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