Finance World Magazine| Edition: June 2024

Futuristic Tech Shaping the Financial Realm of Tomorrow 

Virtual Tourism: Revolutionising Travel with Immersive Experiences 

AI Revolutionizing Healthcare in the UAE: Pioneering Innovations 

Rise of Prompt Engineering in Dubai's 'One Million Prompters' Initiative 

June 2024 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

This month’s edition of Finance World Magazine illuminates the 

transformative impact of future technologies in Editor’s the UAE Noteand 

celebrates the pioneers excelling in accounting and auditing 

services. Through diverse perspectives and expert insights, this 

edition aims to provide readers with a comprehensive understanding 

of the innovative forces shaping the future of finance and technology 

in the UAE. 

The cover story puts a spotlight on the standout figures in the 

accounting and auditing industry, celebrated for their exceptional 

achievements at the Finance World Accounting & Tax Awards 2024. In 

tribute to technology’s impact in the UAE, we present a special feature 

titled “Future Tech: Transforming Tomorrow’s Financial Landscape.” 

This narrative showcases pioneering companies at the forefront 

of innovation, reshaping the financial sector with groundbreaking 

technologies such as blockchain, Artificial Intelligence, Augmented 

Reality, and more. 

The magazine caters to a diverse readership with a variety of 

insightful articles. Including “Advancing Art Marketing in the Digital 

Era with Augmented Reality” which explores the intersection of art 

and technology. It also includes enlightening interviews with industry 

leaders. Jiby Joseph, Partner at Jaxa Chartered Accountants, shares 

his expertise on the evolving financial ecosystem. 

In alignment with the transformative impact of AI and machine 

learning in today’s business world, Vishal Parmar, Founder of the 

Global Blockchain Show, Global AI Show, and VAP Group, discusses 

the importance of events like the Global AI Show in steering the future 

trajectory of industries on a global scale. 

We aim to espouse the vision of the UAE’s wise leadership on the 

nation’s development path, highlighting the social, economic, and 

developmental aspects shaping this dynamic nation. To that end, we 

tirelessly curate the latest and most credible finance news for our 

readers, aiming to advance financial literacy and contribute to Dubai’s 

journey to becoming one of the world’s most pioneering economies. 

- Ambrish Agarwal, Editor in Chief 

- Ambrish Agarwal, Editor in Chief 

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

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June 2024 www.thefinanceworld.com 7 

September 2022 3



BUSINESS NEWS 

Contents June 

2024 

UAE BANKING 

FINTECH 

ENERGY 

P51 | Energy News 

MERGERS AND 

ACQUISITIONS 

P10 | UAE Banks’ Advanced AI 

Adoption: Embracing the Future 

P14 | UAE Banking News 

INTERVIEW 

P16 | Navigating Excellence 

in Tax and Accountancy: An 

Interview with Jiby Joseph 

UAE REFORMS 

P22 | UK Fintech Flock to UAE: 

A Lucrative Oasis Beckons with 

Innovation and Opportunity 

P24 | Fintech News 

P26 | Fintech Application 

BUSINESS 

P28 | Business News 

COVER STORY 






P54 | How Economic 

Diversification is Driving M&A 

Growth in the GCC 

P56 | Mergers & Acquisitions News 

BUSINESS 

P20 | Rise of Prompt Engineering 

in Dubai’s ‘One Million 

Prompters’ Initiative 




£12 | EU - €14 



P30 | Pioneers Excelling UAE’s 


P58 | Bhavya Haulage Secures full 

Ownership of Eagle Specialized 

Transport 

8 www.thefinanceworld.com June 2024

SPECIAL REPORT 

P60 | Futuristic Tech Shaping the 

Financial Realm of Tomorrow 

REAL ESTATE 

HEALTHCARE 

P82 | AI Revolutionizing 

Healthcare in the UAE: Pioneering 

Innovations 

P84 | Healthcare News 

CORPORATE 

P86 | Corporate Results 

SPORT AS A BUSINESS 

INVESTMENT IN ART 

P100 | Advancing Art Marketing in 

the Digital Era with Augmented 

Reality 

TRAVEL 

P72 | Is AI-Powered Proptech the 

New “Architect” of UAE’s Real 

Estate Industry? 

P64 | Real Estate News 

INTERVIEW 

P88 | Unlocking Profit Potential: 

Augmented Reality Ventures in the 

Sports Industry 

P91 | Sports News 

TOURISM 

P104 | June Beach Escapes: 

Discover Lebanon’s Coastal Jewels 

P47 | P97 | Launch Express 

P48 | P70 | Wheels 

P46 | P96 | Tech My Money 

P76 | Insider’s Perspective: 

Vishal Parmar on the Genesis of 

the Global AI Show 

FUNDING & INVESTMENT 

P80 | Funding & Investment News 

P94 | Virtual Tourism: 

Revolutionising Travel with 

Immersive Experiences 

GLOBAL 

P98 | Global News 

June 2024 www.thefinanceworld.com 9

UAE Banking 

Source: retailbankerinternational.com 

MGI projects gen AI to boost global banking revenues by $200-340 billion annually. 

UAE Banks’ Advanced 

AI Adoption: 

Embracing the Future 

UAE Banks are also continuously 

modernising digital infrastructure to offer 

specialised services while enhancing APIs, 

cloud computing, and digital channels. 

The inclusion of artificial intelligence in 

various business sectors is happening 

more rapidly than expected. The disruptive 

impact of artificial intelligence 

is significant, requiring industries to adapt 

quickly to avoid falling behind. The United 

Arab Emirates, with its ambitious goal 

of becoming the world’s best country, is 

ahead of its time and has already taken 

substantial proactive steps in adopting 

future technologies. Both government and 

private sectors have implemented adaptive 

measures, and most banks have already 

integrated generative AI. Notably, banks 

are playing their role in this transformative 

journey as well. This article highlights 

some of the adaptive measures taken by 

the UAE’s banking sector and discusses 

the future of advanced AI in the UAE. 


Recognising the transformative potential 

of Artificial Intelligence (AI), 

UAE banks are at the forefront of 

adopting these advanced technologies, 

redefining the customer experience and 

propelling the nation towards a smarter 

financial future. 

Abdulaziz Al Ghurair, Chairman of the 

UAE Banks Federation (UBF), noted that 

consumer confidence in the UAE banking 

sector rose from 84% in 2022 to 90% in 

2023, highlighting its continuous development 

and the importance of customer trust 

in banking and finance. “Banking services 

in the UAE and the rest of the world are 

currently undergoing a profound transformation 

to meet the rapidly changing 

demands of the end-users and to keep 

pace with the technological revolution. 

This signifies the UAE banking sector’s 

leadership in adopting and developing 

digital solutions that provide customers 

with the best services in a secure and 

reliable banking environment. UAE Banks 

are also continuously modernising digital 

infrastructure to offer specialised services 

while enhancing APIs, cloud computing, 

and digital channels.” he said. 

Several UAE banks are actively implementing 

AI solutions, transforming the 

way they operate: 

Commercial Bank of Dubai (CBD) and 

PwC Middle East signed a Memorandum 

of Understanding (MOU) to accelerate 

AI technology adoption across CBD’s 

operations. This partnership aimed to 

enhance customer experiences and engagement 

through personalised AI-driv- 

en solutions. By integrating PwC Middle 

East’s advanced AI technologies, CBD 

sought to provide tailored services that 

met individual preferences and needs, 

ultimately improving the overall customer 

experience. 

Emirates NBD embarked on a transformative 

journey to leverage generative 

AI in collaboration with Microsoft. This 

strategic partnership aimed to enhance 

operational efficiency and productivity 

across various business functions. 

The bank implemented three key 

initiatives: empowering IT teams with 

GitHub Copilot X to streamline software 

development processes, piloting Microsoft 

365 Copilot to automate tasks and aid 

decision-making, and deploying ChatGPT 

across all business and support functions 

to personalise customer experiences and 


UAE Banking 

improve operational efficiency. 

Talking about generative AI, the bank 

utilises AI-powered chatbots to answer 

customer queries 24/7. It can handle a 

wide range of inquiries, from account 

balances to loan applications, offering 

a convenient and personalised support 

experience for customers. Additionally, 

Emirates NBD uses AI to enhance its mobile 

banking app, providing features like 

personalised financial advice and budget 

tracking. 

Abu Dhabi Islamic Bank leverages AI 

and RPA for enhanced efficiency and 

customer service. With 60 robotic-enabled 

functions, AI integration drives 

profitability, personalisation, and rapid 

innovation. The bank’s AI command centre, 

ACE, enhances fraud management 

and cybersecurity, offering hyper-personalised 

insights. RPA adoption streamlines 

tasks, freeing resources for higher-value 

work. Mohamed Abdel Bary, ADIB Group 

CFO, emphasises the significant value 

creation potential, including increased 

personalisation, cost reduction, and new 

opportunities. “The command centre will 

aid in dealing with customers in a far more 

personalised way, giving them choices, 

ideas and insights that will help them 

make the right decision,” he said. 

Abu Dhabi Commercial Bank (ADCB): 

ADCB employs AI for fraud detection, 

safeguarding customer accounts and 

ensuring secure financial transactions. 

This not only protects customers but also 

fosters trust in the banking system. Furthermore, 

ADCB uses AI to streamline its 

lending process, reducing approval times 

and enhancing customer satisfaction. 

These are just a few examples, and the 

adoption of AI in UAE banks is rapidly 

expanding. Other banks in the region are 

also exploring AI-driven solutions to stay 

competitive and meet the evolving needs 

of their customers. 

These are just a few examples, and the 

adoption of AI in UAE banks is rapidly 

expanding. Other banks in the region are 

also exploring AI-driven solutions to stay 

competitive and meet the evolving needs 

of their customers. 

Challenges and Considerations 

While the benefits of AI are undeniable, 

challenges need to be addressed. Ensuring 

robust security measures and transparent 

governance practices are crucial in the 

implementation of AI in banking. With 

AI heavily reliant on customer data, it’s 

paramount to prioritise data privacy and 

compliance with regulations. Banks must 

implement strong cybersecurity protocols, 

conduct regular security audits, 

and encrypt sensitive data to build and 

maintain trust with customers. 

Moreover, adherence to local and international 

data protection laws is imperative. 

Transparency and explainability are key 

considerations, particularly regarding AI 

algorithms’ decision-making processes. 

Banks should adopt explainable AI models 

to provide clarity on decisions, enhancing 

customer trust. 

While AI automates tasks, human expertise 

remains essential. Banks must invest 

in upskilling and reskilling their workforce 

to effectively leverage AI technologies. 

Additionally, ethical considerations are 

vital to address potential biases in AI algorithms 

and ensure fair and inclusive 

practices in banking operations. Regular 

audits and robust ethical frameworks are 

necessary to mitigate biases and uphold 

ethical standards in AI usage within the 

banking sector. 

Looking at the higher risks of privacy 

and transparency different initiatives have 

come into account. One such platform 

was launched during the second edition 

of the Dubai fintech summit. The platform 

is called FOCAL. The AI-powered 

platform is designed to redefine fraud 

prevention and compliance across the 

financial industry. 

FOCAL employs cutting-edge AI algorithms 

for real-time analysis of extensive 

financial and non-financial data, detecting 

money laundering and fraud patterns swiftly. 

By automating compliance processes, 

monitoring transactions continuously, and 

offering actionable insights, FOCAL empowers 

financial institutions to thwart 

illicit activities, adhere to regulations, 

and protect assets. This ensures the 

integrity of the digital financial system, 

fosters stakeholder trust, and cultivates 

a supportive environment for sustainable 

development, contributing to overall economic 

growth. 

“By leveraging advanced algorithms 

and real-time data analysis, FOCAL not 

only enhances security but also reduces 

operational costs and regulatory burdens,” 

said Malik Alyousef, co-founder & chief 

operating officer, Mozn. 

As AI continues to evolve, it will unlock 

new opportunities and challenges 

for the banking sector. UAE banks must 

stay agile and innovative, continuously 

adapting to the changing technological 

landscape to maintain their competitive 

edge. The journey towards a smarter financial 

future is just beginning, and the 

UAE is well-positioned to lead the way. 


UAE Banking News 

Riyad Bank’s 

Investment Arm Eyes 

IPO with PIF Support 

Saudi Arabia’s Riyad Bank is exploring 

the possibility of launching 

an initial public offering 

(IPO) for its investment banking unit 

on the main market of the Saudi stock 

exchange, responding to robust investor 

demand across the GCC. The 

bank’s board has initiated the evaluation 

and preparation process for 

the potential IPO of Riyad Capital, as 

stated in a filing to the Saudi stock 

exchange Tadawul. Both Riyad Bank 

and Riyad Capital will collaborate 

on determining the size, structure, 

and other pertinent details of the 

IPO. Should they proceed, regulatory 

approvals will be necessary. With 

strong financial backing from the 

Public Investment Fund and the Saudi 

government, Riyad Bank reported a 

significant annual profit increase in 

2023, reaching ($2.1B). This surge was 

driven by growing net income from 

financing and investment activities. 

ADIB Business Banking Announces Nationwide 

Expansion Plan 

Abu Dhabi Islamic Bank (ADIB) 

has unveiled an ambitious expansion 

plan aimed at enhancing 

its services for Business Banking 

customers throughout the UAE. This 

strategic move underscores ADIB’s 

dedication to nurturing the growth 

and prosperity of SMEs by bolstering 

its presence in vital business ecosystems 

and forging partnerships with key 

players in the SME sector. With nine 

specialised business centres already 

operational across Abu Dhabi, Al Ain, 

Sharjah, and Dubai, ADIB Business is 

well-positioned for further expansion. 

By offering a blend of digital banking 

convenience and access to physical 

business centres, ADIB Business 

caters to the diverse needs of SMEs, 

ensuring a seamless banking experience. 

Furthermore, ADIB’s adoption 

of innovative technologies, such as 

Emirates Face Recognition (EFR) 

technology, underscores its commitment 

to digital transformation and 

sustainability, positioning it as a leader 

in providing holistic banking solutions 

tailored to SMEs. 

Emirates Development Bank Stimulates UAE 

Industrial GDP, Adding $2.8B 

Emirates Development Bank 

(EDB) is intensifying its support 

for the UAE’s industrial and 

SME sectors, aiming to strengthen 

the nation’s economy. With a record 

increase in total financing amounting 

to AED 10.4B ($2.8B) since the launch 

of its strategy in 2021, EDB has significantly 

contributed to the UAE’s 

industrial GDP impact, reaching AED 

4.9B ($1.3B). These achievements were 

highlighted at a recent Board meeting 

chaired by Dr. Sultan Ahmed Al Jaber, 

Minister of Industry and Advanced 

Technology, and Chairman of the 

EDB Board. EDB’s strategic focus on 

priority sectors has led to remarkable 

progress, including a 665% increase 

in SME financing totalling AED 3.4B 

($926M) and a surge of 2,942% in large 

corporate loans reaching AED 5.5B 

($1.5B) over three years. 

Saudi Central Bank (SAMA) Grants Crowdfunding License to Funding Souq 

The Saudi Central Bank (SAMA) 

has recently issued a licence 

to Funding Souq, enabling the 

company to offer debt-based crowdfunding 

solutions. With this approval, 

the number of companies authorised 

to provide debt-based crowdfunding 

services in the Kingdom has now 

reached 10, indicating a growing 

ecosystem for alternative financing 

options. This milestone adds to the 

broader landscape of financial services 

in Saudi Arabia, where SAMA has 

licensed a total of 61 finance companies. 

The decision underscores SAMA’s 

ongoing commitment to supporting 

the financial sector, enhancing the 

efficiency of financial transactions, 

and fostering innovation to promote 

greater financial inclusion across 

the Kingdom. Additionally, SAMA 

reiterates the importance of engaging 

exclusively with authorised financial 

institutions, emphasising regulatory 

compliance and consumer protection 

within the financial services industry. 


Abu Dhabi’s FAB Teams Up with Microsoft to Fast-track AI in Finance 

First Abu Dhabi Bank (FAB) and 

Microsoft have inked a strategic 

business partnership aimed at 

jointly developing new AI-driven banking 

capabilities on a global scale. As part 

of this collaboration, the UAE’s largest 

bank and the global technology leader 

will establish an ‘AI Innovation Hub’ 

for financial services, with a core focus 

on fostering innovation, sustainability, 

and enhancing customer experiences. 

This hub will serve as a catalyst for the 

adoption of cutting-edge innovations 

and AI technology within financial 

services, enabling product enhancements, 

personalised solutions, unique AI risk 

models, and other advancements. 

Hana Al Rostamani, Group CEO at 

FAB, emphasised the significance of 

this partnership in driving innovation, 

while Naim Yazbeck, UAE General 

Manager at Microsoft Gulf, highlighted 

the transformative capabilities they aim 

to build, aligning with the UAE’s vision 

to lead in AI by 2031. 

First Abu Dhabi 

Bank Targets Turkish 

Acquisition for Global 

Expansion 

First Abu Dhabi Bank (FAB), the 

UAE’s largest lender, is reportedly 

exploring potential acquisition 

opportunities in Turkey, with Yapi Ve 

Kredi Bankasi, the country’s seventhlargest 

lender by assets, being among 

the targets under consideration. 

According to sources, which cited 

sources familiar with the matter, FAB 

has initiated preliminary discussions 

with the owners of several Turkish 

banks, with a particular focus on the 

possibility of acquiring Yapi Kredi. 

The Turkish lender, affiliated with Koc 

Holding, Turkey’s largest business and 

industrial group, is currently valued at 

$7.6 billion, as per the sources. This 

move comes in the wake of Turkish 

President Recep Tayyip Erdogan’s 

visits to Gulf countries in 2023, which 

spurred increased interest from UAE 

banks in acquiring Turkish assets. 

Following Erdogan’s visit, the UAE 

pledged over $50B to support Turkey, 

aiming to strengthen economic ties 

despite previous political differences. 

Zand Bank Partners with Infosys Finacle to 

Enhance Corporate Banking 

Zand Bank, a prominent digital 

challenger in the UAE, has 

forged a strategic partnership 

with Infosys Finacle, a leading Indian 

digital banking software vendor, to 

enhance its suite of corporate banking 

services. Leveraging Infosys Finacle’s 

Corporate Banking Solution suite, 

which will be deployed via Microsoft 

Azure, the Dubai-based bank aims 

to bolster its capabilities in catering 

to corporate clients. Michael Chan, 

Zand’s CEO, anticipates that adopting 

this modular core banking system will 

A 

consortium led by Fajr Capital, 

a prominent player in ME- 

NA’s private equity landscape, 

alongside the esteemed Dr Moopen 

family, has successfully concluded the 

acquisition of Aster’s GCC business, 

marking a significant milestone in the 

regional healthcare sector. Valued at 

over $1.7B, this transaction stands as 

one of the largest healthcare acquisitions 

in recent memory. With the 

Fajr Capital-led consortium securing 

a 65% stake and the Dr Moopen family 

retaining 35% ownership, operational 

control remains firmly in the family’s 

capable hands. This strategic divestiture 

establishes a focused GCC-centric 

facilitate the seamless integration 

of digital assets, AI, and blockchain 

technologies, thereby enhancing operational 

efficiency and improving 

the overall customer experience. This 

collaboration underscores Zand Bank’s 

commitment to staying at the forefront 

of digital innovation in the banking 

sector. Moreover, it aligns with a 

broader trend of financial institutions 

worldwide turning to innovative 

solutions to meet evolving customer 

demands and industry challenges. 

Fajr-Led Bank Consortium Finalises Acquisition 

of Aster GCC Business 

enterprise, backed by robust investment 

from Fajr Capital and other 

esteemed regional and international 

partners. Dr. Azad Moopen continues 

in his role as Founder & Chairman, 

while Alisha Moopen assumes the 

mantle of Managing Director and 

Group CEO. 


Interview 

Navigating Excellence in Tax 

and Accountancy: An Interview 

with Jiby Joseph 


In an exclusive interview with Finance World Magazine, Jiby Joseph, Partner 

at Jaxa Chartered Accountants, discusses the driving forces behind Jaxa’s 

establishment, significant changes in the UAE’s accounting landscape, and 

strategies for staying updated with industry developments. 

Exclusive to Finance World Magazine 

Q. What motivated you to establish 

Jaxa, and what are the core values 

that drive your firm? 

Establishing Jaxa was a major decision 

in my life and what led me to 

it was the growing realisation of the 

importance of quality of services and 

client satisfaction. These are in fact part 

of the core values of Jaxa along with 

integrity, innovation, client-centricity, 

professionalism, and collaboration. 

These principles ensure exceptional 

service delivery and ethical conduct 

and this is what has propelled Jaxa to 

be a prominent name in the industry.. 

Q. With over 25 years of experience, 

what significant changes have you 

observed in the UAE’s accounting 

and taxation landscape? 

Over 25 years, UAE’s accounting 

and taxation landscape has evolved 

significantly. Key changes include 

the introduction of VAT, adoption of 

international accounting standards, 

emergence of Free Trade Zones, digitalisation 

of financial processes, and 

increased regulatory scrutiny. These 

changes demand adaptability, expertise, 

and innovation from firms like JAXA 

to navigate effectively. 

Q. How do you stay updated with 

the latest developments in accounting 

standards, taxation laws, and 

business practices in the UAE? 

We stay updated through continuous 

professional development, active participation 

in industry seminars, workshops, 

and conferences, and engagement with 

regulatory bodies. Additionally, we 

leverage partnerships within global 

networks like TIAG and TAG Alliance 

to access international expertise and 

insights, ensuring our team remains 

at the forefront of industry changes. 

Q. How has the introduction of 

VAT impacted businesses in the 

UAE, and what strategies do you 

recommend for compliance? 

The introduction of VAT in the UAE 

has significantly impacted businesses, 

requiring adjustments to pricing, cash 

flow, and compliance processes. To 

ensure compliance, we recommend a 

thorough understanding of VAT regulations, 

regular training for employees, 

robust accounting systems, compliance 

with tax deadlines, and proactive engagement 

with tax advisors like JAXA 

to navigate complexities and mitigate 

risks effectively. 

Q. Can you elaborate on the company 

formation process in the UAE 

and the key considerations for 

businesses looking to establish a 

presence here? 

Certainly! Company formation in the 

UAE involves several steps, including 

choosing a legal structure, securing a 

trade name, obtaining necessary licenses 

and permits, and registering with relevant 

authorities. Key considerations 

include selecting the most suitable 

jurisdiction (mainland or free zone), 

understanding ownership restrictions, 

assessing tax implications, complying 

with local regulations, and conducting 

thorough market research to ensure 

the viability and sustainability of the 

business. Engaging with experienced 

advisors like JAXA can streamline the 

process and ensure compliance with 

legal and regulatory requirements. 

Q. In your opinion, what are the 

emerging trends or opportunities in 

the UAE’s economy that businesses 

should be aware of? 

Emerging trends and opportunities 

in the UAE’s economy include digital 

transformation, renewable energy, 

sustainable development, fintech, 

healthcare, tourism, and e-commerce. 

Businesses should also capitalise on the 

UAE’s strategic location as a gateway to 

regional and international markets, as 

well as government initiatives aimed at 

diversifying the economy and fostering 

innovation. 

Q. With the increasing adoption of 

AI technologies, how do you see it 

impacting the field of accounting 

and auditing in the UAE? 

The increasing adoption of AI technologies 

is transforming the field of 

accounting and auditing in the UAE by 

automating repetitive tasks, improving 

data analysis, enhancing accuracy, and 

enabling real-time insights. AI-driven 


Interview 

tools like machine learning algorithms 

and data analytics software streamline 

processes, reduce errors, and enhance 

audit efficiency. However, human expertise 

remains crucial for interpretation, 

strategy, and decision-making. What 

is required is a symbiotic relationship 

between AI and professionals in the 

accounting and auditing sector. 

Q. Lastly, what advice would you 

give to aspiring Chartered Accountants 

or entrepreneurs looking to 

navigate the business landscape 

in the UAE? 

For aspiring Chartered Accountants, 

prioritise continuous learning, stay updated 

with industry trends and regulations, 

and seek opportunities for professional 

development. For entrepreneurs, 

conduct thorough market research, 

understand local regulations, build 

strong networks, prioritise innovation, 

and seek guidance from experienced 

advisors like JAXA to navigate challenges 

and capitalise on opportunities 

effectively in the dynamic business 

landscape of the UAE. 

About JAXA 

JAXA Chartered Accountants 

stands as a beacon of expertise and 

reliability in the UAE financial landscape, 

providing essential services 

tailored to every business’s unique 

needs. With a comprehensive range 

of offerings including auditing, 

accounting, VAT and corporate 

tax services, JAXA plays a vital 

role in assisting businesses across 

various industries in managing their 

finances effectively. 

What sets JAXA apart is its innovative, 

flexible, and professional 

approach, backed by a team of over 

75 highly qualified and experienced 

professionals. The firm’s commitment 

to adhering to international 

accounting standards ensures the 

highest level of professionalism and 

quality in all aspects of its services. 

As the sole member of TIAG® in 

the UAE, JAXA is part of a global 

alliance of high-quality accounting 

and audit firms, providing clients 

with access to a vast network of 

expertise and resources. Through 

its membership in TAG Alliance, 

JAXA further expands its reach, 

offering clients national and global 

support across a wide range of 

business transactions. 

With a vision to be creative, innovative, 

and focused on delivering 

lasting improvements in business 

performance, JAXA strives to achieve 

sustainable, profitable growth while 

upholding its commitment to business 

excellence and professionalism. 

In a rapidly evolving financial 

landscape, firms like JAXA are 

indispensable partners for businesses 

seeking expert financial 

advice, accountancy, audit, and tax 

services to thrive and succeed in 

today’s competitive market. 


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It aims to equip individuals with the skills to leverage AI applications for economic growth. 

Rise of Prompt 

Engineering in 

Dubai’s ‘One Million 

Prompters’ Initiative 

Dubai launches “One Million Prompters,” the 

world’s largest AI prompt engineering training, 

to upskill one million people in three years. 

In its visionary approach to remain among 

the world’s leading countries, the UAE 

continues to launch several initiatives. The 

expansion of artificial intelligence (AI) 

technology is driving the need for prompt 

engineers who can enable AI systems to 

respond accurately to human instructions. 

To address this need, Dubai has launched 

the “One Million Prompters” program, aiming 

to upskill one million individuals over 

the next three years. The announcement 

was made on May 21, 2024, by Sheikh 

Hamdan bin Mohammed bin Rashid Al 

Maktoum, Crown Prince of Dubai and 

Chairman of the Executive Council of 

Dubai. This initiative, overseen by the 

Dubai Future Foundation (DFF), will 

prepare and empower people with the 

skills necessary to leverage AI for innovation, 

progress, and economic growth. 


Artificial intelligence (AI) has rapidly 

integrated into various aspects of 

our daily lives, from voice-activated 

assistants and recommendation algorithms 

to sophisticated data analysis tools and 

autonomous vehicles. As AI technology 

advances, a critical yet often overlooked 

component has emerged at the forefront 

of this innovation: AI prompt engineering. 

AI prompt engineering involves designing 

and refining the prompts or inputs 

that guide AI systems in generating 

responses. This discipline is crucial for 

optimising the performance and accuracy 

of AI models, ensuring that they provide 

meaningful, relevant, and contextually 

appropriate outputs. Essentially, prompt 

engineers craft the instructions that 

enable AI to understand and fulfil user 

intents effectively. 

As AI tools evolve and become more 

sophisticated, the role of the prompt 

engineer will also advance. The future 

of prompt engineering lies in refining 

interactions with AI systems to generate 

even more optimal responses. This 

will involve adding context, fine-tuning 

phrasing, and experimenting with various 

factors influencing the model’s output. 

Prompt engineering will continue to 

blend linguistic nuance with technical 

expertise, becoming an increasingly 

essential skill for interacting with AI 

systems. The process will involve defining 

goals, crafting initial prompts, testing and 

analysing responses, refining prompts 

through iteration, and implementing 

them in real-world applications. 

Acknowledging the evolving landscape 

of technological skills, Sheikh Hamdan 

underscored the significance of prompt 

engineering, stating that while coding 

was once highly sought after, prompt 

engineering has now emerged as one of 

the most promising skills. This recognition 

of prompt engineering’s potential led to 

the announcement of the groundbreaking 

initiative, “One Million Prompters.” 

‘One Million Prompters’ is introduced 

in alignment with the Dubai Universal 

Blueprint for Artificial Intelligence, to 

expedite the integration of AI applications. 

It stands as a pioneering prompt 

engineering initiative, focusing on cultivating 

expertise and skills in AI prompt 

engineering. This involves crafting 

precise and effective instructions for AI 

systems to accomplish diverse tasks, from 

generating creative content to tackling 

complex challenges. 

Sheikh Hamdan mentioned: “We are 

experiencing a tremendous acceleration 

in technological progress, which requires 

new skills in labour markets. Coding was 

formerly in demand, but today, prompt 

engineering has become one of the most 

promising skills. 

“We want to be the most future-ready 

city and to continue preparing for the AI 

era by developing expertise and skills 

that support global technological transformation, 

placing Dubai at the forefront 

of innovation.” 

Impact of Accredited Certifications 

in AI Prompt Engineering Training 

Let’s explore how this initiative aims 

to upskill individuals and provide them 

Coding was formerly 

in demand, but today, 

prompt engineering has 

become one of the most 

promising skills.” 

with valuable opportunities for career 

advancement. 

Extensive Training Program: The initiative 

offers a comprehensive training 

program covering various aspects of AI 

and prompt engineering. Participants will 

engage in structured courses designed 

to enhance their knowledge and skills 

in these domains. 

Upskilling Individuals: The primary goal 

of the program is to upskill individuals 

in AI and prompt engineering. Through 

targeted training sessions, participants 

will acquire the necessary competencies 

to excel in these specialised fields. 

Accredited Certifications: Upon successful 

completion of the training program, 

participants will receive accredited 

certifications. These certifications serve 

as formal recognition of their expertise 

and validate their skills in AI and prompt 

engineering. 

Validation of Expertise: Accredited 

certifications provide tangible proof of 

participants’ proficiency in AI and prompt 

engineering. They serve as a validation 

of their expertise, enhancing their credibility 

and standing within the industry. 

Competitive Advantage: Holding 

accredited certifications gives participants 

a competitive advantage in the 

job market. Employers value individuals 

with validated skills and certifications, 

making certified participants stand out 

among their peers. 

Career Opportunities: Accredited certifications 

open up new career opportunities 

for participants. They demonstrate a 

commitment to professional development 

and enhance participants’ prospects for 

career advancement and growth. 

Professional Recognition: By earning 

accredited certifications, participants 

gain professional recognition within the 

industry. They become recognised as 

skilled professionals in AI and prompt 

engineering, contributing to their overall 

professional reputation. 

AI prompt engineering is an essential 

and growing field that underpins the effectiveness 

and reliability of AI systems. 

As AI continues to permeate various 

sectors, the need for skilled prompt 

engineers will only intensify. 


Fintech 

Source: freepik.com 

An increase in dual listings could follow a stellar year for initial public offerings in the Gulf. 

UK Fintech Flock to 

UAE: A Lucrative Oasis 

Beckons with Innovation 

and Opportunity 

The economic ties between the UK and the 

UAE in the field of financial services have been 

witnessing dynamic growth. 

The financial landscape is evolving, with 

British fintech companies increasingly 

turning their gaze towards the UAE. These 

firms are exploring dual listings on both 

UK and UAE stock exchanges, drawn by 

the UAE’s burgeoning fintech hub. Unlike 

many regions facing a slowdown in 

fintech investments, the UAE has seen 

a 92% surge in fintech funding, contrasting 

sharply with the global downturn of 

42%. This growth is driven by the UAE 

government’s progressive regulatory 

approach, which encourages innovation 

while ensuring financial stability. The UAE 

offers a rapidly growing economy and 

a tech-savvy population, creating ample 

opportunities for fintech companies. The 

government also fosters a collaborative 

environment by providing accelerators, 

incubators, fintech sandboxes etc. 


The UAE’s rise as a fintech powerhouse 

is further fueled by several 

strategic initiatives and advantages 

that make it an attractive destination for 

fintech companies: The UAE’s long-term 

economic vision focuses on diversification 

and innovation, with fintech playing a 

central role. The government’s proactive 

stance on digital transformation and 

smart city initiatives creates a conducive 

environment for fintech growth. 

The UAE’s strategic geographic location 

offers unparalleled connectivity between 

the East and the West. This makes it an 

ideal hub for fintech companies looking 

to expand their reach across the Middle 

East, North Africa, and beyond. The 

country’s world-class infrastructure, including 

cutting-edge telecommunications 

and transportation networks, further 

enhances its appeal. 

The growing interest of UK fintech 

companies in the UAE is further amplified 

by the recent signing of a memorandum of 

understanding between the two nations. 

This agreement aims to improve cooperation 

in financial services, showcasing 

a commitment to a mutually beneficial 

partnership. The UK, with its established 

financial infrastructure and deep pool 

of talent, offers valuable expertise that 

can synergise with the UAE’s burgeoning 

fintech ecosystem. This collaboration 

is poised to propel both nations to the 

forefront of global fintech innovation. 

The memorandum outlines several 

key areas of collaboration, including 

knowledge exchange, regulatory harmonisation, 

and joint innovation initiatives. 

By aligning regulatory standards, both 

countries can facilitate smoother operations 

for fintech companies operating 

across borders, reducing bureaucratic 

hurdles and fostering a more integrated 

financial environment. 

UK Fintechs Eye Dual Listings for 

Strategic Growth 

The strategic decision by UK fintech 

companies to pursue dual listings in the 

UAE offers a multitude of benefits: 

By tapping into the deep pool of investors 

in the UAE, UK fintech companies 

can diversify their funding sources, 

mitigating risk and potentially raising 

more capital to fuel their expansion 

plans. This access to fresh capital can 

be instrumental in scaling operations, 

developing new products, and ultimately 

achieving sustainable growth. The UAE’s 

investor base is diverse, comprising both 

institutional investors and high-net-worth 

individuals who are keen to invest in 

innovative financial technologies. 

A dual listing in a prominent financial 

hub like the UAE broadens a company’s 

reach and increases its global profile. 

This newfound visibility can attract 

new talent, potential partners, and, of 

course, investors from around the world. 

The increased brand recognition allows 

UK fintech companies to compete more 

effectively on a global scale. Moreover, 

a presence in the UAE can serve as a 

gateway to further expansion into other 

markets in the Middle East and North 

Africa (MENA) region. 

The UAE’s strategic location offers a 

unique advantage. It acts as a gateway 

to the vast and lucrative markets of the 

Middle East and North Africa (MENA) 

region. By establishing a presence in 

the UAE, UK fintech companies gain a 

foothold in a strategically vital region, 

allowing them to expand their market 

reach and capitalise on the immense 

potential of the MENA market. This 

strategic positioning not only enhances 

market access but also provides opportunities 

for partnerships with local firms, 

further embedding UK fintechs into the 

regional financial landscape. 

The trend of UK fintech companies 

seeking dual listings in the UAE presents 

a win-win scenario for both nations. 

UK fintech companies gain access to 

a dynamic market with a high demand 

for innovative solutions, fresh capital, 

and a strategic location to penetrate 

the lucrative MENA region. Additionally, 

the UAE’s supportive regulatory 

environment fosters an ideal space for 

continued innovation and growth. The 

benefits extend beyond financial gains, 

as UK fintechs can leverage the UAE’s 

advanced technological infrastructure 

and government support to pilot new 

technologies and business models. 

The influx of UK fintech companies 

with their established expertise and innovative 

solutions further strengthens the 

UAE’s position as a leading fintech hub. 

This collaboration fosters a knowledge 

transfer, allowing the UAE to leverage 

the UK’s experience and accelerate the 

development of its own domestic fintech 

ecosystem. Additionally, the dual listings 

attract more capital to the UAE, further 

solidifying its position as a regional financial 

powerhouse. The presence of UK 

fintechs also enhances the competitive 

landscape, encouraging local companies 

to innovate and improve their offerings. 

The burgeoning partnership between 

the UK and UAE in the fintech sector 

is a testament to the dynamic and forward-thinking 

approaches of both nations. 

As they continue to strengthen their ties, 

several areas of potential development 

emerge on the horizon: 

Joint Innovation Hubs: Establishing 

joint innovation hubs where fintech 

companies from both countries can collaborate 

on developing new technologies 

and solutions. These hubs can serve as 

incubators for groundbreaking projects 

that address global financial challenges. 

Expanding the scope of regulatory 

sandboxes to include cross-border projects, 

allowing fintech companies to test 

solutions in both markets simultaneously. 

This can expedite the development 

and deployment of innovative financial 

products and services. Implementing 

talent exchange programs to facilitate 

the movement of skilled professionals 

between the two countries. This exchange 

can foster a deeper understanding of 

each market’s unique needs and drive 

more effective innovation. 

Encouraging collaborations between 

academic institutions and research 

centres in both countries to advance the 

fintech field. Joint research initiatives 

can explore emerging technologies such 

as blockchain, artificial intelligence, 

and cybersecurity. Working together on 

initiatives aimed at enhancing financial 

inclusion in the MENA region and beyond. 

By leveraging fintech innovations, both 

nations can address the needs of underserved 

populations and promote broader 

access to financial services. 

The trend of UK fintech companies 

flocking to the UAE represents a significant 

shift in the global financial 

landscape. This mutually beneficial 

partnership, driven by a shared vision 

of innovation and growth, promises to 

reshape the future of fintech. As both 

nations continue to collaborate and 

leverage their unique strengths, the UK 

and UAE are poised to become leading 

forces in the global fintech revolution, 

setting new standards for excellence and 

fostering a more connected and inclusive 

financial world. 


Fintech News 

First Abu Dhabi Bank Partners with Microsoft Azure for Digital Transformation 

First Abu Dhabi Bank (FAB) has 

teamed up with Core42, a subsidiary 

of G42 specialising in AI 

solutions, to transition its data centre 

operations to the Microsoft Azure 

cloud platform. This strategic move 

is a pivotal step in FAB’s overarching 

digital transformation strategy, aimed at 

boosting the efficiency and intelligence 

of its services across retail, corporate, 

SME, investment banking, risk management, 

and finance sectors. Leveraging 

Microsoft Azure’s cutting-edge cloud 

and AI technologies, the collaboration 

is set to enhance customer service and 

operational effectiveness throughout 

the region. Furthermore, by utilising 

Core42’s platform developed on Microsoft 

Azure, FAB ensures data sovereignty 

in compliance with UAE’s regulatory 

standards while gaining access to innovative 

cloud and AI solutions. The 

partnership also entails joint efforts with 

Microsoft to innovate in generative AI, 

advanced analytics, and other AI-related 

fields through a dedicated Centre of 

Excellence, ultimately enriching the 

banking experience. 

UAE’s SME Fintech Fortis Raises $20M Series A 

Fortis, specialising in retail tech 

and fintech solutions for SMEs, 

has closed its Series A funding 

with a substantial $20M investment 

led by Opportunity Venture (Asia). 

Boasting a decade of expertise, Fortis 

facilitates seamless management of 

offline and online transactions, order 

streamlining, personalised loyalty 

programs, and overall business efficiency 

for entrepreneurs. Expanding 

into the UAE, Fortis aims to bolster 

local businesses by simplifying merchant-customer 

connections to drive 

revenue. Alberto Caruso, CEO and 

Founder of Fortis Digital Solutions, 

expressed enthusiasm for the investment, 

envisioning accelerated growth 

and enhanced value delivery for ME- 

NA businesses. Opportunity Venture 

echoed this excitement, affirming their 

support for Fortis’ expansion into the 

MENA region. 

Oman Housing Bank Chooses Temenos for Digital 

Transformation 

Oman Housing Bank (OHB) has 

forged a partnership with banking 

software firm Temenos to 

upgrade its core banking systems to 

a cloud-based platform. The collaboration 

is geared towards accelerating 

the development of new financial 

products and broadening access to 

housing finance for a wider segment of 

the Omani population. OHB, pivotal in 

Oman’s economic development, facilitates 

government-subsidised housing 

loans, primarily targeting individuals 

with low to moderate incomes. In the 

first half of 2023 alone, the bank successfully 

processed over 2,000 housing 

loans, totalling more than 86 million 

Omani Rials (approximately $ 223M). 

Transitioning from traditional legacy 

systems to the advanced Temenos core 

banking platform is a key component of 

OHB’s broader digital transformation 

initiative, aimed at diversifying its 

financial product offerings, enhancing 

operational efficiency, and improving 

customer service. 

Telr Granted Retail 

Payment Licence by 

UAE Central Bank 

Dubai-based payment gateway provider 

Telr has received in-principle 

approval from the Central Bank 

of the United Arab Emirates (CBUAE) 

for a Retail Payment Services & Card 

Schemes (RPSCS) licence. This initial 

endorsement signifies a significant 

milestone for Telr, strengthening its 

capacity to foster innovation within the 

UAE’s payment solutions sector. Established 

in 2014, Telr aims to harmonise 

the fragmented e-commerce landscape 

by facilitating the transition towards 

cashless transactions and digitising 

payment procedures. The company 

offers a comprehensive range of services 

tailored to the e-commerce industry, 

including secure payment gateways, 

real-time transaction monitoring, and 

bespoke business solutions to facilitate 

global expansion for its clientele. 

Noteworthy innovations include Telr 

Split Payments, aimed at streamlining 

reconciliation for UAE merchants, and 

Telr Finance, providing accelerated 

access to business funding. 


Cleeng Partners with 

Adyen to Elevate 

Subscription Payments 

in the UAE 

Adyen announced its partnership 

with Cleeng, bringing its 

subscription payment solutions 

to the UAE. Cleeng, renowned for its 

Subscriber Retention Management 

(SRM) software in the media and entertainment 

sectors, is expanding its 

footprint into the UAE, bolstering its 

offerings for broadcasters in the MENA 

region. This strategic move aligns with 

the needs of TOD, a prominent sports 

and entertainment streaming service 

under the beIN Media Group in MENA, 

highlighting the increasing demand for 

Cleeng’s services in new markets. The 

collaboration addresses revenue loss 

challenges stemming from expired 

card details by leveraging Adyen’s 

Real Time Account Updater, ensuring 

uninterrupted services. 

Crypto.com’s Dubai Entity Secures Approval 

Crypto.com announced a major 

achievement as its Dubai-based 

entity, CRO DAX Middle East FZE, 

has received full operational approval 

from Dubai’s Virtual Assets Regulatory 

Authority (VARA). This development 

marks a significant milestone for the 

company, coinciding with the launch 

of the Crypto.com Exchange tailored 

for institutional investors. The approval 

process follows the meticulous fulfilment 

of pre-operational conditions specified 

in the Virtual Asset Service Provider 

Licence granted to CRO DAX Middle 

East FZE in November 2023. Notably, 

Crypto.com’s operational approval sets 

a precedent in the global crypto space, 

positioning it as the first major crypto 

operator to commence operations with 

fiat currency in the United Arab Emirates 

(UAE). This landmark achievement 

underscores Crypto.com’s commitment 

to pioneering innovation and regulatory 

compliance in the burgeoning crypto 

market of the UAE. 

QIB Introduces Himyan Prepaid Card in Partnership 

with Qatar Central Bank 

Qatar Islamic Bank (QIB) unveils 

the Himyan Prepaid Card, a 

national initiative by Qatar 

Central Bank, offering secure payments 

within Qatar to all existing 

customers, residents, and visitors. As 

the first Qatari national prepaid card, 

it symbolises Qatar Central Bank’s 

commitment to advancing electronic 

payment services and promoting financial 

inclusion. Named after the ancient 

Arabian moneybag, the card reflects 

Qatar’s rich heritage. QIB customers 

and non-banking customers, including 

visitors with a valid QID or visa, can 

apply for the Himyan Prepaid Card 

via the QIB Mobile App or branch 

visit. Minors can also apply with a 

guardian who is a QIB customer. This 

prepaid card, usable only within Qatar, 

provides flexibility in daily spending, 

expense monitoring, and purchase 

control. With transactions processed 

locally via the NAPS network, cardholders 

enjoy safe and secure payments 

at various sale points, ATMs, 

and local online shopping websites. 

Hub71 Accelerator 

Welcomes 25 Startups 

from 11 Nations 

The 25 startups selected for 

Hub71’s latest cohort will join 

its ‘Access’ program, alongside 

specialised ecosystems Hub71+ Digital 

Assets and Hub71+ ClimateTech, 

boosting the total startups in Hub71’s 

programs to 223. Cohort 14 has collectively 

secured over $122M in funding, 

averaging $5M per startup. Hub71 

continues to attract diverse international 

tech startups to Abu Dhabi, 

with over 1200 applications, over 65% 

from global markets. Originating from 

countries like the UAE, Egypt, Saudi 

Arabia, USA, UK, Canada, Singapore, 

Sweden, New Zealand, Spain, and 

South Korea, they enrich Abu Dhabi’s 

global tech hub status. Notably, 64% 

of the cohort are Seed and Series A, 

indicating Hub71’s prowess in scaling 

high-potential startups from early 

growth stages. These startups, operating 

across nine sectors, including FinTech, 

ClimateTech, HealthTech, EdTech, and 

Mobility & Logistics, will contribute 

significantly to future-proofing Abu 

Dhabi’s economy. 


Fintech Application 

BANKIOM 

Founded by Danny Abla in 2018, 

Bankiom is a fintech application 

designed to enhance how users 

interact with their finances, providing a 

new, smarter digital banking experience 

in the GCC countries. As a super money 

app, Bankiom offers a range of features 

that streamline financial management 

and ensure secure transactions. 

One of Bankiom’s core offerings is 

its virtual prepaid card, which users 

can obtain quickly and easily using 

their phone. The process is entirely 

online and takes only a few minutes. 

This virtual card allows users to pay for 

online purchases, such as subscriptions, 

in-app payments, and online shopping, 

with enhanced security features that 

protect transactions. 

Bankiom also aims to simplify everyday 

financial tasks through its intuitive 

dashboard. This feature provides a 

comprehensive view of a user’s financial 

activities, allowing them to track 

inflows and outflows and get a clear 

picture of their finances over time. 

The app supports multiple currencies, 

enabling users to switch between them 

effortlessly and better understand their 

international finances. 

A standout feature of the application 

is the Bankiom Spending Tracker, which 

helps users manage their money more 

effectively. This tool organises financial 

data and provides insights into spending 

trends, making it easier to stay on 

top of finances. Users can connect all 

their bank accounts to Bankiom, centralising 

their financial activity in one 

place. This unified platform displays 

transactions, spending patterns, and 

other financial insights in an easily 

understandable format, complete with 

detailed reports and logs. 

Bankiom also facilitates easy topups 

and fund transfers. With all banks 

connected through the app, users can 

effortlessly top up their Bankiom card 

balance using a simple tap-and-submit 

method. Transferring money to friends 

and family is free and straightforward, 

eliminating the hassle of traditional 

banking processes. 

In addition to these functionalities, 

Bankiom emphasises security. The 

app includes features like 3D Secure, 

ensuring that all transactions are protected 

against fraud. Users can enjoy 

peace of mind knowing their financial 

information is safeguarded while they 

manage their finances on the go. 

Moreover, Bankiom’s virtual prepaid 

card allows users to shop from their 

favourite online merchants without 

incurring exchange fees, providing 

a cost-effective solution for online 

transactions. The application does not 

charge account creation fees, making 

it accessible to a broad user base. 

By bringing all financial activities 

under one roof, Bankiom offers a 

centralised and organised approach 

to money management. This convenience, 

coupled with robust security 

measures and an easy-to-use interface, 

positions Bankiom as a practical tool 

for individuals looking to manage their 

finances efficiently in the digital age. 


Fintech Application 

HALAN 

Halan is an Egyptian fintech application 

which offers a range 

of smart solutions aimed at 

simplifying various aspects of financial 

management. Serving as a hub for 

BNPL (Buy Now Pay Later), lending, 

payments, and online shopping, Halan 

caters to the needs of both individuals 

and small businesses, providing accessible 

and convenient services away from 

traditional banking channels. 

The app allows users to purchase a 

variety of items, from mobile phones 

to furniture, and pay for them in small, 

manageable instalments. With no banking 

procedures, down payments, or 

additional administrative fees, Halan’s 

BNPL service offers flexibility and 

convenience, enabling users to spread 

their payments over up to 30 months 

without hassle. 

Applying for BNPL services through 

Halan is straightforward, with users 

simply downloading the app, selecting 

desired offers, choosing products, and 

adding them to the cart. Alternatively, 

purchases can be made directly from 

Halan’s extensive network of over 

5000 vendors, simplifying the shopping 

process for users. 

In addition to BNPL, the Halan facilitates 

e-commerce transactions, 

allowing users to easily purchase home 

appliances, electronics, mobiles, and 

accessories and pay via cash, credit 

cards, or Halan’s BNPL service directly 

through the application. Moreover, 

Halan Gomla, a feature within the 

app, enables users to order groceries, 

personal care, and hygiene products in 

bulk at wholesale prices, with delivery 

within 24 hours. 

Furthermore, it collaborates with 

Tasaheel lending company to provide 

hassle-free lending services for businesses, 

offering loans. The application 

process is simple, requiring only a valid 

national ID and minimal documentation. 

To facilitate bill payments, the Halan 

offers a seamless payment service, 

allowing users to settle bills from the 

comfort of their homes. By selecting 

the payment service within the app, 

users can easily identify the type of 

bill and entity of issuance, enter the 

subscription code and mobile number, 

review transaction details, and confirm 

payment. 

With its user-friendly interface and 

diverse range of financial services, 

Halan App emerges as a comprehensive 

solution for individuals and businesses 

seeking accessible and efficient financial 

management tools in Egypt. 


Business News 

ADX and DFM Record Nine Major Deals Totalling AED 1.6B 

The Abu Dhabi Securities Exchange 

(ADX) and Dubai Financial 

Market (DFM) witnessed nine 

significant direct deals, totalling 305.7 

million shares valued at AED 1.6B. 

ADX recorded five major transactions, 

amounting to AED 683.3M, including 

a notable AED 509.8M deal for 27.7 

million e& shares. Additionally, three 

deals worth over AED 135.7M were 

executed on the stock of Abu Dhabi 

National Hotels Company. On the other 

hand, DFM saw four large direct deals 

worth AED 933.9M, with a substantial 

AED 782.1M deal involving Mashreq 

shares. These direct transactions, 

conducted outside the order book, 

have no impact on the closing price 

of the shares or the price index, nor 

do they affect the highest and lowest 

prices recorded during the session or 

over the past 52 weeks. 

Miral, Khalifa Fund 

Renewed Entrepreneurial 

Partnership 

Miral, Abu Dhabi’s premier creator 

of immersive destinations, 

extended its collaboration 

with the Khalifa Fund for Enterprise 

Development for the second consecutive 

year, aiming to bolster local 

entrepreneurs at Yas Bay Waterfront’s 

“Waterfront Nights” market. Launched 

on March 22, 2024, the market featured 

20 small businesses and artisans, with 

10 receiving support from the Khalifa 

Fund. Alia Al Mazraouie, CEO of the 

Khalifa Fund for Enterprise Development, 

and Mohamed Abdalla Al Zaabi, 

Group CEO of Miral, recently visited 

the “Waterfront Nights” market to show 

solidarity with the entrepreneurs and 

gain insights into their local enterprises 

and product offerings. Among 

the homegrown brands backed by the 

Khalifa Fund are IV Perfume, Sada Oud, 

FAE Oud & Perfumes, Glaza Collection, 

Manout Tailoring, and Boomah 

Cafe, each showcasing unique Emirati 

products and experiences. 

DEWA’s Digital Services Save Customers AED 

470M in 2023 

Dubai Electricity and Water Authority 

(DEWA) is dedicated 

to enhancing customer experiences 

through digital solutions and 

AI integration across its services and 

operations. By offering proactive, advanced, 

and integrated digital services 

through various channels, DEWA aims 

to surpass customer expectations while 

supporting sustainability initiatives 

and minimising its carbon footprint. 

Through its “Services 360” strategy, 

DEWA analyses service maturity levels 

over a three-year plan, aligning with 

the Dubai Government’s master plan. 

Budding Emirati diplomats from 

the Anwar Gargash Diplomatic 

Academy recently conducted 

a two-week educational expedition 

spanning Italy, Switzerland, the United 

States, India, and Ethiopia. This handson 

training initiative, integral to their development, 

provided a comprehensive 

understanding of diplomacy. The annual 

trip exposed students to diverse perspectives 

on international development, 

bilateral and multilateral diplomacy, and 

This approach has yielded significant 

outcomes: 100% service automation, 

100% self-service without physical 

presence, 99.2% digital adoption, 98.3% 

customer happiness, and 95% service 

quality. In 2023 alone, DEWA’s digital 

services saved customers AED 470M 

and DEWA itself AED 35M, while also 

preventing 41,470 tonnes of carbon 

emissions. Saeed Mohammed Al Tayer, 

DEWA’s MD and CEO, underscores the 

commitment to innovation and sustainability, 

aiming to enhance customer 

convenience. 

Budding Diplomats’ Global Expedition with AGDA 

foreign policy complexities. Nickolay 

Mladenov, Director-General of AGDA, 

emphasised the significance of such 

international visits, stating they align 

with the academy’s mission to equip 

diplomats to address global challenges. 

These experiences not only deepen students’ 

understanding of governance but 

also foster camaraderie and diplomatic 

networking, crucial for their future 

academic and diplomatic endeavours. 


GCC Consulting Market Set to Reach $6B in 2024 Despite Global Layoffs 

The GCC consulting market is 

poised for significant growth, 

with revenues projected to surpass 

$6B in 2024, marking an 11% increase. 

Economic diversification initiatives 

and large-scale projects are driving 

demand for consulting services in the 

region, as outlined in a report released 

on Wednesday. Unlike the global trend of 

consultancy layoffs, the GCC is expected 

to witness increased hiring, according 

to Source Global Research. Last year, 

the regional consulting market saw a 

robust growth of 13.2%, reaching $5.4M, 

contrasting with slower growth rates 

in other global markets. Saudi Arabia, 

the largest GCC market, experienced 

rapid expansion at 18.2%, reaching a 

record $3.2B. The UAE’s market grew by 

15.2% to $1.1B, while Kuwait, Bahrain, 

and Oman also saw positive growth. 

However, Qatar’s market experienced 

a sharp decline of 9.8% to $445M due 

to the completion of projects related 

to the FIFA World Cup, while Oman’s 

market dipped slightly by 0.3% to $156M. 

UAE Equities 

Decline in May Amid 

Geopolitical Tensions 

and Lower Oil Prices 

UAE equity benchmarks fell 

in May, mirroring broader 

GCC trends due to geopolitical 

issues and declining crude oil 

prices. The Dubai Financial Market 

(DFM) General Index dropped 4.3%, 

its third consecutive decline, with 

significant losses in the financial 

sector. The consumer staples index 

led sector declines at -8.8%. Trading 

activity saw a 14.9% rise in volume to 

3.8 billion shares, while the value of 

traded shares increased 10.7% to Dh7.8 

billion. In Abu Dhabi, the FTSE ADX 

index fell 2.3%, marking a YTD decline 

of 7.5%. The industrial sector experienced 

the largest drop at -14.1%. The 

MSCI GCC Index recorded its biggest 

decline in 17 months, down 6.4%. 

Oman Issues RO 63M in Government Treasury Bills 

The Central Bank of Oman (CBO) 

revealed that the issuance of Government 

Treasury Bills reached 

a total of RO 63M. According to Oman 

News Agency (ONA), the CBO statement 

disclosed that Treasury bills worth OMR 

3M were allotted with a maturity period 

of 28 days. The average accepted price 

stood at OMR 99.625 per OMR 100, with 

an average discount rate of 4.88839% and 

an average yield of 4.90679%. Additionally, 

Treasury bills valued at OMR 14.3M were 

allotted for a 91-day maturity period, with 

an average accepted price of OMR 98.739 

per OMR 100. Meanwhile, Treasury bills 

worth OMR 5M were allocated for 182 

days, and bills totalling OMR 40.7M were 

issued for a 364-day maturity period. 

Saudi Arabia Invites Global Firms to Join Mining 

Exploration Program 

Saudi Arabia has initiated a groundbreaking 

endeavour with the introduction 

of the Mining Exploration 

Enablement Program, extending a warm 

invitation to global firms and explorers 

to play a pivotal role in advancing the 

kingdom’s burgeoning mineral sector. 

In a concerted effort spearheaded by 

the Ministry of Industry and Mineral 

Resources and the Ministry of Investment, 

international companies within 

the sector are encouraged to seize this 

unparalleled opportunity by registering 

for the program. At its core, the initiative 

aims to catalyse exploration activities, 

optimise the sector’s value proposition, 

and unlock the kingdom’s latent survey 

potential by targeting untapped regions. 

Furthermore, the program underscores 

a commitment to nurturing local talent, 

fostering excellence in mineral exploration 

techniques, and pushing the boundaries 

of geological understanding through the 

utilisation of cutting-edge data analytics. 


OVER 

Cover Story 



S 


The Finance World Accounting & Tax Awards 2024, 

presented by iFund Factoring & Forfaiting Services 

and powered by Wasaya Investments, recently honored 

pioneers in accounting, tax, audit & finance. 

Hosted by Finance World Magazine, the ceremony 

recognized individuals and businesses who have significantly 

contributed to the field, setting standards of excellence 

and inspiring everyone. 

Each award acknowledged the remarkable achievements 

and dedication of the awardees, highlighting their role in 

advancing their organizations and the broader industry. 

This cover story highlights all award recipients, 

celebrating their outstanding achievements and exceptional 

contributions in their respective fields. 

TORY 


Cover Story 

Stuart & Hamlyn Chartered 

Accountants 

CA. JOSEPH PHILIP, Managing Partner 

Stuart & Hamlyn Chartered Accountants is a professional 

group, excelling in diverse domains such as 

Audit & Assurance, Tax Consultancy, and Business 

Advisory & Consulting. Setting standards in audit services 

and showcasing accuracy, integrity, and comprehensive 

analysis, the firm has been awarded the “Excellence in 

Audit Services” award. 

Under the leadership of CA Joseph Philip and Stuart 

& Hamlyn, Middle East, headquartered in Dubai, United 

Arab Emirates, operates through five offices, ensuring 

comprehensive services throughout. 

Stuart & Hamlyn is associated with The Institute of Chartered 

Accountants of Australia & New Zealand, boasting 

international prominence and over thirty years of rich 

professional experience. 

With extensive experience in the profession, Stuart & 

Hamlyn has successfully served over 1,500 clients. The firm 

is listed in all major free zones and banks, demonstrating 

its extensive reach and credibility. 

HLB HAMT received the “Excellence in Research 

and Analysis in Auditing” award. 

Since its inception in 1999, HLB HAMT has pursued 

high-quality audit and advisory services with technology 

at the core of its business. Over the last decade, the firm 

has emerged as one of the foremost business advisers in 

the region. 

Under the stewardship of Vijay Anand, Founder and CEO 

of HLB HAMT’s UAE, the firm’s practice is supported by 

over 300 local professionals from diverse nationalities. 

The firm caters to a diversified, multi-national portfolio 

of clients of over 500 companies. It has grown in scale and 

diversified its services, offering IT, payroll, business, and 

organisational consultancy solutions. 

HLB HAMT continually enhances the quality of its services 

by investing in cutting-edge technologies such as cloud 

computing, blockchain, artificial intelligence, and robotic 

process automation. Enabling the firm to offer superior 

solutions, helping clients make informed business decisions. 

Moreover, HLB HAMT is part of a top 8 global network, 

reflecting its commitment to excellence, innovation, and 

a people-first approach. This dedication is evident in a 

23% revenue surge. Building on a 25-year heritage, HLB 

HAMT continues to foster a collaborative and supportive 

environment, driving success and growth for its clients. 

HLB HAMT 

Vijay Anand, Partner and CEO 


The Tax Experts 

DMCC 

The Tax Experts DMCC has been awarded the “Excellence 

in International Tax Advisory” award, 

appreciating its outstanding contributions to the 

field of international taxation. 

In a rapidly globalising economy, The Tax Experts DMCC 

positions itself as one of the notable international tax advisory 

firms.Founded by CA Dixit Jain, the firm operates 

within the Tax and Business Advisory Services across the 

Middle East, India, the UK, and the USA. 

It offers a wide range of services, including bookkeeping, 

tax, and business advisory services, catering to local, 

national, and multinational organisations. Its client-centric 

approach, thought leadership and commitment to excellence 

are key factors that have driven its success. 

CA Dixit Jain 

CA Harikishan Rankawat, Managing Partner and 

CEO of RNG Auditors holds dual qualifications as 

a Fellow Chartered Accountant (FCA) from India 

and a Certified Public Accountant (CPA) from the USA. 

He brings a wealth of experience spanning over 26 years, 

with significant expertise in finance and auditing within 

major corporations including Al Futtaim Engineering, Al 

Futtaim Panatech, Dubai Festival City, Philip Morris, and 

Dubai World Trade Centre LLC. 

Before his current role, he was appointed as the Head of 

Finance at Al Futtaim Real Estate. His international experience 

is bolstered by a six-year tenure in Mumbai, India, 

where he was involved with Century Textiles & Industries 

Limited (B.K. Birla Group) among other firms. 

Rankawat’s leadership has also been recognized in various 

professional circles. He served as the Chairman of The 

Institute of Chartered Accountants of India (ICAI) - Dubai 

Chapter for the year 2023-24. He currently contributes 

his expertise as a Trustee of the Rajasthan Business and 

Professional Group (RBPG), President of the Federation 

of Indian Industry (FII - Dubai Chapter), and as a Board 

Member of the International Agro Arbitration Centre 

(IAAC). He is additionally committed to social causes, 

holding a trustee position at the Majha Ghar Foundation 

in Pune, India. 

A regular contributor to discussions on tax and finance, 

Rankawat is a sought-after speaker at international forums. 

CA Harikishan Rankawat 

RNG Auditors, Managing Partner and CEO 

His articles are frequently featured in local newspapers, 

and his insights are often shared in radio interviews, underscoring 

his influence in the finance and audit sectors 

across the GCC and beyond. 




Cover Story 

Tarabut 

Abdulla Almoayed, Founder and CEO 

Tarabut, the region’s first regulated Open Banking 

platform, received the “Leadership in Financial 

Technology Advancement” award, acknowledging 

its pioneering initiatives in strategic financial management 

and open banking API integration. 

Under the leadership of Abdulla Almoayed, Founder 

and CEO, Tarabut Gateway (TG) stands as the notable 

force behind the MENA region’s foremost Open Banking 

platform since its inception. 

At the core of Tarabut’s mission is the revolutionary 

transformation of open banking across the MENA landscape. 

With an expansive network of connectivity and a seasoned 

team of industry experts, Tarabut empowers banks, lenders, 

fintechs, and startups to unlock their full potential. 

Tarabut provides a range of financial services to assist 

individuals and businesses. They offer lending solutions 

& API services to access real-time financial data securely, 

ensuring up-to-date insights facilitating informed decision-making. 

Tarabut’s role in advancing financial technology is notable, 

with its influence extending beyond the MENA region 

to a global scale. 

Creative Zone Accounting & Tax has been presented 

with the “Emerging Accounting Firm of the Year” 

award, recognising its dynamic approach and growth 

within the industry. 

Creative Zone Tax & Accounting specialises in corporate 

tax services, comprehensive VAT services & ensuring compliance. 

With a qualified team and a diverse clientele spanning 

various industry backgrounds, the firm has garnered great 

customer reviews and boasts excellent turnaround times. 

The firm’s accounting services cover all aspects of financial 

management, from recording and classifying transactions 

to interpreting financial data, enabling businesses to make 

informed decisions. 

Under the management of Zeeshan Toor, General Manager 

CreativeZone Accounting & Tax stands out as a reliable 

partner, committed to delivering high-quality services and 

guiding businesses towards a brighter future. 

Creative Zone 

Accounting & Tax 

Zeeshan Toor, General Manager 


N R Doshi & Partners 

Kinnari Doshi, Managing Partner 

N 

R Doshi & Partners received the “Excellence in 

Financial Audit” award, owing to its proficiency in 

audit services. Led by Kinnari Doshi and Rahul Doshi, 

the firm has been driving client growth for over 35 years. 

Headquartered in Dubai, N R Doshi & Partners has seven 

offices across the UAE, with a team of over 100 professionals. 

The firm provides a wide array of services to cater 

to various financial needs. These include VAT Consulting, 

Registration, Accounting, Audit, and Refund services, ensuring 

compliance with taxation regulations. Additionally, 

the firm offers Tax Agent services, VAT Return Filing, and 

TRN Verification, simplifying tax processes for clients. 

Its expertise extends to VAT Computation, Health Check, 

and Deregistration services, offering comprehensive support 

throughout the VAT lifecycle. Apart from VAT-related 

services, the firm specialises in Audit and Assurance, 

Business Setup, and ESR Advisory. 

With a clientele of over 2500 and 11 partners, the firm 

leverages its experience across various industries to deliver 

superior solutions tailored to client needs. 

N R Doshi & Partners’ diverse range of services caters to 

the multifaceted financial requirements of clients, ensuring 

comprehensive support and peace of mind in navigating 

complex financial landscapes. 

MCA 

S. Venkatesh, Founder and 

Managing Partner 

MCA, founded in 2009, has been presented with 

the “Visionary Leadership in Integrated Financial 

Services” award for its outstanding contributions 

to the field of financial services in the GCC region. 

Under the leadership of S. Venkatesh, the Founder and 

Managing Partner, MCA has emerged as a leading multidisciplinary 

professional services firm. 

With a team of over 120 dedicated professionals, MCA 

offers a comprehensive range of services including Audit 

and Assurance, Taxation and Compliance, Corporate Services, 

Corporate Finance, and Technology Advisory. Its 

commitment to excellence and dedication to providing 

innovative solutions have established MCA as a trusted 

name in the industry. 

Through visionary leadership and excellence, MCA continues 

to serve its clients with excellence, leveraging its 

expertise and experience to address the evolving needs of 

clients in an ever-changing business landscape. 




Cover Story 

Arundathi Vijay 

Shetty 

CFO of Crowne American Pvt. School 

Arundathi Vijay Shetty, CFO, Crown Private School 

(CPS) has been awarded the “Women Excellence 

in Financial Strategy” award for her leadership 

and expertise in developing and implementing effective 

financial strategies. 

CPS Ajman is a private co-educational day school offering 

education for children aged 3 to 18 years, providing a comprehensive 

British curriculum education. 

Under her role as a CFO at CPS, Shetty oversees the financial 

management and strategic planning of the institution. 

Her strategic insights and forward-thinking approach have 

contributed significantly to the school’s financial success 

and sustainability. 

Her achievement celebrates her success and highlights 

the importance of diversity and inclusion in the workplace. 

As a prominent person in her field, Arundathi Vijay 

Shetty continues to pave the way for future generations 

of female leaders. 

Girish Joshi, CFO of Fujairah Ports, has been given 

the “Excellence in Financial Strategy” award, 

highlighting his outstanding contributions to the 

field of finance. 

Fujairah Ports, a key shipping hub for the Gulf and 

surrounding regions, is the only multi-purpose maritime 

facility on the east coast of the United Arab Emirates. 

Situated 70 nautical miles from the Strait of Hormuz, it 

serves as an important economic link between Europe 

and Asia, enhancing local and international trade with the 

Indian subcontinent and North East Africa. 

Joshi joined Fujairah Ports in 2018 as the CFO of Fujairah 

ports. Before joining Fujairah Port, he served as GM 

(Finance & Accounts) at Essar Ports Limited and CFO of a 

subsidiary, the second-largest private sector Port Company 

in India, for a decade. 

With 20 years of experience in diverse industries, Joshi’s 

expertise spans various domains, including project finance, 

working capital management, corporate finance, management 

accounts, mergers and acquisitions, audits, banking, 

and treasury operations. 

The Excellence in Financial Strategy Award celebrates 

Girish Joshi’s achievements and underscores his commitment 

to advancing the field of accountancy through innovative 

and impactful financial strategies. 

Girish Joshi 

CFO of Fujairah Ports 


Investo Investment 

Mohammed Shihab, CEO 

Investo Investment has been awarded the title of “Innovative 

Investment Product Company for 2024” for its 

pioneering efforts in reshaping the investment landscape 

with groundbreaking endeavours. 

Under CEO, Mohammed Shihab’s guidance Investo underscores 

its work in crafting investment products tailored 

to a diverse range of investors, spanning both retail and 

institutional sectors. 

As a prominent asset-backed investment company in 

Dubai, Investo has swiftly emerged as an innovative firm, 

attracting over 250 investors globally within a short span 

since its inception. It provides a range of customised asset 

management solutions, spanning equities, commercial 

real estate, trading, technology, third-party solutions, and 

special situation management. 

With a commitment to assisting clients in achieving their 

investment objectives, it provides personalised guidance and 

solutions tailored to individual preferences and financial 

goals in the property market. 

By receiving the award, Investo Investment reaffirms 

its commitment to driving innovation, creating value, and 

empowering investors to achieve their financial goals. 

Bank of Baroda has been presented with the “Excellence 

in Global Financial Integration for NRIs” 

Award, acknowledging its outstanding service in 

integrating global financial solutions for Non-Resident 

Indians (NRIs). 

The bank’s vision encompasses strong digital expansion, 

with an aspiration to fortify ties with both the Indian expatriate 

community and local residents. 

Bank of Baroda offers a variety of NRI accounts designed 

to meet the financial needs of non-resident Indians. The 

account options include NRE and NRO savings accounts, 

FCNR accounts, Capital Gain accounts, PIS accounts, and 

RFC accounts. 

In addition to its digital offerings, the bank offers an 

extensive portfolio of products that cater to retail lending, 

SME and corporate finance, syndicated loans, trade finance, 

and treasury products. With its technological advancements 

and passion for innovation the bank is expected to see 

substantial growth. 

With its range of specialised NRI accounts and commitment 

to seamless banking, the Bank of Baroda ensures that 

non-resident Indians can efficiently manage their finances 

with ease and convenience. 

Bank of Baroda 

Jagdish Tungaria, 

Chief Executive, Bank of Baroda, GCC Operations 




Cover Story 

Alliott Hadi Shahid Chartered Accountants has been 

awarded the “Inclusive Accounting Firm of the 

Year” award for demonstrating its commitment 

Alliott Hadi Shahid Chartered 

Accountants 

Samir Ahmed Shahid, Partner 

to diversity, equity, and inclusion within the accounting 

profession. The firm’s commitment to inclusive practices 

ensures a workplace where every individual can thrive 

and contribute, reflecting its dedication to fostering an 

equitable environment. 

Since 1976, Alliott Hadi Shahid has been offering business 

management and consultancy services to clients through 

its offices in Abu Dhabi, Dubai, Sharjah, and Al Ain. The 

firm is registered with prominent entities such as the World 

Bank, other International Financial Institutions, Emirates 

Industrial Bank and other leading financial institutions in 

the UAE. 

The range of services provided by the firm includes accounting 

and bookkeeping, audit and assurance, business 

tax, financial reviews, payroll outsourcing, and indirect tax 

and VAT. These services are tailored to meet the diverse 

needs of its clientele, ensuring comprehensive financial 

solutions. 

Under the guidance of Samir Ahmed Shahid, Partner, Alliott 

Hadi Shahid continues to excel in delivering high-quality 

services that promote business growth and operational 

efficiency. The long-standing presence in the UAE market 

of the firm and commitment to inclusive practices have 

solidified its reputation as a trusted and progressive firm 

in the accounting and consultancy field. 

Tally Solutions received the “Innovative Accounting 

and Tax Technology” award for its significant advancements 

in accounting and tax technology that 

are revolutionising industry practices. The award celebrates 

Tally Solutions’ innovations that enhance efficiency, accuracy, 

and compliance in the accounting field. 

With nearly four decades of industry presence, Tally 

Solutions has established itself as a technology and innovation 

company dedicated to delivering business software 

for Small and Medium Businesses (SMBs). The company’s 

products cater to millions of users across various industries 

in over 100 countries. Its strong network of over 28,000 

partners ensures unmatched customer experience in sales, 

support, and services. 

The company’s strong research and development division 

plays a crucial role in delivering advanced enterprise 

resource planning (ERP) software tailored for SMBs. 

Among its flagship products, TallyPrime stands out as a 

fast and powerful business management software designed 

for growing businesses. TallyPrime Server is another notable 

offering, providing an enterprise-class product that 

enhances business efficiencies. Tally Software Services 

(TSS) is a comprehensive collection of connected services 

that complement TallyPrime, ensuring seamless and integrated 

business operations.. 

Under Business Head, Vikas Panchal’s, supervision, Tally 

Tally Solutions 

Vikas Panchal, Business Head 

Solutions’ commitment to innovation, customer satisfaction, 

and excellence has secured its global market prominence. 


L.V. Puthran 

Founding Partner 

L.V. Puthran, Founding Partner of Puthran Chartered 

Accountants, received the “Lifetime Achievement 

Award in Accounting” for his dedication and significant 

contributions to the field of accountancy. 

He has extensive experience in the fields of auditing, 

company formation in the UAE and various Free Zones, 

feasibility and project reports, certification work, business 

valuation, and due diligence reports. With over 30 years 

in Dubai, his expertise has been instrumental in guiding 

several businesses to success.His leadership has ensured 

that Puthran, Chartered Accountants remains one of the 

trusted and reputable names in the industry. 

In addition to his professional achievements, Puthran 

has made significant contributions to the professional 

community. He has served in various capacities for the 

Dubai Chapter of the Institute of Chartered Accountants of 

India (ICAI) as a Committee Member, Honorary Treasurer, 

member of the Professional Development Committee and 

Vice Chairman of the Chapter. 

Puthran’s dedication to excellence and contributions to 

the accountancy profession has significantly influenced 

the success of Puthran Chartered Accountants, and the 

development of professional standards in the UAE accountancy 

community. 

JAXA Chartered Accountants has been presented with 

the “Best Accounting & Tax Consultant 2024” award, 

solidifying its reputation for exceptional service 

delivery and innovative solutions in accounting and tax 

consulting. The firm’s expertise and client-centric approach 

have made a significant impact on their clients’ success 

over the past year. 

Led by CA Jiby Joseph, Founding Partner the firm offers 

tailored solutions and maximises tax efficiency while 

ensuring compliance for over 1500 clients. 

JAXA Chartered Accountants is the exclusive member of 

TIAG® in the UAE. TIAG® is an international alliance of 

top-tier accounting and audit firms, headquartered in the 

United States. Through TAG Alliance, which has been 

ranked the 3rd largest international alliance by AccountancyAge 

since 2012, JAXA Chartered Accountants is part 

of a global network. 

This network includes TIAG® (an alliance of accountants 

and auditors), TAGLaw® (an alliance of legal firms), and 

TAG-SP (an alliance of multidisciplinary firms), with 

over 290 firms operating from more than 750 offices in 

over 110 countries. 

JAXA Chartered Accountants’ recognition as the Best 

Accounting & Tax Consultant for 2024 describes its dedication 

to excellence, innovation, and client satisfaction. 

Jaxa Chartered 

Accountants 

CA Jiby Joseph, Founding Partner 


Final D7000 

The Final D7000 headphones 

have garnered attention for 

their innovative design and 

impressive audio capabilities. One 

of their standout features is the Air 

Film Damping System (AFDS), which 

enhances bass reproduction without 

compromising on clarity. 

Unlike traditional planar magnetic 

headphones, the D7000’s proprietary 

AFDS prevents the diaphragm from 

coming into contact with the magnet, 

allowing for extended bass frequencies 

without distortion. This technology 

sets the D7000 apart in terms of audio 

performance, providing users with a 

rich and immersive listening experience. 

In terms of design, the Final D7000 

headphones exude sophistication 

with their sleek all-black exterior. The 

attention to detail is evident in every 

aspect, from the premium materials to 

the disassembling design that allows 

for easy maintenance and potential 

upgrades. 

When it comes to soundstage, the 

Final D7000 headphones excel, offering 

a balanced and immersive audio 

experience across various genres. The 

Pina Align Diffuser and advanced driver 

technology work in harmony to create 

a realistic and natural soundstage that 

rivals studio monitors. Whether users 

are mixing tracks or simply enjoying 

their favourite music, the D7000’s dynamic 

soundstage delivers unparalleled 

clarity and depth. 

The low-end performance of the Final 

D7000 headphones is particularly noteworthy, 

with bass that remains powerful 

and punchy without overshadowing 

other frequencies. Even in bass-heavy 

tracks, the D7000 maintains clarity and 

balance, showcasing its exceptional 

engineering and attention to detail. 

This makes the headphones suitable 

for a wide range of music genres, from 

EDM to classical. 

Moving on to the mids, the Final 

D7000 headphones impress with their 

clarity and definition. Every instrument 

and vocal is rendered with astonishing 

detail, creating a sense of space and 

dimensionality that enhances the overall 

listening experience. The precision 

of the mids is complemented by their 

ability to bring out subtle nuances in 

the music, allowing users to rediscover 

their favourite tracks with a newfound 

richness and depth. 

While the highs on the Final D7000 

headphones may lack a bit of brightness 

for some users’ preferences, they 

still perform admirably across various 

genres. With the option to adjust the EQ 

settings, users can tailor the sound to 

their liking, unlocking the full potential 

of the highs and adding sparkle and 

airiness to the music. 

Final D7000 headphones offer an 

exceptional audio experience that surpasses 

expectations. Their innovative 

features, sleek design, and impressive 

sound quality make them a standout 

choice for audiophiles and music enthusiasts 

alike. 


Lenovo ThinkPad P1 Gen 7 

Lenovo has unveiled its latest 

addition to the ThinkPad lineup, 

the ThinkPad P1 Gen 7 mobile 

workstation, designed to cater to the 

demands of professionals dealing with 

complex workloads, particularly those 

involving AI tasks. Powered by Intel 

Core Ultra processors and NVIDIA RTX 

Ada Generation GPUs, this workstation 

is geared towards providing exceptional 

power and performance for handling 

AI-intensive workflows. 

The integration of Intel’s Core Ultra 

processors, featuring a neural processing 

unit (NPU), alongside NVIDIA’s RTX 

Ada Generation GPUs, marks a significant 

advancement in AI technology. 

This combination allows for efficient 

handling of both light, continuous AI 

tasks and more demanding processing 

requirements, ensuring smooth operation 

for professionals engaged in tasks 

like 3D modelling, AI inferencing, and 

training. 

ThinkPad P1 Gen 7 boasts a premium 

aluminium construction, emphasising 

durability while maintaining portability 

for professionals on the move. Its 

16-inch display, with a 16:10 aspect 

ratio and narrow bezels, offers a high 

screen-to-body ratio, providing an 

immersive visual experience. Additionally, 

the option to configure an 

OLED touchscreen further enhances 

usability, catering to a range of creative 

and professional applications. 

One notable feature of the ThinkPad 

P1 Gen 7 is its liquid metal thermal 

design in select configurations, which 

enhances cooling performance and 

reliability during prolonged, intensive 

work sessions. This is particularly 

crucial for professionals working on 

critical workflows where sustained 

high performance is essential. 

The inclusion of LPDDR5x LPCAMM2 

memory, developed in collaboration 

with Micron, sets a new standard for 

memory efficiency and performance in 

mobile workstations. Offering higher 

bandwidth and dual-channel support 

with a single module, while consuming 

significantly less power and space compared 

to DDR5 SODIMM, LPCAMM2 

contributes to the overall efficiency 

and performance of the workstation. 

Designed with the needs of modern 

hybrid workers in mind, the ThinkPad 

P1 Gen 7 includes features such as low 

blue light displays, Dolby Vision, and 

colour calibration, enhancing usability 

and reducing strain during extended use. 

Lenovo’s ThinkPad P1 Gen 7 mobile 

workstation represents a significant 

leap forward in AI-ready computing. 

With its powerful internals, innovative 

design features, and tailored capabilities 

for AI workflows, it promises to 

redefine productivity and efficiency for 

professionals across various industries. 


Wheels 

McLaren Artura Spider 

McLaren has introduced the 

Artura Spider, a convertible 

supercar featuring a hybrid 

powertrain and serving as the second 

model in the Artura lineup. This 

marks McLaren’s inaugural venture 

into hybrid convertibles, equipped 

with an enhanced iteration of the 

120-degree 3.0-litre V-6 engine paired 

with an electric motor, a configuration 

initially introduced in the coupe variant 

last year. 

Acceleration figures are impressive, 

with the Artura Spider capable of 

sprinting from 0 to 60 mph in just 

3.0 seconds and reaching 124 mph in 

8.4 seconds, all while boasting a top 

speed of 205 mph. Enhanced torque 

delivery is achieved through revised 

engine mapping, while a new “pre-fill” 

feature in the gearbox promises faster 

shift speeds. 

McLaren has implemented hardware 

upgrades to improve handling, including 

new mounts to better control the 

powertrain within the chassis, resulting 

in enhanced stability, steering feel, and 

overall handling dynamics. Additionally, 

revised damper valving ensures quicker 

responsiveness. 


Specifications 

Torque: 720 Nm 

Horsepower: 691 hp 

Acceleration: 0-60 in 3.0 seconds 

In terms of braking performance, the 

Artura now features carbon-ceramic 

brake rotors paired with lightweight 

aluminium callipers and improved 

cooling ducts, allowing for shorter 

stopping distances. McLaren claims 

the Artura can halt from 62 mph in just 

102 feet, a significant improvement 

over previous models. 

The interior of the Artura Spider 

remains largely unchanged from the 

coupe variant, featuring a minimalist 

design with a focus on driving essentials. 

Optional wireless charging and 

advanced driver assistance features 

such as lane-departure warning and 

road sign recognition are now available. 

Customers can also opt for new carbonfibre 

trim add-ons to further personalise 

their vehicles. 

On the exterior, the Artura Spider 

boasts an electrically operated hardtop 

that retracts in just 11 seconds, revealing 

a sleek and aerodynamic profile. The 

drop-top design required the addition 

of new buttresses, contributing to 

improved rear visibility and airflow 

management. 

Despite having the convertible 

mechanism, McLaren has managed to 

keep the weight penalty minimal, with 

the Spider weighing just 136 pounds 

more than the coupe variant. This is 

made possible by McLaren’s Carbon 

Lightweight Architecture, ensuring 

the Spider maintains the same level 

of rigidity as its coupe counterpart. 

Pricing for the Artura Spider starts 

at $281,008, while the coupe variant is 

priced at $256,308. Existing owners of 

2023 and 2024 models will also have 

the opportunity to receive the upgraded 

engine performance at no additional 

cost through their local McLaren dealer. 


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Energy News 

DEWA’s Digital Services Save Customers AED 470M in 2023 

DEWA’s transformative “Services 

360” policy has propelled digital 

service adoption rates to 

an impressive 99.2%, translating into 

substantial savings of AED 470M for 

customers in 2023. This pioneering 

initiative delivered significant cost 

benefits and contributed to DEWA’s own 

savings, amounting to AED 35M, while 

averting a substantial 41,470 tonnes of 

carbon emissions. Furthermore, the 

policy’s emphasis on automation has 

resulted in a remarkable achievement 

rate, enhancing operational efficiency 

across the board. Saeed Mohammed Al 

Tayer, DEWA’s MD and CEO, commended 

the organisation’s remarkable success 

in implementing the “Services 360” 

approach, with 15 out of 22 services 

surpassing targets by an impressive 

margin, exceeding 300% of the initial 

phase’s objectives for 2023. This policy 

serves as a blueprint for government 

departments in Dubai and embodies 

the core ethos of providing seamless, 

proactive, and customer-centric services. 

Ras Al Khaimah Set 

to Host $3.2 Billion 

Battery Gigafactory 

Ras Al Khaimah is set to host a 

groundbreaking battery cell 

gigafactory, with US-based Statevolt 

announcing an astonishing $3.2B 

investment. The project, situated across 

60 hectares in Al Ghail Industrial Park in 

RAKEZ, is poised to generate up to 2,500 

direct job opportunities, catalysing significant 

economic growth in the region. This 

initiative aligns with the UAE’s strategic 

vision to lead in green technology and 

energy transition, enhancing its position 

in sustainable industrial development. 

Statevolt Emirates will adopt a modular 

design approach, expediting market entry 

and enabling production diversification 

based on technology readiness. Initially 

focusing on semi-solid state battery 

cells, the factory plans to transition to 

solid-state cells as capacity expands. 

The first production line is set to be 

operational by the end of 2026. 

Saudi Arabia Poised to Lead Global Clean Energy 

Shift, AI Predicts Alat CEO 

Saudi Arabia’s $266B investment 

in energy infrastructure aims to 

support the global transition to 

clean energy. However, the CEO of 

Alat, a company backed by the Public 

Investment Fund (PIF), highlights a 

critical gap in grid capacity for powering 

everyday Artificial Intelligence (AI) 

applications. Amit Midha emphasises 

the exponential rise in AI’s power requirements, 

indicating its pivotal role 

in future endeavours. Alat focuses on 

sustainable manufacturing solutions, 

leveraging clean energy resources 

within the Kingdom. Midha stresses the 

necessity of clean energy infrastructure 

to fuel AI-driven innovations is crucial 

for serving humanity’s evolving needs. 

Alat’s strategic partnership with NEOM 

and its investment in sustainable technology 

manufacturing underscores its 

commitment to meeting global energy 

demands while fostering innovation. 

Saudi Aramco Expands Fadhili Gas Plant with 

$7.7B EPC Contracts 

Saudi Aramco, a global energy and 

chemicals leader, has awarded 

$7.7B in engineering, procurement, 

and construction (EPC) contracts 

for the extensive expansion of 

the Fadhili Gas Plant in Saudi Arabia’s 

Eastern Province. This initiative aims 

to boost the plant’s processing capacity 

from 2.5 to potentially 4B standard cubic 

feet per day (bscfd). With a target 

to increase capacity by 1.5 bscfd, the 

project aligns with Saudi Aramco’s 

strategy to elevate gas production by 

over 60 per cent by 2030 compared 

to 2021. Scheduled for completion by 

November 2027, the expansion will 

also augment sulphur production by an 

additional 2,300 metric tons per day. 

Wail Al Jaafari, Aramco’s executive 

vice president of Technical Services, 

highlights the contracts’ significance 

in enhancing natural gas supplies, reducing 

greenhouse gas emissions, and 

enabling greater allocation of crude oil 

for value-added refining and export. 


Energy News 

ADNOC Gas Shareholders Approve $3.25B Dividend for 2023 

ADNOC Gas and its subsidiaries 

held their inaugural annual general 

meeting after the milestone 

initial public offering (IPO) in March 

2023. Shareholders approved a $3.25B 

dividend for 2023, with $1.625B already 

paid in December 2023 and another 

due in Q2 2024. In 2023, ADNOC Gas 

reported revenues of $22.7B and net 

income of $4.7B. The share price rose 

by 30 per cent post-IPO, pushing market 

capitalisation to $65B, ranking it among 

the top 20 global oil and gas entities. 

Shareholders enjoyed a 35 per cent total 

return in 2023 and anticipate a 5 per 

cent annual dividend increase for the 

next four years. ADNOC Gas plans to 

grow its global presence, earmarking 

$4.9B to expand processing capacity 

and increase sales volumes by up to 20 

per cent, while strategic LNG export 

agreements worth up to $12B highlight 

its commitment to meet growing demand. 

The company is poised to make 

substantial profits in the future. 

UAE secured 44.1% of Japan’s crude oil needs 

The UAE emerged as a significant 

contributor to Japan’s energy 

security, supplying 44.1% of its 

crude oil needs, totalling 31.3 million 

barrels. Japan’s total crude oil imports 

for the month reached around 71 million 

barrels, with a substantial 96.7% 

originating from five Arab countries: 

the UAE, Saudi Arabia, Qatar, Kuwait, 

and Oman. These insights, provided by 

the Agency for Natural Resources and 

Energy in Tokyo, which operates under 

the Japanese Ministry of Economy, 

Trade, and Industry, underscore the 

critical role of Arab nations in Japan’s 

energy landscape. Such partnerships 

highlight the mutual benefits of cooperation 

between Japan and oil-producing 

countries in the Arab region, ensuring 

stability and reliability in global energy 

markets. 

Atvos, Backed by Mubadala, Plans $69M 

Biomethane Plant in Brazil 

Atvos, a leading biofuel producer 

in Brazil, announced plans to 

construct a biomethane plant 

in Mato Grosso do Sul, with a capacity 

of 28 million cubic metres per crop 

cycle. This facility, costing over $69M 

(350M Brazilian real), marks Atvos’ 

first venture utilising sugar cane waste. 

Supported by Mubadala Capital, the 

plant will be located in Nova Alvorada 

do Sul, adjacent to Atvos’ existing 

ethanol factory. Utilising vinasse and 

filter cake waste, Atvos aims to tap 

into the renewable natural gas market, 

catering to increasing demand. 

CEO Bruno Serapiao highlighted the 

project’s contribution to the circular 

economy, emphasising the shift towards 

renewable energy sources. Pending 

engineering analysis, construction is 

slated to commence this year, with 

biomethane offering a sustainable alternative 

to fossil fuels, particularly in 

remote regions lacking gas pipelines. 

DEWA Guarantees 

Sustainable Energy 

Future for Dubai 

DEWA is at the forefront of sustainable 

energy innovation in Dubai, 

ensuring top-tier electricity 

services while prioritising availability, 

reliability, and quality. Employing stateof-the-art 

technologies like smart grids, 

AI, blockchain, and IoT, DEWA manages 

facilities efficiently through its Space-D 

program and integrates energy sources 

seamlessly. CEO Saeed Mohammed Al 

Tayer underscores DEWA’s commitment 

to global sustainability targets, digital 

leadership, and clean energy initiatives. 

These endeavours align with the leadership’s 

vision for secure, sustainable 

development. DEWA’s strategy aims 

for global leadership in sustainability 

and innovation, with a Net-Zero target 

by 2050. Pioneering projects include 

diverse clean energy sources like PV 

panels, concentrated solar energy, and 

green hydrogen production. Notable 

initiatives include the world’s largest 

energy storage capacity at the Mohammed 

bin Rashid Al Maktoum Solar Park 

and a pumped-storage hydroelectric 

power plant in Hatta, ensuring roundthe-clock 

energy availability. 


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CONTACT 

Invite Chinese Buyers to Your 

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Seal the Deal Here! 

Dubai, UAE 

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Alexander Glos 

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Min Xu 

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Amine Oumlik 

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Hunter Cheung 

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Merger and Acquisition 

Source: pexels.com 

The TMT sector is expected to witness significant M&A activity in 2024. 

How Economic 

Diversification is 

Driving M&A Growth 

in the GCC 

Fuelled by energy transition and digitalisation 

trends, M&A activity in the GCC is expected to 

stay strong. 

The GCC region is poised for a dynamic 

mergers and acquisitions (M&A) landscape 

in 2024, driven by strong economic 

fundamentals, pro-investor business 

regulations, and ambitious government 

transformation agendas. Traditionally 

reliant on hydrocarbon revenues, GCC 

nations are actively seeking to broaden 

their economic bases, and this ambition 

is catalysing a surge in M&A across the 

region. Despite facing global macroeconomic 

and financial headwinds in 2023, the 

region’s M&A activity remains resilient, 

underscored by the intensifying economic 

diversification efforts and the burgeoning 

non-oil sectors. Analysts at PwC and EY 

foresee a strong deal-making environment 

in the region propelled by rising private 

sector participation and vibrant capital 

markets activity. 


Resilient M&A Activity Amid 

Global Challenges 

The MENA region demonstrated a 

steady M&A market in 2023, with total 

deal value reaching $86 billion, marking 

a 4.0% increase from the previous year. 

The GCC accounted for a significant 

portion of this, with 565 deals valued 

at $83.2 billion. The UAE reported the 

region’s largest M&A deal of the year: 

the acquisition of Univar Solutions by 

Apollo Global Management and Abu 

Dhabi Investment Authority (Adia) for 

$8.2 billion. This was followed by the 

$4.9 billion acquisition of US mobile 

games developer Scopely by PIF-owned 

Savvy Games Group, and the $4.7 billion 

acquisition of the UAE’s Cent Holding by 

Blackstone and Adia. 

Key Drivers of M&A Growth 

Economic Diversification and Government 

Reforms: The GCC’s strategic 

agendas, particularly in the UAE and Saudi 

Arabia, are key drivers of M&A growth. 

Saudi Arabia’s Vision 2030 and the UAE’s 

ongoing efforts to diversify away from 

oil dependency have spurred significant 

deal-making activity. Romil Radia, PwC’s 

regional deals Clients & Markets leader, 

emphasised that economic diversification 

goals, decarbonisation, and a focus on 

localisation and value creation will be 

major themes in 2024. 

Technological Disruption and Digital 

Transformation: 

The impact of global megatrends, 

including technological disruption and 

climate change, will continue to drive 

investment in the region. Areas such 

as cybersecurity, cloud computing, 

and e-commerce are well-positioned 

to attract substantial investments. The 

Middle East’s active adoption of advanced 

technologies, including Gen AI, further 

accelerates this trend, with countries like 

Saudi Arabia, UAE, Qatar, and Bahrain 

leading the charge. 

Resilient Domestic & Cross-Border Deals: 

In 2023, domestic deals dominated the 

region in terms of volume at 49%, while 

cross-border M&As contributed to 72% 

of overall value. With companies seeking 

strategic advantages globally, cross-border 

deal value rose by 14% year-on-year, 

according to EY MENA M&A Insights. 

Sector-Specific Highlights: 

Technology, Media & Telecommunications 

(TMT): 

The TMT sector is expected to witness 

significant M&A activity in 2024, driven 

by the region’s digital revolution and 

the increasing adoption of advanced 

technologies. 

Energy, Utilities & Resources: 

The energy sector, particularly green 

deals related to decarbonisation and 

renewable energy, remains a focal point 

for investors aiming to align with global 

sustainability goals. 

Healthcare and Financial Services: 

These sectors continue to attract 

substantial investments due to their 

critical role in supporting economic 

diversification and improving the quality 

of life in the region. 

Country-Specific Insights: 

United Arab Emirates: The UAE’s business-friendly 

regulations and streamlined 

legal framework have bolstered its M&A 

market. Despite a slight decline in deal 

volume in 2023, the country’s sovereign 

wealth funds remain active, investing in 

forward-looking sectors both domestically 

and internationally. 

Saudi Arabia: 

The Kingdom’s commitment to Vision 

2030 has led to expanded activity in nonoil 

private sectors such as infrastructure, 

industrial manufacturing, and clean 

technology. New laws enacted in 2023 

aim to provide greater legal certainty 

and attract more investment. 

Egypt: 

Although Egypt experienced a significant 

decline in deal volume due to macroeconomic 

challenges, the devaluation of the 

Egyptian pound has shifted deal dynamics 

in favour of buyers, attracting investors 

to key sectors such as energy, healthcare, 

financial services, and tourism. 

Looking Ahead: Key Takeaways for 

Deal Makers 

Reinventing Business Models: 

Findings from PwC’s 27th Annual 

CEO Survey reveal that Middle East 

CEOs recognise the need to reinvent 

The Middle East’s M&A 

market has shown 

remarkable resilience, 

which has boosted 

investor confidence in 

the region” 

their businesses, with 73% anticipating 

significant changes in how their companies 

will generate, deliver, and capture 

value using Gen AI in the next three 

years. Dealmakers should proactively 

assess risks and opportunities to find 

new sources of value. 

Talent as a Key Value Driver: 

Leveraging emerging technologies 

and transforming business models will 

require a skilled workforce. CEOs are 

optimistic about job creation through 

Gen AI, emphasising the importance of 

skills development and education. 

Agility and Adaptability: 

In a competitive market, businesses 

need to swiftly transform and generate 

value. Gulf sovereign wealth funds have 

shown keen interest in technology and 

innovation-driven companies, infrastructure, 

and renewable energy sectors. These 

funds must continue to diversify investments 

and strengthen their domestic deal 

pipelines to propel economic growth and 

achieve decarbonisation goals. 

The GCC’s M&A market is set to thrive 

in 2024, supported by robust economic 

fundamentals, strategic government reforms, 

and an increasing focus on non-oil 

sectors. As the global macroeconomic 

environment stabilises, the region is likely 

to see a surge in deals and valuations. 

By focusing on economic diversification, 

digital transformation, and sustainable 

investments, the GCC will continue to 

attract significant investor interest and 

drive long-term growth. 


Merger and Acquisition News 

Gulf Tamin Acquires 13.85% Stake in Bahrain’s Arab Insurance Group 

Gulf Tamin Ltd, spearheaded by 

Lepercq, de Neuflize & Co, a New 

York-based financial firm, and 

Callaway Capital Management LLC, a 

US hedge fund, has acquired a 13.85% 

stake in Arab Insurance Group (ARIG). 

SICO BSC (c), a prominent GCC investment 

bank, provided advisory services 

to Gulf Tamin Ltd, with legal support 

from Trowers & Hamlins and Zu’bi 

and Partners. Wissam Haddad, Head of 

Invictus Investment 

Acquires Majority of 

Graderco 

Invictus Investment Company Plc 

(ADX: INVICTUS), a leading agro-food 

enterprise in the Middle East, Africa, 

and Asia, has finalised the acquisition 

of a 60% stake in Graderco and its 

subsidiaries from Zalar Holding. Graderco, 

a prominent grain and cereal trading firm 

in Morocco, boasted revenues of over 

AED 1.5B in 2023. Handling between 2.5 

and 3.0 million metric tonnes of grain 

annually for both human and animal 

consumption, it represents a substantial 

portion of Morocco’s imports. With 

Invictus Investment reporting revenues 

of AED 8.1B and 5.37 million metric 

tonnes in commodity transactions in 

2023, this acquisition is anticipated 

to drive approximately 20% growth 

in consolidated revenues for Invictus 

Investment over the nine-month postacquisition 

period in 2024. 

Investment Banking and Real Estate at 

SICO, expressed satisfaction with the 

successful completion of the acquisition, 

highlighting the collaboration with Gulf 

Tamin and its international shareholders. 

Daniel Freifeld, Director of Gulf Tamin 

Ltd, expressed optimism about the investment 

in ARIG, emphasising plans to 

collaborate with the board to revitalise 

the company’s underwriting business in 

Bahrain and the wider region. 

Acclime Boosts UAE Presence Through Local 

Acquisition 

Acclime, an Asia Pacific-focused 

professional services firm, has 

officially entered the UAE market 

by establishing an office in Dubai 

and acquiring local player MeiPro 

Corporate Services. Founded in 2019, 

Acclime specialises in corporate services, 

aiding businesses in market 

entry and formation setup, as well as 

providing ongoing accounting, tax, audit, 

and human resources outsourcing 

services. The acquisition of MeiPro 

Corporate Services marks Acclime’s 

formal entry into the UAE, although it 

has been serving UAE clients since 2022 

following its acquisition of OCRA, which 

had a Dubai team. MeiPro Corporate 

Services, now rebranded as Acclime 

brings its expertise in assisting clients 

with business setup and management 

in the UAE. Acclime’s UAE arm offers 

comprehensive services, including 

company incorporation, accounting, 

tax, and payroll, ensuring compliance 

with UAE regulations. 

ZainTECH Acquires AWS Partner ‘Citrus 

Consulting 

ZainTECH, the digital solutions 

provider of Zain Group, has finalised 

a Share Purchase Agreement with 

Redington to acquire Citrus Consulting, its 

Consulting and Transformation Services 

arm. This strategic move supports 

ZainTECH’s commitment to enabling 

regional customers to maximise returns 

from cloud technologies and expedite 

AWS investments. With a significant 

presence in the GCC, Citrus Consulting 

brings onboard nearly 30 AWS-certified 

engineers and a diverse client portfolio, 

fortifying ZainTECH’s cloud capabilities. 

The integration of Citrus Consulting into 

ZainTECH’s Cloud Center of Excellence 

(CCoE) for AWS enhances the company’s 

service offerings across advisory, managed 

services, application modernisation, 

data & AI, and FinOps. Andrew Hanna, 

CEO of ZainTECH, emphasised that the 

acquisition underscores their dedication 

to delivering comprehensive cloud-based 

solutions. 


TAQA in Talks with Naturgy Shareholders, Confirms Abu Dhabi Firm 

Abu Dhabi’s energy company 

TAQA has officially acknowledged 

ongoing discussions 

with the three largest shareholders 

of the Spanish energy firm Naturgy, 

a significant development indicating 

potential strategic moves in the energy 

sector. The shareholders under 

discussion include Criteria, a major 

stakeholder with 26.7% ownership and 

a significant presence in Caixabank, 

along with private equity giants GIP 

and CVC, each holding around 20% of 

Naturgy shares. TAQA has disclosed 

that negotiations are underway with 

GIP and CVC regarding the potential 

acquisition of their shares, emphasising 

that any such transaction would 

necessitate a comprehensive takeover 

bid for the entire capital of Naturgy. 

Furthermore, TAQA has revealed it 

is exploring a potential partnership 

agreement with criteria. 

Abu Dhabi Bank in 

Talks for $1.1B Stake 

in Indonesian Lender 

Abu Dhabi’s largest Islamic bank 

is reportedly in discussions to 

acquire a minority stake valued 

at approximately $1.1B in Bank Syariah 

Indonesia, the leading Islamic lender 

in Indonesia. This move aims to tap 

into the rapidly growing market for 

Islamic financial services in Southeast 

Asia. Sources familiar with the matter 

revealed that Abu Dhabi Islamic Bank 

(ADIB) is exploring the possibility of 

purchasing a 15% stake in Bank Syariah 

Indonesia (BSI) from Bank Rakyat Indonesia 

(BRI). However, both sources 

preferred to remain anonymous as they 

were not authorised to speak to the 

media. ADIB declined to provide any 

comment on the matter. In response 

to queries from Reuters, Gunawan 

Hartoyo, the corporate secretary of 

state-owned BSI, stated, “What we 

can say is that the information above 

is in the domain of our shareholders.” 

Abu Dhabi National Insurance Acquires 51% of 

Allianz Saudi Fransi Insurance 

Abu Dhabi National Insurance 

Co. (ADNIC) has completed 

the acquisition of a 51% stake 

in Allianz Saudi Fransi Cooperative 

Insurance Co., a listed insurer in Saudi 

Arabia, for 499M riyals ($133.1M). The 

deal concluded at a weighted average 

price of approximately AED15.97 per 

share, plus customary transaction expenses, 

was announced in a regulatory 

filing by ADNIC on Thursday. This move 

aligns with ADNIC’s strategic vision to 

expand its presence in the Saudi Arabian 

market. According to a recent report 

by Alpen Capital, the GCC insurance 

sector witnessed a surge in mergers 

and acquisitions (M&A) between 2021 

and 2023, with around 33 deals. Alpen 

Capital forecasts a growth rate of 5.8% 

for the Saudi insurance market between 

2023 and 2038. 

Budget Saudi Subsidiary Finalises Acquisition 

Deal in UAE 

United International Transportation 

Company, commonly 

known as Budget Saudi, has 

publicly disclosed that one of its subsidiary 

entities has recently finalised 

an agreement to acquire a substantial 

70% stake in the UAE-based subsidiary 

of Overseas Development Company. 

The acquisition deal, which was officially 

disclosed through a regulatory 

bourse filing, reportedly amounted to 

a significant sum of AED 13.34M. This 

strategic acquisition reflects Budget 

Saudi’s proactive expansion initiatives 

and underscores its strategic intent 

to fortify its market presence within 

the UAE region. Furthermore, this 

transaction seamlessly aligns with 

the overarching growth strategy of 

Budget Saudi, demonstrating the firm’s 

steadfast commitment to broadening its 

business horizons and diversifying its 

operational portfolio. It is worth noting 

that Budget Saudi recently achieved 

remarkable financial performance, 

with its net profits surging to SAR 

277.21M in 2023. 


Business 

In a strategic move, Bhavya Haulage 

announced today its acquisition of 

100% of the shares in Eagle Specialized 

Transport. This major transaction, 

facilitated by Synergy Fin. Consulting 

as the lead advisor, marks a significant 

expansion of Bhavya Haulage’s operational 

footprint across the United Arab 

Emirates, Saudi Arabia, and neighbouring 

countries. 

Deepak Bhagchandani, CEO of Bhavya 

Haulage, expressed enthusiasm about 

the acquisition, stating, 

Bhavya Haulage Secures 

full Ownership of Eagle 

Specialized Transport 

Bhavya Haulage’s acquisition of Eagle Specialized 

Transport, facilitated by Synergy Fin. Consulting, 

marks a major expansion in the UAE, Saudi Arabia, 

and neighboring countries. CEO Deepak Bhagchandani 

emphasized its significance in enhancing logistics 

solutions amid soaring demand. The deal, showcasing 

Synergy’s expertise, highlights abundant regional M&A 

opportunities, boosting Bhavya Haulage’s market 

presence and operational efficiency. 

Our expansion is 

accelerating, and 

acquiring Eagle 


is a pivotal step in our 

journey. We are thrilled 

to integrate Eagle 


into our growing network, 

enhancing our capacity 

to offer comprehensive 

and innovative logistics 

solutions across the 

region.” 

The acquisition comes at a time when 

the demand for integrated supply chain 

solutions is at an all-time high, driven 

by increased e-commerce activity and 

regional trade flows. Bhavya Haulage, 

known for its robust technology-driven 

logistics services, including trucking 

solutions, warehouse space, and sea & 

air freight options, is well-positioned to 

meet these growing demands. 


Manoj Sureka, Managing Partner of 

Synergy Fin. Consulting, highlighted the 

abundant opportunities for mergers and 

acquisitions in the region. 

We are delighted to 

lead this successful 

transaction, which not 

only fosters business 

growth but also 

strengthens the regional 

logistics infrastructure.” 

The formal signing ceremony, attended 

by Deepak Bhagchandani, CEO of 

Bhavya Haulage, Manoj Sureka, Managing 

Partner of Synergy Fin. Consulting, 

Thomas Gregory, CEO of Eagle Specialized 

Transport, and Lijo Ittoop, CEO of 

Prodigi Connect, alongside other team 

members, underscored the collaborative 

effort behind this deal. 

Bhavya Haulage’s approach to logistics 

is deeply rooted in technological innovation. 

Central monitoring of all movements, 

whether local or across the GCC 

and Levant regions, is carried out from 

their Dubai base. The company utilizes 

advanced systems for GPS tracking, fuel 

monitoring, and temperature control, 

ensuring efficient and secure logistics 

operations around the clock. 

This acquisition not only expands 

Bhavya Haulage’s service capabilities but 

also enhances its operational efficiencies 

and customer service offerings. As the 

company integrates Eagle Specialized 

Transport’s resources, it anticipates significant 

synergies that will drive further 

innovation and growth in the sector. 

Synergy Consulting continues to play 

a vital role in the region’s economic landscape, 

providing expert advisory services 

for fundraising, mergers and acquisitions, 

and joint ventures. This deal highlights 

their expertise in navigating complex 

transactions and their commitment to 

advancing the commercial and logistical 

capabilities of their clients. 

This strategic acquisition promises to 

enhance Bhavya Haulage’s market presence 

and fortify its position as a leader in 

the Middle East logistics and transport 

sector, paving the way for future growth 

and innovation. 


Special Report 

Futuristic Tech 

Shaping the Financial Realm of Tomorrow 

Omar Al 

Marzooqi 

CHIEF EXECUTIVE OFFICER 

AIQ 

Founded in 2020 as a joint venture between the Abu 

Dhabi National Oil Company (ADNOC) and Group 42 

(G42), it represents a significant leap forward in the 

integration of artificial intelligence (AI) within the energy 

sector. Under Omar Al Marzooqi’s leadership as CEO, AIQ 

is not merely a company but a catalyst for transformative 

change within the oil and gas industry. 

AIQ’s journey is marked by a commitment to innovation 

and collaboration. Al Marzooqi’s vision drives the company’s 

mission to harness AI’s potential to foster sustainability, 

efficiency, and profitability within the energy sector. With 

a keen focus on research and development (R&D), AIQ 

has emerged as a trailblazer in pioneering AI technology, 

evident through its strategic partnerships with private 

entities and local universities. 

The recent restructuring of AIQ’s shareholder structure, 

with Presight acquiring a majority stake, signifies a strategic 

move towards further expansion and innovation. This 

change augurs well for AIQ’s future endeavours in driving 

homegrown innovation and realising the UAE’s aspiration 

to become a global AI hub. 

AIQ’s product suite embodies its commitment to revolutionising 

the energy sector. AIQ Perform, with its focus 

on productivity enhancement through process control and 

optimisation, exemplifies the company’s dedication to 

operational excellence. Similarly, AIQ Protect leverages 

analytics techniques to monitor physical asset conditions, 

thereby enhancing safety and efficiency. 

Moreover, AIQ’s Sustain product suite underscores its 

commitment to sustainability. By offering cutting-edge 

applications for predictive support in carbon abatement 

initiatives, AIQ is at the forefront of addressing environmental 

challenges within the energy sector. 

Collaborations with industry leaders such as Halliburton 

further amplify AIQ’s impact. The successful launch 

of RoboWell, an AI-enabled Autonomous Well Control 

solution, exemplifies AIQ’s ability to deliver real-world 

solutions that drive operational efficiency and safety. 

AIQ’s contribution extends beyond technological innovation. 

The development of interactive visualisation dashboards 

underscores its commitment to empowering operators 

and production engineers with real-time insights, thereby 

facilitating continuous learning and knowledge transfer. 

AIQ’s innovations in AI technology also have significant 

implications for the financial realm. By enhancing operational 

efficiency, mitigating risks, generating revenue 

through sustainability initiatives, and attracting investment, 

AIQ plays a crucial role in shaping the financial future of 

the energy industry. 

In conclusion, AIQ stands as a testament to the transformative 

power of AI within the energy sector. Under Al 

Marzooqi’s visionary leadership, AIQ is shaping the financial 

realm of tomorrow while driving sustainable growth and 

innovation within the energy industry. 


Alef Education, under the leadership of Geoffrey 

Alphonso, has emerged as a pioneering force in 

the field of educational technology (EdTech), 

particularly in the MENA region. Since its inception in 

2016, the company has been committed to revolutionising 

K-12 education through AI-powered personalised learning. 

By leveraging cutting-edge technologies and innovative 

pedagogical frameworks rooted in data science, Alef 

Education seeks to democratise education and improve 

learning outcomes for students globally. 

One of the prominent features of Alef Education is the 

Alef Platform, a comprehensive suite of educational solutions 

designed to cater to the diverse needs of students 

and educators. Through personalised learning experiences, 

powered by artificial intelligence, the Alef Platform offers 

students the flexibility to learn at their own pace, anytime 

and anywhere. 

By preparing students for the jobs of the future, optimising 

operational efficiency, and driving revenue generation and 

investment, Alef Education is at the forefront of shaping 

the economic landscape of tomorrow’s knowledge-based 

economy. 

One of the key drivers of Alef Education’s success is 

its strategic partnerships with leading educational institutions 

and organisations. By collaborating with entities 

such as the Ministry of Education and MetaMetrics®, Alef 

Education has expanded its market reach and diversified 

its revenue streams. These partnerships not only enable 

Alef Education to deploy its AI-powered educational solutions 

on a larger scale but also position the company as a 

trusted provider of innovative educational technologies. 

In addition to market expansion and revenue generation, 

Alef Education’s focus on operational efficiency has 

significant implications for the financial realm. By streamlining 

processes such as curriculum design, assessment 

writing, and professional development, Alef Education 

helps educational institutions optimise their resources 

and reduce operational costs. This cost-saving potential is 

particularly attractive to schools and districts facing budget 

constraints, making Alef’s offerings financially appealing. 

Moreover, Alef Education’s track record of innovation 

and impact has positioned it as an attractive investment 

opportunity for stakeholders seeking exposure to the 

growing EdTech sector. With over 1 million students 

across multiple countries benefiting from its platforms, 

Alef Education has demonstrated its ability to deliver 

tangible results and drive positive educational outcomes. 

This track record of success has attracted investment from 

venture capitalists and private equity firms and fostered 

confidence among educators, parents, and students alike. 

Alef Education’s advancements in AI-powered personalised 

learning intersect with the financial realm in multiple 

ways. From market expansion and revenue generation to 

operational efficiency and investment attraction, Alef Education’s 

innovative approach to education has far-reaching 

implications for the financial future of education. As the 

company continues to grow and evolve, it is poised to 

play a pivotal role in shaping the financial landscape of 

the global education sector for years to come. 

Geoffrey 

Alphonso 




ALEF EDUCATION 





Hatem 

Dowidar 


ETISALAT 

Etisalat, the UAE’s state-owned telecommunications 

giant, has been a longstanding player in the region’s 

telecom sector since its establishment in 1976. While 

renowned for its extensive network infrastructure and vast 

subscriber base, Etisalat has increasingly garnered attention 

for its significant forays into artificial intelligence (AI), 

marking a pivotal shift towards future technology and its 

profound influence on the financial realm. 

In October 2023, under the supervision of CEO, Hatem 

Dowidar, Etisalat made headlines with the unveiling of 

‘EASE’ (Etisalat by e& Autonomous Store Experience), 

the world’s first autonomous telecom store powered by 

AI. This groundbreaking initiative harnesses a myriad of 

cutting-edge technologies, including AI, machine learning, 

facial recognition, and robotics, to revolutionise the retail 

sector in the UAE. By seamlessly integrating these technologies, 

Etisalat enables customers to enjoy a frictionless 

shopping experience, resulting in heightened convenience 

and speed, ultimately enhancing overall customer satisfaction 

and loyalty. 

Moreover, Etisalat’s strategic collaboration with Microsoft 

to co-innovate in the field of consumer voice 

assistants further underscores its visionary approach 

towards AI adoption. The introduction of the Consumer 

Assistant, developed using Microsoft Azure OpenAI Service, 

exemplifies Etisalat’s commitment to leveraging AI 

to enhance customer interactions and deliver personalised 

experiences. This not only augments customer engagement 

but also drives operational efficiency and cost savings, 

contributing to the company’s financial performance and 

competitiveness in the market. 

Furthermore, Etisalat’s strategic investment in NVIDIA 

H100 GPU clusters within its Oracle Cloud Infrastructure 

(OCI) Dedicated Region signifies its continued commitment 

to enhancing AI capabilities and fostering innovation across 

its product portfolio and business operations. By localising 

and developing cutting-edge AI services, Etisalat aims 

to elevate the standard of offerings, drive sustainability, 

and lower operational costs, thereby ensuring long-term 

financial viability and growth. 

In April 2024, Etisalat reaffirmed its dedication to AI-driven 

transformation with the release of a comprehensive 

whitepaper, titled “Unleashing the Power of AI,” offering 

insights into its strategic integration of AI use cases and 

machine learning models across operations. From network 

optimisation to sales and marketing, Etisalat’s holistic 

approach to AI deployment underscores its commitment 

to responsible AI transformation and supporting the UAE’s 

vision of becoming a global AI leader by 2031. 

Etisalat’s pioneering initiatives in AI underscore its 

role as a frontrunner in embracing future technology and 

shaping the financial realm of tomorrow. By leveraging 

AI to drive innovation, enhance customer experiences, 

and optimise operations, Etisalat is poised to redefine the 

telecom landscape and contribute significantly to economic 

growth and digital transformation in the UAE and beyond. 


Group 42 Holding Ltd, known as G42, stands as a 

beacon of Emirati innovation in the realm of artificial 

intelligence (AI). Established in 2018 and 

headquartered in Abu Dhabi, G42 has swiftly ascended to 

prominence, spearheading transformative initiatives that 

harness the potential of AI to address pressing societal 

challenges and drive economic progress. 

With Peng Xiao at the core as CEO, G42 has positioned 

itself as a pioneer in the AI landscape, leveraging its subsidiaries 

such as Core42, Presight AI Holding, Bayanat AI, 

Khazna Data Center Limited, and Injazat Data Systems 

LLC to advance its mission. 

At the centre of G42’s vision lies a commitment to harnessing 

AI as a force for good, transcending boundaries 

to unlock innovation and propel societies forward. With 

a focus on accelerating progress and addressing societal 

needs, G42 endeavours to push the boundaries of technological 

innovation, constantly reimagining the possibilities 

of AI to drive positive change. 

G42’s strategic investments and partnerships underscore 

its dedication to realising this vision. The investment in 

Analog, a pioneering edge computing company, exemplifies 

G42’s commitment to bridging the gap between potential 

and reality, with smart technology aimed at enhancing 

operational efficiency and connectivity across industries. 

Its collaboration with Microsoft in establishing MGX, 

a technology investment company, signifies a concerted 

effort to drive the advancement and adoption of AI and 

advanced technologies on a global scale. By focusing on AI 

infrastructure, semiconductors, and core AI technologies 

and applications, MGX aims to accelerate progress and 

innovation across diverse sectors, thereby shaping the 

future of technology. 

In addition to strategic investments, G42’s innovative 

solutions and products demonstrate its commitment to 

driving AI-driven transformation. The development of 

BoardNavigator, an AI board companion, and the collaboration 

with Cerebras Systems to build Condor Galaxy 3 

showcase G42’s dedication to pushing the boundaries of 

AI innovation. These initiatives demonstrate G42’s technical 

prowess and its commitment to delivering practical 

solutions that enhance decision-making processes and 

drive operational efficiency. 

Moreover, G42’s recent strategic investment by Microsoft 

further solidifies its position as a key player in the 

global AI landscape. This partnership will enable G42 to 

leverage Microsoft’s AI technologies and skilling initiatives 

to empower organisations worldwide, ensuring equitable 

access to advanced AI solutions while upholding the highest 

standards of safety and security. 

Overall, G42’s relentless pursuit of AI-driven innovation 

underscores its transformative potential in shaping the 

financial realm of tomorrow. As G42 continues to push 

the boundaries of AI innovation and collaboration, it is 

poised to drive economic growth, foster innovation, and 

empower societies to thrive in the digital age. 

Peng 

Xiao 




G42 





Naser 

Alyammahi 


HAYAT BIOTECH 

Hayat Biotech’s journey began in 2021, emerging as a 

beacon of innovation driven by a passion to redefine 

the future of life. Combining a rich medical legacy 

with cutting-edge expertise, the company embarked on a 

mission to revolutionise healthcare through the seamless 

integration of science and technology. 

Advancing scientific frontiers through clinical trials 

across the UAE, Hayat Biotech has successfully conducted 

eight clinical trials to date. Each trial is deployed through 

in-depth scientific and technology-based research and 

development, driven by the desire to rethink a better life 

for all humanity. 

The UAE’s cosmopolitan culture and access to a diverse 

population provide a unique advantage for these trials, 

allowing for a broad and inclusive participant base. This 

strategic positioning underscores Hayat Biotech’s commitment 

to advancing global healthcare standards. 

As a partner in science and life, Hayat Biotech offers 

pharmaceutical manufacturing amenities on a contractual 

basis for partners seeking to enhance their portfolios 

through a reliable supply chain consortium. 

The company’s state-of-the-art, purpose-driven manufacturing 

facilities are fully equipped to produce high-quality, 

export-grade solutions that impact society and reshape 

the future of healthcare. 

This capability is exemplified by the 4Humanity clinical 

trial, the world’s largest trial for inactivated COVID-19 vaccines. 

Inspired by UAE leadership’s vision and commitment 

to overcoming the pandemic, the 4Humanity trial involved 

over 44,000 volunteers from more than 128 nationalities. 

The company has also partnered with the Kenya BioVax 

Institute to support and strengthen Kenya’s healthcare 

infrastructure and services. This partnership aims to enhance 

innovation in vaccine research and development, 

technologies, and treatments to address public health 

challenges in Kenya. 

Hayat Biotech’s solutions encompass a wide range of 

biotechnological advancements. In the field of biologics, 

the company strengthens patient well-being through 

primary preventive medicine that drives immunisation 

and resistance. 

In diagnostics, Hayat Biotech improves medical accuracy 

through tailored treatments that increase efficiency and 

reliably differentiate diseases. The company also uncovers 

modern antibody and biotherapeutic solutions through 

innovative, science-based technology. Additionally, Hayat 

Biotech redefines cosmetic procedures through enhanced, 

high-quality medical aesthetic treatments. 

Hayat Biotech’s journey from inception to becoming 

a leader in biotechnological innovation offers valuable 

insights into how future technologies can transform the 

financial realm. 


Klaim, an award-winning fintech company headquartered 

in Abu Dhabi Global Market (ADGM) 

with offices in Dubai, Abu Dhabi, and Riyadh, has 

been revolutionising the healthcare industry since its 

inception in 2019. 

Cofounded by Ghafoor Ahmad and Karim Dakki, 

Klaim aims to address a critical financial bottleneck for 

healthcare providers by ensuring they have the necessary 

working capital to operate efficiently and serve patients 

effectively. This mission highlights the transformative 

potential of fintech in reshaping financial processes and 

service delivery within the healthcare sector. 

A significant issue in the healthcare industry is the 

delayed payment cycles of insurance claims. Regulations 

stipulate that accepted claims should be paid within 45 

days, but the typical cycle from submission to payment 

can take between 60 to 90 days, with insurers often taking 

up to 120 days to settle 90% of claims. This delay severely 

impacts the cash flow of healthcare facilities, hindering 

their ability to provide timely and quality care. Klaim’s innovative 

solution addresses this by ensuring that providers 

receive payments within 24 hours of claim submission, 

drastically reducing the waiting time from over a month 

to a single day. 

Klaim achieves this by combining claim purchasing with 

advanced software tools and expert services. Its platform 

leverages the latest in artificial intelligence (AI) and smart 

automation to streamline the claims process, providing 

healthcare providers with reliable and predictable cash 

flow. This not only stabilises financial operations but also 

boosts profitability without the need for loans or financing. 

By converting pending claims into working capital, Klaim 

empowers healthcare providers to focus on patient care 

rather than financial stress. 

Klaim’s impact is further amplified through strategic 

partnerships. Its collaboration with Dubai Healthcare 

City (DHCC) offers DHCC stakeholders and partners 

preferential access to Klaim’s proprietary platforms, 

enhancing performance, speeding up insurance claims 

processing, reducing staffing overheads, and improving 

patient experiences. Such partnerships illustrate how 

fintech solutions can drive efficiency and innovation in 

healthcare management on a larger scale. 

Additionally, Klaim has signed a memorandum of understanding 

with Tharwat Tuwaiq Financial Company to 

support small and medium-sized clinics by providing them 

with financial sustainability, thereby enhancing access to 

healthcare services. Another significant partnership with 

Emirates Development Bank (EDB) will launch a Healthcare 

Receivables Financing product aimed at supporting the 

financial stability of healthcare providers. This product, 

managed end-to-end by Klaim, offers low-risk, short-term 

working capital solutions, enabling providers to unlock 

their receivables faster and more efficiently. 

Klaim’s innovative approach underscores the broader trend 

of fintech driving significant changes in various sectors. 

Karim 

Dakki 



CO-FOUNDER AND CEO 

KLAIM 





Stefan 

Kimmel 


M2 TECHNOLOGIES 

Stefan Kimmel launched M2 Limited and M2 Custody 

Limited (M2) in October 2023 alongside co-founder 

Bijan Alizadeh Fard from Phoenix Group. 

M2 is regulated as a Multilateral Trading Facility (MTF) 

and Custodian by the Financial Services Regulatory Authority 

(FSRA) in the Abu Dhabi Global Market (ADGM). 

This UAE-based platform is designed to provide both 

institutional and retail clients with a secure, transparent, 

and user-friendly crypto investment experience, thereby 

reshaping the financial landscape with its innovative 

approach. 

M2 provides a strong digital asset platform that ensures 

trust and transparency by reporting all Virtual Asset activities 

to regulators and undergoing stringent internal and 

external audits. The platform’s commitment to regulatory 

compliance is evident in its adherence to the FSRA’s high 

standards, covering aspects such as consumer protection, 

technology governance, custody, and trading activities like 

market surveillance and transaction recording. 

M2 distinguishes itself with a diverse product lineup 

aimed at both retail and institutional investors. Key offerings 

include Spot Trading: Leveraging its MTF licence, M2 

allows users to trade confidently with access to a wide 

range of crypto assets Virtual Assets Custod: M2’s custodial 

wallets ensure the secure storage of virtual assets through 

offline solution. And AED to BTC & ETH Trading: This feature 

facilitates seamless trading between AED and major 

cryptocurrencies like Bitcoin and Ethereum, providing 

an efficient entry point into the digital currency market. 

A standout feature of M2 is its Earn product, which 

promises yields of up to 10.5% on Bitcoin and Ethereum. 

This is made possible through a strategic partnership with 

the Phoenix Group, which operates one of the world’s 

largest Bitcoin mining operations. This alliance not only 

offers investors substantial returns but also minimises 

counterparty risk and market volatility, making crypto 

investments more reliable. 

M2’s platform is designed with security and user experience 

in mind. It employs multiple layers of security 

measures, including hardware isolation and multi-party 

computation cryptography powered by Fireblocks, ensuring 

the safety of user funds. The platform’s security protocols 

undergo rigorous independent testing and auditing, further 

enhancing its reliability. 

Institutional-grade security is a cornerstone of M2’s operations. 

With licences from the Securities Commission of 

Bahamas (SCB) and the ADGM, M2 adheres to the highest 

security standards as a regulated digital asset custodian. 

The platform’s use of advanced encryption and multi-party 

computation eliminates single points of failure, protecting 

user assets from cyber-attacks and other threats. 

By providing a secure, transparent, and efficient platform, 

M2 is poised to become a leading player in the evolving 

world of digital finance. 


Founded in 2020, Realiste is a proptech startup that 

has rapidly expanded its footprint across the globe, 

specialising in AI-powered solutions for the real 

estate sector. 

Under the leadership of Anastasia Denisova, CEO of the 

MENA region, Realiste initially focused on markets in the 

UAE, Indonesia, and Saudi Arabia. With ambitious plans 

for global expansion, the company has aimed to establish 

a presence in 40 cities worldwide, launching in Jakarta 

earlier this year as part of this initiative. 

Realiste’s platform offers users the ability to view 

detailed information about apartments with just a few 

clicks, enabling easy comparison of property prices across 

different cities such as Dubai, Vienna, and Paris. 

The company’s patented AI technology provides accurate 

property forecasts and a sophisticated property grading 

system, making it easier for users to make informed decisions 

about where to live or invest. 

Despite the broad availability of fundamental freedoms 

like speech, travel, and remote work, knowledge and choice 

regarding residential real estate remain limited. Realiste 

seeks to address this gap by democratising access to 

comprehensive data and insights about global residential 

markets. This empowers users to make better decisions 

about their living situations and investments, potentially 

improving their overall quality of life. 

By analysing various parameters such as infrastructure 

developments, market dynamics, and large-scale projects, 

Realiste’s AI-driven tools can identify the most promising 

investment opportunities. These tools are designed to cater 

to a wide range of users, from institutional investors to 

private individuals, providing tailored insights that help 

optimise investment portfolios and assess market risks 

Realiste offers a suite of AI solutions tailored to different 

needs. For institutional investors, the platform provides 

data analysis, market trends, and risk assessments. Realtors 

can benefit from insights into property values, buyer 

preferences, and market trends. Private investors receive 

information on investment opportunities, future prices, 

and portfolio optimisation strategies. 

The company’s AI products include features like instant 

apartment value assessments, real-time market tracking, 

and a portfolio manager for tracking and modifying investments. 

The company’s latest growth phase has seen its reach 

extend to major European and American cities, including 

Paris, Miami, Los Angeles, San Francisco, Vienna, Berlin, 

and Munich. Realiste aspires to become the first real estate 

exchange to identify the most profitable market options, 

facilitate online purchases directly from developers, and 

manage all purchased assets in one centralised platform. 

By providing accessible, data-driven insights and tools, 

Realiste is set to redefine the financial landscape of real 

estate investments, making it easier for individuals to 

achieve financial success through smart real estate decisions. 

Anastasia 

Denisova 



CHIEF EXECUTIVE OFFICER - MENA 

REALISTE 





Dr. Abrar 

Abdulnabi 

HEAD OF AI 

SAAL.AI 

Founded in 2018 by Vikraman Poduval, Saal.ai is a 

pioneering AI company headquartered in Abu Dhabi, 

UAE. Dr. Abrar Abdulnabi currently leads the company’s 

AI division, steering its efforts towards revolutionising 

various sectors through cognitive AI applications. 

Saal.ai’s core focus areas include healthcare, financial 

services, and public services, where it aims to propel 

businesses into the digital era by harnessing the power of 

AI. The company envisions using AI to unlock exponential 

growth opportunities for humanity and foster compassionate 

and meaningful lives. 

The company’s mission is to engineer a revolutionary AI 

framework capable of transforming industries and making 

a positive impact on the world. Through its dynamic AI 

solutions and digital transformation technologies, it empowers 

industries and organisations to enhance efficiency, 

productivity, customer satisfaction, and sales. As part of 

its commitment to lead AI and digital transformation in 

the UAE, Saal.ai operates with a dedicated team of experts 

across various fields related to technology and AI. 

One of Saal.ai’s flagship products is DigiXT, a next-generation 

data platform that unifies big data, AI, and the 

cloud to enable new ways of working. DigiXT caters to 

organisations across various sectors, including public 

services, finance, insurance, manufacturing, retail, and 

media, providing comprehensive solutions for managing big 

data analytics and machine learning. With its innovative 5 

C Architecture, DigiXT offers a range of capabilities, from 

data engineering and ETL pipelines to object storage and 

distributed query engines. 

Saal.ai’s strategic partnerships with entities like the 

Department of Health (DoH) in Abu Dhabi, Independent 

Health Information Technology Services (inHealth), and 

Al Ain City Municipality underscore its commitment to 

driving innovation and collaboration in AI and data analysis. 

These partnerships aim to develop advanced AI solutions 

for healthcare, support smart city initiatives, and 

enhance operational efficiency across various sectors. 

As Saal.ai continues to make strides in AI innovation, its 

contributions to the global AI landscape are poised to 

create lasting positive impacts. 

In the realm of financial investments, Saal.ai’s AI-powered 

insights and predictive analytics offer valuable guidance 

for investors seeking to optimise their portfolios and 

maximise returns. 

By analysing vast amounts of market data and identifying 

emerging trends and opportunities, Saal.ai empowers 

investors to make informed decisions and capitalise on 

market movements effectively. 


Founded in 2020, Silal is led by CEO Salmeen Al Ameri. 

The company was established with the mission to 

diversify food sources and stimulate the agri-food 

sector through innovative and sustainable practices. As 

part of ADQ, one of the region’s largest holding companies, 

Silal has quickly emerged as a significant player in 

the UAE’s agricultural landscape. 

A key aspect of Silal’s approach is the support it provides 

to farmers. By introducing eco-friendly technologies and 

clean energy solutions, Silal aims to improve farming practices 

and increase yields. This commitment to innovation 

is further demonstrated through strategic partnerships 

and acquisitions that align with the company’s vision for 

growth and sustainability. 

The company has taken significant steps to utilise 

future tech to enhance the agricultural sector. In August 

2023, Silal introduced a high-tech vegetable nursery with 

an annual production capacity of eight million seedlings. 

This facility represents a significant advancement in local 

agricultural infrastructure, aiming to boost the production 

of high-quality seedlings and support sustainable farming 

practices. 

In September 2023, Silal launched a blockchain-powered 

traceability feature, allowing consumers to trace the lifecycle 

of products from farm to fork. This feature, accessible 

via the Silal App by scanning a QR code on Silal Fresh 

products, meets the highest transparency standards and 

assures users of the authenticity and quality of their food. 

Silal’s partnership with Bayer, announced in December 

2023, marks a pivotal step in addressing climate change 

and enhancing agricultural practices in the UAE. This 

collaboration focuses on advancing agricultural innovation 

and excellence under challenging climatic conditions. 

Leveraging Bayer’s BayG.A.P. capacity-building program, 

Silal aims to enhance the capabilities of local agronomists 

and promote best-in-class agricultural practices. 

Furthermore, Silal has entered into a strategic partnership 

with Khalifa University of Science and Technology 

to establish a joint Centre of Excellence in Agri-Robotics 

and Automation. This initiative aims to transform the 

agriculture sector through advancements in robotics and 

automation, enhancing efficiency and productivity in 

farming practices. 

Silal inaugurated an automated packhouse in Al Ain, 

spanning 12,000 square metres in a significant move. This 

state-of-the-art facility, with a capacity of 325 tonnes per 

day and capable of producing over 180,000 packs daily, 

highlights Silal’s commitment to quality, innovation, safety, 

and sustainability. 

Silal’s investment in cutting-edge infrastructure reflects 

its vision to lead economic development while catering 

to evolving consumer needs. Through these initiatives, 

Silal is playing a pivotal role in shaping the future of the 

agri-food sector, both in the UAE and beyond. 

Salmeen Al 

Ameri 




SILAL 


Wheels 

Bentley Batur 

C O N V E R T I B L E 


Specifications 

Torque: 1,000 Nm 

Horsepower: 740 hp 

Acceleration: 0-60 in 3.3 seconds 

Bentley Motors, in collaboration 

with its in-house bespoke division 

Mulliner, has unveiled the 

Batur Convertible, the latest addition 

to its eminent lineup of coachbuilt 

vehicles. Building upon the success of 

its predecessors, the Bacalar barchetta 

and Batur coupe, the Batur Convertible 

exemplifies Bentley’s commitment to 

crafting individualised cars tailored to 

the desires of its clientele. 

Drawing inspiration from Bentley’s 

rich heritage of open-cockpit cars, 

the Batur Convertible features a design 

that seamlessly blends elements 

from the Bacalar and Batur models 

while introducing the practicality of 

a convertible. The two-seater grand 

touring architecture allows Mulliner’s 

designers to create a ‘wraparound’ 

cockpit, emphasising the car’s dynamic 

and driver-focused nature. 

The convertible roof of the Batur 

Convertible can be deployed or stowed 

in just 19 seconds, transforming the 

coupe into an open-top grand tourer 

with ease. Behind the seats, a dramatic 

‘airbridge’ and tapered cowls pay 

homage to classic barchetta sports 

cars, while also providing a semi-enclosed 

luggage compartment for added 

convenience. 

Mulliner’s in-house design team collaborates 

closely with each customer to 

co-create a bespoke Batur Convertible, 

utilising a specially created visualiser 

tool to customise every aspect of the car, 

from the exterior paint and brightware 

to the interior materials and finishes. 

With virtually limitless customisation 

options, customers can create a car 

that reflects their individuality and 

personal taste. 

Under the hood, the Batur Convertible 

boasts Bentley’s iconic W12 

engine, hand - assembled to deliver 740 

horsepower and 1,000 Nm of torque. 

This powertrain, shared with its coupe 

counterpart, represents the pinnacle of 

Bentley’s engineering prowess and will 

be one of the last to feature the W12 

engine, making each Batur Convertible 

a truly exclusive and powerful machine. 

Production of the Batur Convertible 

will be limited to just 16 units, handcrafted 

over several months at Mulliner’s 

workshop in Bentley’s carbon-neutral 

factory in Crewe, England. Each car 

represents the culmination of Bentley’s 

craftsmanship and engineering excellence, 

making it a rare and coveted piece 

for discerning automotive enthusiasts. 

With its exquisite design, unparalleled 

performance, and meticulous 

attention to detail, the Bentley Batur 

Convertible stands as a testament to 

Mulliner’s legacy as the longest-standing 

coachbuilder in the world and Bentley’s 

unwavering commitment to luxury and 

exclusivity. 


Real Estate 


The global capital raised to support AI-powered Proptech soared to $4 billion. 

Is AI-Powered 

Proptech the New 

“Architect” of UAE’s 

Real Estate Industry? 

With over 500 companies developing AI-powered 

services, particularly for the real estate sector, AI 

is all set to exert the greatest influence. 

The trend of using technology in the real 

estate sector is no longer emerging; it 

has now become an integral part of the 

property industry. Over the past five years, 

the UAE has seen a surge in the launch 

of proptech platforms. The inclusion of 

artificial intelligence in these platforms 

is expected to elevate the sector to 

new heights. Recent reports highlight 

that Dubai’s residential segment experienced 

a 24.7 per cent annual growth 

in Q1 2024, with projections indicating 

continued positive growth in the coming 

years. Proptechs, primarily known 

for buying and selling properties, have 

significant potential for comprehensive 

firm management through the integration 

of artificial intelligence. 


Proptech companies are establishing 

a strong presence in the UAE real 

estate market, driven by a strong 

start-up ecosystem, government support, 

and high demand for smart solutions in 

one of the world’s most promising markets, 

according to a recent report. Over 

the past five years, proptech start-ups 

in the UAE have raised more than $100 

million in funding, as highlighted by 

Zoom Property Insights. The UAE hosts 

more than 55% of the over 200 proptech 

start-ups in the MENA region, and this 

number is expected to grow further. 

According to Grand View Research, 

the global AI market is anticipated to 

grow at a rate of 38 per cent by 2030, 

increasing from $93.5 billion in 2021 to 

$1.7 trillion. A significant portion of this 

growth is expected to come from the 

UAE, as the country aims to become a 

world leader in AI by 2031. 

Proptech has revolutionised the real 

estate industry, making it more accessible 

for both brokers and tenants alike. With 

the integration of technology, manual 

tasks for real estate brokers, especially 

in property sales, have been significantly 

reduced. What used to require extensive 

manual effort has now become as simple 

as a single touch, connecting brokers 

with potential buyers or renters. This 

streamlined process has transformed 

how properties are marketed and transacted, 

making the real estate market 

more efficient and approachable for 

everyone involved. 

“Proptech is now widely adopted 

across the whole real estate value chain, 

so we already had a solid foundation for 

incorporating AI technologies across 

the industry,” says Yuehan Wang, global 

research associate and lead for the JLL 

Global Technology Research Program. 

Artificial Intelligence’s Role in Shaping 

Proptech’s Future 

AI is poised to revolutionise the proptech 

industry by introducing a range of capabilities 

that enhance efficiency, improve 

decision-making, and offer personalised 

experiences. Through predictive analytics, 

AI can analyse vast amounts of data to 

predict market trends, property values, 

and investment opportunities, empowering 

investors and real estate professionals 

to make informed decisions. 

AI-powered tools streamline property 

management tasks such as maintenance 

scheduling, tenant communication, and 

lease management, while personalised 

customer experiences are facilitated 

through AI-driven recommendations 

and virtual assistants. Additionally, AI 

optimises energy usage, security systems, 

and other smart building technologies, 

leading to more efficient and sustainable 

buildings. 

Automated valuations, risk assessment, 

and fraud detection further enhance 

transaction processes, ensuring secure 

transactions and accurate property valuations. 

With AI’s integration into proptech, 

With AI, we can 

process extensive data, 

analyse market trends, 

and provide precise 

forecasts. Anastasia 

Denisova.” 

CEO at Realiste MENA 

the industry is on the cusp of significant 

transformation, promising increased 

efficiency, better decision-making, and 

enhanced experiences for stakeholders. 

Abu Dhabi’s Department of Municipalities 

and Transport launched two such 

platforms in partnership with the property 

developer Advanced Real Estate Services. 

Quanta: 

This platform focuses on leveraging 

artificial intelligence to make real estate 

data more accessible and actionable. By 

providing reports, dashboards, and comprehensive 

information on transactions, 

market performance, supply, and financing 

solutions, Quanta utilises AI algorithms to 

analyse and present data in a user-friendly 

format. This allows stakeholders such 

as investors, developers, and brokers 

to make informed decisions based on 

market trends and insights derived from 

AI-driven data analysis. 

Dari: 

Dari, on the other hand, is designed 

to address cybersecurity concerns and 

enhance consumer protection within the 

real estate sector. Through the integration 

of AI technologies, Dari helps guard 

consumers against scams, fake agents, 

and fraudulent online property listings. 

By leveraging AI for fraud detection 

and verification, Dari provides a secure 

environment for real estate transactions. 

Additionally, Dari serves as a comprehensive 

platform for investors, offering 

features such as property sales and leasing 

management, real estate dashboards, 

and agent reviews, all integrated into a 

single interface powered by AI-driven 

functionalities. 

Other platforms that have grown 

prominence in the UAE include Huspy, 

Property Finder · Nomad Homes, Keyper, 

Stake, Silkhaus, and more. These 

platforms demonstrate how AI can be 

utilised within the proptech sector to 

enhance data accessibility, cybersecurity, 

and operational efficiency, ultimately 

providing valuable tools and services 

for various stakeholders within the real 

estate industry. 

The UAE’s real estate industry is undergoing 

a transformation, with AI integration 

in proptech platforms emerging 

as the new “architect” of the sector. This 

shift is driven by technological advancements, 

government support, and market 

growth. The surge in proptech startups, 

coupled with substantial investments and 

initiatives aimed at becoming a global 

leader in AI, underscores the pivotal 

role of AI in shaping the future of real 

estate in the UAE. 


Real Estate News 

Lunate and Olayan Invest in Dubai’s ICD 

Brookfield Place 

Dubai’s sovereign wealth fund, Investment 

Corporation of Dubai, 

and Brookfield Corporation 

have sold a 49 per cent stake in ICD 

Brookfield Place (ICDBP), the emirate’s 

largest office tower. Abu Dhabi alternative 

investment fund Lunate and Saudi 

Arabia-based Olayan will each hold a 

24.5 per cent equity interest in ICDBP. 

This transaction marks the largest 

institutional third-party single-asset 

real estate deal in the UAE and one 

of the largest globally since 2020. 

Despite opening amid the pandemic 

in 2020, ICDBP has attracted global 

financial institutions, law firms, and 

multinational corporations, with rents 

soaring and occupancy levels nearing 

100 per cent. Khalid Al Bakhit, chairman 

of ICD Brookfield, lauds ICDBP as a 

major landmark and coveted address in 

Dubai. Real estate analysts anticipate 

continued strong rental growth, particularly 

for high-quality assets, due to 

limited available stock and pre-leased 

upcoming developments. 

Abu Dhabi Citizens Receive Over $500M in 

Housing Benefits 

Abu Dhabi has allocated over 

AED 2B ($500M) in housing 

benefits for its citizens, marking 

the first benefits package of the year. 

The assistance includes housing loans, 

ready-built houses, and residential 

land grants, benefiting 1,400 Emiratis. 

Furthermore, exemptions from housing 

loan payments exceeding AED 98M 

have been granted to senior citizens, 

retirees with low incomes, and families 

of deceased citizens, benefiting 95 

individuals. Mohamed Ali Al Shorafa, 

chairman of the Abu Dhabi Housing 

Authority, emphasises that this initiative 

aims to enhance citizens’ welfare, 

promote stability, and foster familial 

and social cohesion while advancing 

comprehensive development. Since 

its establishment in October 2012, 

the Abu Dhabi Housing Authority has 

disbursed housing benefits totalling 

more than AED 149B. Additionally, the 

government announced an AED 3.5B 

residential project for UAE citizens 

on Al Raha Beach, comprising over 

1,100 villas, through a public-private 

partnership. 

Foster + Partners Reveals Designs for Two New 

Marasi Bay Towers in UAE 

British architectural firm Foster + 

Partners has revealed the designs 

for two new residential towers, 

Vela and Vela Viento (Latin for sails 

and wind), as part of the Marasi Bay 

project by Dubai developer Omniyat. 

These towers, echoing the architectural 

style of The Lana, Dorchester 

Collection, Dubai, offer ultra-luxury 

waterfront living with direct access 

to the waterfront promenade and marina. 

Vela, rising 150 metres with 38 

residences, features penthouses and 

three- and four-bedroom properties 

with double-height living spaces, large 

private terraces, and L-shaped corner 

pools. Central penthouses provide 

360-degree views of the city, split over 

two levels with generous spaces and 

private pools. The towers are crowned 

by a Sky Palace, offering unparalleled 

city views and a triple-height private 

terrace, connected via a grand arrival 

gallery. 

Haus & haus Unveils 

Q1’s Top Dubai Real 

Estate Trends 

Haus & haus Real Estate’s Q1 

Dubai Market Reports unveil 

crucial insights for prospective 

movers, drawing from their expertise 

and data from Property Monitor and 

the Dubai Land Department. With 30 

community reports and an off-plan 

report, the analysis covers 27 areas, 

shedding light on emerging trends. 

Thomas Poulson, Sales Director, emphasises 

the reports’ significance in 

informing better decisions for clients 

navigating the dynamic real estate 

landscape. Key highlights include a 25% 

increase in total sales value and a 12% 

rise in total sales volume for secondary 

sales compared to Q1 2023. Jumeirah 

Islands, Jumeirah Park, and Sobha 

Hartland lead in average price per sq. ft 

for villa communities, while The Greens 

excels in apartment communities. Offplan 

sales thrive, accounting for 58% 

of total sales, with selected projects 

projecting up to 10% ROI, particularly 

in areas like Jumeirah Village Circle, 

Dubai Maritime City, and Business Bay. 

ROSHN Launches 

17,000-Person 

Community in Makkah 

Saudi Arabia’s ROSHN Group 

introduces ALMANAR, its fifth 

mixed-use community and inaugural 

project in Makkah. The initial 

phase will offer 4,149 residential units 

accommodating over 17,000 residents 

across 2.5 million square metres. Situated 

at Makkah’s western gateway, 

ALMANAR is strategically located 

between old and new expressways, 

providing easy access to Jeddah and 

the Holy Mosque. The community 

boasts a range of amenities, including 

a regional mall, commercial centres, a 

business park, and mosques. ROSHN 

presents various residential options, 

from townhouses to villas, emphasising 

sustainability and natural beauty 

with green spaces covering 12% of 

the footprint. Inspired by the Western 

Province’s heritage, ALMANAR’s 

architectural design features intricate 

details, fostering a harmonious blend 

of tradition and modernity. 


Qatar Implements 

Significant Reforms to 

Real Estate Laws 

Qatar introduces significant 

reforms to its real estate laws, 

including the implementation of 

digital real estate registration and the 

most substantial updates in six decades. 

Law No. (5) of 2024, issued by Sheikh 

Tamim bin Hamad Al-Thani, signifies 

a monumental leap in public services, 

introducing electronic registration for 

the first time. The Ministry of Justice 

highlights the law’s aim to enhance real 

estate registration services, aligning 

with the country’s comprehensive 

development goals. The legislation, 

comprising 55 articles, replaces the 

previous law in force for approximately 

60 years. These amendments encompass 

various aspects such as real estate 

registration services, record-keeping, 

documentation, adjudication of ownership 

rights, and the organisation of the 

Real Estate Registration Committee’s 

competencies. 

Abu Dhabi Off-Plan Sales Drop, Residential 

Market Falls to $1.6B in Q1 

Abu Dhabi’s real estate sector 

saw a surge in existing property 

sales during the first quarter of 

2024, as reported by Property Finder’s 

Market Watch digest. However, despite 

this growth in secondary sales, the 

overall residential market experienced 

a double-digit decline due to a drop in 

off-plan sales. Analysts noted fewer 

than 2,145 residential transactions 

in Q1, marking a significant decrease 

compared to the previous year. Unlike 

Q1 2023, which witnessed a high volume 

of off-plan transactions, Q1 2024 saw 

strong demand for existing projects in 

Abu Dhabi. The quarter recorded 814 

residential transactions, representing 

around 38% of the total transactions, 

compared to 27% in Q1 2023. This 

marked a notable 30% growth from 

the previous year, with existing/ready 

transaction value reaching AED 1.74B, 

contributing 29% to the total sales 

transactions value. 

Dubai South Awards $409M Construction Contract 

Dubai South unveils Phase Four 

of its residential community and 

awards a significant AED 1.5B 

($409M) contract for development. With 

heightened investor and buyer interest 

in South Bay, Dubai South Properties’ 

unique project, and the rapid sell-out 

of existing inventory, the developer 

fast-tracks the launch of Phase Four. 

Al Kharafi Construction Company is 

appointed to construct Phases 3, 4, 

and 5 in a contract worth AED 1.5B 

($409M). Phase Four, scheduled for 

completion in Q1 2027, will feature 

138 units including three-, four-, and 

five-bedroom villas, along with five- to 

seven-bedroom mansions. South Bay, 

situated in Dubai South’s Residential 

District near Expo Road, will offer over 

800 spacious villas and townhouses, 

more than 200 waterfront mansions, 

a 1km lagoon, waterfront promenade, 

cafes, beaches, clubhouse, fitness centres, 

parks, shopping mall, spa, kids’ 

clubs, waterparks, swimming pools, 

and a lake park. 

Dubai Real Estate: AED148M Property Sale Marks Top Villa Transaction in 2024 

A 

historic real estate deal unfolds 

in Dubai as an AED 148M villa in 

Emirates Hills changes hands, 

marking the fourth-highest villa sale in 

the area. Brokered by Dubai Sotheby’s 

International Realty, this transaction 

now holds the title for the third most 

expensive villa sold in Dubai this year. 

Nestled in the prestigious Emirates Hills 

enclave, the expansive 19-bedroom villa 

spans 80,000 sq. ft. of land and 55,700 

sq. ft. of living space, ranking among 

the city’s largest residential properties. 

Mr George Azar, CEO and Chairman of 

Dubai Sotheby’s International Realty 

hails the sale as a testament to the pinnacle 

of luxury real estate transactions 

in Dubai, setting new standards in the 

prime property sector. Emirates Hills, 

renowned for its opulent villas, boasts 

a minimum sales price of AED 11M and 

extends to over AED 100M for premium 

offerings, according to Bayut. 


Interview 

Insider’s Perspective: Vishal 

Parmar on the Genesis of the 

Global AI Show 


In an exclusive interview with Finance World Magazine, Vishal Parmar, the 

Founder of Global Blockchain Show, Global AI Show, and VAP Group, delves 

into the transformative impact of AI and ML in today’s business ecosystem. 

Parmar underscores the critical significance of events like the Global AI Show in 

steering the future trajectory of industries on a global scale. 

Exclusive to Finance World Magazine 

Q. Can you share with us the inspiration 

behind launching the Global 

AI Show and what motivated you to 

delve into the realm of AI and ML? 

When I started my entrepreneurial 

journey at the age of 19, my vision was 

to shape the future of business. We 

initially ventured into digital marketing 

and later expanded into recruitment 

services and the media industry. Witnessing 

the growth and potential of 

emerging technologies like artificial 

intelligence inspired me to enter the 

events and conferences domain. Mark 

Zuckerberg’s journey deeply resonated 

with my vision, prompting me to 

prioritise practical experience over 

traditional education. Our ethos of 

challenging norms stems from these 

personal experiences. I firmly believe 

in adaptability and foresight. Our transition 

from digital marketing, recruitment, 

and media services to events 

and conferences was a strategic move 

driven by our commitment to staying 

ahead of the curve. 

Our journey, especially during challenging 

times such as the COVID-19 

pandemic, has significantly influenced 

our path toward creating large-scale 

events like the Global AI Show. Facing 

adversity, such as budget constraints 

and shifting client priorities, refined 

our ability to innovate and find creative 

solutions. At VAP Group, we understand 

the importance of thinking innovatively 

to overcome challenges, particularly in 

an ever-changing industry like events. 

Our dedication to excellence and pushing 

boundaries has been pivotal in 

developing these events. Driven by a 

shared vision, we aim to create impactful 

experiences on emerging technologies 

such as AI that not only educate and 

inspire but also leave a lasting impact 

on the industries we serve. 

Q. How do you envision the Global 

AI Show contributing to the advancement 

and adoption of AI and 

ML technologies on a global scale? 

I envisioned the Global AI Show as a 

catalyst for advancing and promoting 

AI and ML technologies worldwide. One 

of the highlights was the presence of 

Sophia, the world’s first AI humanoid 

robot and the Official Ambassador of 

the Global AI Show. Visitors had the 

unique opportunity to witness Sophia 

in action, showcasing human-like emotions 

and engaging in conversations. 

The event focused on various themes, 

such as AI in Healthcare, shedding light 

on the latest advancements powered 

by AI in the healthcare sector. 

Attendees also had an exclusive sneak 

peek into Jamie Metzl’s upcoming book, 

“Superconvergence: How the Genetics, 

Biotech, and AI Revolutions Will Transform 

our Lives, Work, and World,” which 

is yet to be launched. With esteemed 

speakers like H.E. Dr Mohamed Al Kuwaiti, 

Head of Cyber Security, United 

Arab Emirates Government; Dr Divya 

Chander, MD, PhD, Neuroscientist, 

Physician, Medical Futurist; Dr Ebrahim 

Al Alkeem Al Zaabi, Director Digital 

Transformation - CyberSecurity - AI 

Expert, Government of Abu Dhabi; 

Paul Bloch, President & Co-Founder 

of DDN, among others, the Global AI 

Show provided profound insights into 

artificial intelligence, its innovations, 

and global developments. The goal was 

to influence attendees and enrich their 

understanding and awareness of AI’s 

impact on various industries. 

Q. In your experience, what are 

some key trends and developments 

shaping the future of Artificial 

Intelligence? 

In my experience, several key trends 

and developments are shaping the future 

of Artificial Intelligence. One significant 

trend is the increasing integration of 

AI into various industries and sectors, 

such as healthcare, finance, transportation, 

and manufacturing. This integration 

is leading to the creation of 

smarter systems and processes that 

enhance efficiency, productivity, and 

decision-making. 

Another important development is 

the advancement of machine learning 

algorithms and techniques, particularly 

deep learning. These advancements are 

enabling AI systems to analyse vast 

amounts of data, recognise patterns, 

and make predictions with unprecedented 

accuracy. 

There’s also a growing emphasis on 


Interview 

ethical AI and responsible AI development. 

As AI technologies become more 

pervasive, there’s a need to ensure that 

they are developed and deployed in a 

manner that is fair, transparent, and 

respects privacy and human rights. 

This was one of the key topics discussed 

at the Global AI Show which 

took place on April 16 and 17 at the 

Grand Hyatt in Dubai. Interdisciplinary 

collaborations between AI researchers, 

engineers, policymakers, and ethicists 

are becoming increasingly important. 

These collaborations foster innovation, 

address societal challenges, and ensure 

that AI technologies are developed and 

deployed in ways that benefit society 

as a whole. 

Q. As someone who has navigated 

the entrepreneurial landscape successfully, 

what advice would you 

give to SMEs looking to embark 

on their AI and ML journey? 

I’d advise SMEs venturing into the 

realm of AI and ML to start with a 

clear understanding of their business 

objectives and how these technologies 

can support them. It’s crucial to identify 

specific use cases where AI and ML 

can provide tangible benefits, whether 

it’s enhancing operational efficiency, 

improving customer experience, or 

opening up new revenue streams. 

Building a strong foundation in data 

infrastructure and governance is 

essential, as high-quality data is the 

backbone of effective AI initiatives. 

Rather than attempting complex projects 

all at once, starting with smaller, 

more manageable initiatives allows for 

quicker learning and iteration while 

minimising risk. Encouraging a culture 

of experimentation and learning within 

the organisation is key, as is seeking 

external expertise and partnerships 

when necessary. 

Prioritising ethical considerations 

and responsible AI development is 

paramount to ensure alignment with 

ethical principles and mitigate potential 

risks. Finally, staying informed about 

the latest trends and best practices in 

AI and ML is crucial for ongoing success 

in leveraging these transformative 

technologies. 

Q. In what ways does the Global 

AI Show cater to the needs and 

interests of finance professionals, 

investors, and entrepreneurs 

seeking to capitalise on AI-driven 

opportunities and stay ahead of 

market trends? 

The Global AI Show served as a pivotal 

platform for finance professionals, 

investors, and entrepreneurs aiming 

to seize AI-driven opportunities and 

maintain a competitive edge in dynamic 

markets in various ways. 

Firstly, the event offered tailored 

content such as keynote speeches, 

panel discussions, and interviews, delivering 

cutting-edge insights into AI 

applications relevant to finance, investment, 

and entrepreneurship. Secondly, 

extensive networking opportunities at 

the Global AI Show enabled attendees 

to forge valuable connections with 

industry leaders, potential partners, 

and innovative startups, facilitating 

collaboration and investment. The show 

also provided exposure to state-of-theart 

AI solutions across diverse industries, 

equipping participants with the 

knowledge to leverage AI for enhanced 

decision-making and strategic growth. 

Additionally, the event addressed 

regulatory considerations and ethical 

implications, ensuring attendees stayed 

compliant and ethically aligned while 

harnessing AI technologies. Thought 

leadership sessions delivered forward-thinking 

perspectives on emerging 

trends and best practices, empowering 

attendees to anticipate market shifts 

and position themselves for success 

in the rapidly evolving AI landscape. 

Overall, the Global AI Show offered a 

comprehensive platform that catered 

to the diverse needs and interests of 

finance professionals, investors, and 

entrepreneurs navigating the AI-driven 

ecosystem. 

Q. Looking ahead, what role do you 

envision the Global AI Show playing 

in facilitating partnerships and 

collaborations between AI startups, 

established enterprises, financial 

institutions, and investors to drive 

economic growth and innovation? 

We are thrilled with the incredible 

response we’ve received for the Global 

AI Show. The enthusiasm we’ve witnessed 

highlights the significant growth 

potential we are harnessing. We wish to 

continue this momentum by encouraging 

and facilitating partnerships between 

established enterprises as well as AI 

startups. As the premier platform for 

AI enthusiasts and professionals, the 

Global AI Show enabled startups to 

showcase their innovative AI solutions 

to potential investors and partners, 

accelerating their growth trajectory 

and market penetration. 

Established enterprises and financial 

institutions, on the other hand, had the 

opportunity to discover cutting-edge AI 

technologies that could enhance their 

operations, improve efficiency, and 

drive business transformation. Through 

collaborative initiatives and joint ventures 

initiated at the show, participants 

harnessed the transformative power 

of AI to address pressing challenges, 

unlock new revenue streams, and fuel 

economic prosperity. 

Ultimately, the Global AI Show acted 

as a catalyst for cross-sectoral collaboration 

and innovation, driving forward 

the global AI ecosystem and shaping 

the future of industries worldwide. 


Funding & Investment News 

Microsoft Pours $1.5B 

into UAE’s G42 AI Firm 

Microsoft’s injection of $1.5B 

into Abu Dhabi-based AI firm 

G42 highlights the UAE’s rising 

prominence in the AI sector. This investment 

strengthens the longstanding 

collaboration between the two entities 

in AI and digital transformation endeavours. 

G42 will leverage Microsoft 

Azure to deploy its AI applications 

and services, focusing on delivering 

advanced solutions to global public 

sector clients and large enterprises. 

Additionally, they aim to extend advanced 

AI and digital infrastructure 

to nations in the Middle East, Central 

Asia, and Africa, ensuring equitable 

access while prioritising security and 

privacy. Microsoft President Brad 

Smith will join the G42 board, and the 

partnership will establish a $1B fund 

to support AI developers, fostering 

innovation in the region. 

Oman Investment 

Authority Launches 

$5.2B ‘Future Fund 

Oman 

The Oman Investment Authority 

(OIA) has unveiled the ‘Future 

Fund Oman,’ initiating a $5.2B 

investment over five years to stimulate 

the nation’s economic progress and 

attract international investors. This 

initiative aims to collaborate with various 

investor sectors, including private 

enterprises, business owners, overseas 

investors, SMEs, and startups. Over the 

next five years, the Fund plans to invest 

around $1B annually, with 90 per cent 

of its resources designated for direct 

investments in new or existing largescale 

projects within Oman. Seven per 

cent of the fund will be allocated to 

supporting SMEs, while the remaining 3 

per cent will be earmarked for startup 

investments. With a focus on economic 

diversification, the Future Fund Oman 

aims to revitalise critical sectors such as 

tourism, manufacturing, green energy, 

fisheries, agriculture, ports and logistics, 

mining, and information and communication 

technologies. This initiative 

is expected to promote the country’s 

non-oil economy and providing a more 

sustainable environment in a long run. 

Saudi Foreign Minister: Riyadh Plans Major 

Investments in Pakistan 

Saudi Arabia’s Foreign Minister, 

Prince Faisal bin Farhan bin 

Abdullah, affirmed Riyadh’s commitment 

to substantial investments in 

Pakistan, following Islamabad’s announcement 

of a $5B investment pledge 

from the Kingdom. Leading a delegation 

on a two-day visit to Pakistan, Prince 

Faisal engaged in discussions aimed 

at bolstering economic cooperation 

between the two nations. Pakistani 

Finance Minister Ishaq Dar highlighted 

various sectors of interest to Saudi investors, 

including agriculture, mining, 

information technology, and aviation. 

Expressing confidence in the investment 

opportunities presented, Prince 

Faisal emphasised the significance 

of the briefed projects, indicating a 

strong intent to proceed with identified 

ventures. The visit builds upon recent 

discussions between Pakistani Prime 

Minister Shehbaz Sharif and Saudi 

Crown Prince Mohammed bin Salman, 

underscoring efforts to fortify economic 

ties amidst Pakistan’s pressing financial 

challenges. 

Saudi MODON Reports $3.9B Surge, 6,443 

Factories Established 

The Saudi Authority for Industrial 

Cities and Technology Zones 

(MODON) has unveiled its 2023 

annual report, showcasing remarkable 

strides in investment attraction, industrial 

infrastructure development, 

and sustainable industrial expansion, 

aligned with Saudi Vision 2030 goals. 

The report reveals a substantial SR 

14.45B ($3.9B) surge in cumulative 

investments throughout the year. Noteworthy 

is the 63 percent spike in new 

investments, with 891 local and foreign 

investments secured, particularly 

highlighting an 85 percent increase in 

foreign investments compared to 2022. 

MODON’s exceptional performance 

in investment attraction earned it the 

National Industrial Development and 

Logistics Program (NIDLP) Award, 

along with 34 other local, regional, and 

international accolades, underscoring 

its pivotal role in industrial and sustainable 

development initiatives. 

UAE Implements Rule Prohibiting Direct 

Investment in Foreign Funds 

The UAE’s Securities and Commodities 

Authority (SCA) recently 

enforced a regulation prohibiting 

onshore banks from promoting 

foreign funds to retail investors. Only 

funds registered with the SCA can 

be marketed to retail investors in 

the UAE. This regulation, issued in 

January last year, restricts funds and 

asset managers outside the UAE from 

publicly offering subscriptions in the 

country. However, certain professional 

investors, including federal or local 

governments, government bodies, and 

wholly-owned state-owned companies, 

can still invest in foreign funds, 

provided their investments exceed 

AED 500k, and meet specific financial 

criteria. Foreign residents can also 

subscribe to overseas funds through 

their offshore bank accounts. Alternative 

avenues for foreign fund managers 

include acquiring a fund management 

licence from the SCA to establish a 

local feeder fund. 


Dubai Investments Park Angola Inks Phase 1 Development Deal 

Dubai Investments Park (DIP) 

Angola has finalised a significant 

agreement with China Harbour 

Engineering Company Ltd (CHEC) for 

Phase 1A Infrastructure Development. 

As a prominent international civil engineering 

firm in Angola, CHEC will 

oversee various infrastructure projects 

aimed at establishing DIP Angola as 

a unique 2,000-hectare integrated 

mixed-use hub in Africa. Under the 

contract, CHEC will serve as the primary 

contractor for Phase 1A infrastructure 

works, including roadworks, storm 

sewer systems, water systems, and 

electrical systems, with a projected 

10-month duration, according to WAM. 

Omar Al Mesmar, General Manager of 

Dubai Investments Park, emphasised 

the importance of Phase 1A infrastructure 

works in laying the foundation for 

DIP Angola’s success. By providing 

essential infrastructure such as road 

networks and utilities, DIP Angola 

aims to stimulate economic activity, 

job creation, and revenue generation, 

demonstrating a commitment to quality 

and long-term success. 

Startup Funding Rebounds Strongly After 62% Q1 

2024 Plunge 

In the Middle East, startup funding 

faces continued challenges, with PE 

investments plummeting by 62% to 

$430M in Q1 2024, per industry data. 

However, optimism is on the rise as 

experts anticipate a turnaround driven 

by projected GDP growth, robust 

government spending, and investments 

in critical sectors like infrastructure 

and tourism. Saudi Arabia’s PIF plans 

to inject $24B into the MENA region 

through new investment vehicles, while 

a surge in IPO activities adds to the 

positive outlook. Already, there are 

signs of recovery, with MENA startups 

raising over $250M in March 2024, 

marking a staggering 186% increase 

from February’s $88.7M, as reported 

by Dash Venture Labs. This recovery 

follows a challenging period, with 

January’s total funds raised languishing 

at $86.5M, underscoring the sector’s 

resilience amid adversity. 

Middle East Gaming Sees Investment Surge, 

Crypto Draws New Players 

The Middle East gaming industry, 

like its global counterpart, anticipates 

a surge in investments 

and the entry of new players, buoyed 

by the potential mainstream integration 

of cryptocurrencies into gaming. 

Industry insiders cite the current 

cryptocurrency market bull run and 

the upcoming Bitcoin halving event 

as catalysts for heightened interest in 

Web3 gaming, attracting multi-dollar 

investments and prompting major 

global companies to consider venturing 

into the sector. This anticipated 

growth coincides with the gaming 

industry’s ongoing transformation 

driven by artificial intelligence (AI), 

with efforts to merge AI and gaming 

to innovate game development and 

offer novel user experiences. Experts 

predict that the Bitcoin halving will 

spark significant excitement in Web3 

gaming, while the bullish cryptocurrency 

market will boost confidence 

in blockchain technology, potentially 

prompting industry giants like Ubisoft, 

Take-Two Interactive, and Konami to 

explore Web3 gaming alternatives. 

Investor Rush to REITs 

Amid Dubai Real Estate 

Boom 

In Dubai, a growing number of 

investors are looking into Real 

Estate Investment Trusts (REITs) as 

revealed by industry insiders. Ahmed 

Abou El Naga, Head of Institutional 

Sales at Penthouse.ae, powered by real 

estate firm Metropolitan Group, noted 

a rising interest in REIT investments 

across the UAE, including Dubai. This 

trend follows almost 8 years since the 

UAE government implemented legal 

and regulatory frameworks allowing 

investments in REITs. REITs offer 

investors seeking portfolio diversification 

a stable income stream, 

typically yielding around 8 per cent. 

Sanjay Vig, MD Direct Investments at 

Dubai-based Al Mal Capital, confirmed 

the trend, attributing it to the region’s 

economic stability, improved regulatory 

frameworks, and attractive yields. As 

Dubai’s property market evolves amidst 

changing interest rates and housing 

price growth, investors are increasingly 

exploring REITs as a means to maintain 

healthy returns. 


Healthcare 

Image by: Adelle Geronimo 

In October 2023, MoHAP launched the UAE health sector’s first AI Centre of Excellence. 

AI Revolutionizing 

Healthcare in the 

UAE: Pioneering 

Innovations 

With AI and predictive analytics, healthcare systems 

can anticipate factors influencing health better, 

quicker, and more accurately by the next decade. 

The United Arab Emirates (UAE) is 

rapidly establishing itself as a frontrunner 

in healthcare innovation. A surge 

of Artificial Intelligence (AI) startups 

is transforming the medical landscape, 

bringing cutting-edge solutions designed 

to improve patient care, enhance efficiency, 

and personalise treatment plans. The 

country’s National Strategy for Artificial 

Intelligence 2031 provides a supportive 

environment for startups to experiment 

with AI in various sectors. The healthcare 

sector, in particular, has been experiencing 

continuous growth and remains committed 

to further advancements. Numerous 

initiatives by healthcare companies are integrating 

AI into the healthcare ecosystem. 

Let’s delve into this exciting ecosystem 

and explore how AI is shaping the future 

of healthcare in the UAE. 


Artificial Intelligence (AI) is revolutionising 

healthcare by enhancing 

patient care, increasing efficiency, 

and personalising treatment plans. AI 

applications in healthcare include predictive 

analytics for disease prevention, 

AI-powered diagnostic tools, and personalised 

medicine tailored to individual 

genetic profiles. Additionally, AI-driven 

administrative tools streamline operations, 

reducing costs and improving patient 

outcomes. As the UAE continues to invest 

in AI technologies, the integration of AI 

in healthcare promises a future of more 

accurate diagnoses, efficient treatments, 

and overall improved healthcare services. 

Klaim 

KLAIM aims to raise $100-$200 million to 

become the “ATM” for GCC healthcare 

providers. 

Klaim, a Dubai-based health tech 

startup founded in 2019, has swiftly risen 

in the industry by providing AI-driven 

claims management software tailored for 

healthcare professionals. The company 

secured a $5 million seed funding round 

led by Knuru, bringing its total funding 

to $30 million. 

This latest infusion of capital underscores 

the growing investor confidence 

in Klaim’s innovative digital platform, 

which streamlines revenue management 

and claims processing for healthcare 

providers. Co-founded by Karim Dakki, 

Ahmad Ghafour, and Meriem Tamarzizt 

Ganneau, Klaim leverages automation 

tools to enhance daily operations, track 

insurance claims, and offer real-time data 

analysis through an intuitive dashboard. 

EDB and KLAIM’s collaboration introduced 

Healthcare Receivables Financing, 

a solution utilising AI to enhance cash 

flows for UAE healthcare providers. 

Klaim continues to stand out in the 

B2B SaaS health tech space, poised for 

further growth. 

G42 Healthcare 

Healthcare systems will anticipate more 

accurately and quickly by the next decade. 

G42 Healthcare, founded in 2020 

and based in Masdar City, United Arab 

Emirates, is a prominent provider of 

genomic sequencing data analysis tools. 

These tools aid research and healthcare 

institutions in identifying and predicting 

gene mutations. 

Under the supervision of Ashish Koshy, 

CEO, G42 Healthcare has established 

itself as a significant player in the health 

tech and life sciences sectors. 

The company collaborates with major 

entities like AstraZeneca and AWS 

to enhance healthcare data insights. 

Recent partnerships include a strategic 

collaboration with Bravo Pharma to 

advance genomics and a memorandum 

of understanding with Presight AI. 

G42 Healthcare continues to make 

strides in the high-tech healthcare 

landscape without external funding, 

showcasing its robust capabilities and 

strategic alliances. 

TachyHealth 

We try to save lives with technology. 

Dr Osama AbouElkhir 

TachyHealth, founded in 2018 and 

headquartered in Dubai, United Arab 

Emirates, specialises in AI-based value-driven 

healthcare software solutions 

for payers and providers. 

The company offers a suite of platforms 

including AIGuide, which aids clinical 

decision-making for doctors, AICode 

for medical coding, AIReview for claims 

review and auditing, and Robotic Process 

Automation for business rule and process 

automation. 

TachyHealth secured an undisclosed 

amount in its latest funding round on 

November 3, 2021, with investments 

from Propeller, Jordinvest, and others. 

Under the supervision of CEO Dr 

Osama AbouElkhir, TachyHealth has 

positioned itself as a significant player 

in the health tech sector, focusing on 

enhancing efficiency and accuracy in 

healthcare services through advanced 

AI solutions. 

Recent developments include the 

launch of an AI conversational model 

in Saudi Arabia for medical coding and 

a partnership with Medical Refill for 

automated laboratory data extraction. 

Sehteq 

Sehteq embodies industry innovation 

with its unique DNA of insurtech. 

Sehteq, a Dubai-based company founded 

in 2013, offers an AI-based platform for 

usage-based health insurance and claim 

processing. 

Co-founded by Saif Aljaibeji Specialising 

in customisable health insurance 

plans and efficient claims processing, 

Sehteq has secured a total of $20 million 

in funding across two rounds. 

The latest round, a venture debt funding 

of $3 million, was completed on July 13, 

2021, with 971capital.com as the investor. 

The company serves the B2B market in 

the FinTech, InsurTech, and HealthTech 

sectors. Recently, Sehteq was acquired 

by Cloud Klair, marking a significant 

milestone in its growth trajectory. 


Healthcare News 

ADQ Unites Life Sciences Entities to Form Arcera in Abu Dhabi 

ADQ, the renowned Abu Dhabi 

investment company, has unveiled 

Arcera, a groundbreaking global 

life sciences holding company dedicated 

to elevating human life quality and 

longevity. Positioned at the heart of 

Abu Dhabi, Arcera is poised to spearhead 

innovative healthcare solutions, 

reinforcing ADQ’s existing portfolio 

and aligning closely with Abu Dhabi’s 

ambitious 2030 Healthcare Life Sciences 

Vision. The choice of the name “Arcera” 

embodies a profound commitment to 

progress and resilience, symbolising 

its aspiration to transcend boundaries 

and make a lasting impact on a global 

scale. In a strategic manoeuvre, ADQ 

has transferred its ownership stakes 

in Acino International, Birgi Mefar 

Group, and Amoun Pharmaceutical 

Company to Arcera, amalgamating their 

collective expertise in pharmaceutical 

manufacturing and distribution across 

diverse regions worldwide. 

UAE Progressing 

Towards Global Health 

Hub Status 

Over the past fifteen years, the 

UAE’s healthcare landscape 

has transformed significantly. 

Previously, many residents preferred 

seeking medical treatment abroad, as 

revealed by a 2009 survey conducted 

by YouGov for The National. However, 

the paradigm has shifted, with the 

UAE emerging as a global healthcare 

destination. While subsidised medical 

travel remains an option for citizens, 

the country now attracts patients 

from across the GCC and the wider 

Middle East. Notably, the UAE has 

witnessed a surge in medical tourism, 

with bookings doubling in the past year 

alone. This burgeoning sector, valued 

at nearly $32B globally, encompasses 

a range of treatments from serious 

interventions like cancer therapy to 

general wellness services. Bolstered 

by world-class hospitals and increased 

investments, the UAE has solidified 

its position as a healthcare hub, as 

evidenced by the 2024 federal budget 

allocating a significant portion—8% 

amounting to AED 5.2B ($1.4B)—to 

healthcare, representing a substantial 

increase from five years prior. 

UAE Healthcare Group Launches Scientific 

Committee 

STAR Metropolis Clinical Laboratories 

& Health Services Middle East 

(SMCL) is pioneering laboratory 

medicine with its new scientific committee. 

This vital initiative aims to aid 

clinicians across diverse medical fields 

by offering scientific consultations and 

technical guidance in areas like clinical 

pathology, haematology, immunology, 

and more. Additionally, the committee 

will foster scientific research, advise 

on cutting-edge technologies, and 

provide innovative solutions to challenges 

faced by pathologists. Dr Raza 

Siddiqui, CEO of Arabian Healthcare 

Group, emphasised the significance of 

this move, stating that STAR Metropolis 

The Department of Health – Abu 

Dhabi (DoH) has set “Tawteen” 

targets for healthcare facilities in 

Abu Dhabi, aiming to create 5,000 new 

job opportunities for UAE nationals by 

2025. DoH urges facilities to increase 

Emiratisation rates among medical and 

administrative staff to meet these goals. 

Collaboration with healthcare providers 

is key to boosting Emiratisation rates 

in medical professions like doctors 

and nursing staff, as well as administrative 

roles including IT, HR, finance, 

and legal sectors. This initiative aligns 

with DoH’s commitment to supporting 

the Tawteen agenda and ensuring the 

sustainability of the healthcare workforce. 

Dr Noura Khamis Al Ghaithi, 

has been a reliable laboratory services 

provider since 2006. The launch of the 

Scientific Committee reflects their 

commitment to advancing laboratory 

services and becoming a preferred 

partner in Pathology and Laboratory 

Medicine within the region. 

UAE Nationals to Fill 5,000 New Healthcare Roles 

Under-Secretary of DoH, emphasises 

empowering national competencies to 

enhance the healthcare system and establish 

a competitive knowledge-based 

economy in Abu Dhabi. 


Bioniq & Al Borg Diagnostics Partner for Personalised Health in Saudi Arabia 

UK-based precision health company 

Bioniq and Saudi Arabia’s 

leading diagnostic health services 

provider, Al Borg Diagnostics, 

have forged a strategic partnership 

to introduce personalised health solutions 

in the Kingdom. This collaboration 

marks Bioniq’s entry into Saudi 

Arabia’s market, aiming to enhance 

personalised health across 28 cities by 

offering a comprehensive blood test 

panel. After conducting a 50-parameter 

blood test, Al Borg Diagnostics will 

enable customers to translate their 

results into a personalised supplement 

formula created by Bioniq. Leveraging 

its patented algorithm, Bioniq designs 

tailored supplements based on blood 

test data to address nutrient imbalances. 

Banafsheh Salmani, Head of 

Global Products and Managing Director 

at Bioniq Middle East, expressed 

excitement about extending their reach 

in the region. 

AstraZeneca Acquires 

Fusion in Push for Cancer 

Cure Advancements 

AstraZeneca, with a significant 

presence in the UAE, has 

finalised an agreement to 

acquire Fusion Pharmaceuticals, a 

Canada-based clinical-stage biopharmaceutical 

company. The deal, valued 

at approximately $2B upfront and 

potentially $2.4B including contingent 

payments, marks AstraZeneca’s 

strategic move into cutting-edge 

cancer treatments. Fusion, known for 

its development of next-generation 

radio conjugates (RCs), aligns with 

AstraZeneca’s mission to revolutionise 

cancer therapy and improve patient 

outcomes. The acquisition underscores 

AstraZeneca’s commitment to 

replacing traditional treatments like 

chemotherapy and radiotherapy with 

more targeted and effective approaches. 

This strategic acquisition not only 

enhances AstraZeneca’s cancer drug 

pipeline but also positions the company 

as a leader in innovative oncology 

treatments, driving forward the transformation 

of cancer care worldwide. 

Mubadala Acquires Pharma Firm Kelix Bio 

Abu Dhabi’s Mubadala Investment 

Company has sealed a deal to 

purchase Kelix Bio, a specialised 

pharmaceutical firm in the UAE, known 

for its expertise in producing intricate 

generics for emerging markets. This 

move is poised to enhance the UAE’s 

global standing in life sciences, as 

highlighted by the Abu Dhabi Media 

Office, quoting Mubadala. The acquisition 

involved buying a stake from a 

group of investors, with specifics undisclosed 

pending regulatory approval. 

Founded in 2020, Kelix Bio has grown 

by acquiring manufacturing assets in 

India, Egypt, Malta, and Morocco and 

has successfully commercialised a 

Knight Frank MEA’s Healthcare division 

collaborates with the Dubai 

Health Authority (DHA) to unveil 

the Dubai Health Investment Guide 2024. 

As committed research partners, Knight 

Frank MENA’s Healthcare division has 

contributed extensively to crafting this 

comprehensive guide, tailored to meet 

the needs of healthcare investors and 

operators. Serving as a detailed roadmap, 

the guide assists in navigating Dubai’s 

dynamic healthcare landscape. Dubai 

diverse range of oral and injectable 

formulations spanning diabetes, oncology, 

cardiology, and central nervous 

system therapies. 

Dubai Health Authority Partners with Knight 

Frank MEA’s Healthcare Division 

has emerged as a global healthcare hub, 

renowned for its exceptional services 

and infrastructure. The Dubai Health 

Investment Guide 2024 aims to align 

investment priorities with the evolving 

healthcare demands of Dubai’s diverse 

population. This invaluable resource 

provides deep data, strategic insights, 

and a thorough understanding of the 

investment ecosystem, governance, and 

regulatory framework within Dubai’s 

healthcare sector. 


Corporate Results 

Bayanat 

Q1’24 Net Profit: AED 10M 

Bayanat (ADX: BAYANAT), a leading 

provider of AI-powered geospatial 

solutions, unveiled its Q1 2024 financial 

results, showcasing impressive growth. 

With revenue reaching AED 113M, a 

12 per cent year-over-year increase, 

the company attributes its success to 

market expansion and strong product 

offerings. Bayanat’s gross profit of 

AED 32M, with a 28 per cent margin, 

reflects its focus on key segments like 

Smart Operations Solutions, Smart Mobility 

Solutions, and Smart Geospatial 

Solutions. Despite an EBITDA of AED 

8M, reflecting investment in R&D and 

talent acquisition, Bayanat achieved a 

net profit after tax of AED 10M, with 

a net margin of 9 per cent. 

International Holding 

Company (IHC) 

Q1’24 Net Profit: AED 8B 

In the first quarter of 2024, International 

Holding Company (IHC) showcased an 

impressive 87.6 per cent surge in net 

profit, reaching AED 8B, a significant 

leap from the AED 4.3B recorded 

during the same period last year. This 

remarkable growth was fuelled by 

stellar performances across vital sectors 

such as real estate, construction, 

technology, marine and dredging, and 

food and services. Moreover, revenue 

experienced a notable uptick, totalling 

AED 19.3B, marking a substantial 22.5 

per cent increase compared to Q1 2023. 

The strategic amalgamation of assets 

in February, which included Q Holding 

with Modon, ADNEC, Miza Investment, 

and others, injected renewed vigour 

into the company’s real estate arm. 

Furthermore, the marine and dredging 

sector continued its upward trajectory, 

bolstered by the commendable achievements 

of NMDC, thereby capitalising 

on the momentum established in the 

previous fiscal year. 

Yahsat 

Q1’24 Net Profit: AED 

194.25M 

In Q1 2024, Al Yah Satellite Communications 

Company (Yahsat) recorded net 

profits of AED 194.25M, surpassing the 

previous year’s 99.31M, as per interim 

financial results. Revenues rose by 1% 

to AED 370.89M compared to AED 

368.46M in Q1-23. Basic and diluted 

earnings per share (EPS) reached $2.17 

by March 31, 2024, up from AED 4.08, 

indicating annual growth. Total assets 

amounted to $2.04B in Q1-24, up from 

AED 7.27 billion by December 2023. 

Ali Al Hashemi, Yahsat’s Group CEO, 

highlighted progress towards finalising 

an AED 18.71B contract with the UAE 

Government for Capacity and Managed 

Services, along with procurement contracts 

for two new satellites. 

Agthia Group PJSC, known as Agthia, 

reported a 32% year-on-year increase 

in net profit, reaching AED 127.6M. 

Despite FX headwinds and UAE’s 

income tax introduction, the Group’s 

net profit margin expanded by 63 basis 

points to 8.8%. The announcement coincided 

with the release of the Group’s 

Q1 2024 results, showcasing strong 

performance across all segments. The 

Group is on track to meet its full-year 

2024 guidance, driven by profitable 

growth in the Snacking, Water & Food, 

and Agri-Business segments. Group net 

revenue surged by 22.6% year-on-year 

to AED 1.45B, with adjusted revenue 

growth of 26.2% after considering the 

currency devaluation in Egypt. Q1 2024 

revenue benefited from AED 120M 

in one-off commodity trading sales. 

Excluding this, Group’s net revenue 

grew by 12.4% year-on-year. 

Burjeel Holdings 


Burjeel Holdings PLC’s strong performance 

in Q1 2024 saw revenue surge to 

AED 1.2B, marking an impressive 11.1 

per cent increase over the previous year. 

The Group’s EBITDA soared to AED 

260M, underscoring sustained investments 

in complex care services. Net 

profit also surged, reaching AED 141M, 

attributed to enhanced operational 

efficiencies and reduced finance costs. 

Bolstered by this financial success, 

Burjeel Holdings maintained its strategic 

focus on expanding high-growth 

assets and healthcare infrastructure, 

all while elevating patient care standards. 

Notably, the Group expanded its 

footprint with the inauguration of 13 

new PhysioTherabia centres in Saudi 

Arabia, bringing the total to 17 by May 

2024. Additionally, forging partnerships 

with leading insurers such as Tawuniya 

and Al Arabia Takaful further solidifies 

Burjeel Holdings’ growth trajectory in 

the region. 

Agthia Group 

Q1’24 Net Profit: AED 127.6M Tabreed 


Tabreed, the UAE’s prominent district 

cooling company, unveiled its consolidated 

financial results for the first 

quarter of 2024, revealing a 9 per cent 

increase in consumption volume yearon-year, 

propelled by new connections 

and organic growth. The company 

recorded a net profit of AED 122M, 

marking a 4 per cent rise compared 

to AED 117M reported in the same 

period last year, adjusted for one-off 

gains and losses. Tabreed’s topline 

and EBITDA continued their upward 

trajectory, with an EBITDA margin 

of 58 per cent, reaffirming its robust 

financial management. Noteworthy 

was its cash conversion rate of 90 per 

cent, showcasing operational efficiency. 

The completion of the third phase of 

the ‘Tasheel’ initiative underscored 

Tabreed’s commitment to energy efficiency 

and decarbonisation. 


MBC Group 

Q1’24 Net Profit: USD 32M 

MBC GROUP, the foremost media and 

entertainment conglomerate in the 

MENA region, released its financial 

results for Q1 2024, showcasing 

significant growth. Total revenues 

surged by 36% to USD 330M driven by 

an impressive recovery in TV advertising, 

subscriber expansion during Ramadan, 

and the inclusion of an additional 10 days 

of Ramadan compared to Q1 2023. Gross 

profit soared by 115% to USD 92M, while 

net income experienced an eightfold 

increase to USD 32M, with net income 

margins for Q1 2024 at 10%, a marked 

improvement from the negative 2% in the 

same period last year. The Broadcasting 

& Other Commercial Activities segment 

saw a 41% revenue increase, primarily 

fueled by a surge in television advertising 

revenue and a substantial growth in 

Broadcasting and Technical Services 

revenue, underlining MBC’s resilience 

and dominant market position. 

Multiply Group 


Multiply Group, headquartered in Abu 

Dhabi, posted first-quarter results, 

with a net profit, excluding fair value 

changes, reaching AED 393M, marking 

a 48% increase compared to AED 266M 

in the same period of 2023. Group 

revenue surged by 45% year-on-year 

to AED 391M, propelled by growth 

across all sectors and the integration of 

Media 247 and BackLite Media into the 

media division. The group anticipates 

an initial public offering (IPO) for its 

media unit within the next 12 months, 

according to Samia Bouazza, the group’s 

CEO and managing director. Listed on 

the Abu Dhabi bourse since December 

2021, Multiply Group boasts eight 

subsidiaries spanning five countries, 

with core assets in mobility, energy and 

utilities, media and communications, 

and beauty and wellness, totalling AED 

39B in assets as of March 2024. 

Abu Dhabi Commercial 

Bank PJSC (ADCB) 

Q1’24 Net Profit: AED 2.139B 

In the first quarter of 2024, Abu Dhabi 

Commercial Bank PJSC (ADCB) 

continued its upward trajectory, 

reporting robust financial results. With a 

net profit before tax of AED 2.431B, up 

26 per cent from the previous year, and 

a net profit after tax of AED 2.139B, the 

bank demonstrated solid performance. 

This success was fuelled by strong 

loan growth across its Corporate, 

Investment, and Retail Banking sectors. 

Notably, net interest income increased 

by 16 per cent to AED 3.301B, while 

non-interest income grew by 21 per 

cent, reaching AED 1.285B. Operating 

income saw a significant uptick, rising 

17 per cent to AED 4.586B, with a 

notable improvement in the cost-toincome 

ratio, settling at 30.9 per cent. 

ADNOC L&S Plc 


ADNOC Logistics and Services plc 

(ADNOC L&S) announced its Q1 2024 

financial results, revealing a net profit 

of $194M (AED 712M), marking a 34% 

increase from Q1 2023. Revenues surged 

to $840M (AED 3,085M), a 42% rise over 

the same period. EBITDA also saw a 

significant uptick, rising by 44% to $286 

million (AED 1,050M). This impressive 

performance stems from the company’s 

robust growth strategy, involving investments 

exceeding $5B (AED 18.4B) in energy-related 

maritime logistics. Revenue 

from the Integrated Logistics segment 

notably soared by 55%, reaching $546M 

(AED 2,005M) in Q1 2024, fuelled by increased 

volumes, expanded fleet, and 

new business ventures like Engineering, 

Procurement, and Construction (EPC). 

EBITDA for this segment surged by 59% 

to $160M (AED 588M). 

National Bank of Fujairah 

Q1’24 Net Profit: AED 251.1M 

The National Bank of Fujairah (NBF) 

disclosed its quarterly results for 

the period ending March 31, 2024. 

NBF reported impressive year-on-year 

growth, with a net profit before tax 

reaching AED 274.8M, marking an 80.8 

per cent increase from AED 152.0M 

in the corresponding period of 2023. 

Post-tax, the bank achieved a net profit 

of AED 251.1M for the quarter, after 

a corporate tax charge of AED 23.7M. 

Factors such as the sustained high-interest 

rate environment, enhanced 

impairment provisions, prudent cost 

management, and favourable local 

market conditions contributed to the 

bank’s solid performance. Operating 

profit for the quarter amounted to 

AED 438.5M, up 10.2 per cent year-onyear, 

while operating income reached 

AED 614.0M, reflecting a resilient core 

business performance. 

Al Ansari Financial 

Services 

Q1’24 Net Profit: AED 98.7M 

Al Ansari Financial Services PJSC 

(DFM: ALANSARI), reported its Q1’24 

financial results, revealing a 4.3% 

decline in operating income due to 

pressure from the parallel market and 

macroeconomic uncertainty. Net profit 

after tax fell by 26% YoY to AED 98.7M, 

attributed to branch network expansion 

and Corporate Tax introduction. Total 

transactions rose by 5.1% YoY, with bank 

notes volume decreasing by 9%. Wage 

Protection System (WPS) transactions 

surged by 24%, while digital channels 

saw a 25% YoY increase, constituting 

21% of outward remittances. Al Ansari 

Exchange expanded its physical branches 

to 259 by Q1 2024, and integration 

with Oman Exchange in Kuwait is 

underway, expected to conclude by 

Q3 2024, with synergies anticipated 

in Q4 2024. Al Ansari Digital Wallet is 

slated for launch by year-end. 


Sports as a Business 

Source: pexels.com 

Profitable AR opportunities lie in fan experiences on mobile devices and broadcasting. 

Unlocking Profit 

Potential: Augmented 

Reality Ventures in 

the Sports Industry 

“The potential financial rewards for getting on 

board with VR and AR will be too alluring to 

resist before long”, Kieran Maguire. 

The sports industry, a multi-billion-dollar 

giant, constantly seeks innovative ways to 

engage fans and drive revenue. Augmented 

Reality (AR) emerges as a revolutionary 

tool, offering unprecedented opportunities 

to enhance fan experiences and unlock 

lucrative profit potential. Delving into the 

burgeoning AR gaming sports market and 

examining successful ventures in the UAE 

sheds light on a path toward a more immersive 

and profitable future for sports. 

Through AR, deeper connections with 

fans are forged, heralding a transformative 

shift in the sports landscape, where 

interactive engagement and profitability 

converge in exciting new ways. The article 

explores the important aspects to look 

at for the profit potential of augmented 

reality ventures in the sports industry. 


The AR gaming sports market is 

set for rapid expansion, with 

projections indicating that the 

global AR market in sports will soar to 

USD 8.8 billion by 2027. This growth is 

driven by several key factors. 

Transforming Fan Experiences: 

One of the primary drivers of profit 

potential in AR ventures in the sports 

industry lies in the transformation of fan 

experiences. AR applications offer fans 

the opportunity to engage with sports 

content in unprecedented ways, from 

virtual stadium tours to interactive game 

experiences. By providing immersive and 

personalised experiences, AR enhances 

fan satisfaction and loyalty, ultimately 

leading to increased ticket sales, merchandise 

purchases, and subscription 

revenue. 

Monetisation Opportunities: 

The monetisation potential of AR 

ventures in sports is vast and varied. 

Through in-app purchases, sponsored 

content, and advertising opportunities, 

businesses can generate significant revenue 

streams. For example, AR-enabled 

mobile apps can offer premium features 

or virtual merchandise for purchase, 

while sponsored AR experiences can 

provide brands with valuable exposure to 

a highly engaged audience. Additionally, 

AR advertising within sports broadcasts 

and stadium signage presents lucrative 

opportunities for advertisers looking to 

connect with fans in real time. 

Enhancing Training and Performance: 

Beyond fan engagement, AR also 

offers valuable applications in athlete 

training and performance enhancement. 

By providing real-time feedback and 

analysis, AR training tools can help 

athletes refine their skills and improve 

their performance on the field. This not 

only benefits individual athletes but also 

enhances team performance, leading to 

greater success on the competitive stage. 

As demand for advanced training solutions 

grows, AR ventures catering to the sports 

performance market stand to capitalise 

on significant profit opportunities. 

Pioneering AR Ventures in the UAE: 

The UAE is at the forefront of AR innovation, 

with several businesses capitalising 

on the potential of AR gaming in sports: 

Dubai Sports Council: 

The Dubai Sports Council has partnered 

with a leading AR development company 

to create an interactive AR experience 

for the Dubai Fitness Challenge. This 

experience allows participants to virtually 

track their progress and compete with 

friends in AR challenges. 

Abu Dhabi Cricket: 

The Abu Dhabi Cricket board has 

launched an AR app that allows fans to 

virtually explore the stadium, view player 

profiles, and access exclusive content. 

This not only enhances the fan experience 

but also opens doors for sponsorships 

and targeted advertising. 

Sharjah FC: 

Sharjah FC, a prominent football 

club, has implemented an AR app that 

allows fans to take virtual photos with 

their favourite players and participate 

in AR-powered quizzes and games. This 

fosters a deeper connection between 

fans and the club, potentially leading 

to increased merchandise sales and fan 

club memberships. 

The Future of AR in Sports: A Glimpse 

into the Metaverse 

“The potential financial rewards for 

getting on board with VR and AR will be 

too alluring to resist before long”, said 

football finance expert Kieran Maguire. 

As AR technology continues to evolve, we 

can expect even more exciting possibilities 

in the realm of sports. The metaverse, a 

virtual world where physical and digital 

realities converge, holds immense potential 

for the future of sports. 

In the Metaverse, AR-powered Stadium 

Experiences redefine the concept of attending 

a sports game. Picture yourself 

immersed in a virtual stadium environment 

where dynamic overlays highlight player 

statistics, showcase instant replays from 

various angles, and even allow fans to 

interact with virtual mascots in real time. 

This interactive experience not only 

amplifies the excitement of live events 

but also fosters deeper engagement and 

connection with the sports content. 

Additionally, within the Metaverse, 

athletes can leverage AR training programs 

that project personalised feedback 

and performance metrics, creating a 

seamless blend of virtual and physical 

training environments. As the Metaverse 

continues to evolve, the integration of 

AR technology promises to revolutionise 

both fan experiences and athlete performance, 

offering limitless possibilities for 

immersive sports entertainment. 

With its large population 

of gamers and a thriving 

esports ecosystem, the 

Middle East is set to 

shape the future of live 

entertainment.” 

Alexander Schudey 

Successful AR Integrations in Sports 

Examining specific case studies highlights 

how AR is already transforming 

the sports industry: 

Manchester City FC: 

Manchester City Football Club has 

integrated AR into their fan engagement 

strategy. Using an AR app, fans can 

interact with virtual versions of their 

favourite players, explore the stadium in 

3D, and even take part in AR-enhanced 

trivia games. This enhances the matchday 

experience and keeps fans engaged 

during the off-season. 

NBA AR App: 

The NBA has developed an AR app 

that allows fans to project life-size 3D 

players into their living rooms. Users can 

take photos with these virtual players, 

learn about their stats, and see highlights 

from recent games. This creates a unique 

and personal interaction with the sport, 

driving fan engagement and loyalty. 

The AR gaming sports market presents 

a golden opportunity for businesses in 

the UAE and beyond to tap into a new 

era of fan engagement and unlock significant 

revenue streams. By leveraging 

the power of AR to create interactive and 

immersive experiences, sports organisations 

can foster deeper connections 

with fans, boost loyalty, and ultimately 

drive profitability in the ever-evolving 

sports landscape. 


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Ahmed bin Mohammed Launches Gulf Youth Games for GCC Youth 

Sports News 

H.H. Sheikh Ahmed bin Mohammed 

bin Rashid Al Maktoum, 

Second Deputy Ruler of Dubai 

and President of the UAE National 

Olympic Committee, underscores the 

significance of the inaugural Gulf Youth 

Games, hosted by the UAE from April 

16 to May 2. This event epitomises the 

GCC’s dedication to fostering bonds 

among youth and nurturing their sporting 

prowess for global success. With 

over 3,500 male and female athletes 

Abu Dhabi Grand Slam 

Jiu-Jitsu Makes Debut 

in Rome 

Under the auspices of Abdulla Ali 

Al Saboosi, UAE Ambassador 

to Italy, the Abu Dhabi Jiu-Jitsu 

Professional (AJP), under the International 

Vision Sports Management (IVSM), 

debuted the Abu Dhabi Grand Slam 

Jiu-Jitsu World Tour in Rome. Commencing 

on April 12th and concluding 

on April 14th at the Centro Olimpico 

Matteo Pellicone, the tournament attracted 

over a thousand competitors 

from 60 nations across Youth, Amateur, 

Professional, and Master divisions. The 

event saw enthusiastic participation 

from European and international athletes, 

including top contenders from 

renowned teams. Global academies 

rallied their finest contenders, vying 

for the prestigious top prize, granting 

winners two thousand points in the 

annual Abu Dhabi Jiu-Jitsu Professional 

ranking, cementing its significance 

within the sport’s elite circles. 

participating, the Games seek to empower 

the region’s young talents and 

inspire future generations under the 

theme ‘Our Gulf is One... Our Youth 

is Promising’. Sheikh Ahmed highlights 

the lasting legacy of such sports 

events, enhancing the GCC’s standing 

in the global sporting community. He 

commends the commitment of young 

athletes, recognising their pivotal 

role in national development and the 

advancement of noble sporting values. 

First Gulf Youth Games Facilities Fully Prepared 

The Organising Committee of the 

inaugural Gulf Youth Games 

confirms the readiness of all 

sports facilities across the five host 

Emirates—Abu Dhabi, Dubai, Sharjah, 

Ajman, and Fujairah—to welcome the 

event. In collaboration with the National 

Olympic Committee, the General Sports 

Authority, and sports councils, they 

have meticulously arranged for all 

necessary equipment and requirements. 

Scheduled from April 16 to May 2 in 

Juan Ayuso of UAE Team Emirates 

clinched the overall title in a 

commanding display at the Tour 

of the Basque Country (Itzulia Basque 

Country 2024), marking a career-defining 

achievement. Ineos-Grenadiers’ 

Carlos Rodriguez claimed victory in 

the challenging final stage. UAE Team 

Emirates strategically approached the 

gruelling 137-kilometre mountainous 

stage in Eibar, with Ayuso delivering 

a stellar performance, seizing the win 

and securing the team’s 21st triumph of 

the season. Ayuso credited teamwork 

for his success, highlighting the pivotal 

role played by his teammates in the 

breakaway. Reflecting on his victory, 

Ayuso expressed gratitude for the 

the UAE, the Games will witness 3,500 

male and female athletes from the 

GCC competing in 25 individual and 

team sports, echoing the theme “Our 

Gulf is One... Our Youth is Promising.” 

Abu Dhabi, Dubai, Sharjah, Fujairah, 

and Ajman will each host a range of 

competitions, spanning from football 

and swimming to chess and equestrian 

events, ensuring a diverse and engaging 

sporting spectacle. 

UAE Team Emirates Triumphs in Tour of the 

Basque Country 2024 

support and emphasised the significance 

of claiming his first overall stage race 

victory in the World Tour, describing 

it as an unparalleled accomplishment. 


Sports News 

Ronald Acuña Jr Joins Dubai’s Baseball United Ownership Group 

Baseball United announced the 

addition of four-time MLB All- 

Star and MVP, Ronald Acuña 

Jr., to its investment and ownership 

group. Acuña hailed as baseball’s top 

player by MLB Network, brings his unmatched 

talent and youthful energy to 

the league’s ownership ranks, making 

him the youngest and highest-profile 

active MLB player to join. The Atlanta 

Braves sensation, just 26, dominated 

Abu Dhabi Set for UFC 

308: Expect a Night of 

Explosive Action 

UFC, in collaboration with the 

Department of Culture and 

Tourism – Abu Dhabi (DCT Abu 

Dhabi), has officially announced the 

highly anticipated UFC 308 championship 

event scheduled for October 26 at 

the Etihad Arena. This action-packed 

extravaganza is set to coincide with 

the return of the beloved Abu Dhabi 

Showdown Week, promising seven 

days of thrilling city-wide festivities. 

From dedicated fan events and 

star-studded concerts to enticing hotel 

promotions and delectable F&B offerings, 

Abu Dhabi is poised to solidify 

its status as the entertainment hub of 

the Middle East. UFC’s return for UFC 

308 marks the 19th event in Abu Dhabi 

and the second slated for this year 

following UFC Fight Night in August. 

These events underscore the enduring 

partnership between UFC and DCT 

Abu Dhabi, fostering multiple exhilarating 

events throughout the year. 

last season, claiming the NL MVP, the 

Hank Aaron Award, and The Sporting 

News Player of the Year. With a historic 

40-70 season under his belt, Acuña led 

the league in ten key statistical categories, 

showcasing his unparalleled skill 

and influence. Kash Shaikh, Chairman 

and CEO of Baseball United, expresses 

pride in welcoming Acuña, recognising 

his status as not only a sports icon but 

also a global ambassador for the game. 

Sports.com, Inc. Brings Live EFC Events to KSA 

and UAE 

Sports.com, Inc., a subsidiary of 

Lottery.com Inc. (NASDAQ: LTRY, 

LTRYW), expands its content portfolio 

by securing broadcasting rights for 

the next three Extreme Fighting Championship 

(“EFC”) events in the Kingdom 

of Saudi Arabia (“KSA”) and the United 

Arab Emirates (“UAE”). This agreement 

includes live broadcasting rights for EFC 

113 on May 9, EFC 114 on June 6, and 

EFC 115 on July 11, 2024. Following successful 

collaborations, such as the boxing 

bout between Frazier Clarke and Fabio 

Wardley, Sports.com aims to enhance 

its international sports coverage. These 

events will be available for live streaming 

on the Sports.com platform, bringing 

the excitement of EFC directly to fans 

in KSA and UAE. The lineup includes 

anticipated matchups like Zaakir Badat 

vs. Jailson Sousa and J Faeez Jacobs vs. 

Sylvester Chipfumbu II from Sandton, 

South Africa. This partnership underscores 

Sports.com’s commitment to providing 

unparalleled sports entertainment and 

connecting fans, athletes, and influencers 

in a unique digital ecosystem. 

Riyadh Secures WTA Finals Hosting Rights 

Through 2026 

Saudi Arabia secures the role of hosting 

the WTA Finals in Riyadh from 

2024 to 2026, as announced by the 

women’s tennis governing body. Riyadh 

will host the season’s climactic event, 

showcasing the top eight singles players 

and doubles teams, from November 2 

to November 9, succeeding last year’s 

venue in Cancun, Mexico. The agreement 

with the Kingdom’s Tennis Federation 

promises record prize money of $15.25M 

this year, with further increases slated 

for 2025 and 2026. This landmark event 

marks a significant stride for tennis in 

Saudi Arabia, with Sports Minister Prince 

Abdulaziz bin Turki Al-Faisal Al-Saud 

expressing its transformative impact, 

particularly in empowering young girls 

and women beyond the realm of sports. 


Tourism 

source: freepik.com 

The global virtual tourism market is projected to exceed $847.95 billion by 2028. 

Virtual Tourism: 

Revolutionising Travel 

with Immersive 

Experiences 

Virtual Reality, offers immersive 360-degree 

experiences allowing users to explore destinations in 

a uniquely engaging way. 

The tourism industry is quite competitive, 

and you have to find smart ways to 

attract potential clients for your tourism 

packages. Technology has long been a 

catalyst for progress in the tourism sector, 

with innovations such as IoT sensors 

and advanced software being integrated 

across the industry. These advancements 

help companies stay competitive in an 

increasingly crowded market. The latest 

addition to this technological arsenal is 

virtual reality or VR. By providing interactive 

360-degree images or videos, VR 

allows users to explore destinations in 

an immersive and engaging way, offering 

a unique alternative to traditional 

travel methods. Let’s delve into how VR 

is reshaping the tourism industry, the 

technologies behind it, and its numerous 

applications and benefits. 


VR tourism relies on specialist cameras, 

rigs, and software to capture 

every angle of a location, creating 

a comprehensive and immersive experience. 

This content can be viewed on VR 

headsets, regular computers, and mobile 

devices, making it accessible to a broad 

audience. While VR headsets provide the 

most immersive experience, the flexibility 

of viewing on other devices broadens the 

reach and impact of VR tourism. 

VR in Tourism Marketing: 

Virtual reality (VR) is proving to be 

a game-changer in tourism marketing, 

offering a dynamic and immersive way 

to showcase destinations. By enabling 

potential travellers to virtually visit a 

location before they book a trip, VR 

bridges the gap between imagination and 

reality, enhancing marketing strategies 

in unprecedented ways. 

Creating Emotional Connections: 

One of the most significant advantages 

of VR in tourism marketing is its ability 

to elicit strong emotional responses from 

viewers. Traditional marketing materials 

like brochures, images, and videos 

provide a limited perspective and often 

fail to engage viewers on an emotional 

level. In contrast, VR immerses users in 

a 360-degree environment, allowing them 

to explore destinations as if they were 

actually there. This immersive experience 

can create a powerful emotional 

connection, making potential tourists 

more likely to choose the destination 

for their next trip. 

Enhancing Destination Visibility: 

VR content can significantly enhance 

the visibility of a destination. By sharing 

VR experiences on social media platforms 

and websites, tourism boards and travel 

companies can reach a wider audience. 

Interactive VR videos and 360-degree 

images encourage users to engage with 

the content, increasing the likelihood 

of it being shared and discussed online. 

This organic sharing can lead to greater 

exposure and attract more visitors. 

Showcasing Unique Experiences: 

VR allows destinations to showcase 

unique experiences that may not be easily 

conveyed through traditional media. For 

instance, potential tourists can virtually 

walk through a bustling market, explore 

hidden gems off the beaten path, or 

take a serene stroll along a picturesque 

beach. This ability to highlight distinctive 

aspects of a destination can set it 

apart from competitors and pique the 

interest of travellers seeking unique and 

memorable experiences. 

Reducing Uncertainty & Building Trust: 

One of the challenges in tourism marketing 

is addressing potential travellers’ 

uncertainties and building trust. VR can 

alleviate concerns by providing a realistic 

preview of what visitors can expect. For 

example, virtual tours of hotel rooms, 

amenities, and nearby attractions can 

reassure potential guests about their 

In today’s rapidly 

evolving digital 

landscape, it is 

imperative to remain 

relevant to all guests, 

including those in the 

virtual realm.” 

choices, making them more confident in 

their booking decisions. This transparency 

builds trust and can lead to higher 

conversion rates for travel companies. 

Expanding Reach with Cost-Effective 

Solutions: 

While producing high-quality VR 

content can be an investment, it offers 

cost-effective solutions in the long run. 

VR experiences can be reused across 

multiple marketing campaigns and 

platforms, providing continuous value. 

Additionally, VR can reach audiences who 

might not be able to visit a destination 

in person, such as those with physical 

limitations or financial constraints. By 

offering virtual experiences, destinations 

can tap into new markets and expand 

their reach. 

Enhancing Engagement at Trade 

Shows and Events: 

Travel trade shows and events are 

crucial for tourism marketing, and VR 

can enhance engagement at these venues. 

Travel agencies and tourism boards can 

set up VR stations where attendees can 

experience virtual tours of destinations. 

This interactive approach not only attracts 

more visitors to their booths but 

also leaves a lasting impression. The 

immersive nature of VR can make these 

encounters more memorable, increasing 

the likelihood of future bookings. 

Applications of VR in Tourism 

The applications of VR in the tourism 

industry are vast and varied: 

Virtual Reality Travel Experiences: 

These experiences, designed for VR 

headsets, offer a deeply immersive way to 

explore destinations, providing a feeling 

of “being there” that traditional media 

cannot match. Abu Dhabi launched its 

virtual experiences, allowing users from 

around the world to digitally explore the 

entertainment and leisure hub and other 

iconic landmarks in the emirate. 

Virtual Hotel Tours: 

High-resolution VR tours allow potential 

guests to explore hotel interiors and 

exteriors in detail, helping them make 

informed booking decisions. 

VR Content for Social Media and Websites: 

VR videos and images are powerful 

tools for engaging audiences on digital 

platforms, and enhancing marketing 

efforts. 

Virtual Booking Interfaces: 

Emerging technology enables users to 

book their holidays entirely within a VR 

environment, providing a seamless and 

immersive booking process. 

The future of VR in tourism looks 

promising, with emerging trends such 

as VR travel experiences by travel companies, 

virtual hotel tours, and more 

realistic VR technologies. Additionally, 

VR is being used to provide travel experiences 

for seniors and those unable to 

travel, expanding the reach and impact 

of virtual tourism. 

Virtual reality is revolutionising the 

tourism industry by offering immersive, 

interactive experiences that traditional 

media cannot match. As technology 

continues to advance, the applications 

and benefits of VR in tourism will only 

grow, promising a bright future for 

virtual travel experiences. Whether for 

marketing, booking, or providing unique 

travel experiences, VR is set to become 

an integral part of the tourism landscape. 


Honor Magic 6 RSR Porsche Design 

Honor Magic 6 RSR Porsche 

Design epitomises the fusion 

of luxury and performance in 

the smartphone domain, showcasing 

a collaboration that seamlessly integrates 

cutting-edge technology with 

automotive-inspired design elements. 

With its striking aesthetics, innovative 

features, and uncompromising capabilities, 

this ultra-premium offering caters 

to discerning consumers seeking an 

unmatched experience. 

A standout feature of the Honor Magic 

6 RSR is its unique hexagonal camera 

array, paying homage to Porsche’s 

iconic sports cars. The phone’s body, 

crafted with premium materials like 

NanoCrystal glass and titanium accents, 

exudes sophistication and durability 

and is available in two distinct colourways 

- Agate Grey and Frozen Berry, 

catering to diverse preferences. 

Despite its substantial size and weight, 

the Magic 6 RSR remains remarkably 

comfortable to use, boasting smooth 

curves and rounded edges for an ergonomic 

grip. Enhancing the luxury 

experience is a meticulously crafted 

case inspired by high-end sports car 

interiors, featuring faux leather with 

intricate stitching. 

Magic 6 RSR’s groundbreaking dual-layer 

tandem OLED display sets it 

apart, offering unparalleled brightness 

levels without compromising longevity. 

With a peak brightness of 5000 nits and 

a display expected to last 600 times 

longer than traditional OLED panels, 

coupled with an adaptive 120Hz refresh 

rate, users are treated to an immersive 

viewing experience with reduced eye 

strain. 

The phone’s camera system excels, 

featuring a LiDAR autofocus system for 

lightning-fast focus acquisition and an 

impressive 15 stops of dynamic range. 

The camera array, including a 50MP 

main camera, a 50MP ultra-wide lens, 

and a remarkable 180MP telephoto lens, 

offers unparalleled versatility, capturing 

stunning wide-angle landscapes, 

detailed close-ups, and impressive 

zoomed-in shots. 

Powered by the Qualcomm Snapdragon 

8 Gen 3 processor, coupled with 24GB 

of RAM and 1TB of storage, the Magic 

6 RSR delivers uncompromising performance 

and multitasking capabilities. 

Even during extended gaming sessions or 

intensive workloads, advanced thermal 

management solutions ensure sustained 

performance without overheating. 

Running on MagicOS 8.0, a customised 

version of Android 14, the Magic 

6 RSR offers a unique blend of innovation 

and familiarity, with features 

like the Magic Capsule and Magic Ring 

enhancing user experience. Despite 

its premium pricing, the Magic 6 RSR 

offers a compelling value proposition 

compared to competitors, catering to 

a niche audience that values luxury, 

performance, and exclusivity. 


LG CineBeam Q 

The LG CineBeam Q distinguishes 

itself within the portable projector 

market due to its compact size 

and impressive 4K resolution capability. 

Priced at USD 1,299, it occupies a 

higher price bracket but justifies this 

with enhanced brightness and colour 

accuracy facilitated by its RGB laser 

light engine. This feature makes it 

a compelling choice for consumers 

seeking superior image quality in a 

portable form factor. 

Despite its small form factor, the LG 

CineBeam Q delivers surprisingly good 

picture quality, capable of projecting 

large images suitable for indoor viewing. 

However, it lacks a battery option, 

limiting its portability compared to 

some competitors. 

One of its standout features is its 

4K resolution, a rarity among portable 

projectors which typically offer HD 

resolution. This, coupled with LG’s 

WebOS streaming platform, provides 

access to popular streaming apps like 

Netflix and Disney Plus. However, it’s 

worth noting that some apps like Hulu 

and Max are absent. 

The projector’s design is sleek and 

industrial, featuring an all-aluminium 

case and carrying handle for easy 

transport. Setup is simplified with auto 

screen adjustment and autofocus, while 

manual adjustments allow for precise 

picture calibration. 

In terms of connectivity, the LG Cine- 

Beam Q offers versatility with HDMI 

and USB-C inputs, as well as support 

for AirPlay 2 and Android Screen Share 

for wireless streaming from mobile 

devices. However, its built-in speaker 

leaves much to be desired, producing 

tinny sound quality. Fortunately, it 

supports Bluetooth pairing for wireless 

audio streaming to external speakers 

or headphones. 

LG CineBeam Q boasts impressive 

specifications that contribute to its 

high-quality performance. With support 

for screen sizes ranging from 50 to 120 

inches, users can enjoy a cinematic 

experience in various settings. Its 

brightness of 500 ANSI lumens ensures 

vivid and clear images, even in well-lit 

environments. HDR support for HDR10 

and HLG further enhances the visual 

experience by delivering vibrant colours 

and improved contrast. 

Connectivity options include HDMI 

and USB-C ports, providing flexibility 

for connecting external devices. Despite 

its advanced features, the LG CineBeam 

Q remains compact, with dimensions 

of 5.3 x 3.1 x 5.3 inches (135 x 79 x 135 

mm) and a weight of 3.3 pounds (1.5 

kg), making it easy to transport and 

set up anywhere. 

LG CineBeam Q offers a compelling 

option for those seeking a portable 

projector with 4K resolution and access 

to popular streaming platforms. 


Global News 

Gas-Detecting Spacecraft Secures Additional Funding for Gulf Mission 

The Bahraini-British collaboration, 

aiming to launch a spacecraft for 

monitoring Gulf greenhouse gas 

emissions, has received an additional 

($1.8M) grant from the UK Space Agency. 

Partnering with Bahrain National 

Space Science Agency, YBA Kanoo 

Group, University of Leicester, and 

Geospatial Insight, the project focuses 

on developing cutting-edge sensing 

technology to detect emissions across 

Bahrain and the wider Gulf region from 

space. This funding boost highlights the 

British government’s commitment to 

advancing space-based environmental 

monitoring initiatives. The surge in 

greenhouse gas emissions in Bahrain, 

alongside broader trends in the Middle 

East and North Africa, underscores the 

urgency of such projects. Meanwhile, 

other Gulf nations like Saudi Arabia, 

the UAE, and Oman are also ramping 

up investments in space technologies 

to address various socio-economic 

challenges. 

DFDS Expands with Acquisition of Ekol’s Turkish 

Transport Network 

DFDS, the Danish shipping and 

logistics giant, is set to acquire 

Turkey’s Ekol Logistics’ international 

transport network for $277M. 

This strategic move will integrate road 

transport into DFDS’s Mediterranean 

ferry network. Torben Carlsen, DFDS’s 

CEO, highlighted Turkey’s increasing 

significance as a manufacturing hub 

for Europe, emphasising the trend 

of nearshoring driving supply chains 

closer to end markets. The acquisition, 

financed through a mix of loans and 

existing cash, follows negotiations 

initiated in 2022 and approved by the 

Turkish Competition Authority in July 

2023, pending European Union approval 

and contractual conditions. With the 

Turkey-Europe transport market projected 

to grow by 14% annually until 

2028, DFDS anticipates closing the 

deal by early Q4 this year. 

Egyptian Garment 

Exports to Saudi Arabia 

Surge by 90% 

Egypt’s garment exports to Arab 

nations surged by 35% yearon-year 

to $100M in the first 

two months of 2024, with remarkable 

growth seen in sales to Saudi Arabia, 

which soared by 90% to $25M, according 

to Marie-Louis Bishara, president 

of the Readymade Garment Export 

Council. Exports to Libya also saw a 

substantial increase, rising by 216% 

annually to $20M. Overall, the garment 

sector experienced a 25% uptick in 

exports, totalling $464M compared to 

$371M in the same period last year. 

This growth is attributed to relaxed 

export conditions and governmental 

support. Meanwhile, the US retained 

its position as Egypt’s leading export 

market, with sales reaching $187M, up 

by 13% year-on-year, while exports to 

Europe surged by 42%, with Spain and 

Germany showing notable increases. 

Atvos Signs Agreement to Construct Biomethane Plant in Brazil 

Atvos, a Brazilian ethanol producer, 

has announced plans to 

construct a biomethane facility 

in Mato Grosso do Sul, with investments 

exceeding ($69.4M). The plant, 

located in Nova Alvorada do Sul, will 

utilise sugarcane wastes and is projected 

to have a capacity of 28 million 

cubic metres per crop, marking Atvos’ 

inaugural venture into renewable 

natural gas production. Supported by 

Abu Dhabi state investor Mubadala 

Capital, the project underscores Atvos’ 

commitment to meeting the escalating 

demand for renewable energy. 

CEO Bruno Serapiao highlighted the 

98 www.thefinanceworld.com June 2024 

significance of this move, emphasising 

the company’s aim to cater to a growing 

market. Pending engineering analysis 

and final approval, construction 

is slated to commence later this year, 

marking a significant milestone in 

Atvos’ sustainability journey.

PIF Nears Acquisition 

of Stake in Pakistan 

Copper Mine 

Saudi Arabia’s Public Investment Fund 

(PIF) is reportedly on the brink of 

finalising a deal to acquire a $1B 

stake in Pakistan’s Reko Diq copper-gold 

mine, offering a crucial lifeline to the 

financially strained nation, according 

to a Pakistani newspaper. Barrick Gold, 

the Canadian company holding a 50% 

stake in the mine, expressed support 

for PIF’s acquisition of the Pakistani 

government’s 25% stake, with the remaining 

25% owned by the province of 

Balochistan. Pakistan had appointed 

an international adviser to evaluate 

its stake in the mine, aiming to seal 

the deal with Saudi Arabia as early as 

December. The potential investment, 

expected next month, would mark a 

significant development for Pakistan, 

which narrowly avoided a sovereign 

default last year with a bailout from 

the International Monetary Fund. 

China’s SME 

Development Index 

Climbs in Q1 2024 

China’s Small and Medium Enterprises 

Development Index 

(SMEDI) rose to 89.3 in the 

first quarter of 2024, a 0.2 percentage 

point increase from the previous 

quarter, according to data released 

by the China Association of Small 

and Medium Enterprises (CASME). 

The index, based on a survey of 3,000 

SMEs, reflects the ongoing efforts of 

these enterprises to resume production 

activities post-Spring Festival, coupled 

with supportive government policies. Ma 

Bin, CASME’s executive vice-president, 

highlighted the significant rebound in 

enterprise operating rates post-Spring 

Festival and the rollout of supportive 

policies post-”two sessions,” which 

boosted corporate confidence. In Q1, 

all sub-indexes of the SMEDI, including 

the market index and funding index, 

saw increases, indicating improved 

market expectations and financing 

conditions for SMEs. The SMEDI reported 

the potential chances of growth 

and opportunity in China’s business 

landscape. 

Tech Customers Propel Amex Global Business 

Travel to Significant Growth 

During the first quarter, American 

Express Global Business 

Travel (AmexGBT) witnessed 

substantial growth, particularly driven 

by transactions originating from 

global tech giants, showcasing a remarkable 

30% surge. Notably, sectors 

like pharmaceuticals, mining, energy, 

and utilities also demonstrated robust 

double-digit growth. However, amidst 

these triumphs, there emerged a concerning 

trend: small- to medium-sized 

enterprises experienced a 3-percentage-point 

decline in transaction growth 

during both the fourth and first quarters. 

These enterprises, typically operating 

with annual travel budgets of $30M or 

less, often opt out of utilising travel 

management companies like AmexGBT. 

Furthermore, they grappled with challenges 

stemming from escalating inflation 

and interest costs, leading to the 

imposition of tighter travel budgets in 

recent months. 

US Battery Manufacturer Plans $3B Factory in Rakez 

Statevolt, an American battery 

manufacturer, is set to establish 

a $3B factory in Ras Al Khaimah, 

named Statevolt Emirates. The facility, 

situated in the Al Ghail Industrial 

Zone within Ras Al Khaimah Economic 

Zone (Rakez), is expected to create 

2,500 jobs. Lars Carlstrom, Statevolt’s 

founder-CEO, highlighted the strategic 

focus on key export markets such as 

Africa, India, the UAE, and the broader 

Middle East region. Rakez has collaborated 

closely with Statevolt on initial 

setup activities, providing logistical 

support and energy infrastructure for 

the factory. Statevolt has secured a 

commercial land agreement and plans to 

commence building permit applications 

shortly, aiming for the full operation 

of the first production line by the end 

of 2026. The facility targets an annual 

production capacity of up to 40GWh, 

contributing to the region’s burgeoning 

electric vehicles industry. 

Lucid’s Price Reductions Drive Record EV Sales 

Saudi-backed US electric vehicle 

manufacturer Lucid achieved a 

new milestone in the first quarter 

of 2024, recording its highest-ever 

quarterly sales for its luxury models. 

Supported by funding from the kingdom’s 

Public Investment Fund (PIF), 

Lucid’s shares surged by 3% following 

the announcement of nearly 2,000 

deliveries of its Lucid Air models. 

The company’s shares have risen by 

40% compared to the same period last 

year. Lucid’s sales success follows 

price reductions of up to 10% on its 

inventory cars in February, aimed at 

stimulating demand amidst challenging 

conditions in the EV market. Despite 

concerns over softening consumer 

interest in EV purchases due to high 

interest rates, Lucid’s achievement underscores 

growing demand for luxury 

electric vehicles, amidst a backdrop of 

intensified competition and evolving 

consumer preferences. 


Investment in Art 


70% of art buyers, aged 16-44 are familiar with augmented reality. Credits (Exar Studios) 

Advancing Art 

Marketing in the 

Digital Era with 

Augmented Reality 

Augmented reality is a powerful, revolutionary 

storytelling tool transforming how artists and 

companies brand themselves. 

The digital age has transformed how we 

experience and interact with art. Gone 

are the days of solely relying on physical 

galleries and museums. Today, the art 

world thrives online, offering a global 

audience unprecedented access to artistic 

creations. However, with this vast 

digital landscape comes the challenge of 

capturing attention and fostering deeper 

connections with art. This is where 

Augmented Reality (AR) emerges as a 

revolutionary tool for art marketing, catering 

to the fundamental human needs 

outlined in Maslow’s Hierarchy of Needs. 

By addressing these needs through innovative 

AR applications, art marketers can 

enhance engagement, create a sense of 

community, and offer personalised, immersive 

experiences that resonate with 

audiences on multiple levels. 


The integration of AR into art marketing 

represents a significant leap 

forward in how we engage with 

and appreciate art. By addressing core 

human needs and offering innovative 

ways to experience and interact with 

art, AR has the potential to revolutionise 

the art world. 

Maslow’s Hierarchy of Needs proposes 

a pyramid structure, with basic physiological 

needs at the foundation and 

self-actualisation needs at the peak. As 

we ascend the pyramid, our needs become 

more complex and psychological. Here’s 

how AR can address these needs in the 

context of art marketing: 

Physiological and Safety Needs: 

While not directly applicable to art 

marketing, ensuring a smooth and accessible 

AR experience is crucial. This 

includes user-friendly apps and clear 

instructions, fostering a sense of security 

and ease of use. 

Love and Belonging Needs: 

AR can cultivate a sense of community 

around art. Imagine attending a virtual 

gallery opening with friends in different 

locations, or participating in interactive 

discussions about a piece. AR experiences 

can foster a sense of belonging and 

shared appreciation for art. 

Esteem Needs: 

AR empowers viewers to engage with 

art on a deeper level. By allowing viewers 

to virtually “place” a sculpture in their 

home or see a detailed breakdown of 

a painting’s brushstrokes, AR fosters a 

sense of understanding and appreciation, 

boosting their confidence in forming their 

own artistic opinions. 

Self-Actualisation Needs 

(Top of the Pyramid): 

AR can be a powerful tool for artistic 

expression. Artists can create interactive 

AR installations that allow viewers to 

participate in the artwork. This fosters a 

sense of connection and allows viewers 

to feel like they are part of the creative 

process. 

AR Applications in Art Marketing 

Now that we understand how AR caters 

to core human needs, let’s delve into 

practical applications for art marketing: 

Virtual Gallery Experiences: 

Creating an app that allows users to 

virtually tour a gallery, complete with 

information about each artwork and 

the ability to zoom in for detailed exploration. 

This is particularly beneficial 

for geographically distant audiences or 

those with mobility limitations. 

Interactive Art Installations: 

AR can transform static artwork into 

dynamic experiences. A painting could 

come alive with animation or hidden 

details revealed upon pointing a smartphone 

camera. Sculptures can project 

information or historical context when 

viewed through an AR app. 

“Try Before You Buy” for Art Collectors: 

AR can bridge the gap between online 

art sales and the in-person experience. 

Collectors can use AR apps to visualise 

the artwork in their own homes, ensuring 

size, scale, and colour harmony before 

making a purchase. 

Educational Tools and Gamification: 

AR can be a powerful educational 

tool. Imagine an AR app that overlays 

information about artistic techniques, 

historical context, or the artist’s life on 

top of a physical artwork. Gamification 

elements can further enhance engagement, 

with users unlocking hidden content or 

completing challenges related to the 

artwork. 

Social Media Integration: 

AR experiences can be seamlessly 

integrated with social media platforms. 

Users can share their virtual gallery tours 

or artistic interactions with friends, further 

promoting the artist and their work. 

Olafur Eliasson transforms natural elements into augmented reality art. 

Inspirations from AR 

Marketing Campaign 

Several artists and institutions have already 

harnessed the power of AR to create 

memorable and engaging experiences. For 

example, the National Gallery in London 

launched an AR app that allows visitors 

to see detailed restorations of famous 

paintings. By pointing their device at 

a painting, users can see how it looked 

before and after restoration, providing 

a deeper understanding of the artwork’s 

history and preservation. 

Similarly, renowned artist Olafur Eliasson 

used AR to create a series of virtual 

artworks titled “Wunderkammer.” These 

digital pieces can be viewed through 

a smartphone app, allowing users to 

place virtual sculptures in their physical 

environment. This innovative use of AR 

extends the reach of Eliasson’s work 

beyond traditional gallery spaces, making 


Investment in Art 

art accessible to a broader audience. 

Getting Started with AR Art Marketing 

The good news is that you don’t need 

a team of tech wizards to embark on 

your AR art marketing journey. Here are 

some initial steps: 

Identify Your Goals: 

What do you hope to achieve with your 

AR campaign? Do you want to increase 

brand awareness, boost sales, or educate 

your audience? 

Choose the Right Platform: 

There are various AR development 

platforms available, some with no coding 

required. Research and select a platform 

that aligns with your budget and technical 

expertise. 

Partner with an AR Developer: 

Consider collaborating with an AR 

developer who can help you create a 

high-quality, user-friendly experience. 

Create Engaging Content: 

The success of your AR campaign 

will largely depend on the quality and 

creativity of your content. Think about 

how you can make the art interaction 

meaningful and memorable for users. 

with your audience. 

Moreover, it’s essential to strike a 

balance between technological novelty 

and artistic integrity. The technology 

should enhance, rather than overshadow, 

the artwork itself. Collaborating closely 

with artists can help ensure that AR 

experiences remain true to their vision 

and intent. 

The Future of AR in Art Marketing 

AR technology is rapidly evolving, 

and its potential within the art world is 

limitless. As AR headsets and glasses 

become more prevalent, we can expect 

even more immersive and interactive 

experiences. Here are some exciting 

possibilities for the future: 

Curated AR Art Walks: 

Strolling through your city with an AR 

app that guides you to hidden murals, 

sculptures, or historical artworks, each 

coming alive with additional information 

and interactive elements. 

AR-powered Art Education: 

Classrooms where students can virtually 

dissect a painting or explore a 3D model 

of a historical monument, bringing art 

history to life in unprecedented ways. 

Personalised Art Experiences: 

As AR technology advances, it will 

become possible to create highly personalised 

art experiences. There is a 

possibility of creating an AR app that 

learns your artistic preferences and curates 

virtual exhibitions tailored specifically 

to your tastes. 

Enhanced Collaborations: 

Artists from different parts of the world 

could collaborate on AR projects in real 

- time, creating artworks that transcend 

geographical boundaries. This global 

connectivity can lead to innovative and 

diverse artistic expressions. 

As technology continues to advance, 

the possibilities for AR in art marketing 

will only expand, offering new and exciting 

opportunities for artists, marketers, 

and audiences alike. 

Embracing AR in your art marketing 

strategy can set you apart in a crowded 

digital landscape, helping you capture the 

attention of a global audience and create 

deeper, more meaningful connections 

with your art. The future of art is here, 

and it’s augmented. 

Promote Your AR Experience: 

Once your AR experience is developed, 

create a buzz! Promote it on your website, 

social media channels, and through press 

releases. Engaging with influencers and 

art communities online can also help 

spread the word. 

Challenges and Considerations 

in AR Art Marketing 

While the potential of AR in art 

marketing is vast, there are challenges 

to consider. Technical issues, such as 

ensuring compatibility across different 

devices and platforms, can be a hurdle. 

Additionally, creating high-quality AR 

content requires time, creativity, and potentially 

significant financial investment. 

Privacy concerns also arise, as AR 

apps often require access to a user’s 

camera and location data. Ensuring that 

user data is handled responsibly and 

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VMF Winter Arts converts public spaces into lleries using augmented reality. 


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Travel 

June Beach Escapes: Discover 

Lebanon’s Coastal Jewels 

Summer is the perfect time to visit the versatile and divine beaches of Lebanon. Known for its rich culture, the country 

offers an ideal getaway for people to enjoy sunny days on mesmerising beaches. June is one of the busiest times 

to visit Lebanon, as people from around the globe flock to its scenic shores to relax and unwind. To make your visit 

unforgettable, we have handpicked four must-visit beaches. Whether you seek adventure, tranquillity, or a blend of both, 

Lebanon’s beaches cater to all preferences, providing an enriching experience that highlights the beauty and charm of 

this Mediterranean gem. Don’t miss out on these stunning coastal spots during your summer trip. 

Tahet El Rih, Anfeh 

Just over an hour from Beirut and 

20 minutes from Tripoli, you’ll find 

the delightful village of Koura, which 

feels like a mini Cycladic Greek island. 

Located in Lebanon’s northern governorate, 

Koura is one of the country’s 

most photographed beaches. The village 

charms with its whitewashed buildings 

and bright blue accents, complete with 

small windmills that bring to mind Mykonos 

or Santorini. The Mediterranean 

Sea here is incredibly clear, allowing 

you to see the rocks on the seafloor, 

and a public beach invites visitors to 

soak up the Aegean-like ambience. 

Anfeh, with its vibrant waterfront, is 

filled with cafes, tavernas, bars, and 

Tyre Beach, Tyre 

guesthouses connected by wooden 

bridges and pathways, offering numerous 

spots to enjoy lunch and indulge 

in mezze and seafood. 

The beach is open to the public with 

no entry fees. You can enjoy meals 

at popular restaurants like Assad al 

Baher and Wasim al Baher. If you 

wish to extend your stay, the Iskandar 

Guesthouse provides comfortable accommodations. 

This guesthouse offers 

beautiful views overlooking the salines, 

windmills, and the vibrant blue sea 

of Anfeh. The village’s charm and the 

Mediterranean vibe make it a perfect 

getaway for those seeking relaxation 

and scenic beauty. 

Tyre Beach might be the Mediterranean’s 

best-kept secret. In 2019, 

National Geographic named it one of 

the best beaches in the Middle East. 

This beach features a vast expanse of 

fine white sand and is located just a 

short distance from the city of Tyre, 

Lebanon’s fourth-largest city, 80 km 

from Beirut. Once a powerful Phoenician 

city, the Greeks and Romans 

later occupied Tyre, and it has been a 

World Heritage site since 1984 due to 

its archaeological remains. Visitors can 

snorkel in the sunken harbour at the 

Al Mina UNESCO archaeological site 

to see these remnants. The beach has 

a vibrant Mediterranean summer vibe 

with bustling beach bars like Cloud 59, 

and ample sun loungers and umbrellas. 

Snorkelers may even spot sea turtles. 

While exploring Tyre Beach, indulge 

in culinary delights at YAM Seafood 

Resto, Hartaaji, Ceviche de la playa, 

and others. For accommodation, immerse 

yourself in comfort at Turquoise 

Beach Resort or Rêve De La Mer Resort. 

Enjoy a diverse range of dining 

experiences and unwind in luxurious 

seaside retreats amidst the beauty of 

Tyre Beach. 


White Beach, Batroun 

Named for its pristine sands, The 

White Beach stands as one of Lebanon’s 

premier coastal destinations, renowned 

for its cleanliness and popularity. Located 

a mere 45 kilometres from Beirut 

and just five kilometres from Batroun’s 

vibrant nightlife scene, this idyllic spot 

has beckoned guests since 1988 to its 

shores of white pebbles caressed by 

emerald waves. Operating year-round, 

White Beach offers inclusive entry fees 

entailing sunbeds and shower facilities. 

Moreover, it boasts charming cafes and 

bars like The White Beach Restaurants, 

serving delectable seafood, and Tonic 

Café Bar, renowned for its refreshing 

tiki cocktails. 

Nearby accommodations abound, 

with options like Country Lodge Club 

& Resort, Portaluna Hotel and Resort, 

and the Silk Valley. Choose from a 

variety of resorts and hotels to suit 

your preferences and budget, ensuring 

a comfortable and memorable stay 

during your visit. 

Benny Beach, Chekka 

Benny Beach, nestled in the northern 

region of Lebanon, is often acknowledged 

as a delightful and economical 

retreat, cherished by locals as a hidden 

treasure. Situated in the Chekka district, 

where the coastline is adorned with 

sun-kissed sands and lush greenery, 

this beach offers a serene escape from 

bustling crowds. Its soft, golden shores 

provide ample space for families and 

individuals seeking a tranquil beach 

experience, away from the lively atmosphere. 

With remarkably affordable 

entrance fees—10,000 LL for adults 

and 5,000 for children—Benny Beach 

boasts excellent amenities for water 

sports enthusiasts, including jet-skiing, 

pedal boating, and paddleboarding. Additionally, 

visitors can enjoy a selection 

of cafes and restaurants, as well as the 

convenience of sun lounger rentals. 

While in Chekka, savour the flavours of 

authentic Lebanese cuisine at renowned 

eateries like Bistr’eau, El Hajj Ali, and 

Baytna. For accommodation, indulge 

in a relaxing stay at the Beny Beach 

Resort, the Ranch, or Miramar Hotel 

Resort and Spa. Whether exploring 

the culinary delights of the region or 

seeking a comfortable retreat, Chekka 

offers a blend of culinary experiences 

and hospitality for visitors to enjoy. 


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Finance World Magazine| Edition: June 2024

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