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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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Al Seer Marine<br />

Bolsters Fleet with Two<br />

New MR Tankers<br />

Al Seer Marine (ASM), a leader<br />

in various maritime sectors<br />

and a subsidiary of International<br />

Holding Company (IHC), has<br />

welcomed the delivery of two new<br />

MR tankers, M.T. Betelgeuse and M.T.<br />

Bellatrix, marking the first phase of a<br />

six-vessel order from K Shipbuilding,<br />

Korea. These tankers are designed to<br />

address the surging demand for clean<br />

petroleum products (CPP) and chemicals.<br />

The order, initiated in November<br />

2022 with four IMO II/III tankers, was<br />

expanded in February 2023 to include<br />

an additional two vessels. This fleet<br />

expansion enhances Al Seer Marine’s<br />

role as a significant player in the<br />

UAE maritime industry, supported by<br />

investments exceeding AED 1.45B in<br />

Abu Dhabi Ports and ADNOC Logistics<br />

and Services, thereby aligning with the<br />

UAE’s strategic vision and “Projects of<br />

the 50” initiative.<br />

Korea Aims for<br />

Elite Space Club<br />

with Competitive<br />

Transportation System<br />

The Korea Aerospace Administration<br />

(KASA) announced an ambitious<br />

vision to develop a competitive<br />

space transportation system and exploration<br />

strategy, aiming to position<br />

Korea among the elite in the global<br />

space race, according to Yonhap news<br />

agency. Yoon Young-bin, Head of KASA,<br />

highlighted the objective of a space<br />

economy by creating a cost-effective<br />

transportation system by the 2030s.<br />

The plan includes building a “space<br />

passageway” along with developing<br />

an orbital transfer vehicle and reentry<br />

vehicle to reduce the cost of transporting<br />

cargo to low Earth orbit to under<br />

$1,000 per kg. Currently, Korea’s Nuri<br />

rocket costs about $24,000 per kg, while<br />

SpaceX offers transportation for $2,000<br />

to $3,000. KASA is also formulating a<br />

roadmap for deep space exploration,<br />

including missions to Lagrange point<br />

L4, the moon, and Mars, with plans for<br />

a lunar landing and a Martian landing<br />

by 2045.<br />

UAE Launches Expanded $2M Global FoodTech<br />

Challenge<br />

The UAE has launched the latest<br />

edition of the FoodTech<br />

Challenge at the Clinton Global<br />

Initiative (CGI) <strong>2024</strong> Annual Meeting<br />

in New York, coinciding with the UN<br />

General Assembly (UNGA). With the<br />

world needing to feed an additional 2<br />

billion people by 2050, the challenge<br />

aims to address pressing global food<br />

security issues by identifying and<br />

supporting innovative, tech-driven<br />

solutions capable of transforming food<br />

systems in challenging environments.<br />

This third edition offers the largest<br />

cash prize to date, organised by the<br />

International Affairs Office at the UAE<br />

Presidential Court and Tamkeen, in<br />

partnership with the Bill & Melinda<br />

Gates Foundation, CGI, ne’ma, and<br />

Silal, a leading UAE agri-tech firm.<br />

This year, the focus expands to three<br />

critical areas: food and water, food<br />

and energy, and food loss and waste,<br />

with a shared $2M cash prize for four<br />

winning start-ups to advance their<br />

projects in the UAE.<br />

Global Aerospace Summit Launches in Abu Dhabi<br />

The Global Aerospace Summit<br />

(GAS) <strong>2024</strong> commenced today<br />

in Abu Dhabi, uniting leading<br />

figures from the aerospace, aviation,<br />

and defence sectors. In its seventh<br />

edition, the summit focuses on shaping<br />

the future of these industries through<br />

high-level discussions on sustainability,<br />

innovation, and talent development—<br />

vital for ensuring long-term global<br />

growth. A key panel on ‘Developing<br />

the Nation’s Defence Industry System’<br />

featured Dr Mohamed Alahbabi, Senior<br />

Advisor & Space Lead at EDGE Group,<br />

who, alongside industry leaders, shared<br />

insights on strategic innovation, smart<br />

manufacturing, and the role of international<br />

partnerships in enhancing the<br />

UAE’s defence capabilities. Dr Alahbabi<br />

underscored the UAE’s substantial<br />

investments in space and aerospace,<br />

asserting that continued growth will<br />

involve more satellites, new companies,<br />

and significant investments in<br />

human capital, emphasising that space<br />

is essential for advancing science,<br />

innovation, and defence.<br />

UAE Partners with High-Level Panel to Advance<br />

Sustainable Ocean Economy<br />

The UAE has officially joined the<br />

High Level Panel for a Sustainable<br />

Ocean Economy (Ocean<br />

Panel), becoming the first MENA<br />

country to do so, following an invitation<br />

based on its leadership in climate<br />

and biodiversity. This announcement<br />

occurred on 25th September at the<br />

United Nations General Assembly<br />

in New York, where world leaders<br />

gathered alongside representatives<br />

from the panel’s 18 member nations.<br />

Established in 2018 and co-chaired by<br />

Norway and Palau, the Ocean Panel<br />

aims to address the ocean’s urgent<br />

challenges, including climate change,<br />

pollution, and overfishing. Panel members<br />

are committed to sustainably<br />

managing 100% of their national ocean<br />

areas and supporting a global initiative<br />

to protect 30% of the ocean by<br />

2030. Razan Khalifa Al Mubarak has<br />

been appointed as the UAE’s Sherpa<br />

and High-Level Representative to the<br />

Ocean Panel.<br />

Oct <strong>2024</strong> www.thefinanceworld.com 91

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