to homeowners, further<br />

enhancing its appeal as a sustainable<br />

living destination.<br />

ZaZEN Gardens<br />

Following the successful completion of<br />

ZaZEN One, ZaZEN Properties unveiled<br />

their latest endeavour, ZaZEN Gardens.<br />

Positioned as a pioneering development,<br />

ZaZEN Gardens is the sole residential<br />

project possessing LEED Gold certification<br />

and prioritising Well-Being integration.<br />

Scheduled for handover this month, the<br />

project comprises 159 units, ranging from<br />

824 to 1,612 square feet, and includes<br />

two ground-floor retail outlets catering<br />

to the Al Furjan community.<br />

Upon completion, ZaZEN Gardens is<br />

poised to make a significant environmental<br />

impact, reducing approximately 470<br />

metric tons of carbon emissions annually—equivalent<br />

to planting 12,147 trees.<br />

The development features 35,000 square<br />

feet of precisely crafted landscaping,<br />

along with multiple recycling stations,<br />

EV charging facilities, and rooftop solar<br />

panels aimed at curbing common area<br />

service charges for homeowners.<br />

ZaZEN Gardens lies in Integrative<br />

Well-Being Design, a holistic approach<br />

that harnesses natural frequencies to<br />

optimise physical environments and<br />

promote resident health and well-being.<br />

This encompasses practices such<br />

as Land Energy Optimisation, Classical<br />

Feng Shui, EMF Mitigation, and Building<br />

Biology, culminating in spaces that foster<br />

harmony between inhabitants and their<br />

surroundings.<br />

In an era marked by rising concerns<br />

over autoimmune diseases, allergies,<br />

and airborne pathogens, the demand<br />

for health-centric living spaces has<br />

never been greater. ZaZEN Gardens<br />

addresses this need by cultivating an<br />

environment where energy flow fosters<br />

spaces that nurture both the mind and<br />

body, offering residents a sanctuary of<br />

complete wellness amidst the bustling<br />

urban landscape.<br />

As ZaZEN properties continue to innovate<br />

in the realm of sustainable real<br />

estate, they aim to enhance the living<br />

experience for UAE residents while<br />

contributing to a greener future.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 61

Real Estate News<br />

Dubai’s Rental Revolution: Cheque-Free Digital<br />

Payments Take Center Stage<br />

Dubai’s rental landscape undergoes<br />

a transformative shift as<br />

tenants and landlords embrace<br />

digital rent payments through the<br />

pioneering Direct Debit System. In<br />

collaboration with Keyper, a tech-driven<br />

property management platform, the<br />

platform ushers in a new era by replacing<br />

outdated cheque transactions.<br />

This paperless direct debit marketplace<br />

allows property owners to receive rent<br />

digitally, eliminating the complexities<br />

of cheque acceptance. Aligned with<br />

the UAE Central Bank and the government’s<br />

modernisation directives, the<br />

technology mirrors the functionality<br />

of post-dated cheques but ensures<br />

automatic deductions under pre-agreed<br />

conditions. Keyper further enhances<br />

the experience with “Rent Now<br />

Pay Later,” enabling tenants to make<br />

monthly digital payments while offering<br />

landlords upfront receipts. Beyond<br />

local benefits, this initiative caters<br />

to non-resident property investors,<br />

providing a seamless global avenue<br />

for leasing and payments.<br />

Binghatti Holding’s $300M Sukuk Lists<br />

Successfully on Nasdaq Dubai<br />

Binghatti Holding, a real estate developer,<br />

has successfully issued<br />

a groundbreaking $300M sukuk,<br />

marking the first USD-denominated<br />

sukuk from the MENA region in <strong>2024</strong>.<br />

This move is pivotal in diversifying<br />

financing options for the real estate<br />

sector, highlighting the significance<br />

of sukuk financing in the region. With<br />

a coupon rate of 9.625 per cent and<br />

maturing in 2027, the sukuk garnered<br />

strong investor interest, being oversubscribed<br />

by two times and competitively<br />

priced with a 30 basis points tightening.<br />

Binghatti Holding’s recent B+ credit<br />

rating with a positive outlook from<br />

Fitch Ratings underscores its financial<br />

strength. The successful listing on<br />

Nasdaq Dubai strengthens Binghatti’s<br />

position as a trusted financial partner.<br />

It also contributes to Nasdaq Dubai’s<br />

role as a premier venue for innovative<br />

financial instruments, showcasing<br />

Dubai’s growing prominence in the<br />

global Islamic finance area.<br />

Saudi Arabia Leads with 60% Share in Gulf’s<br />

$1.68T Real Estate Pipeline<br />

A<br />

recent report reveals that the majority<br />

of the Gulf region’s $1.68T<br />

real estate project pipelines are<br />

concentrated in the UAE and Saudi<br />

Arabia. Saudi Arabia holds just over 63<br />

per cent, amounting to approximately<br />

$1.06T in planned or under-construction<br />

projects, while the UAE accounts for<br />

24 per cent, totalling $406B. Bahrain,<br />

Kuwait, Oman, and Qatar collectively<br />

share 1.3 per cent, 3.2 per cent, 5.2<br />

per cent, and 2.9 per cent of the total,<br />

respectively. The current construction<br />

pipeline in the region has significantly<br />

increased from $1.38T a year earlier.<br />

Despite global and national economic<br />

challenges, especially in oil-related<br />

activities, the report highlights ongoing<br />

resilience in non-oil sectors,<br />

particularly real estate, across GCC<br />

countries. In <strong>2024</strong>, the average GDP<br />

growth in GCC countries is projected<br />

to be 2.9 per cent, reflecting economic<br />

strengthening.<br />

Dar Global Unveils<br />

Trump Villas Design for<br />

Muscat Resort and Golf<br />

Course<br />

Saudi property developer Dar<br />

Global unveils the designs for<br />

Trump Signature Villas in the<br />

Aida resort and golf course development<br />

in Muscat. As part of the Trump<br />

International Golf Club Oman, these<br />

villas offer an “elite membership” to the<br />

golf club along with a Trump-branded<br />

golf cart. Ranging from three to seven<br />

bedrooms, the sea-view villas sit atop<br />

an elevation of over 130 metres, starting<br />

at 1,345 square feet. Phase one is set<br />

for completion this year, with the entire<br />

Trump Villas project slated to finish<br />

by 2026. Dar Global, an international<br />

arm of Saudi Arabia’s Dar Al Arkan,<br />

collaborates with the Oman Tourism<br />

Development Company (Omran) on<br />

the $4B mixed-use Aida project, signed<br />

with the Trump Organisation in 2022,<br />

featuring residential villas, a top-tier<br />

hotel, and an iconic golf course.<br />

NEOM Unveils Gidori<br />

Luxury Golf Resort in<br />

Saudi Arabia<br />

NEOM reveals Gidori, a private<br />

golf enclave situated in the captivating<br />

coastal hills along the<br />

Gulf of Aqaba. The newly introduced<br />

addition to NEOM, the progressive regional<br />

development in northwest Saudi<br />

Arabia, boasts ambitious architecture<br />

harmonising with the stunning natural<br />

surroundings. Gidori encompasses<br />

premium residences, luxury hospitality,<br />

and a spectrum of sports and leisure<br />

amenities, promising an unparalleled<br />

living experience. Positioned along<br />

the Gulf of Aqaba coastline, Gidori<br />

integrates world-class golf and active<br />

leisure within an ultra-modern community<br />

for guests and residents. The<br />

architectural focal point is a beachfront<br />

complex featuring a striking<br />

cantilevered structure, housing 190<br />

luxury sea-view apartments, diverse<br />

dining options, signature retail stores,<br />

and serene garden spaces. Marking a<br />

remarkable addition to the landscape<br />

of NEOM.<br />

62 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Emaar Unveils Two<br />

Dubai Projects Valued<br />

at $26B<br />

Dubai’s prominent listed developer,<br />

Emaar Properties, announces<br />

two luxury projects, The Heights<br />

Country Club and Grand Club Resort,<br />

with a combined value of AED 96B<br />

($26.14B), as the emirate’s property<br />

market experiences robust growth<br />

fueled by strong investor demand. Both<br />

lifestyle projects, located next to The<br />

Oasis, are anticipated to significantly<br />

boost sales and profitability, featuring<br />

several villas and townhouses. The<br />

larger of the two, The Heights Country<br />

Club, valued at AED 55B, spans 81<br />

million square feet. Meanwhile, the<br />

Grand Club Resort, valued at AED<br />

41B, covers 60 million square feet and<br />

includes a wellness centre, offering<br />

luxury hospitality. The launches align<br />

with Dubai’s expanding property market,<br />

driven by favourable economic<br />

conditions and policies encouraging<br />

long-term residency. Last year, the<br />

emirate witnessed real estate deals<br />

valued at AED 634B, marking a 20%<br />

annual growth.<br />

Deyaar Unveils $191M Dubai Project, Plans<br />

Debut Development in Abu Dhabi<br />

Deyaar Development is set to<br />

launch an AED 700M ($191M)<br />

project in Dubai, with plans for<br />

its inaugural scheme in Abu Dhabi in<br />

the second quarter, reflecting the rising<br />

demand for property in the UAE. The<br />

new Jebel Ali project, named Eleve,<br />

features studios to three-bedroom<br />

flats, financed through debt and sales<br />

revenues. The 33-storey development,<br />

situated near a metro station aims to<br />

create a vibrant community with full<br />

amenities, completed in three years.<br />

This marks the second project unveiled<br />

by the Dubai-listed developer in <strong>2024</strong>,<br />

following the fully sold-out Rosalia<br />

Residences in Al Furjan. Deyaar’s<br />

CEO, Saeed Al Qatami, highlights the<br />

flourishing property market in Dubai,<br />

attributing its success to government<br />

initiatives like residency permits and the<br />

expanded 10-year golden visa program.<br />

Dubai Land Department Joins Forces with Top<br />

Property Platforms for Agent Support<br />

Dubai real estate agents are set<br />

to receive training and listing<br />

support through collaboration<br />

with the Land Department, as per newly<br />

signed agreements with leading online<br />

platforms – Property Finder, Bayut, and<br />

Dubizzle. The Dubai Land Department<br />

aims to empower local talents and<br />

enhance awareness in the city’s real<br />

estate sector. These partnerships focus<br />

on creating an exceptional training<br />

environment, improving service efficiency,<br />

boosting customer satisfaction,<br />

and advancing services in line with<br />

industry best practices. The agreements<br />

were signed during the Tamkeen Real<br />

Estate Workshop hosted by the Land<br />

Department on March 4, aligning with<br />

DLD’s priority to empower citizens in<br />

the real estate market and integrate<br />

Emiratis, aligning with Dubai’s Social<br />

Agenda 33 and Economic Agenda D33.<br />

Hilton and NABNI to Launch Waldorf Astoria Residences in Dubai<br />

Downtown<br />

Hilton and NABNI Developments<br />

are set to launch Waldorf Astoria<br />

Residences Dubai Downtown,<br />

marking the brand’s first residential<br />

project outside the US. The project,<br />

expected to be completed in 2028, aims<br />

to expand Waldorf Astoria’s presence<br />

in new regions. The ceremony marking<br />

the partnership involved Daniel Wakeling,<br />

VP of Development, Luxury &<br />

Residential – Europe & Africa at Hilton,<br />

Abdulrahman Alsuwaidi, Chairman of<br />

NABNI Developments, and Badr Alsuwaidi,<br />

CEO of NABNI Developments.<br />

The Waldorf Astoria Residences, situated<br />

on a 65,000-square-foot plot in<br />

Downtown Dubai, will be designed by<br />

Carlos Ott Architects with interiors<br />

by Hirsch Bedner Associates. This<br />

collaboration signifies a significant<br />

milestone in strengthening Hilton’s<br />

presence in the EMEA market, delivering<br />

unparalleled luxury experiences<br />

in the thriving UAE real estate sector.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 63

Interview<br />

Nurturing Dreams, Building Success<br />

- The Ensure Events Entrepreneurial<br />

Journey<br />

64 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Ensure Events CEO Shahzad Ahmad shares how a childhood passion<br />

for performance and a hunger for learning paved the way for his<br />

entrepreneurial journey, navigating challenges like the pandemic and<br />

fostering collaborative relationships with high-profile clients to drive the<br />

company’s success and envisioning a future of global music festivals and business<br />

expansion.<br />

Exclusive to <strong>Finance</strong> <strong>World</strong> Magazine<br />

Q. Can you share your journey of<br />

setting up Ensure Events at a young<br />

age? What inspired you to venture<br />

into the events & media industry?<br />

Well, looking back, it all started when<br />

I was pursuing my graduation from<br />

Manipal University Dubai. I pursued my<br />

degree in Media Studies and that opened<br />

a whole new world of possibilities. As<br />

far as I can remember, that is when the<br />

inclination began towards broadcast<br />

and videography mostly. I was only<br />

in my first year of college when I had<br />

already started freelancing. My course<br />

gave me an opportunity to become a<br />

part of the Dubai International Film<br />

Festival, and it was during my college<br />

years that I actively took part in my<br />

very first celebrity event, which was<br />

the Asia Vision Film Awards. That entire<br />

world seemed aspirational and pushed<br />

me to hone my skills in the areas of<br />

videography and cinematography.<br />

Where Ensure is concerned, I have to<br />

thank my family for that, especially my<br />

aunt Ms. Yasmine. The Ensure group is<br />

a family-owned business with multiple<br />

verticals, and it was my family who<br />

entrusted me enough to carry forward the<br />

legacy. And that is how my brainchild,<br />

Ensure Media & Events came into being.<br />

Q. Starting a company requires a<br />

great deal of entrepreneurship. How<br />

did you develop your entrepreneurial<br />

spirit, and what challenges did you<br />

face during the initial stages of<br />

NSure Events?<br />

When you say entrepreneurial spirit, I<br />

think it came from getting a glimpse of<br />

that world. Like I mentioned, movies,<br />

award shows, and just looking at the<br />

elaborate production process inspired<br />

me; so much that I wanted to do it all<br />

on my own. Right from the ideation to<br />

the execution, the logistics, and the<br />

service, there’s so much that goes into<br />

it and I wanted to learn every skill to<br />

be able to create such experiences. I<br />

guess I can say that it was my hunger<br />

for learning that gave birth to Ensure.<br />

As far as challenges are concerned,<br />

Ensure Media & Events set up shop in<br />

2019 and I don’t think we need a rehash<br />

of what happened the year after that.<br />

The pandemic hit and industries like<br />

events, tourism, and hospitality were<br />

a few of the most affected ones. But<br />

when times seemed unpredictable for<br />

the company, we saw the light at the<br />

end of the tunnel. Intimate weddings<br />

started to become a thing and we found<br />

our foothold right there. That became<br />

a turning point for me. Up until then, I<br />

was focused on media production and<br />

that whole phase opened up another<br />

avenue that has now become one of<br />

our USPs.<br />

Q. Your skillset is quite versatile,<br />

how has this contributed to the<br />

growth and success of NSure Events?<br />

Well, I will have to go back to my<br />

childhood to set some context for this<br />

one. I was born and raised in the UAE<br />

and spent a lot of my childhood days in<br />

Fujairah. It was the community around<br />

me, especially my parents who saw my<br />

creative abilities. I have always been<br />

inclined towards music and dance,<br />

and when my father, who’s my role<br />

model, noticed my areas of interest,<br />

he motivated me to hone that talent.<br />

Soon, I was on stage performing for an<br />

audience. That was my sowing the seed<br />

moment; seeing how a stage was being<br />

set up, how the lighting was, where<br />

the camera was placed, and what’s a<br />

sound system like; every element of<br />

it piqued my interest and that is what<br />

contributed to the inception of Ensure<br />

Media and Events; and that performer<br />

in me allows me to keep nurturing the<br />

journey of Ensure.<br />

Q. NSure Events now works with<br />

some of the biggest clients in media<br />

and entertainment. How did you<br />

establish and nurture relationships<br />

with such high-profile clients?<br />

I realised this at a very young age,<br />

back when I started my career as a<br />

freelancer; that you should always<br />

look at a project from a collaborative<br />

point of view. Your client’s event is not<br />

theirs alone, it’s yours too. That’s what<br />

I do. Every event, and every project<br />

that I undertake, I become an integral<br />

part of it. And you know what that<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 65

Interview<br />

leads to? The success of the event<br />

feels like a personal victory. And that<br />

is basically it. The key to unlocking a<br />

good relationship with your client lies<br />

in that realisation. Make it personalised,<br />

make their project your own, and that<br />

will build your credibility.<br />

Q. As a young entrepreneur, building<br />

a competent team is crucial. How did<br />

you assemble a team that aligns with<br />

NSure Events’ vision and values?<br />

I consider myself fortunate enough<br />

to have found the right people at the<br />

right time. My core team comprises<br />

two of my childhood friends, my best<br />

buddies, Thaufeeq and Sharooq, and<br />

my mentor who’s been by my side,<br />

guiding me, Mr. Aquinash.<br />

They have been my pillars of support<br />

in life, and at work.<br />

As for the rest of my team members,<br />

they are all dedicated, hard-working<br />

individuals, who understand the<br />

importance of delivering something<br />

not just creative and unique, but also<br />

personalised, and that’s the value we<br />

strive to uphold.<br />

Q. Managing costs is a vital aspect<br />

of financial health. Can you discuss<br />

NSure Events’ strategies for cost<br />

management, and how do you ensure<br />

that financial resources are allocated<br />

efficiently to support the company’s<br />

growth and sustainability?<br />

At Ensure Media and Events, we have<br />

multiple sources of revenue. Although<br />

we are focused on media production,<br />

photography, videography, and event<br />

planning and management, we have<br />

also ventured into the digital marketing<br />

space. So even though one might think<br />

that the events industry is a seasonal<br />

business, we have “Ensured” that we have<br />

recurring clients, on retainer models,<br />

through our other ventures, which<br />

guarantees a steady revenue thereby<br />

maintaining seamless operations.<br />

Q. Developing and sustaining a<br />

successful business often involves<br />

sound financial management. Can<br />

66 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

you discuss NSure Events’ financial<br />

strategy, especially in terms of<br />

budgeting, investment decisions,<br />

and maintaining financial stability<br />

during the growth phases?<br />

What we do is employ a comprehensive<br />

financial strategy, which obviously<br />

includes meticulous budgeting so we<br />

can allocate resources effectively. And<br />

when it comes to investment decisions,<br />

we always prioritise technology, talent,<br />

and marketing to fuel sustainable growth.<br />

Q. What advice would you give to<br />

young entrepreneurs looking to<br />

enter the events and media industry,<br />

considering your own experiences<br />

and the success of NSure Events?<br />

Two things, never lose hope, and<br />

never turn an opportunity down. Even<br />

if all they are offering is exposure,<br />

take it. During the initial days, I took<br />

up every collaboration that came my<br />

way. Each of them was either a lesson<br />

or an insightful experience, and each<br />

of them has helped shape Ensure into<br />

what it is today. Trust the process and<br />

continue giving it your best shot.<br />

Q. Looking ahead, what is the vision<br />

for NSure Events in the next few<br />

years? Are there specific goals or<br />

projects on the horizon that you<br />

are excited about?<br />

When it comes to projects, we were<br />

very recently a part of the QS Higher<br />

Ed Summit <strong>2024</strong>, which was truly a<br />

milestone moment in our journey.<br />

And when we talk about the future<br />

of Ensure Media & Events, if things<br />

continue looking up for us, I see the<br />

company organising large-scale music<br />

and entertainment festivals, the kind that<br />

pull a global crowd. And meanwhile, we<br />

will continue to upgrade our resources<br />

and upscale the business.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 67

Funding and Investment<br />

source: pexels.com<br />

The UAE holds 19.2% of the global outstanding ESG sukuk market<br />

Shifting Sands: ESG<br />

Investing Transforming<br />

the UAE’s Financial<br />

Landscape<br />

UAE’s economy is transitioning to sustainability,<br />

with ESG investing gaining traction through<br />

regulatory support and investor demand.<br />

In recent years, Environmental, Social, and<br />

Governance (ESG) investing has gained<br />

significant traction worldwide as investors<br />

increasingly prioritise sustainability and<br />

ethical considerations alongside financial<br />

returns. The United Arab Emirates (UAE),<br />

known for its rapid economic growth<br />

and ambitious development projects,<br />

has witnessed a notable evolution in<br />

ESG investments, reflecting a growing<br />

awareness of environmental and social<br />

responsibilities among businesses and<br />

investors alike. The journey towards embracing<br />

ESG investing has been marked<br />

by a gradual but significant shift towards<br />

sustainable finance practices. With the<br />

Middle East unveiling proposals for the<br />

region’s sustainability objectives, this<br />

article explores the evolving landscape<br />

of ESG investments in the UAE.<br />

68 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Traditionally, the UAE’s economy has<br />

been heavily reliant on industries such<br />

as oil and gas, but changing global<br />

dynamics and increasing environmental<br />

concerns have spurred a transition<br />

towards more sustainable and responsible<br />

investment strategies.<br />

ESG investing in the UAE has its roots<br />

in the early 2000s when global interest<br />

in responsible investing started to grow.<br />

Local financial institutions and investors<br />

began recognising the importance of ESG<br />

factors and their influence on long-term<br />

financial performance. However, ESG has<br />

evolved into a substantial part of funding<br />

and investments by the regulatory efforts<br />

done by the government of UAE.<br />

The UAE Securities and Commodities<br />

Authority (SCA) established a pivotal<br />

framework in 2020 with the ‘Corporate<br />

Governance Code for Public Joint<br />

Stock Companies’ (Governance Code),<br />

making it mandatory for Listed Public<br />

Joint Stock Companies (PJSCs) on the<br />

Abu Dhabi Securities Exchange and the<br />

Dubai Financial Market to publish annual<br />

sustainability reports. These reports are<br />

designed to outline the impact of their<br />

operations on the environment, society,<br />

and governance.<br />

To ensure transparency and accountability,<br />

Listed PJSCs are required to adhere to<br />

the Global Reporting Initiative standards<br />

and sustainability standards issued by the<br />

respective stock exchanges. However,<br />

these reporting obligations are currently<br />

limited to listed companies, and private<br />

and state-owned entities can choose to<br />

adopt sustainability reporting voluntarily.<br />

The Abu Dhabi Global Market (ADGM)<br />

has also embraced Sustainable <strong>Finance</strong><br />

(SusFin) as a strategic priority and<br />

became the first International Financial<br />

Centre to achieve carbon neutrality.<br />

This aligns with the growing interest<br />

in sustainable finance in the Middle<br />

East, as exemplified by the issuance of<br />

sustainable bonds reaching USD 8 billion<br />

in the region in 2021.<br />

Implementing these regulatory efforts<br />

has raised awareness among Investors<br />

in the UAE, acknowledging the enduring<br />

advantages of incorporating ESG factors into<br />

their investment portfolios, encompassing<br />

risk reduction, performance enhancement,<br />

and the cultivation of a positive corporate<br />

image. This growing demand is propelling<br />

the expansion of sustainable finance<br />

mechanisms and products in the region.<br />

The financial sector in the UAE is actively<br />

advancing the cause of sustainability<br />

and responsible investment. Prominent<br />

initiatives encompass the issuance of<br />

green bonds, the launch of ESG-oriented<br />

equity funds, and the formulation of<br />

comprehensive ESG guidelines and<br />

frameworks.<br />

The Commercial Bank of Dubai (CBD)<br />

recently achieved a significant milestone<br />

by successfully raising $500 million<br />

through the issuance of green bonds.<br />

This move follows in the footsteps of<br />

the First Abu Dhabi Bank (FAB), which<br />

made history in 2019 by issuing green<br />

bonds worth $587 million, marking a<br />

pivotal moment for sustainable finance<br />

in the UAE. Another leading private bank<br />

has joined the United Nations Global<br />

Compact (UNGC) initiative, pledging<br />

to facilitate USD 30 billion in SusFin<br />

The emergence of<br />

ESG investing has<br />

rapidly changed<br />

how investors<br />

think and the<br />

associated<br />

choices they<br />

make.”<br />

Ahmed Abdelaal, Group CEO Mashreq<br />

by 2030 and already enabling USD 15.5<br />

billion of SusFin investments. Moreover,<br />

the Abu Dhabi Sustainable <strong>Finance</strong><br />

Declaration, signed by major financial<br />

institutions in the UAE, underscores the<br />

collective commitment to facilitate the<br />

flow of capital into sustainable projects,<br />

signalling the country’s dedication to<br />

fostering a greener and more sustainable<br />

financial landscape.<br />

In addition to the financial sector,<br />

ESG investments have also paved their<br />

way into the UAE’s real estate industry.<br />

Investors and end-users in the UAE<br />

are urging for a more sustainable built<br />

environment, increasing the demand for<br />

ethical and ESG-compliant investments.<br />

A report by Knight Frank in October 2022<br />

indicates that commercial buyers and<br />

tenants are prioritising sustainable office<br />

spaces, recognising that addressing the<br />

climate crisis is key to talent attraction<br />

and retention.<br />

In August 2021, Majid Al Futtaim, a<br />

Dubai-based developer, made history as<br />

the first privately owned corporation in<br />

Dubai to secure a $1.5 billion (AED5.5<br />

billion) sustainability-linked loan, featuring<br />

gender diversity goals and a requirement<br />

to certify its malls as LEED Gold or higher<br />

facilities. In a similar move, Abu Dhabi’s<br />

Aldar signed an $81.7 million (AED 300<br />

million) sustainability-linked loan with<br />

HSBC in July 2021, becoming the first<br />

real estate company in the MENA region<br />

to do so. This five-year loan adjusts<br />

Aldar’s interest margin based on annual<br />

targets for energy and water intensity,<br />

waste recycling, and worker welfare,<br />

with provisions to invest in qualifying<br />

ESG projects if targets are not met.<br />

Furthermore, in January 2022, Aldar<br />

committed to powering all its assets<br />

with clean energy from the Emirates<br />

Water and Electricity Company for up<br />

to five years.<br />

ESG is a dynamic and growing framework<br />

that is gaining recognition among investors<br />

worldwide. Significant advancements are<br />

on the horizon in the UAE and globally.<br />

While regulators and public bodies have<br />

essential roles to play, companies are<br />

also expected to take responsibility for<br />

ensuring the effectiveness of their ESG<br />

strategies. In certain instances, it is likely<br />

that business innovation, offering new<br />

green finance services and products, will<br />

take the lead in advancing the regulatory<br />

framework.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 69

Scan Here to Visit Website<br />


Funding and Investment News<br />

Abu Dhabi Aims for<br />

$100B AUM in AI<br />

Investment Firm<br />

Abu Dhabi is establishing MGX,<br />

a technology investment firm<br />

focused on artificial intelligence<br />

and semiconductors, with aspirations to<br />

exceed $100B in assets under management<br />

(AUM) within a few years. Led by<br />

Mubadala Investment and AI firm G42,<br />

MGX’s CEO will be Ahmed Yahia Al Idrissi,<br />

chief executive officer of Mubadala’s<br />

direct investments platform. Initially<br />

funded by Abu Dhabi’s government,<br />

MGX will pursue deals independently<br />

while maintaining Mubadala and G42’s<br />

existing portfolios. The company aims<br />

to attract top partners across AI infrastructure,<br />

semiconductors, and AI core<br />

technologies and applications. Chaired<br />

by UAE National Security Adviser<br />

Sheikh Tahnoon Zayed Al Nahyan,<br />

MGX’s board includes Mubadala CEO<br />

Khaldoon Al Mubarak, UAE Central<br />

Bank Vice Chairman Jassem Al Zaabi,<br />

G42 CEO Peng Xiao, and Al Idrissi.<br />

Investopia Boosts UAE-<br />

South Korea Economic<br />

Partnership<br />

Investopia <strong>2024</strong> witnessed the signing<br />

of two memorandums of understanding<br />

(MoUs) between the UAE and<br />

South Korea. The first MoU involved<br />

the Dubai Multi Commodities Center<br />

(DMCC) and the Korean Institute of<br />

Startup and Entrepreneurship Development<br />

(KISED), while the second<br />

partnership included the Dubai Future<br />

District Fund (DFDF) and the Korea<br />

Venture Investment Corporation (KVIC).<br />

These MoUs highlight Investopia’s role<br />

in fostering dialogue and connectivity<br />

between national and international<br />

institutions, offering promising opportunities<br />

for business communities.<br />

They aim to cultivate new partnerships<br />

supporting the transition to emerging<br />

economic sectors, expanding investment<br />

prospects in venture capital, SMEs,<br />

entrepreneurship, fintech, AI, and the<br />

circular economy, driving sustainable<br />

global growth. The presence of H.E.<br />

Abdulla bin Touq Al Marri and H.E.<br />

Daehee Lee underscores the significance<br />

of these agreements, reinforcing bilateral<br />

cooperation in various industries.<br />

Investcorp Capital Secures $800M Financing for<br />

<strong>2024</strong> Growth Plans<br />

Investcorp Capital plc, a significant<br />

player in private markets and alternative<br />

investments, has completed<br />

an $800M refinancing via a revolving<br />

credit facility (RCF) with an international<br />

bank consortium. This move allows<br />

the company to settle a previous $600M<br />

facility with Investcorp Group, established<br />

during its public listing on the<br />

ADX in November 2023. Underwritten<br />

and arranged by five banks, including<br />

Abu Dhabi Commercial Bank PJSC<br />

and HSBC Bank Middle East Limited,<br />

the refinancing initially targeted USD<br />

600 million but secured an additional<br />

USD 200 million due to high interest.<br />

With a four-year term and one-year<br />

extension option, the facility offers<br />

improved pricing terms, supporting<br />

Investcorp Capital’s Capital Financing<br />

Services segment. Strong bank interest<br />

reflects confidence in the company’s<br />

strategy, highlighted by a 47% revenue<br />

surge in its CFS division in H1 <strong>2024</strong>,<br />

reaffirming its commitment to an 8%<br />

annual dividend yield for shareholders.<br />

Saudi Urban Development Takes Center Stage at<br />

MIPIM <strong>2024</strong> with Murabba<br />

New Murabba Development Company,<br />

a leading urban developer<br />

in Saudi Arabia, is showcasing<br />

its transformative vision at MIPIM <strong>2024</strong><br />

in Cannes, France, from March 12-15.<br />

Under the “Invest Saudi” initiative, it<br />

aims to attract international investment,<br />

emphasising the Kingdom’s commitment<br />

to economic diversification.<br />

New Murabba is currently developing<br />

New Murabba Modern Downtown in<br />

Riyadh, a model city centre aligned with<br />

Saudi Vision 2030. Notable progress<br />

includes Mukaab, a landmark already<br />

excavating over 4 million cubic metres,<br />

set to feature cutting-edge technology<br />

and become one of the world’s largest<br />

structures at 400 metres in height, width,<br />

and length. With over 27 million sq. m of<br />

floor area, the development will offer a<br />

comprehensive mix of residential, hotel,<br />

retail, office, leisure, and community<br />

facilities, supporting Saudi Arabia’s<br />

ambitious economic goals.<br />

UAE Construction Market Set for 3% Annual<br />

Growth Driven by Transport Investments<br />

According to GlobalData, the<br />

UAE’s construction market is<br />

poised for an average annual<br />

growth of 3% until 2028, propelled<br />

by investments in transport and renewable<br />

energy. The Emirates News<br />

Agency, citing a report from the London-based<br />

analytics firm, highlights<br />

the market’s steady trajectory, valued<br />

at $94B in 2023. The surge is attributed<br />

to increased investments in transport<br />

and renewable energy infrastructure,<br />

with a focus on the electric vehicle<br />

market. Residential developments<br />

emerged as the dominant segment in<br />

2023, with ongoing momentum expected<br />

in the real estate sector throughout<br />

<strong>2024</strong>. This growth is bolstered by the<br />

initiation of high-quality infrastructure<br />

projects and substantial investments<br />

from governmental and private entities.<br />

Notably, the UAE awarded $23B<br />

in projects in the Middle East and<br />

North Africa construction market in<br />

the first half of 2023, as reported by<br />

global property consultant JLL.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 71

Funding and Investment News<br />

ADIA Increases Investment in Europe’s Cheyne Capital<br />

Abu Dhabi’s sovereign wealth<br />

fund, the Abu Dhabi Investment<br />

Authority (ADIA), has increased<br />

its funding commitment to Cheyne Capital’s<br />

real estate private credit strategy<br />

in Europe. According to reports from<br />

European media, ADIA has pledged an<br />

undisclosed amount to Cheyne’s capital<br />

solutions strategy, bringing the total<br />

commitment to ($836M). This strategy<br />

focuses on senior lending against real<br />

estate assets across Europe. Mohammed<br />

Al Qubaisi, Executive Director<br />

of ADIA’s real estate department,<br />

highlighted that the capital solutions<br />

strategy aims to address the growing<br />

demand for various forms of real<br />

estate credit by leveraging Cheyne’s<br />

expertise in the European real estate<br />

lending market. ADIA sees this as a<br />

compelling investment opportunity,<br />

especially in a market where private<br />

credit lenders are increasingly sought<br />

after for capital. ADIA’s assets are estimated<br />

to be around $933B, according<br />

to the Sovereign Wealth Fund Institute<br />

(SWFI).<br />

Mubadala and G42 Launch Tech Investment Firm<br />

MGX in Abu Dhabi<br />

Mubadala and G42, two leading<br />

entities in the UAE, have<br />

unveiled the establishment of<br />

MGX, a new technology investment<br />

company. With a focus on accelerating<br />

AI and advanced technology development<br />

and adoption, MGX aims to<br />

forge world-leading partnerships both<br />

domestically and globally. Its investment<br />

strategy will revolve around AI<br />

infrastructure, semiconductors, and<br />

AI core technologies and applications.<br />

Leveraging Abu Dhabi’s existing investments,<br />

MGX will collaborate with<br />

prominent international technology and<br />

investment firms. Chaired by Sheikh<br />

Tahnoun bin Zayed Al Nahyan, and<br />

with Khaldoon Khalifa Al Mubarak<br />

as vice-chair, the board includes key<br />

figures such as Jassem Mohamed Bu<br />

Ataba Al Zaabi, Peng Xiao, and Ahmed<br />

Yahia Al Idrissi, who will also serve<br />

as CEO. The establishment of MGX<br />

underscores the UAE’s commitment to<br />

advancing technology for a prosperous<br />

and interconnected future.<br />

LEAP: Al Awal Capital and Innovation Gate Forge<br />

Strategic Partnership<br />

Al Awal Capital and Innovation<br />

Gate Holding have signed a<br />

memorandum of understanding<br />

to launch a strategic partnership aimed<br />

at boosting innovation and excellence<br />

in the Kingdom’s investment sector.<br />

This collaboration underscores their<br />

commitment to providing innovative<br />

investment services, targeting various<br />

investor categories and fostering<br />

a thriving investment community.<br />

Adnan Al-Talmassani, Managing Director<br />

at Al Awal Capital, expressed<br />

excitement, emphasising their goal<br />

of delivering innovative investment<br />

opportunities for sustainable development.<br />

Mahareb Al-Rashidi, CEO of<br />

Innovation Gate Holding, echoed this<br />

sentiment, highlighting the partnership’s<br />

role in advancing investment<br />

innovation and fostering a cooperative<br />

relationship. This partnership signifies<br />

a significant step towards an advanced<br />

and innovative investment landscape<br />

in the Kingdom, aligning with both<br />

companies’ vision for excellence in<br />

investment services.<br />

UAE Secures Second<br />

Place in Greenfield FDI,<br />

Attracts $15B in 2023<br />

The UAE secured the second<br />

position globally in greenfield<br />

FDI projects in 2023, recording<br />

1,280 projects, trailing only the United<br />

States with 1,966 projects. This marks<br />

a significant 36% year-on-year surge,<br />

elevating the UAE three places from its<br />

2022 ranking of fifth, as per an Emirates<br />

NBD report. Dubai led the way in greenfield<br />

FDI projects with 1,036, showing a<br />

robust 32% increase year-on-year, while<br />

Abu Dhabi ranked sixth globally with<br />

172 projects, indicating a substantial<br />

74% rise year-on-year. Notably, Dubai<br />

accounted for approximately 81% of<br />

the total projects in the UAE. Total FDI<br />

capital inflows into the UAE soared by<br />

33% year-on-year to $15.08B, with Dubai<br />

attracting the largest share at $6.81B,<br />

and Abu Dhabi securing a significant<br />

portion with $4.48B. Greenfield FDI<br />

plays a vital role in economic growth,<br />

creating jobs, transferring technology,<br />

and improving competition.<br />

72 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>






Discover latest solutions across all<br />

areas of precision medicine from 30+<br />

participating countries<br />


Hear from the pioneers revolutionising<br />

the future of precision medicine<br />

through exclusive sessions and<br />

discussions at the PMES scientific<br />

conference<br />


Attend side events and educational<br />

workshops by Illumina, Bio-Rad,<br />

BioSTEM and other leading brands in<br />

precision medicine<br />


Learn about new technologies and<br />

solutions and adapt to the changing<br />

times through discussions on the<br />

Precision Nexus stage<br />


Empowering the next generation of<br />

scientists!<br />

EMERGE 2050<br />

Connecting the best healthtech,<br />

medtech and biotech product<br />

innovations & solutions with leading<br />

healthcare industry investors<br />


Media Partner<br />

From personalised diagnostics and genomic medicine to<br />

AI-driven therapies and advanced imaging, this event is a<br />

game-changer for the industry. Great opportunity to<br />

explore the exhibition floor, where leading companies and<br />

startups are showcasing their latest products and services.<br />

- Rémy Levastre, Director of Advisory Services at WSP.

Digital Assets<br />

Source. mediaoffice.ae<br />

Digital Asset is intangible property and is neither a thing in possession nor a thing in action<br />

Deciphering<br />

the DIFC’s<br />

Groundbreaking<br />

Digital Asset Law<br />

The Digital Assets Law defines digital assets<br />

as property and outlines control, transfer, and<br />

management guidelines for stakeholders.<br />

In a strategic move, the Dubai International<br />

Financial Centre (DIFC) has introduced<br />

the “Digital Asset Law.” This<br />

new legislation, effective as of March 8<br />

<strong>2024</strong>, establishes the legal framework for<br />

digital assets, defining them as a form of<br />

property and outlining procedures for<br />

their control, transfer, and handling by<br />

interested parties. Alongside the introduction<br />

of the new Law of Security and<br />

amendments to existing legislation, these<br />

enactments are designed to ensure that<br />

the DIFC remains alongside technological<br />

advancements in international trade<br />

and financial markets, while also offering<br />

legal clarity to investors and users<br />

of digital assets. This article serves as a<br />

comprehensive guide to the features of<br />

the Digital Asset Law and explores its<br />

potential impact.<br />

74 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Digital assets, constituting a trillion-dollar<br />

asset class, present<br />

vast potential for future innovation<br />

and market opportunities. While many<br />

jurisdictions have primarily focused on<br />

regulating and enforcing sanctions related<br />

to practical applications of this asset<br />

class within regulated financial services,<br />

the fundamental benefits facilitated by<br />

blockchain technology and the diverse<br />

range of digital assets it enables are<br />

poised to expand significantly.<br />

The Digital Assets Law delineates the<br />

legal attributes of digital assets, recognising<br />

them as a form of property and providing<br />

guidelines on their control, transfer, and<br />

management by stakeholders. In conjunction<br />

with the Digital Assets Law, DIFC<br />

has introduced a complementary Law of<br />

Security, patterned after the UNCITRAL<br />

Model of Secured Transactions, and implemented<br />

corresponding amendments<br />

to existing statutes.<br />

Characteristics of Digital Assets<br />

According to the Digital Asset Law<br />

<strong>2024</strong> a Digital Asset is intangible property<br />

and is neither a thing in possession<br />

nor a thing in action. It is defined as a<br />

digital asset if:<br />

(a) it exists as a notional quantity<br />

unit manifested by the combination of<br />

the active operation of software by a<br />

network of participants and network-instantiated<br />

data;<br />

(b) it exists independently of any<br />

particular person and legal system; and<br />

(c) the thing is not capable of duplication<br />

and the use or consumption of the<br />

thing by one person or specific group of<br />

persons necessarily prejudices the use<br />

or consumption of that thing by one or<br />

more other persons.<br />

Control and Title:<br />

The Digital Asset Law specifies that<br />

an individual has control over a Digital<br />

Asset if the asset or its relevant protocol<br />

grants them exclusive abilities to prevent<br />

others from benefiting from it, to obtain<br />

substantial benefits from it, and to transfer<br />

these abilities to another person, termed<br />

as a ‘change of control’.<br />

Additionally, the individual must be<br />

able to identify themselves as possessing<br />

these abilities. A change of control<br />

encompasses various actions such as<br />

replacement, modification, destruction, or<br />

elimination of the Digital Asset, resulting<br />

in the creation of a new asset under the<br />

control of another individual.<br />

Moreover, control need not be exclusive<br />

if the Digital Asset or its protocol<br />

restricts use or the individual in control<br />

agrees to share their abilities with others.<br />

Regarding title, the law states that a<br />

person or group obtains legal ownership<br />

of a Digital Asset upon gaining control<br />

and intending to exercise control over it.<br />

In the absence of evidence suggesting<br />

otherwise, the individual or group in<br />

control is presumed to hold superior legal<br />

title. In certain agency relationships, if an<br />

agent controls a Digital Asset on behalf<br />

of a principal and intends to exercise<br />

control on the principal’s behalf, the<br />

principal holds legal title.<br />

Once the title is acquired, it remains<br />

with the individual or group until transferred<br />

or the Digital Asset is destroyed.<br />

Obligations<br />

The Digital Asset Law imposes obligations<br />

concerning the impairment of<br />

digital assets. An individual’s impairment<br />

of a digital asset is considered reckless if<br />

they are aware of the risk of impairment<br />

and unreasonably proceed to take that<br />

This legislation is<br />

groundbreaking<br />

for being<br />

the first to<br />

comprehensively<br />

define the legal<br />

attributes of<br />

digital assets in<br />

property law.”<br />

risk, especially if they know of another<br />

party’s superior interest in the asset.<br />

However, impairment is not intentional<br />

unless the individual is aware of another<br />

party’s interest and the superiority of<br />

that interest. Liability arises if an individual<br />

impairs the use of a digital asset<br />

in which another party has an interest,<br />

intentionally or recklessly causing loss<br />

to the latter.<br />

Consent from the affected party serves<br />

as a defence against impairment, as does<br />

the likelihood of reasonable consent.<br />

Co-owners may recover damages proportionate<br />

to their interest in the asset<br />

and can bring actions against fellow<br />

co-owners.<br />

Additionally, if a person is found liable<br />

to one claimant but another claimant is<br />

subsequently found to have a superior<br />

legal title to the asset, the former is<br />

accountable to the latter.<br />

Furthermore, the law grants individuals<br />

the right to recover control of a digital<br />

asset if it is under another party’s control<br />

and the latter has no legal title to the<br />

asset or has an inferior title.<br />

The law also provides the Board of<br />

Directors of the DIFCA with the authority<br />

to make regulations to further the purpose<br />

of the law or facilitate its administration,<br />

including the imposition of fines for<br />

contraventions and procedures for fine<br />

imposition and recovery.<br />

By delineating the legal attributes of<br />

digital assets and recognising them as<br />

a form of property, the law establishes<br />

clear guidelines for their management<br />

and administration.<br />

This clarity is essential in an era where<br />

digital assets play an increasingly prominent<br />

role in various aspects of commerce<br />

and finance. With this legislation, stakeholders<br />

can navigate the complexities<br />

of digital asset ownership, transfer, and<br />

control with greater confidence and legal<br />

certainty, fostering trust and facilitating<br />

the growth of digital asset markets.<br />

Moreover, by addressing legal questions<br />

surrounding digital assets, such as control<br />

and title, the law lays a solid foundation for<br />

developing strong regulatory frameworks<br />

that can adapt to the evolving landscape<br />

of digital asset innovation and usage. In<br />

an ever-evolving digital landscape, this<br />

legislation lays a foundation for clear<br />

regulations and fosters trust, crucial<br />

for the growth and innovation of digital<br />

asset markets.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 75

76 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Events<br />

Connecting Green Hydrogen MENA <strong>2024</strong>:<br />

Driving the Energy Transition Towards a<br />

Sustainable Future<br />

Amid mounting sustainability concerns<br />

and the UAE’s ambitious<br />

Net Zero by 2050 commitment,<br />

the third edition of the Connecting<br />

Green Hydrogen MENA <strong>2024</strong> Conference<br />

and Exhibition (CGHM<strong>2024</strong>) is set<br />

to take place from <strong>April</strong> 23rd to <strong>April</strong><br />

25th, <strong>2024</strong>, at the esteemed Madinat<br />

Jumeirah Conference Centre in Dubai,<br />

UAE. Organised By Leader Associates,<br />

this significant event is poised to catalyse<br />

advancing the region’s energy<br />

transition and foster sustainable socio-economic<br />

development.<br />

At its core, CGHM<strong>2024</strong> is dedicated<br />

to advancing the crucial role of<br />

hydrogen in spearheading the global<br />

energy transition towards sustainability.<br />

Against the backdrop of pressing<br />

climate challenges and the imperative<br />

to decarbonize the energy sector, this<br />

event serves as a platform for fostering<br />

meaningful dialogue and collaboration<br />

among industry stakeholders. By facilitating<br />

discussions and sharing insights,<br />

CGHM<strong>2024</strong> aims to catalyse the adoption<br />

of green hydrogen technologies<br />

and inspire actionable steps towards<br />

a cleaner, greener future. Through<br />

showcasing the latest advancements<br />

in hydrogen technology and exploring<br />

innovative solutions, CGHM<strong>2024</strong> aims<br />

to empower participants to drive positive<br />

change in their respective fields.<br />

With a strong emphasis on collaboration,<br />

innovation, and knowledge-sharing,<br />

CGHM<strong>2024</strong> is expected to attract<br />

over 3,000 attendees, including policymakers,<br />

industry leaders, investors,<br />

and technical experts. The <strong>2024</strong> edition<br />

boasts participation from esteemed<br />

government officials, including representatives<br />

from the Ministry of Energy<br />

and Infrastructure (UAE), the Ministry<br />

of Environment (Korea), and the Ministry<br />

of Economy, Trade and Industry<br />

(Japan). Additionally, industry giants<br />

such as ACWA Power, Air Products,<br />

Air Liquide, H2Global Stiftung, ADNOC<br />

Group, Chevron New Energies and<br />

ENGIE will contribute their expertise<br />

to the event. Through interactive<br />

sessions, thought-provoking discussions,<br />

and networking opportunities,<br />

attendees will delve into key topics<br />

such as sectoral net-zero transitions,<br />

the versatility of hydrogen as an energy<br />

carrier, and strategies for building<br />

international partnerships to support<br />

the growth of the hydrogen economy<br />

in the MENA region.<br />

Discover a rich array of activities<br />

at CGHM<strong>2024</strong>, designed to offer an<br />

immersive experience for industry<br />

professionals. Engage in enlightening<br />

sessions like the CGHM Strategic<br />

Summit, featuring insights from over<br />

150 top speakers, and the H2Innovate<br />

Next Summit showcasing cutting-edge<br />

technologies. Explore the vast 1500+<br />

sqm Exhibition Area, and connect with<br />

peers through dynamic networking<br />

programs. With offerings including<br />

pre-day field trips, gala dinners, awards<br />

ceremonies, 1-1 meetings, masterclasses,<br />

and more, CGHM<strong>2024</strong> ensures an<br />

enriching and unforgettable event for<br />

all attendees.<br />

Organised by Leader Associates, a<br />

leading advocate for environmental<br />

sustainability, CGHM<strong>2024</strong> embodies a<br />

commitment to driving positive change<br />

and shaping the future of the energy<br />

landscape. With a track record of<br />

hosting successful clean energy events<br />

worldwide, Leader Associates brings<br />

unparalleled expertise and insight to the<br />

forefront of the hydrogen revolution.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 77

Healthcare<br />

Source: pexels.com<br />

In 2023, Burjeel Holdings experienced strong revenue growth of 15.6%, reaching AED 4.5 billion.<br />

Journey of Excellence:<br />

Inside Burjeel<br />

Holdings’ Visionary<br />

Expansion<br />

Burjeel prioritises expanding its medical<br />

network and enhancing operational efficiency<br />

through scale economies and digitisation.<br />

In the heart of the Middle East, where<br />

innovation meets compassion, Burjeel<br />

Holdings has emerged as an epitome of<br />

excellence in healthcare delivery. Led by<br />

the vision of Dr Shamsheer Vayalil, this<br />

healthcare provider has transformed the<br />

landscape of medical services across the<br />

MENA region. From humble beginnings<br />

in 2007 to becoming a leading force in<br />

private healthcare, Burjeel Holdings has<br />

steadfastly committed to providing highquality,<br />

accessible, and compassionate<br />

care to communities. Burjeel Holdings<br />

features a network of 76 assets, including<br />

16 hospitals and 38 medical centres, along<br />

with 15 pharmacies and allied services,<br />

delivering premier healthcare in the<br />

Gulf region. Brands under its umbrella<br />

include Burjeel, Medeor, LLH, Lifecare,<br />

PhysioTherabia, and Tajmeel.<br />

78 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

In 2007, Dr Shamsheer Vayalil laid the<br />

foundation for what would become<br />

Burjeel Holdings. The journey began<br />

with the establishment of LLH Hospital in<br />

Abu Dhabi, offering affordable and comprehensive<br />

care to the community. As the<br />

years passed, Burjeel Holdings expanded<br />

its footprint, launching state-of-the-art<br />

hospitals and medical centres across the<br />

UAE. From the quaternary care Burjeel<br />

Hospital to the advanced microsurgery<br />

LLH Hospital<br />

centre in Dubai, each facility symbolised<br />

a commitment to delivering the highest<br />

standard of healthcare.<br />

In 2022, Burjeel Holdings achieved a<br />

significant milestone by listing on the<br />

Abu Dhabi Securities Exchange and<br />

the following year marked the launch<br />

of the Paley Middle East Clinic and the<br />

announcement of a partnership with<br />

ADNOC to manage Al Dhannah Hospital,<br />

further solidifying Burjeel Holdings’<br />

position as a leader in the healthcare<br />

industry. Moreover, in 2022, Burjeel<br />

Holdings announced its expansion into<br />

the Kingdom of Saudi Arabia, setting the<br />

stage for future growth and innovation.<br />

Another noteworthy development<br />

is Burjeel Holdings’ pledge to achieve<br />

carbon neutrality by 2040, aligning with<br />

the UAE’s overarching aim to become a<br />

carbon-neutral state by 2050.<br />

LLH Hospital, a subsidiary of Burjeel<br />

Holdings Company, embodies a commitment<br />

to delivering cost-effective yet<br />

specialised and high-quality healthcare<br />

services. Founded with a vision to cater<br />

to the medical needs of the growing population<br />

of the Emirate of Abu Dhabi at<br />

an affordable price point, LLH Hospital<br />

operates with unparalleled passion and<br />

dedication.<br />

Over the years, LLH Hospital has<br />

earned the trust of citizens and residents<br />

of Abu Dhabi through the sincere dedication<br />

of its medical staff. With a focus<br />

on compassion, respect, and dignity,<br />

the hospital ensures that each patient’s<br />

medical needs are attended to closely.<br />

Facilities and services at LLH Hospital<br />

have been carefully designed to meet the<br />

evolving needs and demands of patients,<br />

with a constant openness to the latest<br />

developments in medicine and healthcare.<br />

By adopting best practices, LLH Hospital<br />

continually strives to enhance its service<br />

delivery standards.<br />

LLH Hospital operates multiple branches<br />

in Abu Dhabi and Musaffah, offering<br />

compassionate and personalised care<br />

to its customers. The hospital has three<br />

main branches:<br />

LLH Hospital Abu Dhabi:<br />

Providing comprehensive healthcare<br />

services to the community, this branch<br />

is committed to delivering excellence<br />

in patient care across various medical<br />

specialities.<br />

LLH Hospital Musaffah:<br />

With 24-hour emergency services, an<br />

in-house pharmacy, and a wide range of<br />

medical services, this branch caters to the<br />

healthcare needs of the local community<br />

and surrounding areas.<br />

LLH Medical Centre Musaffah:<br />

Strategically located near the business<br />

and industrial hub, this medical centre<br />

aims to meet the healthcare needs of<br />

customers in the area, offering convenient<br />

access to quality healthcare services.<br />

The impact of LLH Hospital on the<br />

community is substantial, with a team<br />

of 137 doctors covering 21 specialities<br />

and serving a patient population of over<br />

9.8 million lives. With a yearly patient<br />

footfall of 690,000, LLH Hospital continues<br />

to touch the lives of individuals and<br />

families, providing them with the care<br />

and support they need to lead healthy<br />

and fulfilling lives.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 79

Healthcare<br />

Lifecare Hospitals<br />

Lifecare Hospitals, a subsidiary of Burjeel<br />

Holdings, is committed to providing<br />

superior healthcare services conveniently<br />

accessible to communities in Abu Dhabi’s<br />

Musaffah and Baniyas areas. These two<br />

multi-speciality hospitals boast stateof-the-art<br />

technology and offer over 15<br />

medical and surgical specialities and<br />

clinical services.<br />

Accredited by the Joint Commission<br />

International (JCI), Lifecare Hospitals<br />

feature experts in various fields, including<br />

general medicine, emergency<br />

care, dermatology, dentistry, cardiology,<br />

neurology, ophthalmology, pulmonology,<br />

and critical care. The hospital personnel,<br />

including paramedics and support<br />

staff, are dedicated to a compassionate,<br />

patient-centric approach that addresses<br />

day-to-day healthcare needs.<br />

Both Lifecare Hospitals in Musaffah<br />

and Baniyas offer 24/7 emergency and<br />

other medical services, ensuring roundthe-clock<br />

access to quality healthcare.<br />

In 2012, Lifecare Hospital, Baniyas,<br />

launched its multi-speciality hospital to<br />

provide medical care in the industrial area<br />

of Abu Dhabi. Two years later, in 2014,<br />

Lifecare Hospital, Musaffah, followed suit,<br />

further expanding access to healthcare<br />

services in the region.<br />

The impact of Lifecare Hospitals on<br />

the community is significant, with 105<br />

doctors covering 21 specialities and a<br />

capacity of 224 beds. With over 4.5 million<br />

lives touched and a yearly patient footfall<br />

of 430,000, Lifecare Hospitals continue<br />

to make a difference in the lives of individuals<br />

and families, providing them<br />

with high-quality healthcare services<br />

they can trust.<br />

Medeor Hospital<br />

In 2015, Burjeel Holdings expanded its<br />

footprint by opening two multi-speciality<br />

hospitals under the Medeor brand, further<br />

extending its commitment to providing<br />

affordable, quality healthcare in a friendly<br />

environment. The Hospital is known for<br />

its multi-speciality healthcare, offering<br />

world-class care across 35 specialities<br />

along with 24/7 emergency services.<br />

With a legacy spanning almost a decade,<br />

Medeor Hospital has been serving the<br />

communities of Abu Dhabi and Dubai<br />

with unwavering dedication.<br />

The team of doctors, nurses, and support<br />

staff at Medeor Hospital is committed to<br />

ensuring that each patient receives the<br />

care they need to recover and maintain<br />

their health. They firmly believe that<br />

quality healthcare should be accessible<br />

and affordable to all, which is why they<br />

take pride in being the preferred choice<br />

for patients seeking world-class care.<br />

At Medeor Hospital, the staff views<br />

the hospital as more than just a place<br />

for treatment—it’s a sanctuary where<br />

patients can feel safe, cared for, and<br />

valued. Every interaction with patients<br />

is seen as an opportunity to demonstrate<br />

genuine concern for their well-being.<br />

With branches in Abu Dhabi and Dubai,<br />

Medeor Hospitals utilises the latest<br />

treatments and technologies to deliver<br />

compassionate and personalised care to<br />

every individual.<br />

The impact of Medeor Hospital on the<br />

community is profound, with a team of<br />

over 170 doctors covering 30 specialities<br />

and a capacity of 140 beds. With over 4.3<br />

million lives touched and a yearly patient<br />

footfall of 500,000, Medeor Hospital continues<br />

to make a meaningful difference<br />

in the lives of individuals and families,<br />

ensuring that everyone has access to the<br />

care they deserve.<br />

80 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Burjeel<br />

Burjeel, the premium brand under<br />

Burjeel Holdings, epitomises an extraordinary<br />

blend of healthcare excellence and<br />

7-star hospitality. Established in 2012,<br />

Burjeel operates a network of hospitals,<br />

specialised centres, day surgery centres,<br />

and medical clinics across the UAE and<br />

Oman. Renowned for its world-class<br />

medical professionals, sophisticated<br />

diagnostic equipment, superior healthcare<br />

services, and exceptional hospitality,<br />

Burjeel is synonymous with excellence<br />

in healthcare delivery.<br />

At the heart of Burjeel’s operations is<br />

Burjeel Medical City, the flagship facility<br />

in Abu Dhabi, spanning 1.2 million square<br />

feet and boasting 400 beds. Supported<br />

by advanced laboratory and diagnostic<br />

facilities, the hospital serves as a hub<br />

for tertiary and quaternary oncology<br />

treatment for both adult and paediatric<br />

subspecialties.<br />

Burjeel Hospitals are located across<br />

Abu Dhabi, Al Ain, Dubai, Sharjah, and<br />

Oman, offering a comprehensive range<br />

of healthcare services to communities.<br />

Burjeel’s journey of expansion and<br />

innovation began in 2012 with the launch<br />

of the Burjeel Hospital in Abu Dhabi,<br />

marking its entry into the healthcare<br />

sector. The subsequent years saw the<br />

establishment of several remarkable<br />

facilities, including the Burjeel Hospital<br />

for Advanced Surgery in Dubai in 2013<br />

and the Burjeel Day Surgery Center in<br />

Abu Dhabi in 2017. In 2018, Burjeel extended<br />

its reach with the inauguration<br />

of the Burjeel Royal Hospital in Al Ain,<br />

followed by the introduction of the Burjeel<br />

Specialty Hospital in Sharjah in 2019. In<br />

2020, Burjeel raised the bar with the launch<br />

of the prestigious Burjeel Medical City<br />

in Abu Dhabi, setting new standards in<br />

quaternary care. The journey culminated<br />

in 2022 with the launch of Burjeel Farha<br />

in Al Ain, further solidifying Burjeel’s<br />

commitment to delivering the highest<br />

quality healthcare in the region.<br />

Burjeel Holdings’ Al Reem Specialized<br />

Day Surgery Center in Abu Dhabi<br />

exemplifies the success of the model.<br />

Since its 2017 inception, it has attracted<br />

significant referrals, generating AED<br />

253 million in revenue in 2023 at a 62%<br />

inpatient occupancy rate.<br />

Over the years, Burjeel has expanded<br />

its portfolio with these notable facilities,<br />

demonstrating its unwavering dedication<br />

to providing top-notch healthcare services<br />

across various regions in the UAE.<br />

The impact of Burjeel on the community<br />

is profound, with over 700 doctors<br />

covering 50 specialities and a capacity of<br />

over 700 beds. With over 10 million lives<br />

touched and a yearly patient footfall of<br />

1.8 million, Burjeel continues to make<br />

a significant difference in the lives of<br />

individuals and families, ensuring access<br />

to top-notch healthcare services with<br />

unparalleled hospitality.<br />

Burjeel Holdings’ Expansion Journey in Saudi Arabia<br />

In 2022, Burjeel Holdings announced<br />

its expansion into the Kingdom of Saudi<br />

Arabia, aligning with the country’s<br />

Vision 2030. The ambitious plan aimed<br />

to contribute to the nation’s healthcare<br />

infrastructure and overall development<br />

goals.<br />

Building on this initiative, in 2023,<br />

Burjeel partnered with Leejam Sports<br />

Company to introduce the first four<br />

PhysioTherabia centres in Riyadh. These<br />

cutting-edge facilities focused on physiotherapy,<br />

rehabilitation, and wellness,<br />

reflecting a commitment to holistic health<br />

within the community.<br />

Continuing its expansion efforts, in<br />

February <strong>2024</strong>, the group unveiled two<br />

Specialized Day Surgery Centers in Riyadh,<br />

marking another milestone in its<br />

regional growth strategy. These centres<br />

were strategically positioned to meet the<br />

rising demand for high-quality medical<br />

services among residents and tourists.<br />

Shortly after, in March <strong>2024</strong>, Burjeel<br />

expanded its presence further by listing<br />

eight new PhysioTherabia centres in<br />

Riyadh and four other cities across the<br />

Kingdom. This significant scaling of its<br />

geographical footprint underscored the<br />

group’s dedication to serving a broader<br />

population and enhancing healthcare<br />

accessibility.<br />

Aligned with Saudi Arabia’s Vision<br />

2030 objectives, PhysioTherabia played<br />

a pivotal role in promoting optimal<br />

physical recovery and overall wellness<br />

for patients of all ages. The specialised<br />

services offered, including musculoskeletal<br />

rehabilitation, neurological rehabilitation,<br />

paediatric rehabilitation, and sports injury<br />

rehabilitation, reflected a commitment<br />

to comprehensive healthcare delivery.<br />

Moreover, the centres aimed to position<br />

Saudi Arabia as a regional hub<br />

for sports performance training and<br />

management, aligning with efforts to<br />

integrate the Kingdom into the Exercise<br />

is Medicine Global Health Network. This<br />

initiative, managed by the American<br />

College of Sports Medicine, aimed to<br />

enhance sports medicine practices and<br />

elevate the country’s status in the global<br />

healthcare arena.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 81

Healthcare News<br />

DoH Abu Dhabi and GSK Partner to Boost Innovative Healthcare Solutions<br />

British pharmaceutical giant<br />

GlaxoSmithKline (GSK) has<br />

formalised a collaboration with<br />

the Department of Health – Abu Dhabi<br />

(DoH) through a Memorandum of<br />

Understanding (MoU). This strategic<br />

partnership, unveiled at Arab Health<br />

<strong>2024</strong>, aims to propel innovative healthcare<br />

in Abu Dhabi by integrating advanced<br />

treatments and personalised<br />

care. Positioned as one of the world’s<br />

top-10 pharmaceutical companies, GSK<br />

will join forces with DoH to foster the<br />

biotechnology sector’s growth. Drawing<br />

on their expertise in big data, real-world<br />

evidence, clinical trials, and practices, the<br />

collaboration could reshape the global<br />

life sciences landscape. The initiative<br />

will focus on logistical solutions for<br />

research in critical areas like oncology,<br />

establishing key clinical trials across<br />

UAE sites, and potentially influencing<br />

healthcare outcomes globally.<br />

Saudi Arabia: Wealth of<br />

Prominent Doctor Surges,<br />

Approaching $12B<br />

Saudi paediatrician Dr Sulaiman<br />

Al Habib, among the world’s<br />

wealthiest doctors, has witnessed<br />

a resurgence in his fortune, nearing<br />

$12B. The rebound in shares of Dr<br />

Sulaiman Al Habib Medical Services<br />

Group Co, surging 30% since a oneyear<br />

low in October, positions him as<br />

the third-richest non-royal individual<br />

in the Middle East, per the Bloomberg<br />

Billionaires Index. The stock’s six-fold<br />

rise since its 2020 IPO brings it close<br />

to a record high. In his early 70s, Dr Al<br />

Habib transformed the $28B healthcare<br />

chain from a single clinic in 1993 to 22<br />

medical facilities and 22 pharmacies<br />

across Saudi Arabia, the UAE, and<br />

Bahrain, with 10 hospitals and medical<br />

centres in development. Additionally,<br />

he invests in commercial real estate<br />

through a holding company, according<br />

to the company’s IPO prospectus. Dr Al<br />

Habib, holding a medical degree from<br />

Riyadh’s King Saud University, has<br />

played key roles in government-owned<br />

hospitals in Riyadh.<br />

Dubai Healthcare City Forecasts $28B Public<br />

Sector Spending by 2027<br />

Dubai Healthcare City has witnessed<br />

substantial turnover<br />

growth since 2020, projecting<br />

continued expansion. At Arab Health<br />

<strong>2024</strong>, the Dubai Healthcare City Authority<br />

(DHCA) presented the “Dubai’s<br />

Healthcare Ecosystem Highlights” report,<br />

spotlighting the emirate’s robust<br />

healthcare sector. The report underscores<br />

Dubai Healthcare City’s (DHCC)<br />

dedication to advancing the healthcare<br />

ecosystem by seamlessly integrating<br />

core services and collaborating with<br />

global entities. Key findings reveal<br />

DHCC’s pivotal role as a healthcare<br />

investment hub, with an anticipated<br />

16% Compound Annual Growth Rate<br />

PureHealth, the National Healthcare<br />

Champion at Arab Health<br />

<strong>2024</strong>, is doubling down on its<br />

mission of promoting longevity and<br />

healthy lifespans. With a dedicated<br />

focus on longevity at this year’s event,<br />

the importance of this objective is<br />

not only resonating within the global<br />

healthcare sector but is also gaining<br />

prominence in the planning strategies<br />

of policymakers for future economies.<br />

A study unveiled at the <strong>World</strong> Economic<br />

Forum’s Annual Meeting <strong>2024</strong> forecasts<br />

the number of individuals aged over 60<br />

to reach 2.1 billion by 2050, emphasising<br />

the urgency for innovative approaches<br />

in turnover from 2020 to <strong>2024</strong>. This<br />

signifies the free zone’s commitment to<br />

efficiency and sustainability, backed by<br />

regional and international healthcare<br />

investors’ confidence in DHCC’s ability<br />

to foster growth in Dubai’s dynamic<br />

healthcare landscape.<br />

PureHealth Targets Longevity Amid WEF’s Over-<br />

60s Doubling Prediction by 2050<br />

to healthy ageing. PureHealth aims to<br />

shape the future of healthcare by leveraging<br />

technologies like Generative AI<br />

to challenge lifespans, redefine health<br />

spans, and future-proof the healthcare<br />

sector globally.<br />

82 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

DUPHAT <strong>2024</strong>: Dubai Pharmacy Exhibition Clinches $2.3B in Deals<br />

The Dubai International Pharmacy<br />

Technologies Conference and Exhibition<br />

(DUPHAT <strong>2024</strong>) concluded<br />

with remarkable success, generating<br />

over AED8.5 billion ($2.3 billion) in<br />

commercial deals over three days. Dr. Ali<br />

Al Sayed Hussain, Chairman of DUPHAT,<br />

highlighted the event’s commitment to<br />

supporting the pharmaceutical industry<br />

economically and academically by fostering<br />

partnerships among stakeholders<br />

Sheikh Hamdan<br />

Unveils Cancer<br />

Hospital in Dubai<br />

Dubai unveiled the design of<br />

the Hamdan Bin Rashid Cancer<br />

Hospital, slated to open<br />

in 2026, marking the city’s inaugural<br />

integrated cancer facility. Sheikh<br />

Hamdan bin Mohammed bin Rashid Al<br />

Maktoum, Crown Prince of Dubai, and<br />

Chairman of The Executive Council,<br />

presided over the ceremony, emphasising<br />

the hospital’s significance in<br />

advancing accessible cancer care.<br />

Operated by Dubai Health, the Hamdan<br />

Bin Rashid Cancer Hospital is a testament<br />

to the late Sheikh Hamdan bin<br />

Rashid Al Maktoum’s impactful legacy<br />

and philanthropic contributions. The<br />

unveiling ceremony, attended by key<br />

dignitaries including Sheikh Ahmed<br />

bin Saeed Al Maktoum, underscores<br />

the commitment to providing advanced<br />

medical services and commemorating<br />

Sheikh Hamdan’s extraordinary service<br />

to the nation and global philanthropy.<br />

and professionals. The diverse global<br />

participation in DUPHAT enhances the<br />

pharmaceutical sector and significantly<br />

contributes to the growth of the retail<br />

and tourism industries in Dubai and<br />

the broader region. By promoting trade<br />

and facilitating the exchange of ideas,<br />

DUPHAT actively revitalises the public<br />

economy, aligning with the UAE’s vision<br />

of becoming a leading destination for<br />

commerce and tourism.<br />

Abu Dhabi’s New Medical City: Focus on Women<br />

and Children’s Health<br />

Abu Dhabi is set to establish a specialised<br />

medical city, championed<br />

by Sheikh Khaled bin Mohamed<br />

bin Zayed Al Nahyan, focusing on women’s<br />

and children’s health. The Crown<br />

Prince has approved this groundbreaking<br />

initiative, which includes Sheikh Khalifa<br />

Medical City as a Centre of Excellence<br />

for paediatric care, the Corniche Hospital<br />

dedicated to women and newborns, a<br />

Aster DM Healthcare and Life<br />

Healthcare Group unveiled expansion<br />

plans at Arab Health<br />

<strong>2024</strong> in Dubai, presenting a wealth of job<br />

opportunities for healthcare professionals.<br />

Both groups will establish premier<br />

facilities in Dubai and pursue regional<br />

expansion, particularly in Saudi Arabia,<br />

within the next three years. The ongoing<br />

Arab Health exhibition, featuring 3,400<br />

exhibitors and representatives from<br />

over 180 countries, serves as a platform<br />

for these announcements. Dr. Azad<br />

Moopen, founder and chairman of Aster<br />

DM Healthcare, confirms active hiring<br />

for the group’s expansion, with plans<br />

to recruit doctors, nurses, paramedics,<br />

admins, and support staff. The upcoming<br />

Medcare Royal Hospital in Dubai’s Al Twar<br />

rehabilitation facility, and a mental health<br />

centre for women and children. These<br />

plans, presented by the Department of<br />

Health – Abu Dhabi and PureHealth, mark<br />

a significant enhancement to Abu Dhabi’s<br />

healthcare ecosystem. The forthcoming<br />

developments aim to fortify the emirate’s<br />

stature as a premier healthcare destination,<br />

bolstering its advanced healthcare<br />

infrastructure.<br />

Aster and Life’s Dubai Expansion to Create<br />

Thousands of Jobs at Arab Health<br />

alone will offer approximately 650 jobs,<br />

contributing to the region’s healthcare<br />

sector’s growth.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 83

Corporate Results<br />

Burjeel Holdings<br />

FY’23 Net Profit: AED 540M<br />

Burjeel Holdings PLC, a prominent<br />

healthcare provider in MENA listed on<br />

the Abu Dhabi Securities Exchange, unveiled<br />

its 2023 financial results, adhering<br />

to International Financial Reporting<br />

Standards, the net profit surged to AED<br />

540M, compared to AED 354M in the<br />

previous year, showcasing a substantial<br />

rise of 52.4%. Revenue surged by 15.6% to<br />

AED 4.5B, propelling increased patient<br />

numbers and patient yield. The Hospital<br />

segment remained the primary revenue<br />

generator, contributing 89% of total revenue,<br />

with notable growth from flagship<br />

hospitals like Burjeel Medical City and<br />

others. Bed occupancy reached 61%, indicating<br />

capacity adequacy for organic<br />

growth. EBITDA rose by 17.7% to AED<br />

1.0B, with a margin of 22.8%.<br />

Majid Al Futtaim<br />

FY’23: AED 2.7B<br />

Majid Al Futtaim, a prominent Dubaibased<br />

private sector entity and the<br />

leading mall operator in the Middle<br />

East announced a notable 12% surge<br />

in net profit last year, propelled by<br />

robust performances in its property<br />

and entertainment divisions amidst<br />

global economic uncertainties. The<br />

company disclosed a net profit of AED<br />

2.7B ($740M) for the January-December<br />

period, up from AED 2.41B in the same<br />

period last year, representing a solid<br />

growth trajectory. Revenue also witnessed<br />

a 1% increase to Dh34.5 billion.<br />

Earnings before interest, taxes, depreciation,<br />

and amortisation (EBITDA) also<br />

saw a commendable 12% increase to<br />

AED 4.6B. CEO Ahmed Ismail expressed<br />

confidence in the company’s resilience,<br />

foreseeing continued value delivery.<br />

Salik<br />

FY’23 Net Profit: AED 1.1B<br />

In 2023, Salik’s net profit for the full<br />

year amounted to approximately AED<br />

1.1B, compared to AED 1.33B the<br />

previous year, reflecting a decrease<br />

in profitability. Despite this decline,<br />

the company attributed its growth<br />

to favourable macroeconomic conditions<br />

and positive tourism trends.<br />

Additionally, revenue for the same<br />

period surged by 11.4 per cent to AED<br />

2.11B ($574.45M), driven by a record<br />

high of 461.4M revenue-generating<br />

trips, marking an 11.7 per cent annual<br />

increase. Looking ahead to <strong>2024</strong>, Salik<br />

anticipates a 4-6 per cent year-on-year<br />

growth in revenue-generating trips<br />

while maintaining a robust EBITDA<br />

margin of 65-66 per cent. In light of<br />

these results, the Board of Directors<br />

has proposed distributing 100 per<br />

cent of the net profit from the second<br />

half of 2023 as dividends, totalling<br />

AED 550M, equivalent to 7.3338 fils<br />

per share.<br />

Yahsat<br />

FY’23 Net Profit: AED 405M<br />

Al Yah Satellite Communications Company<br />

PJSC (“Yahsat” or the “Group”),<br />

UAE’s flagship satellite solutions provider<br />

listed on the Abu Dhabi Securities<br />

Exchange (ADX, under the symbol:<br />

YAHSAT, ISIN: AEA007501017), announced<br />

its consolidated financial<br />

results for the full year ending December<br />

31, 2023. Revenue surged 6% to a<br />

record AED 1.7B, while EBITDA rose<br />

3% to AED 977M. Net profit soared<br />

by an impressive 68% to AED 405 million,<br />

reflecting a significant increase<br />

compared to the previous year’s net<br />

income of AED 240.9M. Adjusting<br />

for one-off items, EBITDA reached<br />

a record AED 996M, growing by 5%,<br />

and net income climbed 9% to AED<br />

424M. This remarkable performance<br />

was underpinned by revenue growth<br />

across all operating segments, notably<br />

the Mobility Solutions segment, which<br />

saw a 23% increase in revenue.<br />

ADNOC Drilling<br />

FY’23 Net Profit: AED 3.792B<br />

ADNOC Drilling Company PJSC announced<br />

its financial results for the<br />

fourth quarter and full year ending<br />

December 31, 2023. Full-year revenue<br />

reached AED 11.228B, up 14% yearon-year,<br />

with EBITDA increasing by<br />

20% to AED 5.447B, boasting an industry-leading<br />

margin of 49%. Net profit<br />

surged by 29% year-on-year to AED<br />

3.792B, compared to AED 2.934B in<br />

the previous year. The fourth quarter<br />

saw record revenue, EBITDA, and<br />

net profit, driven by operational rig<br />

numbers, setting the stage for further<br />

expansion in <strong>2024</strong>. Quarterly revenue<br />

stood at AED 3.087B, up 15% year-onyear,<br />

with EBITDA at AED 1.556B, up<br />

20%, and net profit at AED 1.207B, up<br />

41%. ADNOC Drilling added 14 new<br />

drilling units in 2023, strengthening its<br />

position with one of the world’s largest<br />

owned and operated fleets.<br />

Dubai Islamic Bank<br />

FY’23 Net Profit: AED 7B<br />

Dubai Islamic Bank revealed its strong<br />

performance for the period ending December<br />

31, 2023, with a remarkable 43%<br />

YoY surge in total income to AED 20B,<br />

up from AED 14B in the previous year.<br />

Notably, net profit soared to AED 7B,<br />

marking a stellar 26% YoY growth from<br />

approx. AED 5.56B the previous year.<br />

The bank’s Balance Sheet expanded to<br />

AED 314B, up by 9% YoY, while asset<br />

quality improved to 5.4%, down by 110<br />

bps YoY, surpassing expectations. Shareholder<br />

returns flourished, with Return<br />

on Tangible Equity reaching 20%, up by<br />

300 bps YoY. A proposed dividend of 45%<br />

was announced pending shareholder approval.<br />

Group Net Profit surged to AED<br />

7,010M, up 26% YoY compared to AED<br />

5,552M in the previous year, driven by increased<br />

non-funded income and reduced<br />

impairment charges.<br />

84 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

RAK Ceramics<br />

FY’23 Net Profit: AED 320.9M<br />

RAK Ceramics, a leading ceramics<br />

lifestyle solutions provider, witnessed a<br />

3.7% rise in net profit for 2023, reaching<br />

AED 320.9M, compared to AED 309.6M,<br />

despite a 1.7% decline in revenue to AED<br />

3.45B. The decrease in revenue was<br />

attributed to an unfavourable market<br />

cycle. In Q4, revenue decreased by<br />

3.8% to AED 866.4M, primarily due to<br />

lower sales in tiles and faucets, while<br />

sanitaryware revenue increased by 2.9%<br />

YoY. Gross profit margins improved,<br />

with the FY 2023 margin increasing<br />

by 30 bps YoY to 37.9% and the Q4<br />

margin increasing by 70 bps YoY to<br />

35.6%. EBITDA for FY 2023 surged by<br />

12.2% to AED 647.4M, with margins<br />

increasing to 18.7% compared to 16.4%<br />

in 2022. Net profit before one-off gains<br />

increased by 3.7% YoY to AED 320.9M in<br />

2023, with a net profit margin of 9.3%.<br />

Additionally, net debt increased to AED<br />

1.42M in December 2023, attributed to<br />

dividend payments.<br />

Ajman Bank<br />

FY’23 Net Profit: AED 390M<br />

Shariah-compliant Ajman Bank reported<br />

a significant surge in its total<br />

operating income for 2023, soaring to<br />

AED 1.56B from AED 942M in 2022,<br />

marking a 66% increase. Net operating<br />

income stood at AED 857M, buoyed by<br />

robust asset growth, which reached<br />

AED 24.9B, up by 18.12% from the<br />

previous year. Islamic financing assets<br />

grew by 8.29%, closing at AED 13.8B,<br />

while customer deposits swelled by<br />

20.8% to AED 19.7B. Sheikh Ammar<br />

bin Humaid Al Nuaimi, Crown Prince<br />

of Ajman and Chairman of Ajman<br />

Bank, presided over the bank’s board<br />

meeting. To enhance asset quality,<br />

the bank made a one-time provision,<br />

resulting in a net loss of AED 390M for<br />

2023, contrasting with a net profit of<br />

AED 162M 2022. These provisions aim<br />

to bolster asset quality for sustained<br />

growth from <strong>2024</strong> onward.<br />

Dubai Financial Market<br />

FY’23 Net Profit: AED 329.4M<br />

Dubai Financial Market Company<br />

(PJSC) concluded 2023 on a high note,<br />

with a remarkable 124% increase in<br />

net profit of AED 329.4M, up from<br />

approximately Dh 147.3M in the previous<br />

year. This surge was propelled by<br />

heightened trading activities, increased<br />

capital inflow, and a notable influx of<br />

new investors. The fiscal year’s success<br />

was further accentuated by the<br />

introduction of an enhanced digital<br />

platform, the launch of an IPO accelerator<br />

program, and the implementation<br />

of various innovative market initiatives.<br />

Consequently, the board proposed a<br />

cash dividend of AED 280M, equivalent<br />

to 3.5% of the capital and 95% of the<br />

total retained earnings available for<br />

distribution. Helal Al Marri, Chairman<br />

of DFM, expressed satisfaction, stating,<br />

“The Board is pleased to witness the<br />

robust outcomes stemming from our<br />

proactive initiatives and the substantial<br />

progress that DFM has made towards<br />

redefining our capital market and<br />

business landscape.”<br />

Borouge<br />

FY’23 Net Profit: AED 3.6B<br />

Borouge Plc, the Abu Dhabi-based<br />

speciality chemicals company, reported<br />

a 16% YoY increase in net profit for Q4<br />

2023 to AED 1.06B compared to AED<br />

911.4M driven by cost reductions mitigating<br />

a decline in revenue. Despite a<br />

challenging year, the company achieved<br />

a full-year 2023 net profit of approximately<br />

AED 3.67B, influenced by a 16%<br />

decrease in average selling prices due<br />

to reduced global polyolefins demand<br />

compared to peak levels in 2022. Sales<br />

volume saw a slight 1% increase to 5.1<br />

million tonnes. The net profit exceeded<br />

analysts’ mean estimates, with Q4<br />

surpassing expectations of approximately<br />

AED 5.51B and FY exceeding<br />

estimates of approximately AED 4.77B<br />

Q4 revenue fell by 6% to approximately<br />

AED 5.51B, while costs decreased by<br />

16% over the same period.<br />

Aldar<br />

FY’23 Net Profit: AED 4.4B<br />

In 2023, Aldar’s net profit surged by 40%<br />

to AED 4.4 billion, compared to AED<br />

1.76B the previous year. This substantial<br />

growth was propelled by record<br />

development sales and an expanded<br />

investment portfolio. The company<br />

reported its highest-ever quarterly<br />

development sales of AED 8.5B in Q4,<br />

with full-year sales reaching a record<br />

AED 27.9B. The development revenue<br />

backlog doubled to AED 36.8B. Additionally,<br />

Aldar successfully launched<br />

14 new projects, making significant<br />

strides into the Dubai and Ras Al<br />

Khaimah markets while maintaining<br />

its dominant position in Abu Dhabi.<br />

Strong demand from end-users and<br />

investors, particularly from overseas<br />

and resident expat buyers accounting<br />

for 66% of UAE sales, was observed.<br />

Aldar Investment recorded a remarkable<br />

40% revenue growth.<br />

Response Plus Holding<br />

FY’23 Net Profit: AED 49.39M<br />

Response Plus Holding PJSC (ADX:<br />

RPM) has announced its audited financial<br />

results for the period ending<br />

December 31, 2023, demonstrating<br />

remarkable growth and profitability.<br />

The Group witnessed a substantial<br />

surge in net profit, which soared by<br />

68% to AED 49.39M in 2023 compared<br />

to AED 29.31M in the previous year.<br />

Similarly, the Group’s revenue climbed<br />

to AED 345.36M by the end of 2023,<br />

reflecting a noteworthy increase from<br />

AED 320.86M recorded a year earlier.<br />

Additionally, the Group’s equity rose<br />

to AED 230.04M in 2023 from AED<br />

222.9M in the preceding year. The EPS<br />

increased to AED 0.25 in 2023 from<br />

AED 0.15 in the previous year.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 85

Sports as a Business<br />

Source: cdn.oneesports.gg<br />

The project is set to cost over 280 million USD and will be the first of its kind globally.<br />

From Pixels to<br />

Profit: Exploring<br />

Abu Dhabi’s Esports<br />

Island<br />

For investors seeking to diversify and tap into the<br />

thriving esports market, Esports Island offers a<br />

unique opportunity for innovation and profit.<br />

In recent years, the world of esports has<br />

undergone a meteoric rise, transforming<br />

from a niche pastime into a multi-billion<br />

dollar industry with a global reach. Recognising<br />

the potential for growth and<br />

economic impact, Abu Dhabi, the capital<br />

of the United Arab Emirates, has made<br />

significant strides in positioning itself as<br />

a hub for esports and sports investment.<br />

At the forefront of this initiative is the<br />

groundbreaking development, of Esports<br />

Island by True Gamers. This project signifies<br />

the Emirate’s strategic vision to<br />

capitalise on the booming esports industry<br />

and position itself as a global leader in<br />

digital entertainment. From state-of-theart<br />

gaming facilities to immersive virtual<br />

experiences, Esports Island promises to<br />

revolutionise the way we perceive sports<br />

and entertainment.<br />

86 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

The popularity of electronic gaming<br />

has been swift and natural, evolving<br />

largely outside the traditional<br />

framework of national, regional, and global<br />

sporting associations and regulations.<br />

Stadiums now brim with enthusiastic<br />

spectators, competitors vie for increasingly<br />

lucrative prize pools, and sponsors<br />

flock to these events.<br />

Moreover, as esports operate outside<br />

the confines of traditional pay TV, they<br />

are promoted through social media platforms<br />

and OTT (over-the-top) offerings,<br />

facilitating the creation of more inventive<br />

content. Consequently, esports compel<br />

us to reconsider the dynamics of how<br />

we perceive, organise, engage with, and<br />

endorse sports.<br />

The UAE stands out as a significant<br />

player in the global gaming industry,<br />

ranking 35th in revenue and 5th for<br />

gaming influencers. With a thriving<br />

gaming market valued at $0.4 billion in<br />

2021 and a large population of gamers,<br />

the potential for investment in Esports<br />

Island is immense.<br />

According to Statista’s recent report,<br />

the UAE leads the esports market in the<br />

MENA region, generating approximately<br />

6.44 million U.S. dollars in revenue in<br />

2021. With projected growth in esports<br />

revenue in the UAE in the coming years,<br />

investing in Esports Island presents a<br />

lucrative opportunity to capitalise on<br />

the region’s booming gaming sector<br />

and secure a prominent position at the<br />

forefront of this dynamic and rapidly<br />

expanding industry.<br />

A recent report by BCG (Boston Consulting<br />

Group) highlighted the growing<br />

interest in gaming among Arabs. It<br />

found that over 60 per cent of people in<br />

the Middle East enjoy playing games,<br />

leading to a high number of downloads<br />

for gaming apps on mobile devices.<br />

Further, True Gamers, the driving force<br />

behind Esports Island, is in discussions<br />

with high-profile investors to secure<br />

the $280 million required to acquire the<br />

island and build the necessary facilities<br />

for the project.<br />

The pull of Esports Island extends<br />

beyond its geographical boundaries,<br />

offering a myriad of opportunities for<br />

investors seeking to tap into the lucrative<br />

esports market. With its comprehensive<br />

infrastructure and forward-thinking<br />

approach, the island presents a fertile<br />

ground for various investment avenues.<br />

The esport island is the result of extensive<br />

research involving input from<br />

over 100 organisations operating in<br />

the esports space, including prominent<br />

teams like Virtus. pro, Team Spirit, and<br />

BetBoom. The island will feature multiple<br />

facilities including:<br />

We believe<br />

eSports Island<br />

will be a<br />

groundbreaking<br />

achievement in<br />

the entertainment<br />

industry”<br />

Vlad Belyanin, CPO and co-founder of<br />

True Gamers.<br />

GG Bootcamps:<br />

For serious gamers gearing up for<br />

tournaments, GG Bootcamps will be the<br />

ultimate training ground. This specialised<br />

area will provide top-notch computers,<br />

advanced analysis tools, dedicated rest<br />

areas, and even a balanced nutrition plan<br />

to keep gamers at their best. Additionally,<br />

a children’s eSports camp will be<br />

established to inspire and nurture the<br />

next generation of gaming enthusiasts.<br />

GG Resort:<br />

Esports Island will also house a luxurious<br />

hotel, the GG Resort, featuring 200 lavish<br />

rooms equipped with high-performance<br />

computers for an unparalleled gaming<br />

experience. Alongside, the resort will<br />

offer leisure facilities including a spa,<br />

pool, and a pristine beach where gamers<br />

can unwind.<br />

Digital Tower:<br />

Catering to business needs, the Digital<br />

Tower will serve as a vibrant business<br />

hub, providing modern workspaces and<br />

animation development studios among<br />

other amenities.<br />

TG Arena:<br />

No esports island is complete without<br />

an impressive arena. The TG Arena will<br />

host international esports tournaments<br />

and showcase unique digital exhibitions<br />

and large-scale conferences. It will be<br />

versatile, accommodating various gaming<br />

genres and competition formats. The<br />

arena will feature a computer club with<br />

top-of-the-line PCs, a car simulator area<br />

with multiple platforms, a console zone,<br />

and a fully equipped streaming area.<br />

As Esports Island continues to take<br />

shape, it symbolises Abu Dhabi’s ambition<br />

to become a global powerhouse<br />

in esports and sports investment. By<br />

embracing technology, fostering talent,<br />

and cultivating a supportive ecosystem,<br />

the island epitomises the convergence<br />

of digital entertainment and economic<br />

opportunity.<br />

For investors seeking to capitalise on<br />

the transformative potential of esports,<br />

Esports Island represents a compelling<br />

destination ripe with possibilities. As the<br />

industry continues to evolve and expand,<br />

those who seize the opportunity to invest<br />

in Abu Dhabi’s esports ecosystem<br />

may find themselves at the forefront of<br />

a thriving and lucrative market, where<br />

pixels translate into profits.<br />

Asserted Anton Vasilenko, head honcho<br />

and Co-Founder of True Gamers, “True<br />

Gamers conducted a comprehensive<br />

market analysis of the MENA region’s<br />

esports landscape and the global esports<br />

industry’s growth trajectory before esports<br />

Island development. This in-depth analysis<br />

gives us the confidence that the proposed<br />

business model will be instrumental in<br />

bringing Esports Island to life.<br />

Esports Island in Abu Dhabi presents<br />

a fertile ground for investors to leverage<br />

the UAE’s prominent standing in the<br />

global gaming industry and the MENA<br />

region’s forefront position in esports.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 87

Max Verstappen Secures Victory in <strong>2024</strong> Saudi Arabian Grand Prix<br />

Sports News<br />

Max Verstappen secured victory<br />

at the Saudi Arabian Grand<br />

Prix, maintaining Red Bull’s<br />

dominant start to the Formula One<br />

season with a second consecutive<br />

one-two finish. Starting from pole<br />

position, Verstappen’s teammate Sergio<br />

Perez claimed the runner-up spot.<br />

Charles Leclerc of Ferrari finished<br />

third, achieving his first podium of the<br />

season and setting the fastest lap. Oliver<br />

Bearman, a rookie stand-in for Ferrari,<br />

Saudi Arabia’s PIF Unveils<br />

Major Sponsorship Deal<br />

with ATP Tennis<br />

Saudi Arabia’s Public Investment<br />

Fund (PIF) and the ATP tennis<br />

federation have announced a<br />

groundbreaking multi-year strategic<br />

partnership. This multi-million-dollar<br />

deal reflects a shared commitment<br />

to elevate global tennis experiences<br />

for players, fans, and stakeholders<br />

across all levels of the sport. PIF will<br />

become the official naming partner of<br />

the ATP Rankings, showcasing players’<br />

journeys and progress throughout the<br />

season. The partnership’s pinnacle is<br />

the presentation of the Year-End No.<br />

1, sponsored by PIF, at the Nitto ATP<br />

Finals in Turin until 2025. PIF’s involvement<br />

extends to key ATP Tour events<br />

globally, including Indian Wells, Miami,<br />

Madrid, Beijing, Nitto ATP Finals, and<br />

Next Gen ATP Finals in Jeddah until<br />

2027. Aligned with the ATP’s Baseline<br />

program, PIF commits to nurturing<br />

young players and advancing player<br />

pathway initiatives, reinforcing their<br />

dedication to inclusivity, sustainability,<br />

youth, and technology in tennis.<br />

stole the spotlight, finishing seventh<br />

and earning the title of Driver of the<br />

Day. This victory marked Verstappen’s<br />

ninth consecutive win, extending back<br />

to Japan in September. The race also<br />

saw Red Bull surpass Williams in the<br />

all-time win records, claiming their<br />

115th victory. Additionally, the youngest<br />

British Formula One driver, 18-year-old<br />

Oliver Bearman, made an impressive<br />

debut, scoring points in his first race.<br />

Sheikh Hamdan Greenlights Design for Two New<br />

Dubai Football Stadiums<br />

Dubai is gearing up for the construction<br />

of two state-of-the-art<br />

football stadiums, as approved<br />

by Sheikh Hamdan bin Mohammed bin<br />

Rashid Al Maktoum. The Shabab Al Ahli<br />

– Dubai Club stadium at Al Ruwayyah<br />

3 and the Al Wasl Club stadium at Al<br />

Jaddaf will both accommodate over<br />

20,000 spectators. The Shabab Al-Ahli<br />

Stadium will boast a distinctive circular<br />

roof, symbolising unity and balance,<br />

supported by columns reminiscent of<br />

the moon and outer space. This venue<br />

will also integrate eco-friendly systems,<br />

aligning with smart city requirements.<br />

Meanwhile, the Al Wasl Club Stadium<br />

adopts an innovative ‘city within a city’<br />

design, embracing sustainability and<br />

reflecting Dubai’s urban identity. Sheikh<br />

NEOM, Saudi Arabia’s future<br />

sustainable city, has secured<br />

a pivotal role as the principal<br />

partner for the Rajasthan Royals in<br />

the upcoming Indian Premier League<br />

(IPL). Inking a two-year contract,<br />

this collaboration entails the display<br />

of NEOM’s logo on the chest of all<br />

official team clothing during the <strong>2024</strong><br />

and 2025 IPL seasons. Building on a<br />

pilot program from the previous year,<br />

NEOM’s extended partnership with the<br />

Rajasthan Royals aims to deepen ties<br />

and foster cricketing opportunities.<br />

Through joint efforts with the Saudi<br />

Arabian Cricket Federation, NEOM<br />

will facilitate cricket development<br />

for both men and women, nurturing<br />

Mansoor bin Mohammed bin Rashid<br />

Al Maktoum lauded Sheikh Hamdan’s<br />

support, emphasising the stadiums’<br />

role in realising Sheikh Mohammed<br />

bin Rashid Al Maktoum’s vision for<br />

excellence in Dubai’s sports sector.<br />

NEOM Inks Two-Year Deal as Principal Partner<br />

for Rajasthan Royals<br />

Saudi talent. The ambitious initiative<br />

aligns with NEOM’s commitment to<br />

using cricket as a catalyst for social<br />

growth and contributing to the global<br />

recognition of the NEOM brand.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 89

Sports News<br />

RTA Launches New Cycling Tracks in Al Khawaneej and Mushrif<br />

Dubai’s Roads and Transport Authority<br />

(RTA) has unveiled new<br />

cycling tracks in Al Khawaneej<br />

and Mushrif, expanding the network by<br />

7 km and connecting seamlessly with<br />

the existing 32-kilometre tracks in these<br />

districts. Timed with the start of Ramadan,<br />

this initiative enhances the total<br />

cycling track length to 39 kilometres in<br />

these residential communities. Mattar Al<br />

Tayer, Director-General and Chairman<br />

of the Board of Executive Directors at<br />

RTA, highlighted the project’s alignment<br />

with Sheikh Hamdan bin Mohammed<br />

bin Rashid Al Maktoum’s vision to transform<br />

Dubai into a bicycle-friendly city.<br />

The expansion aligns with the Dubai<br />

Urban Plan 2040, promoting an active<br />

lifestyle and fostering interconnectivity<br />

between residential cycling tracks and<br />

key neighbourhood attractions.<br />

UAE-Qatar Super<br />

Cup Unveils Striking<br />

Trophy and Shield<br />

The UAE-Qatar Super Cup’s trophy<br />

and shield were unveiled<br />

at the Raffles Hotel in Dubai<br />

by the executive committee. Modon<br />

and Visit Qatar were announced as<br />

official partners for the tournament.<br />

Scheduled to kick off on <strong>April</strong> 12,<br />

<strong>2024</strong>, in Doha, the first event features<br />

a clash between UAE’s President’s Cup<br />

winner Sharjah and Qatar’s Amir Cup<br />

champion Al Arabi. The excitement<br />

continued on <strong>April</strong> 13, <strong>2024</strong>, in Dubai<br />

with the UAE-Qatar Super Cup Shield,<br />

featuring ADNOC Pro League champions<br />

Shabab Al Ahli against Qatar Stars<br />

League winners Al Duhail. The event<br />

was attended by prominent sports<br />

figures, including Abdulla Naser Al<br />

Jneibi, Mohammad Khalifa Al Suwaidi,<br />

and representatives from Modon Properties<br />

and Visit Qatar.<br />

Abu Dhabi to host Saudi Super Cup in <strong>April</strong><br />

Abu Dhabi secured hosting rights<br />

for this year’s Saudi Super Cup,<br />

marking the tournament’s first<br />

venture outside of Saudi Arabia in the<br />

Middle East. Scheduled for <strong>April</strong> 8th and<br />

11th, the event will unfold at two stadiums<br />

in the emirate, with Al-Nahyan Stadium<br />

and Mohamed bin Zayed Stadium as the<br />

chosen venues. Experience Abu Dhabi,<br />

representing the Department of Culture<br />

and Tourism, spearheaded the successful<br />

hosting bid. The three-match lineup<br />

includes Al-Ittihad Club vs. Al Wehda<br />

FC and Al Hilal SFC vs. Al-Nassr FC on<br />

<strong>April</strong> 8th, leading to the final on <strong>April</strong><br />

11th. Football stars Cristiano Ronaldo<br />

and Karim Benzema, alongside regional<br />

talents, promise an exciting competition<br />

for the coveted cup, coinciding with the<br />

Eid Al Fitr public holiday.<br />

Abu Dhabi Entertainment Company Boosts Sports<br />

Facilities Development<br />

Abu Dhabi Entertainment Company<br />

(ADEC) joins forces with<br />

Sanad Strata and Solutions+ for a<br />

comprehensive sports facilities enhancement<br />

project in Abu Dhabi. The signing<br />

ceremony, held at ACTIVE Al Maryah<br />

Island, signifies the commencement of<br />

this transformative initiative, with ACTIVE<br />

being the first beneficiary. Ali Alyafei,<br />

Chairman of ADEC, signed agreements<br />

with representatives, including Mansoor<br />

Janahi (Sanad), Nasir Al Nabhani<br />

(Solutions+), and Dr. Khaled Al Mazrouei<br />

(Strata). This collaboration aims to<br />

elevate sports experiences across the<br />

Emirate, reflecting ADEC’s expertise in<br />

community needs and venue operations.<br />

Mansoor Janahi emphasises Sanad’s<br />

commitment to empowering communities<br />

through sports. Dr Khaled Al Mazrouei<br />

highlights Strata’s dedication to enhancing<br />

the quality of life and supporting the<br />

comprehensive development goals of<br />

Abu Dhabi and the UAE.<br />

90 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

SAVE 80% OFF YOUR<br />




Momentum True Wireless 4<br />

Sennheiser, renowned for its commitment<br />

to exceptional sound<br />

quality, introduces its latest flagship-class<br />

earbuds, the Momentum True<br />

Wireless 4. Available in a new Black<br />

Copper colourway, alongside the more<br />

conventional Graphite and Metallic<br />

Silver options, these earbuds have an<br />

elevated audio experience.<br />

While visually similar to their predecessor,<br />

Sennheiser emphasises<br />

improvements in wearing comfort<br />

and protection from earwax through<br />

tweaks to the ear tips and nozzle. This<br />

attention to detail reflects the brand’s<br />

commitment to user satisfaction beyond<br />

just auditory excellence.<br />

The Momentum True Wireless 4<br />

earbuds encompass advanced features<br />

such as adaptive noise cancellation and<br />

app control, catering to the demands<br />

of audiophiles seeking a top-tier audio<br />

experience. Notably absent, however,<br />

is support for spatial audio technologies<br />

like Dolby Atmos, a decision that<br />

positions these earbuds towards a<br />

more traditional audiophile audience.<br />

A notable highlight is the connectivity<br />

front, with the earbuds built on<br />

Qualcomm’s S5 Sound Gen 2 platform.<br />

Supporting Bluetooth 5.4, Auracast, and<br />

Qualcomm’s aptX Lossless codec, these<br />

earbuds aim to deliver a “bit-perfect”<br />

music transmission. The adoption of<br />

aptX Lossless may particularly appeal<br />

to discerning listeners who prioritise<br />

the fidelity of their wireless music<br />

transmission.<br />

However, the challenge lies in the<br />

limited compatibility of aptX Lossless,<br />

as it necessitates a compatible client<br />

device. Despite this limitation, Sennheiser<br />

strives to offer an unmatched wireless<br />

audio experience for those who value<br />

uncompromised sound quality.<br />

In terms of battery life, the Momentum<br />

True Wireless 4 earbuds boast a competitive<br />

runtime of up to 7.5 hours on<br />

a single charge, with the charging case<br />

extending the usage to an impressive<br />

30 hours. The charging case supports<br />

Qi wireless charging and can also be<br />

conveniently powered up via USB-C,<br />

ensuring flexibility for users on the go.<br />

Sennheiser’s focus on sound quality<br />

continues to be a defining feature, reaffirming<br />

its commitment to providing<br />

an unmatched auditory experience.<br />

The decision to support aptX Lossless,<br />

coupled with the omission of spatial<br />

audio support, suggests a targeted<br />

approach towards the more traditional<br />

audiophile market.<br />

Set to be available for pre-order in<br />

the US on February 15, the Momentum<br />

True Wireless 4 earbuds are priced at<br />

US$299.95 (~S$399). While local pricing<br />

and availability details are yet to be<br />

disclosed, the anticipation builds as<br />

users look forward to experiencing<br />

Sennheiser’s latest offering in premium<br />

audio technology.<br />

92 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

M3 Macbook Air<br />

Apple’s latest release, the MacBook<br />

Air with the M3 chip, signifies<br />

a significant leap in power-efficient<br />

performance and portability.<br />

The M3 chip propels the MacBook<br />

Air to exceptional speeds, boasting a<br />

60 per cent increase compared to its<br />

M1 counterpart and an astonishing<br />

13 times faster performance than the<br />

fastest Intel-based MacBook Air. The<br />

integration of a faster and more efficient<br />

Neural Engine in the M3 solidifies the<br />

MacBook Air’s standing as the foremost<br />

consumer laptop for AI applications.<br />

Externally, the M3 MacBook Air<br />

retains its sleek design, available in<br />

four familiar colour options: midnight,<br />

starlight, space grey, and silver. However,<br />

noteworthy changes have been<br />

implemented, marking a notable shift in<br />

Apple’s commitment to sustainability.<br />

M3 MacBook Air is appraised as the<br />

first Apple product crafted with 50<br />

per cent recycled content, showcasing<br />

recycled aluminium in the enclosure,<br />

rare earth elements in all magnets, and<br />

a pioneering inclusion of 100 per cent<br />

recycled copper in the main logic board.<br />

Display-wise, there is a consistent<br />

offering across the 13-inch and 15-inch<br />

models. The 13.6-inch Liquid Retina<br />

display boasts a 2,560-by-1,664 pixel<br />

resolution, a maximum brightness of<br />

500 nits, P3 colour support, and True<br />

Tone. The 15-inch model mirrors its<br />

predecessor with a 2,880-by-1,864 pixel<br />

display, identical brightness levels, P3<br />

colour, and True Tone support.<br />

A notable enhancement comes in<br />

the form of additional display support.<br />

Unlike previous M-series Macs, the M3<br />

MacBook Air models enable connectivity<br />

with two external monitors with the<br />

laptop lid closed, offering a significant<br />

flexibility boost for users.<br />

Under the hood, M3 MacBook Air<br />

models feature an 8-core CPU and 8- or<br />

10-core GPU, manufactured using an<br />

advanced 3nm process. This advancement<br />

allows for more transistors, showcasing<br />

the M3’s superior performance over<br />

its predecessors. Apple’s claims of<br />

speed superiority over the M1 and Intel<br />

models are substantiated by real-world<br />

scenarios, such as game titles like No<br />

Man’s Sky running up to 60 per cent<br />

faster and productivity tasks like Excel<br />

spreadsheets exhibiting a notable<br />

speed boost.<br />

Memory options for the M3 MacBook<br />

Air range from 8-24GB, with the option<br />

of 16GB Unified Memory at the top<br />

end. Regarding connectivity, the new<br />

models introduce Wi-Fi 6E, providing<br />

up to 2x faster Wi-Fi compared to the<br />

previous generation, including improved<br />

download speeds.<br />

Battery specifications remain consistent<br />

with the M2 model for the 13-<br />

inch MacBook Air, while the 15-inch<br />

model maintains the same battery as its<br />

predecessor, offering up to 15 hours of<br />

wireless web usage and up to 18 hours<br />

for movie playback, according to Apple.<br />

M3 MacBook Air signifies a notable<br />

technological advancement and reflects<br />

Apple’s commitment to sustainability,<br />

making it a compelling choice for users<br />

seeking top-tier performance with a<br />

conscience.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 93

Jeff Bezos Surpasses Elon Musk, Becomes <strong>World</strong>’s Richest Person<br />

Global News<br />

Elon Musk’s reign as the world’s<br />

richest individual ended as Jeff<br />

Bezos took the lead, fuelled by<br />

a 7.2 per cent drop in Tesla shares<br />

on Monday. Bezos now commands a<br />

fortune of $200.3B, surpassing Musk’s<br />

$197.7B, according to the Bloomberg<br />

Billionaires Index. The wealth disparity,<br />

once at $142B, has contracted due to<br />

diverging trajectories of Amazon and<br />

Tesla stocks. Amazon’s shares, part<br />

of the influential ‘Magnificent Seven’<br />

stocks, have more than doubled since<br />

late 2022. Meanwhile, Tesla’s 50 per<br />

cent decline from its 2021 peak stems<br />

from lower shipments from its Shanghai<br />

factory. Musk faces additional financial<br />

challenges after a Delaware judge<br />

nullified his $55B Tesla pay package,<br />

a blow to the CEO with implications<br />

for his significant assets, including<br />

options, Tesla, and SpaceX holdings,<br />

still considered in Bloomberg’s wealth<br />

calculations.<br />

HONOR MEA CEO: AI Smartphones the Future at<br />

MWC Barcelona <strong>2024</strong><br />

HONOR’s Middle East CEO,<br />

Daniel Wang, envisions a transformative<br />

era for smartphones,<br />

emphasising the deep integration of<br />

AI, as revealed on the sidelines of the<br />

Mobile <strong>World</strong> Congress in Barcelona.<br />

In an interview with Arabian Business,<br />

Wang highlighted HONOR’s strategic<br />

focus on premium users in key growth<br />

markets like the UAE, emphasising their<br />

human-centric approach to developing<br />

AI technologies. Wang predicts that<br />

AI-powered smartphones will define the<br />

next generation, marking a significant<br />

evolution following the analogue and<br />

5G eras. He recognises the UAE as<br />

a crucial market, citing 150 per cent<br />

year-on-year growth and its role as a<br />

testing ground for premium consumer<br />

devices. Wang attributes this success<br />

to the UAE’s early embrace of an AI<br />

strategy, making it a significant market<br />

for HONOR.<br />

Etihad Airways boosts<br />

its services between<br />

Abu Dhabi to Rome<br />

Etihad Airways has announced an<br />

expansion of its services with<br />

double-daily flights to Rome,<br />

effective from November 1, <strong>2024</strong>. This<br />

move by the UAE’s national airline responds<br />

to the increasing demand from<br />

customers, elevating its weekly flights<br />

from 11 to twice a day on the Abu Dhabi<br />

Zayed International (AUH) to Rome<br />

(FCO) route. Arik De, Chief Revenue<br />

and Commercial Officer highlighted<br />

the convenient morning and afternoon<br />

departures, catering to UAE residents<br />

seeking a break in Italy. The enhanced<br />

flight schedule also provides more<br />

options for travellers reaching Abu<br />

Dhabi, supporting Etihad’s commitment<br />

to bringing more guests to enjoy<br />

the city and connecting to its growing<br />

global network. Operating on Boeing<br />

787-9 and Boeing 777-300 aircraft, the<br />

double-daily flights represent a 22 per<br />

cent year-on-year capacity increase,<br />

offering nearly 10,000 seats per week.<br />

Elon Musk Sues OpenAI and Sam Altman Over Profit Pursuit<br />

Elon Musk, an early supporter<br />

of OpenAI, has filed a lawsuit<br />

against the company, accusing<br />

it of deviating from its original mission<br />

of creating AI for the benefit of<br />

humanity. Musk alleges that OpenAI,<br />

now influenced by Microsoft, has<br />

become a closed-source entity prioritising<br />

profits for Microsoft rather<br />

than the broader good. The lawsuit<br />

cites a breach of contract, breach of<br />

fiduciary duty, and unfair business<br />

practices. Musk demands OpenAI<br />

return to its open-source roots and<br />

seeks an injunction against CEO Sam<br />

Altman, co-founder Greg Brockman,<br />

and Microsoft from exploiting the<br />

AI technology for profit. Musk highlights<br />

the GPT-4 case, released in<br />

2023, claiming its secrecy contradicts<br />

OpenAI’s commitment to openness<br />

and serves Microsoft’s profit motives<br />

over societal well-being. Despite this<br />

shift, both entrepreneurs continue to<br />

push boundaries and shape industries<br />

highlighting global wealth landscape.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 95

Global News<br />

Mauritius: Prime<br />

Destination for Global<br />

Business<br />

Mauritius, celebrated globally<br />

for its allure as a luxury travel<br />

destination, transcends its tropical<br />

paradise image. The island nation<br />

has blended its picturesque landscapes<br />

with progressive economic policies,<br />

creating an environment where business<br />

flourishes alongside sustainable development<br />

goals. A hub of international<br />

business activity, Mauritius stands as a<br />

beacon of innovation, economic diversification,<br />

and prosperity. Its evolution<br />

from a historic trading post to one of<br />

Africa’s wealthiest nations is evident<br />

in its high ranking on the <strong>World</strong> Bank<br />

Doing Business Survey. The country’s<br />

openness to business, political stability,<br />

good governance, and robust banking<br />

system attract key investors. With<br />

enticing tax benefits, including zero<br />

capital gains and inheritance taxes,<br />

Mauritius remains a top choice for<br />

global businesses, supported by its<br />

embrace of cryptocurrency regulations<br />

and blockchain technology.<br />

Sharjah and Sri Lanka<br />

Explore Economic and<br />

Investment Cooperation<br />

Abdullah Sultan Al Owais, Chairman<br />

of the Sharjah Chamber of<br />

Commerce and Industry (SCCI),<br />

and Alexi Fonseka Gunasekera, Consul-General-designate<br />

of Sri Lanka<br />

in Dubai and the Northern Emirates,<br />

have engaged in discussions at the<br />

SCCI headquarters. The talks centred<br />

on strengthening economic ties and<br />

fostering investment partnerships<br />

between the business communities of<br />

Sharjah and Sri Lanka. In the presence<br />

of SCCI’s Director-General, Mohammed<br />

Ahmed Amin Al-Awadi, and Director of<br />

International Relations, Fatima Khalifa<br />

Al Mokarrab, avenues for incentivising<br />

businesses and exchanging information<br />

on investment opportunities were<br />

explored. Emphasis was on private<br />

sector participation in exhibitions,<br />

cooperation between business communities,<br />

and strategies to facilitate<br />

reciprocal visits of trade delegations,<br />

ultimately promoting mutual investment<br />

in prominent sectors.<br />

UAE Free Zone Expands Global Presence with<br />

New Germany Office<br />

The Dubai International Free Zone<br />

Authority (IFZA) is expanding its<br />

global reach by opening an office<br />

in Germany and strengthening trade<br />

links between the UAE and Germany.<br />

Launched in Frankfurt on February 29th,<br />

this strategic move is part of IFZA’s ambitious<br />

international expansion plans.<br />

The ceremony, attended by Khalfan Al<br />

Matrooshi, Deputy Head of Mission at<br />

the UAE Embassy in Berlin, IFZA’s CEO<br />

Jochen Knecht, and prominent German<br />

business figures, emphasised the aim<br />

to foster business and investment<br />

growth between the two nations. The<br />

new office will play a substantial role<br />

in supporting German companies<br />

seeking trade relations with Dubai,<br />

providing on-the-ground assistance<br />

and establishing direct connections<br />

with entrepreneurs, business leaders,<br />

investors, and IFZA partners. Jochen<br />

Knecht, CEO at IFZA, emphasised the<br />

importance of this presence in Germany<br />

for building meaningful relationships,<br />

driving economic cooperation, and<br />

attracting investments to the UAE.<br />

Kenyan President Witnesses Signing of G42-<br />

EcoCloud MoU<br />

President William Samoei Ruto has<br />

marked a historic moment for<br />

Kenya’s role in the global digital<br />

economy by witnessing the signing<br />

of an MoU between EcoCloud and<br />

G42. This visionary project is poised<br />

to revolutionise the digital landscape<br />

not only in East Africa but on a global<br />

scale. Fuelled by Kenya’s abundant and<br />

untapped 10 gigawatts of geothermal<br />

energy, the EcoCloud-G42 Mega Data<br />

Center is a pioneer in both scale and<br />

ambition. Strategically located in Kenya’s<br />

geothermal-rich region, the initial<br />

100 MW capacity has the potential to<br />

expand up to 1 Gigawatt, setting an<br />

unprecedented standard for sustainable<br />

data centres. Beyond technological investment,<br />

this initiative reflects Kenya’s<br />

commitment to advancing technology<br />

through renewable energy, drastically<br />

reducing reliance on fossil fuels, and<br />

cutting carbon emissions.<br />

UK Minister Visits UAE to Strengthen Space<br />

Industry Ties<br />

UK Minister of Science, Research,<br />

and Innovation, Andrew<br />

Griffith, visits the UAE<br />

to strengthen collaborative efforts<br />

in their respective space industries.<br />

During his attendance at the Space<br />

Comm expo in Farnborough, near<br />

London, Griffith emphasised his role<br />

as a “door-opener and partnership-former”,<br />

particularly with emerging space<br />

powers. The existing robust bond<br />

between the UK and the UAE in space<br />

initiatives is demonstrated through<br />

the collaboration between Dubaibased<br />

AzurX and Edinburgh-based<br />

AstroAgency, which has resulted in<br />

the establishment of a “space bridge,”<br />

supported by the UK Space Agency’s<br />

International Bilateral Fund. This visit<br />

serves as a testament to the commitment<br />

to cultivating international partnerships<br />

and seizing opportunities for<br />

collaborative and innovative ventures<br />

within the dynamic space sector.<br />

96 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

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Investment in Art<br />

Source: e-flux-systems.com<br />

The global impact investing market is projected to expand at a CAGR of 18.8% from 2023 to 2030.<br />

Investing in Ecological Art:<br />

Bridging Environmental<br />

Consciousness and<br />

Creative Expression<br />

Art investments, particularly in ecological art,<br />

stand as a promising avenue with the potential<br />

to influence climate awareness and financial<br />

markets profoundly.<br />

In today’s rapidly evolving world, where<br />

climate change and environmental degradation<br />

are pressing concerns, the role<br />

of art in fostering ecological awareness<br />

has become increasingly significant.<br />

The emergence of ecological art, also<br />

known as eco-art or environmental art,<br />

represents a fusion of artistic expression<br />

with environmental activism, aiming to<br />

inspire reflection, dialogue, and action on<br />

pressing ecological issues. Dubai, with its<br />

vibrant urban atmosphere, hosts a plethora<br />

of artistic expressions, among which<br />

an outstanding example is found in the<br />

Al-Serkal Avenue: an artistic installation<br />

by Mohanned Shano that truly captures<br />

attention. This innovative approach introduces<br />

a new realm of art investment—one<br />

that promises to influence both climate<br />

and finance in profound ways.<br />

98 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Investing in ecological art goes beyond<br />

mere financial considerations; it represents<br />

a commitment to supporting<br />

and promoting sustainability, conservation,<br />

and environmental stewardship through<br />

the creative medium. Investing in ecological<br />

art holds immense significance:<br />

1. Raising Environmental Awareness:<br />

Ecological art is a powerful tool for<br />

raising awareness about environmental<br />

issues among the public. Through<br />

thought-provoking artworks, artists<br />

convey complex environmental concepts<br />

in accessible and engaging ways, stimulating<br />

conversations and encouraging<br />

individuals to reconsider their relationship<br />

with nature.<br />

2. Advocating for Change:<br />

Many ecological artists are passionate<br />

advocates for environmental conservation<br />

and social change. Their artworks often<br />

serve as catalysts for activism, inspiring<br />

viewers to become more engaged in<br />

environmental advocacy efforts and to<br />

demand action from policymakers and<br />

industry leaders.<br />

3. Preserving Cultural Heritage:<br />

Ecological art often incorporates traditional<br />

craft techniques and indigenous<br />

knowledge, highlighting the interconnectedness<br />

between cultural heritage<br />

and environmental sustainability. By<br />

investing in ecological art, individuals<br />

can contribute to the preservation of<br />

cultural traditions that are deeply rooted<br />

in sustainable practices and respect for<br />

the natural world.<br />

4. Supporting Sustainable Practices:<br />

Ecological artists are increasingly<br />

incorporating sustainable materials and<br />

methods into their creative processes,<br />

demonstrating a commitment to reducing<br />

their environmental footprint. By investing<br />

in ecological art, patrons can support<br />

artists who prioritise sustainability and<br />

encourage the adoption of eco-friendly<br />

practices within the art community.<br />

5. Promoting Biodiversity Conservation:<br />

Many ecological artists draw inspiration<br />

from nature and ecosystems, celebrating<br />

the beauty and diversity of the natural<br />

world through their artworks. By investing<br />

in ecological art, individuals can contribute<br />

to efforts to protect biodiversity and<br />

preserve fragile ecosystems for future<br />

generations.<br />

It becomes a life<br />

that you can no<br />

longer speak for,<br />

defend, or nurture.<br />

You put it out there<br />

and it needs to<br />

find its own way.”<br />

Muhannad Shono<br />

6. Creating Dialogue and Reflection:<br />

Ecological art invites viewers to<br />

contemplate their relationship with the<br />

environment and to consider the ecological<br />

implications of human activities. By<br />

investing in ecological art, individuals<br />

can facilitate meaningful dialogue and<br />

introspection on environmental issues,<br />

fostering a deeper connection to nature<br />

and a sense of responsibility for its<br />

protection.<br />

A prominent example of one such initiative<br />

is a “Forgotten Place”, a site-specific,<br />

long-term installation unveiled in <strong>2024</strong>,<br />

that emerged from a deep dive into the<br />

unexpected ecologies thriving within<br />

Dubai’s industrial-turned-cultural hub<br />

of Alserkal Avenue. In a city marked by<br />

rapid urbanisation, artist Mohanned Shono<br />

finds intrigue in the untamed pockets<br />

of nature that have reclaimed urban<br />

spaces. As part of A Feral Commons,<br />

the inaugural cycle of Alserkal Advisory’s<br />

Global Co-commission project,<br />

Shono’s creation stands as one of three<br />

pieces exploring the theme of climate<br />

change. Curated by Tairone Bastien, this<br />

series leverages public art to explore the<br />

often-overlooked interdependence and<br />

symbiotic relationships between humans<br />

and the natural world.<br />

In this installation, Shono ingeniously<br />

utilises water condensate harvested from<br />

12 warehouse air conditioning units to<br />

sustain a vibrant garden of indigenous<br />

plants. These plants, carefully selected<br />

during the artist’s thorough explorations<br />

of Al Quoz, are not only chosen for their<br />

medicinal or edible properties but also<br />

for their rich history and significance<br />

to the region.<br />

The installation focuses on what the<br />

artist terms “AC ecologies,” illustrating<br />

nature’s resilience and ability to adapt to<br />

climate change driven by human activity.<br />

The project aims to explore the concept of<br />

AC ecologies and contemplate the potential<br />

of utilising abundant yet underutilised<br />

sources of irrigation, particularly in regions<br />

facing water scarcity. Muhannad, a globally<br />

recognised artist, has showcased his<br />

work in various prestigious exhibitions,<br />

including the citywide annual festival of<br />

Light Noor Riyadh in 2022 and the 2022<br />

Venice Biennale, where he represented<br />

his country with the installation titled<br />

“The Teaching Tree.”<br />

By incorporating these plants into the<br />

artwork, Shono weaves a narrative of<br />

indigeneity and resilience, highlighting<br />

the enduring connection between nature<br />

and the local environment. Through this<br />

innovative approach, Shono demonstrates<br />

a commitment to ecological stewardship<br />

and also showcases the transformative<br />

potential of art in fostering a deeper<br />

appreciation for the natural world. The<br />

installation serves as a poignant reminder<br />

of the profound bond between art and<br />

nature, inviting viewers to contemplate<br />

their relationship with the environment<br />

and the importance of preserving local<br />

ecosystems. Overall, Shono’s work offers<br />

a powerful testament to the symbiotic<br />

relationship between human creativity<br />

and the natural world, emphasising the<br />

role of art in promoting environmental<br />

awareness and sustainability.<br />

Investing in ecological art offers a unique<br />

opportunity to support environmental<br />

conservation, promote sustainability,<br />

and inspire positive change.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 99

Local News<br />

Dubai’s Non-Oil Sector Poised for Global Leadership, PMI Data Indicates<br />

Dubai’s non-oil private sector<br />

demonstrated robust performance,<br />

driven by a surge in new orders,<br />

leading to the fastest hiring rate in eight<br />

years, as per a business survey. Despite<br />

continued favourable market conditions,<br />

cost pressures remained modest, and some<br />

firms built up inventories due to shipping<br />

delays. The S&P Global Dubai Purchasing<br />

Managers’ Index (PMI) rose to 58.5, a<br />

significant increase from January’s 56.6,<br />

marking one of the fastest-growing non-oil<br />

sectors globally. Output and new order<br />

volumes were notably strong, attributed<br />

to new clients, increased demand,<br />

and ongoing economic improvement<br />

post-pandemic. Employee recruitment<br />

intensified, reaching the highest pace<br />

since August 2015, while output charges<br />

decreased, particularly in the wholesale<br />

and retail sectors, marking the most<br />

significant reduction in eight months.<br />

UBF Launches Sanadak,<br />

Elevating UAE and MENA<br />

Financial Services<br />

The UAE Banks Federation<br />

(UBF) has declared the launch<br />

of Sanadak as a significant<br />

milestone in advancing the financial<br />

services sector in the UAE and the<br />

broader MENA region. Sanadak, the<br />

first Ombudsman Unit for consumers<br />

of Licensed Financial Institutions and<br />

Insurance Companies in the MENA<br />

region, is set to reinforce the UAE’s<br />

position as a leading financial and<br />

banking centre. Under the direct<br />

supervision of the Central Bank of the<br />

UAE, Sanadak aims to enhance consumer<br />

trust and rights by providing an efficient<br />

mechanism for transparently and<br />

impartially handling complaints. This<br />

legally independent Ombudsman Unit<br />

focuses on safeguarding consumers’<br />

rights and resolving issues arising from<br />

dealings with financial institutions and<br />

insurance companies, aligning with<br />

the UAE leadership’s commitment to<br />

improving government services.<br />

UAE Inaugurates Hurricane-Resistant Power<br />

Plant in the Caribbean<br />

The UAE-Caribbean Renewable<br />

Energy Fund (UAE-CREF) has<br />

announced the operational status<br />

of the hurricane-resistant power<br />

project in Antigua and Barbuda. Developed<br />

by Masdar, the climate-resistant<br />

plant is designed to withstand<br />

winds of up to 265 km per hour, a<br />

crucial feature after Hurricane Irma<br />

devastated 95 per cent of Barbuda in<br />

2017. The hybrid solar, batteries and<br />

backup diesel project supports Antigua<br />

and Barbuda’s goal of achieving<br />

Air Arabia, the leading low-cost<br />

carrier in the Middle East and<br />

North Africa, has inaugurated<br />

its latest City Check-in facility at<br />

City Centre Al Shindagha in Dubai,<br />

expanding its UAE network to a total<br />

of 12 such facilities. This new service<br />

enables passengers to drop off bags<br />

and acquire boarding passes 24 hours<br />

before their flights, offering enhanced<br />

86 per cent renewable energy in its<br />

electricity sources by 2030. Inaugurated<br />

in Barbuda, the Green Barbuda<br />

project reflects the UAE’s commitment<br />

to sustainable energy initiatives. The<br />

UAE-CREF, a $50M investment, is the<br />

largest renewable energy initiative in<br />

the Caribbean, fully financed by the<br />

Abu Dhabi Fund for Development,<br />

with additional funding from New<br />

Zealand, Antigua and Barbuda, and the<br />

CARICOM Development Fund.<br />

Air Arabia Launches New City Check-in Facility<br />

in Dubai<br />

convenience and flexibility. Operating<br />

daily from 10 am to 10 pm, the facility<br />

also features a bus service connecting<br />

it with Sharjah International Airport.<br />

Air Arabia aims to streamline pre-flight<br />

procedures, save time, and eliminate<br />

airport waits, aligning with its commitment<br />

to providing cost-effective<br />

and customer-centric solutions for<br />

evolving passenger needs.<br />

100 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

ADGM Academy<br />

Accelerates Efforts in<br />

Line with UAE’s<br />

National Agenda<br />

Abu Dhabi Global Market Academy<br />

(ADGMA) has inked Memorandums<br />

of Understanding<br />

(MoUs) with Burjeel Holdings, NMC<br />

Assetco Limited, and Aster DM Healthcare,<br />

emphasising its commitment to<br />

the UAE National Agenda and fostering<br />

a robust workforce of Emirati nationals<br />

in the healthcare sector. The strategic<br />

collaborations aim to establish an<br />

educational hub by developing training<br />

programs and courses that align with<br />

the knowledge requirements for a highly<br />

effective workforce. The MoUs outline<br />

objectives to facilitate onboarding,<br />

development, and retention of local<br />

talent through dedicated courses,<br />

supporting the national agenda’s goals.<br />

ADGMA’s collaboration with leading<br />

healthcare entities demonstrates its<br />

dedication to empowering national<br />

talent and contributing to the growth<br />

of a knowledge-driven economy.<br />

Dewan Architects Successfully Completes<br />

Flydubai HQ Project<br />

Dewan Architects + Engineers<br />

has completed the new headquarters<br />

for regional low-cost<br />

carrier Flydubai, situated on a 900,000<br />

sq ft area along the Emirates Road.<br />

The design reflects Flydubai’s forward-thinking<br />

vision and commitment<br />

to innovation, seamlessly integrating<br />

functionality, aesthetics, sustainability,<br />

and energy efficiency. Guided by a set<br />

framework of principles, the architectural<br />

decisions aimed to create a<br />

cohesive and harmonious appearance.<br />

Drawing influence from historical<br />

architectural concepts, the design<br />

incorporates urban and architectural<br />

scales, referencing ancient Greek<br />

Agora and Roman Forum for a central<br />

gathering space that fosters community<br />

and connection. Courtyards on the<br />

architectural scale provide solitude,<br />

safety, and a thermally comfortable<br />

microclimate.<br />

UAE’s Swan Sees 40% Surge in Email Campaign<br />

Views Using CleverTap<br />

CleverTap, the comprehensive<br />

engagement platform, has announced<br />

that Swan, a prominent<br />

UAE grocery and home services app,<br />

achieved a remarkable 40% increase<br />

in email campaign view rates through<br />

CleverTap’s tools. Swan, established<br />

in 2019, has evolved into one of the<br />

UAE’s largest and most trusted e-commerce<br />

platforms. Focused on creating<br />

a personalised shopping journey,<br />

Swan aimed to retain users with the<br />

app already installed. Their strategy<br />

included precise targeting, effective<br />

incentives, and optimal timing, emphasising<br />

robust measurement for<br />

continuous improvement. Leveraging<br />

CleverTap’s smart segmentation, A/B<br />

testing, and multi-channel approach,<br />

especially with emails and push notifications,<br />

Swan successfully reactivated<br />

dormant users. The platform’s Analytics<br />

feature played a pivotal role in<br />

evaluating campaign impact, ensuring<br />

Swan’s continued success in customer<br />

engagement.<br />

DMCC Records 2,692 New Companies in Dubai for 2023<br />

In 2023, Dubai’s DMCC showcased<br />

sustained record performance, attracting<br />

2,692 new companies and<br />

reinforcing its role as a leading hub for<br />

trade and investment. The growth was<br />

driven by the launch of new industry<br />

ecosystems, expanded service offerings,<br />

and the physical expansion of<br />

the Uptown Dubai district, including<br />

the launch of Uptown Tower. DMCC<br />

remained a key player in attracting<br />

foreign direct investment (FDI), contributing<br />

11% of Dubai’s total FDI inflows.<br />

The business district’s strength<br />

was further enhanced with the opening<br />

of Uptown Tower, positioning DMCC<br />

for accelerated growth and accommodating<br />

new waves of investment in<br />

Dubai. Developing new ecosystems,<br />

refining service offerings, and strategic<br />

partnerships contributed to DMCC’s<br />

peak performance and growth in areas<br />

like crypto, gaming, and energy, as<br />

well as key focus markets like China.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 101



14 years<br />




hello@thecompanyformation.com | www.thecompanyformation.com | +971 50 143 0988

Travel News<br />

Travelex Expands<br />

Presence with Seven<br />

New Stores at Zayed<br />

International Airport<br />

Travelex expands its footprint<br />

in the UAE with the opening of<br />

seven stores and eight ATMs at<br />

Abu Dhabi’s Zayed International Airport<br />

– Terminal A. The new locations, comprising<br />

both landside and airside stores,<br />

bring the total number of Travelex stores<br />

in the UAE to 49. This move is part of<br />

Travelex’s broader expansion strategy<br />

across the Middle East, enhancing its<br />

distribution network in the region.<br />

Recent initiatives include the launch<br />

of bureaux and On-The-Move kiosks<br />

in various airports and seaports, along<br />

with the refurbishment and expansion<br />

of existing stores. The Commercial<br />

Director of Travelex Middle East and<br />

Türkiye, Batu Dolay, emphasises the<br />

company’s commitment to simplifying<br />

customers’ access to international<br />

money, aligning with the modern, seamless<br />

experience at Zayed International<br />

Airport - Terminal A.<br />

Falcon Aviation, Archer Partner for Dubai–Abu<br />

Dhabi ‘Flying Car’ Commute<br />

Residents in the UAE will soon<br />

enjoy faster connectivity between<br />

Dubai and Abu Dhabi with a new<br />

partnership between Falcon Aviation<br />

and Archer. The deal involves the joint<br />

development of a vertiport network,<br />

aiming to launch flight operations<br />

by 2025. Falcon Aviation and Archer<br />

will establish vertiport infrastructure<br />

at Falcon Heliport in Dubai and the<br />

Marina Mall heliport in Abu Dhabi.<br />

Passengers will fly aboard Archer’s Midnight,<br />

a four-passenger eVTOL aircraft,<br />

promising flights almost entirely over<br />

water with scenic views, taking as little<br />

as 30 minutes. The collaboration sets<br />

the stage for broader expansion across<br />

the UAE and the Middle East. Archer’s<br />

strategic partnerships, including deals<br />

with the Abu Dhabi Investment Office<br />

and Air Chateau International, underscore<br />

its commitment to revolutionising<br />

air transportation in the region, with<br />

plans for air taxi operations in Abu<br />

Dhabi starting in 2026.<br />

Aman CEO Unveils Plans for the ‘Most Expensive<br />

Hotel in Dubai<br />

Swiss luxury hospitality group<br />

Aman is set to establish its inaugural<br />

Dubai property, Aman<br />

Dubai, positioned as the city’s “most<br />

expensive hotel” in Jumeirah 2. CEO<br />

Vlad Doronin, in an exclusive interview,<br />

stressed the substantial investment<br />

and likened the project to the<br />

successful Aman New York. Aman<br />

Dubai will showcase a luxurious hotel<br />

with a private beach, exclusive residences,<br />

a sprawling 2000 sqm Aman<br />

Spa, Aman Club, and diverse dining<br />

options. A unique feature is the introduction<br />

of a nine-acre water garden,<br />

creating an eco-environment in Dubai.<br />

In collaboration with Bright Start and<br />

H&H Development, the pre-development<br />

stage promises unparalleled<br />

luxury in this prime coastal location.<br />

Doronin highlighted Aman’s strategic<br />

shift towards urban city development,<br />

evident in successful openings in Tokyo<br />

and New York. The Dubai project<br />

has been in consideration for years,<br />

with partnerships reflecting the commitment<br />

to excellence. Aman’s global<br />

vision extends to constructing hotels<br />

in Miami and Los Angeles, featuring<br />

branded residences.<br />

Saudi-China Air Connectivity<br />

Boosted by China Eastern<br />

Airlines Partnership<br />

Saudi Arabia and China Eastern<br />

Airlines forge a strategic<br />

partnership through the Saudi<br />

Air Connectivity Program (ACP) to<br />

establish a new air route connecting<br />

Shanghai Pudong Airport and Riyadh’s<br />

King Khalid International Airport. Set<br />

to launch on <strong>April</strong> 8th, <strong>2024</strong>, with three<br />

weekly flights using an A330-200 aircraft,<br />

the route aims to meet growing<br />

travel demand and strengthen bilateral<br />

ties. ACP CEO Majid Khan expresses<br />

enthusiasm for enhancing connectivity,<br />

anticipating increased tourism and<br />

business opportunities. China Eastern<br />

Airlines sees the collaboration as a<br />

milestone, fostering closer cooperation<br />

between the nations and envisioning<br />

elevated trade and people-to-people<br />

exchanges. This ‘Air Silk Road’ initiative<br />

aligns with Saudi Arabia’s Vision<br />

2030, focusing on economic diversification<br />

and positioning the Kingdom<br />

as a prominent aviation hub in the<br />

Middle East.<br />

104 www.thefinanceworld.com <strong>April</strong> <strong>2024</strong>

Sharjah Welcomes New Attraction: Hanging Gardens Unveiled in UAE<br />

The recently unveiled Hanging<br />

Gardens in Kalba, spanning an<br />

impressive 1.6 million square feet<br />

and adorned with over 100,000 trees,<br />

has quickly become the talk of the town<br />

as the UAE’s newest attraction. Conveniently<br />

located on the Sharjah-Kalba<br />

Road, this sprawling garden, graced by<br />

the inauguration ceremony led by Dr<br />

Sheikh Sultan bin Muhammad Al Qasimi,<br />

Supreme Council Member and Ruler of<br />

Sharjah, warmly welcomed residents<br />

on March 8. During the unveiling, Dr<br />

Sheikh Sultan meticulously toured<br />

the garden, taking in the captivating<br />

aesthetic elements, including landscaped<br />

green spaces, flower-strewn<br />

terraces, and enchanting waterfalls.<br />

The Kalba community expressed profound<br />

gratitude to Dr Sheikh Sultan for<br />

his support of various developmental<br />

initiatives in the area. As part of the<br />

garden’s charm, the central restaurant,<br />

boasting a comfortable seating capacity<br />

for 215 patrons, showcases a timeless<br />

semi-circular architectural design.<br />

Old Doha Port Comes Alive with Vibrant Events and<br />

Festivals in Q1 <strong>2024</strong><br />

Old Doha Port emerges as a<br />

dynamic cultural and sports<br />

hub in Q1 <strong>2024</strong>, hosting events<br />

and reinforcing its status as a leading<br />

tourist destination. The quarter kicked<br />

off with the vibrant Kite Festival, followed<br />

by the excitement of the AFC<br />

Asian Cup Qatar 2023, where football<br />

matches were broadcast in the port’s<br />

park. The <strong>World</strong> Aquatics Championships<br />

showcased the port’s versatility,<br />

hosting open water swimming and<br />

high diving competitions. National<br />

Sports Day brought diverse activities<br />

for all ages, including a unique diving<br />

experience. As Doha hosted the Web<br />

Summit conference, Old Doha Port<br />

played a significant role in facilitating<br />

networking events, reflecting its ability<br />

to host diverse international gatherings<br />

that celebrate sports, culture, and<br />

maritime heritage.<br />

Saudi Arabia Surpasses 100M Tourists and Unveils<br />

Major Deals at ITB Berlin<br />

Saudi Arabia achieved a significant<br />

milestone by signing over 15<br />

agreements at ITB Berlin, a major<br />

travel exhibition, further advancing its<br />

thriving tourism sector. Celebrating the<br />

remarkable success at ITB Berlin 2023,<br />

the Saudi Tourism Authority secured<br />

key partnerships with industry leaders<br />

such as Trip.com Group, Flynas, Eurowings,<br />

Visit Bahrain, Visit Oman, and<br />

Qatar Tourism. These collaborations<br />

are expected to propel Saudi tourism<br />

towards unprecedented sustainable<br />

growth, solidifying its position as a<br />

premier global destination. Minister of<br />

Tourism and STA Chairman Ahmed bin<br />

Aqeel Al-Khatib emphasised the positive<br />

impact of the event, showcasing the<br />

bright future of Saudi tourism aligned<br />

with Saudi Vision 2030 and fostering<br />

global relationships for sustainable<br />

tourism development.<br />

Ultra-Luxury on Palm<br />

Jumeirah: FIVE LUXE,<br />

Dubai’s New Beachfront<br />

Gem<br />

FIVE Hospitality has unveiled its<br />

latest jewel on the Palm Jumeirah<br />

shoreline – FIVE LUXE, a sophisticated<br />

development set to enchant guests<br />

when it opens its doors on March 31,<br />

<strong>2024</strong>. Boasting an impressive offering of<br />

222 hotel rooms, 276 luxury residences,<br />

and the much-anticipated Playa Pacha<br />

Beach Club in collaboration with Pacha<br />

Group, FIVE LUXE promises an immersive<br />

experience. The beach club will be<br />

a haven for renowned DJs, commencing<br />

with Keinemusik on <strong>April</strong> 13, <strong>2024</strong>. The<br />

accommodation spectrum spans from refined<br />

studios to expansive four-bedroom<br />

suites featuring private pools, including<br />

signature suites designed with opulent<br />

additions like ballrooms, DJ booths, and<br />

dedicated spa facilities. The culinary journey<br />

unfolds at seven distinctive dining<br />

venues, showcasing culinary excellence<br />

with highlights such as Ronin and the<br />

globally acclaimed Paradiso, the <strong>World</strong>’s<br />

Best Bar winner.<br />

<strong>April</strong> <strong>2024</strong> www.thefinanceworld.com 105

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