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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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The Middle East and North Africa<br />

(MENA) region has undergone a<br />

remarkable transformation over<br />

the past three years, with countries<br />

strategically positioning themselves<br />

as digital asset hubs. This strategic<br />

pivot forms a crucial component of<br />

their broader economic diversification<br />

initiatives, moving beyond traditional<br />

reliance on fossil fuels and tourism. The<br />

implementation of progressive regulatory<br />

frameworks and comprehensive national<br />

blockchain strategies clearly demonstrates<br />

the region’s unwavering commitment<br />

to achieving global leadership in digital<br />

asset innovation.<br />

Several factors uniquely position the<br />

MENA region for success in the digital<br />

asset space. Let’s break down the key<br />

ingredients for fostering digital asset<br />

innovation.<br />

1. Talent and Ideas<br />

Innovation begins with great minds, and<br />

the Middle East has made tremendous<br />

strides in attracting top talent from around<br />

the world. The influx of entrepreneurs,<br />

developers, and investors into Dubai and<br />

other key cities has sparked a wave of<br />

creativity and new businesses registering<br />

across the different emirates and free<br />

zones. Looking ahead, the talent landscape<br />

is poised for significant transformation<br />

over the next 12-24 months. However,<br />

the challenge of talent retention remains<br />

significant, influenced by intense global<br />

competition for skilled professionals and<br />

the region’s relatively high cost of living.<br />

Nevertheless, as the ecosystem matures,<br />

these challenges are gradually being<br />

addressed through various initiatives<br />

and the natural evolution of the market.<br />

2. A Maturing Ecosystem<br />

Strong ecosystems that provide access<br />

to capital, experienced advisors, and<br />

government support are critical for<br />

fostering innovation. The MENA region,<br />

particularly the UAE, has seen the rise<br />

of important initiatives like Hub71,<br />

Brink, and the DIFC Innovation Hub,<br />

all designed to nurture startups and<br />

scale their ideas. The Dubai Web3 & AI<br />

Campus within DIFC is another major<br />

government initiative aimed at supporting<br />

emerging technologies. While Dubai has<br />

made great strides, the region is still in<br />

the early stages of building the kind of<br />

entrenched venture capital and advisory<br />

networks that exist in Silicon Valley or<br />

Singapore. However, it is not long before<br />

Dubai overtakes these hubs as the Web3<br />

& AI hub of the world.<br />

3. Regulatory Environment<br />

The region is making progress on harmonizing<br />

rules across countries. Bahrain,<br />

for example, has implemented advanced<br />

frameworks for crypto, and the UAE continues<br />

to refine its regulatory landscape<br />

with the establishment of the Virtual<br />

Asset Regulatory Authority (VARA) in<br />

Dubai and comprehensive digital asset<br />

regulations within RAK DAO and Abu<br />

Dhabi Global Market. This coordinated<br />

approach is proving instrumental in establishing<br />

the region as a global leader<br />

in the digital asset space while ensuring<br />

robust oversight and investor protection.<br />

Danosch Zahedi,<br />

Co-Founder & Former CEO Arts DAO<br />

4. Strong Communities<br />

Communities are the lifeblood of innovation,<br />

and we have seen some amazing<br />

communities grow out of Dubai. Founders,<br />

investors, and developers can connect<br />

across multiple events on a weekly basis.<br />

Arts DAO is one such example of a<br />

community that has grown organically,<br />

and there are many more great initiatives<br />

like the Crypto Oasis and Tech Tuesdays<br />

that support collaboration and networking.<br />

These communities are critical in<br />

enabling the exchange of ideas, forming<br />

partnerships and further strengthening<br />

the region’s ecosystem.<br />

At Arts DAO, our mission<br />

is to make Dubai a<br />

global Web3 hub”<br />

5. The Talent Challenge<br />

While talent is pouring into cities like<br />

Dubai and Riyadh, the region’s rapid<br />

growth means that supply has often<br />

struggled to keep up with demand.<br />

However, this is changing. Every week,<br />

we hear about someone looking to move<br />

to the region as they realize the benefits<br />

of being based in Dubai. As the Middle<br />

East continues to develop its local talent<br />

pool and as global interest in the region<br />

grows, we can expect this challenge to<br />

ease, though competition for talent will<br />

remain fierce.<br />

6. Tokenization of Real-<strong>World</strong> Assets<br />

(RWAs)<br />

One of the most promising applications of<br />

blockchain technology in the MENA region<br />

is the tokenization of real-world assets<br />

(RWAs). The UAE is leading the way in<br />

this space, with platforms like GetStake.<br />

com allowing for fractional ownership<br />

of property through tokenization. But<br />

real estate is just the beginning. There<br />

are enormous opportunities to tokenize<br />

other assets such as commodities, luxury<br />

goods, and even art. The MENA region<br />

is particularly well-positioned to take<br />

advantage of these trends. Tokenization<br />

not only opens up new investment opportunities<br />

but also democratizes access<br />

to high-value assets.<br />

Nonetheless, the opportunities in the<br />

MENA region are vast. As regulation<br />

matures and more talent flows into the<br />

region, we will see an acceleration of<br />

innovation and investment in digital assets.<br />

At Arts DAO, our mission is to make<br />

Dubai a global Web3 hub. After three<br />

years of building, we feel like we’re only<br />

just beginning to tap into the enormous<br />

potential the MENA region holds. The<br />

region is a sleeping Web3 giant, and we<br />

believe we are at the right place at the<br />

right time, the opportunities are endless.<br />

Oct <strong>2024</strong> www.thefinanceworld.com 57

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