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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Local News<br />
WeRide and Uber to Launch Robot Taxis in Abu Dhabi This Year<br />
WeRide and Uber have announced<br />
a partnership to bring self-driving<br />
robot taxis to the UAE, with<br />
autonomous vehicles set to appear on<br />
the Uber platform in Abu Dhabi later<br />
this year. A select number of WeRide<br />
vehicles will be available to users via<br />
the Uber app, offering an autonomous<br />
ride option when requesting qualifying<br />
journeys. While the partnership is focused<br />
on the UAE, there are no current<br />
plans to expand this service to the US<br />
or China. WeRide already operates<br />
the largest robotaxi fleet in the UAE,<br />
accessible through the TXAI app. In<br />
July 2023, WeRide received the UAE’s<br />
first national licence for self-driving<br />
vehicles, allowing it to test and operate<br />
its autonomous fleet on public roads<br />
nationwide, further positioning the<br />
company as a leader in the region’s<br />
autonomous vehicle sector.<br />
UAE and New Zealand<br />
Finalise CEPA Talks to<br />
Boost $460M H1 Trade<br />
The UAE and New Zealand have<br />
concluded negotiations on a<br />
Comprehensive Economic Partnership<br />
Agreement (CEPA), set to boost<br />
trade and investment once signed and<br />
implemented. This latest development<br />
in the UAE’s CEPA programme was<br />
marked by a joint statement from Dr.<br />
Thani Al Zeyoudi, UAE Minister of State<br />
for Foreign Trade, and Todd McClay,<br />
New Zealand’s Minister of Trade. The<br />
CEPA aims to reduce or eliminate<br />
tariffs, remove trade barriers, enhance<br />
market access, and foster investment<br />
opportunities. Dr. Al Zeyoudi highlighted<br />
New Zealand as a key partner, noting<br />
that both nations’ economies are driven<br />
by trade and global connectivity. The<br />
agreement is expected to not only<br />
strengthen bilateral trade but also<br />
support greater engagement between<br />
the UAE and the wider Asia-Pacific<br />
region, aligning with the UAE’s broader<br />
foreign trade strategy.<br />
UAE and US Launch Expedited Visa Entry<br />
Program for Citizens<br />
The UAE has established a fasttrack<br />
entry scheme for its citizens<br />
travelling to the US, following an<br />
agreement between the UAE Ministry<br />
of Interior and the US Department of<br />
Homeland Security. The deal, signed<br />
during President Sheikh Mohamed bin<br />
Zayed Al Nahyan’s US visit, will see the<br />
UAE join the Global Entry Programme<br />
by <strong>October</strong> <strong>2024</strong>. This initiative will<br />
streamline entry for approved Emiratis<br />
at 75 US airports and others worldwide,<br />
reducing wait times and paperwork.<br />
UAE Ambassador to the US, Yousef<br />
Al Otaiba, highlighted the agreement<br />
as a step towards strengthening bilateral<br />
security and enhancing travel<br />
and commerce. Despite expedited<br />
The UAE real estate market is<br />
expected to hit AED 2.5T ($681B)<br />
by the end of <strong>2024</strong>, driven largely<br />
by the off-plan sector, which accounted<br />
for 65% of total sales in August <strong>2024</strong>.<br />
This reflects a 54% increase in volume<br />
compared to the same period last year.<br />
Statista data aligns with this projection,<br />
underscoring the pivotal role of highnet-worth<br />
individuals (HNWIs) seeking<br />
investment opportunities, especially<br />
in the luxury segment. The influx of<br />
HNWIs has fuelled demand for off-plan<br />
developments, including ultra-luxury<br />
and megaprojects. QUBE Development,<br />
processing, Global Entry participants<br />
must still hold a valid US visa to enter<br />
the country, ensuring a balance between<br />
convenience and security.<br />
UAE Real Estate Value Expected to Reach $681B<br />
by End of <strong>2024</strong><br />
capitalising on this growth, recently<br />
launched Cubix Residences in Jumeirah<br />
Village Circle (JVC), positioning itself<br />
within this booming market. With such<br />
projects, the UAE continues to cement<br />
its appeal to affluent investors eyeing<br />
the region for premium real estate<br />
opportunities.<br />
94 www.thefinanceworld.com Oct <strong>2024</strong>