Finance World Magazine| Edition: July 2024

Reimagining Tourism: Abu Dhabi's $10 Billion Investment Plan 

Understanding REITs: Exploring the Leading REITs in the UAE Market 

Investment Initiatives in UAE: Fueling Dubai's Economic Ambitions 

Visa-Free Escapes: Destinations for UAE Citizens to Visit in July 

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Reaching a visionary goal requires 

one percent vision and 99 percent alignment. 

With the approval of Dubai’s $6.8 billion Foreign Direct Investment 

(FDI) program, the United Arab Emirates is poised Editor’s to Note attract 

a surge of foreign investments in the coming years. In this 

month’s edition, we dive into various investment products, offering 

readers a comprehensive guide to the opportunities ahead. 

The cover story features some of the most prominent investment 

firms in the UAE, showcasing their active participation in the country’s 

economic growth while providing valuable support to investors. 

Between the pages is an exclusive interview with Lilly Pavlou, Executive 

Director of QUBE Events sharing leadership principles and her vision 

for the future of corporate events in the Fintech and Finance sectors. 

Additionally, this edition includes insightful articles such as “How 

to Choose the Right Bank for Your Investment Needs,” “Reimagining 

Tourism: Abu Dhabi’s $10 Billion Investment Plan,” and “The Emergence 

of Impact Investing in the Healthcare Sector.” Each piece offers 

valuable perspectives and practical advice for navigating the evolving 

investment landscape. 

Emphasising the critical need for enhanced connectivity and 

security in business systems, Nupur Goenka, Executive Director of 

Tally Solutions, provides insights into the integration of enterprise 

resource planning with investment management. 

Within the news segments, you will find a condensed compendium 

of the most notable advancements in the field of finance. We have 

meticulously sifted through the latest trends and updates, spanning an 

array of pertinent topics such as corporate results, startups, banking, 

funding, investment, fintech, digital assets, economy, and beyond. 

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

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

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

tirelessly curate the latest and most credible finance news for our 

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

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

- Ambrish Agarwal, Editor in Chief 

- Ambrish Agarwal, Editor in Chief 

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

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July 2024 www.thefinanceworld.com 5 

September 2022 3



BUSINESS NEWS 

Contents July 

2024 

PERSONAL FINANCE 

FINTECH 

MERGERS AND 

ACQUISITIONS 

P38 | Mergers & Acquisitions News 

INTERVIEW 

P08 | Financial Literacy: Building a 

Foundation for Financial Stability 

in the UAE 

UAE BANKING 

P10 | UAE Banking News 

INTERVIEW 

P16 | Global Fintech Market 

2024: Navigating a New Era of 

Growth and Prudence 

P18 | Fintech News 

P20 | Fintech Application 

BUSINESS 

P22 | Driving Development: 

Mezzanine Financing’s Role in 

UAE’s Investment Evolution 

P24 | Business News 

COVER STORY 

P40 | Strategic Innovations and 

Sustainable Growth: An Interview 

with Nicolas Soucaille 

ENERGY 

P44 | Energy News 

P12 | IDriving Business Insights 

and Security in the Digital Era: 

Nupur Goenka Discusses Tally 

Solutions 






REAL ESTATE 

UAE REFORMS 




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P46 | Understanding REITs: 

Exploring the Leading REITs in the 

UAE Market 

P48 | Real Estate News 

P14 | Investment Initiatives in 

UAE: Fueling Dubai’s Economic 

Ambitions 

P26 | Investment Excellence: 

UAE’s Distinguished Financial 

Innovators 

6 www.thefinanceworld.com July 2024

INTERVIEW 

HEALTHCARE 

TOURISM 

P52 | The Future of Event 

Management: Lilly Pavlou’s 

Perspective as QUBE’s Executive 

Director 

FUNDING & INVESTMENT 

P56 | Transforming Finance: The 

Rise of Crowdfunding in the UAE 

P58 | Funding & Investment News 

DIGITAL ASSETS 

P60 | Investing in Presale or 

Established Cryptocurrencies: 

Which is the Right Decision? 

P64 | The Emergence of Impact 

Investing in the Healthcare Sector 

P66 | Healthcare News 

ECONOMY 

P70 | The Economic Impact of the 

UAE’s Blue Residency Visa 

CORPORATE 

P72 | Corporate Results 

SPORT AS A BUSINESS 

P74 Private Equity’s Playbook: 

Investing in the Lucrative World of 

Sports Ownership 

P77 | Sports News 

P80 | Abu Dhabi’s $10 Billion 

Tourism Investment Plan: A Vision 

for 2030 

GLOBAL 

P84 | Global News 

LOCAL 

P86 | Local News 

TRAVEL 

P88 | Visa-Free Escapes: 

Destinations for UAE Citizens to 

Visit this July 

P90 | Travel News 

P43 | P79 | Launch Express 

P50 | P62 | Wheels 

P55 | P83 | Tech My Money 

July 2024 www.thefinanceworld.com 7

Personal Finance 

Source: pexels.com 

68% of UAE residents actively monitor their finances and set long-term goals. 

Financial Literacy: 

Building a Foundation 

for Financial Stability 

in the UAE 

Financial literacy empowers individuals to manage 

earnings, savings, and investments effectively, 

reducing vulnerability to financial risks. 

Financial literacy is crucial for navigating 

personal finances effectively. It involves 

understanding concepts like budgeting, 

debt management, and investing wisely. By 

acquiring these skills early on, individuals 

can avoid financial pitfalls, build savings, 

and make informed decisions about their 

money. This knowledge empowers them 

to plan for future goals such as retirement 

and emergencies, enhancing overall financial 

well-being. As financial products and 

services become more complex, being 

financially literate equips individuals 

with the tools to manage their finances 

responsibly and secure their financial futures. 

Recognising its importance, the 

UAE actively promotes financial literacy 

through educational initiatives and financial 

platforms, ensuring its citizens can 

navigate financial complexities. 


A 

recent survey conducted by Visa 

in the UAE has unveiled encouraging 

insights into the financial 

habits and literacy levels of residents 

across Dubai, Abu Dhabi, and Sharjah. 

The Visa 2024 Financial Literacy Survey 

indicated that a significant majority of 

respondents are actively engaged in 

managing their finances, with over twothirds 

demonstrating a keen awareness of 

their spending habits and financial goals. 

According to the survey findings, more 

than 50% of participants across various 

age groups expressed confidence in their 

current financial situation. Additionally, 

a substantial portion of respondents, 

approximately 68%, diligently monitor 

their finances and are proactive in setting 

long-term financial objectives, underscoring 

strong financial consciousness 

among UAE residents. 

Dr. Saeeda Jaffar, Visa’s SVP and 

Group Country Manager for GCC, highlighted 

the survey’s implications for the 

UAE’s economic landscape, emphasising 

responsible financial practices as 

fundamental to sustainable economic 

growth. The survey also revealed that 

75% of respondents are knowledgeable 

about their credit scores, yet only 33% 

fully understand interest rates—a gap 

that underscores the ongoing need for 

enhanced financial education. 

Moreover, the survey captured insights 

into consumer spending and saving 

behaviours, with nearly half of the 

respondents prioritising building their 

savings over the past year. Interestingly, 

a significant portion of respondents 

expressed interest in financial products 

that offer flexibility, such as instalment 

plans, for managing expenses ranging 

from electronic purchases to emergency 

expenditures. 

The Visa 2024 Financial Literacy Survey 

underscored UAE consumers’ evolving 

financial behaviours and reinforced the 

importance of ongoing efforts to enhance 

financial literacy across diverse segments 

of society. Through such initiatives, the 

UAE aims to fortify its economic resilience 

and empower individuals to make 

informed financial choices in an increasingly 

digital and interconnected world. 

In the latest Programme for International 

Student Assessment (PISA), conducted 

every three years, the UAE ranked 

highest in the Arab world for creative 

thinking and financial literacy. PISA 

assesses educational systems globally, 

underscoring the UAE’s commitment 

to enhancing educational outcomes 

and fostering innovative and financially 

literate youth. 

Talking about financial platforms, 

ADCB MoneySense stands as a pioneering 

financial literacy program in 

the UAE, developed with the Emirates 

Foundation’s support. It equips people 

with essential financial skills to manage 

their finances effectively. The program 

offers practical information, tips, and 

tools covering topics such as budgeting, 

saving goals, responsible borrowing, and 

future planning. 

Financial literacy 

requires both knowledge 

and strong decisionmaking 

skills, both 

of which bolster 

individuals’ overall 

well-being.” 

Designed to educate and empower, 

MoneySense aims to help individuals make 

informed financial decisions aligned with 

their goals and ambitions. Approximately 

1,000 UAE residents and nationals have 

benefited from the program, highlighting 

its impact in promoting financial literacy 

and enhancing overall financial well-being 

in the community. 

Several banks in the UAE have also 

introduced innovative mobile applications 

to enhance financial literacy among 

consumers. ADCB launched the ADCB 

MoneyBuddy app, a comprehensive 

personal finance management platform. 

It enables customers to track financial 

information, set and monitor savings 

goals and budgets, analyse purchase 

impacts on overall financial health, and 

understand monthly cash flow dynamics. 

Emirates NBD introduced Moneywise, 

designed to educate users on making 

sound financial decisions and optimising 

money management. Similarly, CBD’s 

online banking platform offers ‘Budget 

and Track’, a powerful tool empowering 

clients to monitor spending habits, set 

life goals like saving for a car or vacation, 

and gain insights through detailed 

graphs and reports. This initiative not 

only promotes financial control but also 

supports clients in achieving long-term 

financial goals, backed by personalised 

notifications and alerts. 

Additionally, these banks emphasise 

financial literacy by conducting training 

programs for university students, aiming 

to build their competency early on in 

banking products and services. 

As the country navigates towards 

doubling the digital economy’s GDP 

contribution, initiatives like Visa’s survey 

play a pivotal role in fostering informed 

financial decision-making and supporting 

the UAE government’s broader financial 

education efforts. 

Financial literacy is not just about 

understanding budgets and investments— 

it’s a fundamental skill that empowers 

individuals to navigate their financial 

journeys effectively. By grasping concepts 

like budgeting, debt management, and 

wise investing, people can avoid financial 

pitfalls and make informed decisions 

about their money. This knowledge is 

crucial for planning future goals such 

as retirement and emergencies, ensuring 

financial stability throughout life’s 

various stages. 

As financial products and services 

evolve, being financially literate becomes 

increasingly important. It equips 

individuals with the tools to manage 

their finances responsibly, protecting 

their financial futures from unforeseen 

economic challenges and leveraging 

opportunities for growth. Investing in 

financial literacy pays dividends in personal 

financial security and contributes 

to broader economic resilience. 


UAE Banking News 

EFG Hermes Guides 

Fakeeh Care Group’s 

$764M IPO on Saudi 

Exchange 

EFG Hermes, a leading investment 

bank in the Middle East 

and North Africa (MENA) region, 

played a pivotal role as a joint 

bookrunner and underwriter in advising 

on Fakeeh Care Group’s highly 

successful $764M initial public offering 

(IPO) on the Saudi Exchange. 

The IPO, which was priced at SAR 

57.5 per share, resulted in a market 

capitalisation of SAR 13.3B ($3.6B), 

drawing considerable interest from 

local, regional, and international investors 

alike. Karim Meleka, Co-Head 

of Investment Banking at EFG Hermes, 

expressed immense satisfaction 

with the transaction, underscoring 

the firm’s steadfast commitment to 

driving transformative investments 

within the region. Fakeeh Care Group, 

a reputable healthcare provider with a 

distinguished presence in Saudi Arabia 

spanning over four decades, operates 

four hospitals comprising 835 beds 

and five medical centres, delivering 

top-tier healthcare services. 

CBUAE Introduces Mbridge: Early Adopters Gain 

Access to New Platform 

The Central Bank of the UAE 

(CBUAE) has launched the Minimum 

Viable Product (MVP) 

platform of the mbridge project, a 

pioneering multi-central bank digital 

currency (CBDC) platform designed 

for wholesale cross-border payments 

and settlements. This milestone marks 

the first multi-CBDC platform to reach 

the MVP phase, making it available for 

early adopters. Developed in collaboration 

with prominent institutions 

like the Bank for International Settlements 

Innovation Hub Hong Kong 

Centre, the platform enables seamless 

cross-border transactions. Notably, 

the recent cross-border payment of 

the ‘Digital Dirham’ to China worth 

AED 50M signifies a significant step 

forward. Several UAE-licensed financial 

institutions (LFIs) have joined 

the platform, facilitating cross-border 

CBDC payments. This initiative aligns 

with the CBUAE’s broader CBDC strategy, 

aimed at transforming the UAE’s 

financial services sector through digital 

innovation. 

EDB Tops UAE and MENA Banks with AA Rating 

from S&P Global 

The UAE’s Emirates Development 

Bank (EDB) has been rated the 

highest in the MENA region 

following a significant boost by S&P 

Global. S&P Global upgraded EDB’s 

long-term issuer credit rating to AA 

from AA-, maintaining a “Stable” outlook. 

This marks the highest credit 

rating ever given to any financial 

institution in the UAE and across the 

MENA region, underscoring EDB’s 

exceptional standing. The upgrade 

reflects EDB’s clearer strategic mandate 

to foster economic and industrial 

growth in the UAE, demonstrating 

remarkable progress and achievements 

since its renewed mandate three years 

ago. S&P highlighted EDB’s strong 

financial risk profile, the favourable 

economic conditions and credit environment 

in the UAE and the Bank’s 

strategic focus on financing small and 

medium-sized enterprises (SMEs) and 

corporates within five key sectors that 

are pivotal to the UAE’s economic 

transformation. 

Saudi Arabia Joins BIS and China in Central Bank Digital Currency Initiative 

Saudi Arabia has joined a China-dominated 

central bank digital 

currency cross-border trial, 

potentially reducing the dominance of 

the U.S. dollar in global oil trade. The 

Bank for International Settlements 

revealed Saudi Arabia’s participation 

in Project mBridge, a collaboration 

initiated in 2021 among China, Hong 

Kong, Thailand, and the United Arab 

Emirates. This move signifies a significant 

milestone as mbridge progresses 

beyond the prototype phase to the 

“minimum viable product” stage. 

With approximately 135 countries 

and currency unions exploring central 

bank digital currencies (CBDCs), the 

cross-border movement becomes both 

technically intricate and politically 

sensitive. Josh Lipsky, from the Atlantic 

Council, highlights the implications 

of this development, indicating a shift 

towards commodity settlement outside 

the dollar. Moreover, the mBridge 

platform’s compatibility with the 

Ethereum Virtual Machine expands 

its reach and potential applications. 

Saudi Arabia’s participation in Project 

mBridge highlights a growing trend 

among nations to explore and adopt 

CBDCs, signalling a transformative 

shift in the global financial landscape. 


Dubai Islamic Bank Commits $2.94M to ‘Dubai Schools’ Project 

Dubai Islamic Bank has pledged AED 

11M to support the ‘Dubai Schools’ 

project through a cooperation 

agreement with the Knowledge Fund 

Establishment. This initiative aligns with 

Dubai Social Agenda 33 and the bank’s 

Corporate Social Responsibility strategy, 

emphasising its commitment to national 

initiatives and community service. The 

agreement underscores the vision of His 

Highness Sheikh Mohammed bin Rashid 

Al Maktoum to bolster public-private 

partnerships and the directives of H.H. 

Omani Central Bank 

Joins AFAQ Payment 

System 

The Central Bank of Oman 

announces its integration into 

the Gulf Payments System ‘AFAQ’ 

for cross-border payments in local 

GCC currencies. This system, operated 

by Gulf Payments Company (GPC) 

and owned by GCC central banks, 

represents a significant milestone 

in regional financial cooperation. 

This initiative aligns with the central 

bank’s efforts to develop advanced 

cross-border payment systems and 

adopt the latest technologies in the 

industry, aiming to improve efficiency 

and speed while reducing costs. By 

joining AFAQ, financial services will 

be more accessible to the people, 

leading to more efficient banking and 

financial systems, thus enhancing the 

overall productivity of the economy in 

the Sultanate of Oman. Furthermore, 

the central bank remains committed 

to continually enhancing national 

payment systems and integrating them 

with regional payment systems, in line 

with global developments and evolving 

market needs. 

Sheikh Hamdan bin Mohammed bin Rashid 

Al Maktoum to invest in education. The 

signing ceremony, held at Dubai Islamic 

Bank’s headquarters, was attended by 

Abdulla Mohammed Al Awar, CEO of 

the Knowledge Fund Establishment, and 

Obaid Khalifa Al Shamsi, COO at Dubai 

Islamic Bank, among other officials. 

Al Awar emphasised the importance 

of partnerships in advancing Dubai’s 

education sector, encouraging government 

and private entities. 

UAE Banks’ Capital and Reserves Surpass $136B 

UAE-based banks’ aggregate 

capital and reserves reached 

AED 501.5B ($136B) at the end 

of February, up 14.4 per cent year-onyear, 

according to new data. The latest 

statistics from the Central Bank of the 

UAE showed that on a monthly basis, 

the total capital and reserves grew 

0.95 per cent, reflecting an increase 

of approximately AED 4.7B. This rise 

aligns with the central bank’s goal of 

enhancing monetary and financial 

stability within the country. National 

Nasdaq Dubai hosted Emirates 

Islamic’s inaugural Sustainability 

Sukuk issuance totalling 

$750M, underscoring the bank’s 

commitment to sustainable finance 

and the Islamic finance sector. This 

5-year issuance, part of a larger $2.5B 

Certificate Issuance Programme, signifies 

a pivotal step in Emirates Islamic’s 

sustainability journey. The listing 

further enhances Nasdaq Dubai’s 

diverse portfolio of debt securities, 

reinforcing its role as a hub for innovative 

financial instruments. The 

issuance garnered significant interest 

banks accounted for about 86.5 per 

cent of the aggregate capital and reserves, 

recording a substantial AED 

433.7B, an annual rise of 14.6 percent. 

In comparison, foreign banks’ shares 

settled at 13.5 per cent, hitting AED 

67.8B, up 13.2 per cent year-on-year. 

The data underscores the robust performance 

and resilience of the UAE 

banking sector amidst global financial 

uncertainties, highlighting its critical 

role in the national economy. 

Emirates Islamic’s $750M Sustainability Sukuk 

Listed on Nasdaq Dubai 

from investors globally, with 44% of 

orders originating outside the MENA 

region. With an oversubscription of 

2.8 times, the strong demand allowed 

the bank to tighten the expected profit 

rate to 5.431% per annum. This Sukuk 

aligns with Emirates NBD Group’s 

Sustainable Finance Framework and 

complies with Shariah principles. Hesham 

Abdulla Al Qassim, Chairman of 

Emirates Islamic, and Hamed Ali, CEO 

of Nasdaq Dubai and DFM, rang the 

bell at the market-opening ceremony, 

marking a momentous occasion. 


Interview 

Driving Business Insights and 

Security in the Digital Era: Nupur 

Goenka Discusses Tally Solutions 


In an exclusive interview with Finance World Magazine, Nupur Goenka, 

Executive Director of Tally Solutions, discusses the integration of enterprise 

resource planning with investment management, emphasising the need for 

enhanced connectivity and security in business systems. She explores Tally’s role 

in driving transparency and efficiency across sectors, highlighting the potential 

of AI and IoT to reshape future business landscapes. 

Exclusive to Finance World Magazine 

Q. Has Tally Solutions developed 

any specific features or modules 

tailored to the needs of financial 

institutions and investment firms? 

It is not specific features or modules, 

but the entirety of the product 

that users like business owners, CAs, 

auditors, and accountants use to drive 

complete transparency across their business. 

Tally enables them to understand 

their financial position, their return on 

investment, opportunities for growth, 

opportunities for optimization, and so 

on with accuracy. With this visibility, 

users can choose to share data very 

easily with investors and financial institutions 

allowing for everyone involved 

to make better decisions. 

Q. What future trends do you foresee 

in the intersection of enterprise 

resource planning and investment 

management? 

A couple of things come to mind. 

Right now, it is interesting to see that 

regardless of how much the software 

industry has progressed, many business 

systems continue to be islands. Many 

businesses have automated various 

parts of their operations, but all systems 

don’t actually talk to each other very 

well, although some integration has 

started surfacing. I believe there is a 

huge opportunity to create experiences 

where business owners can get insights 

into their ecosystem, their suppliers, 

their customers, and their industry 

trends in addition to their companies 

financial and compliance data. This 

can be very powerful. 

If we are able to do this very well, 

then it would allow owners, financial 

institutions, and investors alike to contextualise 

the business a lot better and 

not look at it in isolation. While the 

opportunity may be relatively obvious, 

we have to do this keeping a security 

benchmark in mind. Inside Tally, not a 

single developer can open a user’s data, 

and this is a very powerful statement 

that we make and stand by. I am very 

curious to see how we could solve 

the analytics and insights opportunity 

without compromising this benchmark 

of security. 

Q. What are some technological 

advancements in ERP systems that 

you believe could significantly impact 

the investment industry in the 

coming years? 

There are several opportunities but let 

me try to cover a few. One, like I shared 

earlier, business systems are isolated 

right now so I believe connectivity is 

a huge opportunity if we solve for it 

well. This is not only within a business, 

but also the possibilities to connect 

businesses to connect to each other 

and stakeholders from within their 

systems. It can be as simple as data 

and information exchange in the most 

secure way possible or something as 

complex as in-depth analytics where 

the users data is completely in their 

control and provided at a cost that is 

affordable for small businesses. These are 

some examples that could be powerful 

experiences for owners and financial 

institutions alike. 

It would be interesting to see how 

progress in AI and ML technologies 

opens up opportunities for business 

owners and investors to play out future 

trends and different scenarios for 

businesses, and being able to do this 

with much more flexibility, accuracy, 

and decreasing cost. 

Another interesting area could be IoT, 

where businesses can use hardware that 

is already capable of collecting so much 

information and data to optimise their 

operations. A simple example could be 

warehouse management, where you 

know what to stock and when to stock 

it because you have installed sensors 

or cameras to collect data and analyse 

it. You could optimise costs, inventory, 

wastage, and these are things that 

could drastically increase business 

efficiency and therefore be of interest 

to investors as well. It would certainly 

be interesting to see how businesses 

actually use these kinds of technologies 

in the coming months and years. 


UAE Reforms 

Source: wam.ae 

In 2023, the UAE ranked third globally in foreign direct investment project activity. 

Investment Initiatives 

in UAE: Fueling 

Dubai’s Economic 

Ambitions 

Sheikh Maktoum announced an AED 25 billion 

FDI Development Programme to attract AED 650 

billion to Dubai for the D33 economic agenda. 

The UAE, renowned as a magnet for investors, 

experienced a 10% growth rate 

in FDI inflows in 2022, underscoring its 

pivotal role in global economic dynamics. 

Recognising the profound impact of FDIs 

on economic growth, the country remains 

proactive in introducing new initiatives. 

Recently, the government announced AED 

25 billion in new investment incentives, 

signalling a robust outlook for FDIs in 

the country. This strategic move aims 

to bolster the UAE’s competitive edge 

and attract a significant influx of foreign 

investments, reinforcing its position as 

a preferred destination for international 

businesses and investors alike. These initiatives 

highlight the UAE’s commitment to 

fostering a thriving economic environment 

amidst global economic shifts. 


Under the leadership of His Highness 

Sheikh Mohammed bin Rashid Al 

Maktoum, is setting ambitious 

targets to solidify its position as a global 

economic powerhouse by 2033. Recently 

approved by the Executive Council of 

Dubai, a series of groundbreaking initiatives 

aim to attract substantial foreign 

direct investment (FDI) and enhance the 

city’s economic resilience. 

Foreign Direct Investment Development 

Programme 

Central to Dubai’s economic roadmap 

is the Foreign Direct Investment 

Development Programme, earmarking 

AED 25 billion over the next decade. 

This initiative aims to leverage Dubai’s 

strategic advantages—such as its logistics 

infrastructure, prime geographical 

location, diverse talent pool, and status 

as a global commercial hub—to attract a 

staggering AED 650 billion in investments. 

By offering incentives and support to 

international companies and expanding 

existing bases in Dubai, the program 

aligns closely with the emirate’s goal of 

becoming one of the world’s top three 

economic cities. 

In 2021, foreign investment in the UAE 

reached $20.7 billion (AED 76 billion). 

By 2022, this figure had increased to 

$22.7 billion (AED 83 billion), reflecting 

a growth rate of 10% in FDI inflows. 

The UAE maintained its position as a 

leading destination for FDI in the West 

Asia region, capturing 47.1% of total inflows 

amounting to $48.3 billion. These 

investment figures underscore Dubai’s 

attractiveness and economic resilience, 

further bolstered by proactive initiatives 

aimed at sustaining and enhancing its 

global economic stature. 

Dubai Economic Model 

Complementing the FDI programme is 

the Dubai Economic Model, a sophisticated 

framework encompassing three main 

components critical to Dubai’s economic 

strategy. Firstly, a comprehensive database 

houses over 3,000 indicators, encompassing 

macroeconomic and sector-specific 

data, alongside global rankings. Secondly, 

sophisticated systems forecast economic 

performance and assess policy impacts. 

Thirdly, interactive dashboards monitor 

economic trends, enabling informed 

decision-making. These tools facilitate 

policy evaluation, sectoral performance 

measurement, transparency enhancement, 

policy prioritisation, and bolstered consumer 

and investor confidence. 

Oversight by the Department of Economy 

and Tourism, the model explores 

economic scenarios. The Dubai Digital 

Authority will streamline data management, 

automate processes, and leverage AI to 

augment model capabilities, advancing 

Dubai’s economic monitoring and strategic 

planning capabilities. 

Integrated Development Around 

Metro Stations 

Dubai is also enhancing its urban infrastructure 

with a comprehensive plan 

to develop areas around Metro stations. 

This initiative aims to enrich economic 

opportunities, improve sustainable 

transport options, and enhance overall 

quality of life. By incentivising developers 

to utilise plots near Metro stations, 

Dubai aims to create vibrant, mixed-use 

environments that promote the concept 

of a ‘20-minute city’. The plan’s expansion 

will significantly increase the number of 

stations and coverage areas by 2030 and 

2040, fostering sustainable urban growth 

and accessibility. 

Key objectives of the plan include 

raising the public transport share to 

45%, and decreasing carbon emissions 

to 16 tonnes per capita. It also includes 

expanding to 140 stations over an expansive 

area of 228 square kilometres, with 

an intermediate milestone of reaching 

96 stations covering 140 square kilometres 

by 2030. A key component of this 

expansion is the ongoing development of 

the Dubai Metro Blue Line, spanning 30 

kilometres in total, with 15.5 kilometres 

underground and 14.5 kilometres above 

ground. This ambitious project will feature 

14 stations, including three interchange 

stations, seamlessly integrating with the 

existing Red and Green lines. 

Manbar Programme 

In line with its commitment to nationalisation 

and community empowerment, 

Dubai has launched the Manbar programme. 

This initiative appoints local 

imams to bolster mosque operations 

and enhance community engagement. 

It offers comprehensive training for 

citizens and opportunities to mentor and 

sponsor students for permanent roles. 

Participants undergo thorough evaluation 

from enrollment through graduation. 

The UAE is just one of 

those places where 

it’s almost a real safe 

haven for investors, and 

investors continue to 

come,” 

Glenn Barklie 

Aligned with Dubai Social Agenda 33, 

the program aims to cultivate resilient and 

cohesive families who take pride in their 

values and identity. It promotes family 

and social stability while empowering 

individuals to increase their economic 

impact and attain financial independence. 

Ghras Al Khair Programme 

Furthermore, Dubai’s Ghras Al Khair 

program will empower content creators, 

partnering with young influencers to actively 

contribute to society and advocate 

for values such as tolerance, harmony, 

cohesion, and moderation, thereby 

strengthening national identity. The 

program will also support educational 

initiatives in schools and universities, 

alongside launching digital awareness 

campaigns and interactive projects aimed 

at enhancing community awareness. 

Aligned with Dubai Social Agenda 33, 

the program will aim to foster safety and 

well-being in communities by increasing 

awareness of cultural core values and 

principles among young people. 

Dubai’s proactive approach to economic 

development through these initiatives underscores 

its commitment to sustainable 

growth, innovation, and inclusivity. With 

visionary frameworks in place to attract 

investments, enhance urban infrastructure, 

empower communities, and promote 

cultural values, The continued focus 

on attracting Foreign Direct Investment 

(FDI), supported by substantial incentives 

and strategic planning, solidifies Dubai’s 

position as a preferred destination for 

international businesses and investors, 

driving continued growth and prosperity 

for the emirate. 


Fintech 


Investments in fintech in the UAE surged by an impressive 92% in 2023. 

Global Fintech Market 

2024: Navigating a 

New Era of Growth 

and Prudence 

The global fintech digital assets market is 

forecasted to grow at 5.13% from 2024 to 2028, 

reaching US$3409.00 billion by 2028. 

The second edition of the global fintech 

report, coauthored by BCG and QED Investors, 

highlights the resilient nature of 

the fintech market amidst recent funding 

challenges and evolving market dynamics. 

Despite fluctuations, innovative technologies 

like GenAI are propelling growth. 

However, the focus is shifting from aggressive 

expansion to sustainable profitability 

and regulatory compliance. The report 

identifies key industry shifts, including 

embedded finance’s rapid ascent and the 

transformative potential of GenAI. This 

article explores several aspects of the 

report to outline critical imperatives for 

fintech success, strategic growth paths, 

robust compliance strategies, and the 

pivotal role of digital public infrastructure 

in fostering financial inclusion and 

innovation. 


With the rise of game-changing 

technologies like GenAI and the 

ongoing challenge of financial 

inclusion, the potential for fintech remains 

vast. The report projects that the market 

will reach $1.5 trillion in revenue by 2030, 

a fivefold increase from today’s levels. 

However, the landscape is shifting. 

The era of “growth at all costs” is fading, 

giving way to a new focus on sustainable 

and prudent growth. Fintechs must now 

balance the drive for profitability with 

the need to manage risk and comply with 

evolving regulations. This new paradigm 

presents significant opportunities but 

also demands a more strategic approach 

to achieving success. 

Industry Trends and Shifts 

The report, based on interviews with 

over 60 global fintech CEOs and investors, 

identifies four major themes reshaping 

the sector: 

1. Embedded Finance: Expected to be 

a $320 billion market by 2030, embedded 

finance is growing rapidly across SMBs, 

consumer segments, and enterprises. 

Established fintechs and traditional 

banks are positioned to benefit significantly 

as this market evolves. Some of 

the prominent embedded finance in the 

UAE include NymCard, Cashew Payments 

Technology, Fintech Galaxy, Spotii, and 

Postpay. 

2. Connected Commerce: Emerging 

as a critical opportunity for banks, 

connected commerce leverages granular 

customer data to create personalised 

marketing channels. This new revenue 

stream can enhance customer loyalty 

and provide a competitive edge in a 

high-yield environment. 

3. Open Banking: While its impact 

on consumer banking competition 

may be limited, open banking is poised 

to transform advertising. Access to 

transaction-level data will enable more 

targeted and timely offers, driving value 

for use-case providers that leverage open 

banking infrastructure. 

4. GenAI: Currently enhancing productivity 

in financial services, GenAI 

is expected to revolutionise areas such 

as coding, customer support, and digital 

marketing. Its impact on product innovation 

will follow, further transforming 

the fintech landscape. 

Five Imperatives for Fintech Success 

In response to these trends, the report 

outlines five critical actions for fintech 

stakeholders: 

1. Prudence in Risk and Compliance: 

As regulatory environments become 

more stringent, fintechs must adopt 

comprehensive compliance strategies. 

Banks should strengthen oversight of their 

fintech partnerships, ensuring adherence 

to industry standards and regulations. 

2. Improving EBITDA: With only 33 of 

the top 70 public fintechs profitable in 

2023, there is a significant opportunity 

for cost savings and efficiency improvements. 

Fintechs need to build scalable 

cost structures to enhance EBITDA by 

over 25 percentage points, positioning 

themselves for long-term success. 

3. Strategic Growth Paths: As interest 

rates stabilise, IPOs and M&A activity are 

expected to increase. Fintechs must craft 

compelling equity stories, demonstrating 

sustainable user acquisition, profitable 

growth, and regulatory compliance to 

attract investors and succeed in public 

markets. 

4. Digital Engagement Platforms for 

Banks: To compete with fintechs embedding 

financial services into non-banking journeys, 

banks can develop commerce sites 

that leverage customer data. Success will 

depend on strong partnerships between 

banks, fintechs, and merchants, creating 

integrated and valuable ecosystems. 

5. Government Support for Digital 

Public Infrastructure: Comprehensive 

digital public infrastructure, including 

digital IDs, payments, and data exchange 

layers, is crucial for broadening access 

to financial services. Successful implementations, 

like India’s UPI and Brazil’s 

Pix, demonstrate the importance of 

government-led initiatives to spur innovation 

and adoption. Furthermore, the 

groundbreaking initiative to introduce 

digital asset laws in the UAE is noteworthy. 

While global fintech investments plummeted 

to $51.2 billion in 2023, marking a 

48% decrease from 2022, the UAE bucked 

this trend. Innovate Finance data reveals 

a 92% surge in fintech investments in 

the UAE. This growth can be attributed 

to the country’s supportive regulatory 

environment and widespread adoption 

of digital banking and fintech solutions. 

Dubai-based fintech startup Stake 

secured $14 million in Series A funding 

led by Middle East Venture Partners 

(MEVP), with significant participation 

from Mubadala Investment Company, 

Wa’ed Ventures, Al Jomaih Holding, and 

Republic, among others. This funding 

round is expected to accelerate Stake’s 

expansion across the UAE and Saudi 

Arabia, particularly focusing on offering 

foreign investors access to Saudi Arabia’s 

growing real estate market. Stake distinguishes 

itself with its unique proposition 

of fractional ownership of global real 

estate, having facilitated transactions 

for over 200 properties valued at AED 

355 million. Notably, more than half of 

Stake’s investor base originates from 

outside the UAE, with a minimal entry 

threshold of 500 UAE dirhams. 

Fortis, a fintech firm based in the UAE 

specialising in SME solutions also closed 

a $20 million Series A funding round 

led by Opportunity Venture (Asia). This 

funding milestone will mark a significant 

advancement in Fortis’ goal to enhance 

financial services tailored for small and 

medium-sized enterprises. 

Drawing on a decade of expertise, Fortis 

empowers entrepreneurs to efficiently 

manage offline and online transactions, 

streamline orders, implement personalised 

loyalty programs, and optimise 

business operations. With this infusion 

of capital, Fortis aims to accelerate its 

growth trajectory and expand its presence 

throughout the MENA region, further 

solidifying its commitment to supporting 

local businesses. 

The MENA region is witnessing a 

fintech revolution driven by these innovative 

startups, each addressing unique 

market needs and accelerating financial 

inclusion. As these companies continue 

to grow and expand their services, they 

are reshaping the financial landscape, 

promoting economic growth, and enhancing 

financial accessibility across 

the region. 


Fintech News 

Al Ansari Exchange Sees Significant Growth in TravelCard Issuance 

Al Ansari Exchange, the UAE’s 

leading remittance and foreign 

exchange company, reported 

a 24% increase in the issuance of its 

multi-currency prepaid TravelCards 

and a 28% rise in load value in the 

first four months of 2024 compared 

to the previous year. The TravelCard, 

which can hold up to 23 different currencies, 

has gained popularity for its 

convenience, security, and competitive 

exchange rates. This growth aligns with 

the UAE’s digital transformation goals 

and reflects the resurgence of international 

travel, as more residents seek 

flexible and secure financial solutions 

for their trips abroad. The company’s 

commitment to innovation and customer 

satisfaction continues to drive 

its success in a competitive market. 

Fintech Startup Thimsa Streamlines Business 

Payments in the GCC 

A 

new Saudi fintech startup, Thimsa, 

is poised to revolutionise 

business payments across the 

GCC region. The company leverages 

open banking to offer a streamlined 

payment platform, targeting small and 

medium businesses (SMBs). Thimsa 

plans to launch initially in the UAE 

and Bahrain, before entering its home 

market of Saudi Arabia. Open banking, 

a growing trend in the GCC, empowers 

businesses to securely share financial 

data with third-party providers. Thimsa 

capitalises on this trend by providing a 

secure and efficient payment solution 

for SMEs. The company prioritises user 

data security and assures close collaboration 

with regulators to maintain 

the highest standards. This innovative 

approach positions Thimsa to become 

a major player in the GCC’s fintech 

landscape, empowering businesses 

and fostering a more dynamic financial 

ecosystem. 

Tumodo: Improving business travel in the Middle East 

Tumodo inks partnership deal 

with Tabby to improve business 

travel in the Middle East. The 

partnership is set to digitally transform 

the travel market, boosting efficiency 

by 80%. Tumodo, an online business 

travel platform, will integrate with 

Tabby, a shopping and financial services 

company. This integration will allow 

businesses to manage travel expenses 

more effectively and comply with travel 

policies seamlessly. Additionally, the 

collaboration aims to promote sustainable 

travel practices, benefiting the 

environment. By leveraging Tabby’s 

financial services and Tumodo’s travel 

management capabilities, businesses 

can optimise their travel plans and 

reduce costs. The combined expertise 

of both companies is expected to drive 

significant innovation in the business 

travel sector, enhancing overall user 

experience. 

UAE Telecom Operator 

Du Gets Licence to Offer 

Digital Financial 

Services 

Telecom giant Du has obtained 

licences from the Central Bank 

of the UAE, paving the way for 

the introduction of cutting-edge digital 

financial services. This strategic 

move empowers Emirates Integrated 

Telecommunications Company (EITC) 

to unveil innovative solutions, aligning 

with the UAE’s ambitious vision for 

a cashless society. EITC is poised to 

revolutionise the financial landscape 

by offering seamless, secure, and 

customer-centric solutions tailored 

for both individuals and businesses. 

With a firm commitment to enhancing 

financial accessibility and efficiency, 

this development positions EITC as a 

key player in the region’s burgeoning 

fintech sector. The partnership between 

Du and the Central Bank marks a significant 

milestone in the evolution of 

digital finance in the UAE, promising 

greater convenience and empowerment 

for consumers and enterprises alike. 


TerraPay and Al Ansari 

Exchange Partner to 

Simplify Money 

Transfers 

TerraPay and Al Ansari Exchange 

have announced a groundbreaking 

deal aimed at streamlining 

international money transfers, significantly 

enhancing their worldwide 

accessibility and service capabilities. 

By integrating TerraPay’s innovative 

solutions with Al Ansari’s extensive 

network, the partnership promises a 

robust platform for secure and seamless 

transactions. Unveiled at the prestigious 

Seamless Middle East 2024 event, this 

collaboration underscores a shared 

commitment to leveraging advanced 

technologies for the betterment of 

financial inclusion and fostering economic 

prosperity. With a steadfast 

dedication to customer satisfaction, 

both entities are poised to broaden their 

global presence and offerings, ensuring 

greater convenience and efficiency for 

individuals and businesses alike. This 

strategic alliance marks a pivotal step 

towards revolutionising the landscape 

of cross-border remittances, empowering 

millions with enhanced access 

to reliable financial services. 

Egyptian Fintech Startup Thndr Sets Sights on UAE 

Market 

Egyptian fintech startup Thndr is 

making waves in the region with 

its expansion into the United Arab 

Emirates (UAE). The company, known 

for its commission-free mobile-first stock 

trading platform, aims to revolutionise 

investing for UAE residents. Founded 

in 2020, Thndr is the first company in 

Egypt to receive a brokerage licence in 

over a decade. This accomplishment, 

coupled with a successful $20 million 

funding round in February 2022, has 

UAE Fintech Firm Stake Raises $14M in Series A 

Funding 

fuelled their regional expansion plans. 

Thndr enters the UAE market armed 

with a Category 3A licence from the 

ADGM FSRA, allowing it to offer retail 

investors direct access to US-listed 

securities like stocks, ETFs, and even 

fractional shares. This innovative 

approach is poised to shake up the 

UAE’s investment landscape, making 

stock ownership more accessible to a 

wider audience. 

Apparel Group Expands 

Partnership with Tamara 

UAE-based real estate investment 

platform Stake has secured 

$14M in Series A funding, 

led by Middle East Venture Partners 

(MEVP), Wa’ed Ventures (Aramco’s 

investment arm), and Mubadala Investment 

Company. Al Jomaih Holding and 

the US-based Republic also participated 

in the round. Stake plans to utilise 

the funds to expand its operations in 

Saudi Arabia, where it aims to pioneer 

digital access for global investors to 

the kingdom’s real estate opportunities. 

The company intends to grow its 

investor base, introduce new investment 

options, and enhance its team to 

bolster product offerings. Co-founder 

& co-CEO Rami Tabbara highlighted 

the funding’s role in expanding Stake’s 

footprint across the UAE and Saudi 

Arabia, emphasising their commitment 

to digitising real estate investment for 

broader accessibility and transparency. 

Apparel Group has further solidified 

its collaboration with 

Tamara, introducing the cutting-edge 

“buy now, pay later” concept 

to the UAE market. Following 

its triumph in Saudi Arabia, this expansion 

endeavours to elevate the 

retail experience by offering patrons 

greater financial freedom and ease. 

Neeraj Teckchandani, CEO of Apparel 

Group UAE, lauded the successful 

implementation in Saudi Arabia and 

eagerly anticipated the same response 

in the UAE. Meanwhile, Abdulmajeed 

Alsukhan, CEO of Tamara, underscored 

the pivotal role this partnership plays 

in revolutionising shopping, payment, 

and banking dynamics across the GCC 

region. With a shared commitment 

to innovation and customer-centric 

solutions, the collaboration between 

Apparel Group and Tamara is poised 

to redefine retail transactions. 


Fintech Application 

ELEVATE PAY 

Founded in 2021 by Faris Keenan, 

Khalid Keenan, and Youcef Oudjidane, 

Elevate offers a range of 

financial solutions tailored specifically 

for remote workers and freelancers in 

emerging markets. The platform aims to 

help users better manage their finances 

through a variety of services designed 

to address the unique challenges faced 

by this demographic. 

One of the primary offerings of this 

service is the provision of debit cards 

for online spending. These debit cards 

enable users to make purchases and 

transactions seamlessly, catering to 

the growing trend of online commerce. 

Additionally, the platform provides 

market-leading foreign exchange (FX) 

rates, which is particularly beneficial 

for those who need to send money 

back home. This feature ensures that 

users can maximise the value of their 

earnings when converting currencies, 

a critical aspect for freelancers and remote 

workers who often operate across 

different countries and currencies. 

A standout feature is its ability to 

transfer funds back to users’ local USD 

accounts for a flat fee of $10. This is 

a significant advantage for individuals 

working remotely from countries like 

Egypt, the Philippines, Pakistan, and 

Bangladesh, where traditional banking 

services can be costly and complex. The 

simplicity and cost-effectiveness of this 

service make it an attractive option for 

managing cross-border transactions. 

The security of user deposits is 

another key aspect of the application. 

Funds deposited in Elevate accounts 

are held with Bangor Savings Bank, 

a reputable institution with a history 

spanning over 172 years in Maine, USA. 

This partnership underscores the 

platform’s reliability and provides an 

added layer of security. All customer 

deposits held with Bangor Savings Bank 

are FDIC-insured up to $250,000. This 

insurance offers unprecedented financial 

security for users, ensuring that 

their hard-earned money is protected 

against potential losses. 

For residents in emerging markets, 

having access to such secure and efficient 

financial services is invaluable. 

It addresses the common concerns of 

security, high transaction costs, and the 

complexities associated with managing 

finances across different jurisdictions. 

By leveraging its partnership with 

Bangor Savings Bank, it guarantees 

that the users can confidently manage 

their finances, knowing their deposits 

are safeguarded under stringent regulatory 

standards. 

Elevate is transforming the financial 

landscape for remote workers and 

freelancers in emerging markets. By 

offering essential financial tools such 

as debit cards for online spending, 

competitive FX rates, and secure fund 

transfers, the platform is effectively 

addressing the specific needs of its 

users. The partnership with Bangor 

Savings Bank further enhances the 

platform’s credibility and ensures that 

user deposits are well-protected. 


Fintech Application 

STAKE 

Stake, founded by Rami Tabbara 

and Manar Mahmassani in late 

2020, revolutionises real estate 

investment by allowing anyone globally 

to invest in income-generating properties 

in the UAE for as little as $136 

(AED 500). This platform democratises 

real estate investment, making it more 

accessible and streamlined. Investors 

can generate income through monthly 

rental payments and capital appreciation 

when they sell their shares or the 

entire property is sold. 

The platform facilitates investment 

in pre-vetted rental properties located 

in prime neighbourhoods of Dubai, 

accessible from anywhere in the world. 

The ease of use is notable; it takes only 

three minutes to download the app, 

sign up, and complete the onboarding 

process from a smartphone. 

One of the significant advantages of 

using Stake is its regulatory compliance. 

As a regulated entity under the DFSA, 

the platform ensures that investors’ 

funds are protected by rigorous standards 

and stringent regulations. This 

provides a layer of confidence and 

security for users. 

Moreover, the application simplifies 

the entire investment process, managing 

all the financial intricacies. It prevets, 

negotiates, and curates the best 

investment deals in the market, saving 

investors time and effort. Leveraging 

over two decades of experience in 

Dubai’s real estate sector, the founders 

use their extensive network to identify 

properties with high investment 

potential. 

It also offers a rewards program, 

encouraging users to refer friends and 

receive benefits. Investors are automatically 

enrolled in a membership 

club, with rewards starting from an 

investment of AED 500. This incentivises 

continued investment and participation 

in the platform. 

One of the standout features of the 

application is its flexibility and liquidity 

options through Exit Windows. This 

feature allows sellers to exit early 

from eligible investments and provides 

buyers with an opportunity to invest 

in previously funded properties. Exit 

Windows are available twice a year 

for two weeks via the mobile app, offering 

greater liquidity and flexibility 

for investors. 

Stake is transforming the real estate 

investment landscape by offering a 

secure, convenient, and accessible 

platform. With its low minimum investment 

requirement, monthly income 

distributions, and robust regulatory 

framework, it provides a comprehensive 

solution for modern investors looking to 

enter the real estate market with ease. 


Business 


It offers investors returns ranging from 12% to 20% annually. 

Driving Development: 

Mezzanine Financing’s 

Role in UAE’s 

Investment Evolution 

Mezzanine financing drives strategic growth and 

economic diversification in the UAE’s dynamic 

investment landscape. 

In the dynamic UAE market, where investment 

opportunities are sought every 

second, mezzanine financing has emerged 

as a vital source of funding. Predominantly 

utilised in the real estate and development 

sectors, mezzanine financing offers a hybrid 

approach that appeals to investors 

and developers alike. With a growing interest 

in versatile investment products, 

mezzanine financing has remained in the 

spotlight for nearly a decade, proving its 

value in a rapidly evolving financial landscape. 

This form of financing continues 

to play a crucial role in supporting the 

country’s economic growth and development, 

providing a flexible and attractive 

option for those seeking to diversify 

their investment portfolios. This article 

explores the role of mezzanine financing 

in the UAE. 


Mezzanine financing has become 

an integral part of the UAE’s 

financial landscape, providing 

a critical bridge between traditional 

debt and equity financing. This hybrid 

financing option, combining elements 

of both debt and equity, has proven to 

be a valuable tool for businesses seeking 

growth capital without diluting ownership 

significantly. 

The Evolution of Mezzanine Financing 

in the UAE 

Mezzanine financing is a strategic 

funding option known for its flexible 

terms, which are negotiated between the 

borrower and lender. It often includes 

features such as interest-only periods, 

with interest payments made either in 

cash or rolled into the principal amount. 

Due to its higher-risk nature compared 

to senior debt, mezzanine financing 

commands higher interest rates, typically 

ranging from 12% to 20%. A unique aspect 

of mezzanine financing is its equity 

component, which may include warrants 

or options, allowing lenders to benefit 

from the company’s equity appreciation. 

In the capital hierarchy, mezzanine 

debt is subordinate to senior debt but 

has priority over equity. This means that 

in the event of liquidation, mezzanine 

debt holders are paid after senior debt 

holders but before equity holders. Common 

use cases for mezzanine financing 

include expansion, acquisitions, buyouts, 

and recapitalisations. For example, a 

Dubai-based logistics company might 

use mezzanine financing to acquire a 

competitor without raising equity capital, 

thereby avoiding ownership dilution. 

The primary advantage of mezzanine 

financing is the reduced dilution of ownership 

compared to equity financing. It 

also typically has fewer covenants than 

senior debt, offering greater operational 

flexibility. However, the risks include 

potential higher costs if the company’s 

performance declines and the possibility 

of ownership dilution if the equity 

component is exercised. 

The UAE’s financial sector has evolved 

to accommodate mezzanine financing, 

with several firms specialising in this 

niche. For instance, Reem Finance and 

Krystal Financial Consultants offer tailored 

mezzanine financing solutions, catering 

to the diverse needs of businesses across 

various sectors. 

Reem Finance provides bespoke 

mezzanine financing solutions, enabling 

businesses to access the capital they need 

for growth while maintaining operational 

control. Krystal Financial Consultants 

specialises in providing mezzanine 

financing that bridges the gap between 

senior debt and equity. 

As part of its strategy centred on debt 

structure investments, Arzan Wealth (DIFC) 

Limited (‘Arzan Wealth’), a Dubai-based 

consulting firm regulated by the Dubai 

Financial Services Authority, also provided 

advisory services for an investment in 

a tax-efficient Jersey Special Purpose 

Vehicle (SPV). 

This SPV offers an amortising mezzanine 

loan to a U.S.-based sponsor, backed by a 

portfolio of rental single-family homes in 

Baltimore, Maryland, USA. The structure 

has been specifically designed to comply 

with Shariah guidelines. 

Mubadala’s completion of a $1 billion 

Zayed financing project highlights the 

scale at which mezzanine financing can 

operate. This significant transaction 

demonstrates Mubadala’s commitment to 

supporting large-scale projects through 

innovative financial solutions. 

Mezzanine financing often serves as gap 

financing for large-scale projects, such 

as when a developer uses it to cover the 

difference between secured senior debt 

and the total cost of a skyscraper project. 

Its terms are highly customisable, 

including options like payment-in-kind 

(PIK) interest, where interest payments 

are deferred and added to the principal 

balance. 

In Dubai’s booming real estate sector, 

mezzanine financing has been crucial for 

iconic projects like the Palm Jumeirah, 

ensuring timely completion. Mezzanine 

lenders often have a clear exit strategy, 

converting holdings to equity upon project 

success or being bought out. 

Dubai’s regulatory framework has 

evolved to accommodate such alternative 

financing structures, fostering its adoption. 

As Dubai diversifies its economy 

beyond oil, mezzanine financing funds 

new ventures in technology and tourism. 

A notable case is the Dubai International 

Financial Centre (DIFC), partially funded 

through mezzanine financing, showcasing 

its role in major infrastructure support. 

Mezzanine Financing in Practice 

The practical application of mezzanine 

financing can be seen in various sectors 

across the UAE. For instance, the real 

The real estate boom is 

fuelling the demand for 

mezzanine finance.” 

estate sector has significantly benefited 

from this financing method, enabling 

developers to undertake large-scale 

projects without over-leveraging. 

Similarly, the hospitality industry has 

used mezzanine financing to fund the 

development of new hotels and resorts, 

capitalising on the UAE’s booming tourism 

sector 

Another established prospect is using 

mezzanine financing as a preferred option 

for leveraged buyouts (LBOs), offering 

a strategic blend of debt and equity to 

facilitate these transactions efficiently. 

The future of mezzanine financing 

in the UAE looks promising, with an 

increasing number of businesses recognising 

its benefits. As the UAE continues 

to diversify its economy and promote 

innovation, mezzanine financing is likely 

to play a crucial role in supporting new 

ventures and driving economic growth. 

Conclusion 

The future of mezzanine financing in 

the Middle East looks promising, offering 

versatile and strategic capital solutions 

to meet the evolving needs of the region’s 

dynamic economies. As mezzanine 

financing becomes more established, 

it will play a significant role in driving 

economic diversification and sustainable 

growth across the Middle East. 


Business News 

Abu Dhabi Unveils Unified Economic Licence for UAE Business Startup 

Abu Dhabi has introduced the 

Unified Economic Licence to 

simplify business setup in the 

UAE capital. Developed by the Abu Dhabi 

Department of Economic Development 

(ADDED) and the Abu Dhabi Free Zones 

Council, this initiative streamlines registration 

procedures across the Emirate 

and its free zones. Spearheaded by key 

entities like KEZAD Group, ADAFZ, 

Masdar City Free Zone, and CMA, the 

licence aims to enhance Abu Dhabi’s 

appeal to investors and entrepreneurs. 

It introduces a standardised reference 

number for all licences and a centralised 

registry, facilitating data management 

and collaboration between free zones 

and mainland authorities. Investors will 

benefit from a quicker digital setup 

process, underscoring Abu Dhabi’s 

commitment to improving the business 

ecosystem and cementing its position 

as a global business hub. 

UAE Government 

Records $18.03B in 

2023 Revenues 

In 2023, the UAE government reported 

revenues of AED 66.2B 

($18.03B) and expenditures of AED 

58.2B. These figures were disclosed 

in a consolidated financial statement 

published by the Ministry of Finance, 

revealing total government assets of 

AED 391.7B for the year. The Federal 

National Council also approved the 

draft federal law endorsing the consolidated 

annual report for the fiscal 

year ending 2023. The UAE’s budget 

plan for 2023-2026, announced in 2022, 

included estimated expenditures of AED 

252.3B and revenues of AED 255.7B. 

The 2023 budget was approved with 

public expenditures of AED 63.06B 

and revenues of AED 63.6B. Revised in 

2024, the federal budget for 2024-2026 

amounts to AED 192B ($52.3B), with 

estimated expenditures of AED 64.1B 

and projected revenues of AED 65.7B, 

reflecting increases of 1.6 per cent and 

3.3 per cent, respectively. 

Dubai-listed Ascana Rebrands to Sukoon Takaful 

Following Stake Sale 

Dubai-listed Arabian Scandinavian 

Insurance Company (Ascana) 

has undergone a transformation, 

rebranding itself as Sukoon Takaful 

following a substantial stake sale to 

UAE insurer Sukoon, formerly Oman 

Insurance Company. This strategic 

shift, detailed in a filing with the Dubai 

Financial Market (DFM), parallels the 

legal name alteration executed by its 

parent company, Sukoon Insurance. 

The acquisition saw Sukoon securing 

93.042% of Ascana’s share capital after 

a deal signed in late 2022. Enjoying 

an ‘A’ rating from S&P with a “stable” 

outlook, Sukoon Takaful offers a comprehensive 

suite of Sharia-compliant 

insurance products covering various 

The directors of Aqaseem Factory 

for Chemicals and Plastics 

Company in Saudi Arabia have 

proposed distributing SAR 5M in cash 

dividends for the year 2023, according 

to a disclosure to the stock exchange. 

This proposal entails a dividend of 

SAR 2 per share, equivalent to 20% of 

the share’s nominal value, for 2.50M 

eligible shares. The specific date for 

the dividend payout will be announced 

following approval from the general 

assembly. The finalisation of this recommendation 

is pending approval from 

the assembly, with plans to convene 

once regulatory approvals are secured. 

Notably, the company recorded a 

sectors, including property, motor, 

life, marine, engineering, and general 

accident. Notably, the insurer recorded 

a net profit of AED 3.1M ($844,000) in 

the first quarter of the year. 

Aqaseem Factory Considers Cash Dividends for 2023 

significant increase in net profits, up 

by 68.42% to SAR 10.13M compared 

to SAR 6.09M the previous year. Additionally, 

revenues for 2023 saw a rise 

of 7.34%, reaching SAR 150.83M from 

SAR 140.51M in the preceding year. 


UAE and Malaysia Forge Closer Ties Following Record $4.7B Trade in 2023 

The UAE and Malaysia, having 

seen their non-oil trade soar 

to $4.7B in 2023, have committed 

to strengthening their economic 

partnership, focusing on sectors like 

energy, logistics, manufacturing, and 

financial services, while also exploring 

opportunities in the Halal economy. 

Dr Thani bin Ahmed Al Zeyoudi, the 

UAE’s Minister of State for Foreign 

Trade, emphasised the potential for 

increased collaboration and investment, 

highlighting the importance of open, 

rules-based trade. Negotiations for a 

Comprehensive Economic Partnership 

Agreement (CEPA) began in May 2023, 

aiming to deepen economic ties further. 

Malaysia anticipates increased investment 

from UAE sovereign wealth funds, 

particularly in sectors such as energy, 

digital economy, electric vehicles, and 

chips. This agreement underscores the 

mutual commitment of both nations to 

fair and open trade practices, fostering 

a robust economic partnership. 

Indian Companies 

Lead New Joinees 

at Dubai Chamber of 

Commerce in Q1 2024 

Indian companies led the surge in 

new memberships at the Dubai 

Chamber of Commerce in Q1 2024, 

underscoring Dubai’s ascent as a premier 

global business destination. With 

4,351 new Indian businesses joining, 

surpassing all other nations, the trend 

signifies the city’s burgeoning appeal. 

Pakistan followed with 2,222 new 

members, trailed by Egypt. The diverse 

influx extended to Syria, the UK, 

Bangladesh, Iraq, Sudan, China, and 

Jordan. Trade and services claimed 

the lion’s share of new memberships 

at 42.3%, with real estate, renting, 

and business services close behind at 

33.9%. The construction and transport 

sectors also saw significant participation. 

This data underscores Dubai’s 

allure for foreign investment across 

various sectors, solidifying its stature 

as a pivotal hub for international 

commerce. 

ServiceNow to Launch UAE Cloud on Microsoft Azure 

ServiceNow (NYSE: NOW), the AI platform 

for business transformation, 

announced plans for a ServiceNow 

UAE Cloud, hosted on Microsoft Azure, 

with a targeted delivery in the first half 

of 2025. This aligns with ServiceNow’s 

commitment to meeting UAE business 

transformation needs across public 

and private sectors. The UAE cloud 

will be part of ServiceNow’s expanding 

global alliance with Microsoft, initiated 

in 2019. “ServiceNow’s UAE Cloud will 

enhance the adoption of our intelligent 

Arada Developments LLC (“Arada”), 

rated B1 by Moody’s and B+ by 

Fitch, has successfully issued a 

$400M Sukuk, listed on the London Stock 

Exchange and Nasdaq Dubai. This marks 

the first issuance under Arada’s new $1B 

Sukuk programme. The five-year fixed-rate 

RegS Sukuk, rated BB- by Fitch and B1 by 

Moody’s, was priced at par with a coupon 

of 8.000%, significantly tighter than the 

initial guidance of 8.675%. The issuance, 

oversubscribed 3.5 times with $1.45B in 

orders, will fund existing obligations, 

corporate purposes, and development 

projects. Vice Chairman Prince Khaled 

bin Alwaleed bin Talal highlighted the 

strong investor interest. The issuance 

attracted diverse investors from Europe, 

platform for comprehensive business 

transformation, particularly in government, 

financial services, energy, and 

telecom sectors,” said Mark Ackerman, 

ServiceNow’s Area VP, Middle East and 

Africa. Ahmed Hamzawy from Microsoft 

UAE emphasised the partnership’s role 

in supporting UAE’s digital innovators 

and business transformation goals, 

focusing on compliance, security, and 

agility. The integration of generative AI 

into the Now Platform further supports 

this transformation. 

Arada Closes $400M Sukuk, 3.5 Times 

Oversubscribed 

the Middle East, and Asia, coordinated by 

leading regional and international banks. 


OVER 

Cover Story 



S 


Within the ever-evolving landscape of the United Arab 

Emirates’ financial sector, identifying the leading investment 

firms calls for a nuanced approach. This cover story 

highlights a selection of leading investment firms chosen 

based on specific criteria underscoring their pivotal roles 

in driving the UAE’s economic growth and innovation. 

Each firm featured in this compilation was assessed 

based on strategic prowess, innovative practices, visionary 

leadership, assets under management (AUM), management 

frameworks, engagement across diverse sectors, and their 

overall impact on the market. 

These criteria highlight the financial strength and operational 

capabilities of these firms and underscore their 

contributions to shaping the UAE’s investment landscape. 

It’s important to note that the firms presented here 

are listed alphabetically, emphasising a comprehensive 

view of their respective strengths without implying any 

hierarchical ranking. 

TORY 


Cover Story 



AIX Investment 

Group 

FADI DABBAGH 

PRESIDENT OF THE BOARD 

Established over a decade ago, AIX Investment Group 

has risen to prominence under the leadership of Assel 

Mukazhanova, its Director and Chief Executive 

Officer. The financial advisory firm has built a reputation as 

a trusted leader in the industry, providing expert financial 

consultations and promoting investment products that 

cater to a wide range of client needs. The firm, regulated 

by the Securities and Commodities Authority (SCA), offers 

comprehensive advice on wealth management, retirement 

planning, and portfolio diversification. 

Specialising in two primary products, AIX Investment 

Group has adopted a minimalist approach that ensures 

focused and effective financial solutions. One of the flagship 

offerings, the AIX Bond, boasts an 18 per cent annual 

yield, a fixed quarterly coupon rate of 4.5 per cent, and a 

36-month maturity period. Another significant product is 

the ‘Property Secure Investment,’ which allows investors 

to achieve rental returns ranging from 14 to 20 per cent, 

with payments made directly to investors’ beneficiary 

accounts at pre-established dates. 

AIX International Properties, registered with the Department 

of Economy and Tourism (DET) and licensed by the 

Dubai Real Estate Regulatory Authority (RERA), handles 

the leasing and management of other people’s properties. 

In addition to financial and real estate services, AIX 

Investment Group is deeply involved in philanthropy and 

sports sponsorships. The firm has extended its partnership 

with the Mahra Polo Team, led by patron Tariq Al Habtoor, 

for the Gold Cup 2024. This collaboration highlights a 

commitment to supporting local sporting talent and promoting 

UAE polo. The partnership with Rashid Khalaf Al 

Habtoor further underscores its dedication to community 

and sports initiatives. 

For businesses aiming to expand globally, AIX Investment 

Group offers international business support services, 

including market research, feasibility studies, and entry 

strategy development. These services empower investors 

to explore new markets confidently and seize global 

opportunities. 

In May 2024, AIX Investment Group announced a 100% 

acquisition of FIA Formula 2 and Formula 3 teams, marking 

a new chapter in its strategic investments. This acquisition 

is part of the ‘We Are The Future’ initiative, which aims 

to bridge the gap between innovation and impact through 

strategic and philanthropic investments. AIX Racing falls 

under this initiative, showcasing the firm’s dedication to 

driving positive change. 

With multiple offices worldwide, AIX Investment Group 

is well-positioned to deliver high-return investments to 

clients across the globe. The focus remains on helping 

investors make impactful investments, generating positive 

outcomes with their capital for the greater good. 


Established in 2006, ATI Investments has become one 

of Dubai’s leading financial holding companies, with 

a vested interest in the people behind its businesses. 

Operating across multiple sectors at both consumer and 

enterprise levels, ATI Investments provides a range of 

products designed to meet various market needs. 

At the enterprise level, ATI Investments includes ATI 

Solutions and UNIGA. ATI Solutions, established in 2014, 

aims to be the PRO concierge service of choice for businesses 

and individuals across the UAE. It employs experienced 

local experts who understand the complexities 

of business and regulatory environments. ATI Solutions 

supports a diverse community, including startups, SMEs, 

large-scale enterprises, and individuals, by handling the 

behind-the-scenes work required to set up and run businesses 

in the UAE. 

UNIGA, or Universal Glass & Aluminium, was established 

to meet the market’s need for superior building materials. 

UNIGA brings together designers, manufacturers, and 

distributors of high-quality glass and aluminium, adhering 

to strict international standards. 

At the consumer level, ATI Investments operates in 

healthcare, hospitality, education, and retail. Emirates 

Home Nursing, a licensed in-home healthcare provider 

established in 2010, offers modern healthcare services. 

Nasma Luxury Stays offers boutique luxury accommodations 

in Dubai, with fully equipped villas and apartments 

designed to provide ultimate comfort. Located in areas 

close to major business, leisure, and shopping hubs, Nasma 

properties range from studios to spacious villas, offering 

a luxury experience in a self-contained, private setting. 

Hummingbird Early Learning Centre has served working 

parents in Dubai and Abu Dhabi for over eleven years, providing 

a secure, stimulating environment for early learning. 

ORA Nursery of the Future, in partnership with the Prime 

Minister’s Office, leads early childhood development in 

Dubai. Using the Zayed Early-Learning Framework, ORA 

prepares young people to lead the future of the UAE and 

the world, combining traditional cultural values with 

modern educational research and technology. 

In the retail sector, ATI Investments offers United Designers, 

a Middle Eastern fashion label, that blends tradition 

and trends through handcrafted collections. Inspired by 

regional actresses and singers, United Designers creates 

abayas, kaftans, and eveningwear. 

Notably, In May 2024, ATI Investments signed a memorandum 

of understanding with the Abu Dhabi Businesswomen 

Council, a subsidiary of the Abu Dhabi Chamber of 

Commerce and Industry. This agreement provides Council 

members with discounts on various services across the 

firms’ portfolio, enhancing investment opportunities and 

growth. 

ATI Investments’ strategic approach and diverse portfolio 

underscore its role as a key player in Dubai’s financial 

landscape, committed to supporting businesses and 

individuals across the UAE. 

Al Tamimi 

Investments (ATI) 



H.E ESSAM AL TAMIMI 

CHAIRMAN 


Cover Story 



Amanat 

DR SHAMSHEER VAYALIL 

CHAIRMAN 

Established on the Dubai Financial Market in November 

2014, Amanat Holding “Amanat” has emerged as a 

pivotal entity in regional investments, possessing a 

paid-up capital of AED 2.5 billion and an authorised capital 

of AED 5 billion. Under the leadership of Dr Shamsheer 

Vayalil, the Chairman of Amanat Holdings PJSC, the firm 

has grown its portfolio to include investments in the 

UAE, Saudi Arabia, and Bahrain, with ambitious plans for 

further regional and international expansion in the health 

and education sector. 

Amanat Holding distinguishes itself with a strong Investor 

Relations strategy, aligning regulatory compliance with 

best practices to foster transparency and strong communication 

within its stakeholder network. This approach 

underscores the company’s commitment to maintaining 

trust and enhancing engagement across its diverse portfolio. 

With AED 2.9 billion in assets under management (AUM), 

Amanat’s investment focus is divided between healthcare 

(46% of AUM) and education (54% of AUM). Noteworthy 

achievements in the healthcare sector include the acquisition 

of a majority stake in Sukoon and its subsequent 

merger with CMRC in April 2023, creating a dominant 

regional player in post-acute care services. The firm has 

also implemented strategic revenue diversification and 

cost-saving measures in response to market dynamics, 

ensuring operational resilience in challenging environments. 

In the education sector, Amanat has pursued a proactive 

strategy, including the establishment of a new holding 

company for its education platform and exploration of 

monetisation avenues, such as a potential regional IPO. 

Middlesex University Dubai has seen remarkable growth, 

becoming the largest private university in Dubai with a 

substantial increase in international student enrolments. 

Initiatives like the Middlesex University Centre for 

Continuing Education and expanded facilities at Dubai 

Knowledge Park further enhance its educational offerings 

and student experience. 

Amanat delivered a record profit of AED 155 million for 

FY 2023, up 39% year-on-year, owing to its strategic approach 

of investing in and growing market-leading companies in 

attractive sectors with strong structural growth trends. The 

firm continues to explore opportunities for value creation 

and monetisation. The robust financial performance in the 

first quarter of 2024, with revenue and EBITDA up 21% 

and 13% year-on-year, respectively, underscores Amanat’s 

strong position and strategic vision. 

Looking ahead, Amanat Holding remains committed to its 

strategy of investing in market-leading companies within 

sectors poised for growth. The firm’s ability to navigate 

complex market conditions and capitalise on strategic 

opportunities underscores its resilience and long-term 

vision in the regional investment landscape. 


Dubai Investments was founded in 1995 and has 

since become a major player in Dubai and the 

UAE’s economy, with prudent investments across 

diverse sectors such as real estate, industrial, financial, 

healthcare, and education. 

Listed on the Dubai Financial Market in 2000, Dubai 

Investments has 15,558 shareholders with a share capital 

of AED 4.25 billion. Under the stewardship of Khalid Bin 

Kalban, Vice Chairman & Chief Executive Officer, the 

company has grown significantly and contributed to the 

empowerment and positive growth of communities. 

Dubai Investments operates in the real estate sector 

through a strategic and multifaceted approach, creating 

sustainable business cities and developing projects that 

add value to the community. Notable subsidiaries include 

Dubai Investment Real Estate and Al Taif Investment. It 

covers a comprehensive range of products and services 

in the building material and construction sectors, operating 

across industries like glass, steel, aluminium, metal, 

polystyrene, and lighting. 

The company has diversified into the healthcare sector, 

aligning with the UAE Government’s National Agenda 

pillar of world-class healthcare. Key investments include 

Global Pharma, established in 1998 and headquartered in 

Dubai Investments Park, which is a market leader in key 

generic pharmaceuticals. 

Additionally, Dubai Investments holds a 34.3% stake in 

Global Fertility Partners, a leading network of fertility 

and reproductive services. It owns a 27% stake in Kings 

College Hospital London, Dubai, a multi-disciplinary, 

world-renowned hospital with four outpatient clinics in 

Dubai. Clemenceau Medical Centre, Dubai offers stateof-the-art, 

multi-disciplinary specialty care with the latest 

technologies and medical procedures. 

Dubai Investments has strategically diversified its operations 

in the financial investments sector. Key subsidiaries 

include Al Mal Capital PSC and DI Investment Holding 

Limited. The company has also made significant strides in 

the education sector through the Africa Crest Education 

Fund, supporting educational growth and development 

in the region. 

Innovation and cutting-edge technology are integral to 

the company’s commitment to sustainable progress and 

pioneering business models. Notable subsidiaries include 

TechSource LLC, established in 2009, which offers a wide 

array of application development services, business intelligence 

and analytics, and business process solutions. 

Despite capital employed in the business remaining 

relatively flat, Dubai Investments has seen a 61% rise 

in Return on Capital Employed (ROCE) over the last 

five years. Dubai Investments’ share price on the Dubai 

Financial Market is currently at AED 2.07, with a bid of 

AED 2.06 and an ask of AED 2.09. 

The company’s strategic investments and partnerships 

reflect its commitment to innovation, community empowerment, 

and economic development. 

Dubai 

Investments 



KHALID BIN KALBAN 

VICE CHAIRMAN & CEO 


Cover Story 



Mubadala 

KHALDOON KHALIFA AL MUBARAK 

GROUP CEO & MANAGING DIRECTOR 

Established in 2002 to advance Abu Dhabi’s economic 

diversification, the Mubadala Investment Company 

stands as a monumental force in global investments, 

with a total portfolio valued at USD 302 billion (AED 1,111 

billion) across six continents. 

The merger in 2016 of Mubadala Development Company 

and the International Petroleum Investment Company 

marked a strategic pivot, aligning with the vision of His 

Highness Sheikh Mohamed bin Zayed Al Nahyan to propel 

Abu Dhabi into its next phase of growth. 

Led by Managing Director and Group CEO Khaldoon 

Khalifa Al Mubarak, Mubadala operates from its head- 

quarters in Abu Dhabi, with additional offices strategically 

located in London, Moscow, New York, and Beijing. The 

company’s investment strategy is rooted in commercial 

focus, deploying capital across promising sectors and 

geographies globally. 

Mubadala’s success hinges on its entrepreneurial ethos 

and strong partnerships, cultivating a resilient corporate 

culture that fosters talent development and innovation. 

With solid financial foundations backed by the government 

of Abu Dhabi, it maintains one of the highest credit ratings 

in the region, reflecting its commitment to transparency 

and performance excellence. 

Mubadala Investment Company’s UAE Investments 

platform is strategically diversified across various sectors, 

including energy, aerospace, technology, healthcare, real 

estate, and infrastructure. Each sector is developed to foster 

homegrown champions and vibrant commercial clusters. 

The Direct Investments arm of the company focuses on 

high-growth industries like semiconductors and energy 

across North America, and Europe, and selective investments 

in China. 

Whereas, Diversified Investments manages a wide array 

of asset classes globally, including private equity, venture 

capital, and solutions, totalling approximately $22 billion 

in assets. The Real Estate & Infrastructure Investments 

division targets stable, long-term returns through investments 

in physical and digital assets worldwide. 

The company’s investment spectrum spans diverse 

sectors including technology, healthcare, consumer services, 

real estate, and infrastructure. Notable investments 

include Xpeng, a leading Chinese electric vehicle and 

technology company, and REEF Technology, a pioneer 

in technology-enabled parking solutions based in Miami. 

These ventures exemplify Mubadala’s strategic approach 

to investing in sectors with strong growth potential and 

transformative impact. 

In alignment with global sustainability goals, Mubadala 

has established a Green Finance Framework, facilitating 

investments in projects that promote a low-carbon and 

climate-resilient economy. This framework underscores 

Mubadala’s commitment to sustainable practices and its 

role in achieving the UAE’s Net Zero 2050 objectives. 

Looking forward, Mubadala remains poised to navigate 

evolving global markets while seizing new opportunities 

for growth and value creation. 


NBK Capital Partners, founded in 2005, has established 

itself as a prominent player in the Middle 

East’s investment landscape, operating from key 

hubs in Dubai, Istanbul, Sharq, and Manama. Specialising 

in three core investment strategies—Private Credit, Private 

Equity, and Real Estate—the firm has demonstrated 

a strong commitment to promoting growth and stability 

across various sectors in the region. 

In the realm of Private Credit, NBK Capital Partners 

offers innovative financing solutions tailored to middle-market 

companies. The company pioneered the NBK 

Capital Mezzanine Fund I in 2008 with US$ 157.4 million 

in commitments, focusing on secured debt transactions. 

This strategy enables businesses to access capital for 

growth initiatives, acquisitions, and balance sheet refinancing. 

Noteworthy investments include Humania SGHE 

in healthcare, Moove in transportation, and Qimam El 

Hayat Schools in education, spanning across the UAE 

and Saudi Arabia. 

Private Equity forms another cornerstone of NBK Capital 

Partners’ investment portfolio. Since launching its 

inaugural US$ 250 million NBK Capital Equity Partners 

Fund I in 2006, the firm has strategically deployed capital 

in consumer-driven sectors across the GCC and Turkey. 

Following the success of Private Equity Fund I, Fund II 

was introduced in 2013 with US$ 310.1 million in commitments. 

Building on Fund I’s foundation, Fund II targets 

high-growth opportunities across the GCC and Turkey, 

focusing on businesses with strong revenue and expansion 

potential. Some noteworthy examples are investments in 

Polymedic in Morocco, Kaumeya Language Schools in 

Egypt, and Yatsan in Turkey. 

Real Estate represents a significant area of focus for 

NBK Capital Partners, aiming to generate stable income 

from diversified assets across the GCC. Launched in 2016, 

the NBK Capital Partners Real Estate Fund I secured US$ 

95 million in commitments, focusing on income-producing 

properties leased to creditworthy tenants. The firm’s 

portfolio includes strategic acquisitions in sectors such as 

logistics, education, and healthcare. Notably, it manages 

properties like the Dubai campus of an international K-12 

school, aligning investments with Shari’ah principles and 

long-term lease agreements. 

The firm’s strategic presence across these diverse investment 

strategies underscores its commitment to enhancing 

regional economic diversification and sustainability. By 

providing flexible financing solutions in Private Credit, 

fostering growth in Private Equity, and managing stable 

income streams in Real Estate, NBK Capital Partners 

contributes significantly to the development of vibrant 

commercial ecosystems. The proactive approach and 

deep sectoral expertise enable the firm to navigate market 

complexities effectively, delivering value to stakeholders 

and driving long-term profitability. 

NBK Capital 

Partners 



YASER MOUSTAFA 

CHIEF EXECUTIVE OFFICER 


Cover Story 



SHUAA 

Capital 

BADR AL-OLAMA 

CHAIRMAN 

Established in 1979, SHUAA Capital emerged as one 

of the earliest investment firms in the UAE, marking 

its inception during a pivotal period of growth in 

the region’s financial markets. Founded with a vision to 

specialise in asset management and investment banking, 

SHUAA has since evolved into a diversified financial 

services provider, renowned for its strategic insights and 

innovative approaches. 

Under the guidance of its Chairman Badr Al-Olama, the 

firm is steering through significant milestones and expan- 

sions. Notably, the merger with ADFG bolstered the firm’s 

capabilities, transforming it into a leading player in real 

estate investment and management across the Middle East. 

This strategic integration enhanced its expertise in deal 

origination, capital structuring, and asset management, 

reinforcing its position as a key player in regional finance. 

SHUAA’s investment strategy is characterised by a dual 

focus on both public and private markets. In the public 

markets, it maintains a distinctive platform that invests in 

publicly listed securities, with a keen emphasis on Middle 

Eastern markets. Through fund structures tailored to local 

dynamics, it captures opportunities in sectors poised for 

growth, aligning investments with long-term value creation. 

In the private markets, the firm pursues growth capital 

investments, unlocking value in companies through organic 

growth initiatives and strategic acquisitions. This 

approach leverages its network and industry insights to 

identify synergistic opportunities, fostering sustainable 

growth for portfolio companies. 

Complementing its investment activities, SHUAA Capital 

offers a comprehensive suite of financial services through 

its investment banking segment. This includes boutique 

advisory services, traditional investment banking functions, 

and a robust sales and trading platform specialising in 

fixed income, currencies, and commodities. 

Over the past three years, it has facilitated over USD 

5 billion in transactions, encompassing debt and equity 

raising, high-yield debt issuance, and capital market 

transactions such as SPACs. 

In the latest fiscal year, SHUAA Capital achieved revenues 

of AED 165 million, up 34% year-on-year, with adjusted 

net operating income increasing by 128%. Looking 

ahead, the firm remains poised to capitalise on emerging 

opportunities in the evolving financial landscape of the 

UAE and beyond. 


Established in 2007 in Dubai and formally incorporated 

in 2009, TVM Capital Healthcare operates 

under the regulation of the Dubai Financial Services 

Authority (DFSA). Dr Helmut M. Schuehsler serves 

as both chairman and CEO of the firm, which specialises 

in healthcare expansion and growth capital investments. 

It focuses on deploying equity capital into tech-enabled 

and transformative healthcare companies across key regions 

such as the Middle East and North Africa (MENA) and 

Southeast Asia. The firm takes an active role as a strategic 

partner, providing not only financial investment but also 

strategic and operational guidance to enhance the growth 

and operational execution of its portfolio companies. 

The investment strategy of TVM Capital Healthcare centres 

on addressing critical healthcare needs in its target 

markets. This includes investing in innovative healthcare 

delivery models, particularly in single-specialty clinics, 

and localising the manufacturing of healthcare products 

such as pharmaceuticals, medical devices, and diagnostics. 

In alignment with global sustainability goals, the 

firm integrates Environmental, Social, and Governance 

(ESG) principles into its investment framework. This 

commitment extends to supporting the United Nations 

Sustainable Development Goals (SDGs), including goals 

related to healthcare quality, employee safety, diversity, 

environmental sustainability, integrity, compliance, and 

community development. 

The firm’s portfolio includes a diverse range of investments 

aimed at fostering sector leadership and supporting 

major expansion projects across geographies. Notable 

investments include neurocare, Baraya Extended Care, 

DEBx Medical, Alina Vision, Amili, Amecath, Bourn Hall 

International, Cambridge Medical & Rehabilitation Center 

(CMRC), Manzil Healthcare Services, and ProVita International 

Medical Center. 

Recently, TVM Capital Healthcare launched the $250 

million Saudi-focused Afiyah Fund, demonstrating its 

commitment to expanding its footprint in strategic healthcare 

markets. Additionally, the firm has made significant 

investments in Saudi generics and biosimilars, totalling 

$35 million, further solidifying its position in the regional 

healthcare landscape. 

Moreover, it expanded with the opening of Baraya Extended 

Care, its second clinic in Jeddah. This move underscores 

the firm’s commitment to enhancing healthcare accessibility 

and quality in Saudi Arabia, complementing its strategic 

investments in the region’s healthcare infrastructure. 

Through its focused investment approach and strategic 

partnerships, TVM Capital Healthcare continues to play a 

pivotal role in shaping the healthcare sector in the Middle 

East and beyond, contributing to sustainable development 

and advancing healthcare innovation. 

TVM Capital 

Healthcare 



DR HELMUT M. SCHUEHSLER 

CHAIRMAN & CEO 


Cover Story 



The Ghobash 

Group 

SAEED AHMED GHOBASH 

CHAIRMAN 

Established in 1981 with a mission to contribute to 

the UAE’s economic diversification, Ghobash Group 

has evolved into a prominent conglomerate spanning 

seven diverse industries. Under the leadership of Chairman 

Saeed Ahmed Ghobash, the group has strategically grown 

its portfolio and established itself as a key player in the 

region’s business landscape. 

Ghobash Group operates across Technology, Energy, 

Healthcare, Chemicals, Business-to-Consumer, Real Estate, 

and Investments, employing over 1,750 individuals. 

The group’s strategic pillars include Aban Investment, 

managing a diversified portfolio of operating companies; 

Makeen Properties, which develops and manages a real 

estate portfolio; and Ghobash Trading & Investment (GTI), 

focusing on multi-asset class investments globally. 

Aban Investment, founded in 2008, centralises services 

for the group’s fifteen operating companies, enhancing 

efficiency and sharing best practices across sectors like 

Technology, Oil & Gas, Pharmaceuticals, and more. This 

approach supports strategic growth and operational synergy 

within the group’s diverse ventures. 

Makeen Properties, established 40 years ago, specialises 

in residential, commercial, and industrial rental 

properties across the UAE. The portfolio includes offices, 

retail showrooms, and luxury residential properties, 

providing comprehensive property management services 

from development to maintenance. These properties are 

strategically located across the UAE, including Abu Dhabi, 

Dubai, Sharjah, and Ras Al Khaimah. 

GTI engages in strategic investment activities across 

various geographies, managing risks and optimising returns 

through a structured ‘Asset Allocation Matrix’. The firm’s 

investment portfolio spans startups, established businesses, 

acquisitions, and joint ventures, reflecting its commitment 

to diversified growth and long-term value creation. 

The group’s growth strategy emphasises diversification 

to strengthen resilience across economic cycles and leverage 

synergies between its diverse sectors. By focusing on 

market penetration, development, and innovation, Ghobash 

Group aims to enhance its competitive advantage and 

sustain growth momentum in evolving markets. 

In recent developments, Ghobash Group has introduced 

Finland’s HEI Schools to the UAE and launched 

Code 81 under its technology cluster, demonstrating its 

commitment to innovation and expanding its presence in 

emerging sectors. 

With a steadfast commitment to excellence and sustainability, 

Ghobash Group continues to pioneer new opportunities 

and contribute significantly to the UAE’s economic 

landscape through its diversified business portfolio and 

strategic investments. 


Wamda Capital, one of the leading venture capital 

investment companies, was founded by Fadi 

Ghandour in 2010. Renowned for its innovative 

founder-led approach, it benefits from Ghandour’s unique 

perspective as the Founder of Aramex. His firsthand understanding 

of scaling a company from an idea to IPO and 

beyond allows the firm to evaluate each startup through the 

lens of a fellow founder, providing insights and guidance 

in building impactful companies. 

With over a decade of experience, Ghandour and Wamda 

Capital have built an impressive investment track record, 

with investments in over 60 companies, including Maktoub, 

Souq, and Yemeksepeti etc. This extensive experience 

across various investment cycles, coupled with a vast 

network of connections, aids founders in achieving exceptional 

outcomes. 

As an Evergreen Fund, the firm prioritises long-term 

investments, maintaining a steadfast commitment to supporting 

founders throughout their entrepreneurial journey 

to build sustainable, enduring businesses. 

Established in 2010, Wamda was Ghandour’s initiative 

to accelerate the burgeoning entrepreneurship ecosystem 

in the MENA region. The Wamda brand came to life with 

the launch of wamda.com in 2011, a free, bi-lingual, independent 

online platform publishing articles related to the 

tech ecosystem in the Arab world. 

In 2015, it launched Wamda Capital Fund I, one of the 

region’s first Venture Capital funds. The $70m fund, anchored 

by the IFC with participation from Zain and other 

regional investors, invested in growth-stage businesses in 

the Middle East, Africa, and Turkey, achieving successful 

exits with companies like Careem, Mumzworld, and Twiga. 

By 2019, Wamda Capital Fund I was fully deployed, 

leading to the creation of ‘Wamda Seed,’ an early-stage 

evergreen investment entity backed by Ghandour’s personal 

capital. Targeting Seed to Series A technology startups in 

the MENAPT region, Wamda Seed has invested in over 67 

companies, including Tabby, Eyewa, and Hala. Its evergreen 

structure allows for opportunistic investments without 

a predefined fund lifecycle, providing patient capital to 

technology startups across various industries and locations. 

Recently, it has led significant investment rounds, 

including qeen.ai’s $2.2 million pre-seed round, TAP’s $1 

million Seed round, and Salus’ $4.7 million Seed round. 

pre-seedvestments highlight Wamda Capital’s continued 

commitment to nurturing innovative startups in the MENA 

region, further solidifying its role as a key player in the 

venture capital landscape. 

Wamda 

Capital 



FADI GHANDOUR 

FOUNDER 


Merger and Acquisition News 

UAE Telco e& Calls EU Commission Probe into PPF Deal ‘Procedural’ 

UAE telecoms company e& has said 

a European Commission investigation 

into the acquisition of PPF 

Telecom’s assets in Bulgaria, Hungary, 

Serbia, and Slovakia is ‘a procedural 

step’. The investigation, under the Foreign 

Subsidies Regulation (FSR), follows e&’s 

announcement last year that it signed a 

binding agreement to acquire a 50% +1 

stake in both the service and infrastructure 

companies of PPF’s East European 

SAIC Announces Intent 

to Acquire Dar Al-Balad 

Business Solutions 

Saudi Advanced Industries Company 

(SAIC) has entered a non-binding 

memorandum of understanding 

(MoU) with Dar Al-Balad Business 

Solutions Company, outlining the 

potential acquisition of up to 100% of 

the company’s shares, encompassing all 

associated rights and responsibilities. 

The MoU, as detailed in a bourse 

filing, delineates the foundational 

understanding of respective obligations 

and entitlements. The finalisation of this 

transaction hinges on the outcomes 

of comprehensive financial and legal 

due diligence processes, alongside 

negotiations aimed at determining the 

ultimate valuation. This strategic move 

aligns with SAIC’s overarching objective 

of sustained expansion and viability. 

Effective from its signing on June 3, 

2024, the MoU maintains validity for 

six months, subject to potential renewal 

through mutual written consent. 

companies, excluding the Czech Republic 

business. “The European Commission’s 

decision to open an in-depth investigation 

is a procedural step, which does 

not prejudge the outcome,” e& stated to 

Abu Dhabi Securities Exchange (ADX). 

The company remains committed to 

closing the transaction before year-end 

and continues constructive discussions 

with the European Commission. 

Emirati Bank FAB in Advanced Talks to Acquire 

Turkey’s Yapi Kredi 

First Abu Dhabi Bank (FAB) is in 

advanced talks to acquire a 61.2% 

stake in Istanbul-based lender 

Yapi Kredi from Turkish conglomerate 

Koc Group for approximately $8B, 

according to three sources familiar 

with the matter. Following the news, 

Yapi Kredi shares surged 10%, while 

Koc Holding rose more than 7%, both 

reaching record highs and boosting 

Istanbul’s main index to a new peak. 

FAB shares, however, declined. This 

deal would represent another significant 

Gulf investment in Turkey, where 

President Tayyip Erdogan has been 

improving relations with the UAE and 

Saudi Arabia to attract funding and 

strengthen the economy. One source 

mentioned Koc Group sought $8.5B 

for the stake, while FAB had proposed 

around $7.5B. Koc Holding confirmed 

preliminary talks and remains open to 

other options. 

ADNOC Drilling, Alpha Dhabi JV to Buy More of 

Gordon Technologies for $270M 

ADNOC Drilling Co., a unit of Abu 

Dhabi National Oil Company 

(ADNOC), and investment holding 

company Alpha Dhabi Holding announced 

that their joint venture (JV) Enersol RSC 

LTD has agreed to acquire an additional 

equity stake in oil and gas engineering 

company Gordon Technologies LLC for 

approximately $270M. The additional 

42.2% stake will make Enersol the majority 

equity holder in Gordon, increasing its 

total stake to 67.2%. The acquisition price 

aligns with the valuation of the initial 25% 

stake purchase announced in January 

2024, as stated in a regulatory disclosure 

on ADX. Alpha Dhabi, a subsidiary of Abu 

Dhabi’s International Holding Company, 

had previously acquired a 25% stake 

in Gordon Technologies for $164M in 

November 2022. Approximately 80% of 

the consideration for the additional stake 

will be funded upon closing, with the 

remainder expected to be paid over the 

next two years, subject to performance 

conditions. 


Bank Aljazira Boosts Stake in AlJazira Takaful with 4.6M Share Acquisition 

Bank Aljazira recently concluded 

an off-market private transaction, 

solidifying its position by acquiring 

4.65 million shares in AlJazira Takaful 

Taawuni, amounting to 7.05% stake in 

the company’s capital. This strategic 

move, unveiled through a bourse filing, 

was made possible by purchasing the 

shares from Solidarity Group Holding, 

with the agreement officially executed 

on May 29, 2024. Noteworthy is 

the commendable performance of 

Bank Aljazira, as evidenced by its net 

profit skyrocketing to SAR 300.40 M 

in the first quarter of 2024, marking a 

significant increase from SAR 204 M. 

Similarly, Aljazira Takaful Taawuni 

witnessed a substantial surge in net 

profit, rising to SAR 12.78 M in Q1-24 

from SAR 7.12 M, thereby highlighting 

the positive momentum and financial 

robustness prevalent within the banking 

and insurance sectors. 

RAK Ceramics 

Completes Acquisition 

of RAK Porcelain 

Abu Dhabi-listed RAK Ceramics, 

a major tile manufacturer, has 

acquired RAK Porcelain, consolidating 

its position in the industry, as 

reported on Monday. With the purchase 

of 100% of RAK Porcelain’s shares, RAK 

Ceramics now fully owns the subsidiary, 

a move disclosed in a filing with 

the Abu Dhabi Securities Exchange 

(ADX). This acquisition reflects RAK 

Ceramics’ strategic commitment to 

enhancing its core business segments 

while divesting non-core operations. 

Despite facing a 21.5% decrease in net 

profit to AED 62.9M ($17.12M) and an 

11.4% decline in group revenue to AED 

781.6M in the first quarter of 2024, the 

company remains focused on growth. 

It attributes the decline to ongoing 

geopolitical challenges and market 

conditions, excluding the UAE, where 

it continues to perform strongly. 

Saudi Telecom Eyes United Group Acquisition, 

Sources Reveal 

STC Group of Saudi Arabia is 

reportedly considering a bid for 

United Group, a European telecom 

and pay-TV operator, according 

to three informed sources. United 

Group, acquired by UK buyout group 

BC Partners from KKR in 2019, is being 

prepared for sale. STC’s preliminary 

efforts may or may not lead to a formal 

offer cautioned one source. The 

estimated value of the deal, including 

debt, could be approximately 8B euros 

($8.7B). Spokespersons for STC and BC 

Partners declined to comment, citing 

confidentiality concerns. For STC, this 

represents a strategic move into the 

European telecom sector, following 

previous acquisitions. BC Partners is 

exploring various sales strategies, potentially 

dividing the sale into different 

regions. Additionally, infrastructure 

funds are showing interest in specific 

countries such as Greece, Croatia, and 

Slovenia. 

ADNOC L&S Acquires Navig8 Shipping Pool for 

$1.49B 

ADNOC Logistics & Services (AD- 

NOC L&S) has unveiled plans 

for a full acquisition of Navig8 

TopCo Holdings Inc., a prominent 

international shipping pool operator, 

for a sum of up to $1.49B. This acquisition 

will occur in two phases, with an 

initial 80% stake procured for $1.04B, 

transferring economic ownership retroactively 

from January 1, 2024. The 

remaining 20% stake will be acquired 

by 2027 for a deferred consideration 

ranging between $335M to $450M. 

Navig8, boasting a fleet of 32 tankers 

and a global footprint spanning 15 cities 

across five continents, delivered over 

$400M EBITDA in 2023, equivalent to 

44% of ADNOC L&S’ EBITDA during the 

same period. This move is anticipated 

to swiftly enhance shareholder value, 

projecting a minimum 20% increase in 

earnings per share for ADNOC L&S 

shareholders within the first year. 


Interview 

Strategic Innovations and 

Sustainable Growth: An Interview 

with Nicolas Soucaille 

General Manager of Blacklane Middle East 


Nicolas Soucaille, General Manager of Blacklane Middle East, discusses 

how his consulting and operations background shapes his management 

approach. He highlights strategic initiatives, technological innovations, 

and partnerships that drive Blacklane’s growth, focusing on sustainability, 

luxury, and exceptional service. Soucaille also elaborates on the collaboration 

with Dubai Taxi Company and balancing financial goals with long-term growth. 


Q. How has your experience across 

consulting, strategy, and operations 

influenced your approach to managing 

Blacklane’s business in the 

MENA region? 

My background in consulting and 

operations, especially at Sony, taught 

me the importance of exceeding customer 

expectations and building brand 

longevity. At Blacklane, I aligned our 

services with Dubai’s sustainability 

initiatives by launching an all-electric 

fleet of luxury Mercedes-Benz EQS vehicles. 

This strategic move caters to both 

sustainability and luxury preferences. 

To ensure exceptional service, we 

established the Blacklane Chauffeur 

Academy in Dubai, training chauffeurs 

rigorously in-house. We also prioritized 

diversity, with 50% of our chauffeurs 

being female. These decisions led to 

a 200% increase in ride volumes last 

year, demonstrating the success of 

our tailored approach in meeting and 

surpassing customer expectations. 

Q. Are there any upcoming technological 

innovations or partnerships 

that Blacklane is exploring to stay 

ahead in the industry? 

At Blacklane, we actively pursue 

strategic partnerships that enrich guest 

experiences, especially where our luxury 

chauffeur services can add substantial 

value—particularly in hospitality and 

B2B industries. These collaborations 

not only elevate the overall guest experience 

but also promote sustainability. 

Our recent collaborations, such as 

those with Dubai Taxi Company (DTC) 

and Allsop & Allsop, showcase our 

commitment to creating eco-friendly 

travel options that cater to the evolving 

needs of modern travelers. These partnerships 

are expanding our network 

and strategically aligning our mission 

to lead sustainable luxury travel. 

Q. Blacklane Middle East has recently 

partnered with Dubai Taxi, 

what is the strategic vision behind 

it and how will this collaboration 

enhance transportation services 

in Dubai and the UAE? 

Our partnership with Dubai Taxi 

Company (DTC) is a key step in redefining 

mobility with innovation and 

efficiency in Dubai. By aligning with 

international best practices, we aim to 

enhance local chauffeur services and 

elevate the luxury mobility experience 

for visitors and residents. 

This collaboration will also advance 

DTC’s digital transformation, setting 

new quality benchmarks and supporting 

Dubai’s goal of becoming one of the 

happiest cities in the world. Through 

this partnership, we are committed to 

making every journey an extraordinary 

experience. 

Q. What factors influence the decision 

to enter new markets or 

introduce new services, and how 

does investment support these 

initiatives? 

My background in consulting and operations, 

especially at Sony, emphasized 

exceeding customer expectations and 

brand longevity. At Blacklane, I aligned 

our services with Dubai’s sustainability 

initiatives by launching an all-electric 

Mercedes-Benz EQS fleet. We established 

the Blacklane Chauffeur Academy in 

Dubai for rigorous in-house training, 

ensuring 50% of our chauffeurs are 

female. These strategies led to a 200% 

increase in ride volumes last year. 

Q. How does the company balance 

short-term financial goals with 

long-term sustainability and growth 

objectives? 

At Blacklane, our strategy to balance 

financial goals with sustainability and 

growth revolves around initiatives that 

enhance operational excellence and 

align with environmental responsibility. 

Key to this is the Blacklane Chauffeur 

Academy in Dubai, where we ensure all 

chauffeurs are expertly trained in-house, 

adapting training based on customer 

feedback and trends. Notably, 50% of 

our chauffeurs are female, and globally, 

43% of our employees and one-third 

of our C-level executives are women. 

Our commitment to sustainability 

includes investing in green technologies, 

such as our all-electric Mercedes-Benz 

EQS fleet in Dubai and superchargers 

that reduce charging time. This not only 

makes our operations more efficient 

and environmentally friendly but also 

lowers costs, supporting short-term 

profitability. By integrating sustainable 

practices, we appeal to eco-conscious 

consumers and ensure long-term growth, 

solidifying our leadership in the luxury 

transport industry. 


Acer Ebii 

Acer, known predominantly for 

its range of PCs and laptops, has 

ventured into the e-bike market 

with its innovative offering, the ebii 

SmartBike. This e-bike stands out in 

the urban commuting scene, merging 

advanced technology with practicality. 

Designed for tech-savvy riders, the 

ebii promises a seamless blend of AI 

capabilities and smart features aimed at 

enhancing the urban riding experience. 

It features a single-sided fork and a 

minimalist aesthetic that is perfect for 

city commuting. A notable highlight 

of the ebii is its AI-powered ebiAssist 

feature, which adapts to the rider’s 

pedalling style and adjusts the power 

output accordingly. This technology 

ensures an optimal riding experience 

by providing just the right amount of 

assistance based on the terrain. 

The e-bike boasts a range of up to 

110 km on a single charge because of 

its 48V, 250W hub motor that delivers 

up to 40 Nm of peak torque, facilitating 

speeds up to 25 km/h. Moreover, an LED 

dot-matrix display on the handlebars 

conveniently displays essential ride data. 

The safety features include a collision 

detection radar, automatic lights, and 

app-based crash detection. The airless 

tyres and carbon belt drive are designed 

to reduce maintenance requirements, 

ensuring a hassle-free riding experience. 

ebii is equipped with a variety of 

smart features to ensure safety and 

convenience. Rear collision warning 

radar and integrated lights that activate 

automatically in low-light conditions 

enhance rider safety. The puncture-proof, 

multi-layer foam tyres eliminate the 

worry of flats, and the carbon belt 

drive negates the need for lubrication. 

A Bluetooth-enabled locking system 

and GPS tracking add layers of security 

against theft. 

The ebiiGO companion app is central 

to the e-bike’s functionality. Through 

the app, riders can monitor battery 

life, select riding modes (Eco, My ebii, 

and Boost), track routes, and lock or 

unlock the bike. The app also provides 

alerts for collision detection and crash 

notifications. However, this reliance 

on the app may be seen as a drawback 

for some, as key features require the 

phone to be on hand. 

Acer ebii stands out in the urban 

e-bike market, particularly appealing 

to those who prioritise cutting-edge 

technology and a comfortable ride. 

Buyers should note that the European 

launch is scheduled for September 2024. 


Energy News 

DEWA’s Clean Energy Projects Boost UAE’s Climate Action Efforts 

The UAE’s visionary leadership 

has positioned the country as 

a global leader in renewable 

energy investments, achieving significant 

reductions in emissions from its 

energy sector. The Statistical Review 

of World Energy by the UK-based Energy 

Institute revealed that the UAE 

ranks among the top solar energy users 

globally, placing sixth in per capita 

consumption. On World Environment 

Day, themed “Our land. Our future. 

ACWA Power, Tunisian 

Government Ink Deal 

for Green Hydrogen 

Venture 

Saudi-listed ACWA Power, renowned 

for its leadership in energy transition 

and green hydrogen, has forged a 

strategic partnership with the Tunisian 

Government, represented by the Ministry 

of Industry, Mines, and Energy, to delve 

into a groundbreaking endeavour. The 

memorandum of understanding (MoU) 

paves the way for a colossal green hydrogen 

initiative, potentially yielding 

600,000 tonnes annually in three phases 

for European export. Spearheading the 

agreement are Fatma Thabet Chiboub, 

Tunisian Minister of Industry, Mines, and 

Energy, and Marco Arcelli, CEO of ACWA 

Power. The venture necessitates the development, 

operation, and maintenance 

of 12GW renewable energy infrastructure, 

including desalination plants and electrolysers. 

The initial phase targets 4GW 

renewable energy and 2GW electrolyser 

capacity, producing 200,000 tonnes of 

green hydrogen annually. This endeavour 

dovetails with Tunisia’s national green 

hydrogen strategy and aims to bolster 

its position as a key player in Europe’s 

hydrogen market. 

We are #GenerationRestoration,” HE 

Saeed Mohammed Al Tayer, MD & CEO 

of DEWA, underscored the UAE’s leadership 

in climate action. He highlighted 

DEWA’s pioneering projects, including 

the Mohammed bin Rashid Al Maktoum 

Solar Park, a hydroelectric plant in 

Hatta, and a green hydrogen pilot 

project, all contributing to the UAE’s 

Net Zero 2050 Strategy and reinforcing 

its commitment to sustainability and 

environmental protection. 

ADNOC Distribution Plans New Filling Stations in 

Egypt Within 6 Months 

The UAE’s ADNOC Distribution 

is targeting the addition of 15 

to 20 filling stations across the 

Egyptian, Saudi Arabian, and Emirati 

markets within the next six months, 

CEO Bader Al Lamki revealed in an 

interview with Asharq Business. This 

ambitious expansion is a key part of 

ADNOC’s broader strategy to bolster its 

regional footprint and enhance its range 

of services in these strategic markets. 

In February, the Egyptian Minister of 

Petroleum and Mineral Resources, 

Tarek El-Molla, held discussions with 

Al Lamki on the sidelines of the Egypt 

Energy Show (EGYPES 2024). Their 

conversation centred on ADNOC’s expansion 

plans, particularly in the areas 

of infrastructure development and jet 

refuelling services. This meeting highlights 

Egypt’s critical role in ADNOC’s 

growth strategy and underscores the 

company’s commitment to advancing 

energy services in the region. 

UAE’s TAQA Consortium Secures Financial 

Closure for $408M Saudi Water Project 

Abu Dhabi National Energy Company 

PJSC (TAQA), alongside 

Vision International Investment 

Company and Gulf Investment Corporation, 

has secured approximately 

AED 1.5B ($408M) in financial closure 

for a groundbreaking water project 

in Saudi Arabia. The consortium will 

construct, own, and operate the Juranah 

Independent Strategic Water 

Reservoir Project (ISWR-1) for 30 years 

before transferring ownership to the 

Saudi Water Partnership Company. 

This venture marks Saudi Arabia’s 

inaugural project with private sector 

involvement, aligning with the National 

Water Strategy. Commercial operations 

are slated to commence in the second 

quarter of 2027. The project’s financing, 

comprising around 82% debt funding, 

has been secured from a mix of local 

and international banks, including Alinma 

Bank, Banque Saudi Fransi, Saudi 

Investment Bank, and Commercial Bank 

of Dubai. TAQA, a prominent utilities 

and energy group headquartered in 

Abu Dhabi, holds a 35% stake in the 

project company. 


COP29 and IRENA Partner to Monitor UAE Consensus on Energy Outcomes 

Azerbaijan, the forthcoming UN 

Climate Change Conference 

(COP29) Presidency, will collaborate 

with the International Renewable 

Energy Agency (IRENA) to track 

progress towards tripling renewable 

energy capacity and doubling energy efficiency 

by 2030. This initiative follows 

the First Global Stocktake at COP28’s 

‘UAE Consensus’. Azerbaijan’s Minister 

for Energy, Parviz Shahbazov, and 

IRENA’s Director-General, Francesco 

La Camera, formalised this agreement 

during Baku Energy Week. They will 

co-host a pre-COP launch event in 

Baku. COP28 President Sultan Al Jaber 

has tasked IRENA with publishing an 

annual report series to monitor and 

recommend actions on these goals. 

The first report, developed with COP28 

and COP29 Presidencies and the Global 

Renewables Alliance, will debut in 

2024, guiding global efforts towards 

a sustainable energy transition and 

its outcomes. 

Saudi Ministry Launches Comprehensive Energy 

Terminology Dictionary 

The Energy Ministry, in collaboration 

with the King Salman Global 

Academy for Arabic Language 

(KSGAAL), launched the Energy Terminology 

Dictionary. The dictionary 

includes over 1,500 terms in eight energy 

fields in both Arabic and English. These 

fields encompass gas and petrol, atomic 

and nuclear energy, sustainability, 

electricity, renewable energy, common 

units of measurement, names of entities 

and initiatives in the energy sector, and 

common abbreviations. It also serves 

as a reliable resource for researchers 

and industry professionals, aiming to 

standardise energy-related terms and 

showcase the richness of the Arabic 

language. Created by Saudi energy 

experts and reviewed by KSGAAL’s 

linguistic team, the dictionary will be 

continually updated to reflect the latest 

industry developments. 

Dubai’s Emirates Joins German Aviation 

Initiative for Renewable Energy 

Dubai’s flag carrier Emirates has 

become the first international 

airline to join aireg, the Aviation 

Initiative for Renewable Energy in 

Germany. The membership pledge was 

made at ILA Berlin 2024, marking a significant 

step in Emirates’ commitment 

to sustainable aviation fuel (SAF). 

This initiative will aid in boosting the 

production of SAF in Germany, aligning 

with Emirates’ recent sustainability 

efforts. Germany, a key market for 

Emirates since 1987, will benefit from 

this collaboration. The partnership 

was formalised by Volker Greiner 

of Emirates and Siegfried Knecht of 

aireg, with Dr Anna Christmann, German 

Aerospace Policy Coordinator, 

in attendance. Emirates President Sir 

Tim Clark stressed the importance of 

affordable SAF and the necessity of 

broad partnerships, while Knecht called 

for a unified effort towards achieving 

net zero emissions by 2050. 

Aramco Signs $800M 

Steel Pipe Supply 

Contracts 

Saudi Arabian Oil Company (Saudi 

Aramco) has signed contracts with 

Tadawul-listed companies for the 

production and supply of steel pipes 

valued at SAR 2.95B. The first agreement, 

signed with Group Five Pipe Saudi 

Company, involves the manufacturing 

and delivery of spiral-welded steel pipes 

for one of Aramco’s projects and is 

worth SAR 1.30B for a one-year term 

from 30 May 2024. Additionally, Aramco 

has entered into multiple contracts 

with East Pipes Integrated Company 

for Industry, totalling over SAR 1.65B, 

to manufacture and supply steel pipes 

over 19 months from the same date. 

Earlier in the year, Group Five Pipe 

Saudi and East Pipes Integrated secured 

contracts worth SAR 30M and 

SAR 170M, respectively. Aramco’s Q1 

2024 net profit was SAR 102.27B, down 

from SAR 119.54B in Q1-23. 


Real Estate 


There are currently 18 REITs listed throughout the GCC region. 

Understanding REITs: 

Exploring the Leading 

REITs in the UAE 

Market 

Investors can capitalise on diverse portfolios 

and steady dividends from established and 

emerging REITs 

Real Estate Investment Trusts (REITs) 

are pivotal investment vehicles in the 

UAE, capitalising on the nation’s diverse 

investment opportunities. Unlike 

direct property ownership, REITs offer 

investors benefits such as diversification 

across various real estate sectors, professional 

management by experienced 

teams, liquidity through trading on stock 

exchanges, and potential tax advantages. 

This article serves as an introduction to 

UAE REITs, exploring their fundamental 

characteristics, and the current market 

dynamics, and highlighting key players 

driving growth in the sector. By exploring 

the intricacies of REIT investments in 

the UAE, readers can grasp how these 

instruments provide structured access 

to real estate assets. 


Understanding REITs 

REITs are investment vehicles 

that pool capital from investors to 

acquire and manage income-generating 

real estate assets. They function similarly 

to stocks, trading on stock exchanges, 

and are obligated to distribute a significant 

portion of their taxable income to 

shareholders as dividends. 

This structure provides investors 

with a steady stream of income, often 

exceeding what traditional stock market 

investments might offer. Additionally, 

REITs offer liquidity and diversification, 

as they allow investors to buy and sell 

shares easily and spread their investments 

across various property types 

and locations. 

Current Market in UAE 

The UAE REIT market is relatively 

young, having been established in 2010 

with the introduction of the first REIT. 

However, it has witnessed significant 

growth in recent years, driven by a 

regulatory framework that fosters investor 

confidence and a dynamic real 

estate sector. 

The market is dominated by Sharia-compliant 

REITs, catering to investors 

seeking investments aligned with Islamic 

principles. These REITs must adhere to 

specific guidelines, ensuring that their 

operations and investments comply with 

Islamic law. This alignment with ethical 

investing principles has attracted a broad 

base of investors, both within the UAE 

and internationally, contributing to the 

market’s robust growth. 

Top REITs in UAE 

1. Emirates REIT: Emirates REIT is 

the UAE’s largest listed Sharia-compliant 

Real Estate Investment Trust (REIT), 

established in 2010 with around USD 

923.7 million in assets under management. 

Operating under the oversight of the 

DIFC and licensed by the DFSA, Emirates 

REIT maintains robust corporate governance 

with four boards and a seasoned 

management team bringing extensive 

regional expertise. As a closed-ended 

investment company, it focuses on a 

diversified portfolio of Sharia-compliant 

real estate properties, offering investors 

stability and growth opportunities in line 

with Islamic finance principles. 

Emirates REIT shares are listed and 

traded on Nasdaq Dubai. Investors can 

trade these shares through any Nasdaq 

Dubai-authorised broker. If individuals 

do not have an account with a Nasdaq 

Dubai-authorised broker, their bank 

should be capable of executing the trades 

on their behalf. 

2. ENBD REIT: Formerly known as 

Emirates Real Estate Fund, ENBD REIT 

is another major player in the UAE REIT 

market. It offers investors exposure to 

a portfolio of income-generating properties 

primarily focused on the UAE. 

REITs represent a 

distinct blend of 

investment attributes, 

amalgamating aspects 

from real estate, equity, 

and fixed-income 

markets.” 

ENBD REIT prides itself on its high 

occupancy rates and consistent dividend 

payouts, making it an attractive option 

for income-seeking investors. The REIT’s 

well-diversified portfolio includes assets 

across the office, residential, and retail 

sectors, ensuring a balanced and resilient 

investment. 

3. GII Islamic REIT (CEIC) Plc: It is a 

closed-ended investment company based 

in the Dubai International Financial 

Centre (DIFC), regulated as a Qualified 

Investor Fund under the Dubai Financial 

Services Authority (DFSA). Categorised 

as a Domestic Fund, Islamic Fund, and 

Property Fund by the DFSA, GII REIT 

benefits from favourable market conditions 

for property acquisition, capitalising on 

lower prices with potential future upside. 

Managed by GII Capital, wholly owned 

by GII Holding LLC—a sister company 

of Gulf Islamic Investments LLC (GII 

LLC)—the REIT leverages GII LLC’s 

successful track record in managing 

income-generating real estate across the 

UAE, UK, US, and Germany. Key assets in 

GII REIT are primarily acquired through 

in-kind contributions from reputable 

real estate developers and investors, 

fostering long-term partnerships. It plans 

to list on Nasdaq Dubai and other major 

exchanges, enhancing global investor 

access and ensuring robust liquidity and 

price transparency. 

4. Al Mal Capital REIT: It is a closed-ended 

REIT focusing on income-generating assets 

in the UAE and GCC. Managed by Al Mal 

Capital PSC, it aims to raise USD 136.1 

million and become the first REIT listed 

on the Dubai Financial Market (DFM). 

The REIT targets a diversified portfolio 

of properties secured by long-term lease 

agreements in sectors like healthcare, 

education, and industrial assets. With 

a strong credit profile, it aims for a net 

dividend yield exceeding 7% and maintains 

an optimal capital structure. It also has 

the flexibility to acquire both onshore 

and offshore assets within the UAE and 

internationally, offering UAE and GCC 

investors access to a stable asset class 

with long-term growth potential. 

The UAE REIT market presents a dynamic 

and promising avenue for investors 

seeking exposure to the country’s thriving 

real estate sector. With a growing number 

of established and emerging REITs offering 

diversified portfolios and consistent 

dividend payouts, investors have a wealth 

of options to choose from. As the UAE’s 

real estate market continues to evolve, 

REITs are poised to play a pivotal role in 

facilitating wider investor participation 

and further fueling the sector’s growth. 


Real Estate News 

Abu Dhabi Real Estate Sees Record $492.8M FDI 

in Q1 2024 

The Abu Dhabi Real Estate Centre 

(ADREC), the custodian and 

regulator of Abu Dhabi’s real 

estate sector, announced record levels 

of foreign direct investment (FDI) 

into the emirate’s growing real estate 

market. In the first quarter of 2024, 487 

individual investors injected AED 1.81B, 

significantly increasing their investments 

from the same period last year. 

Investors from India, Russia, Canada, 

the UK, Jordan, and China contributed 

to this growth. “The performance of Abu 

Dhabi’s real estate market underscores 

its increasing appeal to international 

investors,” said Rashed Al Omaira, 

Acting Director General of ADREC. 

Abu Dhabi real estate transactions 

reached AED 19.4B in Q1, with sales 

and purchases representing 66% of the 

total volume. ADREC’s update reflects 

strong investor confidence and the sector’s 

role in economic diversification. 

Arada Awards $403M Contracts for Final Phases 

of Sharjah’s ‘Masaar’ Project 

Arada has awarded two contracts 

valued at AED 1.48B for the construction 

of Sequoia and Saro, 

the final two phases of Masaar, and 

the AED 9.5B woodland megaproject 

in the Suyoh district of Sharjah. The 

company awarded a contract to build 

428 homes in Sequoia, valued at AED 

650M, and a second contract worth 

AED 830M to build 597 units in Saro, 

the final phase of Masaar. Ahmed Alkhoshaibi, 

Group CEO of Arada, said 

these contracts ensure the efficient 

and high-quality delivery of the Masaar 

community. Construction on Sequoia 

and Saro will begin immediately, with 

completion expected by summer 2026. 

These awards increase the number of 

homes under construction at Masaar 

to 2,570, with 430 homes completed 

at the end of 2023. The second and 

third phases, Kaya and Robinia, will 

be completed in the coming months. 

Majid Al Futtaim Launches Dubai’s First Forest 

Living Community 

Majid Al Futtaim, a renowned 

developer in the region, has 

launched Ghaf Woods, Dubai’s 

first forest living community. Situated 

off the Sheikh Mohamed bin Zayed 

Highway near Global Village, this visionary 

project spans 738,000 square 

metres and will unfold gradually through 

eight phases until 2031. Offering over 

7,000 premium units, including one 

to three-bedroom apartments and 

penthouses, residents are promised 

breathtaking views of the surrounding 

forest ecosystem. Initially introduced 

at MIPIM 2024 in Cannes, France, Ghaf 

Woods emphasises green living, connectivity, 

and sustainability. Ahmed El 

Shamy, CEO of Majid Al Futtaim Properties, 

considers this a pivotal moment, 

marking the company’s commitment 

to innovative, unique experiences. 

Ghaf Woods aims to redefine premium 

living, blending nature seamlessly with 

architecture, with its appeal expected to 

transcend borders, signalling a new era 

in community design and sustainability. 

Vision Boosts UAE Real 

Estate Market with Two 

New Projects 

Vision Developments, an innovative 

Emirati enterprise, has 

unveiled its ambitious plans for 

local expansion and growth, announcing 

two new projects. The upcoming 

properties bring the Vision ethos to 

life with a community living in the 

heart of Dubai. The first handovers 

will occur as soon as Q4 2024, with 

two properties, Karma and Platinum, 

in Liwan. Vision Platinum promises 

ultimate elegance, embodying luxury 

and state-of-the-art technology in 1, 

2, and 4-bedroom units. Vision Karma 

offers 1 and 2-bedroom spaces with 

amenities meticulously integrated to 

offer a life of ease and sophistication. 

Backed by a commitment to quality, 

community, and innovation, Vision 

Developments has established itself 

since 2021, completing and selling out 

three projects. They aim for substantial 

investment in Dubai’s communities, 

projecting a market prospect of AED 

3B ($820M). 

Dubai Qualifies 166 Young 

Emiratis for Real Estate 

Programme 

The Dubai Land Department recently 

qualified 166 young Emirati 

citizens through the Dubai 

Real Estate Brokers Programme, a 

cornerstone of the Dubai Social Agenda 

33. This achievement was celebrated 

at a ceremony held at Emirates Towers 

Boulevard, attended by key figures 

including Mohammad bin Abdullah Al 

Gergawi and Mattar Al Tayer. Al Gergawi 

emphasised the program’s alignment 

with Sheikh Mohammed bin Rashid Al 

Maktoum’s vision, highlighting its role 

in empowering national competencies 

and fostering a competitive economy. 

Al Tayer praised the department’s 

commitment to high-level training 

and collaboration with private sector 

partners, noting its contribution to 

strategic governmental goals. This 

initiative not only enriches Dubai’s 

real estate market with national talent 

but also aligns with broader economic 

agendas, positioning Dubai as a global 

economic leader. 


Dubai’s Colife Expands 

to Hong Kong with 

Smart Rental Platform 

Colife, a UAE-based smart-rental 

startup, expanded into the Asian 

market, starting with Hong Kong 

in May 2024. Pioneering the rental 

market, Colife has been streamlining 

property transactions in Dubai since 

2022 and Istanbul since 2023. Eyeing 

further growth in the Mena and Asia 

regions, Colife plans to establish a 

presence in 10 major cities by 2028. The 

launch in Hong Kong was led by a core 

team of three, supported remotely by six 

specialists. CEO Ilnara Muzafiarova disclosed 

a budget of up to three hundred 

and fifty thousand dollars ($350,000) 

for regional launches, with subsequent 

investments totalling about two million 

dollars ($2M). Unlike Dubai’s focus 

on apartment rentals, Hong Kong’s 

strategy emphasises co-living spaces, 

offering stylishly furnished rooms 

and communal amenities, catering to 

young professionals and digital nomads. 

Plans include expanding individual 

apartment rentals and establishing a 

full-scale co-living house with extensive 

communal facilities. 

Acube Reveals Stunning 38-Storey Tower in 

Jumeirah Village Circle 

UAE-based Acube Developments 

has unveiled Electra, a 38-floor 

residential tower in Dubai’s 

Jumeirah Village Circle, boasting more 

than 50 amenities. Inspired by the 

Taurus constellation’s blue-white 

star, Electra will house 278 luxurious 

apartments featuring Bosch appliances, 

Roca sanitary ware, and Italian 

kitchens. Construction is slated to 

commence in Q2 2024 with handover 

anticipated in Q2 2027. Each unit will 

be outfitted with smart home solutions 

and three furniture design options, 

while two-bedroom apartments will 

feature spacious terrace pools. Ramjee 

Iyer, Chairman and Managing Director, 

emphasised Acube’s commitment 

to enhancing Dubai residents’ living 

experiences through Electra’s design, 

premium materials, and partnership 

with Sanderson Global consultancy, 

offering theme-park style amenities 

like beach-themed pools, mini-water 

parks, bowling alleys, and more, setting 

a new standard for residential living 

in Dubai. 

Wasl Announces 48-Storey Luxury Tower in Dubai 

Wasl has launched its prestigious 

One B Tower, a 48-storey marvel 

in Dubai, offering one- to 

five-bedroom apartments, duplexes, 

and penthouses alongside premium 

amenities. As part of Dubai’s One Billion 

Meals Endowment campaign, this 

project showcases a striking design with 

a podium featuring towering columns 

and an elevated ceiling. Following its 

recent unveiling, the development saw 

rapid sales, prompting the release of 

Phase 3 to meet high demand. The 

tower features state-of-the-art fitness 

facilities, including gym areas and yoga 

spaces, a podium-level swimming pool, 

enticing retail outlets, and a lively kids’ 

playroom. Plans for One B Tower were 

presented to HH Sheikh Mohammed 

bin Rashid Al Maktoum in March, 

solidifying its role in the charitable 

campaign. 

Azizi Awards Design Contract for Dubai South Towers 

Azizi Developments has awarded 

the UAE-based National Engineering 

Bureau the contract for 

designing eleven residential towers 

within its Azizi Venice development 

in Dubai South. The project, boasting 

over 30,000 residential units across 100 

apartment complexes and 400 luxury 

villas, reflects Azizi’s commitment to 

premium living. Established in 1984, 

National Engineering Bureau is known 

for its innovative architectural and 

engineering solutions. As the master 

developer, Azizi Developments will 

oversee construction and infrastructure. 

CEO Farhad Azizi praised NEB’s 

expertise, aligning with their vision for 

sophistication and innovation. Azizi 

Venice’s focal point, a pedestrian-friendly 

boulevard, promises year-round 

activities and features top retailers, 

entertainment venues, and international 

eateries, poised to become a standout 

attraction on Dubai’s map. 


Wheels 

2028 CHRYSLER HALCYON 

Chrysler, a brand traditionally 

known for near-luxury sedans, 

is reimagining its future with 

the Halcyon Concept, an innovative 

take on an electric sedan. This concept 

vehicle features unique elements such 

as rear coach doors that are hinged 

at the back and flip-up roof panels, 

enhancing accessibility. The Halcyon’s 

cabin, designed for four, includes bucket 

seats all around, emphasising luxury 

and comfort. 

One of the most striking features of 

this concept is its vision of autonomous 

driving. The steering wheel retracts 


to create more space, and the glass 

roof and windshield transform into 

a large augmented reality display for 

passenger entertainment. Additionally, 

a transparent infotainment display 

sits at the base of the windshield, 

featuring an AI voice assistant with 

advanced connectivity to other smart 

devices, providing a futuristic driving 

experience. 

As a concept car, the Halcyon explores 

new ideas and innovative design 

directions. Even if only some of its 

features make it to production, it would 

represent a significant step forward for 

the company. If approved, the Halcyon 

would be a new model in the Chrysler 

lineup, with an expected release in the 

2028 model year. 

Regarding pricing, the Halcyon is 

anticipated to start around $60,000 and 

go up to $70,000 depending on trim and 

options. The company might offer three 

trims similar to the Pacifica minivan: an 

entry-level Touring, a mid-range Limited, 

and a top-tier Pinnacle, reflecting 

the vehicle’s advanced technology and 

luxury features. 

While no range estimates have been 

made yet, Chrysler is participating in 

the development of new battery technology 

using lithium-sulphur cells and an 

800-volt architecture. This technology 

promises a carbon footprint up to 60% 

lower than current EV batteries. 

Fast charging capabilities could 

potentially add 200 miles of range in 

just five minutes with the appropriate 

charger. An ambitious feature of the 

Halcyon is a mobile wireless charging 

system that recharges the battery via 

charging elements embedded in the 

roadbed, although this technology is 

still in its early stages and may not 

become a reality soon. 

The interior design of the Halcyon 

Concept addresses the challenges of 

its low-slung profile with a coach door 

design and roof-mounted panels for 

easier access. Inside, the cabin offers 

seating for four, with sculpted bucket 

seats featuring a wing-back design. The 

rear seats can retract into the trunk 

to free up floor space for cargo. If the 

Halcyon advances to production, it is 

expected to adopt a more conventional 

door arrangement and possibly a rear 

bench seat to accommodate more 

passengers. 

Halcyon Concept showcases Chrysler’s 

ambition to blend luxury, advanced 

technology, and futuristic design in an 

electric vehicle, setting the stage for the 

brand’s evolution in the coming years. 


Interview 

The Future of Event Management: 

Lilly Pavlou’s Perspective as 

QUBE’s Executive Director 


In an exclusive conversation with Finance World Magazine, Lilly Pavlou, 

Executive Director of QUBE Events, shares her journey from her first job in 

the events industry to her leadership principles and the future of corporate 

events in the Fintech and Finance sectors. 


Q. What was your first job in the 

events industry, and how did it 

shape your career path? 

My first job in the events industry 

was with a major player in the field, 

Marcus Evans. I was fortunate to join 

the company at a young age during a 

period of rapid growth in a new European 

division. This experience exposed 

me to fast-paced industry dynamics 

and innovative strategies, significantly 

accelerating my learning. Starting in 

a European office role, I later took 

on a global role, which expanded my 

perspective and skills even further. 

Additionally, working in a multi-office, 

multicultural organisation provided me 

with unique development opportunities 

that have shaped my career path. 

Q. What are some key leadership 

principles you adhere to in managing 

QUBE Events? 

Three key leadership principles I 

adhere to in managing QUBE Events: 

Innovation and Creativity: I prioritise 

fostering an environment where 

innovative ideas and creative solutions 

are encouraged. This ensures that our 

events are always fresh, engaging, and 

ahead of industry trends. 

Collaboration and Inclusivity: I believe 

in building a collaborative team culture 

that values diverse perspectives. This 

inclusivity enhances problem-solving 

and promotes a sense of ownership and 

commitment among team members. 

Client-Centric Focus: Maintaining 

a client-centric approach is crucial. 

I ensure that our clients’ needs and 

expectations are at the forefront of 

our planning and execution processes, 

leading to high satisfaction and strong, 

long-term relationships 

Q. How do you measure and ensure 

the mutual growth and success of both 

QUBE Events and its participants? 

To measure and ensure the mutual 

growth and success of both QUBE 

Events and its participants, I focus on 

the following strategies: 

Comprehensive Feedback Systems: 

We implement robust feedback mechanisms, 

including surveys, interviews, 

and real-time feedback during events, 

to understand the needs, expectations, 

and experiences of our participants. 

This data informs our continuous improvement 

efforts and ensures our 

events remain impactful and relevant. 

Market Development and Expansion: 

We actively pursue market development 

strategies and explore new markets to 

broaden our reach and offer innovative 

event solutions. By staying ahead of 

industry trends and expanding our 

market presence, we drive growth for 

both QUBE Events and our clients. 

Customised Client Experiences and 

Networking: We tailor our events to 

meet the specific needs and goals of our 

clients, providing personalised experiences 

that enhance their satisfaction. 

Additionally, we incorporate networking 

and icebreaker sessions to foster strong 

connections and camaraderie among 

participants, creating a supportive and 

collaborative environment. 

Q. QUBE Events specialises in several 

sectors including Fintech, Forex, 

Private Wealth, etc. What trends 

or changes have you observed in 

these industries recently? 

Here are three key trends or changes 

I have observed in these industries 

recently: 

Digital Transformation and Innovation: 

Across all these sectors, there 

has been a significant shift towards 

digital solutions. In Fintech, we see 

an increase in blockchain technology, 

AI-driven financial services, and digital-only 

banking platforms. The Forex 

market is embracing algorithmic trading 

and AI to improve trading strategies 

and efficiency. Private Wealth Management 

is leveraging digital platforms 

for more personalised and accessible 

client services. 

Regulatory Changes and Compliance: 

Regulatory landscapes are evolving 

rapidly, especially in Fintech and Forex. 

Increased scrutiny and new regulations, 

such as those concerning data privacy 

and anti-money laundering, are shaping 

how companies operate. Staying compliant 

while remaining competitive is 

a major focus for businesses in these 

sectors. 

Sustainability and Ethical Investing: 

There is a growing emphasis on sustainability 

and ethical considerations 


Interview 

within these industries. In Private Wealth, 

there is a rising demand for ESG (Environmental, 

Social, and Governance) 

investments. Fintech companies are 

increasingly incorporating sustainable 

practices and offering green financial 

products. Forex markets are also seeing 

more interest in sustainable and impact 

investing strategies. 

Q. What do you consider to be the 

most promising investment products 

in the current market, and why? 

I consider the following investment 

products to be the most promising in 

the current market: 

Environmental, Social, and Governance 

(ESG) Funds: ESG funds are 

gaining significant traction as investors 

increasingly prioritise sustainability 

and ethical considerations. These funds 

not only focus on financial returns but 

also consider environmental impact, 

social responsibility, and corporate 

governance. The growing emphasis on 

sustainable investing and the positive 

long-term outlook for companies adhering 

to ESG principles make these 

funds highly attractive. 

Technology and Innovation Funds: 

Funds that invest in technology and 

innovation sectors are promising due to 

the continuous advancements in areas 

like artificial intelligence, cybersecurity, 

biotechnology, and renewable energy. 

These sectors are driving economic 

growth and transforming industries, 

offering substantial growth potential 

for investors. 

Q. How do you envision the future 

of corporate events in the Fintech 

and Finance sectors? 

Enhanced Use of Technology: The 

integration of advanced technologies 

like AI, VR, and AR will transform 

corporate events. These technologies 

can create immersive experiences, 

provide real-time data analytics, and 

facilitate more effective networking and 

collaboration. For instance, AI-driven 

matchmaking can connect attendees 

with similar interests, while VR can offer 

virtual tours of products or services. 

Focus on Sustainability and Ethical 

Practices: There will be a stronger 

emphasis on sustainable and ethical 

practices in organising events. This 

includes using eco-friendly materials, 

reducing carbon footprints, and promoting 

diversity and inclusion. Events 

will also likely highlight themes around 

sustainability and ethics, reflecting the 

growing importance of these values in 

the Fintech and Finance sectors. 

Q. What advice would you give to 

young professionals who aspire 

to reach leadership positions in 

their careers? 

For young professionals aspiring 

to reach leadership positions in their 

careers, I would offer the following 

advice: 

Cultivate a Growth Mindset: Embrace 

continuous learning and be open to 

new experiences. Seek out opportunities 

for professional development, 

whether through further education, 

certifications, or learning new skills. 

Staying curious and adaptable will 

help you navigate challenges and seize 

opportunities for growth. 

Build Strong Networks: Networking 

is crucial for career advancement. 

Build and nurture relationships with 

mentors, peers, and industry leaders. 

Attend industry events, join professional 

organisations, and actively participate 

in online communities. A strong network 

can provide guidance, support, 

and opportunities for collaboration. 

Develop Leadership Skills Early: Take 

initiative and seek out leadership roles, 

even in informal settings. Volunteer for 

projects, lead team efforts, and practice 

decision-making and problem-solving. 

Focus on developing key leadership 

qualities such as communication, empathy, 

and resilience. Demonstrating 

your ability to lead and inspire others 

will set you apart and prepare you for 

future leadership roles. 

Q. What are your future goals for 

QUBE Events? Are there any upcoming 

initiatives or expansions 

you’re excited about? 

My future goals for QUBE Events 

include several exciting initiatives and 

expansions: 

Global Expansion: We aim to expand 

our presence in emerging markets and 

strengthen our footprint in established 

ones. This includes exploring opportunities 

in Asia, Africa, and Latin America 

to tap into new audiences and diversify 

our event portfolio. 

Innovation in Event Experiences: We 

plan to integrate cutting-edge technologies 

such as AI, VR, and AR to create 

more immersive and interactive event 

experiences. This will enhance participant 

engagement and provide unique 

value propositions for our clients. 

Sustainability Initiatives: We are committed 

to implementing more sustainable 

practices in our events. This includes 

reducing our carbon footprint, using 

eco-friendly materials, and promoting 

green initiatives. We also plan to host 

events focused on sustainability and ESG 

topics to support and highlight these 

important issues within the industry. 

These initiatives reflect our dedication 

to growth, innovation, and responsible 

business practices, ensuring that QUBE 

Events continues to lead and inspire in 

the event management industry. 


XREAL Beam Pro 

Xreal is expanding its foray into 

the augmented reality (AR) 

space with the new Beam Pro, 

a device that merges the expansive app 

ecosystem of Android with the immersive 

large-screen experience provided 

by AR glasses. Initially announced in 

China, the Beam Pro is now set for a 

global release. 

Running on Android 14 with custom 

enhancements for AR functionality, the 

Beam Pro is powered by an unnamed 

Snapdragon chipset. It offers configurations 

of 6GB or 8GB of RAM and 

128GB or 256GB of internal storage, 

with the addition of a microSD slot for 

extra storage. The base model includes 

Wi-Fi 6, while an optional 5G model 

is available for on-the-go streaming 

without needing a phone. 

Using a regular smartphone with Xreal’s 

AR glasses requires specific hardware 

capabilities that many phones lack, 

such as video out support via USB-C 

and an Android version optimised for 

large screens. The dedicated Beam Pro 

addresses these compatibility issues, 

ensuring a seamless AR experience. 

One of the unique features of the Beam 

Pro is its dual USB-C ports, allowing 

one port for glasses connection and 

another for external power, supporting 

27W fast charging. Additionally, the 

device includes a pair of 50MP cameras 

capable of capturing spatial photos and 

1080p videos at 60fps, enhancing the 

AR experience. 

The Beam Pro runs on NebulaOS, 

Xreal’s customised UI that supports 

multitasking, allowing two apps to share 

the virtual screen. Users have access 

to the Google Play Store, enabling the 

installation of a wide range of apps, 

including popular streaming services 

like Netflix, Disney+, and Prime Video. 

Paired with Xreal Air 2 Pro glasses, 

users can enjoy content on a virtual 

screen that appears 130 inches wide. 

Gaming is another key application 

for the Beam Pro, which supports 

platforms like Steam Link, Xbox Cloud 

Gaming, and Amazon Luna. It is also 

compatible with Nvidia’s CloudXR 

for users with GeForce RTX GPUs, 

expanding its versatility. 

The device is designed to be paired 

with various Xreal glasses models, 

providing different levels of immersive 

experience. For instance, the Xreal Air, 

Air 2, and Air 2 Pro offer 3 degrees of 

freedom (DoF) tracking, while the Air 

2 Ultra glasses provide 6 DoF tracking. 

Priced at $200 for the base model 

with 6GB RAM and 128GB storage, the 

Beam Pro is surprisingly affordable, 

positioned at the lower end of the 

mid-range Android market. An upgraded 

model with 8GB RAM and 256GB 

storage is available, along with a 5G 

version for those needing untethered 

internet connectivity. 


Funding & Investment 


The crowdfunding market in the UAE is anticipated to expand by 2.34% from 2024 to 2028. 

Transforming 

Finance: The Rise of 

Crowdfunding in the 

UAE 

UAE is transforming finance with strong 

crowdfunding regulations and platforms, 

driving innovation and economic growth. 

Crowdfunding is one of the pivotal forces 

in the United Arab Emirates (UAE), 

offering entrepreneurs and creatives a 

robust mechanism to secure capital and 

bring innovative ideas to fruition. The UAE 

government recognised the transformative 

potential of crowdfunding and has 

actively fostered a supportive environment 

for its growth. This has led to the 

establishment of licensed crowdfunding 

platforms tailored to meet diverse market 

needs. Crowdfunding harnesses digital 

platforms to aggregate small contributions 

from a broad base of individuals, 

presenting a viable alternative to traditional 

funding avenues like bank loans or 

venture capital. This article delves into 

the various aspects of crowdfunding in 

the UAE, its rise, regulatory framework, 

leading platforms, and its future outlook. 


Crowdfunding’s emergence in the 

UAE can be traced back to the 

broader global trend of digital 

transformation and the shift towards more 

inclusive financial systems. In 2016, the 

DFSA issued “Consultation Paper No. 105” 

on the regulation of loan-based crowdfunding 

platforms, marking the beginning 

of formal regulatory oversight. This was 

followed in 2017 by the introduction of the 

“Crowdfunding Regulatory Framework,” 

which provided guidelines for both equity 

and loan-based crowdfunding platforms 

operating within the DIFC. 

In 2020, the ADGM launched its “Framework 

for Regulating Fintech,” including 

provisions for crowdfunding platforms 

that emphasised innovation while ensuring 

robust investor protection. By 2022, the 

UAE Cabinet approved comprehensive 

regulations for crowdfunding, covering 

aspects such as platform licensing, 

operational transparency, investor 

protection, and anti-money laundering 

(AML) measures. 

One of the primary objectives of the 

regulatory frameworks is to protect investors. 

This involves several measures, 

including transparency and disclosure, 

where crowdfunding platforms are 

required to provide clear and comprehensive 

information about fundraising 

campaigns, such as business plans, 

financial projections, and potential risks. 

Additionally, platforms must conduct 

thorough due diligence on the projects 

listed to ensure they meet certain standards 

and reduce the risk of fraud. To 

further safeguard investors, platforms 

often include educational resources to 

help investors understand the risks and 

rewards associated with crowdfunding. 

Moreover, funds raised through crowdfunding 

campaigns are typically held in 

segregated accounts to protect them from 

being misused or commingled with the 

platform’s operating funds. 

Key Regulatory Bodies and Their 

Roles 

The regulatory landscape for crowdfunding 

in the UAE involves several 

key bodies: 

1. Securities and Commodities 

Authority (SCA): The SCA plays a 

crucial role in regulating equity-based 

crowdfunding platforms. It ensures that 

these platforms operate transparently and 

protect investors’ interests by adhering 

to strict disclosure requirements and 

financial reporting standards. 

2. Central Bank of the UAE (CBUAE): 

The CBUAE oversees debt-based crowdfunding 

activities, ensuring that platforms 

providing peer-to-peer (P2P) lending 

adhere to financial regulations, including 

interest rate caps and borrower protection 

mechanisms. 

3. Dubai Financial Services Authority 

(DFSA): Operating within the 

DIFC, the DFSA regulates crowdfunding 

platforms based in this free zone, ensuring 

they comply with international standards 

and local regulations. 

Crowdfunding is one 

of the best tools to 

support the financing 

of innovative business 

ideas.” 

H.E. Sheikh Mohammed bin Rashid 

4. Abu Dhabi Global Market (ADGM): 

The ADGM provides a regulatory framework 

for fintech companies, including 

crowdfunding platforms, within its jurisdiction. 

It promotes a balanced approach 

to innovation and investor protection. 

Crowdfunding in the UAE encompasses 

various models tailored to different 

project needs. Each model caters to 

specific types of projects and funding 

requirements, offering unique benefits 

and opportunities. 

Types of Crowdfunding Models 

Donation-based Crowdfunding: Contributors 

donate funds without expecting 

financial returns, often supporting 

charitable or social causes. Platforms 

like Zoomaal focus on this model, enabling 

individuals and organisations to 

raise funds for creative and innovative 

projects in the MENA region. 

Equity-based Crowdfunding: Investors 

receive equity or shares in the company 

in exchange for their capital, allowing 

them to share in potential profits if the 

venture succeeds. Eureeca is a prominent 

platform in this space, facilitating 

investments in startups and SMEs. 

Debt-based Crowdfunding (P2P 

Lending): Borrowers receive loans from 

multiple lenders through a platform, 

repaying them with interest over time. 

This model provides an alternative to 

traditional bank loans and offers investors 

income through interest payments. 

Beehive is a leading platform offering 

P2P lending services in the UAE. 

Leading Crowdfunding Platforms 

in the UAE 

Several prominent crowdfunding platforms 

operate in the UAE, each catering 

to specific types of projects and funding 

requirements: 

Eureeca: Founded in 2013, Eureeca 

is a global equity crowdfunding platform 

with a strong presence in the UAE. It 

facilitates investments in startups and 

SMEs, enabling investors to become 

shareholders and participate in growth 

opportunities. Eureeca’s rigorous vetting 

process and compliance with regulatory 

standards make it a trusted platform for 

both investors and fundraisers. 

Zoomaal: Zoomaal focuses on supporting 

creative and innovative projects 

in the MENA region. It empowers entrepreneurs 

and startups by providing 

them with a platform to raise funds and 

turn their ideas into reality. Zoomaal’s 

emphasis on social and creative projects 

has helped foster a vibrant community 

of innovators and supporters. 

DubaiNext: Operated by Dubai SME, 

DubaiNext is the UAE’s first government-backed 

digital crowdfunding 

platform. It aims to support Dubai-based 

innovators and SMEs by facilitating 

online fundraising campaigns for creative 

projects and business ventures. 

DubaiNext’s government backing and 

focus on local enterprises make it a 

unique and impactful platform. 

As crowdfunding continues to evolve, 

it is set to play an increasingly significant 

role in the UAE’s financial landscape, 

driving economic growth and supporting 

the development of new and innovative 

projects. 


Funding & Investment News 

UAE’s Keyper Raises 

$34M in Funding Round 

Keyper, a prop-tech company based 

in the UAE, recently secured $4M 

in equity through a pre-series A 

capital raise, led by BECO Capital and 

Middle East Venture Partners (MEVP), 

with support from various investors 

including Vivium Holding and Jabbar 

Group. Additionally, they signed a term 

sheet for $30M in Sukuk financing 

from Franklin Templeton Investments 

(ME) Ltd, bringing their total funding 

to over $40M. The company aims to 

utilise these funds to enhance the 

rental experience in the UAE by digitising 

processes and scaling its Rent 

Now Pay Later (RNPL) solution. CEO 

Omar Abu Innab highlighted Keyper’s 

focus on providing convenience for 

landlords and tenants, with innovative 

financial services and a fully digital 

rental experience. Keyper has achieved 

notable milestones in 2024, including 

onboarding thousands of residential 

units and processing millions in rent 

payments annually. 

UAE AI Startup qeen.ai 

Raises $2.2M in Pre- 

Seed Funding 

UAE-based AI startup qeen.ai 

recently announced a significant 

milestone: securing a $2.2M 

pre-seed funding round, spearheaded 

by Wamda Capital. The startup, founded 

by former Google and DeepMind 

professionals Dina Alsamhan, Ahmad 

Khwileh, and Morteza Ibrahimi, garnered 

support from a range of international 

and regional investors, including 10X 

Founders, Aditum, Dara Holdings, Jabbar 

Group, Phaze Ventures, and Eureka 

460. With this infusion of capital, qeen. 

ai is poised to drive its ambitious vision 

of reshaping the global e-commerce 

landscape, beginning with the MENA 

region. Specialising in providing accessible 

and autonomous AI solutions 

tailored for e-commerce businesses, 

qeen.ai aims to significantly enhance 

revenue streams for its clients. Fadi 

Ghandour, CEO of Wamda Capital, 

expressed confidence in qeen.ai’s 

potential for substantial growth and 

success in addressing the market need 

for accessible AI solutions. 

UAE Fintech Stake Secures $14M Series A with 

Mubadala, Saudi Aramco Backing 

Dubai-based fintech startup Stake 

has secured $14M in Series A 

funding led by Middle East 

Venture Partners (MEVP), along with 

investments from Mubadala Investment 

Company and Wa’ed Ventures, a 

unit of Saudi Aramco. Other notable 

investors include Al Jomaih Holding 

and Republic. The specifics of the 

investment were not revealed. Stake, a 

digital platform facilitating real estate 

investment, plans to utilise the funds 

to expand its presence in the UAE and 

Saudi Arabia, opening avenues for foreign 

investors to access the kingdom’s 

flourishing real estate sector. Launched 

in 2021, the company aims to broaden 

its investor base and introduce new 

investment opportunities on its platform. 

Co-founder and co-CEO Manar 

Mahmassani expressed ambitions to 

capitalise on Saudi Arabia’s projected 

6% growth in 2025, positioning Stake 

to facilitate early participation in the 

kingdom’s economic expansion. 

Dubai Fintech Elevate Raises $5M to Target 

Freelance Growth 

Dubai and London-based fintech 

startup Elevate recently secured 

$5 million in new funding to 

expand its operations and tap into the 

growing trend of remote work and freelancing. 

The company plans to utilise 

the funds to bolster its presence in the 

Middle East and Africa. Since its launch 

earlier this year, Elevate has garnered 

over 150,000 users primarily from Asia 

and North Africa. The platform serves 

as a conduit for payments from US 

and international companies, as well 

as from renowned freelancing platforms 

like Upwork, Maqsam, Paypal, 

Deel, and Toptal. CEO Khalid Keenan 

underscores the surging popularity of 

remote work and freelancing in the 

region, highlighting Elevate’s commitment 

to reducing fees and streamlining 

payment processes for freelancers and 

remote workers. Elevate also provides 

debit cards for online purchases and 

competitive foreign exchange rates for 

money transfers. 

Sharjah Asset Management Eyes Education 

Investments in Australia 

Sharjah Asset Management (SAM), 

the investment arm of the Government 

of Sharjah, engaged in 

discussions to explore investment 

opportunities within the education 

and development sectors, with a particular 

focus on Victoria International 

Schools in Sharjah. The meeting, 

held at the Victoria School – Al Taawun 

Branch, involved CEO Walid Al 

Sayegh, Ridwaan Jadwat (Ambassador 

of the Commonwealth of Australia to 

the UAE), Dean Pyrah (CEO of Victoria 

International Schools), along with 

representatives from SAM and Sharjah 

Asset Management. Emphasising 

the importance of collaboration, the 

discussions aimed to enhance the 

education sector by identifying cooperative 

and investment prospects. The 

meeting underscored the commitment 

of the UAE and Australia to bolstering 

educational initiatives, aligning with 

the vision of His Highness Sheikh Dr. 

Sultan bin Mohammed Al Qasimi to 

position Sharjah as a global hub for 

distinguished educational systems. 


Saudi Arabia, UAE, Egypt Lead MENA’s 2023 Venture Capital Funding 

A 

recent comprehensive analysis 

conducted by MAGNiTT 

unveiled significant insights 

into the distribution and dynamics of 

venture capital (VC) funding across 

the MENA region. According to the 

report, the trio comprising Saudi Arabia, 

the UAE, and Egypt emerged as 

the epicentres of VC activity, jointly 

commanding an impressive 92% share of 

the total funding landscape. Noteworthy 

was the remarkable surge witnessed 

by Saudi startups, which recorded a 

staggering 602% year-on-year (YoY) 

increase, raising a substantial $400M in 

VC funding throughout 2023. Similarly, 

UAE-based ventures experienced a 

notable upswing, securing 222% more 

VC funding YoY, amounting to a total 

of $353M. In stark contrast, Egyptian 

startups encountered a sharp 86% YoY 

decline, managing to raise a mere $4M 

in VC funding. 

UAE and Malaysia Strengthen Trade and 

Investment Ties 

Malaysian Prime Minister Anwar 

Ibrahim warmly received Dr 

Thani bin Ahmed Al Zeyoudi, 

UAE Minister of State for Foreign Trade, 

fostering deeper trade and investment 

bonds between Malaysia and the UAE. 

Al Zeyoudi’s discussions with Malaysia’s 

Minister of Investment, Trade 

and Industry, Zafrul Aziz, underscored 

collaboration prospects in burgeoning 

sectors such as technology and manufacturing 

while assessing the progress 

of Comprehensive Economic Partnership 

Agreement negotiations. The 

visit underscores the growing rapport 

between the two nations, exemplified 

by their robust non-oil trade, reaching 

$4.7B in 2023. Al Zeyoudi emphasised 

Malaysia’s significance as a trade ally, 

advocating for direct engagement to 

amplify bilateral relations. Both sides 

foresee immense potential for expanded 

cooperation, particularly in energy, 

logistics, and financial services, with 

a shared commitment to fostering 

sustainable prosperity through fair 

trade practices. 

Saudi Arabia Unveils $20B Investment Potential 

in Livestock & Fisheries 

Dr Ali Al Shaikhi, the Undersecretary 

of the Ministry of Environment, 

Water, and Agriculture 

for Fisheries and Livestock Wealth, 

emphasised the significant economic 

potential in Saudi Arabia’s livestock 

and fisheries sectors. He projected 

that by 2030 the investments in these 

sectors could surpass SR 20B ($5.3B). 

These remarks were made during a 

workshop titled “Joint Cooperation 

Opportunities for the Development 

and Sustainability of the Agricultural 

Sector in the Kingdom,” held at the 

ministry’s headquarters in Riyadh in 

collaboration with King Saud University. 

The workshop serves as a platform 

to foster collaboration among various 

stakeholders to bolster the GDP in 

these vital sectors. Dr Al Shaikhi underscored 

the crucial role of fisheries 

and livestock in the economy, public 

health, and overall well-being, highlighting 

that investment opportunities 

in these sectors align with the goals 

outlined in Saudi Vision 2030. 

UAE Targets Surge in 

Industrial Investments 

The UAE is gearing up to propel 

industrial investments at the third 

Make it in the Emirates forum, 

highlighting the sector’s pivotal role in 

the nation’s economic and diversification 

strategies. Scheduled for May 27 

and 28 in Abu Dhabi, the event aims to 

build on past successes, boasting over 

AED 120B ($32.7B) in local procurement 

agreements from over 100 deals. With 

a focus on key industries like energy, 

telecoms, aerospace, healthcare, and 

food and beverage, speakers including 

Dr Sultan Al Jaber and Sarah Al Amiri 

will discuss topics such as the UAE’s 

Operation 300bn initiative, AI integration, 

space exploration, and youth 

engagement in the industry. Hosted by 

the ministry and cooperating with the 

Abu Dhabi Department of Economic 

Development, the event is expected 

to draw global executives, officials, 

SMEs, and startups. 


Digital Assets 


User penetration in UAE’s cryptocurrency sector is expected to hit 31.92% by 2028. 

Investing in Presale or 

Established Cryptocurrencies: 

Which is the 

Right Decision? 

The UAE has positioned itself as one of 

the fastest-growing markets globally for 

cryptocurrency adoption. 

Investing in cryptocurrencies presents 

several opportunities, from early-stage 

presale tokens to established coins traded 

on public exchanges, each offering distinct 

advantages and risks. The decision 

between investing in presale cryptocurrencies, 

acquired before public listing, 

versus established ones already trading 

involves navigating complexities of risk 

tolerance and potential reward. Presales 

promise high growth potential but require 

rigorous due diligence. Established cryptocurrencies 

offer stability with proven 

market performance and liquidity, appealing 

to investors seeking reduced risk. 

Understanding these options is crucial 

for investors aiming to capitalise on the 

evolving landscape of digital assets while 

managing exposure to market dynamics 

and regulatory developments. 


When considering an investment 

in cryptocurrency, the choice 

between presale tokens and 

established cryptocurrencies can be 

challenging. Each option offers unique 

opportunities and risks, making it essential 

to understand both thoroughly 

before making a decision. 

Current Presales in the Crypto World 

Presale cryptocurrencies are tokens 

sold before they are available on the 

open market, often at a discounted rate. 

They can provide significant returns if 

the project succeeds, but they also carry 

higher risks due to their growing nature. 

Here are some notable presale tokens 

currently attracting attention: 

1. Pepe Unchained (PEPU) - An Ethereum 

layer-two project featuring the iconic 

Pepe meme. It’s designed for scalability 

and promises substantial growth potential 

as it harnesses the power of the popular 

meme culture. 

2. 99Bitcoins (99BTC) - A “Learn-to- 

Earn” token on the Bitcoin blockchain. 

Users earn tokens by engaging with 

educational content on the 99Bitcoins 

platform. This presale is appealing due to 

its unique value proposition of combining 

education with earning. 

3. eTukTuk (TUK) - A green project 

focused on electric vehicles, aiming to 

set up EV charging stations primarily in 

Sri Lanka. It offers power staking rewards 

and plans to use blockchain technology 

to promote sustainable transport. 

These presales can offer significant 

returns if the projects achieve their goals, 

but they also come with risks such as 

project failure or poor execution. 

Established Cryptocurrencies 

Established cryptocurrencies, such as 

Bitcoin (BTC), Ethereum (ETH), and Theta 

(THETA), offer a more stable investment 

opportunity with a proven track record. 

1. Ethereum (ETH) - As the second-largest 

cryptocurrency by market 

capitalisation, Ethereum is the foundation 

for decentralised applications (dApps) 

and smart contracts. It is currently 

undergoing upgrades to Ethereum 2.0, 

which aims to improve scalability, security, 

and sustainability. As of June 2024, 

Ethereum is trading at around $1,800 per 

ETH with strong growth projections as 

its ecosystem expands. 

2. Theta (THETA) - A blockchain-powered 

network for video streaming. Theta 

aims to decentralise video streaming, 

making it more efficient and cost-effective. 

Trading at approximately $0.75, Theta has 

been making strides in partnerships and 

technological advancements, positioning 

it for substantial future growth. 

3. Bitcoin (BTC) - The original cryptocurrency, 

Bitcoin remains the most 

dominant and widely recognised. It serves 

as a store of value and is often referred to 

as digital gold. Bitcoin is trading around 

$30,000, with analysts predicting continued 

growth due to increasing institutional 

adoption and limited supply. 

Projected Growth and Current Rates 

The current rates and projected growth 

for both presale and established cryptocurrencies 

highlight their potential: 

Ethereum (ETH): Trading around $1,800 

with projections indicating continued 

growth due to the ongoing Ethereum 

2.0 upgrades. 

Bitcoin (BTC): Trading around $30,000, 

expected to rise with increasing adoption 

and market stability. 

Theta (THETA): Priced at approximately 

$0.75, with significant potential in the 

video streaming sector. 

Factors to Consider When 

Making Your Choice 

Beyond the basic risk profiles of presale 

and established cryptocurrencies, several 

factors can influence your decision: 

Investment Horizon: Presale tokens 

are best suited for long-term investors 

who can tolerate high volatility and 

potentially wait years for significant 

returns. Established cryptocurrencies, 

with their existing market presence, offer 

more flexibility for both short-term and 

long-term investment strategies. 

Project Research: For presale tokens, 

in-depth research is crucial. Carefully 

examine the project’s whitepaper, team 

background, roadmap, and community 

engagement. Look for projects that address 

a genuine need, have a clear development 

plan, and possess a competent team with 

a successful track record. Established 

cryptocurrencies also require research, 

but their history provides more data 

points to analyse their potential. 

Market Conditions: The overall cryptocurrency 

market can significantly 

Cryptocurrency made up 

70% of UAE investors’ 

gains last year.” 

impact both presale and established 

coins. Understanding current trends and 

future projections can help you make 

informed investment decisions. Bull 

markets generally favour presale tokens 

with their high-growth potential, while 

established cryptocurrencies tend to 

offer more stability during bear markets. 

Diversification: A well-diversified 

portfolio can mitigate risk. Consider 

allocating a portion of your investment 

capital to both presale tokens (with a focus 

on promising projects) and established 

cryptocurrencies to balance potential 

returns with stability. 

Additional Considerations for Presale 

Investments 

While presale tokens offer exciting 

possibilities, additional considerations 

are essential: 

Liquidity: Presale tokens often lack 

liquidity, meaning it might be difficult 

to sell them quickly if needed. 

Scams: Unfortunately, scams are prevalent 

in the presale space. Be extra cautious 

and only invest in projects with a strong 

reputation and transparent operations. 

Regulation: The regulatory landscape 

for cryptocurrencies is constantly evolving. 

Stay informed about any regulations 

that could impact presale investments. 

Ultimately, the decision between presale 

and established cryptocurrencies 

hinges on your individual risk tolerance, 

investment goals, and thorough research. 

Both options hold potential for growth, 

but presale tokens involve significantly 

higher risk. Established cryptocurrencies 

provide more stability but might offer 

lower potential returns compared to 

successful presale projects. By carefully 

considering the factors mentioned above 

and conducting due diligence, you can 

make informed investment decisions 

aligned with your financial objectives. 

However, cryptocurrency remains a 

volatile market, and investing always 

carries inherent risks. 


Wheels 

Bugatti Tourbillon 

The Tourbillon, set to debut in 

2026, marks a significant evolution 

in hypercar engineering 

by replacing the Chiron’s quad-turbo 

8.0-litre W-16 with a new 8.3-litre V-16 

engine. This engine, developed with 

Cosworth, features a cross-plane crank 

configuration that allows it to reach 

9000 rpm, producing 986 horsepower 

and 664 pound-feet of torque. Unlike 

its predecessor, this engine is naturally 

aspirated, which is a notable departure 

from the forced induction used in the 

Chiron. 

Complementing the internal combustion 

engine are three electric 

motors—two on the front axle and one 

on the rear—collectively generating an 

additional 789 horsepower. This hybrid 

system brings the total power output 

to an impressive 1775 horsepower. The 

vehicle can travel close to 30 miles 

on electric power alone, providing a 

modestly eco-friendly option for such a 

high-performance machine. The Tourbillon’s 

price tag is set at $4.6 million, 

reflecting its advanced technology and 

exclusive nature. 

Inside, the car features a unique gauge 

cluster designed like a mechanical timepiece, 

mounted on the steering column 

and covered with scratch-resistant 

milled sapphire crystal. This focus on 

analogue elements extends to the entire 

interior, with a fixed-hub steering wheel 

that ensures the instrument cluster is 

never obscured. 

The gauges, crafted by a Swiss watchmaker, 

showcase raised numbers and 

physical needles, embodying a timeless 

mechanical aesthetic. For those who 

prefer digital elements, a small screen 

is available but can be folded away, 

leaving a clean, luxurious dashboard. 

The exterior design retains iconic 

Bugatti elements, such as the horseshoe 

grille and the C-shaped line at the 

back, connecting it visually to both 


the Chiron and historic models like 

the Type 35 and Atlantic. 

However, the Tourbillon features 

unique components, including a narrower 

grille, edgier C-line, and wider 

fenders, making it distinct. Its carbon-fibre 

underbody diffuser and 

sophisticated airflow management 

reduce drag, allowing for a top speed 

of 277 mph. The rear wing functions 

solely as an airbrake, further enhancing 

aerodynamic efficiency. 

This new model, named after the 

intricate rotating mechanism in mechanical 

watches, celebrates the blend 

of analogue and mechanical precision. 

With smart software managing the 

integration of the engine and motors, 

the Tourbillon can accelerate to 60 mph 

in an estimated 2.0 seconds and reach 

250 mph in about 25 seconds. Despite 

its advanced hybrid powertrain, it 

maintains a weight similar to or lighter 

than the Chiron, thanks to a reduced 

frontal area and innovative design. 

Production of the Tourbillon will 

begin in 2026, with only 250 units 

planned. Purchasing one will require 

not only financial means but also a 

history of buying previous Bugatti or 

Rimac models, ensuring that these 

exclusive vehicles remain in the hands 

of dedicated enthusiasts. 

Specifications 

Torque: 2,300Nm 

Horsepower: 1,800 hp 


Healthcare 


GIIN reported that over half of impact investors are directing their funds towards healthcare. 

The Emergence of 

Impact Investing 

in the Healthcare 

Sector 

The growth of impact investing, in dynamic regions 

like the UAE, highlights its potential to transform 

the global healthcare landscape. 

The financial world is undergoing a significant 

shift. Investors now seek not only 

financial returns but also the opportunity 

to create a positive social and environmental 

impact. This trend has given rise 

to impact investing, which directs capital 

toward companies and initiatives that 

address pressing global challenges while 

generating financial returns. Initially, the 

idea of including biotech stocks in impact 

investments was met with scepticism. 

However, investor response has been 

overwhelmingly positive. The goal is to 

create measurable social benefits alongside 

financial gains, tackling issues such 

as poverty, inequality, and climate change. 

This article provides an overview of the 

current landscape of impact investing in 

the healthcare sector, with a particular 

focus on the UAE. 


According to the Global Impact 

Investing Network, the global 

impact investing market size 

reached $828 billion in 2020. This growth 

is driven by several factors. Investors 

are becoming more aware of the social 

and environmental consequences of 

their investments, seeking to align their 

portfolios with their values. 

Millennial and Gen Z investors, in 

particular, are driving demand for investments 

that deliver both financial returns 

and social impact. Additionally, there is 

increasing evidence that impact investments 

can deliver competitive financial 

returns, making them an attractive option 

for a broad range of investors. 

Current Market Position 

of Impact Investing 

The healthcare sector is a significant 

recipient of impact investments. A 2021 

report by the Global Impact Investing 

Network found that healthcare attracted 

$30.7 billion in impact investments, 

representing 8.5% of the total market. 

This trend is expected to continue as 

investors recognise the sector’s potential 

for positive social impact alongside 

financial gains. Impact investing in 

healthcare focuses on several key areas, 

including improving access to affordable 

healthcare, developing life-saving 

treatments, and promoting preventative 

care. Companies working in these areas 

are attracting significant attention and 

funding from impact investors. 

Impact Investing in the 

Healthcare Sector 

Impact investing in healthcare addresses 

numerous challenges. Millions 

of people lack access to basic healthcare 

services due to geographical barriers, high 

costs, and limited insurance coverage. 

Impact investments support companies 

developing low-cost diagnostics, telemedicine 

solutions, and innovative drug 

delivery methods to reach underserved 

populations. 

The rise of chronic diseases like diabetes 

and heart disease places a significant 

burden on healthcare systems. Impact 

investors support companies developing 

preventative care programs, promoting 

healthy lifestyles, and creating affordable 

treatments for these conditions. 

Additionally, the COVID-19 pandemic 

has highlighted the need for resilient 

healthcare systems. Impact investing 

supports companies developing vaccines, 

diagnostics, and rapid response mechanisms 

for future outbreaks. 

Companies in the 

Pharmaceutical Sector 

In the pharmaceutical sector, several 

companies are leading the way in impact 

investing. Novartis, for example, has 

established the Novartis Social Business, 

which focuses on enhancing access to 

affordable healthcare in low- and middle-income 

countries. 

Through this initiative, Novartis 

invests in developing treatments for 

neglected diseases and expanding access 

to essential medications. Another notable 

example is GlaxoSmithKline (GSK), 

which has committed to reinvesting 20% 

of its profits from the least developed 

countries into strengthening healthcare 

infrastructure and increasing access to 

medicines in those regions. 

Moreover, Takeda Pharmaceuticals is 

involved in the research, development, 

manufacturing, and sale of medications. 

The company has made significant strides 

in ensuring the global availability of 

treatments for climate-related diseases 

like malaria and dengue. For example, 

its dengue fever vaccine was the first of 

its kind to participate in the European 

Medicines Agency (EMA) trials for use in 

the EU. The majority of Takeda’s revenues 

align with Sustainable Development Goal 

3 (good health and well-being). 

These companies illustrate how impact 

investing can drive social change while 

still maintaining profitable business 

operations. 

Companies in the Biotech Sector 

Biotechnology companies are at the 

forefront of medical innovation, and impact 

investing is helping to fuel advancements 

in this sector. One prominent example is 

Illumina, which focuses on genomics and 

is working to make genetic sequencing 

more accessible and affordable, aiming 

to advance personalised medicine. 

Another key player is Moderna, renowned 

for its mRNA technology that 

was pivotal in developing COVID-19 

vaccines. Moderna is expanding its efforts 

to tackle other infectious diseases 

and genetic disorders, leveraging impact 

investments to drive innovation and 

accessibility. 

These biotech companies are utilising 

impact capital to push the boundaries 

of medical science and ensure that advancements 

benefit a broader population. 

Companies Open for 

Investments in the UAE 

The United Arab Emirates (UAE) is 

emerging as a significant player in the 

impact investing landscape. The government’s 

commitment to innovation 

and healthcare development makes the 

UAE an attractive destination for impact 

investors in healthcare. 

Sanofi by Genzyme, a global biopharmaceutical 

company, established its 

regional headquarters in Dubai, focusing 

on research and development in areas 

like diabetes and rare diseases. 

G42 Healthcare, an Abu Dhabi-based 

company, invests in artificial intelligence 

(AI) and genomics to transform healthcare 

delivery and create personalised medicine 

solutions. Injazat, a venture capital firm 

backed by Mubadala Investment Company, 

invests in healthcare startups with a 

focus on digital health and innovation. 

Another notable entity is PureHealth 

which announced its IPO in December 

2023 and attracted around AED 265 

Billion. It is currently trading at a rate 

of approximately AED 4.24. 

In addition to these companies, the 

UAE’s strategic location and advanced 

infrastructure offer a unique advantage 

for healthcare investments. The region 

serves as a gateway to markets in the 

Middle East, North Africa, and beyond, 

amplifying the impact of investments 

made in the country. With ongoing governmental 

support and a robust investment 

framework, the UAE is poised to become 

a global leader in healthcare impact 

investing, attracting a diverse array of 

investors and innovators. 

Impact investing in healthcare presents 

a unique opportunity to achieve financial 

returns and positive social outcomes. By 

directing capital towards initiatives that 

address critical healthcare challenges, 

investors can play a crucial role in fostering 

healthier communities and more 

equitable access to medical care. 

The continued growth of this investment 

approach, particularly in dynamic 

regions like the UAE, underscores its 

potential to drive significant change in 

the global healthcare landscape. 


Healthcare News 

UAE Explores Future of 

Healthcare with Google 

The UAE is embarking on a transformative 

healthcare journey 

driven by artificial intelligence 

(AI). In collaboration with Google, the 

Office of the AI Minister recently convened 

a “Majlis,” fostering dialogue on 

AI’s role in medicine. This technology 

offers vast potential to revolutionise 

healthcare by refining diagnoses, 

customising treatment strategies, 

optimising administrative processes, 

and forecasting and preventing diseases. 

To harness AI’s capabilities for 

improved patient outcomes, the UAE is 

advancing a comprehensive nationwide 

electronic medical records system. 

This initiative aligns seamlessly with 

the nation’s ambitious vision to lead 

in AI innovation globally and reshape 

its healthcare sector. By embracing 

AI-driven advancements, the UAE aims 

to set new standards in healthcare delivery, 

efficiency, and patient-centred 

care, ensuring a healthier future for 

its population. 

Saudi Companies 

Partner to Boost the 

Healthcare Sector 

Saudi Arabia’s healthcare landscape 

is poised for a substantial transformation 

following a strategic 

alliance between SAMI-AEC, a provider 

of defence and digital solutions, and 

the National Unified Procurement 

Company (NUPCO). This partnership 

aims to elevate healthcare services 

through various pivotal initiatives. 

These include the implementation of 

advanced medication tracking systems, 

enhancement of IT infrastructure 

across hospitals, and a pivotal focus on 

boosting local production of medical 

devices. These efforts directly support 

the objectives outlined in Saudi Vision 

2030, which seeks to modernise the 

country’s healthcare sector and promote 

domestic manufacturing, thereby fostering 

a more efficient and self-reliant 

medical ecosystem. The collaboration 

underscores a commitment to innovation 

and sustainability, paving the way for 

improved healthcare access and high 

quality for patients across the kingdom 

of Saudi Arabia . 

TVM Capital Closes $250 Million Saudi Arabia- 

Focused Healthcare Fund 

TVM Capital Healthcare, a global 

healthcare investor, announced 

the successful closing of their 

$250 million TVM Healthcare Afiyah 

Fund LP. This significant fund aligns 

with Saudi Arabia’s “Vision 2030” and 

healthcare transformation plans, aiming 

to propel growth within the kingdom’s 

medical sector. Capital contributions 

came from diverse investors, including 

prominent institutions and families from 

Saudi Arabia, the GCC (Gulf Cooperation 

Council), and Europe. TVM Capital 

plans to strategically utilise these funds 

by investing in both promising Saudi 

healthcare companies and established 

international firms seeking expansion 

into the Saudi Arabian market. This 

dual approach aims to improve access 

to advanced medical technologies 

and services throughout the region, 

ultimately fostering improved patient 

care and healthcare outcomes. 

UAE-Based Mental Health Platform “Mentl” 

Expands its Reach 

The UAE’s mental health landscape 

is poised for significant 

enhancement as Mental, a leading 

consultancy and advocacy platform, 

expands its footprint through a strategic 

partnership. Dr Brendon Stubbs, a 

globally recognised authority in mental 

health and neuroscience, has teamed 

up with Mentl to introduce comprehensive 

wellness programs tailored 

for companies across the Gulf region. 

This initiative transcends mere awareness-raising 

efforts by offering tangible 

resources and robust workplace support 

systems. Dr. Stubbs’ expertise will play 

a pivotal role in developing effective 

mental health strategies for employees 

and addressing critical wellness needs 

in corporate environments. Mentl’s 

proactive expansion underscores 

a growing emphasis on corporate 

wellness and employee well-being, 

signalling a positive trajectory for both 

the UAE and neighbouring regions in 

fostering a healthier workforce and 

society at large. 

PureHealth Drives UAE Healthcare Growth with 

$272 Million in Local Procurement 

PureHealth has emerged as a 

pivotal player in the UAE’s industrial 

landscape. Since early 

2023, the company has achieved a 

noteworthy milestone, surpassing AED 

1 billion (approximately $272 million) 

in local procurement. This accomplishment 

underscores PureHealth’s 

steadfast adherence to the National 

In-Country Value (ICV) Programme, 

a cornerstone of the UAE’s industrial 

strategy aimed at bolstering the sector’s 

contribution to GDP. With a target 

set at AED 13 billion ($3.5 billion) in 

local procurement by 2032, PureHealth 

is committed to furthering its impact 

on the nation’s economy. This strategic 

initiative not only supports economic 

diversification but also promotes 

sustainability within the healthcare 

sector, ensuring a robust framework 

for future growth and self-sufficiency. 

PureHealth’s proactive approach exemplifies 

its role in shaping a resilient 

and flourishing industrial ecosystem 

in the UAE. 


UAE Faces Shortage of Mental Health Professionals 

The United Arab Emirates faces a 

critical shortfall in mental health 

professionals, as highlighted in 

a recent study. With a rapidly growing 

population and escalating demand for 

mental health support, the country 

requires an additional 1,700 psychiatrists. 

This translates to just 0.3 psychiatrists 

per 100,000 residents. The 

study pinpoints demographic trends 

and societal changes, notably affecting 

young adults aged 20-39, as significant 

factors driving this demand. Accessibility 

and affordability of mental health 

services urgently need enhancement, 

alongside streamlined regulations 

to attract skilled professionals and 

investment in modern infrastructure 

and digital solutions. Equally crucial is 

combating the stigma associated with 

mental health issues, and fostering an 

environment where seeking help is 

encouraged and supported. 

UAE Aims to Set Global Benchmark for Healthcare 

According to Dr. Ahmed Al Khazraji, 

acting director general 

of Abu Dhabi’s Public Health 

Centre, the United Arab Emirates is 

ambitiously striving to lead in global 

healthcare. The focus is on establishing 

a healthcare model centred around prevention 

and proactive care rather than 

just reactive treatment. This holistic 

approach prioritises both physical and 

mental well-being, promoting healthy 

lifestyles among its population. Dr. Al 

Khazraji envisions this transformative 

strategy as a potential blueprint for 

other nations seeking to enhance 

their healthcare systems. To realise 

this vision, the UAE has launched 

various initiatives aimed at fostering 

healthy habits, improving healthcare 

accessibility, and implementing preventive 

healthcare measures across 

the nation. These efforts underscore 

the UAE’s commitment to achieving 

comprehensive healthcare reform and 

becoming a beacon of innovation in 

global health practices. 

UAE’s NMC Health Taps Rothschild for Strategic 

Options, Including IPO 

United Arab Emirates hospital 

group NMC Healthcare 

(NMCH) has appointed Rothschild 

as a financial adviser to explore 

strategic options, including an initial 

public offering (IPO), it announced. 

NMC also plans to appoint a second 

financial adviser soon, considering 

alternatives such as a listing, a sale 

of the business, and other strategic 

options. This decision follows a significant 

restructuring completed in 

2022. The company, founded by Indian 

businessman BR Shetty in the mid- 

1970s, encountered difficulties when 

short-seller Muddy Waters questioned 

its financial reporting, raising doubts 

about the size of stakes held by its 

biggest shareholders. Subsequently, 

NMC disclosed over $4B in hidden 

debt, which led to London-listed NMC 

Health being placed in administration 

in April 2020. NMC Healthcare operates 

85 hospitals, specialty clinics, and 

medical facilities under several brands, 

serving over 5.5 million patients annually, 

and remains a pivotal healthcare 

provider in the region. 

UAE Ministry Makes 

Payments Easier for 

Customers 

The UAE’s Ministry of Health 

and Prevention (MoHAP) has 

launched the groundbreaking 

“Easy Payment Initiative” to revolutionise 

accessibility to healthcare 

services. This innovative program 

addresses financial barriers by enabling 

customers to pay for ministry 

services in convenient instalments 

using credit cards issued by participating 

local banks. By prioritising 

both affordability and well-being, the 

initiative aims to enhance the overall 

customer experience. It is a testament 

to MoHAP’s dedication to continuous 

improvement, promoting financial 

responsibility through manageable 

payment options while boosting operational 

efficiency within the ministry. 

The initiative’s broader goal is to make 

healthcare services more accessible, 

thereby contributing to a healthier and 

economically empowered community 

across the UAE. 


Economy 

The blue visa is a self-sponsored visa category valid for 10 years. 

The Economic 

Impact of the UAE’s 

Blue Residency 

Visa 

The initiative underscores the nation’s dedication 

to leveraging advanced technologies to create 

impactful solutions. 

In another visionary approach, the UAE 

has recently announced the “Blue Visa,” 

a 10-year residency visa for individuals 

who have made significant contributions 

to environmental protection and 

sustainability, both within the UAE and 

globally. The initiative is expected to 

attract more environmentally-conscious 

individuals to the country and is likely 

to have profound effects on the UAE’s 

economy. By analysing the various facets 

of this visa program, we can better understand 

its potential economic impacts and 

the broader implications for the UAE’s 

strategic goals. This move underscores 

the UAE’s commitment to environmental 

sustainability and recognises the efforts 

of those making a significant impact in 

protecting and preserving the environment 

for future generations. 


The UAE has long been a magnet for 

expatriates, thanks to its strategic 

location, robust infrastructure, and 

business-friendly environment. However, 

in recent years, the government has 

recognised the need to evolve its visa 

policies to attract a more skilled and 

diverse workforce. 

The blue residency visa is a response 

to this need, offering long-term residency 

options to highly qualified individuals. 

This move is expected to address several 

economic challenges, including 

the need for a more sustainable and 

innovation-driven economy. 

This visa is awarded to environmental 

advocates, including members of international 

organisations, global companies, 

associations, NGOs, award winners, and 

distinguished activists and researchers 

in environmental work. It is available to 

both Emiratis and residents who support 

environmental causes. 

Those interested in the UAE’s Blue 

Visa can apply directly to the Federal 

Authority for Identity, Citizenship, Customs 

and Port Security or be nominated 

by relevant authorities in the UAE. 

One of the primary economic benefits 

of the blue residency visa is its potential 

to attract high-calibre talent to the UAE. 

By providing long-term residency, the 

UAE can attract professionals in critical 

sectors such as technology, healthcare, 

and finance. These individuals bring 

with them not only their expertise but 

also their networks and ability to drive 

innovation. 

This influx of talent can lead to the 

creation of new industries, enhance existing 

ones, and ultimately increase the 

country’s GDP. Additionally, by retaining 

these skilled individuals, the UAE can 

reduce its reliance on foreign labour and 

build a more self-sufficient economy. 

Investment is another crucial element 

of the economic impact of the blue 

residency visa. By attracting investors 

to the UAE, the visa program can lead 

to increased capital inflows, which are 

essential for funding large-scale projects 

and infrastructure development. These 

investments can stimulate various sectors 

of the economy, from real estate and 

construction to technology and education. 

Moreover, a stable and attractive 

investment environment can enhance the 

UAE’s reputation as a global business 

hub, attracting even more investors and 

businesses to the region. 

It is expected to have significant 

implications for the UAE’s real estate 

market. Long-term residency options 

make the UAE an attractive place for 

skilled professionals and investors to 

settle, which can drive demand for 

residential and commercial properties. 

This increased demand can lead to higher 

property values and stimulate construction 

activity, providing a boost to the real 

estate sector. Additionally, a thriving real 

estate market can have a positive ripple 

effect on other sectors of the economy, 

including retail, hospitality, and services. 

Another critical aspect to consider 

is the impact on the UAE’s education 

sector. With the influx of skilled professionals 

and their families, there is likely 

to be increased demand for high-quality 

education and training facilities. This 

can lead to the development of more 

international schools, universities, and 

vocational training centres, enhancing 

the overall quality of education in the 

country. A well-educated workforce is 

essential for sustaining economic growth 

and ensuring the UAE remains competitive 

in the global market. 

The blue residency visa also supports 

the UAE’s broader strategic goals, such 

as the Net Zero by 2050 and the Centennial 

2071. These long-term plans aim to 

transform the UAE into one of the world’s 

leading nations by promoting sustainable 

development, enhancing economic diversification, 

and fostering innovation. 

By attracting skilled professionals, 

entrepreneurs, and investors, the blue 

residency visa aligns with these goals, 

providing the human capital necessary 

to achieve them. Furthermore, the visa 

program can help the UAE transition to 

a knowledge-based economy, reducing 

its reliance on oil revenues and ensuring 

long-term economic stability. 

Moreover, the success of the blue residency 

visa program depends on effective 

implementation and ongoing evaluation. 

The UAE must monitor the program’s 

impact on various sectors of the economy 

and make necessary adjustments 

to maximise its benefits. This includes 

ensuring that the visa program remains 

attractive to potential applicants and that 

the benefits of attracting skilled professionals, 

entrepreneurs, and investors are 

widely distributed across the economy. 

The blue residency visa has the potential 

to significantly impact the UAE’s economy 

by attracting skilled professionals, 

The ‘Blue Residency 

Visa’ aims to attract 

global environmental 

leaders to contribute to 

the UAE’s sustainable 

economic and social 

development.” 

entrepreneurs, and investors. This influx 

of talent and capital can drive innovation, 

create jobs, and foster economic 

diversification, aligning with the UAE’s 

long-term strategic goals. 


Corporate Results 

Deyaar Development 

Q1’24 Net Profit: AED 77.5M 

Leading Dubai-based real estate company 

Deyaar Development reported 

a significant year-on-year increase 

in revenue and net profit. In its filing 

with the Dubai Financial Market 

(DFM), Deyaar stated that its net profit 

before corporate tax for the quarter 

ending 31 March rose to AED 77.5M 

($21M), a 38 per cent increase from 

AED 56.4M ($15.34M) in the same 

period last year. Revenue climbed to 

AED 327.8M ($89.4M), a 5 per cent rise 

from AED 312.5M ($84.8M). Liquidity 

grew by AED 454M ($123.6M), driven 

by strong receivables and customer 

advances. Total assets increased by 7 

per cent to AED 6,704M ($1.82B), and 

earnings per share went up from 1.29 

fils to 1.67 fils in Q1 2024. Earlier this 

year, Deyaar announced its first-ever 

dividend distribution of AED 175M 

($47.65M), equivalent to 4 fils per share. 

TAQA 

Q1’24 Net Profit: AED 2.1B 

Abu Dhabi National Energy Company 

TAQA reported a 5.3% rise in its revenues 

to reach AED 13.7B in Q1 2024, 

underscoring its strong financial performance 

for the period. The company 

attributed its earnings growth to the 

contributions from Sustainable Water 

Solutions Holding Company (SWS 

Holding), highlighting the positive 

impact of this subsidiary. TAQA’s net 

profit stood at AED 2.1B, reflecting a 

decrease of AED 9.5B due to one-off 

items recognised in 2023. Excluding 

these exceptional items, net income 

increased by AED 100M, marking a 6.9% 

rise compared to the same period last 

year. The company’s capital expenditure 

totalled AED 1.7B, a substantial 

60.3% increase from the previous year, 

driven primarily by advancements in 

the Mirfa 2 Reverse Osmosis (M2RO) 

and Shuweihat 4 Reverse Osmosis 

(S4RO) desalination projects, crucial 

for TAQA’s infrastructure expansion. 

BHM Capital 

Q1’24 Net Profit: AED 9M 

BHM Capital, a prominent stock trading 

firm based in the UAE, announced a 

significant 22% increase in profit to 

AED 9M in Q1 2024, indicating strong 

financial growth. The company’s total 

income for the year’s first nine months 

surged by 47% to exceed AED 37.5M. In 

addition to profitability, BHM Capital 

experienced substantial growth in total 

assets, reaching AED 1.3B by the end 

of Q1 2024, highlighting its expanding 

financial presence. Revenue from trading 

commissions and consultancy fees 

rose by a solid 13%, totalling about AED 

14.6M as of March 2024, compared to 

AED 13M in the same period the previous 

year. Furthermore, the firm reported 

exceptional growth in margin financing 

revenue, which surged by 127% to 

AED 20.1M, up from approximately 

AED 8.8M in Q1 2023, demonstrating 

strong operational performance and 

strategic initiatives. 

Sharjah Islamic Bank 


Sharjah Islamic Bank (SIB) reported 

a significant increase in its net profit 

before tax for the first quarter of 2024, 

showcasing a 22.5 per cent rise to AED 

285.4M from AED 233.1M during the 

same period last year. The net profit 

after tax also grew by 11.4 per cent, 

reaching AED 259.7M. SIB attributes this 

performance to strong core operations, 

a customer-centric approach, and new 

high-profit products. The bank’s total 

income from financing and investment 

products rose by 23.5 per cent to AED 

858.1M, and net fees, commissions, and 

other income increased by 20.4 per cent 

to AED 136.7M. General and administrative 

expenses slightly increased to 

AED 174.3M, but the cost-to-income 

ratio improved to 34.5 per cent from 

34.7 per cent last year. 

Emirates NBD 


Emirates NBD achieved a record net 

profit of AED 6.7B for the first quarter 

of 2024, marking a 12% increase from 

the previous year and a remarkable 

67% rise compared to Q4-23. Beyond its 

home market, Emirates NBD benefited 

from regional growth, higher transaction 

volumes, and a low-cost funding 

base. The bank also saw substantial 

recoveries on impaired loans. The 

Group’s assets surpassed AED 900B, 

with retail lending reaching AED 9B, its 

strongest quarter ever, and corporate 

lending hitting AED 24B, closing major 

deals regionally. The branch network in 

Saudi Arabia doubled to 18 by the end 

of 2023, enhancing growth. In Egypt, the 

bank’s expanded international presence 

and digital capabilities drove further 

growth. In Saudi Arabia, loan growth 

reached 19% in Q1 2024. 

AD Ports Group 

Q1’24 Net Profit: AED 400M 

AD Ports Group reported a significant 

increase in revenue, more than doubling 

on an annual basis to AED 3.89B in 

the first quarter of 2024. The port and 

logistics giant also announced a 10 per 

cent rise in net profit, reaching AED 

400M. In the same quarter, the group 

completed acquisitions of APM Terminals 

Castellon in Spain, Sesé Auto 

Logistics in Europe, Karachi Gateway 

Terminal Multipurpose Limited in 

Pakistan, Dubai Technologies in the 

UAE, and GFS in the UAE. Revenue 

and EBITDA growth were driven by the 

Maritime & Shipping, Ports, Logistics, 

and Digital Clusters, and the M&A 

effect, particularly from Noatum and 

GFS’ acquisitions. Captain Mohamed 

Juma Al Shamisi, Managing Director 

and Group CEO, expressed satisfaction 

with the continued momentum from 

2023 into early 2024. 


Aldar Properties 


In the first quarter of 2024, Aldar 

Properties reported strong financial 

performance with net profits after 

tax reaching AED 1.57B, marking an 

impressive 88% increase from AED 

835.79M in Q1-23. The company’s revenue 

and rental income surged to AED 5.61B, 

up 83% year-on-year from AED 3.06B. 

Basic and diluted earnings per share 

(EPS) doubled to AED 0.16 in Q1-24 from 

AED 0.08 reflecting robust operational 

efficiency and growth strategies. Aldar 

also achieved a record order backlog of 

AED 38.10B and saw development sales 

rise by 39% year-on-year to AED 6.30B, 

bolstered by the successful launch of 

three new projects during the quarter. 

In 2023, net profits attributable to Aldar’s 

owners grew to AED 3.92B, up from 

AED 2.94B in the previous year-end, 

underscoring the company’s sustained 

expansion and profitability in the real 

estate sector. 

RAK Ceramics 


In the first quarter of 2024, RAK Ceramics 

reported a net profit after tax 

of AED 62.90M, reflecting a 21.50% 

decrease from AED 80.10M in Q1-23. 

Revenues for Q1-24 totalled AED 

781.60M, marking an 11.40% decline 

from AED 882.40M year-on-year, as 

per the company’s financial statement. 

Abdallah Massaad, Group CEO of RAK 

Ceramics, commented on the challenging 

economic landscape, citing global 

geopolitical uncertainties and economic 

pressures impacting consumer spending 

worldwide. RAK Ceramics’ commitment 

to brand investment, enhancing manufacturing 

capabilities, and expanding 

market presence. In 2023, the company 

recorded a 5.70% decrease in net profits, 

amounting to AED 320.85M compared 

to AED 340.10M in 2022. 

Dubai Islamic Bank 


Dubai Islamic Bank reported a 22% yearon-year 

(YoY) increase in first-quarter 

profit, reaching AED 1.85B. The total 

income for the period grew to AED 

5.607B, marking a 26.5% YoY rise. Net 

operating revenues increased by 8.8% 

YoY to AED 2.998B, while net operating 

profit saw a 6.7% YoY gain, reaching 

AED 2.149B. The bank’s balance sheet 

grew by 4% year-to-date (YTD) to AED 

327B. Customer deposits rose by 6% YTD 

to AED 236B, with current and savings 

accounts (Casa) making up 38% of the 

total deposits. Impairment charges 

dropped significantly by 40% YoY to 

AED 299M. Cash coverage increased 

to 93%, up 300 basis points YTD. The 

cost-to-income ratio went up by 120 

bps YTD and 140 bps YoY to 28.3%. 

Alpha Dhabi Holding 


Abu Dhabi-based Alpha Dhabi Holding 

achieved a net profit of AED 4.6B 

($1.25B) in the first quarter of 2024, 

showcasing strong strategic execution 

and shareholder value creation. The 

group reported record revenue of AED 

14.2B ($3.86B) for Q1 2024, an 11 per 

cent increase year-on-year. Net profit 

from operations surged by 232 per cent 

compared to Q1 2023, and the cash 

balance grew by 29 percent to AED 

21.5B ($5.85B). Chairman Mohamed 

Thani Alrumaithi highlighted that Alpha 

Dhabi’s profitability demonstrates its 

successful growth strategy and commitment 

to excellence. The quarterly 

results indicate consistent year-on-year 

growth, emphasising their dedication to 

crucial sectors of the UAE’s economy, 

both currently and for the future. 

BOROUGE 

Q1 2024: AED 1B 

Borouge Plc, a prominent player in the 

petrochemicals industry known for its 

innovative polyolefins, has reported 

a robust 37% year-on-year increase in 

first-quarter net profit, reaching approximately 

AED 1 billion. This growth was 

primarily fuelled by strategic pricing 

initiatives targeting high-value product 

segments and enhanced operational 

efficiencies. The company maintains a 

strong foothold in key growth markets 

spanning Asia Pacific, the Middle East, 

and Africa, delivering premium polyolefins 

tailored for critical sectors such 

as infrastructure, energy, agriculture, 

speciality packaging, and healthcare. 

Notably, Borouge’s polyethylene saw 

a significant price increase of 19% to 

AED 822 per tonne, while polypropylene 

prices surged by 46% to AED 

600 per tonne. 

ADNOC Gas 


ADNOC Gas plc and its subsidiaries (together 

referred to as “ADNOC Gas” or 

the “Company”) (ADX symbol: ADNOC- 

GAS / ISIN: AEE01195A234), one of the 

world-class integrated gas processing 

companies, announced reported strong 

financial performance with an adjusted 

net income of approximately AED 4.36 

billion, marking a robust 21% year-onyear 

increase. This growth was driven by 

a 15% rise in revenues to approximately 

AED 22.2 billion, supported by a 14% increase 

in sales volumes within the UAE. 

The company’s focus on operational efficiency 

and a higher EBITDA margin of 

35% (up from 34% in the previous year) underscored 

its strategic advantages in the 

domestic gas market. ADNOC Gas aims 

to further enhance its position through 

substantial investments in both domestic 

expansion and international growth 

initiatives, bolstered by a strong cash 

flow generation and plans for dividend 

growth. 


Sports as a Business 


In 2023, the Middle East accounted for 9% of global investments in the sports market. 

Private Equity’s 

Playbook: Investing 

in the Lucrative World 

of Sports Ownership 

Private equity firms will likely continue investing 

in sports ownership due to the industry’s 

profitability and growing global market potential. 

In recent decades, private equity (PE) 

firms have increasingly turned their attention 

to the world of sports ownership, 

transforming the financial landscape of 

professional sports. These firms bring 

substantial capital, strategic management, 

and operational expertise to sports franchises, 

enhancing their value and global 

reach. In the sports sector private equity, 

firms secure funding from external investors 

to invest in teams across football, 

baseball, basketball, hockey, racing, and 

other major sports. This investment usually 

involves acquiring minority stakes 

with the goal of selling them at a profit 

within 3 to 7 years. Despite overall slowdowns 

in deal activity, fundraising, and 

exits, billionaires and private equity firms 

backed by them persist in acquiring and 

investing in sports teams. 


A 

significant majority of NBA teams 

now have ties to private equity 

investments, and nearly all major 

U.S. leagues, with the exception of the 

NFL, permit PE firms to hold minority 

stakes in teams. In Europe, 35% of football 

clubs have received funding from private 

equity, venture capital firms, sovereign 

wealth funds, or private consortiums. 

This trend underscores the growing 

influence of private equity in the sports 

industry globally. 

Private equity firms invest in sports 

teams to diversify their portfolios and 

capitalise on the high-growth potential of 

the sports industry. This influx of capital 

allows sports teams to upgrade facilities, 

improve marketing strategies, and expand 

their global presence. Additionally, PE 

firms often provide the strategic guidance 

necessary to optimise operations and 

explore new revenue streams. 

Sports investment spans a diverse 

array of stakeholders beyond traditional 

private equity firms. Sovereign wealth 

funds and pension funds, exemplified by 

Qatar Sports Investments (QSI) and Saudi 

Arabia’s Public Investment Fund (PIF), 

are active players in acquiring football 

clubs and sports-related holdings. 

Concurrently, conglomerates like 

Liberty Media, through ownership of 

Formula One, illustrate broader corporate 

involvement in sports. Family offices and 

wealthy individuals, such as Certuity and 

Mukesh Ambani’s Reliance Industries, 

also participate, often diversifying into 

multiple sports teams. 

Holding companies and conglomerates 

like Fenway Sports Group and 

Eldridge Industries, invested in clubs 

like Liverpool FC and the LA Dodgers, 

add another layer of influence. Finally, 

traditional private equity firms expand 

into sports-adjacent sectors, including 

media and technology, alongside newer 

entrants like Bluestone and Dynasty Equity, 

reshaping the landscape of sports 

investment with diversified portfolios 

across global sports markets. 

A few notable examples of private equity 

ownership are mentioned as follows: 

CVC Capital Partners and Formula One 

CVC Capital Partners’ investment in 

Formula One is a prime example of how 

private equity can reshape a sports entity. 

The firm helped grow the sport’s global 

footprint and increase its profitability. 

CVC earned $8.2 billion from its initial 

$2 billion investment in F1 in 2006, 

eventually selling to Liberty Media for 

$4.6 billion in January 2017. 

Moreover, CVC first acquired Dorna 

from Banesto in 1998 for between £45 

million and £78 million. In 2006, as part of 

a European Commission mandate to sell 

MotoGP, CVC sold its stake to Bridgepoint 

for €550 million. Since then, the stake 

has changed hands multiple times within 

Bridgepoint funds, with specific profit 

details for each transaction remaining 

limited due to their internal nature. 

2. KKR and Hertha Berlin 

In January 2014, KKR acquired a 9.7% 

stake in Hertha Berlin for €61 million. 

Over the next three years, KKR increased 

its stake to 36.3%. In 2018, Hertha Berlin 

bought back KKR’s stake, reportedly 

resulting in a €75 million profit for the 

private equity firm. 

3. Dyal Capital Partners and NBA 

Teams 

The multiple investment strategy in 

U.S. sports franchises, led by Dyal and 

Arctos, proved successful in February 

2023. This was highlighted by Dyal’s 

profitable sale of its minority stake in 

the NBA’s Phoenix Suns. Dyal purchased 

this stake in July 2021, valuing the Suns 

at $1.55 billion. Less than two years later, 

Dyal sold its stake in a deal that valued 

the franchise at $4 billion, demonstrating 

a significant increase in value and 

resulting in substantial financial gain. 

Enhancing the Fan Experience 

Private equity investments are not 

just about financial returns; they also 

aim to enhance the fan experience. By 

investing in state-of-the-art facilities and 

leveraging advanced technologies, PE 

firms help sports franchises offer a more 

engaging and immersive experience for 

fans. Enhanced stadiums, improved digital 

platforms, and innovative fan engagement 

strategies are just a few ways in which 

PE investments are transforming sports. 

Global Expansion and Market Reach 

One of the key benefits of private 

equity investment in sports is the ability 

to facilitate global expansion. With the 

backing of PE firms, sports franchises 

can explore new markets and build a 

global fan base. This expansion is often 

accompanied by strategic marketing 

initiatives and partnerships that enhance 

the brand’s international presence. 

Leveraging Media and Technology 

Private equity firms recognise the importance 

of media and technology in the 

modern sports landscape. Investments 

in these areas help sports franchises 

maximise their revenue potential and 

reach a broader audience. PE firms 

often facilitate deals for broadcasting 

rights, digital content, and interactive 

fan experiences. 

Integrating advanced technologies, 

such as augmented reality (AR) and 

virtual reality (VR), provides fans with 

unique and immersive experiences. 

These innovations not only enhance fan 

engagement but also create new revenue 

streams for sports franchises. 

Building Sustainable Models 

Private equity investments are also 

driving sustainability in sports. PE firms 

help sports franchises reduce their environmental 

impact by promoting efficient 

resource management and sustainable 

practices. This focus on sustainability 

aligns with the growing global emphasis 

on environmental responsibility. 

For instance, many sports teams are now 

investing in renewable energy sources, 

eco-friendly stadiums, and sustainable 

operations. These initiatives contribute 

to a healthier planet and resonate with 

environmentally conscious fans. 

Despite the inherent risks, ownership 

in sports through private equity has 

proven to be a promising investment, as 

evidenced by several case studies. The 

trend of private equity firms investing in 

sports ownership is likely to continue, 

driven by the lucrative nature of the sports 

industry and the growing recognition of 

its global market potential. This influx of 

investment is expected to further professionalise 

sports management, enhance 

competitive balance, and create new 

opportunities for revenue generation. 


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Sports News 

Special Olympics UAE Expands Partnerships with 11 Entities 

The Special Olympics UAE strengthened 

its commitment to inclusion 

by signing 11 memoranda of 

understanding (MoUs) with national 

institutions and private sector companies, 

aimed at creating a supportive 

environment for People of Determination 

with intellectual and developmental 

disabilities. This significant development 

occurred during the second day 

of the games at the Abu Dhabi National 

Exhibition Centre (ADNEC), featuring 

over 600 athletes from across the UAE 

competing in six sports: badminton, 

basketball, bowling, football, e-sports, 

and powerlifting. Additionally, the 

establishment of “The Abu Dhabi 

Determination Cycling Team” was 

announced in collaboration with the 

Abu Dhabi Cycling Club, aiming to 

promote cycling among People of Determination 

and enhance their capacities 

for participation in national, regional, 

and international competitions. The 

MoUs were signed with prominent 

entities including the UAE Football 

Association, Emirates Bodybuilding and 

Fitness Federation, Emirates Bowling 

Federation, and others. 

UAE Unveils Plans 

for 2 Mountain Top 

Football Stadiums 

Two UAE football teams, Kalba 

Club and Khorfakkan Club, are 

set to receive new stadiums in 

elevated mountain locations, announced 

by Dr Sheikh Sultan bin Muhammad 

Al Qasimi, Supreme Council Member 

and Ruler of Sharjah. These stadiums, 

positioned at 850 and 900 feet above 

sea level respectively, symbolise a 

commitment to enhancing the sporting 

infrastructure in the region. He emphasised 

the significance of club insignia 

in representing the identity of their 

towns, underscoring the importance 

of Sharjah residents. He praised the 

performance of Sharjah’s clubs in the 

ADNOC Pro League and highlighted 

ongoing improvements, including 

infrastructure enhancements around 

Kalba Club, aimed at elevating the 

entire region as a testament to their 

success. Awards are also in store for 

clubs that excelled during the season, 

further recognising their achievements. 

Youth MMA Thrives at Dubai’s Shabab Al Ahli Club 

Young MMA talents from top 

UAE clubs shined at the Youth 

MMA Championship in Dubai’s 

Shabab Al Ahli Club. Featuring over 

100 youths aged 12-17, the event showcased 

62 bouts across various weight 

divisions. Serving as a precursor to the 

IMMAF Youth World Championships, 

it spotlighted the UAE’s rising stars. 

Their performance underscored their 

readiness for August’s global gathering. 

Mohammed Bin Dalmouk Al Dhaheri, 

UAE Jiu-Jitsu and Mixed Martial Arts 

Federation Board Member, lauded 

the athletes’ skills. He emphasised 

the importance of such events in nurturing 

talent. Ahmed Al Janahi of the 

Dubai Sports Council commended 

the Federation’s efforts in organising 

high-quality competitions. He highlighted 

how events like these bolster the 

President His Highness Sheikh 

Mohamed bin Zayed Al Nahyan 

warmly received the Al Ain Football 

Club, including their administrative 

and technical staff, at Qasr Al Bahr in 

Abu Dhabi, celebrating their 2024 AFC 

Champions League triumph. Sheikh 

Mohamed extended heartfelt congratulations 

to the players, coach, staff, 

fans, and board of directors for their 

historic victory, marking the club’s second 

win in the tournament. He praised 

the team’s outstanding performance, 

emphasising their competitiveness, 

determination, and resilience. The UAE 

President acknowledged the collective 

efforts behind the victory, urging the 

team to maintain their excellence. He 

UAE’s stature in sports development 

and talent cultivation. 

UAE President Honours Al Ain FC for AFC 

Champions League Triumph 

underscored the significance of such 

achievements in bolstering the UAE’s 

sports reputation, particularly in football 

and motivating future successes. Sheikh 

Mohamed’s support and encouragement 

epitomised the nation’s pride in its 

sporting achievements. 


Sports News 

UAE Secures Dominant 4-0 Victory Over Nepal in World Cup 2026 Qualifiers 

The UAE’s dominance in Group H 

of the Preliminary Joint Qualification 

– Round 2 for the FIFA 

World Cup 2026 and AFC Asian Cup 

Saudi Arabia 2027 continued with a 

resounding 4-0 triumph over Nepal at 

Prince Mohammed bin Fahd Stadium. 

Having already secured their berth in 

Saudi Arabia 2027 and the subsequent 

round of World Cup qualifiers, the team is 

now eyeing a flawless campaign as they 

2024-2025 King’s Cup 

Fixtures Unveiled for 

Saudi Football Season 

The Saudi Football Federation 

has unveiled the fixture list for 

the 2024/25 King’s Cup, sparking 

anticipation across the kingdom. 

Reigning champions Al-Hilal are set 

to commence their title defence in 

Qassim against first-division club Al- 

Bukiryah. Meanwhile, Al-Nassr, last 

season’s finalists, will also travel to 

Qassim, aiming to triumph over Al- 

Hazem as Cristiano Ronaldo and his 

teammates strive to end their King’s 

Cup drought. Emotions are still fresh 

from the previous final, where Ronaldo’s 

Riyadh rivals, Al-Hilal, clinched 

victory in a tense penalty shootout 

in Jeddah, leaving the star forward 

in tears. Elsewhere, Al-Ittihad, runners-up 

last season, will kick off at 

home against Al-Ain. Jeddah’s Al-Ahli, 

another powerhouse, will host Al-Jandal 

as they launch their campaign by 

the Red Sea. In the Eastern Province 

derby, Steven Gerrard’s Ettifaq will 

face Al-Adalah, eyeing a historic third 

King’s Cup win for Dammam. 

gear up to take on Bahrain in Dubai. A 

youthful forward left an indelible mark, 

breaking the deadlock just 12 minutes 

into the match with a powerful header. 

Shortly after, he notched his second 

goal with a composed finish, courtesy 

of a precise assist from Ali Saleh. 

Despite the valiant efforts of Nepal’s 

goalkeeper, the Emiratis maintained 

their dominance, illustrating their skill 

and determination on the pitch. 

AC Milan Inaugurates New Soccer Academy in Dubai 

AC Milan has announced the 

opening of a new AC Milan International 

Academy in Dubai, 

in collaboration with Ball Beast Academy, 

a local startup promoting sports 

activities and youth empowerment. 

Hosted by the Dubai Sports Council, 

the presentation event emphasised the 

academy’s role in nurturing talent and 

youth well-being. The AC Milan delegation, 

led by CEO Giorgio Furlani, 

included Chief Commercial Officer 

Maikel Oettle, Regional Director Greta 

Nardeschi, AC Milan Legend Serginho, 

and Hassan Alameddine, General 

Manager of Ball Beast Academy. This 

initiative is a key part of AC Milan’s 

global expansion strategy, guided by 

RedBird Capital Partners. It follows 

the opening of Casa Milan Dubai 

and the partnership with Expo 2020, 

showcasing the club’s commitment 

to growth and talent development in 

important regions. 

GM Mahammad Muradli Triumphs in the 24th 

Dubai Open Chess Tournament 

Grandmaster Mahammad Muradli 

secured the championship at the 

24th Dubai Open Chess Tournament 

after a final-round draw with China’s 

GM Changren Dai at the Dubai Chess and 

Culture Club. Muradli’s undefeated streak, 

with seven points from five wins and four 

draws, placed him half a point ahead of 

Dai and five other players. In Category B, 

Libya’s Yousef A. Alhassadi claimed the 

title with 7.5 points, followed by Zilong 

Yang from China in second place with 

seven points. The tournament’s climax 

was the showdown between Muradli and 

Dai, with Muradli needing just a draw to 

clinch the title. The intense match saw 

Muradli sacrificing his queen to establish 

a fortress, ultimately leading to a draw 

on move 41. Other notable performances 

included GM Raunak Sadhwani and GM 

Di Li securing joint second place with 

6.5 points each. 


OnePlus Pad Pro 

The forthcoming tablet from 

OnePlus, the OnePlus Pad Pro, is 

set to make a notable impact in 

the tablet market with its cutting-edge 

specifications and design. The device 

will feature a 12.1-inch 3K LCD, which 

can reach a peak brightness of 900 nits, 

promising vibrant and clear visuals. 

It is expected to be powered by the 

Snapdragon 8 Gen 3 processor, ensuring 

top-tier performance suitable for 

demanding applications. The device will 

come with up to 16 GB of LPDDR5X 

RAM and 512 GB of UFS 4.0 storage, 

supporting intensive multitasking and 

ample storage needs. 

Camera-wise, the tablet will sport 

a 13 MP rear camera and an 8 MP 

front-facing camera, catering to both 

photography enthusiasts and those 

needing high-quality video call capabilities. 

One of the standout features is 

the 9510 mAh battery, which supports 

67 W fast charging, making it easy to 

quickly recharge and get back to work 

or play. 

Its CNC aluminium unibody and 2.5D 

curved glass contribute to a sleek, 

comfortable design. The unique 7:5 

ratio screen, branded as ReadFit, is 

designed to improve readability and 

tactile comfort, providing a near-booklike 

experience for users. 

Audio quality is another area where 

the tablet excels. The Omnibearing 

Sound Field technology, combined 

with four powerful speakers, aims to 

deliver an optimal audio experience 

regardless of the tablet’s orientation. 

Dolby Vision HDR imaging and Dolby 

Atmos support further enhance the 

multimedia experience by providing 

ultra-vivid picture quality and immersive 

sound. 

A notable feature of the device is its 

impressive standby time. The tablet 

can remain on standby for up to one 

month, due to its large battery, which 

also supports up to 12.4 hours of video 

playback. This makes it a reliable option 

for long-term use without frequent 

charging. 

Cross-device functionality is another 

highlight. The Auto Connect feature 

allows for smooth transitions between 

different OnePlus devices. Users can 

easily switch from their smartphone to 

the tablet and even to larger screens, 

enhancing productivity and simplifying 

workflows. This integration also 

includes real-time image editing and 

seamless access to phone notifications 

on the tablet. 

OnePlus Pad Pro is designed to offer 

a comprehensive and high-performance 

user experience. Its combination of 

powerful hardware, innovative design, 

and advanced features makes it a strong 

contender in the tablet market, suitable 

for a wide range of users. 


Tourism 

Source: unspalsh.com 

The objective is to contribute Dh90 billion annually to the country’s GDP by 2030. 

Abu Dhabi’s $10 

Billion Tourism 

Investment Plan: A 

Vision for 2030 

The plan will create numerous 

opportunities for growth in tourism GDP 

from now until 2030. 

Abu Dhabi, the capital emirate of the UAE, 

known for its beautiful coastal regions 

and out-of-this-world automobile-themed 

attractions, has always been a tourist 

hotspot. However, it is not stopping 

there and continues to attract people. 

Recently, the Department of Culture and 

Tourism – Abu Dhabi (DCT – Abu Dhabi) 

announced an expansive $10 billion 

investment plan aimed at revolutionising 

the tourism sector by 2030. This move 

comprises 26 initiatives across four sectors 

and marks another significant step 

towards improving the non-oil GDP of 

the country. The article explores the details 

of the initiative and highlights other 

investments taking place in the emirate, 

emphasizing its significance in the overall 

growth of the country. 


Announced by Sheikh Khaled bin 

Mohamed, the Crown Prince of 

Abu Dhabi, Abu Dhabi’s Tourism 

Strategy 2030 aims to increase the sector’s 

contribution to the gross domestic 

product. The plan includes the creation 

of nearly 200,000 new jobs, the doubling 

of international visitors, and a substantial 

increase in hotel accommodations. 

It is anchored in ambitious targets 

to transform the emirate into a global 

tourism hub. The strategy is expected 

to create 178,000 new jobs within the 

tourism sector, doubling international 

overnight visitors from 3.8 million in 

2023 to 7.2 million by 2030. Additionally, 

the plan seeks to expand the number of 

hotel rooms from 34,000 in 2023 to 52,000, 

enhancing accommodation options for 

tourists. 

Crucially, Abu Dhabi aims to significantly 

increase the tourism sector’s contribution 

to GDP, targeting an increase from $13.3 

billion in 2023 to $24.5 billion by the 

end of the strategy period. These goals 

underscore Abu Dhabi’s commitment to 

sustainable growth and economic diversification 

through tourism development. 

Strategic Investments and Initiatives 

Mohamed Al Mubarak, chairman of DCT 

– Abu Dhabi, emphasised the significance 

of the $10 billion investment, noting that 

both public and private sectors will play 

pivotal roles. The plan is grouped into 

four key pillars: 

1. Offerings and City Activation 

Abu Dhabi will enhance its cultural 

and recreational offerings, including 

new cultural sites, theme parks, retail 

options, and hotels. Existing attractions 

like the Louvre Abu Dhabi, the upcoming 

Guggenheim Museum, and the Sheikh 

Zayed Grand Mosque will be complemented 

by new ventures to provide a 

holistic cultural experience. 

Mr. Al Mubarak highlighted several 

upcoming attractions for Abu Dhabi, 

including the Guggenheim Museum, expansions 

at Warner Bros World including 

the development of Harry Potter World, 

the Saadiyat Cultural District, Hudayriyat 

Island for sports and adventure activities, 

and enhancements at Yas Waterworld. 

Additionally, ongoing developments 

include a new zoo and various tourism 

venues in Al Ain, along with the introduction 

of new hotel chains such as Nammos and 

Mondrian. He also hinted at forthcoming 

“new interesting projects” on Saadiyat 

Island that will further enrich the entertainment 

offerings in the near future. 

2. Promotion and Marketing 

This pillar focuses on expanding Abu 

Dhabi’s global presence. DCT – Abu Dhabi 

will more than double its promotional and 

marketing efforts, increasing its reach 

from 11 to 26 international markets. 

An additional $1 billion is allocated for 

marketing initiatives through 2030. 

These will bring worldclass 

hospitality 

experiences to the 

emirate, many of them 

for the first time in the 

region.” 

HE Mohamed Khalifa Al Mubarak 

3. Infrastructure and Mobility 

The recent opening of Terminal A at 

Abu Dhabi International Airport marks a 

significant milestone. The new terminal, 

tripling the size of previous terminals, can 

process up to 45 million travellers annually 

and handle 79 planes simultaneously. 

This pillar also focuses on increasing 

hotel room availability, including luxury 

options, glamping, and farm stays, and 

improving connectivity within the city 

and with other regional hubs. 

4. Visa, Licensing, and Regulations 

Streamlining visa processes and 

enhancing regulatory frameworks are 

critical for boosting both visitor experience 

and business operations. Abu Dhabi 

aims to implement more efficient visa, 

licensing, and regulation processes to 

make the emirate more accessible and 

appealing to international tourists and 

investors alike. 

Abu Dhabi’s strategic plan builds on 

a foundation of cultural, sporting, and 

entertainment offerings. The emirate has 

positioned itself as a cultural counterpart 

to Dubai, with significant investments 

in museums and religious sites like the 

Louvre Abu Dhabi and the Sheikh Zayed 

Grand Mosque. In sports, Abu Dhabi hosts 

high-profile events such as the Formula 

1 Grand Prix at the Yas Marina Circuit 

and UFC events on Yas Island. 

Department of Culture and Tourism 

– Abu Dhabi and Zayed National 

Museum Research Fund 

In parallel with its tourism strategy, 

Abu Dhabi is also focusing on fostering 

research and cultural preservation. 

Building on the success of the inaugural 

grant scheme in 2023, DCT – Abu Dhabi 

and the Zayed National Museum have 

launched the second round of the Zayed 

National Museum Research Fund. 

With an annual allocation of AED 1 

million, this fund supports new research 

on UAE culture, heritage, history, and 

archaeology. Applications are open until 

July 20, 2024, with grants announced in 

November. 

In addition, DCT Abu Dhabi is preparing 

to introduce a “super app” that will 

integrate all tourism service platforms. 

This mobile application, which has been 

under development for over a year, is 

slated for launch within the next year. 

The app aims to streamline and enhance 

the visitor experience by providing a 

unified platform for accessing various 

tourism services and attractions across 

Abu Dhabi, aligning with the emirate’s 

commitment to advancing digital innovation 

in its tourism sector. 

By focusing on cultural enrichment, 

extensive marketing, robust infrastructure 

development, and streamlined regulatory 

processes, the emirate aims to double its 

international visitors and significantly 

boost its economic contribution by 2030. 


In partnership with 

AIR EXPO 

ABU DHABI 

AVIATION - AEROSPACE EXHIBITION & CONFERENCE 

19-20-21 NOVEMBER 2024 

ABU DHABI, THE CAPITAL - UAE 

ADVANCED 

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www.adairexpo.com • info@airexpo.aero

Mini Maker Turbo Mini X 

The Mini Maker Turbo Mini X is 

a compact desktop computer 

measuring just 215 x 180 x 36mm, 

with an internal volume of 1.4 litres. 

This device stands out in the small 

form-factor market due to its Intel 

LGA1700 socket, which allows users to 

install their processor, supporting up 

to a 65-watt 14th-gen Intel Core chip. 

One notable feature is its compatibility 

with a desktop-class discrete GPU 

through the company’s StreamPlay 

X External PCIe BOX. This feature 

leverages a proprietary cable for the 

external graphics dock, purportedly 

offering a high-speed, low-latency 

connection. 

The performance of this setup is only 

about 5% lower than that of a larger 

PC using an internal graphics card, a 

significant improvement over the typical 

30% reduction seen with Thunderbolt 

graphics docks. This proprietary cable 

might be a custom version of the 63 

Gbps OCuLink connectors, which are 

gaining traction in this space. 

Turbo Mini X includes a custom 

motherboard with an Intel B760 chipset, 

featuring two M.2 slots for PCIe 4.0 x4 

NVMe SSDs and two SODIMM slots 

supporting up to 96GB of DDR5-4800 

or DDR5-5600 dual-channel memory. 

Additionally, there is space for an 

optional 2.5-inch hard drive or SSD. 

For connectivity, the computer offers 

a variety of ports, including a USB 3.2 

Gen 2x2 Type-C (20 Gbps), a USB 3.2 

Gen 2x1 Type-C (10 Gbps), two USB 

3.2 Gen 1 Type-A (5 Gbps), four USB 

2.0 Type-A, an HDMI 1.4, two Display- 

Port 1.2, a 3.5mm audio jack, a Gigabit 

Ethernet port, and a proprietary port 

for the external graphics box. It also 

includes a fingerprint sensor on the 

power button for easy login, a feature 

more common on laptops than desktops. 

The computer is housed in a matte 

black chassis with a transparent side 

cover and comes with a compact 120W 

power adapter. The accompanying 

StreamPlay X graphics dock supports 

power supplies of 250W, 350W, or 400W, 

and includes two 8-pin connectors. It 

can accommodate graphics cards up to 

267mm in length and features a black 

case with a transparent panel and a 

12” x 12” CPU fan. 


www.thefinanceworld.com 83

Global News 

WTO Enhances Government Procurement Trade Platform 

The World Trade Organization 

(WTO) has upgraded its e-GPA 

Gateway, the online platform 

dedicated to trade and government procurement. 

This enhancement provides 

easier access to vital information for 

parties involved in the Agreement on 

Government Procurement 2012 (GPA 

2012). The revamped gateway offers 

improved access to details regarding 

the commitments and procurement 

systems of WTO members participating 

in the GPA 2012, which is estimated 

to represent market access opportunities 

worth over $1.7T annually. New 

features include tools for browsing 

market access commitments, analysing 

thresholds for public contracts, 

advanced search capabilities, and 

enhanced access to procurement opportunities, 

national legislation, and 

statistics. Developed collaboratively by 

GPA parties and the WTO Secretariat, 

the e-GPA Gateway complements other 

WTO initiatives aimed at creating an 

integrated, interactive database of 

global trade measures. 

Elon Musk Says No Refreshed Model Y from 

Tesla in 2024 

Elon Musk, the visionary chief executive 

of Tesla (TSLA.O), took 

to social media to announce that 

the company has no plans to unveil a 

refreshed version of the Model Y this 

year. In his statement, Musk underscored 

Tesla’s relentless commitment 

to innovation, suggesting that even a 

car just six months newer would boast 

improvements. This decision comes 

amidst challenges stemming from consumer 

hesitation due to elevated interest 

rates and intensified competition from 

more affordable models flooding the 

Chinese market, which stands as the 

world’s largest for automobiles. The 

electric car manufacturer faced a setback 

in the first quarter with a decline 

in global vehicle deliveries, marking its 

first dip in nearly four years. Reports 

dating back to last year hinted at Tesla’s 

preparation for a production overhaul 

aimed at revitalising the Model Y, targeting 

a production launch by 2024. 

Report Warns of Impending 

Supply Deficits in Global 

Oil Markets 

According to a recent market 

assessment, a global oil market 

supply deficit is anticipated in 

2024, persisting into 2025, despite potential 

production boosts from OPEC+ 

countries. The assessment suggests that 

any increase in production resulting 

from OPEC+’s contemplation of easing 

voluntary cuts of 2.2 million barrels per 

day (mbbl/d) will be readily absorbed 

by global oil markets. Earlier in June, 

the announcement from OPEC+ led to 

a sell-off, causing front-month Brent 

prices to drop to below $77 per barrel 

(bbl), which is significantly lower 

than April’s peak of over $92/bbl. This 

scenario underscores the market’s 

sensitivity to production decisions by 

major oil-producing nations and highlights 

ongoing concerns about supply 

dynamics influencing price volatility 

in the near term. 

International Energy Agency: Clean Energy Spending to Reach $2T in 2024 

In 2024, global spending on clean 

energy technologies and infrastructure 

is anticipated to hit $2T, 

despite facing challenges such as 

higher financing costs, particularly in 

emerging and developing economies, 

according to the International Energy 

Agency (IEA). Despite these hurdles, 

the IEA’s latest report indicates that 

global investment in clean energy is 

set to nearly double the amount allocated 

to fossil fuels in 2024, aided by 

improvements in supply chains and 

declining costs for clean technologies. 

The IEA’s annual World Energy Investment 

report projects that total energy 

investment worldwide will exceed 

$3T for the first time in 2024, with 

approximately $2T allocated to clean 

technologies. However, the report also 

warns of significant imbalances and 

shortfalls in energy investment flows 

globally, particularly in emerging and 

developing economies, where clean 

energy spending remains below levels 

necessary to meet growing energy 

demand. As the world continues to 

grapple with the energy transition, 

addressing these disparities will be 

crucial for achieving a sustainable and 

inclusive energy future. 


Boeing Starliner 

Successfully Delivers 

First Astronaut Crew to 

Space Station 

Boeing’s latest Starliner capsule, 

carrying a two-member NASA 

crew, successfully docked with 

the International Space Station, marking 

a significant milestone in validating 

its capability for space travel. Despite 

encountering issues such as the loss of 

several guidance-control jet thrusters 

due to a helium propulsion leak, NASA 

and Boeing ensured the mission’s integrity. 

The CST-100 Starliner, piloted 

by veteran astronauts Barry “Butch” 

Wilmore and Sunita “Suni” Williams, 

completed its journey after nearly 27 

hours since its launch from Cape Canaveral 

Space Force Station in Florida. 

Named “Calypso” by its crew, the reusable 

capsule, resembling a gumdrop, 

was launched into orbit atop an Atlas 

V rocket provided by Boeing-Lockheed 

Martin’s United Launch Alliance joint 

venture, marking another successful 

collaboration in space exploration. 

China Reclaims Top 

Spot in Global Tourism 

Spending: UN Report 

In 2023, China reclaimed its status 

as the top spender on international 

tourism, with expenditures reaching 

$196.5B, surpassing the United States, 

Germany, the United Kingdom, and 

France. The Asia-Pacific region is 

witnessing a robust recovery from the 

pandemic, as reported by the United 

Nations tourism agency. France retained 

its position as the most visited destination, 

with 100 million international 

tourist arrivals, followed by Spain, 

the United States, Italy, and Türkiye. 

India notably climbed to the 8th spot 

in spending, highlighting its increasing 

significance as a tourism source 

market. UN Tourism’s latest World 

Tourism Barometer indicates a strong 

rebound in China, with international 

tourist arrivals reaching 89% of 2019 

levels in 2023 and expected to surpass 

pre-pandemic levels by 2024, driven by 

demand, improved air connectivity, and 

the resurgence of major Asian markets. 

European Central Bank Slashes Benchmark Rate 

to 3.75% from Record 4% 

The European Central Bank recently 

slashed its key interest rate by 

a quarter point, outpacing the 

U.S. Federal Reserve in a global trend 

towards reducing borrowing costs. This 

move carries significant implications 

for various stakeholders, including 

home buyers, savers, and investors. 

Lowering its benchmark rate from 4 to 

3.75 per cent, the ECB cited weakened 

price pressures and declining inflation 

expectations. Despite elevated wage 

growth and lingering inflation concerns, 

the bank remains committed to gradually 

loosening credit. Analysts predict 

a cautious approach, with no immediate 

follow-up cuts anticipated, as the 

ECB prioritises maintaining inflation 

control while stimulating economic 

growth. Although May’s inflation rate 

of 2.6 per cent marks a decline from 

its peak in 2022, certain sectors, such 

as services, continue to experience 

elevated inflation rates, indicating 

ongoing economic challenges. 

Apple’s iPhone Sales Exceed $1.95T: Report 

Apple Inc. has achieved a monumental 

milestone, with lifetime 

iPhone sales exceeding $1.95T, 

as reported by Stocklytics.com. Despite 

facing fierce competition from 

rivals like Xiaomi and Huawei, Apple 

has maintained its dominance in the 

smartphone market. However, in Q1 

2024, Apple experienced a slight decline 

in iPhone shipments, with 50.1M 

units shipped, resulting in a nearly 

10% drop in sales revenue compared 

to the previous year. Nevertheless, the 

iPhone continues to be Apple’s flagship 

product since its debut in 2007, steadily 

increasing its sales revenue over the 

years. Apple’s brand loyalty remains 

unparalleled, with 50% of iPhone users 

expressing strong reluctance to switch 

to other brands, as revealed by a Statista 

Consumer Insights survey. 

UK Set to Impose New Caps on Work and Family Visas 

The UK’s Conservative party plans 

to introduce annual caps on 

work and family visas to address 

rising immigration levels ahead of the 

July election. Prime Minister Rishi 

Sunak proposed that parliament determine 

yearly visa numbers in response 

to concerns about the 685,000 increase 

in net migration last year. Labour, led 

by Keir Starmer, presented an alternative 

immigration plan focusing on reducing 

regular migration and enforcing 

labour laws. Shadow Home Minister 

Yvette Cooper criticised the Conservative 

policy as “meaningless.” Additionally, 

the Conservative government 

implemented regulations this year, 

including restrictions on dependents 

for students and social care workers, 

and raised salary thresholds for skilled 

worker visas. These measures raised 

concerns about staffing shortages in 

critical sectors. 


Local News 

UAE Non-Oil Sector Maintains Steady Growth: S&P Global 

UAE’s non-oil private sector 

growth remained steady, with 

the Purchasing Managers’ Index 

(PMI) holding firm at 55.4. An 

S&P Global report indicated a record 

increase in outstanding business levels 

for non-oil companies due to robust 

sales pipelines and the lingering impact 

of April’s flooding crisis. David Owen, 

senior economist at S&P Global Market 

Intelligence, noted the relentless 

pressure on business capacity, with 

backlogs of work reaching a historic 

high. This pressure was partly due to 

April’s record rainfall and subsequent 

flooding. The PMI reading, though 

unchanged from April’s eight-month 

low of 55.3, was above the long-run 

average of 54.4, indicating robust 

operating conditions. However, input 

costs rose sharply, leading to intensified 

price pressures and a 16-month low in 

business activity growth. 

Dubai Fintech Elevate 

Secures $5M to Capitalise 

on Freelance 

Surge 

Fintech start-up Elevate, headquartered 

in Dubai and London, 

recently secured $5M in funding 

to expand its operations and tap into 

the increasing trend of remote work and 

freelancing. The company specialises 

in facilitating international payments 

for freelancers and remote workers 

at reduced fees. With plans to grow 

in the Middle East and Africa, Elevate 

boasts over 150,000 users from Asia and 

North Africa since its launch this year. 

It enables users to receive payments 

from US and international companies, 

as well as popular freelancing platforms 

like Upwork, Maqsam, PayPal, 

Deel, and Toptal. CEO Khalid Keenan 

emphasises Elevate’s mission to minimise 

fees and simplify the payment 

process for freelancers and remote 

workers, offering debit cards and 

favourable exchange rates, alongside 

secure account handling with Bangor 

Savings Bank. This strategic funding is 

expected to propel Elevate’s growth, 

making international payments more 

accessible and affordable. 

UAE’s Insurance Industry Poised for 6% Growth 

to $12.4B This Year 

The UAE’s general insurance sector 

is projected to expand steadily, 

with a compound annual growth 

rate (CAGR) of 4.7% expected to reach 

AED 45.5B ($12.4 B) in 2028 from AED 

37.8B in 2024, according to a report by 

GlobalData. In 2024, the industry is 

anticipated to grow by 6%, driven by 

personal accident and health (PA&H), 

motor, and property insurance lines, 

collectively contributing over 85% of the 

general insurance premiums. Prasanth 

Katam, an Insurance Analyst at Global- 

Data, highlighted a slower economic 

growth of 3% in 2023 due to reduced oil 

production and deceleration in non-oil 

sectors, resulting in an 8.1% growth in 

the general insurance industry. PA&H 

In a significant humanitarian gesture, 

His Highness Sheikh Saud bin Saqr 

Al Qasimi, Supreme Council Member 

and Ruler of Ras Al Khaimah, has 

ordered the release of 481 prisoners 

in anticipation of Eid Al Adha. Similarly, 

His Highness Sheikh Humaid 

bin Rashid Al Nuaimi of Ajman has 

granted freedom to 233 inmates who 

demonstrated exemplary behaviour 

during their sentences. In Sharjah, 

His Highness Dr Sheikh Sultan bin 

Muhammad Al Qasimi has ordered 

the release of 352 prisoners, while in 

Fujairah, Sheikh Hamad bin Mohammed 

Al Sharqi has pardoned 94 individuals. 

These acts of clemency follow directives 

insurance, expected to constitute 59.1% 

of the general insurance GWP in 2024, 

is fuelled by rising health awareness 

post-COVID-19, leading to increased 

demand and premium prices, supporting 

its growth. 

UAE Leaders Pardon 3,000 Inmates on Eid Al Adha 

from President His Highness Sheikh 

Mohamed bin Zayed Al Nahyan and 

Vice President His Highness Sheikh 

Mohammed bin Rashid Al Maktoum, 

who collectively ordered the release 

of 1,824 prisoners across the UAE. 


UAE Economic Growth Forecasted at 6.7% for 2025 – BMI 

The UAE’s economic growth is 

projected to surge to 6.7% in 2025 

from 3.8% this year, driven by its 

economic diversification efforts and 

robust trade relationships with neighbouring 

countries. John Ashbourne, a 

Global Economist at BMI, expressed 

optimism about the UAE’s prospects, 

noting its position as one of the fastest-growing 

economies in the region. 

He highlighted the country’s significant 

tourism sector and diversified economy, 

Dubai’s Ascana 

Rebrands as Sukoon 

Takaful Post-Stake 

Sale 

Dubai-based Arabian Scandinavian 

Insurance Company 

(Ascana) rebranded itself as 

Sukoon Takaful after UAE insurer 

Sukoon acquired a majority stake. 

Sukoon Insurance, its parent company, 

underwent a similar legal name 

change. Sukoon acquired 93.042% of 

Ascana’s share capital in a deal finalised 

last month, following an agreement 

signed in late 2022. Rated ‘A’ by 

S&P with a “stable” outlook, Sukoon 

Takaful offers Sharia-compliant insurance 

products, including property, 

motor, life, marine, engineering, and 

general accident coverage. Despite 

challenging conditions, the insurer 

reported a net profit of AED 3.1M 

($844,000) in the first quarter, reducing 

accumulated losses to AED 48.4M. 

This move marks a significant development 

for the company and reflects its 

commitment to growth and adaptation 

within the UAE equities market. 

as well as its trade ties with Iran and 

neighbouring nations. Ashbourne also 

mentioned that oil prices are forecasted 

to remain around $82-$84 per barrel on 

average over 2024 and 2025. Additionally, 

he discussed the anticipated peak 

in oil demand in developed markets 

by 2025 or 2026, with global demand 

likely to decline around 2034 or 2035, 

accelerated by high electric vehicle 

adoption rates in China. 

UAE Announces ‘1-Day Test’ for Driver’s Licences 

Fujairah’s police force has introduced 

an innovative initiative enabling 

national service recruits 

Yahsat has engaged Airbus for the 

creation of two geostationary satellites 

in a deal valued at around AED 

3.9 B ($1.1 B), aiming to replace its older 

telecommunications satellites. Airbus 

Defence and Space SAS will craft the AY4 

and AY5 satellites on the Eurostar Neo 

platform, boasting flexible multi-band payloads 

capable of in-orbit reconfiguration 

to adapt to evolving mission scenarios. 

The contract stems from Yahsat Government 

Solutions securing a significant 

AED 18.7 B ($5.1 B) deal from the UAE 

government last September, primarily for 

AY4 and AY5 services. These satellites 

are slated for launch in 2027 and 2028, 

respectively, with the entire procurement 

program, including spacecraft, ground 

to secure their driver’s licence swiftly. 

This program allows eligible applicants 

to complete their theoretical exams, eye 

tests, and road tests all in a single day, 

significantly streamlining the licensing 

process. Emphasising the requirement for 

applicants to be high school graduates, 

authorities underscored the initiative’s 

aim to expedite licensing for qualified 

individuals. This initiative mirrors similar 

efforts in Sharjah and Ras Al Khaimah 

last year, where successful implementation 

saw 194 trainees, both male and 

female, benefitting from the ‘One-Day 

Test’ Initiative within a mere two-week 

period. Such initiatives mark a concerted 

effort by regional authorities to enhance 

accessibility and efficiency in obtaining 

crucial licences, catering to the needs of 

young recruits entering national service. 

UAE’s Yahsat Signs $1B Deal with Airbus for Two 

Satellites 

infrastructure, launch, and insurance, 

expected to cost approximately AED 

3.9 B. Funding will initially come from 

Yahsat’s resources, later supplemented 

by an AED 3.7 B advance payment from 

the UAE government. 


Travel 

Visa-Free Escapes: Destinations for 

UAE Citizens to Visit this July 

July is the perfect time for UAE citizens to explore new destinations without the hassle of obtaining a visa. With 

pleasant weather and a variety of experiences waiting, these visa-free locales offer the perfect escape from the summer 

heat. In this article, we’ll highlight four exceptional destinations that combine ease of travel with unforgettable experiences. 

From the picturesque coastal beauty of Istria County, Croatia, to the charming mediaeval town of Vianden, 

Luxembourg, each location promises a unique adventure. Discover the stunning landscapes of Cyprus, Turkey, and the 

vibrant cultural scene in Novi Sad, Serbia. Pack your bags and get ready to explore these amazing destinations this July. 

Istria County, Croatia 

Istria County, Croatia, is a gem nestled 

along the Adriatic Sea, offering a 

perfect blend of natural beauty, rich 

history, and vibrant culture. Known for 

its picturesque coastal towns, rolling 

hills, and lush vineyards, Istria is a 

haven for travellers seeking diverse 

experiences. Start your journey in Pula, 

home to one of the best-preserved 

Roman amphitheatres in the world, 

where history comes alive through 

its ancient ruins and vibrant festivals. 

The town of Rovinj, with its cobbled 

streets and colourful buildings, provides 

a charming backdrop for strolls and 

exploring local markets. Don’t miss a 

visit to the hilltop town of Motovun, 

Vianden, Luxembourg 

renowned for its mediaeval architecture 

and stunning panoramic views of the 

surrounding countryside. 

Istria is also a culinary delight, famed 

for its truffles, olive oil, and fresh seafood. 

Savour these local delicacies in 

the many family-run taverns and fine 

dining restaurants scattered throughout 

the region. For outdoor enthusiasts, 

the region offers activities like hiking, 

cycling, and swimming in the clear blue 

waters of the Adriatic. Whether you’re 

exploring ancient towns, indulging in 

gourmet delights, or simply enjoying 

the breathtaking landscapes, Istria 

County promises a memorable and 

enriching experience. 

Vianden, Luxembourg, is a captivating 

destination renowned for its fairy-tale 

charm, rich history, and scenic beauty. 

Situated along the banks of the Our 

River, this quaint town is a perfect 

retreat for travellers seeking a mix of 

cultural exploration and natural serenity. 

Vianden is known for its magnificent 

mediaeval castle, perched high on a 

hill and offering stunning views of the 

surrounding landscape. Dating back 

to the 10th century, Vianden Castle 

has been restored and now serves as 

a museum showcasing Luxembourg’s 

mediaeval heritage. 

Strolling through the streets, you’ll 

find charming cafes, traditional restaurants, 

and artisan shops. The Victor 

Hugo Museum, housed in the building 

where the famous French writer once 

stayed, provides fascinating insights 

into his life and works. 

For outdoor enthusiasts, it offers a 

variety of activities. The surrounding 

Ardennes forests are perfect for hiking 

and cycling, with trails that lead you 

through lush greenery and panoramic 

views of the town and river. Exploring 

its historical sites, enjoying the local 

cuisine, or simply relaxing in its picturesque 

surroundings, Vianden offers 

a diverse range of experiences. 


Cyprus, Turkey 

Cyprus, Turkey, is a hidden gem 

that offers a unique blend of natural 

beauty, rich history, and vibrant culture. 

It is known for its pristine beaches, 

ancient ruins, and welcoming atmosphere, 

making it an ideal destination 

for travellers seeking both relaxation 

and adventure. Kyrenia, a picturesque 

harbour town, is a highlight with its 

charming old harbour, Kyrenia Castle, 

and a plethora of waterfront cafes and 

restaurants. The castle, dating back to 

the 16th century, offers stunning views 

of the Mediterranean Sea and houses a 

fascinating shipwreck museum. 

Nature lovers can explore the Karpaz 

Peninsula, a stunning stretch of coastline 

known for its untouched beauty, 

golden sandy beaches, and iconic wild 

donkeys. The area is perfect for hiking, 

swimming, and soaking up the sun in a 

tranquil setting. Cyprus, Turkey, combines 

the allure of historical exploration 

with the appeal of seaside relaxation, 

making it a must-visit destination. 

Novi Sad, Serbia 

Novi Sad, Serbia, is a captivating city 

that blends rich history with vibrant 

modern culture. Located on the banks 

of the Danube River, it is renowned 

for its picturesque architecture, lively 

festivals, and warm hospitality, making 

it a perfect destination for travellers. 

One of Novi Sad’s most iconic landmarks 

is the Petrovaradin Fortress, 

often referred to as the “Gibraltar on 

the Danube.” This historic fortress 

offers breathtaking views of the city 

and hosts the famous EXIT Festival, 

one of Europe’s largest music festivals, 

attracting visitors from all over 

the world. 

The city’s charming Old Town is 

a delightful area to explore, with its 

well-preserved 19th-century buildings, 

bustling cafes, and vibrant street art. 

The pedestrian-friendly Dunavska Street 

is lined with shops, restaurants, and 

galleries, providing a perfect blend of 

culture and leisure. It also boasts a rich 

cultural scene, with numerous museums, 

theatres, and art galleries. The Museum 

of Vojvodina and the Gallery of Matica 

Srpska are must-visit attractions for 

those interested in the region’s history 

and art. Novi Sad offers a unique and 

enriching travel experience, with its 

rich history, cultural activities, and 

vibrant local atmosphere. 


Travel News 

UAE Flights: Guidelines for Indian Visit Visa Holders Travelling to Dubai 

Indian airlines have issued new guidelines 

for visit visa holders travelling to 

Dubai, warning of potential denial to 

board and deportation without necessary 

documents. Air India Express confirmed 

an advisory requiring passengers to 

carry valid passports, return tickets, 

accommodation details, and proof of 

financial means. Passports must be valid 

for at least six months from entry date, 

with confirmed return tickets, proof of 

Visa-Free Travel to 

Uzbekistan for UAE 

Citizens 

In another significant move to enhance 

economic relations between countries, 

United Arab Emirates citizens can now 

travel visa-free to Uzbekistan following 

a new memorandum of understanding. 

The MoU exempts visa requirements for 

holders of ordinary, diplomatic, special, 

and mission passports. UAE citizens with 

valid passports for at least six months 

can enter Uzbekistan without a visa. The 

travellers can stay for up to 30 days per 

visit. Previously, they needed to apply 

for an electronic visa. In return, Uzbek 

citizens with biometric passports are also 

exempt from a visa to enter the UAE. 

This mutual agreement simplifies travel 

and enhances connectivity between the 

two countries, fostering stronger bilateral 

relations and increased mobility for their 

citizens. 

hotel reservations, and funds of Dh3,000 

(approx. Rs68,000) for a 1-month visa 

or Dh5,000 for longer stays. Airlines 

like SpiceJet and Air India emphasised 

rigorous checks to avoid deportation, 

with passengers needing all documents 

to board. Travel agents report that travellers 

are now well-prepared to meet these 

requirements. These stringent measures 

aim to ensure a smooth travel experience 

and complaince with Dubai’s regulations. 

Etihad Airways Begins Four Flights to Jaipur 

Every Week 

Etihad Airways, the UAE’s national 

carrier, has inaugurated 

four weekly non-stop flights to 

Jaipur, India, enhancing connectivity 

between this cultural hub and the world 

via Abu Dhabi. The launch, celebrated 

with a ceremony at Jaipur International 

Airport, underscores Etihad’s 

commitment to meeting the increasing 

travel demand from Northwest India. 

CEO Antonoaldo Neves highlighted 

the strategic importance of this route, 

offering travellers seamless access to 

Abu Dhabi, Dubai, and Etihad’s global 

network. Visitors can now explore Jaipur’s 

rich history and culture while enjoying 

Etihad’s award-winning service 

aboard Airbus A320 family aircraft. The 

new route also facilitates hassle-free 

US travel through the CBP facility in 

Abu Dhabi. 

Saudi Arabia Ranked as Top International Travel 

Destination for 2024 on Wego List 

Wego, the leading online travel 

marketplace in the Middle East 

and North Africa, has named 

Saudi Arabia the top international travel 

destination for 2024. According to data 

from tens of millions of searches, Egypt 

and Saudi Arabia hold the top spots, 

followed by India and the UAE. Pakistan 

has notably risen to the fifth position. 

Middle Eastern travellers continue to 

favour destinations that offer rich cultural 

experiences and strategic locations. 

The UK remains the top European 

destination, while Thailand and Indonesia 

lead in Asia Pacific. A trend of regional 

preference over distant destinations 

persists, highlighting the appeal of closer, 

culturally rich locations. 


Dubai Courts Announce New Travel Rules for Divorced Parents 

Dubai Courts have introduced 

new rules for divorced parents 

travelling with their children, 

simplifying procedures and removing 

administrative steps. Part of the D33 

Social Agenda vision, these changes 

aim to enhance family happiness and 

cohesion. The new guidelines require 

obtaining a judicial decision for travel, 

approving a sponsor to ensure the child’s 

return, lifting the travel ban through 

the Freedom Restriction System, and 

reinstating it upon their return. This 

update streamlines the travel process 

for divorced parents while maintaining 

safety and legal standards. For more 

details, follow Dubai Courts on social 

media or visit their website. 

UAE Visa Pre-Approval 

Simplified: Options for 

Indian Travellers 

Indian travellers can now obtain a 

14-day entry visa upon arrival in the 

UAE if they hold a US green card 

or a residence visa from the UK or any 

EU country. The General Directorate 

of Residency and Foreigners Affairs 

Dubai (GDRFAD) streamlines this 

process with a pre-approval service. 

Applicants can visit the GDRFAD 

website, log in with their UAE Pass 

or account details, and complete the 

application under “Port services.” The 

process takes up to 48 hours. Alternatively, 

travellers can use registered 

travel agencies or Emirates Airlines’ 

pre-approved visa-on-arrival service 

for added convenience. 

TBO Tek Empowers Middle East Travel Agencies 

with IPO Success 

TBO Tek Limited, a global travel 

distribution platform, has raised 

$186 million through its IPO on 

India’s NSE and BSE. The IPO was 

oversubscribed 86.70 times, underscoring 

strong investor confidence. 

Co-founders Gaurav Bhatnagar and 

Ankush Nijhawan celebrated this 

milestone, which will drive innovation 

and market expansion. In the Middle 

East, TBO’s B2A (Business to Travel 

Agents) strategy empowers travel 

agents with customised, hassle-free 

services. Sameh Fouad, VP of Sales, 

announced that the funds will enhance 

technology and services and support 

regional expansion. TBO connects over 

159,000 buyers in more than 100 countries, 

simplifying travel transactions 

and offering a wide range of services 

including hotels, airlines, and cruises. 

Qatar Enhances Tourism Sector with New 

Licensing Rules 

Qatar has introduced new licensing 

regulations to boost its 

tourism sector. The initiative, a 

collaboration between Qatar Tourism’s 

Licensing Department and the Ministry 

of Commerce and Industry (MOCI), 

aims to streamline the licensing process 

for tourism businesses. The new rules 

simplify the issuance of licences for 

seasonal discounts, festival promotions, 

and loyalty programs. A single annual 

licence will now cover all offers, reducing 

bureaucratic hurdles. This move is 

designed to attract more investments 

and increase tourism revenues. Hassan 

Sultan Al Ghanim from MOCI highlighted 

that the initiative will positively 

impact the tourism sector’s value chain, 

fostering a supportive environment 

for entrepreneurs and investors. This 

strategy aims to enhance Qatar’s appeal 

as a top travel destination. 


17– 19 September 2024 

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Finance World Magazine| Edition: July 2024

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