Finance World Magazine| Edition: October 2024

Quantum Computing: The Next Frontier in Transforming Financial Markets
AI and the Future Of Banking: Balancing Innovation with the Human Touch
A Comprehensive Guide To Real Estate Investment in the UAE
A Web3 Giant Awakening - An Opportunity for Innovation in the MENA
Oct 2024
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Quantum Computing: The Next Frontier in Transforming Financial Markets
AI and the Future Of Banking: Balancing Innovation with the Human Touch
A Comprehensive Guide To Real Estate Investment in the UAE
A Web3 Giant Awakening - An Opportunity for Innovation in the MENA
Oct 2024
partnerships
“Collaborative
are reshaping the UAE’s
investment landscape.”
ENG. YASER AL NUAIMI
Acting Head – Infrastructure
Partnerships, ADIO
REDEFINING INVESTMENT
The UAE's Public-Private
Partnership Success
STAY CONNECTED
WITH OUR LATEST
BUSINESS NEWS
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One way to keep momentum going is
to constantly have greater goals.
Editor’s Note
This month’s edition of Finance World Magazine explores
the Future of Investment in the Middle East. We delve
into the region’s transformative journey as it positions
itself as a global hub for innovation and economic growth.
Our comprehensive coverage examines how forwardthinking
policies, technological advancements, and strategic
diversification efforts are reshaping the investment climate
across Middle Eastern nations.
The cover story features Eng. Yaser Al Nuaimi, Acting
Head of Infrastructure Partnerships at the Abu Dhabi
Investment Office, highlighting how the Public-Private
Partnerships initiative is reshaping the future of investment.
His leadership in implementing transparent, incentivising
schemes is transforming the UAE’s investment landscape,
driving innovation and sustainable growth.
The edition further covers the advancement of autonomous
technologies in the region, AI’s revolutionary impact, and art
as an alternative investment. We introduce readers to the
fascinating world of quantum computing and its implications
for Middle Eastern finance and technology sectors. Finally, we
explore the integration of AI in personal finance, demonstrating
how these tools empower individuals across the Middle East
to make smarter financial decisions.
In line with the latest trends, our magazine includes multiple
opinion pieces addressing the financial revolution in the UAE.
The emergence of the metaverse economy, advancements in
autonomous technologies, and the introduction of quantum
computing are examined. Finally, we discuss the integration
of AI in personal finance, showcasing how technology is
transforming individual financial management across the
region.
MCFILL MEDIA &
PUBLISHING
Published
GROUP
By:
MCFILL MEDIA &
PUBLISHING GROUP
Approved and Licensed By:
National Media Council,UAE
Approved and Licensed By:
National Media Council,UAE
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September Oct 20242022
www.thefinanceworld.com 39
September 2022 3

Contents Oct
2024
FINTECH
COVER STORY
Page 12
UAE’s Strategic Vision for Fintech:
Paving the Future of Financial Innovation
P22 | Redefining Investment:
The UAE’s Public-Private
Partnership Success
OPINION
SUSTAINABILITY
P18 | Money on AutoPilot: The Future of AI
and Personal Finance
P32 | Decarbonisation and the Oil
Industry: Can They Coexist in a
Green Future?
10 www.thefinanceworld.com Oct 2024

REAL ESTATE
ESPORTS
P38 | A Comprehensive Guide to
Real Estate Investment in the UAE
Start-ups
P60 | Emerging Middle East Start-ups
Shaping the Future of Technology and
Innovation
WHEELS
Page 46
Shaping the Future of Healthcare: The Role
of Public-Private Partnerships
OPINION
P28 | Nissan Patrol 2025
P76 | Optimizing AI Driven Investment
Strategies in the Middle East
Oct 2024 www.thefinanceworld.com 11

Fintech
Source: Ai generated
The UAE’s commitment to fintech innovation is reshaping global financial landscapes.
UAE’s Strategic Vision
for Fintech: Paving
the Future of Financial
Innovation
Exploring how the UAE’s visionary strategies
are transforming the fintech landscape and
driving global innovation.
The United Arab Emirates (UAE) has
emerged as a global leader in financial
technology, spearheading an ambitious
strategy to revolutionise the fintech landscape.
As part of its broader economic
vision, the UAE’s government and regulatory
bodies are fostering an environment
ripe for innovation and investment. The
country’s strategic approach combines
robust regulatory frameworks, substantial
investments, and strategic collaborations
to propel its fintech sector to the forefront
of global financial markets. This
article delves into the UAE’s strategic
vision for fintech, highlighting key initiatives,
regulatory advancements, and
the resulting economic impact on both
local and international scales.
12 www.thefinanceworld.com Oct 2024

The UAE’s foray into fintech is not
merely a trend but a testament to
its strategic foresight and commitment
to economic diversification.
This vision is encapsulated in the UAE’s
broader economic strategies, including
the National Innovation Strategy, which
aims to position the country as a global
hub for innovation. Central to this vision
is the enhancement of financial services
through advanced technologies, which
are expected to drive economic growth
and strengthen the UAE’s position in the
global financial ecosystem.
Regulatory Framework and Innovation
Hubs
One of the cornerstones of the UAE’s fintech
strategy is its regulatory framework,
which is designed to balance innovation
with security and compliance. The Dubai
Financial Services Authority (DFSA) and
the Abu Dhabi Global Market (ADGM)
have established regulatory environments
tailored to support fintech startups and
established firms alike. These jurisdictions
offer a range of regulatory sandboxes,
allowing fintech companies to test and
develop their products in a controlled
environment. This proactive approach not
only mitigates risk but also encourages
experimentation and rapid innovation.
In addition to regulatory sandboxes, the
UAE has invested heavily in innovation
hubs and tech clusters. Initiatives such
as FinTech Hive in Dubai and Hub71 in
Abu Dhabi provide fintech companies
with access to a network of industry
experts, potential investors, and cutting-edge
technologies. These hubs
facilitate collaboration between startups,
financial institutions, and government
bodies, fostering a vibrant ecosystem
that accelerates fintech development
and implementation.
Strategic Investments and Partnerships
The UAE’s strategic vision is further
supported by substantial investments in
fintech. The government, through various
funds and initiatives, has committed
significant resources to support startups
and scale-ups in the fintech sector. The
Emirates Investment Authority (EIA) and
other sovereign wealth funds are actively
investing in innovative fintech ventures,
both domestically and internationally.
This investment strategy is designed
to enhance the UAE’s financial sector
capabilities and drive global expansion
for its fintech companies.
Strategic partnerships also play a crucial
role in the UAE’s fintech landscape.
Collaborations between local fintech
firms and international tech giants help
to integrate global best practices and
technological advancements into the
UAE’s financial ecosystem. These partnerships
often involve joint ventures,
strategic alliances, and collaborative
projects that leverage the strengths of
both local and international entities to
drive mutual growth and innovation.
Economic Impact and Global Positioning
The UAE’s fintech strategy has yielded
significant economic benefits. By fostering
a dynamic fintech ecosystem,
the country has attracted international
talent and investment, bolstering its
status as a leading financial centre. The
growth of fintech has stimulated job
creation, increased financial inclusion,
and enhanced the efficiency of financial
services. For instance, advancements in
digital payments and blockchain technology
have streamlined transactions
and reduced costs for businesses and
consumers alike.
Moreover, the UAE’s emphasis on
fintech innovation has positioned it as a
global leader in financial technology. The
country’s proactive approach to adopting
and integrating emerging technologies
has set a benchmark for other nations.
The UAE’s global positioning is further
reinforced by hosting major fintech
events, such as the FinTech Abu Dhabi
festival, which draws global attention and
showcases the country’s commitment to
financial innovation.
We are witnessing
a rapid evolution in
FinTech, with trends
like open banking,
decentralised finance
(DeFi), and the
Metaverse shaping
the future of FinTech.”
Mohammad Alblooshi
CEO of DIFC Innovation Hub
Challenges and Future Directions
Despite its successes, the UAE’s fintech
sector faces several challenges. Regulatory
compliance, cybersecurity, and
technological integration are ongoing
concerns that require continuous attention
and adaptation. The rapid pace of
technological change necessitates that
regulatory frameworks remain agile and
responsive to emerging trends and threats.
Looking forward, the UAE is poised to
continue its leadership role in the fintech
sector. Future directions include expanding
the scope of regulatory sandboxes
to include new technologies such as
artificial intelligence and quantum computing.
Additionally, the UAE is likely to
further strengthen its focus on financial
inclusion and sustainability, aligning its
fintech strategies with broader social
and environmental goals.
The UAE’s strategic vision for fintech
represents a comprehensive and forward-thinking
approach to shaping the
future of financial services. By combining
innovative regulatory frameworks, strategic
investments, and global partnerships,
the UAE has established itself as a key
player in the global fintech landscape.
As the sector continues to evolve, the
UAE’s commitment to fostering a dynamic
and inclusive fintech ecosystem will
undoubtedly drive further growth and
innovation, reinforcing its position as
a global leader in financial technology.
Oct 2024 www.thefinanceworld.com 13

Technology
Source: Ai generated
Unlocking new horizons in financial market analysis and strategy.
Quantum Computing:
The Next Frontier in
Transforming Financial
Markets
Unveiling quantum computing’s potential to
redefine financial markets with unprecedented
speed and precision.
Quantum computing, a technology poised
to revolutionise various sectors, is now
making significant strides in the financial
markets. Unlike classical computers,
which process data in binary, quantum
computers utilise quantum bits or qubits,
allowing them to tackle complex problems
with unparalleled speed and accuracy. As
financial markets become increasingly
complex and data-intensive, the need for
more powerful computational tools is
paramount. Quantum computing offers
the potential to enhance risk management,
optimise trading strategies, and improve
financial forecasting, ultimately transforming
how financial institutions operate.
As the technology continues to mature,
it could drastically reduce transaction
times and unlock new levels of efficiency
in global financial systems.
14 www.thefinanceworld.com Oct 2024

Quantum computing represents a
paradigm shift in computational
capabilities, leveraging the principles
of quantum mechanics to perform
complex calculations that are beyond
the reach of classical computers. This
emerging technology is not merely an
incremental advancement but a revolutionary
tool that promises to reshape
the landscape of financial markets. Its
potential to address intricate financial
problems with unmatched precision and
speed could redefine how financial institutions
approach risk management, trading
strategies, and investment decisions.
Enhanced Risk Management
Risk management is a cornerstone of
financial stability and success. Traditional
risk assessment models often
rely on simplified assumptions and
approximations due to computational
limitations. Quantum computing, with its
ability to process vast amounts of data
simultaneously, can offer a more nuanced
and accurate understanding of risk. By
simulating various market scenarios and
assessing their potential impacts with
high precision, quantum computers can
enable financial institutions to develop
more robust risk management strategies.
This capability is particularly valuable in
stress testing and scenario analysis, where
quantum algorithms can model complex
financial systems and predict outcomes
with greater reliability. For instance,
quantum computing can enhance Value
at Risk (VaR) calculations, providing a
more comprehensive view of potential
losses under extreme market conditions.
Outside of risk
management, quantum
supercomputing will
lead to a range of
banking capabilities,
such as analysing large
areas of unstructured
data to make financial
predictions or simulate
investment portfolios.”
Optimisation of Trading Strategies
In the realm of trading, the speed and
efficiency of decision-making are crucial.
Quantum computing can revolutionise
trading strategies by analysing market
data at unprecedented speeds. Quantum
algorithms can optimise trading portfolios,
identify patterns, and predict market
trends with a level of sophistication that
classical computers struggle to achieve.
For instance, quantum computing can
enhance algorithmic trading by providing
more accurate predictions and
faster execution times, giving traders a
significant edge in the highly competitive
financial markets. This optimisation extends
to high-frequency trading, where
millisecond advantages can translate into
substantial gains. Quantum computers
can also refine strategies for arbitrage
and market making, further enhancing
trading efficiency.
Enhanced Portfolio Management
Portfolio management involves balancing
risk and return to achieve investment
goals. Quantum computing can transform
portfolio management by providing
advanced optimisation techniques that
account for a multitude of variables and
constraints. Quantum algorithms can
evaluate numerous investment combinations
and scenarios simultaneously,
offering portfolio managers insights into
the most efficient allocation of assets.
This capability can lead to more effective
diversification strategies, risk reduction,
and overall enhanced portfolio performance.
Quantum computing’s ability to
handle complex optimisation problems
can thus offer a competitive advantage in
managing diverse investment portfolios.
Additionally, quantum algorithms can assist
in identifying optimal hedging strategies
and tailoring investment approaches to
specific risk appetites.
Advancements in Fraud Detection
Fraud detection is a critical aspect of
financial security. Quantum computing
can enhance fraud detection systems by
analysing vast amounts of transaction
data and identifying patterns indicative
of fraudulent activity. Quantum algorithms
can process and correlate data
at speeds far beyond classical systems,
enabling real-time detection of suspicious
transactions and reducing the likelihood
of financial crimes. This advancement
can significantly improve the accuracy
and efficiency of fraud detection, safeguarding
financial institutions and their
clients from potential losses. Quantum
Suhail Bin Tarraf
Group Chief Operations Officer
at First Abu Dhabi Bank
computing can also support the development
of more sophisticated anomaly
detection systems, improving the ability
to identify previously undetectable forms
of financial fraud.
Computational Efficiency and Speed
One of the most significant advantages of
quantum computing is its computational
efficiency. Quantum computers can solve
certain types of problems exponentially
faster than classical computers.
For financial markets, this means that
complex calculations, simulations, and
data analyses that currently take days or
weeks could be completed in minutes or
seconds. This speed can transform the way
financial institutions operate, allowing
for more dynamic and responsive strategies
in trading, risk management, and
investment. The computational power
of quantum computers also enables the
processing of large-scale financial datasets,
providing deeper insights and more
accurate analyses in less time.
Quantum computing stands at the
precipice of revolutionising financial
markets. Its ability to handle complex
calculations, enhance risk management,
optimise trading strategies, and improve
forecasting positions it as a transformative
tool for the financial industry. As quantum
technology continues to advance,
its integration into financial practices
promises to unlock new possibilities and
redefine the future of financial markets.
Embracing this technological frontier
will be essential for financial institutions
seeking to maintain a competitive edge
and leverage the full potential of quantum
computing. The journey towards a
quantum-enhanced financial future is
just beginning, and the opportunities it
presents are boundless.
Oct 2024 www.thefinanceworld.com 15

Business News
UAE Mandates Women on Boards for Private Joint-Stock Firms by 2025
Saudi Arabia’s Public Investment
Fund (PIF) has launched Alat, a
new company with the ambition to
position the Kingdom as a global hub for
sustainable technology manufacturing.
Alat will operate across seven business
units, including advanced industries,
semiconductors, smart appliances, health
devices, buildings, and next-generation
infrastructure. The company, chaired
by Saudi Crown Prince Mohammed bin
Salman, plans to manufacture over 30
product categories, spanning robotic
systems, communication systems,
advanced computers, digital entertainment
products, and heavy machinery
for construction, building, and mining.
Alat aims to create 39,000 direct
jobs in Saudi Arabia and contribute a
direct non-oil GDP of $9.3B by 2030,
reinforcing the nation’s commitment to
technological innovation and economic
diversification.
Oberoi Group Exits
UAE, Ends Al Zorah
Resort Partnership
EIH Ltd, the luxury hotel chain
behind the Oberoi brand, is reportedly
withdrawing from the
UAE hospitality market. As a result,
The Oberoi Beach Resort, Al Zorah in
Ajman will no longer be managed by
the Oberoi Group after its management
contract with the local property owner
was ended. This 89-room luxury resort,
famous for its high-end suites and
villas, will be handed over to another
international operator. Located just 30
minutes from Dubai, Al Zorah Resort
is a favourite among luxury travellers,
with nightly room rates ranging from
AED 1,000 to AED 8,000. Despite the
resort’s strong performance in recent
months, surpassing budget expectations,
the decision to exit has surprised many
within the organisation.
Etihad Cargo and SF Airlines Partner to Enhance
UAE-China Trade
Etihad Cargo and SF Airlines have
launched a groundbreaking joint
venture to enhance economic
cooperation and global logistics. This
partnership aims to combine their
strengths, offering a comprehensive
logistics solution that focuses on increasing
capacity, improving transit
times, and expanding connectivity to
new destinations. Both airlines already
collaborate on enhancing global trade
routes, a relationship beneficial to their
operations and customers. Mohammed
Ali Al Shorafa, chairman of Etihad
Airways, highlighted that this venture
signifies the robust ties between the
UAE and China, expressing excitement
about the collaboration with SF Airlines
to improve connectivity and speed for
e-commerce and traditional air cargo.
UAE Prioritises Business and Tech During US
State Visit
Amid regional challenges, the
UAE’s President Sheikh Mohamed
bin Zayed Al Nahyan is
prioritising business and technology on
his inaugural state visit to Washington.
Dr. Anwar Gargash, the UAE’s diplomatic
adviser, emphasised the nation’s
“economy-first, prosperity-first” agenda.
During meetings with US President
Joe Biden and Vice President Kamala
Harris, Sheikh Mohamed aims to enhance
cooperation to diversify the
economy beyond oil revenue, which
Gargash described as entering a new
phase. He cited Microsoft’s $1.5B investment
in G42 as a sign of evolving
tech partnerships, highlighting the
UAE’s commitment to advancing AI
capabilities and its leadership’s strong
understanding of technology.
16 www.thefinanceworld.com Oct 2024

AD Ports in UAE Refinances Loans on Better Terms After Fed Rate Cut
AD Ports Group, rated A+ by S&P
and AA- by Fitch, has secured
refinancing agreements with two
UAE banks for its $2.25B syndicated
loan, benefiting from the recent US
Federal Reserve rate cut. This refinancing
is expected to save the company
up to AED 44M in finance costs
over the next year. The original loan,
taken in April 2023, has been replaced
with an AED 9.2B medium-term facility,
maturing in 2.5 years, and an AED
1B short-term facility, maturing in 1.5
years. The new arrangements extend
the debt maturity to 2026 and beyond.
CFO Martin Aarup emphasised that
these agreements enhance financial
flexibility and enable the Group to
capitalise on easing interest rates for
future refinancing opportunities.
Ajman Chamber,
Pakistan Discuss
Trade
Salem Al Suwaidi, Director General
of Ajman Chamber of Commerce
and Industry, met with
Hussain Muhammad, Consul General
of Pakistan, to explore opportunities
for enhancing bilateral trade and investment,
focusing on manufacturing,
agriculture, and renewable energy. The
meeting, also attended by Ali Rashid
Al Kaitoob and Ali Zeb Khan, aimed to
establish direct communication channels
for potential collaboration between
Ajman and Pakistan. Al Suwaidi
highlighted the significance of this
dialogue, which is vital for fostering
joint ventures. He noted that in 2023,
4,194 Pakistani businessmen joined
the Ajman Chamber, primarily in the
retail, construction, manufacturing,
and hospitality sectors, underscoring
the growing economic ties between
the two regions.
Dubai Chambers Highlights Global Partnership
Opportunities
Dubai Chambers hosted the 12th
edition of its ‘Diplomatic Circle,’
attracting over 100 ambassadors,
consul generals, and commercial attachés
from the UAE. This event aimed to bolster
economic cooperation between
Dubai and the international community.
Attendees learned about opportunities
within Dubai’s economy and the
chambers’ initiatives to enhance trade
and investment partnerships globally.
Dubai Electricity and Water Authority
(DEWA) is a Main Sponsor at
the Intelligent Transport Systems
(ITS) World Congress 2024, the leading
global event for smart mobility. DEWA
showcased its key green mobility initiatives,
particularly the Electric Vehicle
(EV) Green Charger programme, which
facilitates the transition to sustainable
transport through advanced EV charging
infrastructure. Saeed Mohammed Al
In his address, Abdul Aziz Abdulla Al
Ghurair, Chairman of Dubai Chambers,
emphasised the crucial role of diplomats
in fostering international cooperation
and building effective partnerships. He
noted that collaboration with the diplomatic
corps has been vital to Dubai’s
success, highlighting the importance of
their contributions in achieving shared
objectives and strengthening global ties.
DEWA Highlights Green Mobility Projects at ITS
World Congress
Tayer, MD & CEO of DEWA, highlighted
that hosting the congress underscores
Dubai’s prominence in the smart mobility
sector and its commitment to integrating
disruptive technologies like IoT, AI, and
Big Data. Al Tayer also mentioned DEWA’s
support for the Dubai Quality of Life
Strategy, which includes expanding EV
charging networks and reducing transport
sector carbon emissions, aligning with
the Dubai Clean Energy Strategy 2050.
Oct 2024 www.thefinanceworld.com 17

Personal Finance
Source: Ai generated
AI technology is reshaping personal finance for better financial health.
Money on
AutoPilot: The
Future of AI and
Personal Finance
Exploring how AI-driven automation is
transforming personal finance, making money
management smarter and more efficient.
Artificial Intelligence (AI) is transforming
the landscape of personal finance,
enabling a new era of financial management
where much of the process can operate
on autopilot. From budgeting and
investment to savings optimization, AI is
reshaping how individuals handle their
money, making financial decision-making
smarter, faster, and more efficient. This
article explores how AI is revolutionizing
personal finance by supporting financial
advisors, eliminating emotional biases,
and optimizing every stage of the financial
journey—from managing income to improving
savings. We’ll also discuss future
trends and demonstrate the impact of
AI on personal finance using key data
visualizations.
18 www.thefinanceworld.com Oct 2024

AI has already begun revolutionizing personal finance
by providing tools that assist with budgeting, investing,
and expense management. These intelligent solutions
simplify financial management, allowing individuals to make
data-driven decisions while minimizing the emotional stress
typically involved in financial planning.
Expense Tracking & Budgeting
AI-powered apps monitor spending patterns and offer real-time
recommendations on where individuals can save. By analyzing
transaction data and providing personalized insights, these
tools allow consumers to make informed decisions.
AI-Driven Investment Platforms
Robo-advisors use advanced algorithms to help users manage
their portfolios, balancing investments, and optimizing
returns without emotional interference. These platforms
automatically adjust risk based on market conditions and
your financial goals.
Financial Advisors and AI: Partners in Personal Finance
Rather than replacing financial advisors, AI will complement
their services, allowing advisors to focus on strategic aspects
of financial planning. AI will handle repetitive tasks like data
analysis, portfolio rebalancing, and real-time market monitoring,
giving advisors more bandwidth to manage complex
financial situations and strengthen human relationships.
Financial advisors will continue to benefit from AI’s ability
to quickly analyze large datasets and provide insights that
would otherwise take days or weeks to process.
maintain a disciplined savings approach, without manual effort.
AI and Behavioral Finance: Overcoming Emotional Biases
AI is particularly valuable in combating emotional biases that
often lead to poor financial decisions. Several key biases,
identified in behavioral finance, can result in costly mistakes—areas
where AI’s emotionless decision-making excels.
Overconfidence Bias
Investors often overestimate their ability to predict market
trends, leading to excessive risk-taking and frequent trading.
AI eliminates this issue by adhering to predetermined, data-driven
strategies, keeping the investment process logical
and consistent.
Loss Aversion
Loss aversion, one of the most damaging biases, causes
investors to avoid losses at all costs, often holding onto
underperforming investments or prematurely selling profitable
ones. AI is immune to this tendency, following rational
rebalancing processes and preventing panic-driven decisions.
Time in the Market vs. Timing the Market
From Income to Savings: AI Optimizing Every Step
AI’s influence extends across the full spectrum of personal
finance, from income management to long-term savings
strategies. Intelligent tools help track income, categorize
expenses in real time, and provide actionable insights that
drive better financial decisions.
A powerful visualization shows how missing just a few of
the best-performing days in the market can significantly impact
long-term returns. This chart shows that remaining fully
invested would have grown $10,000 into $63,676. However,
missing the 10 best days reduces the return to $29,154, while
missing the 60 best days leaves just $4,179.
Sandeep S. Jadwani - ACSI, CIB
Head of Investment Advisory
Habib Investment Limited
Automatic Expense Categorization
AI-driven platforms categorize expenses instantly, helping
users identify opportunities to save. By monitoring cash flow
and analyzing spending behavior, these tools offer suggestions
on where to cut back and streamline finances.
Automated Savings & Investment
Intelligent algorithms allow AI-powered apps to automatically
transfer a portion of income into savings or investment accounts
while ensuring liquidity. These systems help individuals
Future Trends in AI and Personal Finance
Looking ahead, AI promises even greater advancements in
personal finance. Predictive models will soon enable AI to
foresee changes in income or lifestyle and automatically adjust
savings and investment plans accordingly. Additionally, future
AI systems will likely incorporate insights from behavioral
finance, offering “nudges” that help users overcome biases
and make sound financial decisions.
AI is ushering in a new era of personal finance, one where
automation, data-driven insights, and emotion-free decision-making
lead the way. Whether you are a financial advisor or a
consumer looking to optimize your finances, understanding
how AI supports your goals is crucial. By incorporating AI tools
and platforms into everyday financial practices, individuals
can better manage their money, avoid costly mistakes, and
stay focused on long-term financial success.
Oct 2024 www.thefinanceworld.com 19

OVER
S
Cover Story
22 www.thefinanceworld.com Oct 2024

The UAE’s public-private partnership (PPP) model has
emerged as a cornerstone for infrastructure development,
fostering collaboration between government
bodies and private investors. With a focus on long-term
projects in education, municipal services, and social
accommodations, the PPP framework promises efficient
capital utilisation, enhanced knowledge sharing, and
innovative solutions from the private sector. Eng. Yaser
Al Nuaimi, Acting Head of Infrastructure Partnerships
at the Abu Dhabi Investment Office (ADIO), highlights
the transformative nature of these partnerships.
TORY
Oct 2024 www.thefinanceworld.com 23

Cover Story
Exploring investment opportunities to
redefine the UAE’s economic landscape.
Eng. Yaser Al Nuaimi
Acting Head – Infrastructure Partnerships,
Abu Dhabi Investment Office (ADIO)
It’s excellent that these
partnerships have a
transparent scheme
that will incentivize the
private sector.”
This transparency, bolstered by robust
legal and regulatory frameworks, is
reshaping the UAE’s investment landscape,
enabling greater private-sector
participation in the country’s ambitious
infrastructure projects.
24 www.thefinanceworld.com Oct 2024

The UAE is undergoing a transformative
phase in its investment landscape,
with PPPs emerging as key drivers
of economic development. As a global
leader in fostering collaborative models,
the country’s government is actively
increasing private-sector involvement
in social infrastructure projects. This
collaborative approach provides more
than just financial contributions—it focuses
on developing sustainable assets
that benefit both government agencies
and the public.
Eng. Yaser Al Nuaimi emphasized the
importance of these partnerships during
a recent discussion:
We are currently
working closely with
various government
associates to structure
several social
infrastructure projects
in partnership with the
private sector.”
This increasing private involvement
in social infrastructure is creating a
dynamic platform where public and
private entities collaborate seamlessly,
laying the foundation for a more robust,
sustainable future.
The Growth of PPPs in Key Sectors
Looking toward the future, the investment
landscape in the Middle East, particularly
in the UAE, is poised for significant
growth. While the current focus remains
on social infrastructure, education, and
municipal affairs, the coming years are
likely to see an expansion into new sectors:
Technology and Innovation: The
UAE’s ambition to become a global
technology hub is evident in its investments
in specialized zones like Dubai
Internet City. Building on this success,
the country is now looking to leverage
PPPs to drive innovation in emerging
technologies. For instance, in the field
of artificial intelligence, the UAE has
launched the “AI Strategy 2031”, which
aims to position the country as a global
leader in AI by 2031. PPPs are expected
to play a crucial role in this initiative,
with private companies collaborating
with government entities to develop AI
applications across various sectors, including
healthcare, education, and smart
city management. In the blockchain space,
the Dubai Blockchain Strategy aims to
make Dubai the first city fully powered
by blockchain. PPPs are facilitating the
development of blockchain-based solutions
for government services, enhancing
transparency and efficiency in areas such
as land registry, digital payments, and
identity verification.
Renewable Energy: The UAE’s
commitment to diversifying its energy
sources and reducing its carbon footprint
has opened up significant opportunities
for PPPs in the renewable energy sector.
The success of projects like Noor Abu
Dhabi demonstrates the potential for
large-scale collaborations in solar energy.
Building on this momentum, the UAE is
now exploring innovative PPP models
for other renewable energy sources. For
example, the country is investing in wind
energy projects, with plans to develop
offshore wind farms along its coastline.
These projects will require substantial
private sector expertise and investment,
making them ideal candidates for PPPs.
Moreover, the UAE is positioning itself as
a leader in green hydrogen production.
The Abu Dhabi National Oil Company
(ADNOC) has announced plans to develop
a blue hydrogen project in partnership
with private sector companies. This
initiative not only aligns with the UAE’s
sustainability goals but also opens up new
avenues for economic diversification.
Healthcare: The global pandemic has
underscored the importance of robust
healthcare systems, and the UAE is
leveraging PPPs to enhance its medical
infrastructure. Beyond the expansion
of facilities like Cleveland Clinic Abu
Dhabi, the country is exploring innovative
PPP models to address emerging
healthcare challenges. One area of focus
is telemedicine. The UAE is partnering
with private tech companies to develop
advanced telemedicine platforms that
can provide remote healthcare services
to underserved areas. These partnerships
not only improve healthcare access but
also position the UAE as a leader in digital
health innovation. Another promising
area for PPPs in healthcare is medical
research and development. The UAE
is establishing research centres and
biotech hubs through partnerships with
international pharmaceutical companies
and academic institutions. These collaborations
aim to foster local innovation in
drug discovery and medical technology,
potentially transforming the UAE into a
regional hub for medical research.
These sectors represent the next frontier
of PPP-driven growth in the UAE, as
private-sector innovation helps deliver
high-quality, sustainable infrastructure
across various industries.
The Legal and Regulatory Framework:
A Key to Success
A major factor behind the UAE’s successful
implementation of PPPs has
been the development of a strong legal
and regulatory framework. The UAE
government has made deliberate efforts
to establish transparent processes that
encourage private investors to participate
with confidence.
As Al Nuaimi explained:
Different jurisdictions
are establishing legal
and regulatory bodies
to take these projects
through a partnership
model.”
In Abu Dhabi, for instance, the PPP
Law (Law No. 2 of 2019) has established
clear guidelines for the private sector’s
participation in public projects. Dubai
has its own PPP Law (Law No. 22 of
2015), which allows for longer-term
collaborations, making it easier for private
companies to invest in large-scale
projects. The UAE is also working on
standardizing PPP regulations across
the country to create a more unified and
attractive investment environment. This
harmonization effort aims to simplify the
process for international investors and
create a more cohesive national strategy
Oct 2024 www.thefinanceworld.com 25

Cover Story
for infrastructure development.
Furthermore, the UAE is exploring the integration
of smart contracts and blockchain technology in PPP
agreements. This innovative approach could revolutionize
contract management by automating certain
aspects of project execution and monitoring. Smart
contracts could potentially reduce disputes, increase
transparency, and improve overall project efficiency.
Innovation and Sustainability in the UAE’s PPP
Model
The UAE’s commitment to innovation and sustainability
is deeply embedded in its PPP model. Private-sector
involvement encourages the development of cutting-edge
solutions that maximize efficiency and
address evolving needs.
Eng. Al Nuaimi pointed out:
The involvement of the private
sector opens the door for
enhanced innovation as they will
hold and maintain the assets
throughout their life cycle.”
This commitment to innovation is particularly evident
in the UAE’s focus on sustainable infrastructure. The
integration of energy-efficient technologies, green building
standards, and carbon footprint reduction strategies
in PPP projects demonstrates how the private sector
is helping the UAE achieve its sustainability goals.
One area where this is particularly evident is in smart
city development. Building on the success of Masdar
City, the UAE is now applying smart city principles
to larger urban areas. For example, the Dubai Smart
City initiative aims to transform Dubai into one of the
world’s smartest cities through the integration of IoT
technologies, data analytics, and AI-driven services.
PPPs are crucial in this transformation, with private
tech companies collaborating with government entities
to develop and implement smart solutions for urban
management, transportation, and public services.
In the field of water management, a critical issue for
the UAE, PPPs are driving innovation in desalination
technologies. The country is partnering with international
companies to develop more energy-efficient and
environmentally friendly desalination plants. These
projects not only address the UAE’s water security
concerns but also position the country as a global
leader in sustainable water management solutions.
Case Studies: PPP Success Stories in the UAE
One of the most prominent examples of the UAE’s
success in PPPs is the collaboration between ADIO
and the Abu Dhabi Department of Education and-
Knowledge and Education to develop three schools
in Zayed City. This landmark project demonstrates
the viability of the PPP model in the education sector,
combining private-sector efficiency with public-sector
oversight to deliver high-quality infrastructure on time
and within budget.
Eng. Al Nuaimi shared:
We were fortunate to partner with
esteemed private-sector players
who managed to deliver the
project according to the planned
parameters in terms of time,
value for money, and quality
standards.”
Another successful example is the UAE’s commitment
to upgrading municipal services through PPPs. From
improving waste management systems to enhancing
public transportation infrastructure, the UAE has leveraged
the expertise and resources of private partners
to deliver sustainable and efficient urban services.
Notably, the Dubai Metro and Etihad Rail projects have
been bolstered by private-sector investment, ensuring
that critical transportation networks are both modern
and future-ready.
These case studies serve as blueprints for future
collaborations, highlighting the ability of the public
and private sectors to work together to deliver exceptional
results.
Expanding Financial Innovation: The Role of
ESG and Sharia-Compliant Financing
Financial innovation is set to play a pivotal role in
the future of PPPs in the UAE, particularly as investment
priorities shift toward Environmental, Social,
and Governance (ESG) criteria. PPP projects are
increasingly incorporating ESG factors into their
frameworks, ensuring that investments align with
long-term sustainability goals. This is particularly
important for international investors, who are placing
more emphasis on ESG-driven projects.
In addition, the integration of Sharia-compliant
financing structures is gaining traction in the PPP
landscape. With the UAE’s growing focus on Islamic
finance, projects that adhere to Sharia principles are
expected to attract greater regional and global interest.
These financing models not only broaden the pool of
potential investors but also ensure that projects are
inclusive of diverse funding mechanisms.
26 www.thefinanceworld.com Oct 2024

Eng. Yaser Al Nuaimi, Acting Head – Infrastructure Partnerships, ADIO
One emerging trend is the creation of specialized
funds for cross-border PPP projects, which could
involve collaborations between GCC countries and
Asia or Europe. These funds will help fuel the next
wave of infrastructure development, particularly in
areas like technology and green energy.
Challenges and Opportunities in the PPP Landscape
While the future of PPPs in the UAE appears promising,
challenges remain. Stakeholders must navigate
geopolitical uncertainties that could affect long-term
investments and address the need for specialized skill
development in PPP project management. Balancing
public benefits with private sector profitability is another
critical factor, as both parties must align their
goals to ensure the success of collaborative projects.
However, these challenges also present opportunities.
Knowledge transfer and capacity building are
essential outcomes of PPPs, particularly in sectors that
require specialized expertise, such as healthcare and
technology. The development of innovative financing
mechanisms will also help mitigate risks, ensuring that
PPP projects remain attractive to both domestic and
international investors.
Adapting Investments for Future Growth
Building on the success of projects like the Zayed City
Schools and municipal service upgrades, the UAE is
poised to enter a new era of investment growth. According
to recent data from the Dubai Department of
Finance, new PPP projects worth AED 25 billion are
part of a broader portfolio exceeding AED 65 billion in
total value across various sectors, including infrastructure,
public transportation, and urban development.
By 2025, investment in UAE PPP projects is projected
to increase significantly, driven by the expansion of
renewable energy initiatives, smart city developments,
and social infrastructure projects. The UAE’s commitment
to innovation and sustainability, combined with
its strategic regulatory framework, ensures that it
remains an attractive destination for global investors.
As the UAE continues expanding its PPP initiatives,
the focus remains on fostering sustainable growth and
innovation across key sectors. The public-private partnership
model is not only driving domestic growth but
also setting an example for other nations. Countries
across the GCC and beyond are beginning to take note
of the UAE’s approach, which balances innovation with
rigorous regulatory oversight.
As Eng. Yaser Al Nuaimi has emphasized, the ongoing
dialogue about PPPs in the UAE is crucial. This
openness to discussion and continuous improvement
ensures that the country’s PPP model will continue to
evolve and adapt to changing global circumstances.
The success of the UAE’s PPP initiatives serves as an
inspiration for other countries in the region and beyond.
As the world grapples with complex challenges such
as urbanization, climate change, and technological
disruption, the UAE’s collaborative approach offers a
promising template for sustainable and inclusive growth.
In the years to come, the UAE’s commitment to PPPs
is likely to yield not only world-class infrastructure
but also a more resilient, diversified, and innovative
economy. The success stories thus far, combined with
the UAE’s relentless drive for innovation, ensure that
PPPs will remain a fundamental pillar of economic
growth for years to come.
Oct 2024 www.thefinanceworld.com 27

Wheels
PATROL 2025
425 HP
Horse Power
700 Nm
Torque
9-speed
Automatic Transmission
28 www.thefinanceworld.com Oct 2024

The 2025 Nissan Patrol marks a
significant evolution in the luxury
SUV market, merging modern
design with its robust heritage. As the
seventh-generation model, it offers enhanced
features and power, positioning
itself as Nissan’s flagship off-roader.
The Patrol’s long-standing reputation
for durability, initially built in 1951 as a
military vehicle, has now evolved into
a blend of off-road prowess and luxury,
making it a popular choice for various
terrains and conditions.
This latest version comes with a striking
new design, featuring an enlarged
V-motion grille that dominates the front,
paired with Adaptive Driving Beam
headlights for improved visibility. The
rear design includes a full-width light
bar that enhances its presence on the
road. The SUV is now larger, measuring
5,205mm in length and 2,030mm in width,
with 30% more boot space compared to
its predecessor, catering to both off-road
adventurers and families alike. It rides on
22-inch alloy wheels and offers 253mm
of ground clearance, exceeding that of
its rival, the Toyota Land Cruiser 300.
Inside, the 2025 Patrol boasts a luxurious
and spacious cabin, featuring quilted
leather seats inspired by the Japanese
Kumiko craft, with select trims offering
massage functionality and eight-way seat
adjustments for optimal comfort. The large
28.6-inch Monolith display is a standout
feature, split into twin 14.3-inch screens
for navigation, entertainment, and vehicle
data, while rear-seat passengers have the
option of dual 12.8-inch screens equipped
with Miracast, HDMI, and USB inputs.
Under the hood, the Patrol is powered
by a new 3.5-litre V6 twin-turbo engine,
delivering 425 horsepower and 700Nm of
torque, providing 7% more power and 25%
more torque than the previous V8 engine,
while improving fuel efficiency. For those
preferring a naturally aspirated option, a
3.8-litre V6 engine is available, offering
316 horsepower and 386Nm of torque.
Advanced driving features like Nissan’s
ProPILOT system and a new Panorama
View system, with a 170-degree field of
vision and “Invisible Hood View,” further
enhance the Patrol’s off-road capabilities
and driver assistance features.
The 2025 Nissan Patrol strikes a perfect
balance between power, luxury, and
advanced technology, making it a leader
in the premium SUV segment. The new
Nissan Patrol prices range between
AED 239,900 and AED 380,000 in the
UAE. Deliveries will start from the end
of November 2024.
Oct 2024 www.thefinanceworld.com 29

ENOC
Source: Supplied
ENOC partners with EIF to drive innovation through education.
Fueling Growth: ENOC
Partners with EIF to
Build Future Ready
Workforce
ENOC Group partners with Emirates
Institute of Finance to empower UAE’s
energy sector workforce.
ENOC Group, a leading integrated global
energy player, has forged a strategic
partnership with the Emirates Institute
of Finance (EIF) to enhance the skills
of its workforce. This collaboration, announced
at the 2024 Ru’ya Careers event
in Dubai, aims to provide targeted training
and certification programmes to equip
ENOC employees with crucial technical
and practical capabilities. The initiative
aligns with the UAE’s National Strategy for
Higher Education 2030, emphasizing the
development of a knowledge-driven economy.
By offering access to EIF’s extensive
learning resources, ENOC demonstrates
its commitment to fostering continuous
learning and empowering its employees
with future-ready skills, ultimately contributing
to the advancement of the UAE’s
energy sector.
30 www.thefinanceworld.com Oct 2024

In a significant move towards developing a highly
skilled workforce in the UAE’s rapidly evolving energy
sector, ENOC Group has entered into a strategic
partnership with the Emirates Institute of Finance (EIF).
This collaboration, announced on September 24, 2024, at
the 23rd edition of Ru’ya Careers UAE held at the Dubai
World Trade Centre, marks a crucial step in ENOC’s
commitment to employee development and the broader
goal of supporting the UAE’s knowledge-driven economy.
The Memorandum of Understanding (MoU) was signed
in the presence of key figures from both organizations,
including His Excellency Saif Humaid Al Falasi, Group
CEO of ENOC; H.E. Saif Al Dhaheri, Vice Chairman of
EIF and Assistant Governor for Banking Operations and
Support Services at the Central Bank of the U.A.E; H.E
Noura Alblooshi, General Manager of EIF; and Hesham
Ali Mustafa, Managing Director of Shared Services,
Group Human Resources & New Business Development
at ENOC Group.
His Excellency Saif Humaid Al Falasi, Group CEO of
ENOC, emphasized the importance of this partnership,
stating, “At ENOC, our employees are our most valuable
asset and investing in their development is fundamental
to our continued success.” He further highlighted the
strategic significance of the collaboration, noting that it
will provide ENOC employees with “unparalleled access
to world-class learning resources, empowering them to
enhance their skills and broaden their knowledge.”
The partnership between ENOC and EIF is designed
to address the evolving needs of the energy sector by
offering a comprehensive suite of training and development
opportunities. These include:
EIF Annual Training Plan (ATP): This program will
offer multiple public schedules and exclusive training
sessions covering the entire spectrum of the financial
domain. The courses will cater to all levels, from foundation
through to masterclass, ensuring that employees
at various stages of their careers can benefit from the
training.
EIF E-learning (Insight): ENOC employees will gain
access to 150 unique courses available for self-paced
learning. This platform operates 24/7, allowing flexible
learning schedules, and offers self-downloadable certificates
upon completion of courses.
EdX Platform: Through this global learning platform,
founded by Harvard and MIT, ENOC employees can
enhance their skills and productivity through scalable
professional development solutions from elite universities.
The platform offers live sessions, video lectures, assessments,
forums, and real-world applications, providing a
comprehensive learning experience.
Customized Training and Emiratisation Programs:
Recognizing the importance of supporting Emiratisation
goals, the partnership includes tailored programmes
designed to nurture and develop local talent in the
energy sector.
Professional Certifications: ENOC employees will
have the opportunity to pursue globally recognized professional
certifications, enhancing their career growth
prospects and adding value to the organization.
Industry-Specific Webinars: Complimentary webinars
led by sector experts will offer deep insights into
relevant topics, keeping ENOC employees abreast of the
latest trends and developments in the energy industry.
This comprehensive approach to employee development
reflects ENOC’s understanding of the key role that
talent plays in shaping the local economy. As a national
company, ENOC recognizes its responsibility in building
a future-ready Emirati workforce capable of driving innovation
and sustainability in the UAE’s energy sector.
The collaboration between ENOC and EIF is particularly
timely, given the rapid transformations occurring
in the global energy landscape. As the industry moves
towards more sustainable and innovative solutions,
having a workforce equipped with the latest knowledge
and skills becomes crucial. By investing in its human
capital, ENOC is not only enhancing its own operational
efficiency and competitive edge but also contributing to
the broader goals of the UAE’s energy sector. The impact
of this partnership is expected to extend beyond ENOC
and its employees. As the energy sector plays a crucial
role in the UAE’s economy, the enhancement of skills and
knowledge within ENOC will likely have ripple effects
across the industry. This could lead to increased innovation,
improved efficiencies, and a stronger position for
the UAE in the global energy market.
Furthermore, the focus on Emiratisation through
customized training programs demonstrates ENOC’s
commitment to developing local talent. This approach
not only supports national goals but also ensures a sustainable
pipeline of skilled Emirati professionals in the
energy sector, reducing reliance on expatriate expertise
over time.
As the energy sector continues to evolve, driven by
technological advancements and the global push towards
sustainability, initiatives like this partnership between
ENOC and EIF become increasingly vital. By fostering a
culture of continuous learning and development, ENOC
is preparing its workforce to meet the challenges of
tomorrow, ensuring that the company remains at the
forefront of innovation in the energy sector.
In conclusion, the strategic partnership between ENOC
Group and the Emirates Institute of Finance represents a
significant investment in the future of the UAE’s energy
sector. By equipping its workforce with essential technical
and practical capabilities, ENOC is not only enhancing
its own operational excellence but also contributing to
the broader goals of the UAE’s economic vision. As this
initiative unfolds, it will undoubtedly play a crucial role
in shaping a more sustainable and innovative energy
future for the UAE.
Oct 2024 www.thefinanceworld.com 31

Sustainability
Source: Ai generated
Balancing decarbonisation with oil industry operations.
Decarbonisation and
the Oil Industry: Can
They Coexist in a
Green Future?
Exploring how the oil sector can adapt
to a low-carbon economy and meet
sustainability goals.
As global efforts intensify to combat climate
change, the concept of decarbonisation
has become paramount in guiding
industries towards more sustainable
practices. The oil industry, historically a
significant contributor to carbon emissions,
faces increasing pressure to align
with global environmental objectives.
Companies are under growing pressure
from regulators, and investors to reduce
their carbon footprint. Many oil giants are
responding by diversifying their portfolios,
investing in renewable energy projects
such as solar, and exploring hydrogen
as a potential fuel for the future. This
article delves into the complexities of
examining how the sector can innovate
and transform to support economic growth
and environmental stewardship.
32 www.thefinanceworld.com Oct 2024

Decarbonisation, the process of
reducing carbon dioxide (CO2)
emissions, is a central element
in the global strategy to mitigate climate
change. The goal is to achieve net-zero
emissions by mid-century, a target
endorsed by many governments and
international organisations. For the oil
industry, a major emitter of CO2, this goal
presents both challenges and opportunities.
While transitioning to low-carbon
technologies and practices involves
significant investment and restructuring,
it also opens doors for innovation and
leadership in sustainable energy solutions.
The industry’s adaptation efforts will be
crucial in shaping a greener future and
meeting global climate targets.
The Oil Industry’s Carbon Footprint
The oil industry’s carbon footprint is
significant. Oil extraction, refining, and
combustion are major sources of greenhouse
gas (GHG) emissions. According to
the International Energy Agency (IEA),
the sector accounts for approximately
40% of global energy-related CO2 emissions.
This extensive footprint makes the
industry’s transition to a low-carbon future
particularly daunting. Efforts to reduce
emissions are gaining momentum, with
companies investing in carbon capture
technologies and renewable energy integration
to mitigate their environmental
impact. However, achieving meaningful
decarbonization will require substantial
innovation, regulatory support, and collaboration
across the entire supply chain.
Innovations in Decarbonisation
Despite these challenges, the oil industry
is actively exploring various strategies
to reduce its carbon footprint. One of
the most promising approaches is the
integration of carbon capture and storage
(CCS) technology. CCS involves capturing
CO2 emissions from industrial processes
and storing them underground, preventing
their release into the atmosphere. Several
major oil companies are investing in CCS
projects, recognising their potential to
significantly reduce emissions.
Another crucial innovation is the development
of cleaner fuels. The industry
is exploring alternative fuels, such as
biofuels and hydrogen, which offer
lower carbon emissions compared to
traditional fossil fuels. Biofuels, derived
from organic materials, can potentially
replace petroleum-based fuels in various
applications. Hydrogen, when produced
using renewable energy, can be used in
fuel cells to power vehicles and generate
electricity with zero emissions.
Shifts in Industry Practices
Beyond technological innovations, the
oil industry is also undergoing significant
shifts in operational practices.
Many companies are setting ambitious
targets to reduce their emissions and
increase their investments in renewable
energy. For instance, major oil firms are
diversifying their portfolios to include
renewable energy projects such as wind
and solar power. This strategic shift not
only supports decarbonisation efforts but
also positions these companies as leaders
in the emerging green energy market.
In addition, the sector is focusing
on improving energy efficiency within
its operations. Enhanced efficiency
measures can reduce the amount of fuel
consumed and, consequently, the emissions
generated. The implementation of
advanced technologies and optimisation
practices is essential in achieving these
efficiency gains.
Challenges and Opportunities
While there are promising developments,
the transition to a decarbonised
oil industry is fraught with challenges.
One significant hurdle is the economic
impact of decarbonisation technologies.
The initial investment required for CCS
and other green technologies can be substantial.
However, as these technologies
advance and scale, costs are expected to
decrease, making them more accessible.
Another challenge is the need for
supportive policies and regulatory
frameworks. Governments play a crucial
role in facilitating the transition by providing
incentives for green technologies
and setting clear emissions reduction
targets. Collaborative efforts between
the oil industry, policymakers, and environmental
organisations are vital to
creating a conducive environment for
decarbonisation.
Despite these challenges, the move
towards a decarbonised oil industry
presents substantial opportunities.
Companies that successfully integrate
green technologies and practices can
gain a competitive advantage in the
evolving energy landscape. Additionally,
the industry’s transition to sustainability
can drive innovation and create new
markets, contributing to long-term
economic growth.
Case Studies: Pioneers in Decarbonisation
Several oil companies are leading the way
in decarbonisation efforts. For example,
We took on the task
of updating the UAE
Energy Strategy 2050
to accelerate the
energy transition and
increase the share of
clean energy in our
energy mix to become
climate neutral by 2050
and help achieve our
vision of a sustainable
development.”
Suhail Mohamed Faraj al-Mazrouei,
Energy and Infrastructure Minister
Shell has committed to becoming a net-zero
emissions company by 2050. The company
is investing heavily in renewable energy
and CCS projects while also focusing on
reducing the carbon intensity of its oil
and gas production. Similarly, BP has
announced its intention to transform
into an integrated energy company with
a significant focus on renewable energy.
BP’s strategy includes investing in wind
and solar power, developing hydrogen
technology, and advancing CCS initiatives.
These case studies illustrate that while
the transition to a decarbonised oil industry
is challenging, it is achievable with the
right strategies and commitment. The
experiences of these leading companies
offer valuable insights and lessons for
the rest of the sector.
The question of whether decarbonisation
and the oil industry can coexist
is complex but not insurmountable.
Through technological innovations,
shifts in industry practices, and supportive
policies, the oil industry can
align itself with global decarbonisation
goals. The path to a sustainable future
requires collaboration, investment, and a
willingness to embrace change. By tackling
the challenges head-on and seizing
the opportunities, the oil industry can
play a pivotal role in the transition to a
low-carbon economy, demonstrating that
economic development and environmental
stewardship can indeed go hand in hand.
Oct 2024 www.thefinanceworld.com 33

Energy News
UAE: MoEI Develops Federal Roads Platform to Cut Bureaucracy
The UAE’s Ministry of Energy
and Infrastructure (MoEI) has
developed the Federal Roads
Service Platform to streamline the
process of issuing and renewing NOCs
for roadworks. This initiative aligns
with the Zero Government Bureaucracy
programme. Mohamed Almail, Assistant
Undersecretary for the Federal
Infrastructure Assets Sector, stated
that the platform aims to eliminate
bureaucracy and improve customer
experience through tech-driven practices.
It reduces required documents
for NOCs from eight to three, procedures
from 26 to 13, and service time
from 14 to seven days. For renewals,
procedures drop from 11 to three, and
service time becomes instant, with no
need for documents. MoEI held three
gatherings with private sector representatives
to shape future services and
ensure they meet customers’ needs.
Aramco to Raise Mid-
Ocean Stake to 49%
and Fund Peru LNG
Saudi Aramco plans to increase
its stake in MidOcean Energy to
49% and fund the acquisition of a
new 15% stake in Peru LNG from Hunt
Oil Company, according to a statement
from MidOcean. Last year, Aramco purchased
a minority stake in MidOcean
from EIG for $500M, marking its entry
into the international LNG sector. The
company aims to bolster its position
in the LNG market, projected to grow
by 50% globally by 2030, particularly
in the U.S., where LNG capacity is expected
to nearly double in four years.
MidOcean did not disclose the cost
of the Peru LNG stake or the value of
Aramco’s funding. Following the deal’s
completion, Aramco will indirectly
hold a 17.2% stake in Peru LNG, while
Hunt will retain a 25.2% interest in the
Camisea upstream project.
Abu Dhabi’s TAQA Eyes Mediterranean Cable
Project, Cyprus Confirms
Abu Dhabi’s TAQA has shown
interest in a high-powered
electric cable project linking
Europe and the Middle East, according
to a spokesperson for the Cyprus
government. Cypriot President Nikos
Christodoulides met with senior TAQA
executives in New York during the U.N.
General Assembly on Monday. Konstantinos
Letymbiotis, the spokesperson,
confirmed that TAQA representatives
reiterated their strong commitment
to the electricity interconnection
initiative. The two sides agreed to
reconvene in the coming weeks to
outline a roadmap for the project’s next
steps. This high-voltage cable, agreed
upon by Greece and Cyprus, aims to
alleviate the island’s energy isolation,
which currently relies heavily on fuel
oil for power generation.
Masdar and Taaleri Finalise Financing for 154MW
Cibuk 2 Wind Farm in Serbia
Abu Dhabi Future Energy Company
PJSC – Masdar, a leader in
clean energy, has announced the
financial close for the 154 megawatt
(MW) Cibuk 2 wind farm in Serbia. The
agreement was signed at a ceremony
during RES Serbia 2024, attended by key
figures including Serbia’s Minister of
Mining and Energy, Dubravka Djedovic
Handanovic, Masdar’s CEO, Mohamed
Jameel Al Ramahi, and Taaleri’s executives.
Project financing of EUR 144M
has been secured through commercial
lenders UniCredit and Erste, highlighting
the viability of renewable energy
in Serbia. Developed by Masdar and
Taaleri Energia, Cibuk 2 will feature
22 Nordex turbines, sharing a grid
connection with the existing Cibuk
1. Expected to be operational by Q1
2026, it will power 62,000 households
and reduce carbon dioxide emissions
by 311,200 tonnes annually.
34 www.thefinanceworld.com Oct 2024

UAE Pushes Energy Transition with Solar, Hydrogen, and Carbon Capture
The UAE is accelerating its energy
transition with seven new
renewable energy projects worth
$2.16B launched in the past year. These
initiatives include diverse technologies
such as energy from waste and geothermal
power, showcasing the nation’s
commitment to expanding its energy
portfolio. By the end of 2024, the UAE
aims to generate 10.6 GW from 13 solar
power projects. Solar energy plays a
UAE and India Discuss
Civil Nuclear Energy
Partnership
The Emirates Nuclear Energy
Corporation (ENEC) and the
Nuclear Power Corporation of
India Limited (NPCIL) have signed
an agreement aimed at enhancing
cooperation and sharing expertise in
various areas, including supply chain
development, human resources, nuclear
consultancy services, and future
investments. This landmark agreement
marks the first of its kind between the
United Arab Emirates and India in the
nuclear sector, highlighting a significant
advancement in their strategic
partnership. By collaborating in this
field, both nations aim to strengthen
their efforts to reduce the carbon
footprint of the energy sector, aligning
with global sustainability goals. The
agreement underscores their commitment
to leveraging nuclear energy as a
key component in achieving clean and
efficient energy solutions.
key role in this growth, leveraging the
country’s vast potential. Additionally,
the UAE plans to produce 1.4 million
metric tons of hydrogen annually by
2031, positioning itself as a global leader
in hydrogen technologies. These efforts
align with the UAE’s Energy Strategy
2050, which focuses on solar, wind,
carbon capture, and hydrogen, reducing
reliance on fossil fuels and supporting
a sustainable energy future.
Green Finance Vital for Climate Resilience:
WGES 2024
The 10th World Green Economy
Summit (WGES), organised by
the Dubai Supreme Council of
Energy, DEWA, and WGEO, centres on
climate finance as a critical theme. This
discussion will engage global leaders and
experts, recognising climate finance as
essential for bolstering resilience, particularly
in vulnerable countries facing
escalating climate challenges. Sufficient
funding is vital for supporting mitigation
NMDC Energy’s IPO in the UAE
saw its shares surge over 21%
before closing with an 8% gain.
The company began trading on the Abu
Dhabi Securities Exchange (ADX) after
its IPO was oversubscribed by 31.3 times.
Shares started at AED 2.80, peaked at AED
3.40, and closed at AED 3.02. Chairman
Mohamed Hamad Ghanem Hamad Almehairi
led the bell-ringing ceremony at
ADX, alongside NMDC Group Chairman
Mohamed Thani Murshid Al Rumaithi
and other key figures. The offering of
1.15bn shares, representing 23% of the
company, was priced at AED 2.80 each.
Retail investors received 0.17%, while
professional investors were allocated
6%. Almehairi praised the listing as a
and adaptation efforts, enabling these
nations to address climate impacts and
pursue sustainable development. The
Climate Policy Initiative reported that
global investments in climate projects
reached AED 4.8T between 2021 and
2022, yet this needs to increase fivefold
to achieve the Paris Agreement’s 1.5°C
target. WGES 2024 emphasises climate
finance as a pathway to a resilient and
equitable future.
NMDC Energy Shares Soar 8% in Year’s Biggest
Offering
key milestone, while NMDC Group CEO
Yasser Zaghloul hailed the AED 88B in
investments. CEO Ahmed Al Dhaheri
underlined investors’ confidence in the
company’s promising future.
Oct 2024 www.thefinanceworld.com 35

Arada
Source: Supplied
Arada secures significant Sukuk tap, boosting total issuance amid Global Demand.
Arada Successfully
Concludes $150 Million
tap of Existing $400
Million Sukuk Issuance
Arada taps global markets, raising million
dollars in oversubscribed Sukuk issuance.
Arada, a prominent UAE-based master
developer, has successfully concluded a
$150 million tap of its existing $400 million
Sukuk issuance. This strategic move,
part of a $1 billion Sukuk programme
launched in June, has propelled the total
issuance to $550 million. The tap, priced
at $102.54 with a yield of 7.35%, garnered
significant global interest, resulting in a
3.2 times oversubscription. This financial
milestone underscores Arada’s robust market
position and investor confidence in
its growth trajectory. The success of this
Sukuk tap further highlights the strength
of the UAE’s real estate sector, where
innovative financing mechanisms like
Sukuk are increasingly playing a pivotal
role in driving large-scale developments.
36 www.thefinanceworld.com Oct 2024

In a testament to its financial prowess
and market appeal, Arada has successfully
closed a $150 million tap of its
existing $400 million Sukuk issuance. This
strategic financial manoeuvre, executed
on September 25, 2024, marks a significant
milestone for the UAE-based master
developer, pushing its total issuance over
the benchmark size to an impressive $550
million. The tap, priced at $102.54 with
a yield of 7.35%, represents a 15 basis
point tightening from the Initial Pricing
Thoughts. This pricing strategy not only
reflects Arada’s strong market position
but also indicates the high demand for
its financial instruments. Notably, the
subscription order book peaked at over
$480 million, excluding Joint Lead Managers’
demand, resulting in a 3.2 times
oversubscription of the offer size.
Arada’s existing five-year fixed rate RegS
debut Sukuk issuance, which forms the
foundation of this tap, carries impressive
ratings of BB- from Fitch and B1 from
Moody’s. These ratings underscore the
company’s solid financial footing and
creditworthiness in the global market.
Ahmed Alkhoshaibi, Group CEO of
Arada, expressed his satisfaction with
the outcome, stating, “In our second visit
to the global markets this year, we have
been delighted to see that the momentum
for investor interest in Arada’s growth
story and future prospects has been
maintained.” He further emphasized that
this successful tap underlines Arada’s
strong governance record, attractive
investor proposition, and credit strength.
The tap issuance follows Arada’s
extensive investor engagement efforts,
including recent roadshows across the
UK and GCC. This proactive approach
to investor relations has clearly paid
dividends, as evidenced by the strong
market response. This tap follows Arada’s
second public financing deal in June
2024, which was another major milestone
for the company. Priced at 8.000%, the
June issuance attracted an overwhelming
subscription order book of $1.45 billion,
3.5 times the offer size. The success of
both issuances underscores the effectiveness
of Arada’s financial strategy and
its ability to attract substantial investor
interest through favourable pricing and
strategic engagement. The combination
of strong investor relations, a growing
track record of successful financings,
and a clear vision for expansion has
propelled Arada to the forefront of the
real estate sector. This latest Sukuk tap
Ahmed Alkhoshaibi,
Group CEO of Arada
issuance, following the successful June
deal, further strengthens Arada’s liquidity
position and provides additional capital
to fuel its ambitious growth plans.
The success of this financial endeavour
was facilitated by a consortium of reputable
financial institutions. Abu Dhabi
Commercial Bank, Dubai Islamic Bank,
Emirates NBD Capital, Mashreq, Sharjah
Islamic Bank, and Standard Chartered
Bank served as Joint Global Coordinators
for the tap. The role of Joint Lead
Managers and Joint Bookrunners was
shared among these institutions, with
the addition of Warba Bank.
Arada has earmarked the proceeds
from the Sukuk for general corporate
purposes and to support the development
of its existing projects. This strategic
allocation of funds aligns with the
company’s ambitious growth plans and
commitment to delivering high-quality
real estate projects.
Since its inception in 2017, Arada has
launched six successful projects across
Sharjah and Dubai, boasting a combined
sales value of AED60 billion. These include
landmark developments such as Aljada,
Sharjah’s largest mixed-use megaproject;
Masaar, the UAE’s first forested community;
and the ultra-luxury Armani Beach
Residences at Palm Jumeirah.
The company’s financial success continues
to reflect its growing dominance
in the real estate market. In 2023, the
company reported a remarkable 100%
increase in property sales, reaching
AED 7.02 billion compared to the previous
year. This significant growth is
bolstered by Arada’s ability to deliver on
its commitments, having sold over 14,000
units and completed more than 10,000
units. These figures highlight Arada’s
strong reputation among investors and
homeowners alike, as the developer
consistently meets expectations.
In addition to its impressive performance
in the UAE, Arada’s growth trajectory now
extends internationally. In August 2024,
the company announced its first overseas
expansion into the Australian property
market, marking a pivotal moment in its
global strategy. With an office established
in Sydney and a project pipeline valued
at AED 6 billion, Arada is diversifying its
portfolio and expanding its footprint in
new geographies. This move underscores
the company’s ambition to evolve from
a leading UAE developer into a global
real estate powerhouse.
The successful $150 million Sukuk tap
issuance serves as yet another testament
to Arada’s market prowess and financial
expertise. The oversubscription of the
offering and tightening of pricing demonstrates
the high investor confidence in the
company’s strategic direction and fiscal
health. As Arada continues to explore
new markets and deliver high-value
projects, this achievement provides a
strong financial foundation for its future
endeavours. With its robust track record
of property deliveries and innovative
financial management, Arada is poised
to seize emerging opportunities in both
domestic and international real estate
markets. This latest milestone solidifies
the company’s position as a key player in
the sector, ready to capitalise on future
growth and development.
Oct 2024 www.thefinanceworld.com 37

Real Estate
Source: Ai generated
The UAE’s real estate market spans a variety of ultra-luxurious skyscrapers to apartments and more.
A Comprehensive
Guide to Real
Estate Investment
in the UAE
Discover key insights on Dubai’s real estate
market trends and growth areas.
Investing in real estate is gaining rapid
attention as a preferred strategy for individuals
seeking to allocate their financial
resources for profit. Few markets globally
can match Dubai, where an environment
characterised by luxury, reliability, and
high-yield potential presents unique investment
opportunities. Investing in Dubai’s
real estate sector offers a highly liquid
asset with comparatively low risks and
substantial returns. The city’s tax-free
status and pro-business policies further
enhance its appeal to international investors.
Additionally, Dubai’s strategic location
as a global hub for trade and tourism
contributes to the consistent growth of
its real estate market. This article will
discuss key investment opportunities in
Dubai and provide essential insights for
achieving profitable outcomes.
38 www.thefinanceworld.com Oct 2024

Dubai is a fast-growing business
hub in the Emirates and is drawing
significant interest from
businesses worldwide. In recent years, it
has experienced unprecedented growth.
Official figures indicate that from April
to June 2024, there were 43,522 property
transactions, the highest ever recorded in
the market’s history, and a 45% increase
compared to the same period in 2023.
Furthermore, the total transaction value
in the second quarter of 2024 reached
$33.9B, a 37% increase from the second
quarter of 2023.
Dubai continues to solidify its position
as a premier destination for real estate
investment, with market indicators
pointing to sustained growth and stability.
According to a comprehensive analysis
from UBS, a leading Swiss financial
institution, Dubai ranks among the top
three global cities for sustainable price
appreciation. This stability is further
evidenced by the remarkable growth
trajectory in the local property sector,
where annual appreciation rates have
consistently reached 15-20% in recent
years. The current market offers diverse
investment opportunities, with property
prices ranging from $2,500 to $15,000 per
square meter, catering to various investor
profiles and objectives.
The real estate market demonstrates
robust demand across both residential
and commercial segments, underpinned
by strong economic fundamentals and
strategic government initiatives. Looking
ahead to 2024, market projections provide
an optimistic picture, with total real
estate investment volume anticipated to
surpass $100 billion.
There is also significant growth in the
luxury property sector. Between 2022
and 2024, Dubai emerged as a prime
destination for affluent expatriates, with
the influx of wealthy individuals driving
the demand for high-end real estate. Last
year, Dubai secured a top position in the
global branded housing market, leading
experts to predict that luxury property
investment in Dubai will continue to rise
in popularity in 2025 with the number of
available properties rapidly increasing.
Dubai Real Estate Investment
Opportunities
Investing in residential properties presents
an excellent opportunity for high
returns and a quick payback period. With
property values consistently appreciating
and a growing demand for rental housing
driven by the steady influx of expatriates,
Dubai’s residential real estate market
stands out as a lucrative investment.
The primary factor influencing the
viability of property investment in Dubai
is profitability, which is measured by
return on investment (ROI). Official
statistics show that the average ROI for
Dubai properties is approximately 7.5%,
varying by property type and location.
Dubai Property Investment Tips
1. Market Assessment: Evaluate market
conditions and select the right type of
real estate. Understand the property’s
location, size, price, finish, and amenities
to ensure its potential to generate income.
2. Developer Reputation: Research
the developer’s reputation, especially
for off-plan purchases, as construction
quality and the company’s credentials are
crucial for investment success.
Satish Sanpal
Chairman,
ANAX Holdings
3. Freehold Areas: Invest in freehold
areas to ensure full ownership rights,
allowing rental and resale opportunities.
4. Investment Strategy: Choose a
strategy that suits your goals. Options
include buying ready-to-rent properties
(5-8% long-term returns, 10-11% shortterm)
or investing in off-plan properties
for lower initial costs and potential price
appreciation.
The Best Areas to Invest in Dubai
Property
Intelligent property investment in Dubai
necessitates careful consideration of
locations. Among the areas with high
returns on investment (ROI) are Dubai
Downtown, Arjan, Dubai South, Damac
Hills, Dubai Marina, and Dubai Hills Estate.
Dubai Downtown
Dubai Downtown is a lively area with
iconic landmarks like the Burj Khalifa
and Dubai Mall. It features luxury hotels,
diverse dining, and vibrant nightlife, along
with an array of stunning residences. The
Dubai Mall and cultural venues enhance
its appeal, making it a dynamic destination
that combines modernity, culture,
and luxury.
Arjan
Arjan is characterised by the beautiful
Dubai Miracle Garden, impressive high-rise
buildings, and strong potential. Located in
the heart of Dubailand, this area provides
a stable income for property investors.
Dubai South
An emerging and highly sought-after
neighbourhood, is quickly becoming
a prime destination for real estate
investment. Strategically located near
key infrastructure such as Al Maktoum
International Airport and the Expo 2020
site, Dubai South is designed to be a hub
for commerce, logistics, and aviation.
Damac Hills
Damac Hills is an eco-friendly community
with modern amenities and green spaces,
perfect for escaping urban noise. While
prestigious, property prices are still
affordable, offering a 6% ROI, making
it a solid investment option. Highlights
include the Trump International Golf
Club and the Malibu Bay resort.
Dubai Marina
Dubai Marina, one of the trendiest districts
in Dubai, features towering skyscrapers
and an impressive man-made bay.
Renowned for its luxurious waterfront,
easy access to Jumeirah beach with a
plethora of beach, and yacht clubs, the
area boasts premium housing making it
highly covetable for young professionals
and holiday homes.
Dubai Hills Estate
Dubai Hills Estate is an upscale residential
and commercial area that offers serene
living conditions, featuring high-quality
properties, various recreational spaces,
playgrounds, pet-friendly walking paths,
and expansive lawns. With a 5% ROI,
Dubai Hills presents an attractive option
for foreign investors looking to purchase
property and achieve a significant return.
Oct 2024 www.thefinanceworld.com 39

Real Estate News
Dubai Real Estate: $545M City of Arabia Project Set to Launch
UAE-based developer One Development
is launching its flagship
AED 2B project, City of Arabia,
in Dubai. With offices in both Abu
Dhabi and Dubai, the boutique firm
aims to meet the growing demand
from international investors drawn to
the UAE’s resilient real estate market.
Chairman Ali Al Gebely emphasised
the company’s vision to become a significant
player in the sector, focusing
on customer-centric communities that
respond to evolving market needs. The
City of Arabia project, located along
Sheikh Mohamed bin Zayed Road, will
introduce the UAE’s first residential
community featuring advanced AI
integration. By leveraging innovative
prop-tech and striving for exceptional
livability, One Development aims to
create homes that embody clients’
aspirations and adhere to the highest
international standards.
Kasco Developments
Launches Three
Projects in UAE
Property Market
Dubai-based Kasco Developments,
a new initiative by the renowned
Kasco Group, has announced its
entry into the UAE property market
with three projects valued at over AED
1.2 B. Targeting the Business Bay and
Al Jaddaf areas, the company plans
to develop and sell 1 million sq ft of
residential space by 2025. With a strong
background in real estate since 2008,
the Kasco Group boasts a successful
portfolio, including Waves Tower and
Kasco Residence. Drawing on 30 years
of expertise in project execution and
financial management, Kasco Developments
aims to create innovative,
lifestyle-oriented residential spaces.
Chairman Mustafa Al Kaissi emphasised
the company’s commitment to enhancing
client well-being and delivering an
inspiring living experience in Dubai’s
competitive market.
Alphabeta Properties Unveils Q-East Project in
Al Quoz, Dubai
Alphabeta Properties has unveiled
Q-East, a transformative project
in Dubai’s Al Quoz area, aimed
at creating a modern community with
residential, commercial, and retail
spaces. The development will feature a
diverse range of living options, including
luxury penthouses with private pools,
alongside various commercial and retail
outlets. Twelve confirmed concepts will
be part of Q-East, including a fitness
centre, cinema, bistro, and Japanese
restaurant, as well as amenities like
a food hall, arcade, podcast studio,
HRE Development, a leading
player in the UAE real estate
sector, has launched SkyHills
2, committing AED 10B over the next
three years. This premium mixed-use
development in Jumeirah Village Circle
(JVC) aims to redefine community living,
featuring 509 luxury apartments and
17 retail outlets, with completion set
for Q2 2026. Units range from studios
to 3-bedroom duplexes, starting at
AED 680,000, appealing to investors
and event hall. Abdulla Al Shaibani,
the founder, emphasised that Q-East
is pivotal in Al Quoz’s transformation,
showcasing the company’s commitment
to innovation and quality while
enhancing Dubai’s urban landscape.
Notably, 17 penthouses with private
pools will soon be auctioned for rent.
HRE Development Introduces SkyHills 2 in
Jumeirah Village Circle
and homeowners seeking high-end
living in a strategic location. JVC
has witnessed over 10,828 property
transactions worth AED 12.8B in 2024,
establishing itself as a vital area in
Dubai’s real estate market. SkyHills 2
will offer fully furnished apartments
with extensive amenities, including
landscaped areas, fitness facilities,
sports courts, a swimming pool, and
children’s play areas.
40 www.thefinanceworld.com Oct 2024

Dubai: SOL Properties Targets AED 12B in Sales from New Developments
SOL Properties has unveiled a series
of high-end developments
valued at AED 12B over the
next six months, aimed at enhancing
the UAE’s luxury real estate market.
These projects, blending luxury with
efficiency, are expected to support
the country’s economic growth. The
developer, part of the Bhatia Group, has
secured 4 million sq. ft. of prime land
for ultra-luxury and affordable luxury
BinGhatti Explores
Tokenization of Dubai
Real Estate Assets
Dubai-based developer BinGhatti,
behind the $204 million
Bugatti-branded penthouse, is
exploring tokenisation of real estate to
enable investors with AED 500 to enter
the market. Muhammad BinGhatti, the
company’s chairman, revealed at the
Sharjah Investment Forum that BinGhatti
began accepting cryptocurrency
payments in 2021, receiving AED 500M
($136M) in digital payments within
nine months. He mentioned the firm
is considering tokenising real estate,
allowing anyone, regardless of wealth,
to invest. This would function similarly
to stock trading, where buyers
could purchase AED 500 worth of
a property and trade it like shares.
Tokenisation involves creating digital
tokens representing an asset’s value on
the blockchain. In July, Hong Kongbased
blockchain platform Mantra
was reportedly tokenizing AED 500M
of real estate assets from Dubai-based
MAG Group.
projects. Notable developments include
a prestigious project in Palm Jumeirah’s
West Crescent and the Fairmont Residences
Solara Tower in Downtown
Dubai, with a combined value of AED
8.20B. Ajay Bhatia, Founder and CEO,
expressed excitement about the future,
emphasising their commitment to innovation
and quality while delivering
exceptional value in the evolving real
estate sector.
ADGM, DMT Sign Deal to Streamline Al Reem Island
Real Estate
Abu Dhabi Global Market
(ADGM) and the Department
of Municipalities and Transport
(DMT) have signed an MoU to
streamline real estate services within
ADGM’s expanded jurisdiction. As
ADGM grows its presence on Al Reem
Island, this agreement forms a strategic
partnership to transfer real estate
responsibilities from DMT to ADGM.
It also aims to enhance the efficiency
of municipal services for residents and
businesses. The MoU defines both authorities’
roles and ensures collaboration
in urban planning, infrastructure,
and essential services. Hamad Sayah
Al Mazrouei, CEO of ADGM Registration
Authority, emphasised that this
partnership sets new benchmarks
for ADGM’s real estate sector while
contributing to Abu Dhabi’s growth.
Mubadala, Abu Dhabi’s sovereign
investor, and Aldar Properties
have partnered to manage and
develop assets worth AED 30B ($8.17B)
in the UAE capital. The 60-40 partnership,
with Aldar holding the majority,
will leverage Aldar’s expertise in asset
management and Mubadala’s land bank.
A key component of the deal is the creation
of a retail platform valued at AED
9B, which will include Aldar’s Yas Mall
and Mubadala’s Galleria Luxury Collection.
Additionally, the partnership will
establish a joint venture for AED 3B of
income-generating properties in Masdar
City, covering over 400,000 sqm of net
leasable area. These assets have a 95%
He highlighted the MoU’s role in delivering
efficient, high-quality services to
meet the community’s evolving needs.
Mubadala and Aldar Partner to Develop AED 30B
Real Estate Assets
occupancy rate and are part of the Masdar
City Green REIT, all certified LEED Gold
or Platinum, including three future assets.
Oct 2024 www.thefinanceworld.com 41

Fintech
Source: Ai generated
Unlocking Opportunities and Managing Risks for Middle Eastern Investors.
Investing in AI:
Opportunities and Risks
for Middle Eastern
Investors
Exploring AI opportunities in the Middle
East amidst market volatility and ethical
considerations.
Artificial Intelligence (AI) is reshaping
industries and markets globally, including
in the Middle East, where investments in
AI are rapidly increasing. Governments
and private sectors in the region are prioritizing
AI to drive economic diversification
and technological growth, with healthcare,
finance, and logistics emerging as key
areas of interest. Middle Eastern investors
have a unique opportunity to capitalize
on AI’s transformative potential, but they
must also navigate a complex landscape
marked by market volatility, regulatory
challenges, and ethical concerns. This
article explores the AI investment opportunities
available to Middle Eastern
investors and the associated risks that
must be managed for sustainable growth.
42 www.thefinanceworld.com Oct 2024

In healthcare, AI enhances patient
care, diagnostics, and personalized
treatment, with countries like the
UAE and Saudi Arabia leading the charge.
AI technologies are being integrated
into various aspects of healthcare, from
predictive analytics in disease prevention
to AI-powered robotics in surgical
procedures. Investments in AI-powered
healthcare solutions are growing, as
demonstrated by Mubadala Investment
Company’s investment in Recursion
Pharmaceuticals, which uses AI for drug
discovery. This trend indicates a robust
appetite for innovations that improve
medical imaging, predictive analytics,
and robotic-assisted surgery.
The adoption of AI in healthcare is
further fueled by the region’s strategic
health initiatives, such as Saudi Arabia’s
Vision 2030, which aims to improve
healthcare quality and accessibility.
AI-driven solutions like remote patient
monitoring and virtual health consultations
are gaining traction, offering
significant cost savings and improved
patient outcomes. Investors can benefit by
supporting local startups or international
firms developing AI-driven healthcare
solutions, such as diagnostic tools or
telemedicine platforms. By investing in
these technologies, investors not only
contribute to healthcare advancements
but also position themselves to benefit
from a market projected to grow rapidly
in the coming years.
Finance: AI-Driven Financial Innovations
The finance sector in the Middle East is
also undergoing significant transformation
through AI integration. AI technologies,
including robo-advisors, fraud detection
systems, and algorithmic trading
platforms, are increasingly prevalent,
enhancing efficiency and security in
financial services. Countries like Bahrain
and the UAE have developed thriving
fintech ecosystems that incorporate AI
in innovative solutions, such as AI-based
wealth management platforms and automated
customer service systems.
For example, Bahrain has emerged
as a regional fintech hub, leveraging AI
to enhance its financial services sector.
AI-driven innovations like predictive analytics
for credit scoring and AI-powered
chatbots for customer engagement are
setting new benchmarks in the industry.
With AI expected to contribute up to
$320 billion to the region’s economy
by 2030, investors have substantial opportunities
to support fintech startups
that leverage AI for automated trading,
improved credit scoring, and enhanced
customer service through chatbots and
personalized financial advice.
Moreover, as the Middle East aims to
become a global fintech leader, regulatory
bodies are actively supporting AI-driven
innovations by establishing sandboxes
and frameworks that encourage experimentation
and innovation. Investors
looking to tap into this market can gain
a competitive edge by aligning their portfolios
with emerging trends in AI-driven
financial services.
Logistics: Optimizing Supply Chains
with AI
Logistics is another sector ripe for AI
disruption in the Middle East, especially
given the region’s strategic position as a
global logistics hub. AI optimizes supply
chains, improves demand forecasting, and
enhances transportation management.
Companies such as DP World and Aramex
are utilizing AI to streamline operations
and reduce costs through predictive analytics
and automation. The integration
of AI in logistics is driving efficiencies
in inventory management, route optimization,
and warehouse automation,
significantly reducing operational costs
and improving delivery timelines.
Investments in autonomous vehicles,
drone delivery systems, and smart warehousing
solutions can further revolutionize
the logistics industry, presenting
lucrative opportunities for investors.
AI-driven solutions such as predictive
maintenance for fleets and automated
sorting systems are set to redefine the
logistics landscape, making the sector
more resilient and responsive to market
demands. As global trade continues to
expand, AI-powered logistics solutions
will play a pivotal role in meeting the
growing needs of the market, offering
attractive returns for investors.
Challenges of AI Investments in the
Middle East
Despite the potential, AI investments in
the Middle East come with inherent risks,
including market volatility and uncertain
returns. The AI market is still developing,
AI is not just the future
- it’s the heartbeat of
innovation driving the
Middle East’s investment
landscape.”
and rapid technological changes can
create significant fluctuations in market
dynamics. Investors need to be prepared
for volatility, as the adoption rates of AI
technologies can vary widely across sectors
and countries. High-growth startups,
while offering promising opportunities,
also present higher risks of failure, making
thorough due diligence and diversified
investment strategies essential.
Regulatory challenges are another
critical factor for AI investors in the
Middle East. The regulatory environment
is still evolving, with varying approaches
across countries. While the UAE has
proactively developed frameworks like
the UAE AI Strategy 2031 to promote
AI adoption, other countries are still in
the early stages of regulatory development.
This inconsistency can complicate
cross-border investments. Data privacy
also poses a significant concern; AI relies
heavily on large datasets, and breaches
or misuse can lead to substantial legal
liabilities. New data protection laws,
such as Saudi Arabia’s Personal Data
Protection Law (PDPL), are tightening
data governance, increasing compliance
costs for investors.
AI offers significant investment opportunities
for Middle Eastern investors
across sectors like healthcare, finance,
and logistics, driving the region’s economic
growth and digital transformation.
However, these opportunities come with
challenges, including market volatility,
regulatory hurdles, and ethical concerns.
A balanced approach that considers both
opportunities and risks is essential for
investors aiming to capitalize on AI’s
transformative potential. By staying informed,
conducting thorough research,
and adopting diversified strategies, Middle
Eastern investors can contribute to the
region’s technological advancement and
economic resilience.
Oct 2024 www.thefinanceworld.com 43

Fintech News
UAE: BKN301 Group Teams Up with Damen to Launch NFC Payment Feature
Damen, a prominent electronic
payment firm, has partnered
with BKN301 Group, a leading
London-based digital payments and
BaaS provider in the MENA region, to
enhance the ‘Damen Cash’ app with a
new NFC feature for gas bill payments.
This update was showcased at the
recent Seamless North Africa event,
underscoring the companies’ long
standing partnership and dedication to
innovation. The enhancement arrives
amidst a rapidly expanding fintech
market in the Middle East and Africa,
projected to reach a valuation of AED
175.5B by 2029, with a CAGR of 21.42%
from 2024 to 2029. Stiven Muccioli,
CEO of BKN301, expressed pride in
this development, emphasising the
commitment to advancing fintech services
and enhancing user experience
through efficient, personalised financial
solutions.
Oxford Business Group and Arab Fintech Forum
Partner for MENA Fintech Festival
Oxford Business Group (OBG)
has announced a strategic partnership
with the Arab Fintech
Forum for the upcoming MENA Fintech
Festival 2024, scheduled for December
3-5 at the Qatar National Convention
Centre in Doha. As the event’s research
partner, OBG will deliver critical
economic insights on Qatar’s digital
financial services through its annual
publication, The Report: Qatar 2025.
This collaboration aims to highlight
fintech’s importance in Qatar’s evolving
financial landscape, providing global
subscribers with data-driven insights
into emerging trends. The three-day
festival will feature diverse tracks, including
Investors’ Oasis for connecting
investors with fintech startups, Women
in Fintech to celebrate female leadership,
Startups Hive for showcasing
innovations, and Fintech Bookshelf
for exploring the latest fintech thought
leadership.
Apex Group Supports Phoenix Venture Partners’
MENA Expansion
Apex Group Limited has secured
a licence from the Abu Dhabi
Global Market (ADGM) for Phoenix
Venture Partners, as announced.
Phoenix Venture Partners Limited
(PVP) is a technology venture capital
firm focused on investing in disruptive
digital technologies. The ADGM licence
will enable PVP to leverage a robust
market infrastructure and scale its
operations within the MENA and GCC
regions. Apex Group will assist Phoenix
Ventures in establishing its Abu Dhabi
operations and provide corporate and
fund services for its upcoming fund
launch. Glyn Gibbs, Apex’s Regional
Head of Business Development for
MENA, expressed pride in supporting
Phoenix’s licence application, emphasising
the new opportunities this will
create. Steve Khayat, CEO of PVP,
called the licence acquisition a strategic
milestone to meet the rising demand
for innovative investment solutions.
Global Finance Leaders
to Convene at Abu Dhabi
Finance Week 2024
Abu Dhabi Finance Week (ADFW)
2024 will gather over 300 global
financial leaders, including CEOs
and chairs from 50 major financial institutions,
from 9 to 12 December 2024. Hosted
by Abu Dhabi Global Market (ADGM)
and under the patronage of His Highness
Sheikh Khaled bin Mohamed bin Zayed
Al Nahyan, the event promises a stellar
lineup of speakers. High-profile figures
such as Sergio Ermotti, Group CEO of
UBS; Bill Huffman, CEO of Nuveen; David
Hunt, President and CEO of PGIM; and
Ray Dalio, founder of Bridgewater, are
confirmed to participate. Additionally,
leaders from organisations like AXA
IM, General Atlantic, Emirates NBD, and
Investcorp will be present. Noteworthy
attendees include Sheikha Shamma bint
Sultan Bin Khalifa Al Nahyan and H.E.
Abdulla Bin Touq AlMarri, UAE Minister
of Economy.
44 www.thefinanceworld.com Oct 2024

24 Startups Join Qatar’s
Digital Assets Lab
Initiative
The Qatar Financial Centre (QFC)
has launched the QFC Digital
Assets Lab, welcoming 24 participants
who have successfully passed
a rigorous screening process. This
cohort will receive extensive support
for developing, testing, and commercialising
their digital solutions and
services. Participants aim to create
transformative solutions tailored to
various use cases across multiple
industries. By utilising distributed
ledger technology, these innovators
intend to tackle industry challenges
and foster digital transformation within
their sectors. Notable entrants among
the 24 successful candidates include
ALT Realtech, Bladelabs, Polygon, and
Partior, highlighting the diverse talent
and innovative potential represented
in this initiative. This lab is poised to
drive forward Qatar’s ambitions in the
digital asset landscape, enhancing the
overall fintech ecosystem.
Blockchain and Digital Banking Drive Fintech
Trends in Saudi Arabia
Saudi Arabia’s financial sector,
historically dependent on cash
due to limited digital payment
infrastructure and cultural preferences,
has experienced a significant transformation.
The rollout of the Fintech
Strategy, along with recent government
and regulatory initiatives and the influx
of local and global payment providers,
has spurred notable progress and innovation.
Additionally, increased venture
capital investment has strengthened the
domestic fintech landscape. A recent
KPMG report examines the evolution
of fintech in Saudi Arabia, revealing
that the number of fintech companies
has surged from just 60 in 2020 to 226
in 2024. The report projects that this
figure could rise to 525 by 2030, showcasing
the rapid growth and emerging
trends in the sector as it adapts to a
more digital economy.
Revolut Secures Mubadala Funding, Aims for Gulf
Expansion
Abu Dhabi’s sovereign wealth
fund, Mubadala, has made its
inaugural investment in global
neobank Revolut as part of a share
sale that valued the company at $45B.
The transaction, reported to have
occurred in August, involved the
sale of US$500 million in shares by
Revolut employees. Mubadala joined
other prominent investors, including
Coatue, D1 Capital Partners, and Tiger
Global, in this deal. Although the exact
size of Mubadala’s investment has not
been disclosed, Revolut’s founder and
CEO, Nik Storonsky, reportedly sold
between $200M and $300M of his own
shares, constituting about half of the
total sale. The proceeds are expected
to support his venture capital firm,
QuantumLight, focusing on AI-driven
investments. Concurrently, Revolut is
preparing for further expansion in the
Gulf region.
Crypto.com Secures
License Approval to
Operate in Bahrain
Crypto.com has received full approval
from the Central Bank of
Bahrain to provide payment service
provider (PSP) services through
its subsidiary, “FORIS GFS BH B.S.C.
CLOSED.” This regulatory milestone
allows the company to enhance its
offerings of e-money and fiat-based
payment services, including the launch
of its popular prepaid cards. Bahrain
has established itself as a pioneering
hub for digital asset regulation within
the Gulf Cooperation Council (GCC),
being one of the first to issue crypto-asset
licences in the region. Bahrain
EDB, the island nation’s investment
promotion agency, collaborates with
clients to provide key services such as
industry assessments and strategic advisory,
aimed at attracting investments.
This announcement follows Crypto.
com’s global licensing momentum,
which includes a Virtual Asset Service
Provider Licence from Dubai’s VARA
and the launch of its Exchange for
institutional investors in April 2024.
Oct 2024 www.thefinanceworld.com 45

Interview
Dr. Ibtesam AlBastaki is a highly
respected professional in the
healthcare sector, recognised
for her dual expertise in clinical practice
and organisational leadership.
With over ten years of direct patient
care experience and more than fifteen
years in senior management positions,
she currently serves as the Director of
Investment and Public-Private Partnerships
(PPP) at the Dubai Health
Authority. In this strategic role, Dr.
AlBastaki plays a key part in facilitating
innovative healthcare projects and
enhancing foreign direct investments,
including successful PPP ventures in
dialysis and rehabilitation. Her forward-thinking
approach focuses on
harnessing emerging technologies
particularly in mental health, demonstrating
her unwavering commitment
to advancing healthcare services in
the UAE.
Shaping the Future of
Healthcare: The Role of Public-
Private Partnerships
Dr. Ibtesam AlBastaki discusses the significance of PPPs in healthcare,
emphasising collaboration for innovation and growth.
46 www.thefinanceworld.com Oct 2024

Exclusive to Finance World Magazine
Q. What are your current projects
and key focus areas?
I wear two hats in my current role.
The first involves attracting foreign
direct investment to Dubai’s healthcare
sector. I work closely with companies,
innovations, and start-ups to bring the
best healthcare products and services
to Dubai. I also focus on facilitating
these investments by coordinating with
various stakeholders. My second focus
is on managing PPP projects. So far,
I’ve completed two successful projects,
one in dialysis and the other in
rehabilitation. We are now working on
a digital healthcare project that will
allow us to partner with stakeholders,
provided the project proves feasible
and offers value for money.
Q. How is the UAE facilitating
smoother collaborations between
public and private sectors to ensure
successful partnerships?
The UAE has been a frontrunner in
developing laws that promote collaboration
between the public and private
sectors. In 2015, Dubai introduced the
PPP Law (Law No. 22), which acts as
a framework for such collaborations.
This law helps create a bridge between
the two sectors by offering the private
sector more opportunities to participate
in tenders and projects. One of
the key aspects of PPPs is the shared
risk between public and private entities,
which leads to better outcomes
and ensures positive key performance
indicators (KPIs). By filling the gaps in
various sectors, including healthcare,
the law facilitates smoother and more
productive collaborations.
Q. What new opportunities for PPPs
are emerging in the MENA region,
particularly in 2024?
The MENA region still presents many
opportunities for infrastructure
PPPs, particularly in areas where we
need to design, build, finance, facility
management, and eventually transfer
facilities back to the public sector.
However, I believe the future of PPPs
lies in digital and innovation-driven
fields. Emerging technologies such
as AI, telemedicine, and digital health
solutions will play a significant role
in shaping healthcare. The public and
private sectors must work together to
introduce new guidelines and standards
to regulate these areas.
Q. What are the key areas of focus
for healthcare investment in Dubai
over the next five years?
One area that stands out is mental
health. Mental health issues are expected
to rise significantly by 2030, and much
work needs to be done now to address
this challenge. While the government is
actively building policies, the private
sector must step up, whether through
partnerships or standalone initiatives
supported by financial coverage, such
as insurance schemes. Additionally,
cardiovascular diseases and oncology
remain major causes of death, which
highlights the need for ongoing investment
in these areas. Dubai’s growing
population also requires investments
in mother and child healthcare facilities,
as these will become increasingly
important in the coming years.
Q. What role does emerging technologies
like AI and telemedicine
play in shaping future of healthcare
investments?
Well, Teleconsultation and AI technology
were in development before
COVID-19, which accelerated their
adoption. These technologies will play
a major role in future healthcare, potentially
bringing services directly to
patients. Subsequently, we must focus
on screening programs and preventive
care, which can reduce costs and improve
population health and longevity.
Additionally, integrating AI into diagnostics
and treatment planning can
enhance accuracy, reduce human error,
and offer personalized care tailored
to individual patients. The healthcare
industry must also prioritize training
healthcare professionals in these technologies
to ensure smooth transitions
and maximize their impact on overall
patient outcomes.
Q. How is the Dubai Health Authority
encouraging private sector participation
in healthcare developments?
At the Dubai Health Authority, we engage
in comprehensive capacity planning.
We collaborate with other government
stakeholders and look at urban planning
projections, such as Dubai’s anticipated
population growth of 5 to 6 million by
2040. Based on these projections, we
work to accelerate the development
of essential social infrastructure. The
government alone cannot meet these
growing demands, so collaboration
with the private sector is crucial. According
to our investment guide, 80%
of Dubai’s inpatient and outpatient
services are currently managed by the
private sector, with the remaining 20%
handled by the public sector.
Q. What advice would you like to
give to our readers?
Health should be taken very seriously
as it is fundamental to all aspects of life.
Without good health, productivity suffers.
Health encompasses both physical and
mental well-being. Individuals should
prioritize health screenings, maintain
proper diets, and avoid triggers that
may negatively impact their health.
For organizations and society, the focus
should be on prevention projects,
addressing population health needs,
and working to reduce mortality and
morbidity rates. This requires close
collaboration with communities and
stakeholders from both public and
private sectors.
Oct 2024 www.thefinanceworld.com 47

Healthcare News
Abu Dhabi Stem Cells
Center and Burjeel
Expand Transplant
Services
Abu Dhabi Stem Cells Center
(ADSCC) has partnered with
Burjeel Holdings to enhance
bone marrow transplant and cellular
therapy services at Burjeel Medical
City (BMC). This collaboration seeks
to improve access to cutting-edge
treatments for patients suffering from
blood cancers, genetic disorders,
and autoimmune diseases. As part of
the initiative, ADSCC will extend its
accredited Abu Dhabi Bone Marrow
Transplant Programme (AD-BMT) to
BMC, which is recognised by the Department
of Health – Abu Dhabi and
the Foundation for the Accreditation
of Cellular Therapy. John Sunil, CEO
of Burjeel Holdings, expressed that
the partnership marks a significant
advancement towards establishing a
world-class bone marrow transplant
programme focused on innovation and
superior patient outcomes. Since 2020,
ADSCC has completed over 120 bone
marrow transplants and conducted
various clinical trials.
Aster DM Healthcare to
Invest Heavily in Saudi
Hospitals and Medical
Centres
Aster DM Healthcare Ltd.’s Gulf
division is eyeing acquisitions
worth up to AED 918M to expand
its presence in Saudi Arabia. Managing
Director Alisha Moopen indicated that
these deals, focused on medical centres
and hospitals, could be finalised within
the next three to five years. Aster aims
to establish over 1,000 hospital beds,
180 pharmacies, and more than 20
medical centres in the Kingdom during
this period, building on its existing operations,
which include one hospital in
Riyadh and plans for approximately 20
pharmacies soon. Following a majority
stake sale of its Gulf business for AED
3.67B last year, Aster completed the
spinoff of this unit in April. Moopen
noted this is an opportune time for
growth before considering a public
listing in the coming years.
Burjeel Partners with Axiom Space for Space
Research Initiatives
UAE health service provider
Burjeel Holdings has entered a
partnership with Houston-based
Axiom Space to conduct scientific
research and test new technologies in
space, marking the start of a long-term
collaboration to enhance access to microgravity
for medical advancements.
A Memorandum of Understanding was
signed at the Burjeel Institute for Global
Health in New York, with attendance
from Dr Shamsheer Vayalil, Founder
and Chairman of Burjeel Holdings,
and John Sunil, CEO of Axiom Space.
The partnership aims to send a suite
of medical technologies to space to
investigate how microgravity affects
the human body, including relevant
biomarkers and drug quality. Axiom
Space astronauts will operate these
technologies during their training and
Axiom Mission 4, scheduled for next
spring. Dr Lucie Low, Axiom’s Chief
Scientist, emphasised the significance
of this collaboration for global medical
research in space.
Saudi-Backed Health Fund Invests $10M in
Human Longevity to Extend Lifespan
Saudi-backed TVM Capital Healthcare
has invested $10M in San
Francisco-based Human Longevity
Inc. (HLI), part of a larger $40M
funding round aimed at supporting
the company’s growth in the US and
expanding into Saudi Arabia and Southeast
Asia. HLI is a pioneer in precision
medicine, focusing on longevity and
striving to extend human life beyond
100 years. Founded by Dr. J. Craig
Venter, HLI aims to revolutionise health
through the democratisation of genomics,
targeting avoidable diseases
to promote healthier living. The company
is renowned for its expertise in
genomics and precision medicine,
supported by a comprehensive longitudinal
patient dataset. HLI also
offers proprietary tools for detecting
gene-disease associations, including
an AI-driven health risk platform that
enables pre-symptomatic diagnosis and
personalised treatment plans.
Dubai Aims to Boost Medical Tourism Sector
Following $628M Revenue Surge
Dubai is strategically focusing on
expanding its medical tourism
sector, having reported indirect
revenues of over AED 628M last year.
To strengthen its position in the global
market, the Dubai Health Authority
(DHA) and the Dubai Department of
Economy and Tourism (DET) have
entered into a Memorandum of Understanding
(MoU). This collaboration
seeks to establish Dubai as a top
destination for healthcare services,
quality of life, and overall well-being.
The MoU was signed by Helal Saeed
Almarri, Director General of DET, and
Awadh Seghayer Al Ketbi, Director
General of DHA, in the presence of key
officials and industry experts. According
to a recent report from the DHA,
2023 has seen remarkable growth in
medical tourism, with a notable rise in
international patients and healthcare
expenditure.
48 www.thefinanceworld.com Oct 2024

UAE DoH Unveils New ABA Guidelines for Autism Care
The Department of Health – Abu
Dhabi (DoH) has released new
Applied Behavioural Analysis
(ABA) Guidelines for Autism Spectrum
Disorder (ASD), part of the Emirate’s
commitment to enhancing care
for People of Determination (PoD).
These guidelines support Abu Dhabi’s
Comprehensive Strategy for People of
Determination 2020-2024, which aims
to transform the understanding of disabilities
from a medical model to one
focused on societal and rights-based
perspectives. ABA is a research-backed
behavioural therapy aimed at increasing
positive behaviours while reducing
negative ones. The new guidelines
aim to standardise ASD care, integrating
evidence-based practices with
international standards, and fostering
collaboration among healthcare and
education professionals. This initiative
is centred on children and their
families, improving access to ABA
therapy and promoting holistic care
for ASD patients.
Dubai Unveils Major New Healthcare Regulations
Dubai has introduced new regulations
governing healthcare
within the emirate, aimed at
enhancing oversight and compliance.
Under Executive Council Resolution
No. (49) of 2024, healthcare establishments
will be licensed for renewable
periods of one year, with the authority
to close facilities or suspend professionals
for guideline violations. Issued
by Sheikh Hamdan bin Mohammed bin
Rashid Al Maktoum, Crown Prince of
Dubai, the resolution encompasses all
entities providing healthcare services,
including those in special development
zones, free zones, and the Dubai International
Financial Centre. It applies to
all healthcare professionals practising
within Dubai, though staff in federal
government entities and their affiliated
institutions are exempt from these
new rules, ensuring a comprehensive
approach to healthcare regulation
across the emirate.
M42 and UAE Ministry of Defence Partner to Run
Zayed Military Hospital
M42, a global health technology
company, has partnered with
the UAE’s Ministry of Defence
to manage Zayed Military Hospital
in Al Batayeh, Sharjah, enhancing
healthcare access for over three
million residents in the northern regions.
This partnership was solidified
through an investment agreement
signed by Major General Dr. Aysha
Sultan Aldhaheri, Executive Director
of the Military Health Executive Directorate,
and Hasan Jasem Al Nowais,
Managing Director and Group CEO of
M42. Dr. Aldhaheri expressed enthusiasm
for this unique military-civilian
collaboration, emphasising its aim to
provide top-notch medical services
to servicemen, their families, and the
wider community. The partnership will
focus on delivering comprehensive
clinical services, integrating offerings
from M42’s network, including the Imperial
College London Diabetes Centre
and Cleveland Clinic Abu Dhabi, thereby
enhancing specialised medical care
in the region.
Johns Hopkins Aramco
Healthcare Collaborates
with TruDoc Healthcare
Johns Hopkins Aramco Healthcare
(JHAH) has partnered with TruDoc
Healthcare to enhance patient care
through the expansion of the Care Anywhere
programme. This collaboration
merges TruDoc’s expertise in Hospital
at Home and Telehealth services with
JHAH’s commitment to medical excellence,
marking a significant milestone
in patient-centric healthcare within the
Kingdom. The initiative introduces a
revolutionary approach to healthcare
delivery, providing integrated digital
consultations and at-home medical
services. Dr. Michael Walsh, CEO of
JHAH, emphasised that this marks
a pivotal moment in their mission to
personalise healthcare, facilitating
continuous access to care while eliminating
barriers like travel and wait
times. TruDoc brings over a decade
of experience in the UAE, offering
advanced telehealth and remote patient
monitoring through a doctor-led
Command Centre, ensuring high-quality
healthcare from home.
Oct 2024 www.thefinanceworld.com 49

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Huawei Mate XT
Huawei has introduced the Mate XT,
one of the most ambitious devices
in recent memory, featuring a trifold
design and a 10-inch folding screen
that merges smartphone functionality
with the utility of a tablet. This innovative
device represents a significant leap
in foldable technology, with a design that
immediately grabs attention.
One of the standout features of the Mate
XT is its impressive thinness. When fully
unfolded, the device measures just 3.6mm,
making it one of the slimmest foldables
available. Even when folded, it remains
relatively compact at 12.8mm thick, only
slightly thicker than the Samsung Galaxy Z
Fold6’s 12.1mm. Despite the cutting-edge
design, the Mate XT maintains a sleek
profile that feels modern and refined.
The Mate XT offers three distinct screen
configurations: a 6.4-inch display when
folded, a 7.9-inch dual-pane screen when
one side is unlatched, and a fully unfolded
10.2-inch display. The screen itself is an
LTPO OLED panel with a 3,184 x 2,232
resolution, a 90Hz refresh rate, and a
16:11 aspect ratio. This display is ideal
for content consumption, offering a vivid
and bright visual experience. However, a
visible screen crease along the dual hinges
detracts from the otherwise excellent
display quality.
The Mate XT’s screen versatility is
highlighted by its ability to switch seamlessly
between different sizes, making it
well-suited for various tasks. For media
consumption, the device can be propped
up using its bundled case with a kickstand,
transforming it into a portable monitor.
Huawei has optimized many Chinese
apps, like Douyin, for the tri-fold screen
design, allowing them to scale smoothly
across all screen sizes. The keyboard is
also split ergonomically in the unfolded
states, making typing more comfortable.
Built from three distinct parts with two
hinge mechanisms, the Mate XT feels
solid and premium. The metal frame
and textured faux leather back give the
device a high-end feel, while the hinges
allow the screen to fold at various angles.
However, its size and weight—just under
300 grams—make it cumbersome for
one-handed use. The weight distribution
is also slightly uneven, with the camera
segment being heavier than the rest, which
can make the device feel top-heavy.
Durability is a concern, as the screen
remains exposed even when folded, and
the right side of the panel protrudes above
the frame. Additionally, the Mate XT lacks
an IP rating, meaning there is no official
protection against water or dust.
In terms of camera capabilities, the Mate
XT features a 50MP main camera with a
variable aperture from f/1.4 to f/4.0, carried
over from Huawei’s Pura 70 Pro, alongside
a 12MP periscope lens with 5.5x optical
zoom, and a 12MP ultrawide lens. These
cameras cover all the key focal lengths
typically found in flagship smartphones.
The Mate XT is powered by Huawei’s
Kirin 9010 chipset, with 16GB of RAM
and a massive 1TB of internal storage.
Initial impressions suggest smooth performance,
though it remains to be seen
how it handles more intensive tasks.
The device also comes with a 5,600 mAh
battery, supporting 66W wired and 50W
wireless charging, though the ability to
sustain the large display over time will
be a critical factor to watch.
Source: consumer.huawei.com
Oct 2024 www.thefinanceworld.com 51

Banking
Source: Ai generated
Linoy Kidd discusses maintaining human connection amidst advancing technology.
AI and the Future of
Banking: Balancing
Innovation with the
Human Touch
Exploring the essential balance
between AI innovation and personal
interaction in banking.
The rise of artificial intelligence (AI) is
transforming banking operations, making
it essential to strike a balance between
technological progress and human interaction.
Linoy Kidd, CIO Markets & Securities
Services MENAT at HSBC has been
instrumental in guiding the bank’s digital
transformation, drawing on nearly 20 years
of experience in the financial industry.
Her forward-thinking leadership focuses
on strategically utilising AI to enhance
operational efficiencies while safeguarding
the personal relationships that define
exceptional banking. In this article we
will explore her insightful perspective that
highlights the urgent need to seamlessly
combine cutting-edge technology with the
distinct advantages of human engagement
in today’s fast-evolving banking landscape.
52 www.thefinanceworld.com Oct 2024

The rapid advancement of artificial
intelligence (AI) has transformed
numerous industries and banking is
no exception. AI’s capability to streamline
processes, enhance customer service,
and personalise financial offerings has
established it as an indispensable tool
for contemporary banks. Linoy Kidd, in
a recent interview, emphasised that “AI
is shaping the way we do things,” highlighting
its significant impact on aspects
such as straight-through processing (STP)
and robotics. These innovations extend
beyond mere efficiency; they empower
banks to provide customers with quicker,
more tailored services while improving
internal workflows.
However, as AI continues to take
centre stage, a crucial conversation is
unfolding within the banking sector
regarding the preservation of personal
connections with customers. Automation,
while advantageous for operational efficiency,
cannot supplant the importance
of human interaction. Kidd pointed out
that although AI can analyse vast datasets
and automate routine tasks, “We need to
get the balance right.” This equilibrium
is essential to ensure that banks retain
the trust and loyalty of customers who
still value personal interactions over
entirely digital experiences.
Balancing AI Integration with Human
Interaction
The potential for AI to tailor banking
services is vast. By analysing customer
data, banks can offer bespoke financial
advice that enhances satisfaction and
loyalty. Yet, Kidd cautions against over-dependence
on automation. As AI-driven
solutions become more embedded in
banking services, the preservation of
the ‘human touch’ remains vital. While
customers appreciate the convenience of
AI, many still seek reassurance through
personal contact, particularly when making
complex financial decisions.
Achieving this balance demands a
strategic approach, one that Kidd advocates
strongly. She suggests that banks
embrace a user-centric development
model, engaging customers throughout
the design process to ensure that technological
advancements align with their
needs. “Always ask the end user,” she
advised, emphasising the significance
of integrating feedback and maintaining
agility in technological progress.
Despite the increasing prevalence of
AI, Kidd insists that human interaction
is indispensable to the customer experience.
While tools like chatbots and
virtual assistants provide convenience,
they often fail to address customer
concerns comprehensively. Ensuring
that banking services retain a personal
element, even in a predominantly digital
environment, is crucial for fostering trust
and cultivating long-term relationships.
Continuous dialogue between banks and
their customers can alleviate the risk
of alienation stemming from excessive
automation.
Linoy Kidd,
CIO Markets & Securities
Services MENAT at HSBC
Embracing the Future of Banking
with AI and Human Insight
Looking towards the future, Kidd expresses
optimism about AI’s role in
banking, yet she remains resolute in her
belief that human insight should never be
undervalued. “Anything is possible when
you bring people together,” she stated,
emphasising the need for collaboration
between technology and human capital.
By merging innovation with personal
engagement, financial institutions can
not only boost operational efficiency but
also forge more meaningful connections
with their clients.
The future landscape of banking will
undoubtedly be influenced by AI and
other advanced technologies. However, as
Kidd’s insights suggest, the challenge for
financial institutions lies in the integration
of these innovations while preserving
the human touch. Success hinges on a
balanced strategy that enhances efficiency
without sacrificing personal relationships.
Banks that successfully navigate
this balance will be well-positioned to
excel in an increasingly digital world,
providing a customer experience that is
both innovative and deeply personalised.
As the financial sector continues to
evolve, the implications of AI adoption
extend beyond immediate operational
benefits. Banks must carefully consider
the ethical ramifications of automation,
ensuring that the deployment of AI technologies
does not lead to unintended consequences,
such as data privacy concerns
or a lack of accountability. Establishing
robust governance frameworks around AI
implementation is essential to maintain
transparency and uphold customer trust.
Moreover, as financial services become
increasingly digitised, banks must invest`
in training their workforce. While AI can
handle many tasks, human employees
must possess the skills to manage and
interpret AI-generated insights. This
integration of human expertise and AI
capabilities will ultimately create a more
resilient banking environment.
The Competitive Impact of AI
Integration in Banking
The integration of AI in banking is also
reshaping the competitive landscape.
Banks that leverage AI effectively will
be able to differentiate themselves by
offering superior customer experiences,
which may lead to increased market
share. Consequently, traditional banks
face pressure to innovate or risk losing
customers to fintech companies that
are often more agile in adopting new
technologies.
In conclusion, while the trajectory of
banking will undoubtedly be influenced by
AI and other advanced technologies, the
challenge remains for financial institutions
to integrate these innovations without
sacrificing the human element. The insights
of Linoy Kidd serve as a reminder
that success will depend on a balanced
approach that prioritises both efficiency
and personal relationships. Those banks
that manage to strike this balance will
not only thrive in a digital world but will
also foster deeper connections with their
customers, ensuring long-term loyalty
and success in an evolving landscape.
Oct 2024 www.thefinanceworld.com 53

UAE Banking News
DIFC: Top Choice for
International Brokerages
in Dubai
The Dubai International Financial
Centre (DIFC) has solidified its
status as the preferred hub for
prestigious brokerage firms in the
UAE, now hosting 70 firms. In 2023,
the Dubai Financial Services Authority
(DFSA) authorised 12 new brokerages,
reflecting the robust demand and
opportunities for brokers, particularly
from the MEASA region, Europe, the
UK, and the US. Notably, five of these
firms are among the top ten interdealer
brokers globally by volume, including
BGC Brokers L.P., GFI Securities
Limited, and Interactive Brokers.
These brokers offer trade execution
and broker-dealer services. Salmaan
Jaffery, Chief Business Development
Officer of DIFC Authority, highlighted
that the influx of firms reinforces
Dubai’s appeal as a global financial
services hub and DIFC’s commitment
to enhancing its standing in the international
financial market.
GCC Central Banks cut Interest Rates after US
Fed Reduction
The Gulf Cooperation Council
(GCC) central banks swiftly followed
the US Federal Reserve’s
lead in reducing interest rates. The
Fed cut its benchmark rate by 50 basis
points to a range of 4.75% to 5%, following
11 rate hikes in just 16 months.
This move marks the beginning of
what is expected to be a series of cuts
stretching into 2025. In line with this,
the UAE Central Bank reduced its
base rate for the Overnight Deposit
Facility by 50 basis points to 4.90%,
while maintaining its borrowing rates.
Saudi Arabia also reduced its repo rate
to 5.50% and reverse repo to 5%. Qatar
made a slightly larger cut, reducing
rates by 55 basis points. Bahrain followed
suit, decreasing its overnight
deposit rate to 5.50%, effective from
19th September 2024.
UAE Banking Sector’s Liquid Assets Exceed
$218B: CBUAE
By the end of Q2 2024, the UAE
banking sector’s liquid assets
reached AED 801.52B, marking
a 20.2% increase year-on-year, according
to the Central Bank of the UAE.
This figure rose from AED 666.6B
in the same quarter of the previous
year. Quarter-on-quarter, liquid assets
increased by 2%, or AED 14.9B, from
AED 786.6B at the end of Q1 2024.
Liquid assets now constitute 18.9% of
the sector’s total assets, which stand
at AED 4.2T as of June. This growth
highlights the resilience of the UAE
banking sector amid global challenges,
supported by the CBUAE’s record
increases in assets, credit, deposits,
and investments while maintaining
strong capital efficiency and reserves.
DP World Partners with Nedbank for Supply Chain Finance Solutions
DP World Trade Finance and
Nedbank Corporate and Investment
Bank have formed a
partnership to improve working capital
access for businesses in sub-Saharan
Africa. This collaboration will provide
supply chain finance for DP World’s
regional suppliers through a newly
implemented programme, allowing
them to receive early payments on
approved receivables. The initiative
aims to alleviate the working capital
challenges faced by suppliers, offering
a more cost-effective financing option
than traditional solutions. Additionally,
a risk-sharing agreement between the
two companies will facilitate shared
risk in mutually beneficial transactions,
enhancing overall credit availability
for clients. This partnership is
set to strengthen the financial landscape
for businesses operating in the
region.
54 www.thefinanceworld.com Oct 2024

Bank Investments in Monetary Bills, Islamic CDs reach AED 62B by Q2 2024
At the end of Q2 2024, banks’
investments in monetary bills
and Islamic certificates of deposit
(CD) rose to AED 226.9B, marking a 10.3%
increase from AED 205.7B in the same
period last year, according to the Central
Bank of the UAE (CBUAE). Investments
in Shariah-compliant CDs reached AED
43.9B. The Central Bank’s foreign assets
also grew by 5.3% quarter-on-quarter,
totalling AED 770.6B, driven by a 9.1%
increase in current account balances
and deposits abroad, alongside a 1.0%
rise in other foreign assets. Year-on-year,
these foreign assets surged by 30.1%.
Additionally, total capital and reserves
for UAE banks rose by 3.9% to AED
495.2B, maintaining a capital adequacy
ratio of 18.3%, well above the regulatory
minimum.
UAE Banks’ Net
Reserves Rise 8.1% in
H1 2024
The UAE’s banking sector
experienced an 8.1 percent growth
in net international reserves during
the first half of 2024, amounting to an
increase of AED 92.3B. By the end of
June 2024, these reserves totalled AED
1.238T, compared to AED 1.145T at
the same point last year. The Central
Bank of the UAE played a major role,
contributing AED 769.7B, marking a
14.3 percent rise from AED 673.42B at
the close of 2023. Banks operating in the
country accounted for AED 468.13B of
the total reserves by June. Additionally,
the Central Bank’s gold reserves grew by
22.1 percent year-on-year, reaching AED
20.467B, an increase of AED 3.7B from
AED 16.768B in June 2023. Gold reserves
also rose by 12.8 percent during H1 2024.
The Central Bank’s diversified assets
include gold, liquid funds, certificates
of deposit, and securities, reflecting a
robust financial strategy.
AMF Official Praises Qatar’s Banking Sector
Qatar’s banking sector ranks
highly among Arab countries
in terms of capital adequacy,
with a ratio of 19.2%, showcasing its
resilience, according to Dr. Fahad bin
Mohammed Al Turki, Director General
of the Arab Monetary Fund. Speaking
at the Arab Banking Conference 2024,
Al Turki commended Qatar’s banking
sector, which accounts for 11.9% of
Arab banking assets, ranking third in
the region. He emphasised the need
Emirates Development Bank
(EDB) reaffirmed its role as a
financial catalyst for economic
and industrial growth in the UAE at
the Sharjah Investment Forum (SIF
2024), organised by the Sharjah FDI
Office. Since launching its strategy
in April 2021, EDB has allocated
over AED 12B in financing, with AED
954M directly benefiting Sharjah and
contributing AED 442M to the emirate’s
GDP. At the forum, CEO His
for banking institutions to innovate
by offering financial products that
support investments in sustainable infrastructure,
clean energy, and projects
with social and environmental goals.
Furthermore, he highlighted the importance
of integrating sustainability
standards into lending and investment
operations. Al Turki noted that Arab
banks’ capital adequacy averaged
17.4% last year, exceeding the international
target of 10.5%.
Emirates Development Bank Commits to Sharjah’s
Growth at SIF 2024
Excellency Ahmed Mohamed Al Naqbi
praised Sharjah’s potential for innovation
and sustainable growth. He
stressed EDB’s commitment to fostering
a diversified economy through
flexible financing solutions and strategic
partnerships. During a panel
on “Building Smart Economies,” Al
Naqbi also highlighted EDB’s AI Wave
Program, showcasing the bank’s dedication
to utilising AI for innovative
financing approaches.
Oct 2024 www.thefinanceworld.com 55

Digital Assets
Source: Ai generated
The MENA region is fast becoming a global leader in digital asset innovation.
A Web3 Giant awakening
– an Opportunity for
Innovation in the MENA
Digital Asset space
Experience the future of digital assets in
Dubai’s dynamic ecosystem.
Every other week, someone from Arts
DAO or myself connects with individuals
planning to move to Dubai or who have
already made the leap, eager and excited
to connect with the vibrant Web3 community
here. Over the past year Dubai
has seen a significant influx of people
relocating here. They often point out
that while their home countries may
have been on the cutting edge of digital
assets, Dubai is like nothing they have
experienced in terms of the thriving ecosystem
that exists here. The UAE’s appeal
is clear: favourable regulations, attractive
tax benefits, advanced infrastructure for
Web3 companies, and a lifestyle that is
second to none.
56 www.thefinanceworld.com Oct 2024

The Middle East and North Africa
(MENA) region has undergone a
remarkable transformation over
the past three years, with countries
strategically positioning themselves
as digital asset hubs. This strategic
pivot forms a crucial component of
their broader economic diversification
initiatives, moving beyond traditional
reliance on fossil fuels and tourism. The
implementation of progressive regulatory
frameworks and comprehensive national
blockchain strategies clearly demonstrates
the region’s unwavering commitment
to achieving global leadership in digital
asset innovation.
Several factors uniquely position the
MENA region for success in the digital
asset space. Let’s break down the key
ingredients for fostering digital asset
innovation.
1. Talent and Ideas
Innovation begins with great minds, and
the Middle East has made tremendous
strides in attracting top talent from around
the world. The influx of entrepreneurs,
developers, and investors into Dubai and
other key cities has sparked a wave of
creativity and new businesses registering
across the different emirates and free
zones. Looking ahead, the talent landscape
is poised for significant transformation
over the next 12-24 months. However,
the challenge of talent retention remains
significant, influenced by intense global
competition for skilled professionals and
the region’s relatively high cost of living.
Nevertheless, as the ecosystem matures,
these challenges are gradually being
addressed through various initiatives
and the natural evolution of the market.
2. A Maturing Ecosystem
Strong ecosystems that provide access
to capital, experienced advisors, and
government support are critical for
fostering innovation. The MENA region,
particularly the UAE, has seen the rise
of important initiatives like Hub71,
Brink, and the DIFC Innovation Hub,
all designed to nurture startups and
scale their ideas. The Dubai Web3 & AI
Campus within DIFC is another major
government initiative aimed at supporting
emerging technologies. While Dubai has
made great strides, the region is still in
the early stages of building the kind of
entrenched venture capital and advisory
networks that exist in Silicon Valley or
Singapore. However, it is not long before
Dubai overtakes these hubs as the Web3
& AI hub of the world.
3. Regulatory Environment
The region is making progress on harmonizing
rules across countries. Bahrain,
for example, has implemented advanced
frameworks for crypto, and the UAE continues
to refine its regulatory landscape
with the establishment of the Virtual
Asset Regulatory Authority (VARA) in
Dubai and comprehensive digital asset
regulations within RAK DAO and Abu
Dhabi Global Market. This coordinated
approach is proving instrumental in establishing
the region as a global leader
in the digital asset space while ensuring
robust oversight and investor protection.
Danosch Zahedi,
Co-Founder & Former CEO Arts DAO
4. Strong Communities
Communities are the lifeblood of innovation,
and we have seen some amazing
communities grow out of Dubai. Founders,
investors, and developers can connect
across multiple events on a weekly basis.
Arts DAO is one such example of a
community that has grown organically,
and there are many more great initiatives
like the Crypto Oasis and Tech Tuesdays
that support collaboration and networking.
These communities are critical in
enabling the exchange of ideas, forming
partnerships and further strengthening
the region’s ecosystem.
At Arts DAO, our mission
is to make Dubai a
global Web3 hub”
5. The Talent Challenge
While talent is pouring into cities like
Dubai and Riyadh, the region’s rapid
growth means that supply has often
struggled to keep up with demand.
However, this is changing. Every week,
we hear about someone looking to move
to the region as they realize the benefits
of being based in Dubai. As the Middle
East continues to develop its local talent
pool and as global interest in the region
grows, we can expect this challenge to
ease, though competition for talent will
remain fierce.
6. Tokenization of Real-World Assets
(RWAs)
One of the most promising applications of
blockchain technology in the MENA region
is the tokenization of real-world assets
(RWAs). The UAE is leading the way in
this space, with platforms like GetStake.
com allowing for fractional ownership
of property through tokenization. But
real estate is just the beginning. There
are enormous opportunities to tokenize
other assets such as commodities, luxury
goods, and even art. The MENA region
is particularly well-positioned to take
advantage of these trends. Tokenization
not only opens up new investment opportunities
but also democratizes access
to high-value assets.
Nonetheless, the opportunities in the
MENA region are vast. As regulation
matures and more talent flows into the
region, we will see an acceleration of
innovation and investment in digital assets.
At Arts DAO, our mission is to make
Dubai a global Web3 hub. After three
years of building, we feel like we’re only
just beginning to tap into the enormous
potential the MENA region holds. The
region is a sleeping Web3 giant, and we
believe we are at the right place at the
right time, the opportunities are endless.
Oct 2024 www.thefinanceworld.com 57

Wheels
214 mph
Max Speed
3.2 seconds
0-62 mph
5.2 Liter
Twin-turbo V-12 engine
58 www.thefinanceworld.com Oct 2024

The 2025 Aston Martin Vanquish
makes a bold return, sitting at the
pinnacle of the brand’s road car
lineup. Powered by a powerful 824-hp
twin-turbocharged V-12 engine, this luxury
sports coupe is built for both speed and
comfort. Aston Martin claims the Vanquish
can reach a top speed of 214 mph, making
it one of the fastest production cars from
the brand. Its design and engineering have
been carefully crafted to provide a balance
between high-performance driving
and long-distance cruising, a hallmark of
Aston Martin’s luxury lineup.
The Vanquish features rear-wheel drive,
paired with an eight-speed automatic transmission
and an electronically controlled
rear differential to deliver all that power
to the road effectively. An adaptive suspension
system allows the car to switch
effortlessly between high-performance
handling and a comfortable, smooth
ride, depending on driving conditions.
This combination makes the Vanquish
as versatile as it is powerful.
The exterior of the Vanquish is designed
to turn heads, even when parked. Its sleek
and aggressive styling is a testament to
Aston Martin’s expertise in combining
beauty with aerodynamic efficiency. Inside,
the Vanquish is a two-seater with
a luxurious, well-appointed cabin filled
with high-end materials. The digital gauge
cluster and infotainment system are displayed
on dual 10.3-inch screens, which
include wireless Apple CarPlay, in-dash
navigation, and onboard Wi-Fi for modern
connectivity.
Despite being an exotic sports car, the
Vanquish offers a generous amount of
cargo space by segment standards. Aston
Martin goes the extra mile, offering a
custom set of matching leather luggage
that fits perfectly in the trunk. This detail
further underscores the Vanquish’s
commitment to luxury and exclusivity.
Only 1000 units of the 2025 Vanquish
will be produced, ensuring that this model
remains rare and exclusive. Aston Martin
also plans to offer a Volante convertible
version during the production run for
those who prefer open-top driving. A single,
well-equipped model will be available,
though options such as a carbon-fiber
roof, carbon-fiber-backed seats, and a titanium
exhaust system will be offered.
Additionally, Aston Martin’s Q program
allows for further customization, offering
a range of colors and interior trims to
suit personal tastes.
The Vanquish’s performance is further
enhanced by standard carbon-ceramic
brakes and specially developed Pirelli P
Zero tires mounted on staggered 21-inch
wheels. With a claimed 0-to-62 mph time
of just 3.2 seconds and a 0-to-100 time
of 6.2 seconds, the Vanquish promises
exhilarating acceleration. It also features
a traction control system with eight levels
of intervention to manage the immense
power.
Fuel economy estimates for the Vanquish
haven’t been released yet, but given
the V-12 engine and its 800+ horsepower
output, efficiency likely won’t be its strong
suit. Real-world testing will provide a
clearer picture of its fuel consumption.
Oct 2024 www.thefinanceworld.com 59

Start-ups
Source: Ai generated
Key start-ups in AI, fintech, and green tech to watch for 2024 and beyond.
Emerging Middle East
Start-ups Shaping the
Future of Technology and
Innovation
These innovative start-ups from the Middle
East are disrupting industries and creating
sustainable solutions.
The Middle East is fast becoming a hub
for innovative start-ups across a variety
of sectors, from artificial intelligence (AI)
and fintech to agri-tech and green technology.
These ventures are not only solving
regional challenges but are also positioning
themselves as global players. With
ground-breaking solutions that address
issues like public safety, sustainable agriculture,
and digital asset security, Middle
Eastern start-ups are gaining international
attention. This article explores four promising
companies—AvidBeam, BitOasis,
Desert Control, and Grabingo—that are
revolutionising their industries and setting
new standards in technology and business
intelligence. These companies are
not only attracting investors but are also
fostering innovation that has the potential
to reshape industries on a global scale.
60 www.thefinanceworld.com Oct 2024

AvidBeam, is a leading AI start-up
that specialises in transforming
data streams into actionable
insights. By leveraging cutting-edge AI
technology, AvidBeam offers solutions
that enhance public safety, improve retail
business analytics, and ensure the safe
operation of autonomous vehicles.
One of its key innovations lies in the
ability to extract intelligent data from
video streams, a critical need in today’s
increasingly interconnected world.
AvidBeam’s solutions are particularly
relevant for smart cities, where security
and public safety are of utmost importance.
Its platform can analyse live video feeds
to detect potential threats or suspicious
behaviour, helping authorities respond
swiftly to incidents. Additionally, retailers
benefit from the company’s business
intelligence tools, which provide valuable
insights into customer behaviour, enabling
businesses to optimise operations and
increase profitability. AvidBeam also integrates
its AI technology into autonomous
vehicles, enhancing safety by improving
obstacle detection and decision-making
processes.
BitOasis, the second company, has made
significant strides as the Middle East’s
first digital asset wallet. As the region
embraces the rise of cryptocurrencies,
BitOasis offers a secure and user-friendly
platform for managing digital assets like
Bitcoin. One of the key features that set
BitOasis apart is its use of multi-signature
technology, which ensures enhanced security
for users. This technology requires
multiple approvals before a transaction
is completed, reducing the risk of fraud
or unauthorised access to funds.
As digital currencies become more
mainstream, BitOasis continues to build
trust in the fintech space by offering
secure solutions for both individual
users and businesses. The platform is
designed to cater to users at various levels
of experience, making it accessible for
beginners while also offering advanced
tools for experienced traders. BitOasis
has positioned itself as a leader in the
region’s cryptocurrency ecosystem, driving
the adoption of digital currencies with its
secure and reliable wallet service.One of
the key features that sets BitOasis apart
is its use of multi-signature technology,
which provides an extra layer of security
by requiring multiple approvals for every
transaction. This ensures that no single
individual has unilateral control over the
funds, significantly reducing the risk of
fraud or unauthorised access. This feature
is especially crucial for users holding
significant amounts of digital assets, as
it addresses one of the biggest concerns
in the cryptocurrency world—security.
Moreover, BitOasis goes beyond basic
security measures. The platform offers
cold storage options for users who want
to store their digital assets offline, further
safeguarding against hacking attempts.
By prioritising safety and transparency,
BitOasis has built a reputation as one of
the most trusted cryptocurrency wallets
in the region, earning the confidence of
both individual users and large institutional
investors.
Another standout start-up is Desert
Control, an agri-tech and green technology
company that addresses the pressing
issue of desertification. With its patented
Liquid NanoClay technology, Desert
Control has developed a groundbreaking
solution that transforms barren desert
land into fertile soil. The technology
works by mixing nanoparticles of clay
with water, which is then sprayed onto
sandy soil. This process allows the soil
to retain water and nutrients, making
it possible to grow crops in otherwise
inhospitable environments.
Desert Control’s innovation is particularly
valuable for the Middle East,
a region where water scarcity and land
degradation are significant challenges.
By reducing the need for irrigation and
improving soil fertility, Liquid NanoClay
offers a sustainable solution for agriculture
in arid regions. The technology has
far-reaching implications, not only for
the Middle East but also for other parts
of the world facing similar environmental
challenges. With the global focus
on sustainability and climate change
mitigation, Desert Control is poised to
make a lasting impact on the future of
agriculture.
Grabingo, the final start-up in this
line-up, focuses on revolutionising how
businesses manage customer loyalty
programmes. By creating a digital platform
that allows businesses to digitise
loyalty cards and consolidate them into
a single app, Grabingo is simplifying the
customer experience and streamlining
business operations. The platform is
particularly beneficial for small and medium-sized
enterprises (SMEs), offering
a cost-effective solution for managing
loyalty programmes without the need
for physical cards.
In addition to its loyalty card functionality,
Grabingo provides a suite of
business tools, including an easy-to-use
dashboard that enables business owners
to track customer engagement and analyse
data to inform decision-making. This
digital transformation helps businesses
reduce operational costs and improve
efficiency, all while providing customers
with a seamless experience. As more
businesses in the Middle East embrace
digital tools, Grabingo is well-positioned
to become a key player in the region’s
business ecosystem.
The Middle East is witnessing a surge
in start-up activity, with companies like
AvidBeam, BitOasis, Desert Control, and
Grabingo leading the charge. These ventures
are not only addressing regional challenges
but also making significant strides on the
global stage. Whether through AI-driven
public safety solutions, secure cryptocurrency
platforms, sustainable agricultural
technologies, or innovative business tools,
these start-ups are helping to shape the
future of technology and innovation. As
they continue to grow and evolve, they
are likely to become influential players
in their respective industries, further
solidifying the Middle East’s position
as a hotbed for entrepreneurial activity
and innovation.
Oct 2024 www.thefinanceworld.com 61

Opinion
Source: Supplied
they remain key players in the international
financial system.
Balancing Wealth
and Integrity:
The Evolving Role of Sovereign Wealth Funds
(SWFs) and Family Offices in Global Finance and
Crime Prevention.
Sovereign Wealth Funds (SWFs) and
Family Offices are powerful forces
in today’s financial world. They are
involved in managing wealth, shaping
economies, supporting financial stability,
and safeguarding wealth for future
generations. The government-owned
SWFs manage national wealth, while
Family Offices cater to the unique needs
of affluent families. As they expand into
sectors like technology and infrastructure,
balancing wealth creation with the
responsibility of preventing financial
crime becomes crucial.
Sohail Akbar
Senior Compliance Manager – UHY James
The Role of SWFs
SWFs act as large national savings accounts,
collecting surplus government
revenue and investing it for the future.
However, they don’t just hold wealth
but also function as financial safety nets
during challenging times, like oil price
drops or global recessions, helping to
stabilize economies when needed.
One of the main strengths of SWFs
is their ability to spread investments
across different industries and countries,
minimizing risk and strengthening global
partnerships. By diversifying investments,
Family Offices: Personalized Wealth
Management
Family Offices, unlike larger financial
institutions, tailor their approach to the
unique needs and goals of one or a few
affluent families. Therefore, they can offer
services that larger financial institutions
often don’t, such as privacy, control, and
customization. Their personalized nature
means that strategies can be carefully
crafted to align with the family’s values
and goals, giving them more control over
financial decisions.
Family Offices also play an important
role in philanthropy, helping families give
back to society by establishing charitable
foundations or supporting causes they
care about. This allows their legacy to
go beyond financial success, creating
positive social impact as well.
Risks and Challenges
Even with their many advantages, SWFs
and Family Offices are not immune
to financial crimes like fraud, money
laundering, and tax evasion. Their complex,
cross-border structures can make
them targets for illicit activities. SWFs,
especially, face risks when dealing with
Politically Exposed Persons (PEPs),
whose influence can lead to corruption
or misuse of funds.
Family Offices, although smaller, face
similar challenges, especially when operating
across different legal jurisdictions.
Managing Risks with Strong Compliance
SWFs and Family Offices use strong compliance
measures to counter these risks.
Anti-Money Laundering (AML) systems
and Know Your Customer (KYC) protocols
help detect suspicious activities early,
while regular audits and due diligence
ensure that everything remains ethical.
Balancing Growth and Integrity
Ultimately, SWFs and Family Offices
must balance growing wealth in line with
ethical responsibility. By maintaining
transparency and high standards, SWFs
can protect their assets, build trust,
and continue to be respected forces in
global finance.
Oct 2024 www.thefinanceworld.com 63

Corporate Results
Abu Dhabi Commercial
Bank
H1’24 Net Profit: AED 2.139B
Abu Dhabi Commercial Bank PJSC (AD-
CB) reported strong financial results
for Q1 and Q2 2024, maintaining robust
growth. In Q1, the bank achieved a pretax
net profit of AED 2.431 billion, a 26%
year-on-year increase, with a post-tax
profit of AED 2.139 billion and a return
on average tangible equity of 14.1%.
This growth was fueled by solid performance
across Corporate, Investment,
and Retail Banking, with net interest
income rising to AED 3.301 billion and
non-interest income increasing by 21%
to AED 1.285 billion. In Q2, pre-tax net
profit climbed 30% year-on-year to AED
2.593 billion, contributing to a total of
AED 5.023 billion for the first half of
2024, a 28% increase.
Rak Properties
H1’24 Net Profit: AED 41.45M
Rak Properties reported a lower net
profit after tax of AED 41.45M for the
first quarter (Q1) of 2024, a decrease from
AED 44.60M recorded in Q1-23. Despite
this decline in net profit, the company
experienced an increase in revenues,
which rose to AED 289.81M in Q1-24,
compared to AED 258.58M. Total assets
also saw an upward trend, hitting AED
6.68B as of 31 March 2024, an increase
from AED 6.45B at the end of December
2023. Notably, over the 12 months ending
31 December 2023, the ADX-listed firm
recorded a substantial annual rise in net
profit, reaching AED 201.81M compared
to AED 30.78M the prior year. In the second
quarter (Q2) of 2024, the company’s
profits jumped to AED 47.60M from AED
43.59M, while the revenues hiked to AED
320.56M from AED 253.05M. The EPS
reached AED 0.022 in Q2-24, compared
to AED 0.021 a year earlier.
Air Arabia
H1’24 Net Profit: AED 266M
Air Arabia reported robust first-quarter
results for 2024, demonstrating its
commitment to network expansion
and market leadership. The airline
recorded a net profit of AED 266M for
the three months ending 31 March, a
22 per cent decline from AED 342M
in the same period of 2023. Revenue
reached AED 1.54B, marking an 8 per
cent increase year-on-year. The carrier
served over 4.4 million passengers, a
13 per cent rise from the 3.9 million
transported in the first quarter of the
previous year while achieving a notable
average seat load factor of 85 per
cent. In Q2, Air Arabia recorded a 7%
decline in net profit. Net profit for the
quarter ending June 30, 2024, reached
AED 427M ($116.3M), lower than the
AED 459M posted a year earlier, the
Dubai-listed airline reported.
UAE: Al Ansari
H1’24 Net Profit: AED 205M
Al Ansari Financial Services PJSC reported
its financial results for the first
half of 2024, recording a net profit of
AED 205 million after tax. While the
group’s EBITDA stood at AED 136
million, reflecting an 8% year-on-year
decline, its performance remained
robust overall. The company’s money
transfer service, Worldwide Cash
Express, was a standout, with a remarkable
118% increase in third-party
customer transactions and an 81% rise
in transaction value, reaching $110
million. The group’s digital channels
also performed exceptionally well, with
a 24% year-on-year rise in transaction
volumes. For Q2 2024, the group’s
performance maintained this strong
momentum. Despite a challenging
market, its diversification and strategic
fee increases in key segments
supported growth. The digital channels
and money transfer services continued
to thrive, contributing significantly to
the company’s overall financial health​.
Abu Dhabi National
Insurance Company
H1’24 Net Profit: AED 205.2M
Abu Dhabi National Insurance Company
(ADNIC) has reported a 10%
year-on-year growth in profit before
tax, reaching AED 224.3M for the six
months ending 30th June 2024, with
a net profit of AED 205.2M. Total assets
grew by 41%, hitting AED10.9B,
compared to AED 7.7B in December
2023, while shareholders’ equity stood
at AED 3.2B. For the second quarter,
the company reported a net income
was AED 103.78 million compared to
AED 104.71 million a year ago. Sheikh
Mohamed bin Saif Al-Nahyan, Chairman
of ADNIC, praised the company’s
operational excellence and strategic
foresight. Insurance revenue surged
54% year-on-year to an all-time high
of AED 3.3B, compared to AED 2.1B
in 2023. Additionally, net insurance
service results increased by 15% to
AED 204.3M. These figures underscore
ADNIC’s continued strength and growth
within the regional insurance sector.
Emirates NBD
H1’24 Net Profit: AED 6.7B
Emirates NBD’s profit surged 67% to a
record AED 6.7B in Q1 2024, compared
to the previous quarter, and increased by
12% year-on-year. Regional expansion,
higher transaction volumes, low-cost
funding, and significant impaired loan
recoveries drove this growth. The
Group’s assets surpassed AED 900B,
with Retail lending having its strongest
quarter and Corporate lending securing
key regional deals. Branch numbers
in Saudi Arabia doubled to 18, and a
refreshed Egyptian franchise boosted
growth. The Group’s net interest margin
improved to 3.65% in the second quarter
of 2024 as DenizBank NIMs increased
on favourable loan pricing and stable
funding costs. The market-leading
deposit base grew by AED 26B, with a
remarkable AED 21B increase in lowcost
Current and Savings Accounts,
aided by customer campaigns and
digital banking.
64 www.thefinanceworld.com Oct 2024

United Arab Bank
H1’24 Net Profit: AED 68M
United Arab Bank PJSC (UAB) has
reported a net profit after tax of AED
68M for the first quarter of 2024, marking
a 25% increase from AED 55M in
the same period in 2023. Total income
rose by 33% year-on-year to AED 163M.
Sheikh Mohammed bin Faisal bin Sultan
Al Qassimi, Chairman of the Board,
expressed satisfaction noting the total
assets reached AED 17.9B. Net loans and
customer deposits grew by 2% and 4%,
respectively, while the non-performing
loan ratio improved to 4.8%. Profit after
taxes at AED 139M were higher by 15%
yoy. Net profit before taxes for Q2 2024
were AED 77M, up by 17% yoy and 3%
sequentially. EPS increased to AED 0.07
per share for the half-year period in 2024
as compared to AED 0.06 per share in
H1 2023.
EQUATE Group
H1’2024 Net Profit: $348M
The EQUATE Group, a leading petrochemicals
company based in Kuwait,
reported a net income of $348M after
tax for the first half of 2024, marking
a significant 291 per cent increase
from $89M in the same period of 2023.
Revenues for H1 2024 reached $1.86B,
compared to $1.52B in the previous year.
Despite ongoing market challenges,
including slow industry recovery, macroeconomic
uncertainties, and global
supply chain disruptions, EQUATE
demonstrated resilience in its performance.
Naser Aldousari, President
& CEO, emphasised the company’s
commitment to operational efficiency,
sustainability, and market growth.
Looking ahead, the group launched a
$750M, 7-year Sukuk in August 2024,
as part of its strategic efforts for the
second half of the year, reflecting its
focus on financial optimisation and
future growth.
ADNOC Logistics and Services
H1’24 Net Profit: AED 712M
ADNOC Logistics and Services plc
(ADNOC L&S) (ADX symbol ADNO-
CLS / ISIN AEE01268A239), a global
leader in energy maritime logistics,
has reported its Q1 2024 financial
results. The Company achieved a net
profit of $194M (AED 712M), a 34%
rise from the $145M (AED 533M) in
Q1 2023. Revenues grew 42% year-onyear
to $840M (AED 3,085M), while
EBITDA increased by 44% to $286M
(AED 1,050M). The strong performance
across all segments led the Company
to revise its guidance upwards. In
Q2 2024, AW Shipping, a strategic
joint venture between ADNOC L&S
and Wanhua Chemical Group, signed
shipbuilding contracts with Jiangnan
Shipyard in China priced at approximately
$1.9 billion (AED7 billion) in
aggregate, for the construction of nine
Very Large Ethane Carriers (VLECs),
priced at approximately $1.4 billion
(AED5.1 billion).
RAKBANK
H1’24 Net Profit: $156.2M
The National Bank of Ras Al Khaimah
(RAKBANK) has reported a remarkable
surge in net profits, reaching AED
574.19M during the first quarter (Q1) of
2024, a substantial increase from AED
450.32M recorded in the same period
the previous year. As per the consolidated
financial results, the ADX-listed
lender achieved an operating income
of AED 1.17B, reflecting a year-onyear
growth from AED 1.05B. Basic
and diluted earnings per share (EPS)
also improved, rising to AED 0.29 in
Q1 2024, up from AED 0.22 in Q1 2023.
In the first three months of 2024, total
assets grew to AED 78.58B, an increase
from AED 73.95B a year earlier, while
customer deposits climbed to AED
55.39B, compared to AED 50.39 B.
In the second quarter (Q2) of 2024,
the company’s profits jumped to AED
47.60M from AED 43.59M, while the
revenues hiked to AED 320.56M from
AED 253.05M. The EPS reached AED
0.022 in Q2-24, compared to AED 0.021
a year earlier.
Pure Health Holding
H1’24 Net Profit: AED 1B
Pure Health Holding announced an 8%
year-on-year (YoY) increase in net profit,
reaching AED 1B for the first half (H1)
of 2024. Revenue surged by 53% YoY
to AED 12.50B, driven primarily by an
83% rise in hospital revenues to AED
9.60B. Insurance revenues also saw a
significant increase of 15% YoY, totalling
AED 3.30B. Hamad Al Hammadi,
Chairman of Pure Health, emphasised
the company’s commitment to becoming
a leading UAE-based healthcare
provider with global ambitions. Group
CEO Shaista Asif remarked that the
solid foundation established in H1-24
positions the company well to leverage
emerging opportunities and enhance
shareholder value. Additionally, net
profit for Q1-24 rose dramatically to
AED 490.64M, up from AED 219.11M
in Q1-23.
AD Ports Group
H2’24 Net Profit: AED 439M
AD Ports Group reported a robust net
profit of AED 439M for Q2 2024, reflecting
a 42% year-on-year increase. The
net profit was AED 333M, up 16% from
the previous year. Revenue more than
doubled to AED 4.18B, driven by organic
growth across its Ports, Logistics, and
Digital Clusters, alongside the acquisitions
of Noatum and GFS. EBITDA
surged 56% year-on-year to AED 1.07B,
with an 8% increase on a like-for-like
basis, resulting in an EBITDA margin
of 25.6%. AD Ports Group announced
that its total net profit reached AED
439M in Q2 2024, an increase of 42%
Year-on-Year (YoY), while the net profit
after minorities reached AED 333M in
Q2 2024, an increase of 16% YoY. Captain
Mohamed Juma Al Shamisi, Managing
Director and Group CEO, emphasised
the positive impact of both strategic
acquisitions and organic growth.
Oct 2024 www.thefinanceworld.com 65

Sports as a Business
Source: Ai generated
Sports Sponsorship
Trends: How Middle
Eastern Brands are
Gaining Global Attention
Middle Eastern Brands: Redefining
Global Sports Sponsorship with Strategic
Partnerships and Visionary Investments.
Football, the world’s most popular sport,
offers unparalleled visibility, and Middle
Eastern brands are seizing the opportunity
by partnering with iconic clubs and major
sporting events. Brands like Emirates and
Qatar Airways have strategically aligned
with top football teams, such as Real Madrid
and Paris Saint-Germain, to elevate
their global presence. These sponsorships
extend beyond mere brand exposure; they
serve to reinforce the brands’ luxury positioning
and strengthen ties with millions
of passionate football fans worldwide.
This article explores how Middle Eastern
brands are dominating global sports
sponsorships across football, Formula
1, golf, tennis, and esports, leveraging
these partnerships to enhance their international
profiles.
66 www.thefinanceworld.com Oct 2024

Middle Eastern brands are making
significant strides in global
sports sponsorship, utilizing
high-profile partnerships to enhance their
visibility and connect with international
audiences. By aligning with leading sports
organizations and events, these brands
are strategically positioning themselves
on the global stage. This article explores
the varied approaches Middle Eastern
companies are taking across different
sports and highlights the impact of these
investments on their global presence.
Football: A Dominant Presence
Football is a key area where Middle
Eastern brands have established a dominant
presence. Emirates, a trailblazer
in sports sponsorship, has cultivated
long-term relationships with some of the
world’s most prestigious football clubs,
including Real Madrid, Arsenal, and AC
Milan. These collaborations are more
than just advertising; they are integral to
Emirates’ branding strategy. By placing
its logo on team jerseys, stadiums, and
digital platforms, Emirates effectively
amplifies its luxury image and taps into
football’s massive and passionate fanbase.
This strategic approach not only boosts
brand awareness but also fosters deeper
connections with fans around the world.
Similarly, Qatar Airways has heavily
invested in football sponsorships, securing
deals with top clubs such as Paris
Saint-Germain (PSG) and FC Bayern
Munich. These partnerships align with
Qatar’s broader vision of becoming a
global sports hub—a vision prominently
highlighted by its role as the host of the
2022 FIFA World Cup. By associating
with elite football clubs, Qatar Airways
enhances its global brand recognition
and underscores its commitment to
supporting high-profile sports events.
These sponsorships not only elevate the
airline’s status but also reinforce Qatar’s
emerging role as a major player in the
global sports arena.
Middle Eastern brands are also active
in sponsoring major football tournaments,
such as the AFC Asian Cup. This involvement
not only helps connect with local
audiences but also supports the growth
of the sport within the region.
Formula 1: Accelerating Brand Visibility
Formula 1 offers a dynamic platform for
Middle Eastern brands seeking global
recognition. The sport’s association with
speed, innovation, and luxury resonates
with the values of many Middle Eastern
companies. For instance, Saudi Aramco,
one of the world’s largest corporations,
became a major sponsor of Formula 1
in 2020. This partnership aligns with
Aramco’s strategy to enhance its global
brand presence and support sustainability
goals, as F1 increasingly emphasizes
energy innovation and environmental
stewardship.
Etihad Airways is another prominent
Middle Eastern sponsor, particularly
noted for its backing of the Abu Dhabi
Grand Prix, a flagship race on the F1
calendar. This sponsorship not only
boosts Etihad’s global visibility but
also supports Abu Dhabi’s aspiration to
position itself as a premier sports and
tourism destination. The event attracts
international attention, showcasing the
UAE as a hub for luxury and world-class
experiences, and reinforcing the nation’s
strategic vision on the global stage.
Golf and Tennis: Engaging Affluent
Audiences
In golf and tennis, Middle Eastern brands
are making notable strides, targeting
sports that attract affluent, high-networth
individuals. These sports offer
a platform for brands to engage with
a sophisticated audience that values
exclusivity and premium experiences.
Rolex, a luxury watch brand with strong
ties to the Middle East, sponsors major
tournaments such as the Dubai Desert
Classic and the Qatar Open. Although
Rolex is not a Middle Eastern brand,
its prominent presence in the region
underscores the interconnectedness of
luxury branding and regional sponsorship
landscapes.
Regional players like Dubai Duty-Free
are also active in tennis sponsorships,
notably backing the Dubai Tennis Championships.
These high-profile tournaments
attract top-ranked players and global
fans, providing Middle Eastern brands
with a prestigious platform to engage
with a discerning audience. By supporting
such events, these brands reinforce
their image as champions of excellence
and tradition.
Esports: Connecting with the Digital
Generation
Esports represents a rapidly growing sector
with a massive global following, making
it an attractive sponsorship opportunity
for Middle Eastern brands. The sector
appeals to a young, tech-savvy audience,
making it ideal for brands looking to
connect with the next generation. Saudi
Telecom Company (STC) has emerged
as a leader in this space, sponsoring
esports tournaments and teams across
the region. STC’s involvement in esports
reflects its broader strategy to embrace
digital transformation and engage with
younger audiences increasingly drawn
to digital entertainment.
The interactive nature of esports allows
brands to create deeper connections
with their target audiences. By investing
in esports, Middle Eastern companies
position themselves as innovative and in
tune with evolving consumer preferences,
tapping into the expanding esports
economy and leveraging its potential for
brand engagement.
Strategic Partnerships: Global Sports
Initiatives
Middle Eastern brands are not limiting
their influence to individual sponsorships;
they are also aligning with broader global
sports initiatives to bolster their international
profiles. For example, Expo 2020
Dubai’s partnership with Manchester City
highlighted Dubai as a world-class event
destination, showcasing the city’s capabilities
in hosting large-scale, innovative
events. This partnership was instrumental
in promoting Dubai’s image as a global
hub for sports and cultural activities.
Similarly, Saudi Arabia’s Public Investment
Fund (PIF) acquired Newcastle
United Football Club in the English
Premier League, reflecting the region’s
growing influence in global sports. This
strategic investment not only enhances
brand visibility but also allows Middle
Eastern entities to play an active role in
shaping the future of international sports.
Middle Eastern brands are making
strategic moves in global sports sponsorship,
leveraging high-profile partnerships
to elevate their visibility and influence.
From football and Formula 1 to golf,
tennis, and esports, these brands are
harnessing the power of sports to connect
with global audiences and project their
values on the world stage. As the region
continues to diversify its economies and
invest in international sports, Middle
Eastern brands will undoubtedly play an
increasingly prominent role in the global
sports sponsorship landscape.
Oct 2024 www.thefinanceworld.com 67

Sports News
Inaugural Dubai Sustainability in Sport Conference to Advance Agenda
In partnership with the Dubai Sports
Council, the ILT20 cricket team
Desert Vipers will host the inaugural
Dubai Sustainability in Sport Conference
on November 6th at the SEE
Institute, Sustainable City Dubai. This
event aims to unite key sports entities
in the UAE to promote sustainability
within the sports sector. Owned by
Lancer Capital, the Desert Vipers are
committed to eco-conscious operations
and carbon footprint transparency, setting
a global standard for sports teams.
As part of its 2024-2033 strategic plan,
the Dubai Sports Council is dedicated
to enhancing sustainability through
awareness campaigns and practical
applications in sports venues. Designed
in collaboration with the Desert Vipers,
this invitation-only conference will
become an annual gathering, reinforcing
the commitment to sustainable
sports practices and safeguarding the
environment for future generations.
RAK Properties
Partners with Arabian
Warrior for Obstacle
Course Racing
RAK Properties, Ras Al Khaimah’s
leading publicly listed property
developer, has partnered with
Arabian Warrior to promote obstacle
course racing in the region, a sport
included in the 2028 Olympic Games.
This collaboration establishes RAK
Properties as the Title Partner for the
Arabian Warrior Schools National
Championship and Official Partner
of the Arabian Warrior Middle East
event series, focusing on high service
standards and sustainability. A semi-permanent
facility will be created at RAK
Properties’ Mina Al Arab development
to serve local schools and aspiring athletes,
providing a world-class training
ground for obstacle course racing. The
Arabian Warrior will organise several
events across the GCC, including the
inaugural Arabian Warrior Schools
National Championships in Ras Al
Khaimah, engaging students in physical
fitness and mental wellbeing.
Emirates NBD Continues as Title Sponsor of
Padel Tour 2024
Emirates NBD, a prominent banking
group in the MENAT region,
has reaffirmed its commitment as
the title sponsor of the Emirates NBD
Padel Tour for the third consecutive
year. Organised in partnership with
The World Padel Academy (WPA), the
tour will take place over nine months,
featuring eight events across various
categories, starting on 3 rd October
2024. Held in the UAE and Saudi Arabia,
the tour welcomes players of all
ages and skill levels. Winning teams
can look forward to attractive prizes,
including cash rewards at qualifiers
and a total prize pool of AED 300,000
for the season. Yousuf Saeed Mohd,
Head of Priority Banking at Emirates
NBD, expressed excitement about
supporting the growth of sports in the
UAE and promoting the rapid rise of
padel in the region.
NEOM Beach Games Expands with More
Athletes and Sports
The NEOM Beach Games will
return for its third edition this
November, showcasing an even
more thrilling roster of athletes and
events following a summer filled with
Olympic excitement. Among the 1,000
athletes, coaches, and team officials
participating are Olympic gold medallists
Cassandre Beaugrand and Alex
Yee (triathletes), Worthy De Jong (3x3
basketball), and Veddriq Leonardo (speed
climbing). The competition will kick off
on November 3, featuring six dynamic
sports events. This year introduces the
World Aquatics Open Water Swimming
World Cup NEOM, which will host the
world’s top open water swimmers in
the Red Sea. NEOM is collaborating
with sports rights-holders and National
Federations to enhance grassroots
initiatives, discover Saudi talent, and
provide local athletes with opportunities
for competition, reinforcing its
commitment to athlete development
in the Kingdom.
68 www.thefinanceworld.com Oct 2024

Gosu Academy Expands to UAE to Enhance Esports Growth
Gosu Academy, a leader in esports
coaching and education, has
announced its expansion into
the UAE. This move coincides with
the gaming industry’s expected contribution
of over $1B to Dubai’s GDP by
2033 and the creation of an estimated
30,000 jobs. The expansion supports
Gosu Academy’s mission to empower
individuals through quality education
in gaming and esports, aligning with
the UAE’s vision of becoming a global
esports hub. Founded by professionals
with over twenty years of experience,
Gosu Academy initially launched in
the US and Europe before moving into
Asia. The academy aims to capitalise on
the UAE’s vibrant gaming community
and existing esports initiatives, having
previously established a presence in the
Middle East, including Saudi Arabia.
Training over 14,000 students globally,
this expansion is a significant step in
Gosu Academy’s growth strategy.
Blockchain Sports and
Jossor Sign MoU for
$3.3B Complex
Blockchain Sports Ecosystem,
a UK-based tech firm led by
Founder Dmitry Saksonov, has
signed a Memorandum of Understanding
(MoU) with Saudi Arabia’s Alpha
Jossor Investments, represented by
Chairman Abdulrahman Al-Qarni.
This partnership aims to develop one
of MENA’s largest innovative sports
complexes, incorporating advanced
technologies and attracting $3.3B in
direct investments into the sports
and entertainment sectors. Notable
football stars Kevin Kuranyi, Jay-Jay
Okocha, Mikael Silvestre, and Jens
Lehmann attended the signing ceremony
in Riyadh. The project will feature
a state-of-the-art football academy and
a smart sports city concept, enhancing
tourism and foreign investment in
preparation for global sports events.
Additionally, the MoU encompasses a
digital real estate platform for property
transactions, including 1,500 villas
and 3,330 apartments, promoting sustainable
urban living under the smart
city initiative.
Dubai Duty Free Sponsors Inaugural Dubai Premier
Padel P1
Gallop Global has announced
that Dubai Duty Free will be
an Official Sponsor of the
inaugural Dubai Premier Padel P1
tournament, scheduled for November
3-10 at the Dubai Duty Free Tennis
Stadium in Garhoud. This sponsorship
aligns the new padel tournament with
a well-established local brand known
for its extensive experience in sports
and retail, enhancing Dubai’s status
as a premier venue for international
ADNEC Group has celebrated a
significant achievement with Abu
Dhabi Summer Sports (ADSS) and
Al Ain Summer Sports (AASS) welcoming
their 100,000th visitor this summer,
highlighting the events’ success in fostering
an active community in the UAE
capital. Now in their third and second
editions, respectively, these events have
become key summer attractions, offering
unparalleled opportunities for fitness
and engagement. Organised by Capital
360 Event Experiences, in collaboration
with the Abu Dhabi Sports Council, this
year’s events featured a wider variety
of activities, including new sports like
action cricket and tennis. The addition
of a Community Village enhanced social
interaction, while a new wellness
sporting events. As part of the unified
Premier Padel tour, which features
25 events across five continents, the
tournament will offer a prize pool of
(AED 1.89M) and will attract the top
male and female players. Ivan Modia,
Tournament Director, emphasised
the significance of this partnership in
establishing the event’s global prominence
and delivering an exceptional
experience for fans and competitors.
Abu Dhabi Summer Sports Hits 100,000 Visitors
programme offered tailored training and
mindfulness practices. The Kids Summer
Camp promotes healthy lifestyles through
diverse activities, ensuring enjoyment
for all ages and fitness levels.
Oct 2024 www.thefinanceworld.com 69

Investment In Art
Source: Ai generated
Strengthen your traditional portfolio with art as an investment option.
Why and How to
Add Art to Your
2024 Investment
Portfolio
Elevate your portfolio by investing
in Art for financial growth and
personal fulfillment.
In an era of market volatility and economic
uncertainty, investors are increasingly
turning to alternative assets to diversify
their portfolios. Among these alternatives,
fine art has emerged as a compelling option
that combines aesthetic pleasure with
potential financial returns. Thanks to
technological advancements, fractional
ownership platforms, and a more
transparent market, investing in art has
become more accessible than ever. As
we navigate through 2024, the art market
continues to demonstrate resilience and
unique advantages that make it an attractive
consideration for investors looking
beyond traditional stocks and bonds. In
this article we will explore the various
ways to enter the market, and provide
strategies for building an art portfolio
that aligns with your investment goals.
70 www.thefinanceworld.com Oct 2024

Art offers a distinct form of diversification
that sets it apart from
traditional assets like stocks, bonds,
and real estate. Since art is not directly
correlated with financial markets, it can
provide stability during economic downturns,
acting as a buffer against market
volatility. According to recent reports,
art is increasingly being recognized as
a strategic asset that can hedge against
inflation and market swings. Incorporating
art into your portfolio helps reduce
overall risk and enhances the potential
for consistent returns, particularly during
inflationary periods when tangible assets
like art tend to retain their value better
than cash or equities.
The art market has shown significant
appreciation potential, with top-tier artworks
often achieving record prices at
auctions. Sales at major auction houses
surged in 2023, driven by high demand
for contemporary, modern, and emerging
artists. Notably, works by renowned artists
such as Jean-Michel Basquiat, Yayoi
Kusama, and Banksy have appreciated
significantly, sometimes by over 20%
annually. Factors like scarcity, cultural
significance, and growing global demand
contribute to the appreciation of high-quality
art, making it an appealing option for
investors looking for long-term gains.
Investing in art also provides unique
benefits that extend beyond financial
returns. Unlike conventional investments,
art offers intrinsic emotional and cultural
value, enriching the investor’s personal
experience. Owning art allows individuals
to connect with cultural narratives,
support artists, and participate in vibrant
collector communities. For high-net-worth
individuals (HNWIs), art is more than an
asset; it is a statement of taste and status
that enhances personal and professional
spaces. Emotional fulfillment is often
cited as a key reason HNWIs invest in
art, making it a distinctive choice that
blends passion with financial gain.
How to Add Art to Your Investment
Portfolio
The first step in art investment is to define
your objectives clearly. Determine
whether you are seeking short-term gains
or are interested in building a long-term
collection. Your investment goals will
guide your strategy, including the type
of art to pursue, the price range, and
your desired level of involvement. For
example, investing in blue-chip art or
established artists may be suitable for
those seeking long-term appreciation,
while higher-risk opportunities in emerging
artists may appeal to investors looking
for quicker, potentially higher returns.
Understanding your risk tolerance and
investment horizon is crucial in shaping
your art investment approach.
Conducting thorough market research
is crucial for identifying promising art
segments and artists. Leading auction
houses and online platforms offer valuable
insights into recent sales, price
trends, and market sentiment. Pay close
attention to art categories that align with
your strategy, whether it’s contemporary,
modern, or classic works. Engaging with
the art community through galleries, art
fairs, and exhibitions can provide firsthand
exposure to potential investment
opportunities that may not be widely
recognized. Networking with artists,
curators, and fellow collectors can also
offer valuable insights into market trends
and emerging talents.
Navigating the art market can be complex,
particularly for new investors, so
consulting with art advisors and experts
is highly recommended. Professional
advisors provide tailored guidance, combining
financial expertise with in-depth
knowledge of the art market. They can
assist in identifying high-quality works,
assessing market value, and negotiating
purchases. Additionally, advisors often
have access to private sales and exclusive
opportunities, offering a competitive
edge in acquiring desirable artworks.
Art advisors also play a crucial role in
managing portfolios, helping investors
balance aesthetic value with financial
potential.
The rise of online platforms has democratized
access to the art market,
making it easier than ever to invest in art.
Platforms like Masterworks, Artsy, and
Artnet offer a wide selection of artworks
and data analytics to help investors make
informed decisions. These platforms
provide insights into artist performance,
market demand, and historical price data,
equipping investors with the tools needed
to evaluate potential acquisitions. They
also offer fractional ownership options,
allowing investors to purchase shares
in high-value artworks, thus lowering
the entry barrier. Art funds are another
option, pooling resources from multiple
investors to acquire a diversified portfolio
managed by professionals, thus
mitigating some of the risks associated
with individual art investments.
Ensuring the authenticity and provenance
of artworks is critical in art investment.
Investing in authenticated pieces with
a clear and reputable provenance helps
safeguard your investment and ensures
long-term value. Reputable auction houses
and art services offer authentication
and verification processes to validate
artworks before purchase. Detailed
provenance records are essential to
confirm the legitimacy of a piece and
avoid potential legal disputes, making
thorough due diligence a must for any
investor. Moreover, understanding the
condition and historical significance of
the artwork can provide insights into its
future value, further guiding investment
decisions.
Risks and Considerations
While art can be a lucrative addition to
an investment portfolio, it is important
to be aware of the associated risks. Art
is generally less liquid than stocks or
bonds, meaning it can take time to sell a
piece at the desired price. Market trends
can also be unpredictable; factors such
as changing tastes, economic downturns,
or fluctuations in the art market can
impact the value of artworks. Therefore,
investors should view art as a long-term
investment and be prepared for potential
market shifts. Insurance, storage, and
maintenance costs are additional factors
to consider when investing in physical
artworks.
Art offers a compelling opportunity
for investors seeking diversification,
appreciation potential, and personal
fulfillment. As the art market continues
to evolve in 2024, it provides a unique
blend of emotional and financial rewards
that traditional asset classes cannot
replicate. By defining clear investment
goals, conducting comprehensive research,
and leveraging expert guidance,
investors can effectively integrate art
into their portfolios and enjoy both the
cultural and financial benefits it offers.
As more investors recognize the value of
art, it is poised to become an increasingly
significant component of a diversified
investment strategy.
Oct 2024 www.thefinanceworld.com 71

Tech
Source: Ai generated
How the UAE is redefining the future through wealth tech.
The Rise of Wealth
Tech: How Technology
is Shaping the Future
of Wealth Management
Wealth Tech is transforming financial
futures through digital and data-driven
innovation.
The landscape of financial services is
evolving rapidly, driven by technological
advancements and changing consumer
expectations. A significant trend in
this transformation is the rise of wealth
tech—a sector that leverages technology
to enhance wealth management, investment
strategies, and financial advisory
services. Venture Capital (VC) firms are
increasingly investing in wealth tech,
recognizing its potential to disrupt traditional
financial services and cater to
tech-savvy investors. This article explores
why VCs are pouring money into wealth
tech, highlights the innovative companies
reshaping the industry, and examines the
sector’s future. Wealth tech’s growth is
not just a trend; it’s a fundamental shift
in how financial services are delivered
and consumed.
72 www.thefinanceworld.com Oct 2024

Wealth tech is fundamentally transforming
how individuals manage
their finances. It encompasses
technologies such as robo-advisors,
digital wealth management platforms,
and AI-driven financial planning tools.
Unlike traditional financial services,
wealth tech solutions offer a more personalized,
accessible, and often more
cost-effective way for individuals to
manage their wealth.
According to PitchBook, investment
in wealth tech reached a record high
in 2023, with VCs pouring billions into
startups and platforms that promise to
redefine financial advisory and investment
services. This surge is driven by
the increasing demand for digital-first
financial solutions and the ongoing
shift towards personalized investment
experiences. The wealth tech market is
expected to grow at a compound annual
growth rate (CAGR) of 12.2% over the
next few years, reflecting the growing
confidence of investors and the rising
appetite for digital financial solutions.
Why VCs Are Betting on Wealth Tech
Scalability and Accessibility
One of the primary reasons VCs are drawn
to wealth tech is its scalability. Unlike
traditional wealth management firms that
require significant infrastructure and
human resources, wealth tech platforms
leverage technology to scale rapidly. This
scalability allows wealth tech companies
to reach a broader audience, including
underserved and emerging markets.
Companies like Betterment and Wealthfront
have demonstrated how technology
can democratize access to sophisticated
investment strategies. By using algorithms
and AI, these platforms offer automated,
low-cost financial advice that was previously
only accessible to high-net-worth
individuals. This accessibility is a major
draw for VCs, who see the potential for
wealth tech companies to capture a vast
market of retail investors.
Personalization and Data-Driven
Insights
Wealth tech platforms are capitalizing on
big data and AI to offer highly personalized
financial advice and investment
strategies. By analyzing user data,
these platforms can tailor recommendations
based on individual goals, risk
tolerance, and financial circumstances.
For example, Personal Capital uses AI
and machine learning to provide clients
with a holistic view of their finances,
offering tailored investment advice and
retirement planning.
This level of personalization sets
wealth tech apart from traditional advisory
services, which often rely on a
one-size-fits-all approach. VCs are particularly
excited about the potential of
data-driven insights to enhance customer
engagement and loyalty, making wealth
tech companies attractive investment
opportunities.
Embracing ESG and Sustainable
Investing
Another driving factor behind the surge
in wealth tech investments is the growing
interest in environmental, social, and
governance (ESG) factors. Modern investors,
particularly millennials and Gen Z,
are increasingly prioritizing sustainable
investing, seeking to align their portfolios
with their values. Wealth tech platforms
are responding by offering ESG-focused
investment options, making it easier for
investors to support companies that align
with their ethical beliefs.
Platforms like Ellevest and Ethic are
leading the charge in integrating ESG
factors into their investment strategies,
providing tools that allow investors to
see the impact of their investments.
Disrupting Traditional Financial
Services
Wealth tech is not just enhancing financial
services; it is disrupting them.
Robo-advisors and digital platforms
are challenging the traditional model
of wealth management, which often
involves high fees and a significant time
commitment from clients. By offering
low-cost, automated solutions, wealth
tech platforms are attracting a new generation
of investors who are tech-savvy
and value convenience.
Challenges and Risks in Wealth Tech
Investments
While the wealth tech sector offers significant
opportunities, it is not without
its challenges. VCs must navigate regulatory
hurdles, cybersecurity risks, and
the need for continuous innovation to
stay ahead of competitors. The rise of
digital platforms also raises concerns
about data privacy and the potential for
algorithmic biases in financial advice.
Furthermore, the crowded nature of
the wealth tech market means that not
all startups will succeed. VCs must be
diligent in their due diligence, assessing
the scalability, technology stack, and
market fit of potential investments.
Despite these challenges, the potential
The UAE has made
tremendous progress in
positioning itself as a
wealth management hub.
The ability to offer security
and stability is one of its
greatest strengths.”
Tim Denton
Head of Wealth Structuring at
Habib Bank AG Zurich, Dubai
rewards make wealth tech an attractive
sector for venture capital.
The Future of Wealth Tech
Looking ahead, the wealth tech industry
is poised for continued growth, driven
by technological advancements, evolving
consumer preferences, and increasing
adoption of digital financial services.
As AI, machine learning, and blockchain
technology continue to evolve, wealth
tech platforms will become even more
sophisticated, offering hyper-personalized
investment experiences.
Wealth tech represents a transformative
force in the financial services industry,
offering scalable, personalized, and accessible
investment solutions that cater
to a new generation of investors. As VCs
continue to bet big on this sector, the
future of wealth management looks set
to be digital, data-driven, and more inclusive
than ever before. With the right mix
of technology, innovation, and strategic
investment, wealth tech has the potential
to reshape the financial landscape,
making sophisticated financial services
available to all.
Oct 2024 www.thefinanceworld.com 73

Funding & Investment News
UAE Climate Tech Coral
Secures $3M Funding
Coral, a pioneering UAE-based
climate tech startup focused on
carbon emission management and
offsetting solutions, has successfully
closed its seed funding round at AED
11M. The funding was spearheaded
by a group of experienced tech investors
with a combined 40 years in the
industry. Coral’s AI-driven platform
streamlines carbon data collection,
footprint evaluation, reporting, and
offsetting, enabling businesses to
manage their emissions effectively.
The platform allows e-commerce
companies to integrate a one-click
offset option at checkout, enhancing
the sustainable shopping experience
for customers. Coral aims to scale its
operations and enhance its team to
promote carbon neutrality globally.
Its Emissions Management System
is live for various clients, including
partnerships with international climate
organisations, positioning Coral for
significant impact in the expanding
carbon market.
UAE Bonds and Sukuk
Raise $6.8B, Boosting
Investment Appeal
The UAE Ministry of Finance announced
the successful raising
of AED 25B ($6.8B) through
government bonds and dirham-denominated
Islamic Treasury Sukuk
programmes initiated in 2022. By the
end of August, these programmes had
attracted significant investor interest,
underlining the UAE’s status as a competitive
global investment hub. To date,
the ministry has issued AED 11.2B in
government treasury bonds and AED
13.8B in Islamic sukuk. Additionally,
in May, the ministry repaid AED 4.85B
in two-year treasury bonds, reducing
the total outstanding bonds to AED
6.35B. In the first half of 2024, the
UAE emerged as the second-largest
issuer in the Gulf Cooperation Council
bond market, raising $20.6B through
65 issuances, an increase from $15.4B
and 58 issuances the previous year.
This robust activity reflects the UAE’s
initiatives to enhance its financial
market landscape.
MENA HR Venture Cercli Secures $4M in Seed
Funding Led by Afore Capital
Cercli, an HR tech startup based in
the MENA region, secured $4M
in seed funding, led by Afore
Capital in its first MENA deal. The
funding, drawn from Afore’s $150M
fund III, also saw participation from
COTU Ventures, Y Combinator, Rebel
Fund, and prominent figures from
leading regional unicorns like Kitopi
and Careem. Cercli, co-founded by
Akeed Azmi and David Reche, aims to
simplify payroll and HR management
across MENA, addressing the region’s
$2B payroll market, where compliance
issues and human error drive up costs.
By offering a unified platform, Cercli
enables businesses to handle payroll,
HR, and contractor management seamlessly.
Since its early 2024 launch, the
company has seen 25% monthly growth
and processed over $23M in employee
salaries across 31 countries, reinforcing
its rapid expansion.
UAE-based Web3 Streaming Platform Myco
Secures $10M in Series A Funding
UAE-based Web3 streaming
platform myco secured $10M
in its Series A funding, with
contributions from prominent venture
investors across MENA, North America,
and Europe. Notable participants
include Daman Investments, Aptos
Labs, B Digital, Mocha Ventures, and
Enjinstarter. The funding round also
attracted strategic angel investors and
88 accredited investors via Republic.
com. This capital injection, raised at
a post-money valuation of $80M, was
facilitated by Daman Investments and
Republic Crypto. Myco recently reported
its first profitable year, with an
EBITDA of $1M and revenue of $7.5M
for the 2023-24 fiscal year. Additionally,
myco announced a multimillion-dollar
partnership with Aptos Foundation,
aiming to relaunch its native utility
token on the Aptos Blockchain in Q4
2024, alongside a wallet infrastructure
migration.
Tariq Khan, Former Shuaa Capital Chief, Invests
in Irish Firm Quintas
Former Shuaa Capital CEO Fawad
Tariq Khan has announced his
new venture, Exnite, with a
significant investment in Irish firm
Quintas Capital, acquiring a 17% stake.
Following his resignation from Shuaa
Capital in 2023, Tariq Khan highlighted
this multi-million euro deal as
a strategic opportunity to leverage
Quintas’s established presence and
expertise in the Irish market. This
marks his second major initiative after
founding AI company Agentplex with
ex-SHUAA MD Jassim Alseddiqi and
entrepreneur Anand Chhatpar. Tariq
Khan will join Quintas’s board alongside
Kevin MacSweeney, the former
chief investment officer of Broadlake.
Established in 2022, Quintas Capital
focuses on equity investments for
high-net-worth clients and advises the
Employment Investment and Incentive
Scheme (EIIS) Innovation Fund, which
offers tax relief for SME investments
in Ireland.
74 www.thefinanceworld.com Oct 2024

UAE President and US Secretary of Commerce Highlight Tech Investment
UAE President His Highness
Sheikh Mohamed bin Zayed Al
Nahyan met with US Secretary
of Commerce Gina Raimondo to discuss
enhancing collaboration between
the two nations. The meeting focused
on the evolving UAE-US relationship
across economics, trade, investment,
and technology, aligning with both
countries’ commitment to sustainable
economic prosperity. They highlighted
the significance of investing in artificial
intelligence and advanced technologies
for future growth. Discussions included
the recent announcement by UAE-based
MGX regarding a global partnership
with US firms to invest in AI infrastructure,
emphasising the UAE’s vision for
technology integration. Key attendees
included senior UAE officials, further
underscoring the importance of this
dialogue in strengthening bilateral ties.
Saudi Aramco Ventures Backs Utility Global in
$53M Funding Round
Saudi Arabia’s Aramco Ventures has
boosted its investment in Utility
Global, a Houston-based off-gasto-value
company, as part of a $53M
Series C funding round. While financial
specifics of Aramco’s latest contribution
remain undisclosed, the round was led
by Canada’s OPG Pension Plan, with
participation from multinational steel
company ArcelorMittal through its
XCarb Innovation Fund, and existing
investors Ara Partners and Aramco
Ventures. The funds will accelerate the
commercialisation of Utility Global’s
patented eXERO technology, which
aims to reduce greenhouse gas emissions.
Aramco Ventures first invested
in Utility Global during its Series B
funding round in late 2022, raising $25M.
The latest funding is accompanied by a
collaboration agreement for developing
a commercial facility at ArcelorMittal’s
integrated steel plants.
Ajeej and Nuwa Capital Launch $100M Debt Fund
Ajeej Capital, a Dubai-based asset
manager, and Nuwa Capital,
a venture capital firm, have
launched a $100M private debt fund to
support technology-focused companies
across the MENAT region, particularly
in the GCC. The Amplify Growth Partnership,
managed by Ajeej and advised
by Nuwa Capital, seeks to provide debt
financing to founders and entrepreneurs
for scaling operations. Amplify
has already completed its first transaction
with an unnamed Saudi fintech
company. The fund aims to address
the debt capital gap for businesses
in Series A to Series C stages. Sharaf
Sharaf, head of Amplify at Ajeej, highlighted
the unmet demand for debt
capital in the venture and SME sectors.
Up to 20% of the fund’s capital is set
aside for companies outside the region
aiming to enter MENA or traditional
businesses adopting technology.
Capricorn Fund
Managers Launches
Platform in DIFC
London-based Capricorn Fund Managers
is launching a regulatory
hosting solutions platform at the
Dubai International Financial Centre
(DIFC) for investment managers across
hedge funds, private equity, and venture
capital firms. The platform, structured
as an Incorporated Cell Company
(ICC), allows firms to operate under
Capricorn’s licence, avoiding the need
for a separate regulatory licence from
the Dubai Financial Services Authority
(DFSA). Capricorn emphasises that
this platform will help managers scale
their operations efficiently, lowering
daily operational costs and providing
access to specialised expertise in risk,
regulation, and compliance. With over
400 wealth and asset management
firms, including more than 60 hedge
funds, DIFC manages nearly $700B,
positioning itself as a key player in the
global financial landscape.
Oct 2024 www.thefinanceworld.com 75

Investment
Source: Ai generated
Unlock smarter decisions with AI-driven investment strategies.
Optimizing AI
Driven Investment
Strategies in the
Middle East
AI revolution in Middle East is shaping
smart investments for a diversified
economic future.
In the rapidly evolving landscape of Middle
Eastern finance, artificial intelligence (AI)
is emerging as a game-changing force
in investment strategies. As the region’s
economies diversify beyond oil, financial
institutions and investors are increasingly
turning to AI-powered tools to gain a
competitive edge. These sophisticated
algorithms analyze vast amounts of data,
identify patterns, and make predictions
with unprecedented accuracy and speed.
From the bustling financial hubs of Dubai
and Abu Dhabi to the emerging markets
of Saudi Arabia and Qatar, AI is reshaping
how investment decisions are made.
This article explores the transformative
impact of AI on investment strategies in
the Middle East, examining its benefits,
challenges, and the future of AI-driven
finance in the region.
76 www.thefinanceworld.com Oct 2024

The Middle East’s financial sector
is undergoing a profound transformation,
driven by the adoption
of artificial intelligence in investment
strategies. This technological revolution
is not only enhancing decision-making
processes but also opening up new opportunities
for growth and innovation in
the region’s diverse economies.
At the forefront of this AI revolution
are the United Arab Emirates and Saudi
Arabia, both of which have made significant
investments in developing their
AI capabilities. The UAE, in particular,
has positioned itself as a leader in AI
adoption with its AI Strategy 2031, which
aims to make the country a global AI
hub. This commitment to AI is reflected
in the financial sector, where AI-driven
investment strategies are becoming
increasingly prevalent.
One of the key advantages of AI in
investment strategies is its ability to
process and analyze vast amounts of
data at incredible speeds. In the context
of Middle Eastern markets, where
geopolitical factors, oil prices, and rapid
economic diversification efforts can lead
to market volatility, this capability is
particularly valuable. AI algorithms can
simultaneously analyze market trends,
economic indicators, geopolitical events,
and company-specific data to identify
investment opportunities and risks that
human analysts might overlook. For
example, AI-powered systems are being
used to analyze sentiment in Arabic social
media and news outlets, providing insights
into public opinion and potential market
movements. This is especially crucial
in a region where social and political
factors can have a significant impact on
economic conditions. By incorporating
this data into their investment strategies,
fund managers and investors can make
more informed decisions and potentially
achieve better returns.
Another area where AI is making a
significant impact is in Islamic finance,
a sector that is growing rapidly in the
Middle East.
AI algorithms are being developed to
ensure compliance with Sharia law while
optimizing investment portfolios. These
systems can quickly assess whether
financial instruments and investment
opportunities meet Islamic finance principles,
enabling faster decision-making and
expanding the range of Sharia-compliant
investment options available to investors
in the region.
Risk management is another critical
After a year marked
by significant
advancements in
generative AI, we are
starting to see its effects
across industries.”
says Lukasz Rey, Managing Director
& Partner and Middle East
Head of Financial Institutions at
Boston Consulting Group
area where AI is proving invaluable in
Middle Eastern investment strategies. The
region’s markets can be subject to unique
risks, including geopolitical tensions and
oil price fluctuations. AI-powered risk
assessment tools can analyze historical
data and current market conditions
to predict potential risks and suggest
hedging strategies. This is particularly
important for sovereign wealth funds,
which manage vast amounts of wealth
for Middle Eastern nations and need to
ensure long-term stability and growth.
Despite the many advantages of
AI-driven investment strategies, there
are challenges that need to be addressed.
One of the primary concerns is the need
for high-quality, relevant data. While the
Middle East is making strides in data
collection and management, there is
still work to be done to ensure that AI
systems have access to comprehensive
and accurate data sets that reflect the
unique characteristics of the region’s
markets.
Another challenge is the shortage of
skilled professionals who can develop,
implement, and manage AI systems for
investment strategies. To address this,
countries like the UAE and Saudi Arabia
are investing heavily in AI education and
training programs. The goal is to create
a local workforce capable of driving AI
innovation in the financial sector and
beyond.
Regulatory frameworks also need to
evolve to keep pace with AI advancements
in investment strategies. Middle Eastern
financial regulators are working to strike
a balance between fostering innovation
and ensuring market stability and investor
protection. The development of AI-specific
regulations and guidelines will be crucial
in building trust in AI-driven investment
strategies and attracting both domestic
and foreign investment.
Looking to the future, the integration
of AI in Middle Eastern investment strategies
is set to deepen and expand. We
can expect to see more sophisticated AI
models that can better account for the
unique characteristics of Middle Eastern
markets, including the influence of oil
prices, government policies, and regional
geopolitical dynamics.
Furthermore, the use of AI is likely
to democratize access to sophisticated
investment strategies. Robo-advisors and
AI-powered investment apps are already
gaining traction in the region, allowing
retail investors to benefit from AI-driven
insights and portfolio management that
were once the preserve of large institutional
investors.
As the Middle East continues its economic
diversification efforts, AI-driven
investment strategies will play a crucial
role in identifying and capitalizing on
opportunities in emerging sectors such
as technology, renewable energy, and
healthcare. This will be essential in
supporting the region’s vision of building
knowledge-based economies that are less
reliant on oil revenues.
In conclusion, AI-driven investment
strategies are revolutionizing the financial
landscape of the Middle East.
By harnessing the power of advanced
algorithms and big data analytics, investors
and financial institutions in the
region are gaining new tools to navigate
complex markets, manage risks, and
identify opportunities. As AI technology
continues to evolve and mature, its
impact on investment strategies in the
Middle East will only grow, potentially
reshaping the region’s financial future
and its position in the global economy.
Oct 2024 www.thefinanceworld.com 77

Exhibit at
IREIS Abu Dhabi 2024
Abu Dhabi’s Leading Exhibition
& Conference for Real Estate,
International Investments
18-19 October 2024
Rotana Abu Dhabi, UAE
Find out more at www.realestateshow.ae
www.citizenshipexpo.com
Organised by
Headline Media Partner

Opinion
Source: Supplied
The Middle East’s Premier
International Real Estate
& Investment Show 2024
Makes a Grand Return to
Abu Dhabi
The International Real Estate and
Investment Show 2024 (IREIS) is
the one-stop shop for real estate
investment opportunities across the
world. The 13th Edition of the expo will
be held from 18th - 19th November at the
Beach Rotana Hotel, Abu Dhabi.
Organized by Dome Exhibitions with
the approval of Department of Culture and
Tourism, the show will attract regional
and international exhibitors representing
a spectrum of the real estate business,
including property development, citizenship
by investment, real estate brokerage
and related services. The exhibition will
showcase a variety of high-end properties
ranging from residential to land
Arun Bose, Associate Director – Exhibitions/Conference, DOME EXHIBITIONS LLC
properties from Europe, USA, Canada,
GCC and the Middle East. International
investors and participants seek to benefit
from the facilities, incentives and
investor-friendly regulations in the UAE,
in addition to Abu Dhabi’s strategic location
as a business hub and an attractive
investment destination, according to
the organisers. Co-located with IREIS,
the 10th edition of the International
Residency and Citizenship Expo is set
to open up a world of citizenship and
residency options this year.
IREIS is an indispensable sales and
networking platform where all the professionals
of international real-estate
industry are gathered to share and gain
invaluable insight on sought-after fields
through our International Conference
platform. Dual citizenship and residency
by investment pavilion will not only
educate but will also offer opportunities
pertaining to the field for investors, and
compare the different global investor
citizenship and migration programmes
to see which works best for the aspiring
investors.
It’s truly a global platform aimed
to connect projects and the investors
worldwide. Here, HNW and Ultra HNW
investors from Private & Public sector
represented by C-Level executives,
Government representatives, Business
Owners, Entrepreneurs, Portfolio Managers,
Real Estate and Investment Project
Managers from around the region will
meet the best project offers from the
international market.
Established in 2005, The International
Real Estate and Investment Show (IREIS)
is a sales and networking platform for real
estate developers, investors and agents.
The show was launched with the vision
of becoming the most preferred real
estate investment platform for locals and
expats. During the golden period of Real
Estate, the exhibition witnessed approx.
US$ 1.5 Billon worth of transactions.
The platform is now a regular attraction
for investors from the UAE (Abu Dhabi,
Al Ain, Dubai, Sharjah), Oman, Kuwait,
Bahrain, Jordan, Egypt, Lebanon, Turkey,
Cyprus, Palestine, India, Pakistan, Britain,
Canada, China, and the Philippines. The
exhibition includes exhibitors from the
UAE, USA, UK, Egypt, Portugal, Malta,
Spain, Cyprus, Panama, New Zealand,
Turkey and St Kitts, Nevis St Lucia,
Dominica, and more.
UAE-based International Real Estate
and Investment Show is set to bring the
local and international names in the real
estate and property investment industry
to the UAE’s capital. The show will be a
one-stop shop for global investors who
seek real estate investment opportunities
in the UAE and Europe. The International
Real Estate and Investment Show is
a B2C sales and networking platform
where spot sales are permitted. The
13th edition is bringing leading local and
foreign real estate developers under one
roof to attract investors from various
parts of the world.
Dome Exhibitions aims to grow the
show’s global scope, especially as the
exhibition focuses on nationalities
demonstrating a high demand for real
estate investments.
Oct 2024 www.thefinanceworld.com 79

Investment
Source: Ai generated
Navigating new frontiers in the metaverse economy.
Transforming Tomorrow:
Middle East’s Strategic
Investments in the
Metaverse
Exploring the rise of the Metaverse as the
new investment hotspot in the Middle East.
The Middle East, long known for its oil
wealth and ambitious real estate projects,
is now setting its sights on a new frontier:
the metaverse. This virtual realm, where
digital and physical realities converge, is
rapidly emerging as a lucrative investment
opportunity for forward-thinking individuals
and institutions in the region. From
Dubai’s ambitious metaverse strategy to
Saudi Arabia’s significant investments in
gaming and virtual reality, Middle Eastern
countries are positioning themselves at the
forefront of this digital revolution. This
article explores the burgeoning metaverse
economy in the Middle East, examining
its potential to reshape industries, create
new revenue streams, and offer unprecedented
investment opportunities in a
region eager to diversify its economic
landscape.
80 www.thefinanceworld.com Oct 2024

The concept of the metaverse, once
confined to the realm of science
fiction, is rapidly becoming a tangible
reality with significant economic
implications, particularly in the Middle
East. This virtual shared space, created
by the convergence of virtually enhanced
physical reality and physically persistent
virtual reality, is opening up new avenues
for investment, commerce, and economic
growth in a region traditionally dominated
by oil and real estate.
At the forefront of this metaverse
revolution in the Middle East is Dubai,
which has launched an ambitious Dubai
Metaverse Strategy. This initiative aims
to position the emirate as one of the
world’s top 10 metaverse economies,
creating over 40,000 virtual jobs and
adding $4 billion to Dubai’s GDP by 2030.
This bold move signifies the region’s
recognition of the metaverse not just as
a technological novelty, but as a serious
economic opportunity.
The investment potential of the metaverse
in the Middle East spans various sectors.
One of the most immediate and visible
applications is in real estate. Virtual land
and properties in metaverse platforms
are becoming increasingly valuable, with
some digital plots selling for millions of
dollars. This trend aligns well with the
region’s expertise in real estate development
and investment. Companies like Damac
Properties, one of Dubai’s largest real
estate developers, have already entered
the metaverse, offering virtual property
tours and even selling digital properties
alongside their physical counterparts.
The retail and e-commerce sectors
in the Middle East are also poised for
transformation through the metaverse.
Virtual shopping experiences, where
customers can browse and purchase
products in immersive 3D environments,
are becoming increasingly sophisticated.
This presents a unique opportunity for
the region’s luxury brands and retailers
to expand their reach and offer novel
shopping experiences. The Dubai Mall,
one of the world’s largest shopping
centers, has already begun exploring
virtual reality experiences, hinting at a
future where physical and virtual retail
seamlessly integrate. Tourism, a crucial
sector for many Middle Eastern economies,
is another area where the metaverse is
creating new investment opportunities.
Virtual tours of historical sites, museums,
and attractions can enhance the tourism
experience and potentially drive physical
visits. Countries like Saudi Arabia, which
is heavily investing in its tourism sector
as part of its Vision 2030 plan, could
leverage the metaverse to showcase its
cultural heritage and new developments
to a global audience.
The gaming industry, which is closely
tied to metaverse development, is seeing
significant growth and investment in the
region. Saudi Arabia, through its Public
Investment Fund, has made substantial
investments in major gaming companies,
recognizing the sector’s growth potential.
The country is also hosting major
gaming events and fostering local game
development talent, positioning itself
as a regional hub for the gaming and
esports industries.
Education and training are other
sectors where the metaverse is creating
investment opportunities. Virtual and
augmented reality technologies can
revolutionize how skills are taught and
practiced, from medical procedures to
engineering and beyond. This aligns well
with the Middle East’s focus on developing
knowledge-based economies and upskilling
its workforce. The financial sector
in the Middle East is also exploring the
potential of the metaverse. Some banks
in the UAE have already established a
presence in the metaverse, offering virtual
financial services and exploring new ways
to engage with customers. This trend is
likely to grow, with potential applications
ranging from virtual financial advisors
to immersive investment experiences.
While countries like the UAE and Saudi
Arabia have advanced digital infrastructure,
ensuring widespread access to
the high-speed internet and computing
power required for seamless metaverse
experiences across the region will require
significant investment. There’s also the
question of cultural adaptation. The
metaverse, largely developed in Western
contexts, will need to be tailored to align
with Middle Eastern cultural norms and
values. This presents both a challenge
and an opportunity for local developers
and entrepreneurs to create metaverse
experiences that resonate with regional
users.
Despite the challenges, the potential
of the metaverse economy in the Middle
East is immense. As the region continues
its push for economic diversification, the
metaverse offers a new frontier for innovation,
entrepreneurship, and investment.
It aligns well with the region’s ambitions
to become a global hub for technology
and digital economies. Moreover, the
metaverse could play a crucial role in
The Metaverse is a new
economic equaliser and
under the vision of our
leaders, we will continue
to pave the way for a
new era of opportunities
that accelerate our
knowledge-driven
economy.”
Abdulla bin Touq Al Marri
UAE Minister of Economy
advancing the region’s sustainability
goals. Virtual meetings and events could
reduce the need for physical travel,
aligning with carbon reduction targets.
Digital twins of cities and infrastructure
could optimize resource use and urban
planning, contributing to more sustainable
development.
The metaverse economy represents
a new and exciting investment frontier
for the Middle East. From virtual real
estate and retail to gaming, education,
and financial services, the opportunities
are vast and varied. As the region
embraces this digital revolution, it has
the potential to not only diversify its
economies but also to shape the global
development of the metaverse. For investors,
businesses, and policymakers
in the Middle East, understanding and
engaging with the metaverse economy
is no longer optional – it’s becoming an
essential part of planning for the future.
Oct 2024 www.thefinanceworld.com 81

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Investment
Source: Ai generated
Exploring the potential of robots and AI in tomorrow’s investment landscape.
How Robots and
AI are Redefining
Future Investments
in the UAE
Exploring the Middle East’s growing AI and
robotics investment landscape.
The Middle East is rapidly emerging
as a hub for autonomous technology
investments, with robots and artificial
intelligence (AI) at the forefront of this
technological revolution. As the region
diversifies its economies beyond traditional
oil and gas sectors, governments
and private investors are increasingly
recognizing the potential of autonomous
systems to drive innovation, boost productivity,
and create new economic opportunities.
From smart cities to autonomous
vehicles, the Middle East is embracing
cutting-edge technologies that promise
to reshape industries and daily life. This
article explores the current landscape of
autonomous technology investments in
the region, examining key trends, and
the potential financial returns that await
savvy investors in this burgeoning field.
84 www.thefinanceworld.com Oct 2024

The Middle East’s journey towards
autonomous technology adoption
is gaining momentum, driven by
ambitious national visions and a growing
recognition of the need for economic
diversification. Countries like the United
Arab Emirates, Saudi Arabia, and
Qatar are leading the charge, allocating
significant resources to develop and
implement autonomous systems across
various sectors.
One of the most prominent areas of
investment is in smart city initiatives.
Dubai, for instance, has set a goal to have
25% of all transportation autonomous by
2030 as part of its Dubai Autonomous
Transportation Strategy. This ambitious
plan is expected to generate economic
revenues and savings of up to AED 22
billion annually. The strategy encompasses
various modes of transport, including
autonomous cars, buses, and drones for
logistics and delivery services.
Saudi Arabia’s NEOM project, a $500
billion mega-city development, is another
prime example of the region’s commitment
to autonomous technologies. NEOM aims
to be powered entirely by renewable
energy and feature advanced robotics
and AI systems in everything from urban
planning to healthcare delivery. The
project is attracting significant investor
interest, with the Saudi government actively
seeking international partnerships
to bring this futuristic vision to life.
From a financial perspective, the autonomous
technology market in the Middle
East presents a compelling opportunity
for investors. According to a report by
PwC, AI alone could contribute up to $320
billion to the Middle East economy by 2030,
accounting for 11% of the region’s GDP.
The UAE is expected to see the largest
impact, with AI potentially contributing
up to 14% of its GDP in 2030.
The robotics market is equally promising.
A study by Research and Markets
forecasts that the Middle East and Africa
robotics market will grow at a CAGR
of 20.4% from 2020 to 2025, reaching a
value of $4.5 billion by the end of the
forecast period. This growth is driven by
increasing adoption in industries such as
manufacturing, healthcare, and logistics.
Investors looking to capitalize on
this trend have several avenues to
explore. One approach is to invest in
local technology startups focusing on
autonomous systems. The Middle East
has seen a surge in tech incubators and
accelerators, with programs like Dubai
Omar Sultan Al Olama, UAE
Minister of State for AI
Future Accelerators and Saudi Arabia’s
Misk Innovation specifically targeting
AI and robotics startups. According
to Omar Sultan Al Olama, UAE Minister
of State for Artificial Intelligence,
Digital Economy and Remote Work
Applications, “AI is not a future vision;
it is our reality now” and the UAE aims
to be one of the global leaders in AI by
2031. These programs not only provide
funding but also offer mentorship and
access to government contracts, making
them attractive prospects for early-stage
investors. Another investment strategy
is to focus on established international
companies that are expanding their
autonomous technology operations in
the Middle East. For example, Uber’s
$3.1 billion acquisition of Dubai-based
Careem in 2019 was partly driven by
the latter’s efforts in developing autonomous
vehicle technology tailored for
the region’s unique driving conditions
and urban landscapes.
The industrial sector presents yet
another opportunity for investors. As
Middle Eastern countries seek to enhance
their manufacturing capabilities,
there’s a growing demand for industrial
robots and automation systems. The
International Federation of Robotics
reports that robot installations in the
United Arab Emirates grew by 70% in
2018, a trend that is expected to continue
across the region.
However, investing in autonomous
technologies in the Middle East is not
without challenges. Regulatory frameworks
are still evolving, and there are
concerns about data privacy and security.
Additionally, the region faces a skills gap
in AI and robotics, which could potentially
slow down adoption rates.
To address these challenges, Middle
Eastern governments are taking proactive
steps. The UAE, for instance, appointed
the world’s first Minister of State for Artificial
Intelligence in 2017 and has since
launched several initiatives to promote
AI education and research. Saudi Arabia
has established the National Center for
Artificial Intelligence and announced
plans to train 20,000 data and AI specialists
by 2030.
From a risk management perspective,
investors should consider the potential
social and economic implications of widespread
automation. While autonomous
technologies promise increased efficiency
and new job creation in high-skilled sectors,
they may also lead to job displacement
in certain industries. Savvy investors will
look for companies and projects that not
only develop cutting-edge technologies
but also contribute to reskilling and
upskilling the local workforce.
The environmental impact of autonomous
technologies is another factor
to consider, particularly in a region
already grappling with climate change.
Investments in energy-efficient robotics
and AI systems that optimize resource
usage could yield both financial returns
and positive environmental outcomes.
As the autonomous technology sector
in the Middle East matures, we can expect
to see more sophisticated investment
opportunities emerge. These may include
AI-focused exchange-traded funds (ETFs),
robotics-themed real estate investment
trusts (REITs) centered around smart
cities, and even sovereign wealth funds
dedicated to autonomous technologies.
In conclusion, the Middle East’s push
towards autonomous technologies represents
a significant shift in the region’s
economic landscape. For investors, this
transition offers a unique opportunity
to participate in the growth of a sector
that is poised to reshape industries and
societies. By carefully evaluating the
potential risks and rewards, and staying
attuned to the region’s specific needs and
challenges, investors can position themselves
to benefit from the autonomous
revolution unfolding in the Middle East.
Oct 2024 www.thefinanceworld.com 85

Merger and Acquisition News
UAE: Arcapita Consortium Acquires $385M Stake in Mashreq Unit
Arcapita Group Holdings Limited,
a Bahrain-based alternative investment
firm, has partnered with
Dgpays, a leading financial infrastructure
technology provider, to acquire a majority
stake in Mashreq’s payment solutions unit,
Neopay, for $385M. Neopay is the UAE’s
fastest-growing payment solutions provider,
boasting a strong presence among
merchants and e-commerce platforms.
Initially established as a strategic division
within Mashreq, Neopay has seen remarkable
growth, catering to diverse sectors
including retail, hospitality, government,
and e-commerce. This expansion is
fuelled by the UAE’s vibrant economic
environment, characterised by a young,
tech-savvy population and strong GDP
growth, alongside government initiatives
promoting digital transformation. The
acquisition marks a significant milestone
for Arcapita, positioning Neopay for
accelerated growth in the burgeoning
Middle Eastern digital payments sector.
Masdar to Acquire
Saeta from Brookfield
for $1.4B
Abu Dhabi Future Energy Company
PJSC, known as Masdar, has
announced its proposed acquisition
of Saeta Yield from Brookfield Renewable
for an implied enterprise value of
approximately $1.4B. The deal, expected
to close by the end of 2024, is subject to
customary approvals. Saeta is a prominent
independent developer and operator of
renewable energy assets, with a portfolio
comprising 745 megawatts (MW) of
primarily wind energy, including 538MW
in Spain, 144MW in Portugal, and 63MW
of solar PV in Spain, along with a 1.6
gigawatt (GW) development pipeline. This
acquisition reinforces Masdar’s position
in Spain’s renewable energy sector and
aligns with its goal of achieving a global
capacity of 100GW by 2030, underscoring
its commitment to advancing the energy
transition in Europe.
Saudi PIF Unit SALIC Acquires 12.6% Stake in
LSE-Listed Ukrainian Food Firm
The Saudi Agricultural and Livestock
Investment Co (SALIC),
a subsidiary of the Public Investment
Fund (PIF), has acquired a
12.6% stake in MHP SE, a Ukrainian
food and agrotech company listed on
the London Stock Exchange. SALIC
purchased 13.5M of MHP’s global depositary
receipts (GDRs), a strategic
move to enhance its global business
operations and strengthen the value
chain connecting local and international
markets. By leveraging MHP’s
status as a leading poultry producer
in Europe and one of Ukraine’s largest
producers of grain and vegetable oils,
SALIC aims to tap into the fertile agricultural
lands of the Black Sea region.
MHP manages over 300,000 hectares of
land and produces 2 million tonnes of
grain, 800,000 tonnes of poultry, and
400,000 tonnes of edible oil, contributing
significantly to the region’s agricultural
output. Established in 2012, SALIC
plays a crucial role in Saudi Arabia’s
food security strategy.
TAQA Unveils $1.4B Acquisition of Masdar
Abu Dhabi Future Energy Company
(Masdar), in which the Abu Dhabi
National Energy Company (TAQA)
holds a 43% stake, is set to acquire Saeta
Yield from Brookfield Renewable for
$1.4B, pending regulatory approvals.
This transaction, anticipated to close by
the end of 2024, will enhance Masdar’s
portfolio, which currently consists of
renewable power assets across the
value chain. The acquisition includes a
745 megawatt (MW) portfolio, primarily
consisting of 538 MW of wind assets in
Spain, 144 MW in Portugal, and 63 MW
of solar PV in Spain, along with a 1.6
gigawatt (GW) development pipeline.
However, 350 MW of concentrated solar
power assets will remain with Brookfield.
This strategic move aims to strengthen
Masdar’s presence in the Iberian market
and supports its goal of reaching 100
GW by 2030.
86 www.thefinanceworld.com Oct 2024

TLA Advises deNovo on PJT Partners Acquisition
Tribonian Law Advisors (TLA), a
prominent boutique law firm in
the GCC specialising in mergers
and acquisitions, has successfully
advised the shareholders of deNovo
Partners on their acquisition by PJT
Partners, a leading global advisory-focused
investment bank based in New
York and listed on the NYSE. The TLA
team, led by managing partner Rindala
Beydoun and partner Carlo Pianese,
with support from managing associate
ADNOC Plans $16B
Bid for Germany’s
Covestro
Abu Dhabi’s ADNOC is set to submit
a formal offer for Covestro,
a leading German polyurethane
manufacturer, in a deal valued at around
(AED 59B). This transaction is expected
to be the largest takeover in Europe this
year. The Financial Times reports that
ADNOC’s negotiations have spanned
over a year, with CEO Sultan Al Jaber
visiting Germany in August to finalise
the details. In June, Covestro disclosed
that ADNOC’s proposed offer would
start at €62 per share, following an
earlier $12.7B bid. Covestro, formerly
part of Bayer, became an independent
entity after its public listing in 2015.
The company produces vital materials,
including foam chemicals, used
in products such as mattresses, car
seats, and insulation.
Dhruv Agrawal and associate Norma
Karam, played a crucial role in this
transaction. Beydoun expressed pride
in representing deNovo, highlighting
TLA’s strengthened position in the M&A
legal advisory sector. Pianese added that
their team worked diligently to ensure
all transaction documents aligned with
the strategic goals of both parties,
marking a significant collaboration
between two leading advisory firms
from New York and Dubai.
SABIC Sells Alba Shares to Ma’aden
SABIC, a global diversified chemicals
company based in Saudi Arabia,
has entered into an agreement
to sell its 20.62% stake in Aluminum
Bahrain (Alba) to the Saudi Arabian Mining
Company (Ma’aden). The expected
sales proceeds range from ($963.45M)
to ($1,056.34M). Completion of the
transaction is contingent upon securing
regulatory approvals from the relevant
authorities in Saudi Arabia and Bahrain,
along with meeting customary conditions
outlined in the Share Purchase
Agreement. SABIC CEO Abdulrahman
Al-Fageeh expressed appreciation for
the partnership with Alba, highlighting
its significant contribution to SABIC’s
growth. This sale will allow SABIC to
optimise its portfolio, focus on core
operations, and strengthen growth
within the chemicals sector, aligning
with Saudi Vision 2030. The transaction
coincides with Alba’s announcement of
a non-binding agreement with Ma’aden
to explore a potential business
combination.
Solidarity Gets Board Approval to Acquire 2 BNH
Units for $200M
Gulf insurer Solidarity Bahrain has
announced its plan to acquire
two subsidiaries of Bahrain National
Holding Company (BNH) for 75
million Bahraini dinars (approximately
AED 200M). The company’s board has
approved, in principle, the purchase of
100% of the issued shares of Bahrain
National Insurance Company (BNI)
and Bahrain National Life Assurance
Company (BNL), according to a filing
with the Bahrain bourse. The acquisition
is contingent upon due diligence, regulatory
approvals, and other conditions.
Last month, Solidarity Group entered
into a binding offer with BNH for the
deal. The proposed acquisition, pending
approval from the Central Bank of Bahrain,
will undergo a thorough analysis
to evaluate its impact on Solidarity’s
financial position.
Oct 2024 www.thefinanceworld.com 87

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Acer Project DualPlay
Acer has introduced an innovative
gaming laptop concept called Project
DualPlay, which pushes the
boundaries of portable gaming by offering
unique features tailored for both solo and
multiplayer experiences. Designed as part
of Acer’s Predator line, Project DualPlay
aims to redefine gaming laptops with a
modular design that enhances flexibility
and interactivity.
The standout feature of Project DualPlay
is its large touchpad, which doubles
as a detachable wireless controller.
This controller can be separated from its
electromagnetic lock by placing two fingers
on the release button located above the
keyboard. Once released, it activates two
pop-out 5-watt speakers from the sides of
the laptop, delivering high-fidelity sound
for an immersive audio experience. The
detachable controller can also split into
two separate joysticks, enabling multiplayer
action on one laptop—ideal for
head-to-head games such as Capcom
Street Fighter 6 and other competitive
genres. This design gives users the freedom
to switch between keyboard and
controller modes, adapting to different
gameplay styles.
The concept laptop also introduces
a visual element that sets it apart from
standard gaming devices. It features customizable
360-degree RGB lighting around
the keyboard, screen bezels, and trackpad,
creating a visually dynamic gaming experience.
Additionally, the infinity mirror
lighting bar at the back and the lighting
on the detachable controllers add to the
overall aesthetic, making the laptop visually
appealing during gameplay.
In terms of audio, the built-in 5-watt
speakers provide powerful sound, a feature
not typically seen in most gaming
laptops. The ability to pop out these
speakers enhances the audio immersion,
complementing the high-performance
gaming experience. For gamers who
prioritize sound quality, this could be a
significant advantage over the standard
speakers found in other devices.
While the hardware and modular design
are exciting, Acer has not yet released
detailed specifications about the internal
components, such as the processor,
graphics card, or battery life. These details
remain undisclosed since Project
DualPlay is still in the concept stage. Acer
showcased the laptop at IFA 2023 in Berlin
to gauge media and consumer response
before deciding on potential production.
As such, there is no confirmed release date
or pricing available at this time.
Project DualPlay’s innovative features
are designed for multiplayer enthusiasts,
offering a fresh take on shared gaming.
The detachable controllers charge automatically
when stowed, ensuring they are
always ready for the next session. The
flexibility to adapt between different
gaming formats—keyboard, single-player,
or multiplayer—demonstrates Acer’s
commitment to creating versatile gaming
solutions.
Although Project DualPlay is a concept,
its unique design and features reflect the
direction the gaming industry may head
in the future, with a focus on modularity,
enhanced multiplayer capabilities, and
immersive sensory experiences.
Oct 2024 www.thefinanceworld.com 89

Global News
UAE’s Clean Energy Investments Boost Global Leadership
Ryan McPherson, Regional Director
for the Middle East and
Africa at the Energy Industries
Council (EIC), praised the UAE’s swift
advancements in clean energy. He
emphasised the nation’s comprehensive
strategy that utilises solar, wind,
green hydrogen, and carbon capture
technologies, establishing the UAE as
a frontrunner in the global transition to
sustainable energy. McPherson noted
the UAE’s commitment to expanding
its renewable energy portfolio, with
seven projects valued at $2.16 billion
planned between late 2023 and early
2024. These include diverse technologies
such as energy from waste and
geothermal sources. By year-end, the
UAE will have 13 solar power projects,
contributing 10.6 GW to the energy
grid by 2024, and aims to produce 1.4
million tonnes of hydrogen annually
by 2031, reinforcing its position as a
global hydrogen leader.
UAE Crucial in Tackling Global Challenges, Says
Ambassador to India
UAE-BRICS Partnerships to
Boost Global Development
Dr. Abdulnasser Alshaali, UAE
Ambassador to India, underscored
the nation’s pivotal role
in addressing global challenges during
the Hili Forum. He highlighted the
event’s significance in showcasing the
UAE’s leadership on the international
stage, attracting prominent figures for
discussions on key developments. Dr.
Alshaali stressed the importance of
international collaboration, reflecting
on the united response seen during the
COVID-19 pandemic, and emphasised
that such cooperation should extend
to economic and geopolitical issues.
The forum also focused on advanced
analyses in geopolitical, economic,
and technological domains, providing
strategic policy recommendations.
Themed “Emerging Global (Dis)order:
Redefine, Reshape, Rebuild,” the Hili
Forum brought together thought
leaders, diplomats, and academics to
engage in strategic dialogue aimed at
exploring cooperative opportunities
to tackle global challenges.
The UAE’s membership in the
BRICS group reflects its commitment
to multilateralism and
constructive dialogue with the goal
of fostering global development, and
well-being. This strategic move aligns
with the UAE’s vision of forming partnerships
to enhance its economy’s competitiveness
and sustainability while
exploring new growth opportunities.
Younis Haji Al Khoori, Under-Secretary
of the Ministry of Finance, highlighted
that these partnerships effectively
showcase the UAE’s initiatives on
the global stage. He further stated
that joining BRICS supports the “We
the UAE 2031” vision, enhancing the
UAE’s role in advancing global economic
cooperation and contributing
to international economic dialogues.
RBI Chief Warns of $315T Global Debt’s Impact on Emerging Economies
Reserve Bank of India Governor
Shaktikanta Das raised
concerns about the escalating
global debt, which has reached an
alarming $315T, or 333% of global
GDP in 2024, as reported by Asian
News International (ANI). Speaking
at the ‘Future of Finance Forum 2024’
in Singapore, Das emphasised that
this unprecedented debt level presents
significant risks, particularly for
emerging market economies (EMEs)
and low- to middle-income countries,
which are increasingly susceptible
to financial instability. He noted that
rising fiscal deficits are now surpassing
pre-pandemic levels, complicating
the current fiscal landscape. With 88
economies entering election cycles
in 2024, the potential for fiscal consolidation
appears limited. Das also
highlighted that ongoing geopolitical
tensions and supply chain disruptions
have heightened risk aversion among
investors, resulting in more cross-border
trade restrictions.
90 www.thefinanceworld.com Oct 2024

Al Seer Marine
Bolsters Fleet with Two
New MR Tankers
Al Seer Marine (ASM), a leader
in various maritime sectors
and a subsidiary of International
Holding Company (IHC), has
welcomed the delivery of two new
MR tankers, M.T. Betelgeuse and M.T.
Bellatrix, marking the first phase of a
six-vessel order from K Shipbuilding,
Korea. These tankers are designed to
address the surging demand for clean
petroleum products (CPP) and chemicals.
The order, initiated in November
2022 with four IMO II/III tankers, was
expanded in February 2023 to include
an additional two vessels. This fleet
expansion enhances Al Seer Marine’s
role as a significant player in the
UAE maritime industry, supported by
investments exceeding AED 1.45B in
Abu Dhabi Ports and ADNOC Logistics
and Services, thereby aligning with the
UAE’s strategic vision and “Projects of
the 50” initiative.
Korea Aims for
Elite Space Club
with Competitive
Transportation System
The Korea Aerospace Administration
(KASA) announced an ambitious
vision to develop a competitive
space transportation system and exploration
strategy, aiming to position
Korea among the elite in the global
space race, according to Yonhap news
agency. Yoon Young-bin, Head of KASA,
highlighted the objective of a space
economy by creating a cost-effective
transportation system by the 2030s.
The plan includes building a “space
passageway” along with developing
an orbital transfer vehicle and reentry
vehicle to reduce the cost of transporting
cargo to low Earth orbit to under
$1,000 per kg. Currently, Korea’s Nuri
rocket costs about $24,000 per kg, while
SpaceX offers transportation for $2,000
to $3,000. KASA is also formulating a
roadmap for deep space exploration,
including missions to Lagrange point
L4, the moon, and Mars, with plans for
a lunar landing and a Martian landing
by 2045.
UAE Launches Expanded $2M Global FoodTech
Challenge
The UAE has launched the latest
edition of the FoodTech
Challenge at the Clinton Global
Initiative (CGI) 2024 Annual Meeting
in New York, coinciding with the UN
General Assembly (UNGA). With the
world needing to feed an additional 2
billion people by 2050, the challenge
aims to address pressing global food
security issues by identifying and
supporting innovative, tech-driven
solutions capable of transforming food
systems in challenging environments.
This third edition offers the largest
cash prize to date, organised by the
International Affairs Office at the UAE
Presidential Court and Tamkeen, in
partnership with the Bill & Melinda
Gates Foundation, CGI, ne’ma, and
Silal, a leading UAE agri-tech firm.
This year, the focus expands to three
critical areas: food and water, food
and energy, and food loss and waste,
with a shared $2M cash prize for four
winning start-ups to advance their
projects in the UAE.
Global Aerospace Summit Launches in Abu Dhabi
The Global Aerospace Summit
(GAS) 2024 commenced today
in Abu Dhabi, uniting leading
figures from the aerospace, aviation,
and defence sectors. In its seventh
edition, the summit focuses on shaping
the future of these industries through
high-level discussions on sustainability,
innovation, and talent development—
vital for ensuring long-term global
growth. A key panel on ‘Developing
the Nation’s Defence Industry System’
featured Dr Mohamed Alahbabi, Senior
Advisor & Space Lead at EDGE Group,
who, alongside industry leaders, shared
insights on strategic innovation, smart
manufacturing, and the role of international
partnerships in enhancing the
UAE’s defence capabilities. Dr Alahbabi
underscored the UAE’s substantial
investments in space and aerospace,
asserting that continued growth will
involve more satellites, new companies,
and significant investments in
human capital, emphasising that space
is essential for advancing science,
innovation, and defence.
UAE Partners with High-Level Panel to Advance
Sustainable Ocean Economy
The UAE has officially joined the
High Level Panel for a Sustainable
Ocean Economy (Ocean
Panel), becoming the first MENA
country to do so, following an invitation
based on its leadership in climate
and biodiversity. This announcement
occurred on 25th September at the
United Nations General Assembly
in New York, where world leaders
gathered alongside representatives
from the panel’s 18 member nations.
Established in 2018 and co-chaired by
Norway and Palau, the Ocean Panel
aims to address the ocean’s urgent
challenges, including climate change,
pollution, and overfishing. Panel members
are committed to sustainably
managing 100% of their national ocean
areas and supporting a global initiative
to protect 30% of the ocean by
2030. Razan Khalifa Al Mubarak has
been appointed as the UAE’s Sherpa
and High-Level Representative to the
Ocean Panel.
Oct 2024 www.thefinanceworld.com 91

Finance
Source: Ai generated
Visualising finance in 2040 with advanced technology, and global crypto integration.
Finance in 2040:
A Glimpse into the
Future of Money,
Tech and Crypto
Exploring the transformative shifts in finance
by 2040, from digital wallets to global crypto
integration and beyond.
As we approach the mid-21st century, the
landscape of finance is poised for radical
transformation. By 2040, the way we
manage, spend, and invest money will be
profoundly different from today. The rise
of technology and shifting global trends
promise to reshape financial systems, offering
unprecedented convenience and
security. This time capsule into the future
of finance explores five key innovations
likely to define the financial world in 2040:
Ubiquitous digital wallets, Global cryptocurrency
integration, Immersive virtual
financial experiences, Predictive financial
algorithms, and Sentient financial AI
advisors. These advancements will not
only enhance efficiency but also promote
greater financial inclusion and sustainability
on a global scale.
92 www.thefinanceworld.com Oct 2024

In the next two decades, finance will
evolve at an unprecedented pace,
driven by technological advancements
and shifting global priorities. Financial
services will become increasingly personalised,
leveraging AI and big data to
tailor products and advice to individual
needs. Blockchain technology is expected
to revolutionise transactions and record-keeping,
enhancing transparency and
security. Sustainable investing will gain
prominence, with environmental, social,
and governance (ESG) criteria becoming
central to investment decisions. Digital
currencies and decentralised finance
(DeFi) will reshape traditional banking
models, and regulatory frameworks will
adapt to address emerging risks and
opportunities. Here’s a comprehensive
look at five transformative changes
anticipated by 2040.
Ubiquitous Digital Wallets
Digital wallets are set to become an
integral part of everyday life. Current
technologies are already paving the way,
with smartphones and smartwatches facilitating
contactless payments. By 2040,
these digital wallets will be embedded
in a wide range of wearables and smart
devices, making transactions more
seamless than ever. The integration of
biometric security, such as fingerprint
and facial recognition, will ensure transactions
are secure and convenient. With
near-instantaneous transaction capabilities
and advanced encryption, digital wallets
will eliminate the need for physical cash
and credit cards, simplifying financial
management for users globally.
Global Crypto Integration
Cryptocurrencies are expected to become
a standard medium of exchange across
the globe. Currently, digital currencies
face varying degrees of acceptance and
regulatory scrutiny. However, by 2040,
advancements in blockchain technology
and regulatory frameworks will likely
foster widespread adoption. Cryptocurrencies
will be seamlessly integrated
into everyday financial transactions,
supported by robust infrastructure and
regulatory clarity. This shift will reduce
transaction fees, enhance cross-border
payments, and democratise access to
financial services. Central Bank Digital
Currencies (CBDCs) may also become
prevalent, providing a government-backed
alternative that combines the benefits
of cryptocurrency with the stability of
traditional currencies.
Immersive Virtual Financial Experiences
By 2040, financial interactions may
increasingly take place in immersive
virtual environments. The rise of virtual
reality (VR) and augmented reality (AR)
technologies will create new ways for
individuals to manage their finances.
Imagine virtual banking branches where
users can interact with financial advisors
in a fully immersive digital space or engage
in simulated investment scenarios to test
strategies. These virtual platforms will
offer personalised, interactive experiences,
making financial management more
engaging and intuitive. The integration of
VR and AR will bridge the gap between
digital and physical financial experiences,
transforming how we access and interact
with financial services.
Predictive Financial Algorithms
Imagine a world where financial decisions
are guided not just by current data but
by predictive algorithms that foresee
economic trends and personal financial
needs with remarkable accuracy. By 2040,
advanced predictive algorithms powered
by artificial intelligence and big data will
enable individuals and institutions to anticipate
market movements and personal
financial needs well before they occur.
These algorithms will analyse complex
data sets, including economic indicators,
social trends, and individual behaviour
patterns, to provide proactive financial
strategies and risk management. This
capability will revolutionise investment
strategies, financial planning, and risk
mitigation, offering a level of foresight
previously unimaginable.
Sentient Financial AI Advisors
In 2040, we could witness the emergence
of truly sentient financial AI advisors—artificial
intelligence systems with advanced
cognitive capabilities and emotional intelligence.
Unlike today’s AI, these sentient
advisors will be able to understand and
interpret human emotions, behavioural
nuances, and complex life situations
with a high degree of empathy. They will
provide not only financial guidance but
also emotional and psychological support,
helping users navigate financial decisions
during major life events, such as career
changes or personal crises. These AI
advisors will offer a holistic approach
to financial planning, combining analytical
prowess with an understanding of
human psychology, thus transforming
how individuals interact with financial
advice and decision-making processes.
Holographic Financial Interfaces
By 2040, holographic technology could
revolutionise how we interact with our
finances. Imagine managing your investments
or conducting banking transactions
using fully immersive, 3D holographic
interfaces. Instead of interacting with flat
screens or touchpads, users could engage
with virtual financial advisors, view complex
financial data in three-dimensional
space, and even manipulate digital assets
as if they were physical objects. These
holographic interfaces would provide a
more intuitive and interactive experience,
making it easier to understand and
manage complex financial information.
This technology would bridge the gap
between the digital and physical worlds,
offering a futuristic and engaging way to
handle financial matters.
As we look forward to 2040, the financial
world is set to undergo a profound
transformation. The convergence of advanced
technology, global cryptocurrency
adoption, immersive virtual experiences,
blockchain-based financial sovereignty,
and evolving financial literacy will redefine
how we interact with money. These
innovations promise a more efficient,
secure, and inclusive financial ecosystem,
reflecting the dynamic nature of
our evolving global society. Additionally,
the rise of AI-driven financial planning
tools and real-time data analytics will
further enhance decision-making and
accessibility, ensuring that individuals
and businesses alike can navigate the
future of finance with greater confidence
and agility.
Oct 2024 www.thefinanceworld.com 93

Local News
WeRide and Uber to Launch Robot Taxis in Abu Dhabi This Year
WeRide and Uber have announced
a partnership to bring self-driving
robot taxis to the UAE, with
autonomous vehicles set to appear on
the Uber platform in Abu Dhabi later
this year. A select number of WeRide
vehicles will be available to users via
the Uber app, offering an autonomous
ride option when requesting qualifying
journeys. While the partnership is focused
on the UAE, there are no current
plans to expand this service to the US
or China. WeRide already operates
the largest robotaxi fleet in the UAE,
accessible through the TXAI app. In
July 2023, WeRide received the UAE’s
first national licence for self-driving
vehicles, allowing it to test and operate
its autonomous fleet on public roads
nationwide, further positioning the
company as a leader in the region’s
autonomous vehicle sector.
UAE and New Zealand
Finalise CEPA Talks to
Boost $460M H1 Trade
The UAE and New Zealand have
concluded negotiations on a
Comprehensive Economic Partnership
Agreement (CEPA), set to boost
trade and investment once signed and
implemented. This latest development
in the UAE’s CEPA programme was
marked by a joint statement from Dr.
Thani Al Zeyoudi, UAE Minister of State
for Foreign Trade, and Todd McClay,
New Zealand’s Minister of Trade. The
CEPA aims to reduce or eliminate
tariffs, remove trade barriers, enhance
market access, and foster investment
opportunities. Dr. Al Zeyoudi highlighted
New Zealand as a key partner, noting
that both nations’ economies are driven
by trade and global connectivity. The
agreement is expected to not only
strengthen bilateral trade but also
support greater engagement between
the UAE and the wider Asia-Pacific
region, aligning with the UAE’s broader
foreign trade strategy.
UAE and US Launch Expedited Visa Entry
Program for Citizens
The UAE has established a fasttrack
entry scheme for its citizens
travelling to the US, following an
agreement between the UAE Ministry
of Interior and the US Department of
Homeland Security. The deal, signed
during President Sheikh Mohamed bin
Zayed Al Nahyan’s US visit, will see the
UAE join the Global Entry Programme
by October 2024. This initiative will
streamline entry for approved Emiratis
at 75 US airports and others worldwide,
reducing wait times and paperwork.
UAE Ambassador to the US, Yousef
Al Otaiba, highlighted the agreement
as a step towards strengthening bilateral
security and enhancing travel
and commerce. Despite expedited
The UAE real estate market is
expected to hit AED 2.5T ($681B)
by the end of 2024, driven largely
by the off-plan sector, which accounted
for 65% of total sales in August 2024.
This reflects a 54% increase in volume
compared to the same period last year.
Statista data aligns with this projection,
underscoring the pivotal role of highnet-worth
individuals (HNWIs) seeking
investment opportunities, especially
in the luxury segment. The influx of
HNWIs has fuelled demand for off-plan
developments, including ultra-luxury
and megaprojects. QUBE Development,
processing, Global Entry participants
must still hold a valid US visa to enter
the country, ensuring a balance between
convenience and security.
UAE Real Estate Value Expected to Reach $681B
by End of 2024
capitalising on this growth, recently
launched Cubix Residences in Jumeirah
Village Circle (JVC), positioning itself
within this booming market. With such
projects, the UAE continues to cement
its appeal to affluent investors eyeing
the region for premium real estate
opportunities.
94 www.thefinanceworld.com Oct 2024

Dubai Unveils 2,700 New Hotel Rooms, Plans Additional 10,000 by End of 2025
In the first half of 2024, Dubai expanded
its hotel capacity by over
2,700 new rooms, with a further
10,100 expected by the end of 2025,
according to research from Cavendish
Maxwell. The city added 12 hotels between
January and June, bringing its
total to 716 establishments and approximately
149,750 rooms. An additional
40 hotels are slated for delivery
through 2025, alongside 4,748 more
e& Secures EC Approval
for $2.4B Acquisition of
PPF Telecom
Emirates Telecommunications
Group Company (e&) has
received approval from the
European Commission (EC) for its
acquisition of a controlling interest
in PPF Telecom Group’s assets in
Bulgaria, Hungary, Serbia, and Slovakia.
(approximately $2.395B) deal,
announced in August last year, is part
of e&’s strategy to accelerate international
expansion and diversify its
operations. Financial projections for
FY 2022 indicate that the acquisition
will add around 14 per cent to e&’s
total revenues and 11 per cent to its
EBITDA, broadening its telecom presence
to 20 countries. The EC granted
this approval three months ahead of
the legal deadline, with e& agreeing
to maintain compliance with UAE
bankruptcy law and impose financing
restrictions on PPF Telecom’s EU
business.
rooms anticipated in 2026 and 2027.
The report highlights robust growth
in the four-star segment, with 436 new
rooms added—up 216% from the same
period last year. Five-star hotels also
experienced significant growth, introducing
1,681 new rooms, an increase of
111%. By June 2024, luxury and upscale
accommodations accounted for 67% of
Dubai’s hotel inventory, emphasising
the city’s focus on high-end hospitality.
Investec Opens Dubai Office at DIFC
Investec, a prominent international
bank and wealth management firm
that generated (AED 10.77B) in revenue
in 2023, has opened a new office
in Dubai. Established in Johannesburg,
South Africa, in 1974, Investec’s Dubai
office is located in the Dubai International
Financial Centre (DIFC) within Central
Park Towers. This expansion enhances
the company’s presence in the Gulf region,
connecting high-net-worth clients, family
Sheikh Mohammed bin Rashid Al
Maktoum, Vice President and Prime
Minister of the UAE and Ruler of
Dubai, has issued Decree No. (53) of 2024
concerning the Board of Directors of the
Dubai Academic Health Corporation,
commonly referred to as Dubai Health.
The decree appoints Sheikh Ahmed
bin Saeed Al Maktoum as chairman,
with Sheikh Mansoor bin Mohammed
bin Rashid Al Maktoum serving as Vice
Chairman. Board members include Dr.
Raja Easa Al Gurg, Abdulla Abdul Rahman
Al Shaibani, Professor Ian Andrew Greer,
Mohammed Hassan Al Shehhi, and Waleed
Saeed Al Awadhi. Additionally, the CEO
of Dubai Health and a representative from
the Mohammed Bin Rashid University
of Medicine and Health Sciences will
offices, and financial institutions within
the Gulf Cooperation Council (GCC). The
DIFC office offers advisory and arranging
services in private banking, wealth and
investment management, as well as corporate
and investment banking. Investec
primarily operates in South Africa and
the UK, with additional offices in the
USA, Ireland, Channel Islands, Mauritius,
India, and Continental Europe, allowing
for closer client engagement.
Sheikh Mohammed Issues Decree for Dubai Health
Board of Directors
join the board. The decree is effective
immediately and will be published in
the Official Gazette.
Oct 2024 www.thefinanceworld.com 95

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Banking
Source: Ai generated
Navigating the evolution of Islamic banking.
The Evolution of
Islamic Banking in
2024: Challenges and
Opportunities
Redefining banking by leveraging digital
innovation to deliver a seamless and
transformative customer experience.
Islamic banking, grounded in Shariah
principles, has evolved from a niche sector
to a significant player in the global
financial system. As of 2024, the industry
is poised for continued expansion, driven
by increasing demand for ethical finance
solutions, technological advancements,
and a growing global Muslim population.
This article explores the current state
of Islamic banking, its growth trajectory,
and the opportunities that lie ahead,
providing a comprehensive overview of
its impact on the future of global finance.
By examining the strategic initiatives and
regulatory frameworks, the article aims
to provide a comprehensive overview of
how this sector is influencing global financial
markets and contributing to broader
economic development.
98 www.thefinanceworld.com Oct 2024

Islamic banking operates in accordance
with Shariah law, which prohibits
interest (riba) and emphasizes ethical
investment practices. Key instruments
include Mudarabah (profit-sharing),
Musharakah (joint venture), Murabaha-
(cost-plus financing), and Sukuk (Islamic
bonds). These products are designed to
align financial transactions with Islamic
ethical standards, promoting fairness and
social justice. The global Islamic finance
market reached approximately $3 trillion
in assets by 2023 and is projected to hit
$5.9 trillion by 2026, reflecting robust
growth in this sector.
Recent surveys, including a global
study by Mambu, reveal significant trends
among Muslim millennials and Gen Z
consumers. These younger demographics
are increasingly blending traditional and
Islamic banking services, with 31% of Gen
Z Muslims already using both types of
banking. Additionally, 86% of millennials
and Gen Z Muslims prioritize ethical
investments, highlighting the need for
banks to offer Sharia-compliant products
that align with these values. This growing
emphasis on ethical finance underscores
a shift towards more conscious consumer
behavior in the financial sector.
Technological Advancements and
Innovation
The integration of technology in Islamic
banking has been a major driver of growth
and efficiency, transforming the sector’s
operations and customer interactions.
Fintech solutions, digital banking platforms,
and mobile applications have
revolutionized how Islamic banks provide
services, making transactions faster,
more accessible, and user-friendly. These
technologies enable seamless account
management, real-time financial tracking,
and convenient access to Shariah-compliant
products. The adoption of blockchain
technology is beginning to reshape the
industry by enhancing transparency and
security, allowing for more efficient and
tamper-proof transactions. Artificial
Intelligence is also making significant
strides, with AI-powered analytics and
chatbots improving customer service,
personalizing financial solutions, and
streamlining compliance processes.
Despite these advancements, there is an
ongoing debate about whether the current
technological infrastructure fully meets
the needs of a rapidly evolving market.
Some critics argue that the existing
systems may not adequately address the
unique requirements of Shariah-compliant
finance, potentially leading to gaps in
service or compliance issues. There are
concerns about technology integration
challenges, such as ensuring that new
technologies align with Islamic financial
principles while maintaining regulatory
compliance.
Challenges Facing the Industry
Islamic banking faces several challenges
that could impact its growth and development.
Regulatory Fragmentation is a
significant issue, with varying Shariah
compliance standards across different
jurisdictions creating complexities for
banks operating internationally. This
inconsistency can lead to increased
compliance costs and hinder cross-border
operations. Shariah Compliance and
Interpretation also pose challenges, as
differing interpretations of Islamic law
among scholars and institutions can lead
to inconsistencies in product offerings
and create uncertainty for consumers
and investors. Furthermore, the industry
is grappling with a Talent Shortage, as
there is a lack of professionals skilled
in both finance and Shariah law, which
limits the sector’s ability to innovate and
expand effectively. The Competition from
Conventional Banks adds another layer of
difficulty, as traditional financial institutions
increasingly offer Shariah-compliant
products, often with greater resources
and established customer bases. This
intensifies the competitive landscape
and puts pressure on Islamic banks to
differentiate themselves and demonstrate
their unique value propositions.
Opportunities for Growth
Despite these challenges, there are
substantial opportunities for the Islamic
banking sector. Expansion into New Markets
presents significant growth potential,
particularly in non-Muslim-majority countries
with sizable Muslim populations,
where demand for Shariah-compliant
financial products is increasing. Integration
of Sustainable Finance aligns with
the global push for ESG (Environmental,
Social, and Governance) criteria, enabling
Islamic banks to attract a broader range
of investors who prioritize ethical and
environmentally conscious investment
opportunities. Innovation in Financial
Products, such as green Sukuk, which
funds environmentally sustainable projects,
and microfinance, which supports
small-scale entrepreneurs, offers ways
Islamic banking adapts
to modern needs,
overcoming challenges
with innovation.”
to meet diverse customer needs and tap
into underserved markets. Additionally,
the adoption of Digital Transformation
and FinTech solutions can enhance
efficiency, reduce costs, and improve
customer experience.
Top 23 Islamic FinTech Startups to
Watch in August 2024
In August 2024, the Islamic FinTech sector
showcased a dynamic array of innovative
companies reshaping financial landscapes.
Leading the charge is Zoya.finance, offering
a modern app for halal investing
with notable B2B integrations. Remedi
Finance pioneers decentralized financial
solutions for healthcare, while Orpheus
Capital focuses on Shariah-compliant
financing for underserved communities.
Saha Financial and FINOUTSOURCE
LLC provide interest-free lending and
tailored financial tools for Islamic banks,
respectively. GFI Fintech LLC excels in
behavioral analytics for finance, and
SLAH FINANCIAL TECHNOLOGIES
LIMITED leverages blockchain for
Sharia-compliant banking. Halal Payment
supports SMEs, and IMAN Group
Ltd. aims to be the Halal Revolut. With
diverse offerings from TontineTrust to
MoneyPools, these startups are pushing
boundaries in Islamic finance.
The evolution of Islamic banking in 2024
reflects both the industry’s impressive
growth and the challenges it faces. With
a focus on ethical finance, technological
innovation, and market expansion,
Islamic banking is well-positioned to
thrive. However, addressing regulatory
fragmentation, talent shortages, and
competitive pressures will be crucial
for sustaining growth and meeting the
needs of a diverse and evolving customer
base. As the industry continues to adapt
and innovate, it holds the promise of
making significant contributions to the
global financial system while upholding
its core values of fairness and social
responsibility.
Oct 2024 www.thefinanceworld.com 99

Navigating the Future of Finance
in a Dynamic Market
20 November 2024
Jumeirah Messilah Beach, Kuwait
cfoconnectkuwait.com
SPEAKERS
Aditya Dhanuka
Chairperson
ICAI Kuwait Chapter
Utpal Shah
Deputy Group Chief
Al Ahli Bank of Kuwait
Ajai Thomas
Kuwait International Bank
Sai Devata
General Manager – Finance
stc Kuwait
Tamil Selvan
VIneeth Menon
Jacob Gomez
Ammar Hanoun
RMB Group
Al Watan Holding
Alghanim Healthcare
Kana Group
Salim Desai
Zahid Kasmani
Mohamed Talaat
Venkata Ramana Badida
Al Razzi Holding Co.
Central Circle Company
Bader Sultan Group
GIG Takaful
Mohamed Naser
Al-Hajery & Sons Co Ltd.
Srinivasan R
Intishar Holding Company
Haytham Zreiqi
Gulf Insurance Group
Sahil Chopra
Director of Finance
Jumeirah Group
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Supporting Partners
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Banking
Source: Ai generated
Digital Revolution is empowering the future of Global Finance.
The Future of Banking:
Navigating Digital
Transformation and
Financial Innovation
How banking is shaping the digital future of
finance in the Arab World.
The banking sector in the Arab world is
undergoing a significant transformation,
driven by digital innovation and the rising
demand for efficient, customer-centric
services. Fintech companies and digital
banks are gaining prominence, challenging
traditional financial institutions to adapt
quickly or risk obsolescence. Key trends
include the adoption of mobile banking,
digital wallets, and AI, which are revolutionizing
how services are delivered.
Regulatory bodies are updating frameworks
to accommodate these changes,
with a focus on fostering innovation while
ensuring security. Despite opportunities,
challenges such as cybersecurity and the
need for cultural shifts within banks remain.
The future of banking in the region
is poised for continued evolution, blending
tradition with technological advancement.
102 www.thefinanceworld.com Oct 2024

Digital banking is rapidly gaining
traction across the Arab world,
offering customers convenient,
24/7 access to financial services. Countries
like the UAE and Saudi Arabia
are at the forefront of this shift, with
digital-only banks such as Liv. by Emirates
NBD and STC Pay revolutionizing
the banking landscape. These digital
banks provide a range of services, from
savings accounts to loans, all accessible
through mobile apps. The rise of digital
banking is enabling financial inclusion,
particularly among younger, tech-savvy
populations who prefer managing their
finances online.
Fintech Revolution and Its Impact
on Traditional Banks
The fintech revolution in the Arab world
is disrupting traditional banking models
by introducing innovative solutions that
cater to the evolving needs of consumers
and businesses. From peer-to-peer
lending platforms to mobile payment
systems, fintech startups are challenging
established banks to rethink their service
offerings. In response, many traditional
banks are forming partnerships with
fintech companies or developing their
own digital platforms to stay competitive.
For instance, Bahrain’s Al Baraka Bank
has partnered with regional fintech firms
to enhance its digital capabilities, while
Qatar National Bank (QNB) has launched
its own digital banking services to meet
the growing demand for online financial
solutions.
Technology will
never replace
great bankers, but
in the hands of
great bankers, it is
transforming the
future of finance.”
Regulatory Landscape and Innovation
Regulatory authorities in the Arab world
are playing a crucial role in facilitating
digital transformation within the banking
sector. Central banks in countries like
the UAE, Saudi Arabia, and Bahrain have
introduced regulatory sandboxes that
allow fintech companies and banks to
test innovative products in a controlled
environment. These initiatives are designed
to foster innovation while ensuring
consumer protection and financial stability.
Additionally, the introduction of
open banking regulations in some Arab
countries is enabling greater competition
and collaboration between banks and
fintech firms, leading to more innovative
financial services.
The Role of Artificial Intelligence
and Blockchain
Artificial intelligence (AI) and blockchain
technology are transforming the banking
industry in the Arab world by enhancing
operational efficiency and security.
AI-powered chatbots and robo-advisors
are being deployed by banks to improve
customer service and offer personalized
financial advice. For example, Emirates
NBD has introduced the AI-driven chatbot
“Eva” to assist customers with their
banking needs. Meanwhile, blockchain
technology is being utilized to streamline
processes such as cross-border payments
and trade finance, reducing costs and
increasing transparency. The Dubai
International Financial Centre (DIFC)
has been at the forefront of promoting
blockchain adoption in the financial
sector, positioning Dubai as a hub for
blockchain innovation.
Cybersecurity Challenges in the
Digital Age
As banks in the Arab world embrace digital
transformation, they face significant
cybersecurity challenges. The increase in
digital transactions and the integration
of new technologies have made financial
institutions more vulnerable to cyberattacks.
In response, banks are investing heavily
in cybersecurity measures to protect
sensitive data and maintain customer
trust. The Saudi British Bank (SABB),
for example, has implemented advanced
cybersecurity protocols to safeguard its
digital platforms. Additionally, regulatory
bodies like the Central Bank of Bahrain
are issuing guidelines to ensure that banks
adopt robust cybersecurity frameworks
as part of their digital strategies.
The Future of Branch Banking
While digital banking is on the rise, the
future of physical bank branches in the
Arab world is evolving. Many banks are
reimagining their branch networks to offer
more personalized and advisory services
rather than traditional transactional
services, which are increasingly being
handled online. For example, National
Bank of Kuwait (NBK) has redesigned
some of its branches to serve as financial
advisory centers, focusing on wealth
management and investment services.
This shift reflects the changing role of
bank branches in an era where digital
channels are becoming the primary mode
of banking for many customers.
The Road Ahead: Opportunities and
Challenges
The future of banking in the Arab world
is filled with both opportunities and
challenges. On one hand, the continued
growth of digital banking and fintech
innovation offers significant potential for
enhancing financial inclusion, improving
customer experiences, and driving economic
growth. On the other hand, banks
must navigate regulatory complexities,
cybersecurity risks, and the need to
continuously innovate to stay relevant
in a rapidly changing environment. As
banks in the Arab world continue to
adapt to these challenges, they are likely
to emerge stronger and more resilient,
capable of meeting the needs of a diverse
and dynamic customer base.
The banking industry in the Arab
world is at a critical juncture, with digital
transformation and financial innovation
reshaping its future. By embracing new
technologies, collaborating with fintech
companies, and adapting to regulatory
changes, banks in the region are positioning
themselves to thrive in a digital-first
world. As the sector continues to evolve,
it will play a key role in driving economic
development and ensuring that the Arab
world remains competitive in the global
financial landscape.
Oct 2024 www.thefinanceworld.com 103

Finance
Source: Ai generated
Sustainable Profit:
The Future Of Green
Finance And Carbon
Credits
Advancing sustainable finance and carbon
credits for an eco-friendly future.
As the Middle East grapples with the dual
challenges of economic diversification
and environmental sustainability, green
finance and carbon credits are emerging
as pivotal tools in shaping a sustainable
future. The region, long associated with
oil wealth, is now at the forefront of a
green revolution, with countries like the
United Arab Emirates, Saudi Arabia, and
Qatar making bold commitments to reduce
carbon emissions and invest in renewable
energy. This shift is not just an environmental
imperative but also a strategic
economic move, opening up new avenues
for sustainable profit. This article explores
the burgeoning landscape of green finance
in the Middle East, examining the role of
carbon credits, the challenges faced, and
the immense potential for sustainable
growth in the region.
104 www.thefinanceworld.com Oct 2024

The Middle East, a region historically
synonymous with fossil fuels, is
undergoing a remarkable transformation
in its approach to finance and
environmental sustainability. Green finance,
encompassing investment activities that
prioritize environmental sustainability,
is gaining significant traction across the
region. This paradigm shift is driven by
a combination of factors, including the
urgent need to address climate change,
the desire to diversify economies away
from oil dependency, and the recognition
of the immense economic potential in
sustainable industries.
At the heart of this green finance revolution
are carbon credits, a market-based
tool designed to reduce greenhouse gas
emissions. The concept is simple yet
powerful: companies that reduce their
emissions below a certain threshold can
earn carbon credits, which can then be
sold to other companies struggling to
meet their emission targets. This system
creates a financial incentive for businesses
to reduce their carbon footprint,
effectively putting a price on pollution.
In the Middle East, the adoption of
carbon credit systems is gaining momentum.
The UAE, for instance, has
launched the region’s first carbon credit
trading exchange, the Abu Dhabi Global
Market (ADGM). This initiative not
only promotes the reduction of carbon
emissions but also positions the UAE as
a hub for carbon trading in the region.
Similarly, Saudi Arabia has announced
plans to establish its own carbon credit
market, aligning with its Vision 2030
goal of diversifying the economy and
promoting sustainability.
The potential for carbon credits in the
Middle East is enormous. The region’s vast
desert landscapes offer ideal conditions
for large-scale solar and wind energy
projects, which can generate significant
carbon credits. Countries like Morocco
and Egypt are already capitalizing on this
potential, developing massive renewable
energy installations that not only reduce
their reliance on fossil fuels but also
generate valuable carbon credits that
can be traded internationally.
Beyond carbon credits, green finance in
the Middle East is manifesting in various
other forms. Green bonds, for instance,
are gaining popularity as a means of
financing environmentally friendly projects.
In 2019, the UAE’s First Abu Dhabi
Bank issued the region’s first green bond,
raising $587 million for projects including
renewable energy, sustainable water
management, and clean transportation.
This successful issuance has paved the
way for other institutions in the region
to follow suit.
Islamic finance, a significant sector
in the Middle East, is also aligning with
green finance principles. The concept of
“green sukuk” – Sharia-compliant bonds
that fund environmental projects – is
gaining traction. In 2019, Saudi Arabia’s
Islamic Development Bank issued its
first green sukuk, raising €1 billion for
climate-change mitigation and adaptation
projects. This convergence of Islamic
and green finance principles opens up
new avenues for sustainable investment
in the region.
The shift towards green finance is not
without its challenges. One of the primary
hurdles is the need for standardization and
regulation in the carbon credit market.
While initiatives like the ADGM are steps
in the right direction, there is still a need
for region-wide standards to ensure the
credibility and effectiveness of carbon
credit systems. Additionally, there’s a need
for capacity building and education to
help businesses and investors understand
and navigate the complexities of green
finance and carbon trading.
Despite these challenges, the future of
green finance and carbon credits in the
Middle East looks promising. The region’s
governments are increasingly recognizing
the economic potential of sustainability.
The UAE’s “Net Zero by 2050” strategic
initiative and Saudi Arabia’s pledge to
reach net-zero emissions by 2060 are
testament to this commitment. These
ambitious goals are driving investment
in renewable energy, green technology,
and sustainable infrastructure, creating
a fertile ground for green finance to
flourish. Moreover, the Middle East’s
sovereign wealth funds, among the largest
in the world, are increasingly integrating
environmental, social, and governance
(ESG) criteria into their investment
strategies. This shift has the potential
to channel vast amounts of capital into
sustainable projects, both within the
region and globally.
The development of green finance
and carbon credit systems in the Middle
East also presents an opportunity for
the region to diversify its economy and
reduce its dependence on oil revenues.
By fostering innovation in sustainable
technologies and creating new green
industries, countries can create jobs,
attract foreign investment, and build
more resilient economies.
As the world moves towards a low-carbon
future, the Middle East’s embrace of
green finance and carbon credits positions
it to play a pivotal role in the global sustainability
movement. The region’s vast
financial resources, combined with its
growing commitment to sustainability,
create a unique opportunity to lead in
the development of innovative green
finance solutions.
In conclusion, the future of green finance
and carbon credits in the Middle East
is not just about sustainable profits; it’s
about reimagining the region’s economic
identity. By leveraging its financial prowess
and natural resources for sustainability,
the Middle East is poised to transform
from a fossil fuel giant to a green finance
powerhouse, driving both economic
growth and environmental stewardship
in the decades to come.
Oct 2024 www.thefinanceworld.com 105

Travel News
India, UAE Firms Cash In on Abu Dhabi Mega-Events Demand
Indian and UAE businesses are set
to profit as demand spikes for Abu
Dhabi’s major upcoming events.
Travel platforms like MakeMyTrip and
EaseMyTrip, along with Rayna Tours in
Dubai, have launched tailored packages
for IIFA 2024, the Abu Dhabi Grand Prix,
and the Coldplay concert. EaseMyTrip,
the official travel partner for IIFA, offers
exclusive deals ranging from $442 to
$777, including event passes, premium
Aldar to Invest $410M
in Hospitality Portfolio
Revamp
Aldar will invest AED 1.5B ($410M)
to revitalise its hospitality
portfolio, partnering with global
luxury brands like Waldorf Astoria and
Vignette Collection, marking their debut
in Abu Dhabi. The initiative aims to
upgrade Aldar’s hotel assets into luxury
resort-style destinations to meet growing
demand for premium hospitality in the
emirate. In collaboration with Hilton,
the Eastern Mangroves hotel will be
rebranded under Waldorf Astoria, while
Yas Plaza and the former Tilal Liwa desert
resort will adopt the Vignette Collection
brand. Yas Plaza Hotels will become the
world’s largest Vignette Collection resort.
Aldar CEO Talal Al Dhiyebi highlighted
the UAE’s focus on becoming a leading
global tourism hub. Abu Dhabi’s ambitious
tourism strategy targets 39.3M visitors by
2030, bolstered by the opening of Zayed
International Airport’s new terminal and
world-class attractions.
accommodation, and airport transfers.
Rayna Tours provides tickets priced
between AED 350 and AED 450. The
IIFA Awards, scheduled from 27 to 29
September at Yas Island, are returning to
Abu Dhabi for the third time, with hosts
Shah Rukh Khan, Karan Johar, and Vicky
Kaushal leading the event. The show
promises an unforgettable experience of
music, dance, and entertainment.
ASB Hospitality Appoints Dutco for UAE’s First
Beachfront Gran Meliá
ASB Hospitality has appointed
Dutco Construction as the main
contractor for its upcoming
Gran Meliá Hotel in Dubai Jumeirah,
marking the brand’s first beachfront
property in the UAE. Situated on the
prime headland of Port De La Mer, the
development spans 31,066 sqm, featuring
a gross floor area of 42,522 sqm and
a built-up area of 88,909 sqm. The resort
will offer stunning views of the Arabian
Gulf from three sides, alongside vistas
of the Dubai skyline. CEO Heddo Siebs
stated that this collaboration with Meliá
Hotels International aims to create an
exceptional guest experience. Nelson
Gibb, CEO of Dutco Group, expressed
enthusiasm for the project, which will
include 380 rooms and 31 exclusive
suites, each offering breathtaking sea
and city views.
Saudi Arabia Leads G20 with 73% Rise in
Tourism
Saudi Arabia has achieved the highest
growth in international tourism
among G20 nations in the first seven
months of 2024, according to the latest
United Nations Tourism Organisation data.
Compared to 2019, the Kingdom saw a
remarkable 73% increase in international
tourist numbers and a staggering 207%
rise in tourism revenues, as highlighted
in the September 2024 World Tourism
Barometer. Approximately 17.5 million
international visitors arrived during this
period, underscoring Saudi Arabia’s
growing global appeal. In 2023, the
Kingdom welcomed 27.4 million tourists,
marking a 56% increase from 2019. The
International Monetary Fund has praised
these achievements as vital to Saudi
Vision 2030, noting the tourism sector’s
significant role in economic diversification,
visitor spending, job creation, and GDP
contribution.
106 www.thefinanceworld.com Oct 2024

Shamal Holding Unveils Dubai’s First Baccarat Hotel
Shamal Holding, a Dubai-based
investment firm, has announced
plans for the UAE’s first Baccarat
Hotel, set to debut in Downtown Dubai,
marking a significant advancement in the
ultra-luxury hospitality sector. This 145-
key hotel will feature stunning views of the
Burj Khalifa and a glass façade inspired by
Baccarat’s crystal heritage, harmonising
with the city’s skyline. Abdulla Binhabtoor,
CEO of Shamal Holding, expressed pride
in introducing this landmark, highlighting
the hotel’s dedication to artistry and
craftsmanship. He emphasised the
property’s potential to offer bespoke
experiences amid growing demand for
ultra-luxury tourism. The development
includes hotel accommodations ranging
from Classic King and Queen rooms to
suites, alongside two-to-four-bedroom
furnished apartments and four penthouses,
in collaboration with H&H Development
and SH Hotels & Resorts.
Emirates Unveils
$5.3M Lounge at London
Stansted Airport
Emirates has inaugurated its latest
lounge at London Stansted
Airport, investing over (AED
23M) to enhance passenger experience.
Spanning 900 sq. m, the lounge
can accommodate up to 125 guests,
specifically catering to First and Business
Class customers and Emirates
Skywards members. This facility is the
airline’s sixth in the UK, complementing
existing lounges at Heathrow, Gatwick,
Birmingham, Glasgow, and Manchester.
Mohammed Mattar, Divisional Senior
Vice President of Airport Services,
emphasised the importance of Stansted
as a key gateway since Emirates began
operations there in 2018. Located in
Satellite 1, the lounge boasts modern
décor, designated seating, dining amenities,
complimentary Wi-Fi, and shower
facilities, all conveniently positioned
just 2-3 minutes from the departure
gates for easy access.
Rotana Launches First Edge by Rotana Hotel in
Abu Dhabi
Rotana has announced the opening
of Beach Bay Hotel – Mirfa,
the inaugural Edge by Rotana
property in Abu Dhabi. This launch
adds to the growing portfolio of Edge
by Rotana, which was introduced in
May 2022, featuring unique independent
hotels supported by Rotana’s resources.
Beach Bay Hotel – Mirfa is the seventh
Edge property, with plans for six more
across the MENAT region. Situated 150
kilometres from Abu Dhabi city, Mirfa
boasts a private beach and offers 76
serviced apartments, including studios
and multi-bedroom units, ideal for
business trips and family holidays.
Each apartment provides sea views, a
dining area, and a kitchen. The hotel
also features two dining venues, leisure
facilities, and exemplifies Rotana’s ongoing
expansion in the region, serving
over six million guests annually.
Etihad Unveils Major Expansion with Summer
2025 Flight Plan
Etihad Airways has unveiled an
extensive expansion plan with its
Summer 2025 schedule, introducing
double-daily services to several key
European destinations. The revamped
schedule, now available for booking,
features increased flight frequencies
and convenient 2pm departures, aimed
at enhancing tourism to Abu Dhabi.
Year-round double-daily flights will
connect Abu Dhabi with major cities
such as Paris, Milan, Rome, Manchester,
Frankfurt, Munich, Zurich, Barcelona,
and Madrid. Seasonal flights to Malaga
will also rise to five times per week,
providing greater flexibility for summer
travellers. With newly timed morning
and evening departures, passengers can
select flight schedules that best fit their
needs. The airline is also increasing
its global offerings, including daily
flights to Bali and up to ten weekly
flights to Sydney.
Oct 2024 www.thefinanceworld.com 107

Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the UAE and Ruler of Dubai
2 - 3 October 2024
Dubai World Trade Centre
EMPOWERING
GLOBAL ACTION:
UNLOCKING OPPORTUNITIES
AND ADVANCING PROGRESS
Climate change is a clear and present issue worldwide, and the only solution is to transition rapidly to a green
global economy.
Low carbon, resource efficient and socially inclusive have become the keywords to define the path forward. It has
become imperative for the world to unite and collaborate to achieve this transition.
The World Green Economy Summit, to be held at the Dubai World Trade Centre, will seek to build on the progress
made in previous summits by convening relevant stakeholders from around the world, and shed light on forwardlooking
solutions for a swift and equitable transition to a truly integrated global green economy.
WGESummit

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