Finance World Magazine| Edition: October 2024
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."
Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.
In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.
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UAE Pushes Energy Transition with Solar, Hydrogen, and Carbon Capture<br />
The UAE is accelerating its energy<br />
transition with seven new<br />
renewable energy projects worth<br />
$2.16B launched in the past year. These<br />
initiatives include diverse technologies<br />
such as energy from waste and geothermal<br />
power, showcasing the nation’s<br />
commitment to expanding its energy<br />
portfolio. By the end of <strong>2024</strong>, the UAE<br />
aims to generate 10.6 GW from 13 solar<br />
power projects. Solar energy plays a<br />
UAE and India Discuss<br />
Civil Nuclear Energy<br />
Partnership<br />
The Emirates Nuclear Energy<br />
Corporation (ENEC) and the<br />
Nuclear Power Corporation of<br />
India Limited (NPCIL) have signed<br />
an agreement aimed at enhancing<br />
cooperation and sharing expertise in<br />
various areas, including supply chain<br />
development, human resources, nuclear<br />
consultancy services, and future<br />
investments. This landmark agreement<br />
marks the first of its kind between the<br />
United Arab Emirates and India in the<br />
nuclear sector, highlighting a significant<br />
advancement in their strategic<br />
partnership. By collaborating in this<br />
field, both nations aim to strengthen<br />
their efforts to reduce the carbon<br />
footprint of the energy sector, aligning<br />
with global sustainability goals. The<br />
agreement underscores their commitment<br />
to leveraging nuclear energy as a<br />
key component in achieving clean and<br />
efficient energy solutions.<br />
key role in this growth, leveraging the<br />
country’s vast potential. Additionally,<br />
the UAE plans to produce 1.4 million<br />
metric tons of hydrogen annually by<br />
2031, positioning itself as a global leader<br />
in hydrogen technologies. These efforts<br />
align with the UAE’s Energy Strategy<br />
2050, which focuses on solar, wind,<br />
carbon capture, and hydrogen, reducing<br />
reliance on fossil fuels and supporting<br />
a sustainable energy future.<br />
Green <strong>Finance</strong> Vital for Climate Resilience:<br />
WGES <strong>2024</strong><br />
The 10th <strong>World</strong> Green Economy<br />
Summit (WGES), organised by<br />
the Dubai Supreme Council of<br />
Energy, DEWA, and WGEO, centres on<br />
climate finance as a critical theme. This<br />
discussion will engage global leaders and<br />
experts, recognising climate finance as<br />
essential for bolstering resilience, particularly<br />
in vulnerable countries facing<br />
escalating climate challenges. Sufficient<br />
funding is vital for supporting mitigation<br />
NMDC Energy’s IPO in the UAE<br />
saw its shares surge over 21%<br />
before closing with an 8% gain.<br />
The company began trading on the Abu<br />
Dhabi Securities Exchange (ADX) after<br />
its IPO was oversubscribed by 31.3 times.<br />
Shares started at AED 2.80, peaked at AED<br />
3.40, and closed at AED 3.02. Chairman<br />
Mohamed Hamad Ghanem Hamad Almehairi<br />
led the bell-ringing ceremony at<br />
ADX, alongside NMDC Group Chairman<br />
Mohamed Thani Murshid Al Rumaithi<br />
and other key figures. The offering of<br />
1.15bn shares, representing 23% of the<br />
company, was priced at AED 2.80 each.<br />
Retail investors received 0.17%, while<br />
professional investors were allocated<br />
6%. Almehairi praised the listing as a<br />
and adaptation efforts, enabling these<br />
nations to address climate impacts and<br />
pursue sustainable development. The<br />
Climate Policy Initiative reported that<br />
global investments in climate projects<br />
reached AED 4.8T between 2021 and<br />
2022, yet this needs to increase fivefold<br />
to achieve the Paris Agreement’s 1.5°C<br />
target. WGES <strong>2024</strong> emphasises climate<br />
finance as a pathway to a resilient and<br />
equitable future.<br />
NMDC Energy Shares Soar 8% in Year’s Biggest<br />
Offering<br />
key milestone, while NMDC Group CEO<br />
Yasser Zaghloul hailed the AED 88B in<br />
investments. CEO Ahmed Al Dhaheri<br />
underlined investors’ confidence in the<br />
company’s promising future.<br />
Oct <strong>2024</strong> www.thefinanceworld.com 35