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