Finance World Magazine Edition: November 2024

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One way to keep momentum going is

to constantly have greater goals.

Editor’s Note

In this month’s edition of Finance World Magazine, we dive

into the transformative forces driving the “UAE’s journey

to becoming a global financial powerhouse.” Our in-depth

analysis examines the impact of emerging technologies,

strategic investments, and progressive regulatory changes

reshaping the region’s financial sector. From breakthrough

innovations to lucrative investment opportunities and pivotal

regional events, this issue looks at the elements fueling

growth and modernisation within the financial landscape.

The cover story features Dr. Martin Šoltés, CEO, Founder

and Managing Director of EVUM Motors. In this exclusive

interview, Dr. Šoltés shares the remarkable journey of EVUM

Motors from its origins as a research project at the Technical

University of Munich to become a leader in electric commercial

vehicles. Focused on niche markets like municipal services

and airport logistics, EVUM Motors designs purpose-built

electric trucks that prioritise functionality, efficiency, and

sustainability.

In this edition, we also explore the rapid growth of cyber

finance, the future of housing markets, and how the UAE is

leading the way in digital transformation. Additionally, we

provide fascinating insights into how data-driven decisions

are fueling economic growth

In line with the latest trends, our magazine includes multiple

opinion pieces addressing The Circular Carbon Economy

and the growth of IPO markets. We also examine the Driving

Forces Behind The Bond Markets and a special feature on

the renowned business leader, Ram Buxani.

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- Ambrish Agarwal, Editor in Chief

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September Nov 20242022

www.thefinanceworld.com 37

September 2022 3

Contents Nov

2024

BUDGETING

COVER STORY

Page 32

Financial Management: Ensuring a Secure

Future with Strategic Approaches

SPECIAL FEATURE

P26 | Engineering Excellence in

Sustainable Transport

TECH

P50 | Dr. Ram Buxani, A visionary industrial leader who

created a million-dirham empire from ₹5.

P22 | The Role of Technology

in Energy Transition: AI, IoT, and

Digitisation

8 www.thefinanceworld.com Nov 2024

SUSTAINABILITY

OPINION

P54 | The 15-Minute City:

Sustainable Urbanism in the UAE

FINANCE

P20 | Business Intelligence 101: Your

Thorough Definition

WHEELS

Page 42

Understanding Financing Choices for Off-

Plan and Ready Properties with Refine’s

Expert Guidance

DIGITAL

P34 | Mclaren W1

P36 | How The UAE Is Setting The

Tone For Digital Transformation

Nov 2024 www.thefinanceworld.com 9

Market

Source: Supplied

IPO activity in the Middle East drives regional economic diversification.

The Middle East’s

IPO Surge: A

Strategic Financial

Evolution

The Middle East leads a transformative

shift in global IPO markets, attracting

substantial international capital.

The Middle East is emerging as a dominant

force in Initial Public Offerings (IPOs),

as companies leverage public capital

markets to fuel expansion. The region’s

robust economies and progressive financial

reforms have attracted considerable

global investor interest, marking a pivotal

moment in its economic trajectory. With a

growing demand for equity investments,

the region is positioning itself as a focal

point for capital markets. This analysis

will explore the structural drivers of the

IPO surge in Middle Eastern markets, examining

key factors such as government

reforms. It will specifically examine Abu

Dhabi, Qatar, and Dubai, detailing the

region’s economic differentiation and the

impact of recent market developments.


The Middle East recorded 51 IPOs,

raising $22B representing a 179%

increase from the previous year.

This sharp rise contrasts with global

markets, where IPO activity has markedly

declined. The region’s success is

primarily driven by strategic financial

reforms, political stability, and buoyant

oil prices, positioning the Middle East as

a critical outlier amidst global economic

volatility.

Saudi Arabia, in particular, has experienced

exponential growth in its IPO

market. The 2019 listing of Saudi Aramco,

valued at $29bn, catalysed this trend.

Over the last five years, market capitalisation

has increased by 475%, with 269

companies listed on the exchange and

another 80 anticipated. The United Arab

Emirates (UAE), notably Abu Dhabi and

Dubai, has followed a similar trajectory,

benefiting from attractive dividend yields,

the availability of leveraged financing,

and a dearth of comparable opportunities

in other markets.

Beyond IPOs, the Middle East has also

seen an influx of private capital, with

$19.8B deployed in 191 deals last year.

The region was unique in reporting an

increase in private investment, further

solidifying its appeal to global investors.

Market Differentiation in Abu Dhabi,

Qatar, and Dubai

Each of the region’s financial hubs exhibits

distinct drivers for their respective

IPO markets. Abu Dhabi’s IPO success

is closely tied to its energy sector. The

recent $2.5B Adnoc listing, the largest

IPO of 2023 to date, underscores investor

confidence in the UAE’s energy market,

particularly amid rising oil prices and

the government’s transition towards

sustainable energy initiatives.

Qatar’s economy, propelled by substantial

liquefied natural gas (LNG) exports,

has also seen increased IPO activity. With

heightened demand for LNG in Europe

following the geopolitical tensions arising

from the Russian-Ukrainian conflict, Qatar’s

state-owned energy company, Qatar

Energy, has expanded its investments in

global LNG terminals. This has not only

reinforced the domestic economy but

also drawn the attention of investors to

potential listings across multiple sectors.

Dubai, by contrast, has prioritised

the privatisation of key state-owned

enterprises. The 2022 listing of Dubai

Electricity and Water Authority (DEWA)

exemplifies this strategy, with the AED2.4

per share offering marking one of the

region’s largest listings. This push for

privatisation has reinvigorated Dubai’s

capital markets, contributing to its rising

prominence as a global financial hub.

Additionally, the success of DEWA’s IPO

has encouraged other government-linked

entities, such as TECOM and Salik, to

consider similar paths, further diversifying

the market and attracting both regional

and international investors.

A noteworthy regional trend is the

transition of family-owned businesses

to public ownership. With approximately

90% of private firms in the Middle East

being family-controlled, the generational

transfer of leadership has prompted

many firms to go public, driven by the

need for improved corporate governance

and to pre-empt familial disputes over

succession. This shift further boosts IPO

activity across the region. In addition to

succession planning, many family-owned

enterprises see public offerings as a way

to access capital markets for expansion

and diversification, while also enhancing

transparency and operational efficiency.

As these firms open up to public investment,

it marks a significant evolution in

the region’s corporate landscape, fostering

Our financial centres

continue to serve as

prime gateways for

international capital,

securing the Middle

East’s status as a global

financial leader.”

Hamed Ali,

CEO of Nasdaq Dubai and Dubai

Financial Market (DFM)

greater investor confidence and driving

economic growth across key sectors like

retail, real estate, and manufacturing.

Comparative Analysis of the Middle

East and Europe

The Middle East’s flourishing IPO market

sharply contrasts with Europe, where public

offerings have significantly diminished.

Globally, the number of IPOs plummeted

from 2,682 in 2021 to 1,154 in 2022, with

Europe bearing much of this decline. The

Middle East’s divergence from this trend

is largely attributable to its energy wealth,

progressive financial reforms, and the

privatisation of state-controlled assets.

In Europe, however, heightened economic

uncertainty, geopolitical instability

following the war in Ukraine, and rising

interest rates have stifled public market

activity. Volatility in European stocks, as

evidenced by the VSTOXX50 index consistently

exceeding the critical threshold

of 20 throughout 2022, has compounded

investor reluctance, further curbing IPO

momentum. In stark contrast, the Middle

East, with its record 51 IPOs, has become

a global leader in public offerings.

While high-profile listings, such as

Porsche’s IPO on the Frankfurt Stock

Exchange, have occurred in Europe,

these are exceptions in a generally

subdued market. The Middle East, by

comparison, has been home to eight of

the ten largest IPOs in 2022, solidifying

its status as a pivotal player in the global

financial landscape.

The Middle East’s surge in IPO activity

is a clear indication of its evolving role

as a global financial powerhouse. This

growth, driven by regulatory enhancements,

a strategic focus on economic

diversification, and rising energy prices,

has positioned the region as a vital hub

for capital markets. However, while the

increase in IPOs signals positive economic

developments, the long-term sustainability

of this trend remains subject to broader

macroeconomic conditions, including

inflationary pressures and geopolitical

tensions.

The Middle East’s IPO boom is emblematic

of the region’s transition from

resource-dependent economies to diversified

financial markets. The continued

expansion of public markets will be

instrumental in sustaining economic

growth and solidifying the region’s influence

within the global financial system.

Investors and regulators alike must remain

vigilant to ensure that the IPO market’s

growth is both sustainable and beneficial

to all stakeholders involved.


Real Estate News

H&H Expands Eden House Brand with New Dubai Project

H&H Development, a leading Dubaibased

developer, is expanding

its Eden House brand with the

new Eden House Marasi along Marasi

Drive in Business Bay. This luxury development

offers residents prime access

to Dubai’s top retail and leisure hubs.

Originally designed by award-winning

DXB Lab, the architectural style of

this tower inspired the Eden House

brand’s aesthetic. Eden House Marasi

joins a growing portfolio that includes

Eden House Al Satwa, The Canal, and

Dubai Hills. Featuring exclusive canal-front

penthouses, the new project

offers panoramic city views, spacious

interiors, private elevator access, and

premium amenities. “We are thrilled

to announce Eden House Marasi as

a unique addition to the Eden House

portfolio with its exclusive focus on

penthouse living,” said Miltos Bossinis,

CEO of H&H Development.

Aldar Completes Al

Hamra Mall Revamp

Aldar Properties has announced

the successful completion of

the redevelopment of Al Hamra

Mall in Ras Al Khaimah, enhancing its

status as a key retail and dining hub in

the emirate. This project forms part of

Aldar’s AED 1B ($272M) investment in

vital retail destinations. Located in the

heart of Al Hamra Village, the extensive

renovation involved a comprehensive

overhaul of both external and internal

spaces, introducing an innovative Central

Atrium that merges natural light

with modern design. The revamped

mall now features service-to-table

restaurants and a versatile venue for

events, providing a vibrant focal point.

Saoud Khoory, Chief Retail Officer at

Aldar Investment, stated that the newly

enhanced mall reflects their commitment

to creating world-class destinations that

meet the evolving needs of customers

and enhance community experiences.

POB1 Launches 222-Unit Project in Dubai Silicon

Oasis

POB1 Properties, the new real

estate arm of Saif Al Ghurair

Real Estate Group (SAGRE), has

introduced Serenova, its first residential

project, in Dubai Silicon Oasis, with an

investment of $56M. Expected to complete

by Q2 2027, Serenova will span

7,850 sqm, delivering flexible and community-centred

living options tailored

to families and young professionals.

This development will comprise 222

units, from spacious studios to one-,

ONE Development, a boutique

developer with offices in Abu

Dhabi and Dubai, has launched

its flagship project, Laguna Residence,

in Dubai’s City of Arabia, with an

investment of AED 2B ($544M). This

development will be the region’s first

fully AI-integrated residential project,

featuring the largest lagoon on a podium,

strategically placed between two iconic

high-rise towers. Laguna Residence offers

two-, and three-bedroom apartments,

premium two-bedroom options, and

exclusive four-bedroom penthouses.

Designed to enhance comfort and urban

tranquillity, Serenova prioritises open

spaces, unobstructed skyline views, and

modern layouts that balance privacy

and ease. Reflecting POB1’s dedication

to sustainable urban living, this project

aims to address Dubai’s growing demand

for convenience and long-term

investment value.

ONE Development Launches $544M AI-Driven

Project at City of Arabia

a luxurious retreat with stunning views

of the Dubai skyline. The community

presents potential investors with a variety

of unit options, including studios,

one- to three-bedroom apartments,

duplexes, and sky-homes, all available

with flexible payment plans. A vibrant

amenities hub connects the two towers,

featuring over 40 high-quality amenities

that enhance entertainment, wellness,

and social interaction.


Al Reem and Yas Islands Attract High-End Buyers in Abu Dhabi Real Estate

Abu Dhabi’s luxury property market

has experienced a notable

rise in prices and rents, with

the affordable segment also benefiting

from increased sales and rental rates

in certain areas. A recent analysis by

Dubizzle for the third quarter of 2024

highlighted that Al Reem Island and

Yas Island continue to attract high-end

buyers seeking luxury villas and apartments.

Yas Island recorded an average

sales price of AED 4.25M, alongside

average rents of AED 226,000, making

it a top choice for luxury villa rentals.

Additionally, Al Mushrif and Al Rahba

have emerged as popular areas for luxury

rentals. Meanwhile, Al Reem Island,

Yas Island, and Al Raha Beach have

remained among the most sought-after

locations for purchasing luxury apartments,

with Al Reem Island averaging

an annual rent of AED 99,000 and a

sales price of AED 1.39M.

Abu Dhabi Property

Market Growth

Accelerates in Q3

Abu Dhabi’s property market

maintained its upward momentum

in Q3 2024, showing

significant growth, particularly in the

luxury segment. Areas like Yas Island

and Al Reem Island emerged as key

hotspots with high demand and strong

returns, according to Dubizzle. Luxury

properties saw an uptick in both

prices and rents, while the affordable

segment also experienced price gains

in selected locations. Q3 2024 marked

a period of prosperity, reflecting confidence

among market stakeholders.

Contributing to this positive outlook

are Abu Dhabi’s investment-friendly

policies, transaction transparency,

digitalisation efforts, and secure investment

avenues. “Abu Dhabi’s real

estate market has thrived in Q3 2024,

especially in the luxury sector,” said

Haider Khan, CEO of Dubizzle and zle

Group Mena, underscoring the capital’s

appeal for property seekers, tenants,

and investors.

Dubai Luxury Real Estate Soars With Demand for

Eco-Friendly Properties

Dubai’s luxury real estate market

is set to remain a key driver of

the country’s growth, with a notable

rise in environmentally conscious

residential buyers, according to a recent

industry report. The UAE’s smart

home market is projected to surpass

$76M this year, expanding to $114M

by 2028, as highlighted by ZAZEN

Properties. The report indicates that

90 percent of UAE residents are willing

to pay a premium for homes featuring

smart technology, reflecting a strong

demand for convenience. Madhav

Dhar, COO of ZAZEN Properties,

pointed out that the UAE’s Net Zero

2050 initiative has gained significant

momentum, emphasising a commitment

to sustainability. Citing KPMG, he

noted that MENA’s built environment is

set to receive $2T in investments from

Dubai Real Estate Remains Resilient

The UAE government’s liberal migration

policies are crucial for

maintaining the growth of Dubai’s

real estate sector, according to industry

experts. Abdullah Alajaji, CEO of Driven

Properties, noted that Dubai attracts

entrepreneurs, investors, high-net-worth

individuals (HNWIs), and ultra-highnet-worth

individuals (UHNWIs) from

around the world. Legislative reforms,

long-term residency options, tax benefits,

and business-friendly regulations

position Dubai as a prime destination

for global capital. Additionally, the city’s

exceptional infrastructure, healthcare,

education, and lifestyle offerings enhance

its allure, creating a haven for the affluent.

Alajaji compared Dubai’s success to

cities like Madrid and Miami, which have

developers, regulators, and sovereign

wealth funds to enhance sustainability

through 2035.

also thrived under supportive migration

and economic policies, while noting that

cities such as London, Hong Kong, and

Berlin have encountered challenges due

to changing policies.


Cyber Security

Source: Supplied

Exploring the essentials of cybersecurity in financial services to protect sensitive data.

The Growth

of Cyber and

Finance in the

UAE

The rise of cyber finance is reshaping

global transactions, and influencing the

future of banking and investments.

Cyber finance, often abbreviated as Ci-

Fi, is revolutionising the global financial

landscape, blending the worlds of finance

and cutting-edge technology. Rooted in

advancements like blockchain, artificial

intelligence, and cybersecurity, Ci-Fi represents

a new era where digital currencies,

decentralised systems, and secure online

transactions are becoming the norm. Financial

institutions worldwide are being

driven to innovate and adopt faster, more

secure, and more efficient systems to stay

competitive. As cyberfinance reshapes everything

from banking to investment, it is

creating both opportunities and challenges,

forcing regulators and businesses alike

to rethink their approaches to security

and financial management.


Cyber finance, or Ci-Fi, is the convergence

of financial services with

advanced technology. It encompasses

digital currencies, secure online

transactions, artificial intelligence-driven

investment strategies, and blockchain-based

systems. These innovations are not just

limited to cryptocurrencies but include

mobile banking, fintech solutions, and

global payment systems.

At its core, cyber finance is powered by

cutting-edge cybersecurity measures to

ensure secure and encrypted transactions

across digital platforms. The advent of

technologies such as blockchain has not

only facilitated decentralised financial

models but also strengthened security

and transparency in financial operations.

These technological innovations are reshaping

financial services, making them

faster, safer, and more inclusive.

The Rise of CI-FI: A Global Perspective

Ci-Fi is growing at a remarkable pace

worldwide. The global fintech market is

expected to grow by over 25% annually

between 2021 and 2026, driven primarily

by advancements in cybersecurity and

blockchain technology. This rise is attributed

to the increased digitalisation

of financial services and the demand for

faster, more secure transactions.

In the UAE, cyber finance has gained

significant traction, particularly as the

government actively encourages digital

transformation. The Emirates Blockchain

Strategy 2021, for example, is a

key initiative aimed at making the UAE

a global hub for blockchain technology,

enabling more secure and efficient financial

transactions across sectors. With

this initiative, the UAE is positioning

itself as a leader in adopting blockchain,

facilitating secure public services, and

enhancing the transparency of financial

transactions.

CI-FI and the Banking Sector

The banking industry is experiencing

a fundamental transformation with the

emergence of Ci-Fi. Banks are increasingly

adopting fintech innovations,

such as mobile banking apps, AI-driven

financial advisors, and blockchain-based

systems, making them an integral part

of their service offerings. This shift is

not just technological but also cultural,

as financial institutions recognise the

need to cater to a more digitally savvy

customer base.

Moreover, cybersecurity within the

banking sector has greatly improved with

the rise of Ci-Fi. Real-time monitoring

Cyber finance has swiftly

become a pillar in modern

financial ecosystems,

particularly in markets

like the UAE, where

digital transformation

is embraced across

industries.”

Ahmed Al Fahim,

Director of Digital Banking, UAE.

and better fraud detection have enhanced

privacy and security for customers.

Cyber insurance is also becoming more

prevalent, providing protection against

cyber-attacks and ensuring that both institutions

and customers are safeguarded

in a digital world.

Key Technologies Driving CI-FI

Blockchain: A decentralised ledger

that ensures transparency and security

in transactions, blockchain is central

to cyber finance. Beyond cryptocurrencies,

it is used for smart contracts,

supply chain financing, and secure data

sharing. Blockchain’s ability to create

tamper-proof records is revolutionising

the financial world.

Artificial Intelligence (AI): AI is

transforming the way financial institutions

operate. It is used for automating tasks,

personalising services, and improving

decision-making. AI-driven systems help

detect fraud, analyse market trends,

and manage investments autonomously,

reducing human error and enhancing

operational efficiency.

Cybersecurity: As digital transactions

grow, the threat of cyber-attacks increases.

Advanced cybersecurity measures, such as

biometric authentication, encryption, and

blockchain’s inherent security features,

play a crucial role in protecting financial

assets and sensitive data from breaches.

UAE’S role in the growth of CI-FI

The UAE is emerging as a global leader

in cyber finance, thanks to a government-backed

push for innovation and

digital transformation. The Dubai International

Financial Centre (DIFC) has

launched FinTech Hive, an accelerator

program that supports fintech start-ups,

offering them a platform to collaborate

with financial institutions and technology

providers.

The Abu Dhabi Global Market (ADGM)

has also played a key role with its regulatory

sandbox, which allows fintech

companies to test innovative solutions

in a controlled environment. These initiatives

reflect the UAE’s commitment to

fostering a fintech-friendly environment,

making it a key player in the global Ci-Fi

movement. The country’s strategic vision

and supportive regulatory framework

have attracted fintech investment and

innovation, further driving the growth

of cyber finance in the region.

The Future of Cyber Finance

The future of Ci-Fi is likely to see even

greater integration of AI, blockchain,

and cybersecurity within financial systems.

Decentralised Finance (DeFi), a

growing sector within cyber finance, is

set to disrupt traditional banking models

by allowing peer-to-peer financial

interactions without intermediaries. This

democratisation of finance will offer

greater access to services, particularly

in underserved markets.

Countries such as China and Sweden

are already exploring the potential of

central bank digital currencies (CBDCs),

which could fundamentally change global

finance by introducing digital versions of

national currencies. As more countries

adopt CBDCs, the global financial landscape

will become more interconnected,

efficient, and secure.

Cyber finance is not merely a passing

trend—it represents the future of global

finance. As traditional systems evolve

to integrate advanced technologies like

blockchain, AI, and cybersecurity, the

influence of Ci-Fi will continue to grow.

The financial world is moving toward a

more decentralised, digital future where

speed, security, and innovation are key

drivers of success.


Business News

RTA Awards AED 696M Contract for Trade Centre Roundabout Development

Dubai’s Roads and Transport

Authority (RTA) has awarded

a AED 696.4M contract for the

Trade Centre Roundabout Development

Project, a significant initiative aimed at

enhancing traffic flow and accommodating

the city’s urban expansion. This

vital project will transform the Trade

Centre Roundabout, a key intersection

linking Sheikh Zayed Road with Sheikh

Khalifa bin Zayed Street, Sheikh Rashid

Street, 2nd December Street, Zabeel

Palace Street, and Al Mustaqbal Street,

into a surface-level intersection. Five

new bridges, spanning a total of 5,000

metres, will be constructed to alleviate

congestion and ensure smooth traffic

flow in various directions. According to

Mattar Al Tayer, Director General and

Chairman of the Board of Executive

Directors of the RTA, the project aims to

significantly increase the intersection’s

capacity, reducing delay times from 12

minutes to just 90 seconds.

Adani’s Masterstroke:

Acquires 74% Stake in

UAE Firm

Indian industrialist Gautam Adani

is steering Adani Group towards

significant international investments,

beginning with the UAE. Adani Airport

Holdings Limited (AAHL), a subsidiary

of Adani Enterprises, recently launched

a new entity, Celeritas International

FZCO, in the Jebel Ali Free Zone. With

an authorised capital of AED 100,000,

Celeritas is primed for operation but has

yet to commence commercial activities,

as reported by the Economic Times. Adani

Airport Holdings controls a 74% stake

in Celeritas, an arrangement free from

related party transactions, supporting

its independent management. Beyond

Celeritas, AAHL’s joint venture, April

Moon Retail Private Limited, is set to

acquire a 74% stake in Kokocart Ventures

Private Limited for Rs 200 crore,

reinforcing Adani Group’s ambitions in

retail and consumer markets.

UAE Attracts $16B in Greenfield FDI in 2023

According to Mohammed Abdul

Rahman Al Hawi, Under-Secretary

of the UAE Ministry of

Investment, greenfield investments in

2023 were notably driven by sectors

such as business services, software,

and IT services, generating significant

job opportunities and attracting

capital. Financial services, industrial

equipment, and transportation and

warehousing also contributed to the robust

investment growth. Al Hawi noted

a 7.5% rise in total jobs created, a 31%

increase in project announcements, and

a 37% surge in greenfield FDI capital

inflows. With 1,332 projects expected

The Indonesia Investment Authority

(INA), supported by the

Abu Dhabi Investment Authority

(ADIA) and Dutch pension fund APG,

announced a $1.4B investment in the

Trans Sumatra Toll Road (JTTS). The

development focuses on key sections,

including the Medan-Binjai Toll Road,

which traverses Medan—the capital

of North Sumatra and Indonesia’s

fourth-largest city. Medan is a vital

to create around 50,000 jobs, the UAE

recorded a total of $16B in greenfield

FDI in 2023. The primary investing

countries included the U.S.A., India,

the U.K., Saudi Arabia, and France,

underscoring the UAE’s appeal as a

global investment hub.

UAE’s ADIA, APG to Invest in Indonesian Toll

Road With SWF

economic hub alongside Jakarta, Surabaya,

and Makassar. Additionally, the

Bakauheni-Terbanggi Besar Toll Road

in Lampung is pivotal, serving as a

major route linking Java and Sumatra.

This segment connects to the Port of

Bakauheni, enhancing transport between

the islands and strengthening

regional connectivity for both local

and international trade.


HSBC Launches Sustainability Loan for Mid-Sized Firms in the UAE and Region

HSBC has launched a new sustainable

finance product aimed at

fostering sustainability improvements

for mid-sized corporates in the

UAE, Egypt, Qatar, and Bahrain. The

bank officially introduced its Sustainability

Improvement Loan in the UAE,

which links interest rates to a company’s

environmental, social, and governance

(ESG) performance. The loan’s interest

rate is tied to changes in borrowers’

sustainability assessments and ratings

UAE’s Lulu Group

Announces IPO Price

Range

UAE retail giant Lulu Group

is set to raise between AED

5.01B and AED 5.27B (approx.

$1.36B-$1.43B) through its IPO on

the Abu Dhabi Securities Exchange

(ADX). The share price range is set

between AED 1.94 and AED 2.04,

placing the company’s market capitalisation

between AED 20.04B and

AED 21.07B. The subscription period

begins today, closing on 5 November

2024 for UAE retail investors, eligible

executives, and professional investors.

The final price will be established

through book-building, expected to be

announced on 6 November 2024. Lulu

also confirmed cornerstone investor

commitments from the Abu Dhabi

Pension Fund, Bahrain’s Mumtalakat,

the Oman Investment Authority, and

Abu Dhabi’s EIIC under its qualified

investor offering at the set price.

from EcoVadis, a leading provider of

business sustainability intelligence.

Borrowers are required to undergo

an annual sustainability assessment

for the loan’s duration. Companies

that improve their scores can benefit

from a reduced interest margin, while

those with declining scores may face

increased rates. According to HSBC,

this offering seeks to streamline access

to sustainable finance for corporates

in the region.

Dubai Prepares Laws to Support Digital Businesses

Dubai is poised to implement new

regulations aimed at bolstering

small and digital enterprises,

as confirmed by Ahmad Bin Byat, Vice

Chairman of Dubai Chamber of Digital

Economy. He emphasised the need to

recognise the distinct nature of digital

businesses compared to traditional ones,

stating, “We need to treat them as such.”

While specific details on the upcoming

regulations were not disclosed, Bin Byat

EasyLease, a leading provider of

mobility solutions in the UAE

and a subsidiary of International

Holding Company (IHC), has acquired a

51% stake in Gallega Global Logistics, an

integrated logistics provider under the

Ghassan Aboud Group. This acquisition

signifies EasyLease’s strategic foray into

the logistics sector, leveraging Gallega’s

impressive 3.5 million square feet of

logistics infrastructure in Abu Dhabi,

complemented by facilities in Dubai.

highlighted the necessity of enhancing

policies in several critical areas. The

emirate has seen a significant surge in

digital companies, with growth rates of

around 30 per cent annually, surpassing

the 13 to 15 per cent growth in other

sectors. Currently, Dubai is home to over

120,000 digital businesses, although they

still encounter challenges such as high

failure rates and market access issues.

IHC’s EasyLease Buys Majority Stake in Gallega

Global Logistics

The initiative aims to create a comprehensive

mobility and logistics ecosystem,

merging EasyLease’s innovative mobility

solutions with Gallega’s extensive logistics

network. Ahmad Al Sadah, CEO of

EasyLease, described this acquisition as

a crucial step in the company’s evolution,

enabling them to tap into the booming

UAE logistics sector while reinforcing

their commitment to innovation and

operational efficiency.


Finance

Source: Ai generated

Sheikh Maktoum reviews the UAE’s financial accomplishments in recent years.

How UAE Continues

to Strengthen Its

Position as a Global

Financial Hub

The UAE is reinforcing its status as

a prominent global financial centre

through strategic reforms.

The UAE has strategically positioned itself

among the world’s top financial centres,

driven by a robust programme of reforms.

Over the past year, the government has

enacted several legislative measures and

national initiatives, resulting in substantial

advancements across the financial

sector. Assets under management surged

to AED 481.5B, solidifying the nation’s

status on the global stage. Noteworthy

achievements include securing top positions

in international financial indices

and fostering high-level partnerships to

attract capital. As the UAE continues

to enhance its financial infrastructure,

experts project sustained growth and an

even more prominent role in the global

financial landscape in the years to come.


The UAE’s sustained drive to solidify

its position as a premier international

financial hub has led to notable

advancements. Over the past year,

the country introduced 15 new federal

laws alongside 62 regulatory decisions,

each shaping the dynamic financial

framework. This strategic approach has

culminated in a significant rise in assets

under management, reaching AED 481.5B

by 2023, further cementing the UAE’s

financial stature.

Facilitating this expansion, nine significant

national projects were initiated,

underpinned by policies addressing taxation,

government services, and financial

governance. Specifically, ten tax reforms,

17 regulations related to government

services, and six financial rulings have

strengthened the nation’s competitive

advantage. The Abu Dhabi Global Market

(ADGM) and Dubai International Financial

Centre (DIFC) have played pivotal roles

in this growth serving as key platforms

for financial services and innovation.

These initiatives have been crucial in

positioning the UAE among the top four

financial centres worldwide, reflecting

its dedication to proactive governance

and transparency.

Improving Conditions for Business

Growth

The UAE’s leadership has introduced

several measures to foster an attractive

environment for both domestic and international

financial institutions. Among the

most impactful has been the signing of 147

bilateral agreements to eliminate double

taxation. This, along with 112 agreements

promoting foreign direct investment, has

cultivated a business-friendly climate

that continues to attract global interest.

In parallel, the UAE has made significant

investments in world-class financial

infrastructure. The Dubai Financial

Market (DFM) and Abu Dhabi Securities

Exchange (ADX) are at the forefront

of these efforts, providing advanced

trading platforms and services. This

forward-looking approach ensures that

financial institutions operate in a jurisdiction

equipped with advanced digital

systems, a robust legal framework, and

transparent regulatory processes. These

efforts have cemented the UAE’s standing

as a regional and global leader in financial

innovation and competitiveness.

Crafting a Vision for the Future

The UAE’s financial future remains highly

promising, as experts predict sustained

growth on the back of the country’s

comprehensive reform agenda. Abu

Dhabi and Dubai, in particular, are set to

continue their roles as key destinations

for regional and global capital inflows.

With a consistent record of achievement

and a stable policy making environment,

the UAE is well-positioned to attract

additional investment and consolidate

its financial leadership.

His Highness Sheikh Maktoum bin

Mohammed bin Rashid Al Maktoum, First

Deputy Ruler of Dubai, Deputy Prime

Minister, and Minister of Finance, has

been instrumental in overseeing numerous

key financial reforms in the country.

Under his leadership, the Ministry of

Finance has introduced transformative

initiatives, including the implementation

of the largest federal budget in the

nation’s history, totalling AED 290B for

the 2022-2026 period. This allocation

underscores the UAE’s commitment to

promoting long-term growth and ensuring

financial sustainability.

Innovative Approaches to Digital

Governance

A fundamental pillar of the UAE’s success

is its commitment to digital innovation

and financial governance. Since the introduction

of value-added tax (VAT) in

2018, the Ministry of Finance has secured

over AED 186B in revenues, illustrating

the efficacy of its financial governance

frameworks. Additionally, revenues from

selective taxes have surpassed AED 16B,

emphasising the Ministry’s crucial role

in upholding financial oversight.

The UAE government has also launched

a state-of-the-art digital procurement

platform, transforming the procurement

processes of federal entities. This fully

digital platform simplifies transactions

between the government and the business

sector and supports the broader

objectives of the UAE’s National Content

Programme and Emiratisation initiatives,

ensuring local businesses benefit from

government contracts.

Building Sustainable Development

Through Partnerships

Public-private partnerships (PPP) are a

key component of the UAE’s economic

strategy. The introduction of Federal Law

No. 12 in 2023, which regulates PPPs,

has facilitated smooth collaboration

between the public and private sectors,

driving mutual growth. The Ministry of

Finance has further supported this effort

by publishing a comprehensive manual

detailing procedures for PPP project

execution.

The UAE’s financial

framework is designed

to foster innovation,

transparency, and

sustainable growth,

ensuring our leadership

in global finance for

generations to come.”

Sheikh Maktoum bin Mohammed bin

Rashid Al Maktoum, First Deputy Ruler of

Dubai, Deputy Prime Minister, and Minister

of Finance.

Enhancing Service Standards with

Artificial Intelligence

The Ministry of Finance’s integration of

artificial intelligence (AI) solutions into

its operations is emblematic of the UAE’s

innovative approach to governance. By

leveraging advanced AI technologies,

such as GPT-3.5 and GPT-4, the Ministry

has streamlined customer service and

document analysis, improving both speed

and accuracy in service delivery.

Moreover, the “Zero Government Bureaucracy”

initiative demonstrates the UAE’s

commitment to reducing administrative

burdens and simplifying processes. This

forward-thinking initiative aligns with the

nation’s broader objective of becoming

a digital-first government, where public

services are efficient, accessible, and

citizen-centric.

The UAE’s enduring commitment to

progressive financial reforms and its

steadfast embrace of digital innovation

have consolidated its position as a preeminent

global financial centre.


Business

BUSINESS

INTELLIGENCE

In an era where data is the new oil, those who

know how to extract it will have a massive

competitive advantage.


WHAT IS BUSINESS

INTELLIGENCE (BI)?

THIS ALLOWS LEADERS

AND TEAMS TO:

At its essence, Business Intelligence (BI) is more than

just a collection of technologies or tools—it’s a strategic

approach designed to enhance decision-making processes

and drive organisational performance. BI integrates applications,

methodologies, and best practices to convert

raw data into actionable insights, enabling organisations

to make data-driven decisions.

THE GOAL?

The primary goal of BI is to empower decision-makers at

all levels with relevant, real-time information that enables

faster and more accurate decisions. By transforming vast

amounts of data into easily interpretable formats—such

as reports, dashboards, and visualisations.

WHY BI?

In today’s dynamic business landscape, relying on intuition

or guesswork is insufficient. Business Intelligence

helps businesses leverage data from various sources,

compiling and analysing it to offer clear insights. This

data-driven approach ensures organisations stay competitive

by identifying inefficiencies, optimising processes,

and discovering new opportunities.

01

02

03

04

Make Informed Decisions

With Bl, decisions are no longer shots in

the dark but are data-driven and strategic.

Enhance Efficiency

Identify bottlenecks and streamline operations,

leading to cost savings and improved

productivity.

Identify Trends and Patterns

Uncover new opportunities or potential

risks by analysing market trends and consumer

behaviour.

Personalise Customer Experiences

Tailor offerings to meet customer needs

more precisely, enhancing satisfaction

and loyalty.

CHALLENGES AND CONSIDERATIONS

While Bl presents numerous opportunities. Its implementation is not without challenges:

DATA

QUALITY

ENSURING

USER ADOPTION

INTEGRATION

COMPLEXITIES

A CULTURE THAT

VALUES-DRIVEN

DECISION-MAKING

With advancements in Al and machine learning. BI tools are becoming more sophisticated. Learning BI tools is no longer

optional for accounting and finance pros. It’s essential.


Tech


The energy transition has all the markings of a technological revolution.

The Role of

Technology in Energy

Transition: AI, IoT,

and Digitisation

Embracing technological advancements

is vital for successfully transitioning to

sustainable energy solutions.

The global energy sector is undergoing a

significant transition as countries strive

to reduce their reliance on fossil fuels

and adopt more sustainable practices.

This shift often called the energy transition,

relies heavily on technological

innovations that can enhance efficiency,

reduce carbon emissions, and integrate

renewable energy sources. Among the key

technologies facilitating this transition

are artificial intelligence (AI), the Internet

of Things (IoT), and digitisation. These

advancements are reshaping how energy

is produced, distributed, and consumed,

paving the way for a more sustainable

and resilient energy future. This article

explores the vital role of these technologies

in the energy transition, highlighting

their impact on efficiency, reliability, and

environmental sustainability.


Before diving into the role of technology,

it’s essential to grasp the

concept of energy transition. At its

core, the energy transition refers to the

global movement towards more sustainable

energy systems that utilise renewable

energy sources—such as solar, wind,

and hydro—while reducing greenhouse

gas emissions. As the urgency to combat

climate change grows, many nations are

implementing policies and initiatives to

accelerate this transition, moving away

from fossil fuels and towards cleaner

energy alternatives.

The transition also involves modernising

energy infrastructure to enhance

efficiency and reliability. Traditional

energy systems are often characterised

by centralised production and passive

consumption, leading to inefficiencies

and higher emissions. In contrast, the

energy transition aims to create more

decentralised and intelligent systems

that can adapt to changing energy demands

and incorporate a wider range

of energy sources.

The role of AI in Energy Management

Artificial Intelligence is transforming the

energy sector by enabling more efficient

energy management and decision-making

processes. Through data analysis and

predictive algorithms, AI can optimise

energy production, distribution, and

consumption, leading to reduced costs

and lower emissions.

Predictive Maintenance: AI can

analyse data from sensors installed in

power generation equipment, predicting

when maintenance is needed. This

proactive approach minimises downtime

and maximises the lifespan of assets,

ensuring that energy systems operate

at peak efficiency.

Energy Forecasting: AI algorithms

can forecast energy demand and supply

fluctuations based on historical data and

real-time information. This capability

is particularly crucial for integrating

renewable energy sources, which can

be intermittent. By accurately predicting

demand, utilities can balance supply and

reduce reliance on fossil fuel backup

generators.

Smart Grids: AI is integral to the

development of smart grids, which

enhance the efficiency of electricity

distribution by allowing for real-time

monitoring and automated responses

to changes in demand. Smart grids also

facilitate the integration of distributed

energy resources, such as rooftop solar

panels, into the overall energy system.

IoT: Connection Energy Systems

The Internet of Things (IoT) refers to

the network of interconnected devices

that communicate and share data. In the

energy sector, IoT plays a critical role

in enabling smart energy management

and enhancing the efficiency of energy

systems.

Smart Meters: IoT-enabled smart

meters provide real-time data on energy

consumption, allowing consumers to

monitor their usage and adjust their behaviours

accordingly. This transparency

fosters energy conservation and empowers

users to make informed decisions about

their energy consumption.

Demand Response: IoT technology

enables demand response programmes,

which adjust energy usage during peak

demand times. By incentivising consumers

to reduce their energy consumption,

utilities can avoid overloading the grid

and reduce the need for additional fossil

fuel power generation.

Asset Management: IoT devices can

monitor the performance of energy assets

in real time, providing insights into

operational efficiency and identifying

potential issues before they escalate. This

capability is essential for optimising the

performance of renewable energy systems,

such as wind turbines and solar panels.

Digitisation: A new era in Energy

Digitisation refers to the conversion of

analogue processes into digital formats,

streamlining operations and enhancing

data accessibility. In the context of the

energy transition, digitisation plays a

pivotal role in improving efficiency and

facilitating the integration of renewable

energy sources.

Technology will play

a crucial role in

transforming the energy

landscape, enabling

a cleaner and more

sustainable future.”

Dr Fatima Al-Shamsi,

Energy Technology Expert,

UAE Ministry of Energy

Data-Driven Decision-Making:

Digitisation allows energy companies to

collect and analyse vast amounts of data,

leading to more informed decision-making.

By harnessing this data, organisations

can optimise their operations, improve

forecasting accuracy, and enhance overall

performance.

Enhanced Collaboration: Digital

platforms facilitate collaboration among

stakeholders in the energy sector, including

utilities, regulators, and consumers.

Improved communication and data sharing

enables the development of integrated

energy systems that can better respond

to changing demands and incorporate

diverse energy sources.

Consumer Engagement: Digitisation

empowers consumers to take an active

role in their energy consumption. Through

digital platforms and applications, users

can monitor their energy usage, participate

in demand response programmes,

and even generate and sell excess energy

back to the grid.

The Path Forward

The role of technology in the energy

transition cannot be overstated. As the

world seeks to achieve net-zero emissions

and create more sustainable energy

systems, the integration of AI, IoT, and

digitisation will be essential.

• Governments and organisations must

continue to invest in research and

development to drive innovation in

these technologies.

• Regulatory frameworks should support

the adoption of smart technologies and

incentivise investments in renewable

energy infrastructure.

• Education and training programmes

will also be necessary to equip the

workforce with the skills required

to thrive in an increasingly digital

energy landscape.

The energy transition represents a crucial

opportunity to reshape the global energy

landscape for a more sustainable future.

The role of technology—specifically AI,

IoT, and digitisation—is instrumental in

this process, driving efficiency, reliability,

and environmental sustainability in

energy systems. As countries continue to

invest in these technologies, the potential

for a cleaner, more resilient energy

future becomes increasingly attainable.

By embracing these advancements, we

can work towards an energy landscape

that not only meets our current needs

but also protects the planet for future

generations.


OVER

S

Cover Story


TORY


Cover Story

In this exclusive interview, Martin, the

visionary CEO and co-founder of EVUM

Motors, discusses the company’s journey

in revolutionising electric mobility,

their innovative approach to sustainable

transportation, and their ambitious plans

for global expansion. From academic

research to real-world implementation,

this conversation offers valuable insights

into the evolving landscape of electric

commercial vehicles.

Dr. Martin Šoltés

CEO, Founder and Managing

Director of EVUM Motors

Engineering Excellence

in Sustainable Transport


Q: Could you begin by sharing the

story behind EVUM Motors?

The genesis of EVUM Motors is quite

fascinating. It began as a research project

at the Technical University of Munich,

where we were exploring sustainable

mobility solutions for commercial applications.

What we discovered was a

significant gap in the market – while

everyone was focusing on passenger

vehicles, there was a clear need for

specialized electric commercial vehicles

that could serve specific industrial and

municipal purposes.

With EVUM Motors,

we’re pioneering what I

term ‘electric synergy’

– a holistic approach

that integrates mobility

solutions with energy

infrastructure and

workflow optimization.

Our flagship product is a fully electric

light truck, but it’s much more than

just a vehicle. It’s a comprehensive

mobility solution that’s cloud-connected,

data-driven, and designed to transform

how businesses and municipalities

operate their fleets.

What drives us is the vision of creating

sustainable mobility solutions that

make practical sense for businesses.

We’re not just pushing technology for

technology’s sake; we’re solving real-world

problems.

Q: Could you begin by sharing the

story behind EVUM Motors?

Our distinctiveness lies in our focused

approach to solving specific mobility

challenges. Unlike manufacturers who

are pursuing the mass market, we’ve

identified and committed to serving

niche segments where traditional electric

vehicles fall short. Our vehicles are

purpose-built for applications such as

municipal services, airport operations,

and hospitality logistics. This specialization

allows us to offer solutions

that precisely match our customers’

operational requirements.

Moreover, we’ve taken a unique approach

to vehicle design. Instead of

trying to replicate conventional vehicles

with an electric drivetrain, we’ve

reimagined commercial vehicles from

the ground up.

Our designs prioritize

functionality, reliability,

and efficiency –

elements that are

crucial for commercial

applications.

Q: Your background in aerospace

engineering is quite different from

automotive manufacturing. How has

this influenced EVUM’s approach?

While seemingly unexpected, the

transition from aerospace to electric

vehicles was quite organic. Both fields

share fundamental principles of engineering

excellence and problem-solving.

In aerospace, we constantly push the

boundaries of what’s possible while

maintaining stringent safety and efficiency

standards. These same principles are

crucial in developing electric vehicles,

particularly when targeting commercial

applications where reliability and

performance are paramount.

My aerospace background has influenced

our approach to weight optimization,

aerodynamics, and systems

integration. We apply aerospace-grade

analysis and testing methodologies

to our vehicles, which has resulted in

some unique solutions you won’t find

in conventional electric vehicles.

Q: Can you elaborate on some of

the technical innovations that make

your vehicles unique?

One of our key innovations is in the

vehicle’s modular architecture. We’ve

developed a flexible platform that can be

easily adapted for different commercial

applications while maintaining core

components. This approach not only

improves manufacturing efficiency but

also makes maintenance and repairs

more straightforward for our customers.

Our battery management system is

another area where we’ve innovated

significantly especially in terms of

robustness.

Q: Could you share more details

about your current market presence

and operations?

We’re proud to have approximately

1,000 vehicles across European roads,

serving diverse sectors including municipal

services, industrial facilities,

and hospitality establishments. Our

manufacturing facility in Munich maintains

the highest German engineering

standards, ensuring each vehicle meets

our exacting quality requirements.

What’s particularly interesting is how

our vehicles are being used. For instance,

several major European airports will

adopt our vehicles for their ground

operations, where the zero-emission

capability and compact size make them

ideal for both indoor and outdoor use.

We’re also seeing strong adoption in

the hospitality sector, where hotels are

using our vehicles for guest services

and logistics.

Our manufacturing process combines

traditional German engineering

precision with modern Industry 4.0

principles, and cutting-edge automation

technology. We’ve implemented

advanced quality control systems, and

AI-powered production line that can

adapt to different vehicle configurations

without compromising efficiency.


Cover Story

Q: How does EVUM Motors address

the charging infrastructure challenge

that often hinders electric

vehicle adoption?

We’ve taken a pragmatic approach

to charging infrastructure. Our vehicles

can be charged using standard

electrical outlets, requiring about six

hours on a standard plug or two hours

with a 400V industrial connection. This

flexibility is crucial for our customers,

as it eliminates the need for expensive,

specialized charging infrastructure.

Most of our clients operate their

vehicles during regular business hours,

typically 8-10 hours daily, and charge

them overnight in their existing facilities.

This operational pattern aligns

perfectly with our charging capabilities,

making the transition to electric

vehicles seamless and cost-effective.

We are also developing smart charging

management systems that can integrate

with building energy management

systems. This allows our customers

to optimize charging times based on

electricity rates and grid load, further

reducing operational costs.

Q: What have been the most significant

challenges in building EVUM

Motors, and how have you addressed

them?

Building an automotive company

from the ground up presents numerous

challenges. Initially, securing adequate

funding was crucial—not just for vehicle

development, but for establishing

a robust manufacturing process and

building a talented team. We also faced

the complex task of navigating regulatory

requirements and certification

processes across different European

markets.

Another significant challenge was

educating the market about our unique

value proposition.

This required substantial effort in

customer education and relationship

building.

One of our biggest challenges was

developing a supply chain that could

meet our quality standards while maintaining

cost efficiency. We’ve invested

considerable resources in building

strong relationships with key suppliers

and implementing robust quality

control processes.

We weren’t just selling

vehicles; we were

introducing a new

approach to commercial

mobility.

Q: Your company is expanding into

new markets, particularly the

Middle East. Could you elaborate

on this strategy?

Our expansion into the UAE and

the broader GCC region represents

an exciting new chapter for EVUM

Motors. These markets present unique

opportunities and challenges. The region’s

focus on sustainability initiatives,

particularly in smart city development

and green logistics, aligns perfectly

with our offerings.

We’re currently in discussions with

potential partners and conducting market

analyses to ensure our vehicles

meet local requirements and operating

conditions. The Middle East’s climate

and operational environment present

interesting technical challenges that

we’re actively addressing through product

adaptations. What’s particularly exciting

about the Middle East market is the

strong government support for electric

mobility solutions. Many countries in

the region have set ambitious targets

for reducing carbon emissions, and our

vehicles can play a significant role in

achieving these goals.

Q: Looking ahead, what is your

vision for EVUM Motors’ future

development?

Our immediate goal is to consolidate

our position as the European market

leader in our segment. However, our

ambitions extend beyond Europe. We’re

developing new vehicle variants and

exploring innovative technologies to

enhance our offerings. Data analytics

and connectivity will play an increasingly

important role in our solutions,

enabling predictive maintenance and

optimized fleet management.

We’re also investing heavily in R&D,

particularly in areas such as advanced

battery technology and autonomous driving

features for controlled environments.

Our goal is to maintain

our technological edge

while expanding our

product portfolio to

serve more specialized

applications.

Q: What technological developments

are you most excited about?

There are several breakthrough areas

that we’re particularly excited about.

First and foremost, we’re making significant

strides in advancing our vehicle’s

connectivity features and data analytics

capabilities. The future of commercial

mobility lies not just in electric

powertrains, but in smart, connected

vehicles that can optimize their operations

in real-time. We’re developing

what we call the “EVUM Intelligence

Platform” – a comprehensive system

that integrates various technological

innovations.

Let me break down some key areas

we’re focusing on:

Advanced Connectivity and IoT

Integration

We’re developing a new generation of

IoT sensors and connectivity solutions

that go beyond basic vehicle tracking.

Our vehicles will soon be able to

communicate not just their location


and battery status, but also detailed

operational metrics like load distribution,

component wear patterns, and

environmental impact. This data is

crucial for optimizing fleet operations

and reducing total cost of ownership.

AI-Driven Fleet Management

The application of artificial intelligence

in fleet management is particularly exciting.

We’re developing AI algorithms

that can predict maintenance needs

before failures occur, optimize routing

based on real-time conditions, and even

adapt vehicle performance parameters

based on usage patterns. For example,

our AI system can learn from driver

behaviour and adjust power delivery

and regenerative braking settings to

maximize efficiency while maintaining

operational effectiveness.

Smart Energy Management

One of our most promising developments

is in smart energy management. We’re

working on dynamic charging systems

that can automatically optimize charging

schedules based on electricity prices,

grid load, and operational requirements.

The system will be able to participate

in smart grid initiatives, potentially

generating additional revenue for fleet

operators through vehicle-to-grid (V2G)

capabilities.

Digital Twin Technology

Another groundbreaking area is our

work with digital twin technology. We’re

creating exact digital replicas of our

vehicles that simulate real-world performance

in various conditions. This

allows us to test new features and optimizations

virtually before deploying

them to actual vehicles, significantly

reducing development time and costs.

Environmental Impact Monitoring

We’re developing sophisticated environmental

impact monitoring systems that

can provide real-time data on emissions

saved, energy efficiency, and overall

environmental impact. This data is

increasingly valuable for companies

seeking to demonstrate their commitment

to sustainability and comply with

evolving environmental regulations.

Future Integration Capabilities

Looking further ahead, we’re designing

our vehicles with future technology

integration in mind. We’re creating

modular systems that can be upgraded

as new technologies become available,

ensuring our vehicles remain cutting-edge

throughout their operational life.

The really exciting aspect is how all

these technologies work together. For

instance, our AI systems can use data

from IoT sensors to optimize charging

schedules. The digital twin technology

allows us to simulate and optimize

these interactions before deploying

updates to our fleet.

What makes these developments

particularly significant is their practical

application in commercial settings.

We’re not pursuing technology for

technology’s sake.

Each development is

carefully evaluated for

its potential to improve

operational efficiency,

reduce costs, or

enhance sustainability.

This practical approach to innovation

has always been central to our

philosophy at EVUM Motors.

Q: What guidance would you offer

to entrepreneurs looking to enter

the electric mobility sector?

First and foremost, focus on solving

real problems rather than just developing

technology for technology’s sake. The

most successful innovations address

specific customer needs effectively

and efficiently. I advocate for thinking

holistically about solutions—considering

the entire ecosystem of energy,

mobility, and functionality.

Simplicity is also crucial. Often,

the most effective solutions are those

that simplify existing processes rather

than adding complexity. In pursuing

sustainable mobility, consider how

your solution contributes to broader

environmental goals, particularly CO2

reduction. Building strong partnerships

is essential.

The mobility sector

is complex and

interconnected, and

success often depends

on collaboration with

other players in the

ecosystem.

This includes suppliers, technology

partners, and even competitors in

some cases.

Finally, be prepared for a long journey.

Building a successful company in

the mobility sector requires patience,

resilience, and a strong team that shares

your vision. It’s not just about having

great technology; it’s about creating

sustainable business models that can

scale and adapt to changing market

conditions.


Budgeting


Practising financial prudence is essential for cultivating a secure and prosperous future.

Financial Management:

Ensuring a Secure

Future with Strategic

Approaches

Financial management fosters informed

decisions in spending, saving, and investing,

steering you toward financial security.

The effective management of personal

finances play a pivotal role in achieving

long-term security and maintaining financial

stability. Financial management enables

individuals to make well-informed

decisions regarding expenditure, savings,

and investments, ultimately leading to

a more secure future. Whether the goal

is early retirement, homeownership, or

debt repayment, how one handles finances

will significantly impact the likelihood of

success. Through controlled spending,

setting realistic financial objectives, and

leveraging tools such as budgeting applications,

individuals can gain control

over their financial landscape and work

towards a more secure and stable future,

ensuring they are prepared for unexpected

challenges along the way.


Understanding personal finance

is essential for individuals navigating

the complexities of money

management. It encompasses budgeting,

saving, investing, and retirement planning,

ultimately empowering individuals to make

informed financial decisions. Effective

management of personal finance not

only fosters financial stability but also

enhances overall quality of life.

Personal finance is vital as it equips

individuals with the knowledge to manage

their income, expenses, and investments

judiciously. By comprehending key financial

concepts, one can establish a secure

financial future, alleviate stress, and

create opportunities for wealth accumulation.

Moreover, understanding personal

finance encourages responsible spending

habits, prudent debt management, and

informed investment decisions, leading

to a balanced financial existence.

Benefits of Personal Finance Management

The advantages of effectively managing

personal finances include enhanced

financial stability, increased savings

potential, and the ability to achieve longterm

objectives. A solid understanding of

budgeting and saving enables individuals

to prepare for unforeseen circumstances,

thereby avoiding reliance on credit.

Additionally, astute financial planning

cultivates a sustainable lifestyle, allowing

individuals to invest in their futures and

retire comfortably.

How to Manage Personal Finances

Effectively

Managing personal finances necessitates

a systematic approach that encompasses

budgeting, saving, investing, and retirement

planning. Below are fundamental

strategies to master financial management:

Tracking Expenses and Developing

a Budget

Maintaining a meticulous record of all

expenditures is the foundation of sound

financial management. By logging every

purchase, individuals gain insights into

their spending habits, which can highlight

areas for potential savings. This practice

can be facilitated through budgeting

applications or traditional methods such

as spreadsheets. Creating a comprehensive

budget is essential for regulating

income and expenses. A structured

budget allows for the prioritisation of

essential expenditures such as housing

and utilities while also allocating funds

for discretionary spending.

The popular 50/30/20 budgeting rule

serves as an effective framework. It

suggests allocating 50% of income to

needs, 30% to wants, and 20% to savings

and debt repayment. This approach not

only encourages balanced financial

management but also assists individuals

in identifying where adjustments can be

made to improve their overall financial

health.

Building an Emergency Fund

Establishing a fund for emergencies is

crucial for financial security. A recommended

approach is to save three to six

months’ worth of living expenses. This

cushion provides peace of mind and mitigates

the risk of falling into debt when

unexpected costs arise. An emergency

fund aids in navigating financial challenges

without resorting to high-interest loans

or credit facilities.

Managing Debts and Investing Wisely

Debt can constitute a significant burden

if not managed properly. To reduce debt

effectively, individuals should focus on

high-interest obligations first. Developing

a strategy such as the debt snowball

method—where smaller debts are paid off

first—can be beneficial for motivation.

Investing is a critical component of

personal finance that facilitates wealth

accumulation. Individuals should educate

themselves about various investment

options, including equities, bonds, and

mutual funds, while also considering their

risk tolerance. Initiating investments early,

even with modest amounts, can leverage

the benefits of compound interest over

time. Regularly contributing to retirement

accounts, such as pensions or individual

retirement accounts (IRAs), can significantly

enhance future financial security.

Building Credit and Retirement

Planning

A robust credit score is essential for

securing loans with favourable terms.

Individuals should routinely review their

credit reports, ensure timely payments

on existing debts, and avoid unnecessary

credit inquiries to build and maintain a

strong credit profile. A solid credit score

opens doors to better interest rates and

credit opportunities, leading to substantial

savings over time.

Planning for retirement is vital for

long-term financial security. Individuals

should assess their retirement goals

and contribute to retirement accounts

from an early stage. The earlier one

commences saving for retirement, the

more substantial the eventual savings can

become. Understanding the advantages

of employer matching contributions and

maximising these benefits can further

enhance retirement savings.

Financial Tools and Resources

Plenty of financial tools and resources

are available to aid effective personal

finance management. Budgeting applications

such as Mint and YNAB (You Need

A Budget) assist in tracking expenses and

managing budgets effortlessly. Online

investment platforms and robo-advisors

offer low-cost investment options, enabling

individuals to commence wealth-building

with minimal effort. Additionally, financial

literacy websites and community

resources provide valuable insights into

judicious money management, facilitating

informed decision-making.

Staying Disciplined

Discipline is paramount to successful

personal finance management. Establishing

a routine for reviewing budgets,

tracking expenses, and reassessing

financial objectives ensures continued

adherence to financial plans. Setting realistic

goals and celebrating incremental

achievements can motivate individuals

to remain committed to their financial

journeys. Adopting a mindset of continuous

learning can also help individuals stay

informed about financial trends and best

practices, fostering long-term success.

Effective personal finance management

is a multifaceted approach that empowers

individuals to take control of their

financial destinies. By understanding

and implementing essential financial

principles such as budgeting, saving,

investing, and retirement planning individuals

can achieve long-term financial

stability and security. As the financial

landscape continues to evolve, maintaining

discipline and utilising available

tools will further enhance one’s ability to

navigate personal finances successfully.

Ultimately, mastering personal finance

leads to a more secure and fulfilling life,

allowing individuals to pursue their goals

and aspirations with confidence.


Wheels

350 km/h

Speed

1340 Nm

Torque

1275 PS

Power


The McLaren W1 represents a new

chapter in the evolution of supercars,

blending cutting-edge technology

and engineering with McLaren’s

racing heritage. Launched to coincide with

the 50th anniversary of McLaren’s first

Formula 1 World Championship win, the

W1 is built around the principles of power,

performance, and driver connection that

have long defined McLaren’s approach to

supercars. With a powerful hybrid powertrain,

groundbreaking aerodynamics,

and a driver-focused interior, the W1 is

designed to excel on both road and track.

The W1’s hybrid powertrain combines

McLaren’s new MHP-8 V8 engine with an

advanced E-module, F1-inspired battery

technology, and a quick-shifting 8-speed

dual-clutch transmission. This combination

delivers a remarkable 1,275 PS

(horsepower), making the W1 the fastest-accelerating

road-legal McLaren ever.

It can reach 200 km/h (124 mph) in just 5.8

seconds, demonstrating its extraordinary

performance capabilities. The V8 engine

features both port and direct injection,

allowing it to maximize power output

and responsiveness, while the electric

components contribute to improved acceleration

and efficiency.

In addition to its powertrain, the McLaren

W1 benefits from an advanced aerodynamic

design. Its integrated aero system

includes the new McLaren Aerocell and

Active Long Tail. The Aerocell, McLaren’s

most advanced carbon-fibre monocoque to

date, is designed to optimise airflow with

a narrow front section and a raised foot

box, reducing drag and enhancing stability.

The Active Long Tail extends by 300 mm

in race mode, increasing downforce and

further enhancing the car’s aerodynamic

performance. Overall, the W1 generates

1,000 kg of downforce, five times what is

produced in its road configuration, making

it exceptionally stable at high speeds.

The W1’s driving experience is focused

on delivering a pure connection between

the driver and the car. With rear-wheel

drive and McLaren’s renowned hydraulic

steering, the W1 ensures precise handling

and maximum feedback, giving drivers

control over its immense power. The suspension

system is derived from Formula 1

technology, enabling exceptional stability

on both road and track. The W1 also features

McLaren’s MCCR+ braking system,

providing the stopping power necessary

for a car of its capabilities.

Inside the W1, McLaren has continued

its focus on performance, with a lightweight,

wraparound cockpit designed

for maximum visibility and driver engagement.

The interior uses McLaren’s

patented InnoKnit material, which integrates

lighting and sound components

while reducing weight. This innovation

exemplifies McLaren’s commitment to

combining advanced technology with

thoughtful design.

The McLaren W1 is a testament to the

company’s dedication to pushing the limits

of what a supercar can achieve. With its

blend of advanced hybrid power, state-ofthe-art

aerodynamics, and race-inspired

design, the W1 offers drivers an experience

that is both thrilling and highly controlled,

whether on the road or the track.


Digital


The digital economy is projected to grow to more than triple in size by 2031.

How The UAE

Is Setting The

Tone For Digital

Transformation

Emirates is leveraging technology to

transform its economy and set a global

benchmark.

The United Arab Emirates has emerged

as a beacon of digital innovation, setting

a rapid pace for technological advancement

that is reshaping its economy and

society. From cutting-edge payment

solutions to ambitious sustainable development

goals, the UAE is crafting a

blueprint for digital transformation that is

capturing global attention. By embracing

AI, blockchain, and smart technologies,

the nation is not only transforming key

sectors but also enhancing the quality of

life for its citizens. This article explores

the multifaceted approach Emirates is

taking to position itself at the forefront

of the digital revolution. As the UAE

continues to evolve, it offers valuable

insights for business leaders worldwide

on navigating the complex landscape of

digital transformation.


The UAE’s journey towards digital

transformation is underpinned

by a series of innovative payment

solutions that are revolutionising financial

transactions across the country. The Central

Bank of the UAE has been instrumental

in driving this change, implementing a

robust digital payment infrastructure that

facilitates seamless, secure, and instant

transactions. The widespread adoption

of mobile payment platforms, such as

Apple Pay and Samsung Pay, alongside

homegrown solutions like eWallet and

Etisalat’s eWallet, has significantly reduced

the reliance on cash transactions.

This shift towards digital payments is

not merely a convenience; it represents

a fundamental change in how businesses

operate and consumers interact with the

economy. The UAE’s payment ecosystem

is now characterised by its efficiency,

transparency, and accessibility factors

that are crucial for attracting international

investment and fostering economic growth.

Looking ahead, the UAE’s plans

for digital transformation are nothing

short of ambitious. The government has

outlined a comprehensive strategy to

position the country as a global hub for

technological innovation. Key initiatives

include the Dubai 10X programme, which

challenges government entities to be

ten years ahead of the rest of the world

in all sectors, and the UAE Strategy for

Artificial Intelligence 2031, which seeks

to make the UAE a world leader in AI

by the year 2031. These plans are complemented

by significant investments in

infrastructure, education, and research

and development. Establishing smart

cities, like Masdar City in Abu Dhabi,

showcases the UAE’s commitment to

creating sustainable, technology-driven

urban environments that can serve as

models for the rest of the world.

Dubai is on track to

usher in an advanced

digital future and raise

its status as a global

exemplar for digital

governance.”

Sustainability is not just a buzzword

in the UAE’s digital transformation

strategy; it is a core principle that guides

the country’s approach to technological

advancement. The UAE recognises that

true progress must be balanced with

environmental responsibility. This ethos

is evident in initiatives such as the Dubai

Clean Energy Strategy 2050, which aims

to produce 75% of Dubai’s energy from

clean sources by 2050.

The integration of sustainable practices

with digital solutions is creating a

unique synergy that positions the UAE as

a leader in green technology. From smart

grids that optimise energy consumption

to AI-powered systems that reduce waste

and improve resource management, the

UAE is demonstrating how digital transformation

can be harnessed to address

global challenges like climate change.

Hamad Obaid Al Mansoori,

Director General of Digital Dubai

As the UAE continues to make strides

in its digital journey, its potential position

in the global arena is becoming increasingly

prominent. The country is rapidly

establishing itself as a bridge between

East and West, leveraging its strategic

location and technological prowess to

become a hub for international business

and innovation. This positioning is particularly

significant in the context of the

global shift towards a digital economy.

While some may view the Emirates as an

emerging market playing catch-up, the

reality is that in many areas of digital

transformation, the UAE is outpacing

more established economies. This rapid

progress is attracting attention from

multinational corporations and tech

giants, who see the UAE as a testbed

for cutting-edge technologies and a

gateway to the broader Middle Eastern

and African markets.

The UAE’s status as a country of

major transactions is further cementing

its importance in the global economic

landscape. With a robust financial sector

and a commitment to fostering a business-friendly

environment, the Emirates

has become a preferred destination for

international trade and investment. The

development of the Dubai International

Financial Centre (DIFC) and Abu Dhabi

Global Market (ADGM) as world-class

financial hubs is a testament to the country’s

growing influence in global finance.

Perhaps one of the most striking aspects

of the UAE’s digital transformation is the

high acceptance rate among consumers.

The population’s enthusiastic embrace

of digital solutions is driving innovation

across sectors. From e-government services

to smart home technologies, UAE

residents are among the world’s most

digitally savvy consumers. This high level

of digital literacy and willingness to adopt

new technologies creates a fertile ground

for businesses to innovate and grow.

As the UAE continues to push the

boundaries of digital transformation, the

possibilities for further advancement seem

limitless. The country is well-positioned

to lead in emerging fields such as quantum

computing, blockchain technology, and

the Internet of Things (IoT). The government’s

proactive approach to regulation,

exemplified by initiatives like the Dubai

Future Foundation’s Regulation Lab,

ensures that the legal framework keeps

pace with technological innovation, creating

an environment where cutting-edge

ideas can flourish.

The UAE’s commitment to digital

transformation is reshaping its economy

and society and setting a new standard

for countries worldwide. By embracing

technology as a driver of progress, sustainability,

and global cooperation, the

Emirates is charting a course towards

a future where digital innovation and

human development go hand in hand.

For business leaders worldwide, the

UAE’s journey offers valuable lessons in

vision, adaptability, and the transformative

power of embracing change. As the

digital revolution continues to unfold, the

UAE’s role as a pioneer and facilitator of

innovation positions it at the forefront

of the global economy, ready to shape

the future of business and society in the

digital age.


Global News

World Bank Unveils Strategy to Boost Women’s Economic Opportunities

The World Bank Group recently

introduced its “Gender Strategy

2030” to enhance economic

opportunities for women globally. Unveiled

at the 2024 Annual Meetings, the

strategy prioritises broadband access,

social protection, and financial capital

for women. By 2030, the initiative

targets enabling 300 million women

to access broadband, which would

unlock essential services like financial

tools, education, and employment.

Additionally, it aims to support 250 million

women through social protection

programmes, prioritising aid for the

most vulnerable. To address barriers

in entrepreneurship, the strategy also

includes plans to provide 80 million

women and women-led businesses

with capital. These goals form part of

a broader objective to foster women’s

participation in the global economy, a

key pillar of the strategy.

BRICS Leaders Emphasise strengthening Solidarity

and Cooperation

PM Modi Promotes UPI for

BRICS Integration

At the XVI BRICS Summit held

in Kazan, Russia, from 22 to 24

October 2024, BRICS leaders

underscored the significance of reinforcing

their solidarity and cooperation

to address shared priorities. Under the

theme “Strengthening Multilateralism

for Just Global Development and Security,”

the summit focused on aligning

efforts based on mutual interests and

deepening the BRICS strategic partnership.

The Kazan Declaration, released

at the conclusion of the summit, highlighted

the commitment to supporting

necessary reforms within the World

Trade Organization (WTO). Leaders

agreed on actions aligned with the

BRICS Economic Partnership Strategy

2025, aimed at enhancing the WTO’s

resilience, authority, and effectiveness

while promoting a more inclusive and

equitable global economic system.

The summit’s outcomes reinforced

BRICS’s role in fostering balanced

global development.

Indian Prime Minister Narendra Modi

has called for BRICS nations to adopt

India’s Unified Payments Interface

(UPI) within their financial systems,

highlighting its potential to enhance

financial collaboration among member

countries. During the recent BRICS

summit, he showcased the significant

advantages of UPI and invited member

countries to explore its integration as

part of a broader financial strategy.

This initiative aligns with India’s efforts

to promote digital payment solutions

globally, leveraging UPI’s success as a

real-time payment system developed by

the National Payments Corporation of

India (NPCI). Modi asserted that UPI’s

widespread implementation could

facilitate smoother transactions and

strengthen economic ties within BRICS.

AGDA and ECSSR Host UAE-Africa Dialogue to Strengthen Trade Ties

The Anwar Gargash Diplomatic

Academy (AGDA) and The Emirates

Center for Strategic Studies

and Research (ECSSR) launched the

UAE-Africa Dialogue to strengthen

UAE-Sub-Saharan Africa relations,

addressing shared challenges and

opportunities in economic, cultural,

diplomatic, and security fields. Held

on 28-29 October at AGDA, the event

gathered scholars, diplomats, and policymakers,

marking a pivotal moment

for collaboration. Opening speeches

by H.E. Nickolay Mladenov, AGDA

Director General; H.E. Dr. Sultan

Al-Nuaimi, ECSSR Director General;

and H.E. Ambassador Martin Kimani

from NYU’s Center on International

Cooperation underscored the value

of UAE-Africa relations in tackling regional

and global priorities. Mladenov

noted the UAE’s deepening economic

partnerships with Africa, highlighting

shared focus areas such as food

security, energy transition, and infrastructure

development, showcasing

AGDA’s commitment to meaningful

discussions on economic diplomacy.


UAE’s Investment in

India Set to Exceed

$100B

The UAE’s investment in India is

poised to exceed $100B, surpassing

the earlier target of $75B,

as stated by India’s Commerce and

Industry Minister, Piyush Goyal. This

announcement followed discussions

during the 12th meeting of the India-UAE

High Level Task Force on Investments

held on Monday. The meeting focused

on exploring potential investments

across various sectors, including infrastructure,

manufacturing, and public

markets, with particular emphasis

on establishing exclusive food parks

in India to cater to the UAE market.

Currently, the UAE has invested $20B

directly into India, with additional

funding from sovereign wealth funds.

Goyal highlighted the positive effects of

these investments, noting a substantial

reduction in India’s trade deficit with

the UAE, which has decreased from

$22B to $12B, alongside a rise in the

Indian expatriate population in the

UAE to 3.5 million, up from 2.2 million

a decade ago.

UAE and Jordan Sign

Landmark Economic

Partnership Agreement

In a notable advancement for regional

cooperation, the UAE and Jordan

have entered into a Comprehensive

Economic Partnership Agreement (CE-

PA), the first of its kind between the

UAE and an Arab country. The signing

ceremony, held at Basman Palace in

Amman, was attended by UAE President

His Highness Sheikh Mohamed

bin Zayed Al Nahyan and Jordan’s

King Abdullah II bin Al-Hussein. The

CEPA aims to enhance bilateral trade,

stimulate investment, create jobs, and

strengthen supply chains across key

sectors. The agreement was executed by

Dr. Thani bin Ahmed Al Zeyoudi, UAE

Minister of State for Foreign Trade, and

His Excellency Yarub Falah Al-Qudah,

Jordan’s Minister of Industry, Trade and

Supply. Furthermore, an Administrative

Cooperation Agreement on Customs

Matters was also signed to simplify

customs processes, promoting trade

between the nations.

Fujairah-Japan Forum Focuses on Agriculture

and Food Security

The Fujairah Department of Industry

and Economy recently

hosted the Fujairah-Japan Forum,

a pivotal event aimed at enhancing

partnerships in agriculture and food

security between the UAE and Japan.

Investors from both countries convened

to explore new opportunities in these

essential sectors, aligning with the

UAE National Food Security Strategy

2051. The forum promoted investment

in agriculture and supported the UAE’s

‘Plant the Emirates’ National Programme,

underscoring the importance

of modern agricultural technologies

in increasing productivity. This event

highlighted the shared commitment

of both nations to collaborate on vital

agricultural advancements, ensuring

sustainable food security while fostering

mutual economic growth and

strengthening their economic ties for

future prosperity.

Rodrigo Makes History by Winning the Ballon d’Or

Spain and Manchester City midfielder

Rodri, aged 28, has won

the prestigious Ballon d’Or award,

recognising him as the world’s best

player. This is his first time receiving

the honour, following a standout

season where he was crucial to Manchester

City’s Premier League success

and Spain’s European Championship

triumph. Renowned for his tactical

acumen and defensive skill, Rodri’s

influence has been significant for both

club and country. The annual Ballon

d’Or ceremony was held at the historic

Théâtre du Châtelet in Paris, placing

him among football’s elite. This award

reflects his exceptional performances

and invaluable contributions on both

domestic and international stages over

the past season.

RAK Ruler Discusses Trade Expansion with

US-UAE Business Leaders

In a significant effort to enhance

economic ties, His Highness Sheikh

Saud bin Saqr Al Qasimi, Ruler of

Ras Al Khaimah, recently welcomed

members of the US-UAE Business

Council. The discussions centred on

bolstering trade and investment between

Ras Al Khaimah and the U.S.,

building on the strong partnership

between the two nations. Key sectors

discussed included technology, energy,

infrastructure, and industry, all aimed

at driving mutual economic growth

and opportunities. The US-UAE Business

Council, essential for promoting

bilateral relations, and fostering mutual

economic growth, emphasized that

enhanced collaboration could create

new avenues for business expansion.

As Ras Al Khaimah aims to establish

itself as a hub for innovation and commerce

within the UAE, the dialogue

highlighted the importance of exploring

emerging sectors and leveraging

new technologies to further enhance

trade relations.


Energy


Renewable energy projects in the UAE are a key focus of sustainable investment.

Innovative

Financial Models for

Energy Investments

in the UAE

Innovative financing is essential for the

UAE’s renewable energy sector to thrive

and achieve sustainability goals.

In the United Arab Emirates (UAE), the

financing of renewable energy projects is

fundamental to advancing national sustainability

objectives and reducing the

country’s carbon emissions. As the UAE

seeks to diversify its energy portfolio,

sophisticated financial mechanisms are

emerging to facilitate the growth of its

renewable energy sector. The availability

of capital and the implementation of effective

financial structures are instrumental

in accelerating the adoption of renewable

technologies nationwide. This article examines

the financial frameworks shaping

the sector, evaluates the evolving landscape

of renewable energy investments,

and addresses the complexities inherent

in financing such initiatives.


Financial models form the backbone

of successful renewable energy

projects in the UAE, offering robust

frameworks for evaluating project

feasibility, estimating costs, and assessing

potential risks. These models empower

investors and project developers to make

well-informed decisions, ensuring efficient

allocation and utilisation of resources. As

renewable energy projects require considerable

initial capital, innovative financing

strategies have been developed to attract

investors and facilitate the progression

of green initiatives. Notable among these

strategies are power purchase agreements

(PPAs) and build-operate-transfer (BOT)

models, both of which enable stakeholders

to share financial risks and rewards

effectively, promoting the establishment

of a sustainable energy sector.

The UAE’s commitment to renewable

energy is demonstrated by its partnerships

with international entities through

platforms like the Energy Transition

Accelerator Financing (ETAF). In an

exemplary move, the UAE has pledged

$400M to this platform, aiming to mobilise

a total of $1B for renewable energy

projects in developing countries. This

significant collaboration reflects the

UAE’s proactive approach to securing

substantial investments, contributing to

global sustainability while positioning

itself as a leader in renewable energy.

Such strategic partnerships underscore

the UAE’s vision of achieving its ambitious

sustainability goals and transitioning

towards a low-carbon economy.

Understanding Market Dynamics and

Investment Opportunities

Investing in renewable energy projects

in the UAE has become increasingly

attractive as the sector gains maturity.

The Emirates Development Bank (EDB)

has taken a pivotal role in providing tailored

financing solutions that align with

the UAE’s Net Zero by 2050 Strategic

Initiative. The renewable energy market

in the UAE is marked by substantial

growth, with notable progress in solar,

wind, and biomass projects. To foster this

growth, the UAE government has rolled

out supportive regulatory frameworks,

including feed-in tariffs, tax incentives,

and streamlined regulatory processes

that encourage investments from both

local and international stakeholders.

For solar energy, the UAE capitalises

on its abundant sunlight to drive financing

models that blend equity, debt, and

government incentives. Projects like the

Mohammed bin Rashid Al Maktoum Solar

Park exemplify the UAE’s successful

financing strategies, which have attracted

significant investments to expand

the country’s solar capacity. Similarly,

financing for wind energy projects is

gaining momentum, with public-private

partnerships enabling the development

of large-scale wind farms. These collaborative

efforts tap into the UAE’s wind

resources, enhancing the viability of

renewable energy projects and fostering

innovation in financial structures to

sustain long-term project success.

The future of energy

investments in the

UAE lies in innovative

financing models that

promote sustainability.”

Hoda Mansour,

Managing Director, SAP

Evaluating Risks and Returns

Risk assessment is integral to renewable

energy financing in the UAE, as investors

and lenders carefully evaluate potential

risks associated with technology,

regulatory changes, and environmental

factors. This comprehensive risk analysis

is instrumental in supporting informed

investment decisions and improving

project viability. In the UAE’s evolving

regulatory environment, considerations

around regulatory shifts are particularly

critical, as they can directly impact the

financial structuring and success of

projects. Furthermore, the rise of green

bonds has introduced an appealing avenue

for investors to support sustainable

initiatives while securing stable returns.

Tax incentives also play a vital role in

renewable energy financing within the

UAE. The country’s tax policies often

include exemptions and credits to attract

investment in green projects, further

enhancing project viability and returns.

ROI (Return on Investment) analysis is

another crucial element in determining the

financial feasibility of renewable energy

investments, as it guides stakeholders in

their decision-making processes. This

analytical approach allows investors to

identify the most promising projects,

ensuring effective resource allocation

that maximises both financial returns

and positive environmental impacts.

Confronting Challenges and Future

Outlook

Despite numerous opportunities, financing

renewable energy projects

in the UAE is not without challenges,

such as securing long-term funding and

navigating regulatory complexities. To

address these challenges, innovative

financial strategies and strengthened

collaborations between the public and

private sectors are essential. Financial

institutions are increasingly developing

tailored financing solutions, which

play a crucial role in overcoming these

obstacles and ensuring the successful

implementation of renewable energy

initiatives across the nation.

Global partnerships are also crucial in

supporting renewable energy financing.

Collaborations with international entities

facilitate knowledge sharing and

technology transfer, which enhances the

UAE’s ability to lead in renewable energy

initiatives and improve project outcomes.

The success stories emerging from the

UAE, including landmark projects like the

Noor Abu Dhabi solar plant, exemplify

the nation’s commitment to sustainable

development. These projects highlight

the positive impacts of renewable energy

on economic growth, environmental

preservation, and social progress.

Looking forward, the future of renewable

energy financing in the UAE

holds the promise of continued growth

and innovation. Emerging trends such

as blockchain-enabled financing and

green finance initiatives are anticipated

to shape the sector significantly.

In conclusion, financing renewable

energy projects in the UAE represents

both a challenging and transformative

opportunity in the nation’s pursuit of

sustainability. By adopting innovative

financial models, embracing international

collaborations, and fostering a favourable

investment climate, the UAE is reinforcing

its status as a leader in renewable energy.

This progress is pivotal to global efforts

aimed at reducing carbon emissions, and

climate change.


Real Estate

Source: Supplied

Discover how to steer Dubai’s dynamic off-plan property market.

Understanding Financing

Choices for Off-Plan and

Ready Properties with

Refine’s Expert Guidance

Understand the benefits and risks of

buying off-plan property in the UAE with

this comprehensive guide.

Dubai’s real estate market continues to

surge in 2024 driven by strong investor

demand, flexible payment plans, and premium

offerings in branded residences.

In the first half of 2024, Dubai’s property

sector saw year-on-year volume growth

of more than 30%, an astonishing 47.7%

month-on-month increase and a 45.9%

year-on-year rise in sales transaction

volumes, according to Property Monitor.

This robust performance has captured

the attention of new investors eager to

capitalise on the current market dynamics.

With the local real estate market’s

strong position, it is no surprise that new

investors want to take advantage of the

current market and are seeking advice

on what type of property investment is

right for them.


Whether you’re considering an offplan

investment or ready-to-movein

property, understanding your

financing options is critical to ensuring

that you make the right decision. As the

Managing Partner of Refine, I’ve had the

pleasure of guiding clients through these

choices, and today, I’d like to demystify

the process and share our insights to help

you make informed decisions.

Developer payment plans and mortgages

Let’s start with off-plan properties.

Buyers of off-plan properties in Dubai

are usually presented with two main

financing options: developer payment

plans or mortgages. Developer payment

plans have become increasingly popular

because of their flexibility. These plans

involve staggered payments made during

the construction period, and in many

cases, they extend post-handover. This

allows buyers to manage their finances

more easily, especially with offers like

1% monthly payment plans, which spread

the cost over several years.

In comparison, mortgages for off-plan

properties are a bit more complicated.

While some banks offer mortgage options

for off-plan investments, these are

typically limited to certain developers

or projects. A major caveat is that most

banks require the project to be at least

50% completed before they’re willing to

approve a loan. This can be challenging,

especially if you’re looking to secure

financing at the early stages of a project.

At Refine, choosing between a developer

payment plan and a mortgage depends

on your financial situation and the terms

offered. Developer plans provide flexibility,

allowing buyers to spread payments

over several years, while mortgages offer

a fixed schedule after possession. For

ready properties, traditional mortgages

require a 20-25% down payment but allow

immediate possession and potential

rental income. Off-plan payment plans

often require smaller upfront payments,

with options like 1% monthly payments

or post-handover plans, letting buyers

occupy or rent the property while completing

payments.

Risks and Rewards

At Refine, we’ve found that for many

investors, this flexibility in off-plan payments

is a game-changer. It allows you to

manage cash flow while benefiting from

property appreciation as construction

progresses. However, it’s important to

weigh the risks of off-plan investments,

including potential delays in project

completion, against the stability that

comes with buying a ready property.

One of the key reasons

investors continue

to flock to off-plan

properties in Dubai is

the attractive incentives

developers are offering.”

Thomas Wan,

Managing Director of Refine

These incentives can make a significant

difference in terms of affordability and

long-term value.

Currently, some of the most common

offers for off-plan buyers include

post-handover payment plans, waivers

on registration fees (such as Dubai Land

Department (DLD) or Oqood fees), and

even free property management services

for a limited time. Another major plus is

the zero interest on instalments during

the construction phase, making off-plan

properties an enticing prospect for those

looking to maximise their return on

Investment.

If you’re considering financing an

off-plan property, securing a mortgage

is a more involved process compared

to ready properties. For off-plan, the

availability of loans largely depends on

the project’s completion stage. In most

cases, banks are only willing to finance

an off-plan property once it reaches

at least 50% completion. Additionally,

off-plan mortgages usually come with

higher down payment requirements, often

around 40-50% of the property value. This

is a significant hurdle for many buyers.

On the other hand, mortgages for ready

properties are much more straightforward.

Banks typically require a 20-25% down

payment for expats, and the approval

process is faster, making ready properties

an attractive option for those who

want immediate possession and stable

financing terms.

When considering an off-plan purchase,

one of the main challenges buyers face

is the uncertainty around project completion.

For ready properties, the risks

are much lower in terms of completion,

but they come with their challenges,

particularly around the larger initial

down payment and the generally higher

cost of these properties compared to

off-plan projects. That’s why at Refine,

we always recommend working with

reputable developers who have a strong

track record of delivering on time and up

to standard. We also believe that off-plan

properties often come with early-stage

discounts, allowing for greater appreciation

potential as the project progresses

and surrounding infrastructure develops.

This can offer significant returns, particularly

for investors willing to wait for

the project’s completion.

Ready properties, on the other hand,

provide immediate rental income, which

can be a significant advantage for those

looking to cover mortgage repayments

or generate passive income right away.

While the appreciation potential might

not be as high as off-plan properties, the

stability and immediate revenue stream

make ready properties appealing to more

risk-averse investors.

Whether you choose to invest in an

off-plan or ready property, understanding

your financing options is crucial to making

a sound investment. Buyers should

stay informed about market trends and

consult experts to understand when

off-plan investments may offer better

returns, or when ready properties could

be a safer bet for financing.


Corporate Results

Arab Bank Group

9M 2024: $748.6M

Arab Bank Group delivered a strong

financial performance, recording a

19% increase in net income after tax

to $748.6M for the first nine months

(9M) of the year, up from $630.3M

during the same period last year. The

Group’s total assets rose by 6% to

$70.5B, with loans expanding by 8% to

$38.3B and deposits by 7% to $51.9B.

Its capital base remained solid, with

total equity at $11.9B. Chairman Sabih

Masri highlighted these results as a

testament to the Group’s steady growth

strategy and prudent management. CEO

Randa Sadik noted a 12% increase in

net operating income, driven by core

banking activities. Sadik added that

Arab Bank’s resilience is evident in

its 73.9% loan-to-deposit ratio, credit

provisions exceeding 100%, and a 17.7%

capital adequacy ratio.

Alpha Dhabi

9M 2024: AED 11.1B

Alpha Dhabi Holding, a rapidly growing

investment company and a subsidiary of

International Holding Company (IHC),

has reported a net profit of AED 11.1B

($3B) for the nine-month period ending

30 September 2024. The operating

net profit reached AED 7.5B, reflecting

an impressive 83% increase from the

previous year, highlighting the robust

growth of its business activities across

key sectors. This strong financial performance

underscores Alpha Dhabi’s

strategic commitment to enhancing

shareholder value through targeted

initiatives. The growth is significantly

attributed to strategic acquisitions and

investments made since 2022. Overall,

the group achieved total revenue of AED

44.2B, representing a 36% year-on-year

increase, with substantial contributions

from the industrial sector (AED 18.5B),

real estate (AED 13.2B), and construction

(AED 7.6B), demonstrating a diversified

investment strategy.

TECOM Group

9M 2024: AED 943M

TECOM Group PJSC (DFM: TECOM),

renowned for developing specialised

business districts and dynamic communities,

announced its financial results

for the nine months and third quarter

(Q3) ending 30 September 2024. The

Group achieved record revenue exceeding

AED 1.7B, representing a 10%

year-on-year (YoY) increase, alongside

a 23% YoY rise in net profit to AED

943M. This strong performance was

bolstered by significant demand from

both existing and new clients. For Q3

alone, revenues rose 12% YoY to AED

611M, while net profit increased by

20% YoY to AED 340M. CEO Abdulla

Belhoul attributed this success to high

occupancy rates across their diverse

portfolio and effective financial strategies,

highlighting TECOM’s commitment

to sustainable, long-term growth and

enhanced shareholder value within

Dubai’s pro-business environment.

EMSTEEL

9M 2024: AED 101M

EMSTEEL (ADX: EMSTEEL), a leading

steel and building materials manufacturer

in the region, reported its financial

results for the first nine months of 2024,

highlighting resilience amid challenging

market dynamics. Emirates Steel,

the Group’s steel division, maintained

steady production levels compared to

2023, despite facing fluctuating global

steel prices and increased competition.

Revenues reached AED 5.9B, a 9% drop

from AED 6.5B in 2023, primarily due

to market challenges. EMSTEEL’s profitability

was also impacted by a surge

in low-priced Chinese steel exports,

which pressured prices in strategic

markets like the GCC, Europe, and the

US. The Group achieved an EBITDA of

AED 645M, with an 11.0% margin, down

from 13.6% last year, and recorded a

pre-tax net profit of AED 101M.

Emirates NBD

9M 2024: AED 19B

Emirates NBD achieved a record profit

of AED 19B for the first nine months

of 2024, driven by strong regional

growth and consumer confidence. The

Group extended over AED 100B in

new loans, boosting income by 7% in

Q3 2024 through robust loan growth,

improved margins, and higher fees. Its

Digital Wealth platform raised Assets

Under Management above USD 40B,

with expanded offerings in fractional

bonds, sukuks, equities, and mutual

funds. Emirates Islamic also posted a

record AED 2.5B profit, with branch

expansion in Saudi Arabia driving a

49% loan book growth. Net interest

margins rose to 3.75% in Q3 due to

favourable loan pricing, supported

by a strong funding base and deposits

growing AED 60B, including a notable

rise in Current & Savings Accounts.

UAE telco du

9M 2024: AED 1.9B

Emirates Integrated Telecommunications

Company (du) marked a remarkable

quarter, recording its best

results in three years with a 49.7 per

cent year-on-year rise in net profit to

AED 1.9B ($520M) over the first nine

months of 2024. The company’s Q3

2024 revenue grew by 9.1 per cent to

AED 3.59B ($980M), with a substantial

16.9 per cent increase in EBITDA and

a record-high margin of 48.3 per cent.

Quarterly net profit reached AED 719M

($195.8M). du’s success was bolstered

by consumer-focused offers like unlimited

data plans and holiday roaming

bundles, lifting the mobile customer

base to 8.3 million, with 71,000 new

users in Q3. The fixed segment also

grew robustly by 14.2 per cent YoY,

reaching 655,000 subscribers driven

by Fibre and Home Wireless options.


First Abu Dhabi Bank

9M 2024: AED 15.3B

First Abu Dhabi Bank (FAB) announced

its results for the first nine months of the

year, reporting a 16 per cent increase in

revenue to AED 23.9B and a profit before

tax of AED 15.3B, up 15 per cent. Net profit

rose 4 percent year-on-year to AED 12.9B

for the nine-month period, with the third

quarter showing a 5 percent increase to

AED 4.5B. Total assets grew 5 per cent

to AED 1.2T, with loans and advances

increasing by 9 per cent to AED 528B

and deposits rising 8 per cent to AED

820B. Hana Al Rostamani, Group CEO,

stated that this growth demonstrates the

effectiveness of FAB’s client-centric approach

and commitment to enhancing

customer engagement.

Union Properties

9M 2024: AED 53M

Union Properties sustained its upward

trajectory, posting a profit of AED 53M

($14.43M) and cutting legacy bank debts

by 56.5 per cent to AED 682M ($185.7M).

The company’s strategic initiatives and

rigorous cost management have set a

foundation for long-term profitability.

Revenue from contractual agreements

rose by seven per cent to AED 389M

($105.9M) in the first nine months of

2024, up from AED 364M ($99.1M) in

the same period of 2023. Accumulated

gross profit climbed 43.2 per cent,

reaching AED 53M ($14.43M). Through

restructuring its long-term debt, the

company successfully brought down

financial costs to AED 22M ($6M) this

year, a major reduction from AED

85M ($23.14M) in 2023, which further

strengthened its financial position.

Dubai Financial Market

9M 2024: AED 298.7M

Dubai Financial Market (DFM) has

revealed strong financial results for the

first nine months of 2024, reporting a

net profit before tax of AED 298.7M,

which represents a significant 60%

increase compared to the same period

last year. Total consolidated revenues

surged by 29%, reaching AED 460.3M,

up from AED 356M in 2023. This growth

was driven by operating income of AED

245.5M, along with investment returns

and other income amounting to AED

214.8M. Meanwhile, total expenses,

excluding tax and provisions, increased

to AED 161.6M from AED 155.5M in

the previous year. Chairman H.E. Helal

Saeed Al Marri highlighted the addition

of 91,151 new investors, 85% of whom

were foreign, underscoring DFM’s appeal

as a leading global financial hub.

Pure Health

9M 2024: AED 1.4B

PureHealth Holding PJSC, the largest

healthcare group in the Middle East,

reported impressive financial growth

for the nine months ending September

30, 2024. Revenues rose by 56% yearon-year,

reaching AED 19B, while

EBITDA increased by 26% to AED 3.1B,

reflecting a 16.5% margin. Net profit

saw a 13% uplift to AED 1.4B, driven by

enhanced operational performance and

strategic acquisitions. Chairman Hamad

Al Hammadi emphasised PureHealth’s

dedication to longevity science and

patient care. The hospital segment led

revenue gains, with an 87% increase

to AED 14.6B due to key acquisitions,

including Sheikh Shakhbout Medical

City, Circle Health Group, and Sheikh

Khalifa Hospital Fujairah. These expansions

have strengthened PureHealth’s

network, elevating healthcare delivery

and access across the UAE and beyond.

Aldar

9M 2024: AED 4.57B

Aldar Properties reported a notable net

profit increase of AED 4.57B for the

first nine months of 2024, a 52% rise

from the previous year. This impressive

growth reflects a surge in development

sales, totalling AED 24B, largely driven

by heightened demand among local

and international buyers. Strategic

acquisitions made in 2022 and 2023

also bolstered the company’s bottom

line, with Aldar Investment achieving a

record revenue of AED 5B in the same

period, a 24% year-on-year increase.

This financial performance underscores

Aldar’s success in capitalising on both

domestic and global market demand

while expanding its recurring income

streams through key acquisitions and

landbank growth.

Multiply Group

9M 2024: AED 207M

Multiply Group announced its Q3-24

results, reporting a net profit, excluding

fair value changes, of AED 207M, which

increased the net profit for the first

nine months to AED 920M, reflecting

a 13 per cent year-on-year growth. The

reported net profit for the quarter stood

at AED 744M, including AED 537M from

unrealised fair value gains in the public

investment portfolio. Group revenue

for Q3 2024 surged 47 per cent year-onyear

to AED 518M, fuelled by organic

growth across all verticals and the

consolidation of BackLite Media and

The Grooming Company Holding. The

blended gross profit margin remained

healthy at 44%, highlighting the evolving

revenue mix within the Media vertical,

while investment and other income

reached AED 221M.


Foundation Partner

Propelling

Ras Al-Khaimah

as an Investment

Powerhouse

10 - 11 December 2024

RAK Exhibition Center

Ras Al-Khaimah, UAE

www.rakisummit.com

Organised by

MARKET SERVICES

Sustainability


The approach aims to address the climate change by creating valuable products from CO2.

The Circular

Carbon Economy:

A New Energy

Paradigm

CCE is an energy strategy that advocates

the reduction, reuse and recycling of carbon

products.

As the world grapples with climate change,

the UAE stands at the forefront of an

innovative solution: the circular carbon

economy (CCE). This groundbreaking

approach reimagines our relationship

with carbon, viewing it not as a burden

to be eliminated, but as a resource to be

intelligently managed. In an era where environmental

sustainability meets economic

pragmatism, the CCE framework offers a

compelling vision for nations transitioning

toward a low-carbon future while maintaining

industrial strength. For the UAE,

a country built on energy leadership, this

represents more than an environmental

initiative—it’s a strategic opportunity to

pioneer the next chapter in global energy

evolution.


The concept of a circular carbon

economy is rapidly gaining traction

across the Gulf region, particularly

in the UAE, where the intersection of

environmental responsibility and economic

prosperity has become a national

priority. This innovative framework,

built on the principles of Reduce, Reuse,

Recycle, and Remove (the 4Rs), presents

a comprehensive approach to managing

carbon emissions while maintaining

economic growth – a crucial balance

for nations traditionally dependent on

hydrocarbon revenues.

The UAE’s position as a global energy

leader makes it uniquely positioned to

pioneer this transformation. With its

advanced infrastructure, technological

capabilities, and forward-thinking leadership,

the nation is already implementing

key elements of the CCE framework across

various sectors. This approach not only

addresses climate change concerns but

also creates new economic opportunities

in emerging industries. By embracing the

4Rs, the country is investing in carbon

capture technologies, renewable energy

projects, and innovations in waste-to-energy

solutions, setting a global example

for sustainable economic practices.

At the core of the CCE concept is the

understanding that carbon is not inherently

problematic – it’s the imbalance in

the carbon cycle that needs addressing.

Traditional linear approaches to carbon

management focus primarily on reduction,

but the circular model recognizes

carbon as a resource that can be managed

efficiently through multiple pathways.

This perspective is particularly relevant

for the UAE’s industrial landscape,

where carbon capture and utilization

technologies can transform emissions

into valuable products.

The “Reduce” component encompasses

energy efficiency improvements,

renewable energy adoption, and smart

grid technologies – areas where the UAE

has already demonstrated leadership

through initiatives like Masdar City and

the Mohammed bin Rashid Al Maktoum

Solar Park. These projects showcase

how traditional energy producers can

successfully transition to clean energy

while maintaining economic growth.

The “Reuse” element focuses on utilising

carbon dioxide in industrial processes,

from enhanced oil recovery to the production

of building materials. UAE companies

are already exploring innovative

applications, such as converting CO2

into polymers and sustainable aviation

fuels. This approach not only reduces

emissions but also creates new revenue

streams and industrial opportunities.

“Recycling” involves natural processes

like photosynthesis and technological

solutions that convert CO2 into valuable

products. The UAE’s investments in urban

farming, mangrove restoration, and carbon

capture technologies demonstrate the

practical implementation of this principle.

Research institutions across the Emirates

are developing cutting-edge technologies

to transform captured carbon into

commercial products, from construction

materials to chemical feedstocks.

The “Remove” aspect includes both

natural and technological carbon removal

solutions. The UAE’s ambitious goal to

plant 100 million mangroves by 2030

exemplifies natural removal strategies,

while investments in direct air capture

technologies represent technological

solutions. These initiatives position the

UAE as a leader in negative emissions

technologies, crucial for achieving global

climate goals. The economic implications

of the CCE are particularly significant

for the UAE. By developing expertise

and infrastructure in CCE technologies,

the nation is creating new industries and

job opportunities while diversifying its

economy. This approach aligns perfectly

with the UAE’s economic vision, which

emphasizes knowledge-based industries

and sustainable development.

Furthermore, the CCE framework

supports the UAE’s diplomatic objectives,

positioning the nation as a bridge

between traditional energy producers and

advocates for climate action. This role is

increasingly important as global energy

markets evolve and climate considerations

become central to international relations.

The regulatory environment in the UAE

is evolving to support CCE implementation.

Recent policies promoting clean

energy, carbon capture, and sustainable

industrial practices create a favourable

environment for investments in circular

carbon technologies. The government’s

commitment to reducing emissions while

maintaining economic growth demonstrates

how the CCE can be a practical

solution for resource-rich nations.

Looking ahead, the CCE presents numerous

opportunities for UAE businesses. From

carbon capture technologies to sustainable

construction materials, the potential for

innovation and entrepreneurship is vast.

International partnerships and knowledge

exchange initiatives further enhance

these opportunities, making the UAE a

hub for CCE technology development

and implementation.

The UAE’s commitment to a Circular

Carbon Economy (CCE) extends beyond

regulatory reforms. Government

initiatives like the UAE Net Zero by 2050

and investment in carbon capture, utilization,

and storage (CCUS) projects are

transforming the energy and industrial

sectors. The creation of green financing

options and sustainability-linked loans

further enables businesses to invest in

cutting-edge technologies that align with

CCE principles.

As we move toward a more sustainable

future, the circular carbon economy offers

a balanced approach that acknowledges

both environmental imperatives and

economic realities. For the UAE, this

framework represents not just an environmental

strategy but a comprehensive

economic transformation that builds on

our strengths while addressing global

challenges. The success of the CCE in

the UAE can serve as a model for other

nations, demonstrating how traditional

energy producers can lead the transition

to a more sustainable future. Through

continued investment, innovation, and

collaboration, the UAE is well-positioned

to become a global leader in circular carbon

economy implementation, creating

a blueprint for sustainable development

in the 21st century.


Special Feature

Dr. Ram Buxani

Chairman,

ITL Cosmos Group

1969

ITL Cosmos entered the textile

wholesaling market as Universal

Corporation.

1958

ITL Cosmos Group became the

first company in Dubai to receive

a Decree of Incorporation from

Sheikh Rashid.

A visionary industrial

leader who created a

million-dirham empire

from ₹5.

Ram Buxani was a prominent Indian

businessman and philanthropist who

made significant contributions to the

UAE’s business landscape. Arriving in

Dubai in 1959 at just 18 years old with

only five rupees, he began his remarkable

journey as an office clerk at ITL. Through

hard work and dedication, he rose to become

chairman of the Cosmos ITL Group,

transforming it into a billion-dirham enterprise.

Renowned for his philanthropy,

Buxani supported the Indian expatriate

community through various educational

and social initiatives. He also served as

the Founder-Chairman of the Overseas

Indians Economic Forum, leaving a lasting

legacy as a community leader and mentor.

1960

Cosmos department store was established,

becoming a major landmark

in Dubai.


There are going to be new challenges;

there are going to be situations that are

unprecedented. When we find ourselves

at a cross-road, the experience of those

who walked before us, will always serve

as an inspiration.”

2000

Ventured into IT, distributing

Fujitsu-Siemens Computers.

1977

Acquired Astoria Hotel and expanded

into the food industry

by launching Kwality Ice Cream

in Sharjah.

1970 PRESENT

Acquired a majority stake in Dubai’s

first hotel, Ambassador Hotel.

1978

ITL Cosmos Group celebrated its

25th anniversary and invested in

electronics and foreign exchange

businesses.

ITL Cosmos Group continues to

diversify into real estate and financial

activities and consolidates its

business across various sectors.


Banking News

Emirates NBD Partners

with Partior for Cross-

Border Payments

Emirates NBD has announced a

strategic partnership with Partior,

allowing clients 24/7 access

and quicker, smoother payment flows

through a blockchain-based platform

for clearing and settlement. Additionally,

the bank is considering an equity

investment in Partior, aligning with its

goal to reshape global value exchange.

This partnership will position Emirates

NBD as the first regional settlement

bank for UAE Dirham, Saudi Riyal,

and Indian Rupee within the Partior

network. By integrating with Partior’s

unified ledger platform, Emirates NBD

aims to significantly enhance transparency,

efficiency, and security in global

payment and settlement processes,

marking a pivotal step forward in the

financial ecosystem.

UAE Banks Provide $22.1B to SMEs by H1-24:

CBUAE

Banks in the UAE extended AED

81.2B in loans and facilities to

small and medium-sized enterprises

(SMEs) by the end of the first

half of 2024, according to Central

Bank of the UAE (CBUAE) data. This

lending represents 9.5 percent of the

total AED 855.7B in financial facilities

offered to the UAE’s commercial and

industrial sectors as of June. SMEs

hold a vital place in the UAE economy,

making up more than 95 percent of all

companies nationwide and contributing

significantly to employment, as

they provide jobs to around 86 percent

of the private sector’s workforce.

These figures underscore the sector’s

essential role in driving economic resilience

and sustainable growth across

the nation’s diverse industries.

ADIA Commits $750M to GMR Group’s Debt

Refinance

GMR Group, a prominent figure

in India’s airport sector, has

secured $750M (INR 63B) in

debt refinancing from the Abu Dhabi

Investment Authority (ADIA), the

UAE’s largest sovereign wealth fund.

This funding will refinance GMR

Enterprises (GEPL) existing debt,

helping the group streamline its financial

commitments. GMR manages key

airports in Delhi, Hyderabad, and Goa,

alongside projects in the Philippines

and Indonesia. The transaction is anticipated

to lower GEPL’s share pledge

in GMR Airports Ltd (GAL). GMR

Corporate Chairman, Kiran Grandhi,

noted that ADIA’s backing enables full

external debt repayment, enhancing

GAL’s growth and reinforcing GMR’s

leadership in aviation.

Dubai Future Foundation Unveils Sandboxes for Gig Economy & Proptech

Dubai Future Foundation has

introduced two new sandboxes

under its Dubai Sandbox

initiative, targeting innovation in the

gig economy and PropTech sectors to

drive regulatory advancements. Sandbox

Dubai is a streamlined platform

designed to modernise regulations,

allowing innovators and companies to

trial products, services, and business

models within a controlled regulatory

environment. Recently endorsed by

Sheikh Hamdan bin Mohammed bin

Rashid Al Maktoum, Dubai’s Crown

Prince and Chairman of DFF, the initiative

supports the city’s Economic

Agenda (D33), aiming to double

Dubai’s economy over the next decade

and secure its position among

the top global economies. The Gig

Economy Sandbox explores flexible

work models to update industry regulations,

while the PropTech Sandbox

accelerates technology adoption.


First Abu Dhabi Bank Posts $1.23B Net Profit for Q3, up 5% Year-on-Year

First Abu Dhabi Bank (FAB) revealed

its financial results for the first nine

months of the year, showcasing a

16% increase in revenue year-on-year to

AED 23.9B and a 15% rise in profit before

tax to AED 15.3B. The bank’s net profit

climbed 4% year-on-year to AED 12.9B

for the first nine months, with Q3 net

profit reaching AED 4.5B, up 5%. Total

assets grew by 5% to AED 1.2B, while

loans and advances increased by 9% to

AED 528B, and deposits rose by 8% to

AED 820B. Hana Al Rostamani, Group

CEO, attributed this success to a clientcentric

strategy that enhances customer

engagement and drives growth across all

segments, reinforcing FAB’s competitive

strength.

UAE: CBI Posts $69.1M

Pre-Tax Net Profit in

Jan-Sep 2024

Commercial Bank International (CBI)

reported outstanding financial

results for the nine months ending

30th September 2024, achieving a net

profit before tax of AED 254M, marking

an impressive 81% increase year-on-year.

In Q3 2024, the bank’s net operating

income reached AED 278.5M, reflecting

a remarkable rise of 90% from Q3 2023

and 115% from Q2 2024. Over the ninemonth

period, CBI demonstrated a

robust 27% year-on-year growth in net

operating income, totalling AED 529M.

This impressive performance contributed

to significant profitability gains in Q3 2024,

with profit before tax soaring to AED

164.1M, a staggering increase of 166%

compared to Q3 2023 and 232% relative

to Q2 2024. CBI’s results underscore its

strong market position and effective

strategies.

UAE Concludes World Bank, IMF Meetings

The UAE, represented by its

Ministry of Finance and Central

Bank, recently concluded its

participation in the World Bank Group

(WBG) and International Monetary

Fund (IMF) annual meetings, held in

Washington from October 21-26. Led

by H.E. Mohamed bin Hadi Al Hussaini,

Minister of State for Financial

Affairs, the UAE delegation included

senior officials such as H.E. Ibrahim

Al Zaabi from the UAE Central Bank,

The UAE banking sector’s liquid

assets reached over AED 800B

by the end of Q2 2024, reflecting

a notable 20.2 percent annual

increase, according to data from the

Central Bank of the UAE (CBUAE).

Quarter-on-quarter, the sector saw a

modest rise of two per cent, or AED

14.9B. By Q2’s close, liquid assets

accounted for 18.9 per cent of the

sector’s total assets, valued at AED

H.E. Ahmed Al Qamzi, and Ali Abdullah

Sharafi from the Ministry of

Finance. Discussions covered pressing

global challenges, including economic

development, poverty reduction, and

global financial stability. High-level

representatives from finance ministries,

central banks, and civil society

gathered to exchange insights on

strategies for sustainable economic

growth and international cooperation.

UAE Banks’ Liquid Assets Exceed AED 800B in Q2

2024

4.244T, slightly up from 18.8 per cent

in Q1. Additionally, the banking system

remains well-capitalised, with a capital

adequacy ratio of 18.3 per cent, an improvement

from 18 per cent in Q1 and

17.9 per cent in Q4 2023. This exceeds

the minimum regulatory requirement

of 13 per cent, which includes a 2.5

per cent capital buffer and an 8.5 per

cent Tier 1 capital ratio.


Sustainability


All services can be reached within 15 min of travel time using sustainable mobility.

The 15-Minute

City: Sustainable

Urbanism in the

UAE

Embracing sustainable urbanism to

create liveable, efficient, and connected

communities.

The United Arab Emirates, renowned

for its ambitious urban projects, is now

at the forefront of a revolutionary concept

in city planning: the 15-minute city.

This innovative approach to urban design

aims to create neighbourhoods where

residents can access essential services

within a quarter-hour walk or bike ride

from their homes. As the UAE continues

to grow and evolve, it is leveraging this

concept to enhance quality of life, reduce

carbon emissions, and foster more

sustainable, resilient communities. This

article explores how Emirates is adopting

and adapting the 15-minute city model,

examining its implementation, challenges,

and the transformative impact it will

have on the daily lives of residents and

visitors alike.


The UAE, with its history of innovative urban planning,

has embraced the idea of the 15-minute city which

was first popularised by Professor Carlos Moreno of

the Sorbonne in Paris. The model gained traction globally

as a solution to urban sprawl, traffic congestion and the

environmental challenges faced by modern cities. In Dubai,

the 2040 Urban Master Plan is a prime example of how the

15-minute city concept is being integrated into long-term urban

development strategies. The plan aims to reshape the emirate

into a series of interconnected, self-sufficient communities.

According to the Dubai Municipality, this initiative is expected

to increase the land area used for hotels and tourist

activities by 134%, while expanding public beaches by as

much as 400% over the next two decades. For residents,

this means easier access to recreational spaces, potentially

reducing stress and improving mental health.

The 15-minute city model aligns perfectly with the UAE’s

sustainability goals while offering tangible benefits to residents.

By reducing the need for long commutes and private

vehicle use, these compact urban designs can significantly

lower carbon emissions. The Roads and Transport Authority

(RTA) of Dubai estimates that implementing 15-minute city

principles could reduce carbon emissions from transport by

up to 30% by 2030. For the average resident, this translates to

cleaner air, less time spent in traffic, and potentially significant

savings on transportation costs. The implementation of

the 15-minute city concept in the UAE is set to bring about

significant changes in everyone’s lives:

1. Time Savings: With essential services within a 15-minute

radius, residents can reclaim hours of their day previously

lost to commuting. A study by the UAE University

suggests that the average UAE resident could save up to

260 hours per year by living in a 15-minute city.

2. Improved Health: The emphasis on walkability and

cycling encourages physical activity. The UAE National

Health Survey indicates that residents in areas with

higher walkability scores report 20% higher levels of

physical activity and overall well-being. This could lead

to reduced rates of obesity, heart disease, and other

lifestyle-related health issues.

3. Stronger Communities: By creating more opportunities

for face-to-face interactions, 15-minute cities foster a

stronger sense of community. The Abu Dhabi Department

of Community Development reports a 40% increase in

community engagement in pilot 15-minute neighbourhoods.

4. Economic Benefits: Local businesses are likely to thrive

in this model. The Dubai Chamber of Commerce predicts

that the shift towards 15-minute cities could boost local

retail and service sector revenues by up to 15% in targeted

areas. This could create more job opportunities closer

to home for many residents.

5. Enhanced Work-Life Balance: With less time spent commuting

and easier access to amenities, residents can enjoy

a better work-life balance. A survey by the UAE Ministry

of Happiness found that residents in 15-minute city pilot

areas reported a 25% increase in overall life satisfaction.

6. Environmental Impact: The reduction in car dependency

will significantly lower each resident’s carbon footprint.

The UAE Ministry of Climate Change and Environment

estimates that widespread adoption of the 15-minute

city model could help the UAE reduce its overall carbon

emissions by up to 20% by 2050.

7. Improved Safety: With more people walking and cycling,

This model not only enhances

convenience but also significantly

transforms the way we experience

and live in cities.”

15-Minute Neighbourhood

Housing

Public Service

Health Facilities

Parks and

Greenspaces

Education

Retail

Commercial

& Health Services

Sustainability

and Mobility

streets become naturally safer. The Abu Dhabi Police

reported a 30% decrease in traffic accidents in areas

redesigned according to 15-minute city principles.

8. Cultural Enrichment: The emphasis on local amenities

often includes cultural spaces. The Sharjah Investment

and Development Authority reports that 15-minute city

designs have led to a 50% increase in attendance at local

cultural events.

The social benefits of this urban planning approach are

equally significant. By fostering more walkable, connected

communities, the 15-minute city model can enhance social

cohesion and improve public health. For families, this means

safer neighbourhoods for children to play in and easier access

to schools and healthcare facilities. For the elderly, it

ensures they can maintain independence and remain active

members of their community.

As the UAE continues to develop its 15-minute cities,

technology plays a crucial role in enhancing user benefits.

Smart city technologies, such as IoT sensors and AI-powered

traffic management systems, are being integrated to optimise

resource use and improve quality of life.

The UAE’s adoption of the 15-minute city concept represents

a bold step towards sustainable urbanism that promises to

revolutionise daily life for its residents. By reimagining its

cities as networks of self-sufficient, connected communities,

the country is not only addressing pressing urban challenges

but also creating environments where people can live healthier,

happier, and more fulfilling lives. The success of the

15-minute city model in the Emirates could provide valuable

insights and inspiration for other rapidly developing urban

areas worldwide, potentially reshaping the future of cities in

the 21st century and beyond. As these projects continue to

develop and evolve, residents of the UAE can look forward

to a future where the city works for them, not the other way

around, marking a new era in urban living that prioritises

human well-being and environmental sustainability.


Local News

Dubai Chamber Launches Vietnamese Business Council to Boost Trade

Dubai Chamber of Commerce has

announced the formation of the

Vietnamese Business Council,

aimed at enhancing trade and investment

between Dubai and Vietnam. The

council’s establishment was unveiled

at the Vietnam–UAE Business Forum,

held in Dubai by Vietnam’s Ministry

of Planning and Investment and the

Vietnamese Embassy in the UAE, in

partnership with Dubai Chambers.

Over 100 prominent government and

business leaders attended, including

Pham Minh Chính, Prime Minister

of Vietnam; Dr. Thani bin Ahmed Al

Zeyoudi, UAE Minister of State for

Foreign Trade; Abdul Aziz Abdullah Al

Ghurair, Chairman of Dubai Chambers;

and Mohammad Ali Rashed Lootah,

President and CEO of Dubai Chambers.

This strategic initiative underscores

Dubai’s commitment to fostering bilateral

economic ties with Vietnam,

promoting investment and business

collaboration across sectors.

DEWA Initiates Knowledge

Exchange with

LA Water and Power

A

high-level delegation from

Dubai Electricity and Water

Authority (DEWA), led by MD

& CEO Saeed Mohammed Al Tayer,

recently met with senior leaders of the

Los Angeles Department of Water and

Power (LADWP), including Richard

Katz, President of the Board of Water

and Power Commissioners, and Janisse

Quiñones, CEO and Chief Engineer.

Held in Los Angeles, the meeting

gathered top officials from California’s

energy sector, such as Bob Hertzberg,

Senior Advisor to Mission Possible

Partnership, Ted Bardacke, CEO of

Clean Power Alliance, and Arnab Pal

from the U.S. Department of Energy.

David Abel, Chairman of VerdeXchange,

and representatives from the Electric

Power Research Institute (EPRI) also

participated. Discussions focused on

strategic knowledge exchange around

sustainable energy, water management,

and future technological advancements.

AGDA, ECSSR Launch UAE-Africa Dialogue to

Boost Trade and Investment

The Anwar Gargash Diplomatic

Academy (AGDA), the UAE’s premier

diplomatic training centre,

has collaborated with the Emirates Centre

for Strategic Studies and Research

(ECSSR) to launch the UAE-Africa

Dialogue. This initiative assembles

diplomats, legislators, policymakers,

and experts to explore ways of strengthening

ties between Sub-Saharan Africa

ADGM Courts, the internationally

recognised independent judicial

authority of Abu Dhabi Global

Market (ADGM), has appointed Sir Nicholas

Patten as a Judge of the Court of

Appeal, effective from 3rd October 2024.

He succeeds Sir Peter Blanchard KNZM,

who recently announced his retirement.

A formal swearing-in ceremony took

place with Ahmed Jasim Al Zaabi,

Chairman of ADGM, in attendance. The

Right Honourable Lord David Hope of

and the Gulf region, with a strong focus

on the UAE. Discussions span key

areas such as economic, diplomatic,

cultural, and security policies. Held

at AGDA on 28–29 October, the event

engages representatives from leading

think tanks to develop strategies for

enhancing cooperation and investment,

while tackling emerging challenges.

ADGM Appoints Nicholas Patten as Court of Appeal

Judge

Craighead KT, Chief Justice of ADGM

Courts, commented on Sir Nicholas’

distinguished career, which spans five

decades. Sir Nicholas, an experienced

Queen’s Counsel, has handled numerous

complex cases in property, trust,

company disputes, and insolvency. His

judicial experience includes serving

as a judge of the English High Court

(Chancery Division) and the Court of

Appeal, where he addressed a diverse

array of legal matters.


Masdar and EMSTEEL Launch Successful Green Hydrogen Steel Pilot Project

Abu Dhabi Future Energy Company

PJSC (Masdar) and EMSTEEL,

the UAE’s largest publicly listed

steel and building materials company,

have successfully completed a groundbreaking

pilot project demonstrating the

use of green hydrogen in the production

of green steel. This Abu Dhabi-based

initiative is the first of its kind in the

Middle East and North Africa region,

utilising green hydrogen to extract

iron from iron ore, a vital step in the

steel-making process. The pilot project

is now fully operational, with the

production of green steel underway.

The renewable hydrogen generated

has been certified by Avance Labs according

to the ISO 19870 methodology,

with validation provided by Bureau

Veritas. This development positions

the UAE to capitalise on the growing

global demand for green steel, enhancing

its ambitions to become a significant

production hub.

DXB Achieves top Sustainability

Milestone with

Global Accreditation

Dubai International (DXB) has

earned a Level 4 “Transformation”

accreditation from

the Airports Council International

(ACI) Airport Carbon Accreditation

programme, recognising its significant

efforts to reduce carbon emissions.

As of September 2024, DXB ranks

among the top 5% of airports globally

achieving this milestone. The “Transformation”

certification is awarded

to airports that demonstrate absolute

emissions reductions and promote

systemic changes with stakeholders.

In alignment with the UAE’s Net Zero

2050 strategy, Dubai Airports is committed

to minimising environmental

impact and enhancing operational efficiency,

focusing on decarbonisation,

resource conservation, and advanced

technologies. Paul Griffiths, CEO of

Dubai Airports, stated that this accreditation

reflects their dedication

to sustainability and underscores the

importance of partnerships in fostering

systemic change across the aviation

industry.

UAE’s Economy Set for Over 5% Growth in 2025

Michael Bolliger, Chief Investment

Officer of Emerging Markets at

UBS Global Wealth Management,

has indicated that the UAE’s GDP is

expected to grow by over 5% in 2025.

During an online briefing, he mentioned

that this optimistic forecast aligns with

the International Monetary Fund’s (IMF)

projections. The IMF has revised its

UAE growth estimate for 2024 to 4%

while anticipating an increase to 5.1% in

Dubai Aerospace Enterprise (DAE)

Ltd has announced a significant

expansion of its portfolio by

signing an agreement to acquire 10 narrow-body,

next-generation aircraft for

approximately AED 1.84B. These aircraft

are already leased to four airlines across

four countries, enhancing DAE’s position

in the aviation market. Furthermore, the

company has successfully managed the

purchase and sale of equity interests in 36

managed aircraft, facilitating transactions

between existing and new investors. This

initiative is supported by DAE’s Aircraft

Investor Services (AIS) division, which

oversees over 100 aircraft for institutional

clients using various investment

strategies. Firoz Tarapore, CEO of DAE,

expressed enthusiasm about integrating

2025. Bolliger highlighted the influence

of various global factors, particularly

oil production and OPEC’s strategic

decisions, on the growth expectations of

Gulf Cooperation Council (GCC) economies.

Additionally, he pointed to stimulus

initiatives in China and adjustments in

monetary policy as potential drivers for

market recovery, ultimately supporting

the UAE’s ongoing economic expansion.

DAE Announces Aircraft Acquisition and Managed

Portfolio Transactions

fuel-efficient technology assets into their

portfolio, highlighting the benefits of the

new additions and ongoing relationships

with existing airline customers.


Market

What Drives the

Bond

?

Markets

The bond market is more than just

numbers—it’s influenced by global

forces that ripple across economies.

From interest rate hikes to

geopolitical tensions, these factors

can either cause prices to soar or

plummet. Ready to find out how?

Interest Rates

Inflation

Expectations

Interest Rates: The Market Mover

Interest rates are one of the key drivers of the

bond market. When central banks, such as the

Federal Reserve, raise rates, bond prices typically

decline as investors seek higher yields elsewhere.

With interest rates fluctuating globally, bond

markets are often subject to significant volatility.

As we look ahead to 2025, the possibility

of further rate hikes looms large, and investors

are preparing for potential market disruptions.

Inflation: Bonds’ Silent Threat

Rising inflation eats away the fixed returns offered

by bonds, diminishing their attractiveness

to investors. Recent spikes in inflation have

significantly impacted bond prices. As central

banks globally grapple with efforts to control

inflation, the question arises: Are bonds losing

their appeal?


Economic Growth

Central Bank

Policy

Booming Economies & Bond Market

Slumps

During periods of rapid economic growth, bonds

often take a backseat to riskier assets such as

stocks. In countries experiencing strong GDP

growth, like the US or China, demand for bonds

may decline as investors shift their focus to

higher-return opportunities.

The Power of Central Banks

Central banks not only influence interest rates

but also engage in buying and selling government

bonds to manage liquidity. In 2023, the European

Central Bank increased bond purchases

to stabilize markets, a trend that is expected

to continue into 2024. Monitoring the actions

of the Federal Reserve, ECB, and other central

banks will be crucial, as their decisions could

significantly reshape the bond market landscape.

Geopolitical Events

Supply & Demand

Geopolitics: Bonds as Safe Havens

During times of uncertainty, such as geopolitical

conflicts or political instability, investors typically

seek refuge in bonds for their perceived safety.

Supply & Demand: A Delicate Balance

An increase in government debt typically results

in more bonds being issued, which can

put downward pressure on prices. However,

rising demand—particularly from institutional

investors like pension funds—can drive prices

higher. In 2024, many countries are ramping up

bond issuance to manage the costs associated

with post-pandemic recovery.

Why it

Matters?

Understanding the factors influencing bond markets is essential

for navigating today’s financial landscape. With central bank

policies, global economic shifts, and ongoing geopolitical challenges

shaping the market, the end of 2024 and the start of

2025 are set to be pivotal for bonds. Stay informed to make

well-timed investment decisions.


Data


By leveraging data, businesses can gain a competitive edge, and achieve better results.

How Data-Driven

Decisions Are

Fueling the

Economic Growth

Data plays a vital role in economic growth

by enabling organisations to make informed

decisions.

In the contemporary business landscape,

data has emerged as the new currency of

success, fundamentally transforming how

organisations make decisions and drive

economic growth. The convergence of

big data, advanced analytics, and AI has

ushered in an era where gut feelings and

intuition are being replaced by data-driven

insights. Those who can effectively

interpret vast amounts of information

are positioned to redefine industry standards.

This paradigm shift is not merely a

technological advancement but a revolutionary

approach to business strategy and

economic development. As organisations

worldwide harness the power of data analytics,

we witness unprecedented levels

of efficiency, and economic expansion

that were previously unimaginable.


The journey from traditional decision-making

to data-driven strategies

represents a fundamental

shift in business operations. Historically,

businesses relied heavily on experience,

intuition, and limited market research

to guide their strategies. Today, the

abundance of data and sophisticated

analytical tools has revolutionised this

approach. Organisations now have access

to real-time insights, predictive models,

and comprehensive market analytics that

enable them to make more informed decisions

with greater precision and reduced

risk. The implementation of data-driven

decision-making has catalysed economic

growth through multiple channels, most

notably through enhanced operational

efficiency across industries. Companies

leveraging data analytics have reported

substantial cost reductions, with some

achieving operational cost savings of

up to 25%. These efficiencies translate

directly into improved profit margins

and increased economic output.

Revolutionising Customer Experience

Data analytics has revolutionised customer

experience management, allowing

businesses to anticipate customer needs,

personalise services, and optimise pricing

strategies with unprecedented accuracy.

This enhanced customer understanding

has led to increased customer satisfaction,

loyalty, and, consequently, revenue

growth. Furthermore, data-driven insights

have become instrumental in identifying

new market opportunities and driving

innovation. By analysing market trends,

consumer behaviour, and competitive

landscapes, organisations can identify

gaps in the market and develop targeted

solutions. This has led to the emergence

of new business models, products, and

services that contribute significantly to

economic growth.

The rise of data-driven decision-making

has created new employment opportunities

and transformed existing roles. The

demand for data scientists, analysts, and

AI specialists has surged, contributing to

job market growth. Additionally, the need

for data literacy across all business functions

has spurred investment in training

and development, enhancing workforce

capabilities and productivity. Different

sectors of the economy have experienced

varying degrees of transformation

through data-driven decision-making, with

financial services, manufacturing, retail,

and healthcare leading the way. Banks

and insurance companies use predictive

analytics to assess risk and detect fraud,

while smart factories employ real-time

data analytics to optimise production

processes. Retailers have revolutionised

their operations through data-driven

inventory management and personalised

marketing, while healthcare providers

leverage predictive analytics to improve

patient outcomes whilst reducing costs.

Global Market Expansion

Start-ups and established companies alike

are using data analytics to expand into

new markets with greater confidence

and reduced risk. The ability to analyse

market potential, understand local consumer

preferences, and optimise market

entry strategies has accelerated global

economic integration and growth. This

transformation has been particularly

evident in emerging markets, where

data-driven approaches have helped

businesses navigate complex market

conditions and identify growth opportunities

more effectively.

Moreover, the competitive advantage

gained from data analytics has prompted

rapid advancements in AI and machine

learning, fostering innovation in targeted

advertising, consumer behaviour

prediction, and product personalization.

Despite the evident benefits, the journey

towards data-driven decision-making

presents several challenges. Data privacy

concerns, cybersecurity risks, and the

need for substantial investment in technology

and training can pose significant

barriers. Organisations must ensure their

data governance frameworks are robust

and compliant with evolving regulations.

Additionally, there is a growing need to

address the digital divide and ensure

that the benefits of data-driven growth

are distributed equitably across society.

Future Prospects

The future of economic growth appears

increasingly intertwined with data-driven

decision-making. Emerging technologies

such as 5G, the Internet of Things (IoT),

and advanced AI are not only reshaping

industries but also revolutionising how

data is collected, processed, and acted

upon. These technologies enable the

seamless integration of massive data

sets, providing real-time insights that

can drive efficiency, innovation, and

improved customer experiences.

As data becomes the new currency,

industries across sectors—ranging from

healthcare and finance to manufacturing

and retail—are capitalising on the value

of information to optimise operations

and create personalised offerings. The

continuous evolution of digital infrastructure

suggests that the economic

benefits of data-driven decision-making

will expand exponentially. The ability to

harness big data will increasingly dictate

the competitive advantage of organisations,

enabling them to anticipate market

trends, tailor solutions to customer needs,

and streamline their supply chains with

unprecedented precision.

Impact and Transformation

The impact of data-driven decision-making

on economic growth is profound and

far-reaching. As organisations continue

to harness the power of data analytics,

we can expect to see sustained economic

benefits through improved efficiency,

innovation, and market expansion.

However, success in this data-driven

economy requires a balanced approach

that considers both opportunities and

challenges while maintaining a focus

on sustainable and responsible growth.

The transformation towards data-driven

decision-making represents not just a

technological shift but a fundamental

change in how we approach business and

economic development. As we progress,

the ability to effectively leverage data

analytics will increasingly become a

key determinant of economic success,

both for individual organisations and

economies as a whole.

Moreover, the integration of sustainable

practices with data-driven decision-making

is becoming increasingly crucial.

Organisations are now using advanced

analytics to measure and optimise their

environmental impact, create more

sustainable supply chains, and develop

eco-friendly products and services. This

convergence of sustainability and data

analytics not only contributes to economic

growth but also ensures that this

growth is environmentally responsible

and socially conscious. By harnessing

data, companies can track and reduce

their carbon footprint, optimize resource

consumption, and enhance transparency in

their operations—all of which build trust

with consumers and stakeholders alike.

As we look towards the future, the

successful marriage of data-driven strategies

with sustainable practices will likely

define the next phase of economic development

and business innovation. Those

who prioritize both data intelligence and

environmental stewardship will not only

drive forward-thinking business models

but also lead the way in creating positive

social and ecological impact—fostering

a global economy.


Automotive

Source: Supplied

Unveiled at an exclusive event in Qatar, the Tourbillon sets a new benchmark in hypercars.

Bugatti Unveils the

Exquisite Tourbillon:

A New Benchmark in

Hypercars

Redefining automotive excellence, the Bugatti

Tourbillon debuts in the Middle East with

unparalleled performance and craftsmanship.

The automotive world stands in awe as

Bugatti, the pinnacle of luxury and performance,

introduces its latest masterpiece

to the Middle Eastern market: the Bugatti

Tourbillon. This extraordinary hypercar

continues the marque’s legacy of unrivalled

engineering and artisanship, further cementing

Bugatti’s position as the world’s

premier luxury automobile manufacturer.

With cutting-edge technology and an

awe-inspiring design, the Tourbillon is set

to redefine luxury driving in the region.

The Bugatti Tourbillon is more than just

a new model; it is a bold statement of

intent from a brand that has consistently

redefined what is possible in the world

of hypercars. The grand unveiling took

place at an exclusive event in Qatar.


The Middle East has long been a

crucial market for Bugatti, with

its hypercars finding homes among

the world’s most discerning connoisseurs

and enthusiasts. This region, renowned

for its appreciation of luxury, innovation,

and automotive excellence, now

serves as the stage for Bugatti’s latest

innovation—the Bugatti Tourbillon. The

car’s debut in Qatar marks a significant

moment for the region’s high-end automotive

market, further strengthening

Bugatti’s deep-rooted ties with Middle

Eastern clientele.

Introducing the Bugatti Tourbillon:

The Pinnacle of Performance

At the heart of the Bugatti Tourbillon lies

an engineering masterpiece—a bespoke

8.3-litre quad-turbocharged V16 engine.

Delivering an astonishing 1,800 horsepower,

this hypercar is a force to be reckoned

with, providing unrivalled acceleration

and speed. The Bugatti Tourbillon boasts

a top speed of 445 km/h, making it one of

the fastest production cars in the world.

Acceleration is equally impressive, as

the Bugatti Tourbillon can launch from

0 to 100 km/h in a mere 2.0 seconds.

The Bugatti Tourbillon’s performance is

enhanced by an advanced aerodynamic

design, carefully developed to optimise

airflow. Every detail—from the front splitter

to the rear spoiler—has been crafted

to reduce drag and increase downforce,

giving the car exceptional handling even

at high speeds. Its adaptive suspension

system and Bugatti’s all-wheel-drive

technology provide superior traction

and comfort, ensuring a smooth and

exhilarating driving experience.

A Legacy of Iconic Design

The Bugatti Tourbillon’s exterior is a

stunning fusion of Bugatti’s rich heritage

and modern aesthetics. Inspired by

iconic Bugatti models such as the Type

57SC Atlantic and the Type 41 Royale,

the Tourbillon exudes timeless elegance

while embodying the brand’s relentless

pursuit of perfection.

The body of the Tourbillon is constructed

from lightweight carbon fibre, reducing

the car’s overall weight and improving

performance. The signature C-shaped

curve, running along the sides of the car,

is not only a design hallmark but also a

functional element that aids in managing

airflow. At the rear, a retractable spoiler

automatically adjusts to provide additional

downforce when needed. The front of the

Tourbillon is dominated by sleek LED

headlights that blend seamlessly into

the car’s aerodynamic contours.

A Luxurious, and Driver-Centric

Interior

Inside, the Bugatti Tourbillon offers a

level of luxury and craftsmanship that

is synonymous with the Bugatti name.

The interior is designed with the driver

in mind, featuring hand-stitched leather

upholstery, polished aluminium accents,

and bespoke carbon fibre trims. Each

element has been meticulously crafted

to enhance the driving experience while

providing unparalleled comfort.

The driver-focused cockpit features

a fully digital instrument cluster that

can be customised to display real-time

performance data, including speed,

power output, and torque distribution.

The centre console houses a high-resolution

touchscreen infotainment system,

providing access to navigation, climate

control, and a bespoke sound system.

Engineering Innovation at Its Finest

The Bugatti Tourbillon is a testament to

Bugatti’s commitment to innovation and

excellence in automotive engineering.

The car’s advanced aerodynamics and

lightweight materials result from years

of research and development, pushing

the boundaries of what is possible in a

production hypercar. Bugatti’s engineers

have utilised a cutting-edge carbon

composite platform, which provides the

perfect balance of strength and lightness.

This, combined with the car’s advanced

suspension system and all-wheel-drive

technology, ensures that the Bugatti

Tourbillon delivers an unparalleled

driving experience, regardless of the

road conditions.

The Tourbillon also features Bugatti’s

latest brake technology, with carbon-ceramic

discs and titanium callipers providing

exceptional stopping power. The car’s

advanced traction control and stability

systems have been fine-tuned to work

in harmony with the powerful engine,

ensuring that the Tourbillon remains

controllable and composed even under

extreme driving conditions.

A Limited Edition Masterpiece

As with all Bugatti models, the Tourbillon

will be produced in limited numbers,

ensuring its exclusivity. Each car will

be hand-built at Bugatti’s atelier in Molsheim,

France, with customers having the

opportunity to personalise their vehicle

through Bugatti’s extensive customisation

programme.

The introduction of the Bugatti Tourbillon

The Bugatti Tourbillon

marks an incomparable

new era for our marque,

a testament to our

commitment to crafting

art that transcends time.

Bringing Bugatti’s new

era-defining car to Doha

allows us to share this

vision with a country that

deeply appreciates French

luxury and matches our

avant-garde spirit and

cutting-edge innovations.”

Konstantinos Psarris,

Regional Director, Middle East &

Asia, Bugatti

to the Middle Eastern market underscores

the region’s importance to the luxury

automotive sector. With its breathtaking

performance, cutting-edge technology,

and unparalleled luxury, the Tourbillon is

set to captivate the hearts of automotive

enthusiasts and collectors across the

region and beyond. As Bugatti continues

to push the boundaries of automotive

engineering and design, the Tourbillon

stands as a testament to the brand’s

unwavering commitment to excellence.

It is not merely a car, but a work of

art—a rolling sculpture that represents

the pinnacle of human ingenuity and

craftsmanship in the automotive world.


Fintech News

ADGM Academy, Fintech Tuesdays Partner to Boost Fintech Innovation

The ADGM Academy’s Research

Centre and Fintech Tuesdays

have formalised a partnership

through a Memorandum of Understanding

(MoU), underscoring a shared

commitment to accelerate fintech

innovation in the UAE and the broader

MENA region. This collaboration will

drive initiatives in research, knowledge

sharing, and training, strengthening the

UAE’s role as a financial technology

leader. Planned initiatives include joint

research projects, fintech workshops,

and thought leadership events that

highlight emerging technologies like AI,

blockchain, and regulatory technology

(RegTech). Tailored training programmes

will foster upskilling within the fintech

and digital community, bolstering local

talent. “This partnership is a testament

to our dedication to creating an innovation-driven

fintech ecosystem,” stated

Jassim Al Marzooqi, Senior Director,

ADGM Academy, emphasising the MoU’s

potential to advance fintech solutions.

UAE Fintech Paymob Secures $22M in Series B

Paymob, a leading financial services

enabler in the MENA region,

has announced the successful

raising of $22M in a Series B extension

round, increasing its total Series B

funding to $72M. The round was led

by EBRD Venture Capital, with contributions

from Endeavor Catalyst and

existing investors, including PayPal

Ventures, BII, FMO, A15, Nclude, and

Helios Digital Ventures. This extension

follows Paymob’s impressive profitability

in Egypt, where it achieved sixfold

revenue growth since the initial Series

B funding in Q2 2022. The company

stated that its strong financial position

and the new funding will support its

growth strategy across the MENA

region. Co-founder and CEO Islam

Shawky highlighted that this funding

will enable Paymob to capitalise on

momentum and accelerate its plans

for a GCC rollout.

UAE’s Foresight and Regulations Fuel Fintech,

Blockchain Hub

The UAE’s strategic adoption of

blockchain, fintech, and digital

and crypto assets has established

it as a leading hub for global talent and

investment. Prominent bodies like Abu

Dhabi Global Market (ADGM) and the

Virtual Assets Regulatory Authority

(VARA) have introduced comprehensive

regulatory frameworks that safeguard

national interests while encouraging

technological progress. These regulations

ensure the secure integration of

advanced solutions, fostering a dynamic

ecosystem for emerging technologies.

The UAE’s approach not only consolidates

its role as a pioneer in the digital

economy but also promotes its domestic

innovations on the global stage, supporting

the nation’s long-term vision

for a diversified, technology-driven

economy.

CBDCs Boost

Collaboration Between

UAE Banks and FinTech

Central Bank Digital Currencies

(CBDCs) are reshaping finance,

with the UAE progressing swiftly

in this area. As part of its digital dirham

strategy, the Central Bank of the UAE is

developing CBDCs to enhance financial

inclusion and strengthen the financial sector.

Konstantin Vladimirovich Tserazov,

a financial expert and former Senior Vice

President at Otkritie Bank, views this

initiative as a catalyst for significant collaboration

between banks and FinTech

firms in the UAE. A strategic consultant

for international FinTech and an advisory

board member for CIS and Middle

Eastern financial institutions, Konstantin

highlights that the UAE’s CBDC initiative

will serve unbanked populations, allowing

them to access financial systems, receive

government assistance, and conduct secure

transactions with ease.


UAE Fintech Abhi Raises

$15M in Funding

RAKBANK Partners with Magnati to Launch SME

Financing Platform in UAE

The UAE-based embedded finance

fintech Abhi has secured $15M in

debt financing, led by prominent

regional investors Shorooq Partners

and Amplify Growth Partnership. This

funding will fuel Abhi’s plans to scale

operations and broaden its earned wage

access (EWA) solutions, catering to

both blue- and white-collar workers

across the UAE. EWA primarily supports

low-wage and hourly employees,

enabling them to access a portion of

their earned income before payday.

This solution has proven popular; Abhi

reports it has facilitated over $55M in

EWA across 545,000 transactions in

the UAE, illustrating strong demand

among the workforce for flexible wage

access solutions.

UAE-based Rakbank, known for

its banking services tailored

to small businesses, has partnered

with payment solutions provider

Magnati to launch a new merchant

financing platform. This innovative

platform will allow merchants using

Magnati’s payment solutions to access

credit facilities provided by Rakbank.

Underwriting for these facilities will

leverage real-time transaction data

generated by Magnati at the point of

sale (POS). The embedded finance

solution will encompass various services,

including business loans, invoice

financing, equipment financing, POS

financing, receivables financing, and

insurance tailored for SMEs. Magnati

CEO Ramana Kumar stated, “Through

this partnership, we can offer faster,

more streamlined access to financial

services that will enable businesses to

succeed,” emphasising the use of transaction

data for proactive underwriting

by banks and financial institutions.

Saudi B2B Fintech Mala Raises $7M in Seed Funding

Mala, a Saudi-based B2B platform,

has successfully secured

$7M in a pre-seed funding

round. The investment was led by

VentureSouq, with participation from

Shorooq Partners, M Capital, BECO

Capital, Access Bridge Ventures, Waad

Investment, Palm Ventures, and Silicon

Valley-based D Global Ventures

(DGV). Founded in 2024 by entrepreneur

Musaab Hakami, Mala aims to

transform the B2B landscape with its

innovative “Procure-Now, Pay-Later”

(PNPL) solution, tailored for SMEs

in the region. The platform offers

buyers flexible credit terms while

ensuring suppliers receive immediate

cash payments. By utilising advanced

technology, Mala enhances the procurement

experience to meet the

evolving needs of businesses. Its proprietary

technology analyses various

data, including financial metrics and

market reputation, enabling precise

credit risk assessments and fostering

a more dynamic B2B ecosystem.

Six Fintechs Recognised

Among Top 10 UAE Startups

for 2024

Seven fintech companies have

been recognised in LinkedIn’s

annual Top Startups list for the

UAE, showcasing them among the ten

fastest-growing and most innovative

firms in the country. Released last

month, this list celebrates exceptional

growth, innovation, and attractiveness

to investors and job seekers.

The businesses featured are not only

scaling rapidly but also driving advancements

that are pivotal to the

UAE’s flourishing tech sector. Notably,

six out of the ten companies are from

the fintech sector, highlighting its

increasing significance in the UAE

and its emerging influence within the

global fintech arena. These fintech

firms are transforming areas such

as real estate investment, corporate

finance, and alternative lending, positioning

themselves as key players in

the UAE’s technology landscape. Their

contributions are reshaping financial

services and advancing the UAE’s goal

of becoming a global fintech hub.


Real Estate


UAE real estate adapts to evolving global trends, providing investors innovative prospects.

Exploring the

Future Of Housing

Markets in the

UAE

The UAE real estate market navigates growth,

innovation, and sustainability within a

transforming global framework.

In 2024, the UAE real estate sector is

experiencing a nuanced recovery, particularly

in the residential segment. This

resurgence is primarily driven by strategic

government interventions, robust public

health responses, and a renewed sense

of confidence among investors. Sales

and rental prices are gradually returning

to pre-pandemic levels, showcasing

the market’s inherent resilience. However,

the commercial real estate sector

remains relatively subdued, reflecting a

more complex interplay of supply and

demand dynamics influenced by global

economic factors. Notably, the disparity

in recovery rates between residential

and commercial properties underscores

the need for investors and developers

to employ data-driven decision-making.


In this evolving landscape, AX Capital

Real Estate emerges as a prominent

player, showcasing a portfolio that

aligns with current market demands and

consumer preferences. The year 2024 presents

a wealth of investment opportunities,

from high-yield residential properties to

innovative commercial spaces designed

to meet the diverse needs of businesses

and consumers alike.

AX Capital’s focus on sustainability

and technological integration mirrors the

broader market shift towards eco-friendly

designs and smart infrastructure. This

proactive approach is not merely a

reaction to regulatory changes; it is a

strategic response to a growing demand

for sustainable living and working environments.

As such, AX Capital’s offerings

exemplify the potential for significant

returns on investment in a market that

prioritises innovation and sustainability.

Investors considering the UAE real

estate market in 2024 will find a landscape

ripe with possibilities, driven by

forward-thinking initiatives and a commitment

to environmental stewardship. The

ongoing transition towards sustainable

practices within the industry represents

a pivotal opportunity for stakeholders

to align with global trends while also

enhancing their portfolio performance.

Regulatory Changes and Market

Dynamics

The regulatory framework governing the

UAE real estate sector in 2024 is marked

by transformative policies designed to

enhance market transparency and bolster

investor confidence. Recent legislative

reforms have focused on attracting foreign

investment, streamlining property ownership

processes, and fostering long-term

growth within the sector. These measures

have facilitated a more inclusive market

environment, instilling a sense of stability

and security among both domestic and

international investors.

The government’s commitment to

regulatory reform is evidenced by the

introduction of innovative frameworks

for property transactions and the enhancement

of digital infrastructure. Such

advancements simplify real estate processes,

making it easier for stakeholders

to navigate the complexities of property

acquisition and investment. Moreover,

the implementation of sustainability

standards that align with global best

practices reinforces the UAE’s ambition

to position itself as a leader in sustainable

real estate development.

As stakeholders adapt to these regulatory

changes, the UAE’s real estate sector

is poised to strengthen its position as

a global investment hub, characterised

by resilience, innovation, and a forward-looking

vision.

Future Outlook and Long-term

Prospects

Looking beyond 2024, the future of the

UAE real estate market is imbued with

potential, driven by strategic initiatives,

technological advancements, and a steadfast

commitment to sustainability. The

sector is anticipated to witness sustained

growth, bolstered by the nation’s efforts

to diversify its economy, expand tourism,

and host international events that attract

global attention.

The focus on smart cities and digital

transformation is set to redefine the real

estate landscape, creating unprecedented

opportunities for innovation in property

development and management. The

UAE government’s strategic initiatives

to enhance infrastructure and promote

the region as a global business hub

are expected to drive demand for both

residential and commercial properties.

Furthermore, the increasing emphasis

on green building practices is anticipated

to attract a new wave of investors passionate

about responsible investing. This

trend reflects a broader commitment to

environmental sustainability and social

responsibility, aligning with global expectations

for corporate citizenship and

ethical investing.

Innovations Reshaping the Real

Estate Landscape

The integration of cutting-edge technologies

within the UAE real estate sector

is fundamentally altering the dynamics

of property development, marketing,

and management. Innovations such as

artificial intelligence (AI), blockchain

technology, and the Internet of Things

(IoT) are leading this transformation,

enhancing efficiency, transparency, and

customer experience across the board.

For instance, blockchain technology is

revolutionising property transactions by

ensuring secure and seamless processes,

reducing the potential for fraud, and

expediting transaction times. Similarly,

AI-driven analytics enable more accurate

market forecasting and investment optimisation,

allowing stakeholders to make

informed decisions based on real-time

data. The adoption of IoT solutions in

residential and commercial properties

enhances user experience, catering to

a new generation of tech-savvy buyers

In 2024, the UAE’s real

estate sector harmonises

innovation, sustainability,

and strategic development,

offering significant

investment potential.”

and tenants who seek convenience and

efficiency in their living and working

environments.

Advancements in Sustainable Building

Practices

Sustainability has emerged as a central

theme in the UAE real estate market,

with developers increasingly prioritising

eco-friendly practices and green buildings.

This paradigm shift is propelled by

a combination of regulatory mandates,

heightened environmental awareness

among consumers, and the economic

advantages associated with sustainable

development. Properties that emphasise

energy efficiency, water conservation,

and sustainable materials are gaining

traction, reflecting a broader commitment

to environmental stewardship and

long-term viability.

The government’s advocacy for green

building certifications and the incorporation

of renewable energy sources

into new developments underscore the

UAE’s ambition to become a leader in

sustainable real estate practices.

As we look towards the future, the

UAE real estate market in 2024 stands

as a beacon of innovation, resilience,

and growth. The integration of technology,

a commitment to sustainability,

and adaptability to evolving consumer

needs are setting new standards for

the industry. For investors, developers,

and consumers alike, the market offers

abundant opportunities to engage with

real estate in new and exciting ways.

Focusing firmly on the future, the UAE

real estate sector is well-positioned to

sustain its growth trajectory, moulding

the urban environments of tomorrow

and presenting promising opportunities

for all stakeholders. While the path forward

may present challenges, strategic

foresight and a dedication to innovation

ensure that the potential for success in

the UAE real estate market is limitless.


Travel News

Six Senses to Launch Four New Properties in Dubai, Saudi Arabia

Six Senses Hotels Resorts Spas,

part of IHG Hotels & Resorts, is

set to launch four new properties

across the GCC and Europe in 2025. The

luxury hospitality brand will expand to

Dubai, Saudi Arabia’s Red Sea, London,

and Milan, beginning with its London

property in early 2025, marking its UK

debut. The remaining projects in Dubai

Marina, Saudi Arabia’s Red Sea, and

UAE, Saudi Residents

Gain Indonesia Visa on

Arrival with VFS Global

Residents of the UAE and Saudi

Arabia can now obtain a visa on

arrival when visiting Indonesia,

thanks to a collaboration with VFS Global.

Appointed by Indonesia’s Directorate

General of Immigration, VFS Global is

the exclusive provider for Indonesia’s

Electronic Visa on Arrival (e-VoA). This

initiative supports Indonesia’s goal

to boost tourism and attract foreign

investment, aiming to welcome 14 million

visitors by the end of 2024, with 9.92

million arrivals already recorded from

January to August. Starting in December

2024, residents from the UAE and Saudi

Arabia, among nationals of 97 eligible

countries, can use the e-VoA platform to

complete the application process online

before departure. Through VFS Global’s

website, travellers submit documents

and pay fees, receiving a pre-approved

e-VoA for a streamlined entry experience.

Milan will open in the latter half of the

year. Designed to reflect Six Senses’

commitment to sustainable luxury, each

property promises unique experiences that

encourage reconnection with oneself and

the environment. The London property,

within The Whiteley on Queensway, will

feature 109 rooms, 14 Six Senses Residences,

and Six Senses Place, a private

members’ club near Hyde Park.

Dubai Set for 19,200 New Hotel Rooms Amid

Tourism Boom

Dubai is set to add 19,200 new hotel

rooms, with investors eyeing

robust returns, according to a

report by Les Roches Global Hospitality

Education. The UAE ranks second in the

Middle East for hotel projects, with Dubai

leading with 67 projects in the pipeline.

The report, “A Clear Roadmap for a Hotel

Business Investment in Dubai,” anticipates

sustained growth in occupancy rates,

reinforcing Dubai’s status in the global

hospitality sector. In February 2024,

occupancy reached a high of 90.8%, with

average daily rates (ADR) and revenue

per available room (RevPAR) rising by

9.3% and 13.1% respectively. Over the next

seven years, 46% of Dubai’s new hotel

keys will be luxury, 25% upmarket, and

4% three-star, showing the city’s focus

on high-end hospitality.

ADNEC Group Expands Portfolio with Royal

Catering Acquisition

ADNEC Group, wholly owned by

Modon Holding, has announced

its acquisition of the full share

capital of Royal Catering Services. Royal

Catering, based in Abu Dhabi, employs

over 2,500 staff and produces more than

50,000 meals daily, serving key sectors like

energy, defence, healthcare, and education.

This acquisition boosts ADNEC’s Capital

Catering division, establishing it as one

of the UAE capital’s most competitive

providers. By incorporating Royal

Catering’s extensive facilities, ADNEC

broadens its service reach beyond aviation,

defence, and healthcare, significantly

increasing its production capabilities. This

move aligns with ADNEC’s strategic focus

on high-growth sectors, allowing it to

serve larger contracts and a more diverse

clientele, benefiting from economies of

scale and expanded operational capacity.


Expedia Reveals Top Travel Trends For UAE and Global Tourists in 2025

Global online travel platform Expedia

has unveiled key travel trends

for 2025, highlighting ‘Detour

Destinations’, ‘Goods Getaways’, and

‘Set-Jetting’. According to Expedia’s

inaugural ‘Unpack’ report, which includes

insights from UAE residents, travellers are

increasingly exploring off-the-beaten-path

locations alongside traditional tourist

spots. The report draws from an analysis

of first-party travel data and feedback

from 25,000 travellers to identify six

notable trends. The suggested destinations

are strategically located near popular

hotspots, making them perfect for day

trips or standalone visits. Notably, 49% of

UAE travellers indicated they are likely

to explore a ‘Detour Destination’ on their

next trip, reflecting a growing interest

in less crowded, lesser-known locales

as they seek unique travel experiences.

UAE Tourism Sector

Set For $100B Economic

Boost

The UAE’s tourism sector is forecasted

to experience significant

growth in the next five years,

with international tourist arrivals

expected to exceed 40M by 2030. This

surge could contribute $100B to the

economy, according to recent market

research. Key factors driving this increase

include aggressive marketing

campaigns by tourism authorities and

private sector initiatives, alongside visa

reforms and relaxed entry requirements

that encourage spontaneous travel. Research

by RedSeer, a global consultancy,

projects that tourist spending will rise

from $48B in 2023 to $100B by 2030,

with tourism’s contribution to the UAE

retail market expected to grow from

$10B to $18B during the same period.

The anticipated three-fold increase in

tourist retail spending over resident

retail highlights a growing trend among

international and regional travellers,

supporting the ambitious UAE Tourism

Strategy 2031 to establish the country

as a premier global tourist destination.

DEX Squared Secures Contract for Baghdad’s

First 5-star Hotel

DEX Squared Hospitality, a prominent

UAE-based hospitality

management firm, has secured

the contract to develop and operate

Baghdad’s first 5-star luxury hotel under

the World Heart brand. This landmark

project will feature 320 rooms, including

285 hotel rooms, 35 upscale suites,

and 54 luxury apartments, poised to

transform Iraq’s hospitality landscape.

Kevork Deldelian, CEO and Founder

of DEX Squared Hospitality, expressed

enthusiasm about introducing their

innovative approach to hotel operations

in Iraq. He noted that the World

Heart Hotel aligns with their vision

of redefining industry standards and

promoting excellence. With a strong

presence in major MENA cities such

as Dubai, Riyadh, Jeddah, Cairo, Rabat,

and along the Red Sea, DEX Squared

is well-positioned to meet the diverse

needs of Middle Eastern clients.

UAE Unveils Major Visa Update for Indians

The UAE has introduced significant

visa changes for Indian nationals

aiming to visit the country.

Announced by the Federal Authority

for Identity, Citizenship, Customs, and

Ports Security (ICP), these updates ease

entry requirements for Indian travellers.

Previously, only Indian residents of

the EU, US, and UK were eligible for a

visa exemption. Now, this will extend

to Indians holding valid tourist visas

for these regions. Additionally, visitors

can extend their stay by paying the

necessary fees, provided their visa and

passport remain valid for at least six

months. Major General Suhail Saeed

Al Khaili, Director General of ICA,

highlighted that these changes align

with the UAE’s strategic partnership

with India, facilitating increased travel

and strengthening ties between the

two nations.


ORGANISER

MEDIA PARTNER

WWW.MEISTEXPO.COM +971-58-567-8283

L-Ring 2

The L-Ring 2 is a powerful new

wearable device that offers users

a unique way to interact with technology,

combining artificial intelligence

(AI), gesture control, and real-time translation

into a compact, functional ring.

Powered by ChatGPT 4.0, the L-Ring 2

brings advanced features like AI-driven

language translation, voice-to-text, and

customizable gesture control, making it

an attractive tool for those looking to

improve their productivity in various

settings from the workplace to travel.

In addition to translation, the L-Ring

2 offers gesture control, enabling users

to navigate devices with over 20 customizable

gestures. This intuitive control

system allows for seamless interaction

with computers, smartphones, and other

smart devices without the need for

physical contact. Whether it’s shifting

between slides during a presentation or

controlling smart home devices, the L-Ring

2’s gesture control system enhances user

convenience and accessibility.

Another standout feature is the air

mouse functionality, which transforms

the wearable into a remote control for

computers and other devices. The L-Ring

2 enables users to move between screens,

and operating systems, or present slides

remotely, offering flexibility in a variety of

professional or home settings. Its compatibility

with a wide range of devices makes

it a versatile tool for anyone who needs

hands-free control of their technology.

The L-Ring 2 is also equipped with dual

HD microphones, designed to capture clear

voice commands and audio. This feature

improves the accuracy of voice-to-text

input and ensures that commands are

recognized correctly, even in noisy environments.

The high-quality microphones

make voice interactions more reliable,

allowing users to easily dictate messages,

control devices, or use AI-driven features

without disruptions.

In terms of design, the L-Ring 2 is built

to last. With an IPX7 waterproof rating,

the wearable is protected from water exposure,

making it suitable for everyday

use in various environments. Its sleek and

durable construction ensures that it can

withstand the wear and tear of daily life

while maintaining its aesthetic appeal.

For tech enthusiasts and professionals,

the L-Ring 2 represents a shift toward

hands-free control and AI integration

in wearable technology. It combines

practicality with innovation, offering a

comprehensive solution for managing

tasks, controlling devices, and improving

productivity. Whether it’s being used

to navigate presentations, manage smart

home systems, or translate conversations,

the L-Ring 2 is designed to support users’

day-to-day needs while integrating

advanced AI capabilities into a small,

wearable device.

As wearable technology continues to

evolve, devices like the L-Ring 2 illustrate

the potential for AI-powered tools

to transform how people interact with

their digital environments. By offering a

blend of voice, gesture, and remote control

features, the L-Ring 2 sets the stage

for future advancements in productivity

and convenience.


Healthcare News

RAK Hospital

Raises Heart Health

Awareness in Diabetes

Challenge 2024

RAK Hospital continues to lead in

diabetes awareness through its

RAK Diabetes Challenge 2024. A

recent session on “Diabetes and Heart

Health,” conducted by Dr. Tarek Jarkas,

Consultant Interventional Cardiologist,

focused on the heightened cardiovascular

risks in diabetic patients. Dr. Tarek

shared that diabetes affects over 537

million people globally, with numbers

projected to soar to 783 million by 2045.

He explained that Type 2 diabetes,

responsible for 90% of cases, disrupts

insulin utilisation, affecting major organs,

particularly the heart and brain.

Diabetics nearly double their risk of

cardiovascular issues, including heart

disease and stroke. The session also

covered how diabetes leads to blood

vessel damage and dangerous plaque

buildup. Dr. Tarek noted that diabetics

often experience “silent angina,” where

a lack of chest pain can lead to unnoticed

heart damage, increasing risks

of heart attacks and strokes.

Cleveland Clinic

Abu Dhabi Pioneers

New Procedure for

Resistant Hypertension

Cleveland Clinic Abu Dhabi, part

of the M42 group, has introduced

renal denervation, an innovative

procedure to address resistant hypertension—a

condition where high blood

pressure remains uncontrolled despite

medication and lifestyle changes. This

minimally invasive treatment targets

kidney nerves to reduce blood pressure,

adding to the hospital’s advanced cardiovascular

offerings for patients who

don’t respond to conventional therapies.

Resistant hypertension increases risks

of life-threatening events like heart

attacks and strokes. Renal denervation,

a catheter-based treatment, employs

radiofrequency or ultrasound energy

to disrupt overactive nerves, which

play a critical role in regulating blood

pressure. By disabling these nerves,

the procedure provides an effective

new option for BP control.

Canadian University Dubai and Oxford Unveil

MENA Global Health Network

Canadian University Dubai (CUD)

and the University of Oxford have

launched the MENA regional

hub of The Global Health Network

(TGHN) at CUD’s Dubai campus. The

launch event, attended by Dr. Raja Al

Gurg, Chair of the Al Jalila Foundation,

highlighted the hub’s mission to advance

research on artificial intelligence in

healthcare for the MENA region. The

inauguration by CUD Chancellor Mr. Buti

Saeed Al Ghandi and TGHN Director

Professor Trudie Lang establishes CUD

as a vital platform for uniting academic,

governmental, and NGO entities in

health research. Dr. Aseel Takshe, Dean

at CUD, emphasised the importance

of the network’s collaborative efforts

across 14 countries, aiming to enhance

health research capacity and facilitate

knowledge exchange on MENA-specific

public health challenges.

Beverly Hills Wellness Clinic Opens New Luxury

Location at Waldorf Astoria Dubai

Deborah Alessi, founder of Beverly

Hills Wellness & Aesthetics

Clinic, has opened a second location

in Dubai at the luxurious Waldorf

Astoria. This new clinic uniquely combines

world-class aesthetic care with

a tranquil spa environment, allowing

clients to enjoy both spa treatments

and advanced aesthetic procedures

in a single visit. Established over a

decade ago in Beverly Hills, the clinic

has become a global leader in luxury

wellness services. After relocating its

flagship clinic to the Maldives, it expanded

to Dubai in 2021 with a grand

opening at Five Palm Jumeirah. The

Waldorf Astoria location enhances the

brand’s presence in Dubai, providing

top-tier aesthetic treatments in a prime

setting. Alessi stated, “This location

truly allows us to offer our clients a

holistic experience where wellness

meets beauty in an iconic environment.”

Emergency Medicine and Trauma Conference

Comes to a Close in Dubai

Dubai recently hosted the third

international conference on

“Advances in Emergency Medicine

and Trauma,” organised by the

Dubai Health Authority (DHA) in

partnership with the Emirates Society

of Emergency Medicine. The event,

held at Fakeeh University Hospital,

attracted a significant number of

scientists, doctors, and emergency

medicine specialists from the UAE and

beyond. The conference opened with

a keynote address by His Excellency

Awadh Seghayer Al Ketbi, Director

General of the DHA, who underscored

the critical importance of emergency

medicine in the healthcare system. He

emphasised the need for continuous

development in response to the rapid

changes affecting global healthcare. Al

Ketbi stated that emergency and trauma

medicine is a priority for the DHA,

which aims to enhance the quality of

emergency protocols, support medical

facilities, and leverage the expertise

available in the sector to advance care

in this vital field.


Mubadala’s KELIX Bio Acquires Four Pharmaceutical Assets From GHH

Mubadala Investment Company

has enabled its specialty pharmaceutical

business, KELIX

Bio, to acquire a 100% stake in four

pharmaceutical assets from GlobalOne

Healthcare Holding (GHH). The assets,

previously owned by Yas Holdings,

include Bioventure, Bioventure Healthcare,

Gulf Inject, and Wellpharma.

This strategic acquisition consolidates

Mubadala’s position in the life sciences

ecosystem, enhancing the UAE’s life

sciences sector and positioning it as a

global industry leader. GHH’s pharma

assets will significantly bolster KE-

LIX Bio’s capabilities, particularly in

biopharma and IV solutions manufacturing.

Bioventure is a key UAE-based

biopharmaceutical firm that focuses

on biotech and generics commercialisation.

Bioventure Healthcare is the

leading producer of soft gelatin capsules

in the region, while Gulf Inject

is known for sterile fluid management,

and Wellpharma excels in IV therapies

and dialysis.

Burjeel and Modon to Collaborate on Healthcare

Facilities in Ras El Hekma

Burjeel Holdings has signed a

Memorandum of Understanding

(MoU) with Modon Holding to

operate and manage healthcare facilities

in Ras El Hekma, a future city on

Egypt’s north coast developed by Abu

Dhabi’s ADQ. This partnership is part

of a broader plan to establish Ras El

Hekma as an economic and investment

hub along the Mediterranean coast,

announced during a ceremony attended

by UAE President Sheikh Mohamed

bin Zayed Al Nahyan and Egyptian

President Abdel Fattah El-Sisi. The

MoU, signed by Bill O’Regan, CEO

of Modon, and Dr Shamsheer Vayalil,

Non-Executive Chairman of Burjeel,

focuses on developing multi-specialty

healthcare facilities that offer a

wide range of services. The project

will feature innovative healthcare

solutions, technologies, and medical

training programs, empowering local

professionals with advanced skills to

enhance community health services.

Global Health Exhibition 2024 Launches in Saudi

Arabia, Featuring $13.6B in Deals

The Global Health Exhibition has

officially commenced in Saudi

Arabia, showcasing deals exceeding

$13.6B aimed at establishing

new hospitals and expanding medical

businesses. The seventh edition of the

exhibition, themed “Invest in Health,”

is taking place at the Riyadh Exhibition

and Convention Centre from

October 21 to 23, under the auspices of

the Ministry of Health and in support

of the Health Sector Transformation

Program, organised by Tahaluf. Among

the significant announcements were a

SR4B ($1.1B) pharmaceutical manufacturing

partnership involving NUP-

CO, Novo Nordisk, and Sanofi, and

SR5B ($1.3B) expansions at Fakeeh

Care Group. Almoosa Health Group

revealed plans for five primary care

centres and two hospitals valued at

SR3B ($799M). Additionally, Dallah

Health acquired Al Salam and Al Ahsa

hospitals, totalling 749 beds, and is

constructing a new 250-bed hospital

in Riyadh, valued at SR4B ($1.1B).

9. UAE MBRHE and EDSA

Sign MoU to Empower

People of Determination

The Mohammed Bin Rashid Housing

Establishment (MBRHE)

has signed a Memorandum of

Understanding (MoU) with the Emirates

Down Syndrome Association (EDSA)

to support and empower people of

determination. This agreement aims to

develop joint programmes, including

workshops and training initiatives, to

prepare individuals for the corporate

job market. Additionally, it outlines

plans for awareness events focused

on disability issues and the rights of

people of determination, as stated by

the Dubai Media Office (DMO). The

MoU was signed by Thilal Khalifa Al

Falasi, Assistant CEO of the Corporate

Support Sector at MBRHE, and Dr.

Manal Jaroor, Chairperson of EDSA.

Al Falasi expressed pride in the partnership,

emphasising its significance

in fostering inclusion and empowering

people of determination, while aiming

to create a supportive and progressive

community environment.


Digital Banking

Source: Supplied

Tokenization is what makes many online and digital wallet purchases possible.

Payment Tokenization

for Secure

and Seamless

Transactions

Payment Tokenization enhances security

by replacing sensitive data with tokens,

offering a seamless experience.

In an increasingly digital world, the security

of sensitive financial data has become

a top priority for businesses and consumers

alike. Payment Tokenization is at the

forefront of this evolution, revolutionising

how transactions are processed and

safeguarded. By replacing sensitive card

details with unique tokens, Tokenization

introduces an additional layer of security

that ensures actual payment data never

passes through the payment system. This

innovative approach not only enhances

the security of digital payments but also

makes the transaction process more seamless

and efficient, significantly reducing

the risk of data breaches and fraud. As

the demand for faster and more secure

payment options continues to grow.


At its core, payment Tokenization

works by replacing sensitive payment

information, such as a credit

card number, with a randomly generated

string of characters, known as a “token.”

This token is useless if intercepted, as it

holds no real value without being mapped

back to the original data, which is stored

securely in a token vault. This process

ensures that sensitive card data is never

exposed during a transaction, significantly

reducing the risk of cyber theft.

Tokenization differs from traditional

encryption in that encrypted data can

still be decoded if the encryption key is

compromised. With Tokenization, however,

there is no mathematical relationship

between the token and the original data,

making it nearly impossible for hackers

to reverse-engineer the token back into

the original information.

How Tokenization Enhances Security

Tokenization drastically reduces the risk

of sensitive financial information being

exposed in data breaches. If a malicious

actor were to intercept payment data

during a transaction, all they would receive

is the token—useless without access to

the token vault. Even if the token vault

is compromised, it would not be easy to

map tokens back to their corresponding

data without highly sophisticated tools.

Moreover, Tokenization ensures that

customer data is secure across multiple

platforms, whether during in-store purchases,

mobile payments, or e-commerce

transactions. This security feature is

particularly valuable for businesses

that store customer payment details for

recurring transactions, as it reduces the

liability of storing sensitive card data.

Tokenization and Seamless Transactions

In addition to its robust security advantages,

Tokenization also enhances the

efficiency and convenience of payment

processing. By replacing card numbers

with tokens, businesses can streamline

transactions without sacrificing security.

This allows for faster checkouts in both

physical stores and online platforms,

improving the customer experience.

For businesses, Tokenization simplifies

compliance with regulatory standards

such as the Payment Card Industry Data

Security Standard (PCI DSS). Because

businesses using Tokenization do not

store sensitive data, they are subject to

fewer compliance requirements, reducing

the cost and complexity of maintaining

secure payment systems.

Tokenization also facilitates secure

cross-border transactions, which are

particularly important in today’s globalised

economy. With tokenised payment

methods, international payments can be

processed more securely and efficiently,

benefiting both businesses and consumers.

Tokenization in Mobile Payments

As mobile payment platforms like Apple

Pay, Google Pay, and Samsung Pay

continue to grow, Tokenization plays a

crucial role in ensuring the security of

these transactions. When a user adds

their card to a mobile wallet, their card

number is replaced with a token that is

used during transactions, ensuring the

actual card details are never shared with

merchants.

Mobile payments are becoming increasingly

popular due to their convenience,

and Tokenization allows consumers to

make secure transactions with just a tap

of their phone. This technology ensures

that mobile wallets are not only easy to

use but also one of the safest methods

of payment.

Tokenization is reshaping

the security landscape

of digital payments,

making transactions

safer and more efficient

for consumers and

businesses alike.”

Mohammed Al Khaja,

CEO, UAE Payment Solutions

UAE’s Adoption of Tokenization

The UAE is rapidly embracing Tokenization,

with banks and businesses

integrating this technology to offer

secure payment solutions. The country’s

robust digital infrastructure and focus

on fintech innovation have made it a

hub for adopting cutting-edge payment

technologies. The UAE Central Bank’s

regulatory framework encourages the

use of Tokenization as a key measure

to reduce the risk of fraud and enhance

cybersecurity.

In particular, Tokenization is playing

a critical role in the UAE’s efforts to

promote cashless transactions and digital

payment solutions. With the country’s

emphasis on innovation and security,

Tokenization is expected to become a

standard feature in the UAE’s financial

landscape, enabling safer and more

seamless transactions across sectors.

Future Trends in Payment Tokenization

As the digital economy continues to evolve,

Tokenization is likely to expand beyond

payments to include other sensitive data,

such as health records, personal identification,

and intellectual property. The

increasing adoption of Internet of Things

(IoT) devices, for example, could see

Tokenization being used to secure data in

connected ecosystems, where sensitive

information is frequently transmitted.

Tokenization is also expected to play

a key role in the development of blockchain-based

payment systems. Blockchain’s

decentralised nature, combined

with Tokenization’s ability to safeguard

sensitive data, offers a powerful solution

for ensuring secure and transparent

transactions in the future.

Additionally, Tokenization will likely

drive the future of biometric payments,

where unique physical traits such as fingerprints

or facial recognition are used

to authorise payments. In this scenario,

Tokenization could be used to protect the

biometric data, ensuring that it remains

secure even if the system is breached.

Payment Tokenization is revolutionising

the way digital transactions are processed,

offering both enhanced security and a

more seamless user experience. As cyber

threats continue to evolve, Tokenization

provides a robust defence mechanism,

ensuring that sensitive financial data remains

protected throughout the payment

process. With its wide-ranging applications

in mobile payments technologies like

blockchain, Tokenization is poised to

become a cornerstone of secure digital

transactions in the future.


Merger and Acquisition News

UAE’s EGA Acquires Majority Stake in US Recycler Spectro Alloys

Emirates Global Aluminium (EGA),

the world’s largest premium aluminium

producer, has completed

its acquisition of a majority stake in

Spectro Alloys Corporation, an American

aluminium recycling firm. Spectro Alloys,

a prominent secondary foundry alloy

producer in the US, boasts an annual

production capacity of approximately

110,000 tonnes of aluminium ingots.

The company is currently expanding its

Rosemount facility, which will increase

secondary billets production capacity

by an additional 55,000 tonnes per year,

expected to be operational by 2025. This

acquisition enhances EGA’s footprint,

extending its operations across four

continents, from bauxite mining to aluminium

recycling. The US, one of EGA’s

largest markets, saw around 550,000

tonnes of primary aluminium sold in

2023, as demand for recycled aluminium

is projected to reach 7.6 million tonnes

annually by 2033.

Dubai Aerospace

Acquires 10 Aircraft

for $500M

Dubai Aerospace Enterprise (DAE),

a leading global aviation services

firm, has invested approximately

$500M in acquiring ten narrowbody

aircraft. These next-generation aircraft

will be leased to four airlines operating

in different countries, enhancing DAE’s

international footprint. “These young

aircraft, with extended lease terms, are set

to strengthen our portfolio’s performance

metrics,” said Firoz Tarapore, CEO of

DAE. Additionally, DAE announced it

has facilitated the sale and purchase of

equity interests in 36 aircraft, transitioning

these assets from existing investors

to new ones. Managed through DAE’s

specialised investor services division,

this transaction expands its portfolio,

which includes over 100 aircraft across

various investment strategies.

ADNEC Group to Acquire Royal Catering in

Modon-backed Deal

ADNEC Group, fully owned by

Modon Holding, has signed

agreements to acquire Royal

Catering Services LLC, a prominent

catering provider in Abu Dhabi. Royal

Catering, with over 2,500 employees

and a daily production capacity exceeding

50,000 meals, serves major

industries such as energy, defence,

healthcare, and education, known for

its high-quality services across the UAE.

In addition to catering, Royal Catering

provides support services, including

accommodation, enhancing its versatility.

This acquisition will integrate

Royal Catering into ADNEC’s Capital

Catering business, positioning the

combined entity as one of Abu Dhabi’s

largest catering providers. Expanding

beyond its existing aviation, defence,

and healthcare focus, Capital Catering

will gain added production capacity

and facilities. With ADNEC’s strong

leadership, this partnership aims to

drive growth, seize new market opportunities,

and realise profitability

through operational synergies.

e& Secures Controlling Stake in PPF Telecom

e& has completed the acquisition of

a controlling stake in PPF Telecom

Group’s service and infrastructure

companies across Bulgaria, Hungary,

Serbia, and Slovakia, securing 50% plus

one share. This strategic move strengthens

e&’s global reach, now spanning 38

countries, and marks a pivotal step in

its mission to expand within Central and

Eastern Europe (CEE). The partnership is

set to benefit over 10 million customers,

offering them access to enhanced digital

solutions, innovative technologies, and

a wider range of services. By leveraging

e&’s international expertise and PPF

Telecom’s regional knowledge, the alliance

will accelerate digital transformation,

deliver advanced IoT and B2B solutions,

and drive sustainable growth, fostering

significant digital progress for businesses

and communities in the region.


ADQ Acquires 96% Stake in Bank Audi’s Turkish Unit

The Abu Dhabi sovereign wealth

fund, ADQ, has entered into an

agreement to acquire a 96 percent

stake in Odeabank, the Turkish

subsidiary of Lebanon-based Bank

Audi. This transaction is contingent

upon obtaining regulatory approvals

from Turkey’s banking regulation and

supervision authority, as well as the

competition authority. Under the terms

of the deal, ADQ will purchase shares

ADNEC Unit Acquires

Major London

Exhibition Space

Abu Dhabi’s ADNEC Group has

expanded its international portfolio

by acquiring BDCG Holdings,

the parent company of London’s

iconic Business Design Centre (BDC).

The acquisition was executed via

ADNEC’s subsidiary, ExCel London,

although financial terms were not

disclosed. Situated on a 4.5-acre freehold

estate in North London, BDC is a

Grade II listed venue known for hosting

renowned events such as the London

Art Fair, HIX, and Surface Design

Show. In addition to its 6,000 square

metres of event and conference space,

the estate includes the freehold title

to the Hilton Hotel land in Islington.

This strategic acquisition aligns with

ADNEC’s goal to drive growth in the

global events industry, enhancing its

role as a prominent player in international

venue management.

from Bank Audi and other investors,

including the International Finance

Corporation, IFC FIG Investment Company

Sarl, and the European Bank for

Reconstruction and Development, all

of whom are divesting their stakes in

Odeabank. This acquisition aligns with

ADQ’s strategy to expand its financial

services portfolio and enhance its

presence in key international markets.

UAE’s ADNOC Starts Takeover of Covestro AG

Abu Dhabi’s ADNOC has officially

launched a takeover bid

for Covestro AG, the German

chemicals firm, after securing clearance

from the German Federal Financial

Supervisory Authority. The acquisition

deal, announced on 1 October, values

Covestro at €14.7B (around $16.3B),

including debt obligations. Shareholders

of Covestro can accept ADNOC’s

offer by tendering their shares for €62

($67) each, reflecting a premium of

approximately 54% over the last closing

price of €40.26 on 19 June 2023, just

before speculation about the transaction

surfaced. This move underscores

ADNOC’s strategic intent to diversify

and enhance its portfolio within the

chemicals industry. The tender offer is

open until 27 November 2024, providing

Covestro shareholders with sufficient

time to evaluate the proposal.

UAE Telco e& Acquires Stake in PPF in Eastern

Europe

UAE telecommunications company

e&, formerly known as

Etisalat, has finalised its acquisition

of a 50 percent plus one

share stake in PPF Group’s telecoms

operations across Bulgaria, Hungary,

Serbia, and Slovakia. Valued at ($2.3B),

the deal includes a potential earn-out

of up to €350M contingent on achieving

specific financial targets within three

years. This acquisition does not include

PPF Telecom’s operations in the Czech

Republic, which will remain fully

owned by PPF. The new entity, e& PPF

Telecom, will function independently,

maintaining its existing management

and workforce, including CEO Balesh

Sharma. Hatem Dowidar, e&’s group

CEO, stated that this partnership marks

a significant milestone, expanding e&’s

telecom presence to 20 countries and its

overall operations to 38, spanning the

Middle East, Asia, Africa, and Central

and Eastern Europe.


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Energy News

Aramco CEO Urges Energy Plan Addressing Asia, with $200T needed

Saudi Aramco CEO, Eng. Amin bin

Hassan Al Nasser, has proposed a

“Transition Plan 2.0” to enhance

the global energy transition framework,

asserting that current approaches fall

short. Speaking at Singapore International

Energy Week (SIEW), Al Nasser stressed

that any revised plan must prioritise

the specific needs of Asia and the wider

Global South, regions essential to

global economic dynamics and energy

demand. He highlighted Asia’s significant

role, urging for a plan that respects its

unique resources and growth potential.

According to Al Nasser, Asia’s voice

remains underrepresented in current

transition agendas, which contributes

to slow, inequitable progress. Emphasising

action, he called for pragmatic,

solution-oriented approaches, noting

that energy transition efforts must now

shift from theory to impactful, inclusive

strategies for tangible results.

ADNOC to Finalise Fertiglobe

Stake as ADX

Hits $3.6B

Abu Dhabi National Oil Company

(ADNOC) confirmed its

acquisition of OCI’s 50% + 1

share stake in Fertiglobe, announced

in December 2023, has received all

approvals and will close on Tuesday,

October 15. This transaction will increase

ADNOC’s holding in Fertiglobe

to 86.2%, leaving the ADX-traded free

float at 13.8%. An investor and analyst

webcast will follow on the same day,

outlining ADNOC’s strategy for further

growth. On Friday, ADX recorded 44

large direct transactions involving Fertiglobe

shares, amounting to 4.15 billion

shares valued at AED 13.28B ($3.6B) at

AED3.2 per share. Such transactions

occur outside the regular order book

and don’t influence the closing price or

price index, maintaining share stability.

Saudi Energy Localisation Forum Secures $28B

in Deals

The Saudi Energy Localisation

Forum, inaugurated by Minister

of Energy Prince Abdulaziz bin

Salman, facilitated deals worth nearly

$28B, marking a major step in the

Kingdom’s energy transformation. Held

under the theme “Resilient Energy:

Enabling Energy Sector Capability and

Sustainability,” the event gathered key

figures from both Saudi and international

energy sectors, including ministers,

CEOs, experts, and investors. Prince

Abdulaziz highlighted that Saudi Vision

2030 positions localisation as essential

for future energy security and sustainability,

with energy seen as a catalyst

for industry and economic growth. He

emphasised the sector’s significant

role, accounting for an estimated 40%

of the Kingdom’s GDP. Localising the

energy sector, he noted, will likely

inspire similar initiatives across other

industries, further reinforcing Saudi

Arabia’s economic resilience and

independence.

Emerson Accelerates Energy Progress at ADIPEC

2024

Emerson, a leader in automation

technology, will exhibit

at ADIPEC 2024 in Abu Dhabi

from November 4 to 7. The company

will demonstrate how its extensive

portfolio of industrial technologies and

software accelerates the energy sector’s

journey toward enhanced operational

efficiency, sustainability, and cost-effectiveness.

Aligning with ADIPEC’s

theme, “Accelerating Energy Progress,”

Emerson will showcase solutions that

tackle significant industry challenges.

These include enhancing capital project

performance and optimising the efficiency

of existing industrial assets

while meeting crucial sustainability

targets. “At ADIPEC, we showcase

how our technologies empower energy

leaders to tackle complex challenges—ensuring

projects are timely and

budget-conscious, improving safety and

reliability, and advancing sustainability

objectives such as energy intensity

and emissions targets,” stated Mathias

Schinzel, President of Emerson Middle

East and Africa.


Abu Dhabi Department of Energy Concludes Safety in Heat campaign

The Abu Dhabi Department of Energy

(DoE) has concluded its Safety

in Heat campaign, which aimed

to ensure compliance among energy

sector companies with the midday work

ban implemented during summer. Effective

from 15 June to 15 September

2024, this ban prohibits outdoor work

in direct sunlight between 12:30 PM

and 3 PM. The DoE’s Health, Safety,

and Environment (HSE) Department

conducted inspection visits across Abu

Dhabi and Al Ain to raise awareness

among workers, employers, and supervisors

about the ban’s importance. These

inspections promoted best practices to

safeguard worker safety, comply with

health and safety regulations, and ensure

the provision of shaded areas and

cooling tools. Engineer Abdul Rahman

Al Alawi, Director of the HSE Department,

emphasised the critical nature of

these measures to mitigate heat stress

and protect workers effectively.

ADNOC and ENPPI

partner to enhance

local industry

ADNOC Onshore, a subsidiary of

ADNOC, has partnered with Engineering

for the Petroleum and

Process Industries (ENPPI) to procure

steel pipes from local manufacturers

for its onshore field projects. This initiative

not only strengthens the UAE’s

industrial sector but also creates 50

engineering jobs for UAE nationals.

Through its In-Country Value (ICV)

programme, ADNOC is committed to

prioritising local sourcing and manufacturing,

thereby enhancing the UAE’s

industrial capabilities and reducing

reliance on imports. Local manufacturers

are tapping into the AED 90B

($24.5B) ADNOC has earmarked for

essential industrial products by 2030.

Companies like Al Gharbia Pipe Company

and SeAH Steel UAE will produce

the steel pipes, while others, including

FTV Proclad UAE and Arabian Fiber

Optic Cable Manufacturing, will supply

specialised services and components

for the digitalisation of operations.

UAE, Rajasthan Sign MoU for 60GW

Renewable Energy

The UAE has signed a memorandum

with Rajasthan to explore

developing a 60 GW renewable

energy project in the North Indian

state. The agreement will focus on

solar, wind, and hybrid energy initiatives,

primarily in Rajasthan’s western

region. This partnership builds

on ongoing investment cooperation

between the UAE Ministry of Investment

and India’s Ministry of New and

Renewable Energy, first envisioning

such large-scale projects. Mohamed

The UAE is projected to surpass its

2030 renewable energy targets, as

highlighted in the International

Energy Agency’s (IEA) recent Renewables

2024 report. The combined ambition of

MENA countries is to reach 201 GW of

renewable energy capacity by 2030. While

the main forecast falls 26% short, with

key players like Saudi Arabia, Egypt,

and Algeria representing nearly 60% of

this target, optimism remains high for

increased capacity. However, meeting

these goals requires addressing three

main challenges, beginning with faster

auction implementation. Streamlining

tendering processes, selecting winners,

and finalising Power Purchase Agreements

(PPAs) is essential, as these procedures

Hassan Alsuwaidi, UAE Minister of

Investment, and Ajitabh Sharma,

Principal Secretary of Industries in Rajasthan,

signed the memorandum. This

agreement seeks to integrate advanced

renewable energy technologies and establish

a long-term facility to address

Rajasthan’s energy demands. The UAE

will appoint a qualified developer to

execute the project in close cooperation

with Indian authorities, marking

a significant step in renewable energy

collaboration.

UAE Set to Exceed 2030 Renewable Energy Targets

often exceed a year. Accelerating these

steps could facilitate quicker project

completion, driving the region closer to

achieving its renewable energy ambitions.


Wheels

V6

Powertrain

5.75 s

0-200 KM/H

1200

Horsepower


The Ferrari F80 is the latest in a long

line of performance masterpieces

from the iconic Prancing Horse,

representing a new era of speed, technology,

and design. This hypercar, set to

debut in 2026, blends Ferrari’s Formula

1 racing innovations with cutting-edge

engineering, offering an unprecedented

driving experience. With a staggering 1200

horsepower and a plug-in hybrid powertrain,

the F80 is not just about raw speed

but also about delivering performance

without compromising comfort.

At the heart of the F80 is a mid-mounted,

twin-turbocharged 3.0-liter V6 engine,

coupled with three electric motors. Together,

these components deliver a remarkable

1184 horsepower, making it the

most powerful road-going Ferrari ever

produced. Two of the electric motors

drive the front wheels, giving the F80

all-wheel-drive capabilities, while the third

motor is integrated into the powertrain.

With this configuration, Ferrari claims the

F80 can accelerate from 0 to 62 mph in

just 2.2 seconds, and reach 124 mph in

an astonishing 5.8 seconds.

The F80’s drivetrain is mated to an eightspeed

dual-clutch automatic transmission,

and its active suspension system is tuned

for exceptional performance. Four 48-

volt electric motors control the damper

stiffness, ensuring a smooth ride even

when pushing the car to its limits. Active

elements enhance the F80’s aerodynamics,

including the S-Duct design inspired by

Ferrari’s racing expertise, which ensures

that 1050 kg of downforce keeps the car

planted firmly on the road.

One of the standout features of the F80

is its CCM-R Plus brake system, which

was co-developed with Brembo. This

system uses carbon-ceramic materials

and longer carbon fibres, improving both

strength and thermal conductivity. The

braking surfaces are coated with silicon

carbide (SiC), enhancing wear resistance

and reducing bedding-in times.

Ferrari has also drawn from its Formula

1 expertise to design the electric motors

in the F80. The tooth-coil stator, Halbach

array rotor configuration, and carbon fibre

magnet retention system come directly

from Ferrari’s experience on the racetrack,

bringing high-performance technology to

a road car for the first time.

Inside the F80, the focus is entirely on

the driver. Ferrari calls the seating arrangement

“1+” to emphasize its driver-first

design. The driver’s seat is a striking red,

while the black, non-adjustable passenger

seat fades into the background, prioritizing

the driving experience above all else.

There are few digital distractions—no

infotainment screen or in-dash gaming,

just a digital gauge cluster controlled

via the steering wheel and a secondary

display for climate controls.

The Ferrari F80 represents a new

chapter in Ferrari’s legendary supercar

history. Combining Formula 1 technology

with road-ready features, the F80 delivers

extreme performance in a package

that doesn’t sacrifice comfort or design.

As Ferrari’s flagship model for 2026, it

promises to redefine what’s possible in

the world of hypercars.


Transportation


The UAE has been making significant progress in promoting smart and sustainable mobility.

Exploring How The

UAE Is Planning

For The Future Of

Mobility

The UAE is advancing sustainable mobility

through strategic investments and

innovative transport solutions.

The mobility sector in the UAE is undergoing

significant transformation, driven

by the increasing demand for sustainable

transport solutions in response to global

population growth. Personal mobility is

at a critical juncture, with technological

advancements enabling new ways of

moving people, goods, and services. At

the recent Electric Vehicle Innovation

Summit in Abu Dhabi, the focus was on

making transportation more intelligent,

efficient, and environmentally friendly.

Central to this vision is the UAE’s ongoing

investment in infrastructure and policy,

aimed at aligning the nation’s mobility

objectives with its long-term sustainability

goals. This shift is expected to foster innovation,

and enhance the overall quality

of life for residents and visitors alike.


Investment remains the primary driver

behind the UAE’s ambitious mobility

transformation. Through its National

Smart Mobility Strategy, the nation aims

to lead globally in smart, intermodal

transport by 2030. This vision is supported

by substantial investments in electric

vehicle (EV) infrastructure, integrated

transport systems, and policies that foster

a dynamic regulatory environment. The

UAE’s Ministry of Energy and Infrastructure,

in collaboration with Etihad Water

and Electricity, has launched the UAEV

initiative, which seeks to establish a

nationwide EV charging infrastructure,

ensuring fast and efficient charging solutions

to promote widespread adoption.

However, investment transcends financial

resources alone. The UAE is actively

nurturing an ecosystem that supports

innovation, encouraging the participation

of start-ups, small and medium enterprises

(SMEs), and entrepreneurial ventures. By

creating a competitive environment that

promotes innovation, the UAE is enabling

breakthroughs in the transport sector.

Abu Dhabi’s Surface Transport Master

Plan is a prime example of this strategic

approach. It outlines plans to expand

the city’s bus and metro network while

introducing alternative forms of urban

mobility such as ride-sharing services and

autonomous vehicles. These efforts are

aimed at making transport more efficient,

reliable, and inclusive.

Exploring Alternative Fuels for a

Sustainable Future

While electric vehicles are at the forefront

of the UAE’s mobility strategy,

alternative fuels are equally critical in

achieving sustainability goals. The UAE

has adopted a dual approach, focusing

on both EVs and alternative fuels. The

National Policy on Biofuels and the National

Hydrogen Strategy are key pillars in

the country’s long-term energy transition.

These initiatives aim to reduce reliance

on fossil fuels while supporting a clean

energy future. Adnoc has already begun

adapting its heavy-duty fleet to operate

on B20 biofuel, demonstrating a proactive

shift towards greener energy solutions.

Hydrogen fuel is rapidly emerging as a

pivotal player in the UAE’s energy mix.

The 2019 launch of the Middle East’s first

hydrogen-powered taxi marked a key

milestone in the nation’s clean mobility

journey. Furthermore, the partnership

between Adnoc and the Integrated

Transport Centre of Abu Dhabi (ITC) to

develop the region’s first high-speed green

hydrogen refuelling station at Masdar City

The UAE’s commitment

to smart mobility is

fundamental to meeting

future energy demands

while improving

transportation systems.”

Eng. Suhail Mohamed Al Mazrouei,

UAE Minister of Energy and

Infrastructure

is another forward-thinking initiative. This

project supports the UAE’s broader Net

Zero by 2050 Strategic Initiative and sets

ambitious targets to cut carbon emissions

by 25% by 2030. Hydrogen fuel not only

presents an alternative for commercial

fleets but also opens up possibilities

for cleaner public transport, including

buses and taxis.

Building EV Infrastructure to Tackle

Challenges

Despite the remarkable progress made

in electric mobility, there are notable

challenges. The most pressing among

them is the need for robust infrastructure

that can support the growing number of

EVs on UAE roads. Currently, electric

vehicles account for less than 1.3% of the

total vehicle population in Abu Dhabi,

which underscores the potential for

growth in the coming years. A significant

part of the solution lies in developing a

comprehensive EV charging network that

assuages concerns about range anxiety,

one of the biggest hurdles in EV adoption

worldwide.

The Ministry of Energy and Infrastructure

has undertaken significant efforts to

address this issue by launching an ambitious

plan to create a national ultra-fast

EV charging corridor. The expansion of

Adnoc Distribution’s charging network

is part of this initiative, with 90 fast and

super-fast chargers installed across the

UAE—a 70% increase from the previous

year. These numbers are expected to

rise further, with plans to reach 200

charging points by the year’s end and at

least 500 by 2028. By creating a reliable

and accessible charging network, the

UAE is well-positioned to support the

mass adoption of EVs, reduce emissions,

and create a more sustainable transport

landscape.

Innovating for a More Intelligent

Mobility Landscape

Innovation sits at the heart of the UAE’s

mobility transformation. The rapid rise

of autonomous vehicles, artificial intelligence

(AI)-driven transport solutions, and

integrated mobility systems are redefining

how people move in urban environments.

The deployment of autonomous vehicles

holds particular promise for improving

road safety, reducing traffic congestion,

and providing greater inclusivity for individuals

with limited mobility. Moreover,

ride-sharing platforms and smart mobility

apps are changing the dynamics of public

and private transport, making it more

efficient, cost-effective, and user-friendly.

The success of this transformation relies

heavily on the creation of sustainable

business models that generate long-term

value for consumers and businesses

alike. In Abu Dhabi, the rapid adoption of

EVs, coupled with strategic partnerships

within the technology and energy sectors,

is driving the growth of a smarter, more

connected transport ecosystem. Innovations

like autonomous ride-sharing services,

smart traffic management systems, and

real-time transport data are transforming

mobility into a highly efficient and

integrated system that meets the needs

of modern consumers.

The UAE’s strategic approach to mobility

underscores its ambition to become

a global leader in sustainable transport.

Through significant investments in EVs,

hydrogen fuel technology, and alternative

energy sources, the nation is laying the

groundwork for a future where transport

is clean, efficient, and inclusive. The

challenges that remain, such as expanding

EV infrastructure and increasing the

adoption of alternative fuels, are being

addressed through innovative strategies

and forward-thinking policies. With

continued dedication to sustainability

and technological advancement, the

UAE is poised to achieve its ambitious

mobility goals, ensuring a resilient and

energy-efficient future.


Funding & Investment News

UAE’s $830B Fund Targets

Projects in Vietnam

During a meeting with Vietnamese

Prime Minister Pham Minh

Chinh in Abu Dhabi, the ADIA

leader, Zayed Al Nahyan, expressed

plans to expand investments in Vietnam,

emphasising a long-term commitment

to the Southeast Asian nation. Chinh,

visiting the UAE, noted that the two

countries had just established a comprehensive

partnership and signed the

Vietnam-UAE Comprehensive Economic

Partnership Agreement (CEPA). He

stressed the importance of acting

swiftly to implement this partnership

effectively. Established in 1976, ADIA

manages around $830 billion in assets,

ranking as the world’s fourth-largest

investment fund. In Vietnam, ADIA has

invested in The CrownX JSC through

Platinum Orchid, securing about 90

percent of shares in Masan Group

Corporation, as reported by Nhan Dan

(People) newspaper.

Hassana Investment

and Azerbaijan’s State

Oil Fund sign MoU

Hassana Investment Company

recently signed a (MoU) with the

State Oil Fund of the Republic

of Azerbaijan (SOFAZ) to explore joint

investment opportunities within Saudi

Arabia. This MoU sets a framework for

strategic collaboration, allowing both

parties to consider co-investments

and asset transfers in sectors like

private equity, infrastructure, and real

estate. Signed by Hassana CEO Saad

bin Abdulmohsen Al-Fadly and SOFAZ

CEO Israfil Mammadov, the agreement

paves the way for enhanced partnership

and alignment with their investment

objectives. Al-Fadly highlighted the

MoU’s potential to leverage emerging

opportunities in Saudi Arabia, while

Mammadov viewed it as a significant

step for SOFAZ’s growth strategy. The

collaboration is expected to unlock

new investment avenues, fostering

economic diversification in both countries.

SOFAZ’s focus on expanding

internationally also aligns with Saudi

Arabia’s Vision 2030 and its appeal as

a hub for foreign direct investment

across multiple sectors.

Investcorp Announces Investment Partnership

with Fintech Firm Awaed

Investcorp, a prominent global

alternative investment firm, has

announced a strategic partnership

with Awaed, the first commission-free

trading platform in Saudi Arabia. This

collaboration allows Awaed’s clients

to invest in Investcorp’s Saudi Pre-IPO

Growth Fund, a pioneering move in the

Middle East aimed at democratizing

access to alternative investments.

Awaed, a leading digital investment

platform, holds a full license from the

Saudi Capital Markets Authority, making

it a trusted partner. The Fund targets

a diversified portfolio of companies at

the pre-IPO stage, providing investors

with the chance to engage with leading

businesses in Saudi Arabia. This

initiative underscores Investcorp’s

commitment to the Kingdom and supports

Saudi Arabia’s Vision 2030 by

enhancing investment accessibility

and fostering personal wealth growth

among its population.

Ras Al Khaimah Launches Foreign Investment

Survey

The Ras Al Khaimah Statistics

Centre has officially launched

the Foreign Investment Survey,

which will be conducted until 31st

December 2024. This survey is aimed

at approximately 130 companies across

diverse economic sectors in the emirate.

Its main goals include collecting

comprehensive data on the volume of

foreign investments, identifying the

economic activities that attract such

investments, and understanding the key

characteristics of foreign investors. The

survey will utilise an integrated e-link

form that adheres to both international

and local standards, covering general

information, investor profiles, and

corporate financial statements. By

providing valuable insights, the survey

aims to enhance the emirate’s investment

landscape and foster informed

decision-making among stakeholders.

Shorooq Sets Sights on Becoming Region’s

Blackstone

UAE-based Shorooq Partners

is setting ambitious goals to

become the Blackstone of

the Middle East, focusing on private

investments to bolster regional economies.

Founding partner Mahmoud

Adi pointed to Saudi Arabia as a key

growth market, where consumer confidence

and economic reforms provide

ripe opportunities for innovative business

expansion. Managing $500M in

assets, Shorooq’s portfolio includes

Saudi’s BNPL company Tamara and

UAE’s Pure Harvest, a leader in vertical

farming. The firm also draws

investment from heavyweight backers,

including Abu Dhabi’s Lunate, Mubadala,

and Saudi’s Jada Fund of Funds.

With a unique approach, Shorooq

funds early-stage companies through

IPO, bridging a critical funding gap for

startups traditionally overlooked by

sovereign wealth funds, Adi shared at

Riyadh’s Future Investment Initiative.


Abu Dhabi’s CYVN Holdings Acquires McLaren’s Automotive Business

CYVN Holdings, an investment

vehicle based in Abu Dhabi, has

signed a non-binding agreement

to acquire complete ownership of

McLaren’s automotive division and a

non-controlling interest in McLaren

Group. This potential transaction is set

to enhance McLaren’s capital base and

technological prowess, particularly in

electric vehicle development, as noted

in a joint statement. The collaboration

involves Bahrain Mumtalakat Holding

Company, the sovereign wealth fund

of Bahrain, which previously acquired

full ownership of McLaren Group in

March. This partnership is expected to

inject vital expertise and investment

into McLaren, positioning it to innovate

further in the automotive industry

and strengthen its competitive edge

in a rapidly evolving market. The deal

underscores the growing synergy between

the UAE and Bahrain in fostering

advanced automotive technologies.

Mubadala Capital Partners with Seviora to

Explore New Growth Opportunities

Mubadala Capital has signed

a Memorandum of Understanding

(MoU) with Seviora

Holdings, a Singapore-based asset

management group, to explore global

investment opportunities. This partnership

marks a key milestone in the

developing relationship between the

two organisations, creating a platform

to pursue mutually beneficial initiatives.

The MoU enables both parties to

leverage their strengths and resources

to identify co-investment and strategic

opportunities that align with their

long-term objectives, particularly in

Singapore and the UAE. To facilitate

this collaboration, a joint working

committee will be formed to implement

the MoU’s goals and promote knowledge

exchange. Hani Barhoush, CEO

and Managing Director of Mubadala

Capital, expressed enthusiasm about

the partnership, highlighting their commitment

to long-term collaborations

that can unlock significant growth

opportunities globally.

Derq Receives Strategic Investments from e&

Capital and AT&T Ventures

Saudi PIF to Scale back

International Investments,

says Yasir Al Rumayyan

Saudi Arabia’s Public Investment

Fund (PIF) will reduce its international

investments from 30%

to around 18-20% of the $930B fund

as the kingdom aims to become a

“super connector.” Yasir Al Rumayyan,

PIF governor and chairman of Saudi

Aramco, announced this at the FII8

conference in Riyadh, stressing the

need for a shift from short-term gains

to sustainable growth supported by

Artificial Intelligence (AI). He noted

that bridging gaps between East and

West is vital in today’s uncertain world.

Al Rumayyan highlighted Saudi Arabia’s

unique resources and strategic

location as enablers of infrastructure

and technology investments. Since

its establishment in 1971, the PIF’s

assets have grown significantly, evolving

from $150M nine years ago, with

just 2% invested internationally, to its

current size.

Derq, a leading provider of real-time

AI-powered intelligent

transportation system (ITS)

solutions, has announced strategic

investments from e& capital, the venture

capital arm of the UAE-based

global technology group e&, and AT&T

Ventures, the venture capital division

of telecommunications giant AT&T.

These investments will enable Derq to

expand its operations across the US,

GCC, and beyond while accelerating

product development and enhancing

its intellectual property (IP) portfolio.

Kushal Shah, Managing Director

of e& capital, highlighted that their

investment reflects a commitment to

supporting visionary businesses that

drive progress. He expressed confidence

in Derq’s mission to create safer,

smarter road networks, noting that

their AI-powered ITS solutions align

with e& capital’s strategy of investing

in companies that leverage emerging

technologies such as AI, connectivity,

and IoT to disrupt industries.


Energy


Hydrogen produced from renewables can support a reliable and affordable energy system.

Hydrogen-Powered

Innovation: What’s Next

for the Energy Industry

in the UAE?

The UAE is harnessing hydrogen

as a clean fuel source to drive its

sustainability ambitions.

The United Arab Emirates (UAE), renowned

for its extensive hydrocarbon

reserves and distinctive architectural

landscapes, is progressing towards an

essential transformation focused on sustainable

development, a principal theme

underscored at ADIPEC. The integration of

hydrogen as a flexible and cleaner energy

source is fundamental to this strategic

shift. Hydrogen’s potential to significantly

alter the UAE’s energy landscape aligns

with objectives to decrease carbon emissions,

and solidify the nation’s standing

as a global leader in sustainability. This

initiative exemplifies the UAE’s commitment

to harmonising economic expansion

with stringent environmental objectives,

positioning itself at the forefront of energy

innovation.


Hydrogen, often referred to as the

“fuel of the future,” possesses

immense promise as a clean energy

source. This versatile element can

be produced through various methods,

including electrolysis, reforming natural

gas, and biomass conversion. Each method

offers unique benefits and challenges,

contributing to hydrogen’s appeal as a

flexible energy vector. When utilised as

fuel, hydrogen emits only water vapour,

rendering it an environmentally benign

alternative to fossil fuels. Its adaptability

allows for utilisation across various

sectors, including electricity generation,

transportation, and industrial processes,

making it a critical player in the global

push for sustainable energy solutions.

The global hydrogen market is anticipated

to experience substantial growth in

the coming years. With nations worldwide

striving to reduce their reliance on fossil

fuels, hydrogen is poised to play a pivotal

role in achieving net-zero emissions.

The increasing focus on sustainability

and environmental responsibility among

governments and corporations alike

positions hydrogen as a key element in

the transition to a cleaner energy future.

UAE’s Commitment to Hydrogen

Innovation

Green Hydrogen Production: The UAE is

investing significantly in green hydrogen,

which is produced utilising renewable

energy sources such as solar and wind

power. This method ensures that hydrogen

is generated with minimal carbon

emissions, aligning with global efforts

to combat climate change. Masdar, a

pioneering renewable energy company

based in Abu Dhabi, has launched the

region’s first green hydrogen pilot project.

This initiative not only supports

local energy needs but also serves as a

demonstration project for future developments

in the region, showcasing the

potential of green hydrogen production

to a broader audience.

Hydrogen-Powered Transport: The UAE

is actively exploring hydrogen as a fuel for

transportation. Hydrogen fuel cell vehicles

(FCVs) are being tested and integrated

into the country’s public transportation

system. These FCVs offer extended ranges

and expedited refuelling times compared

to electric vehicles, establishing them as

a viable option for the UAE’s extensive

road network. This initiative aligns with

the UAE’s commitment to enhancing

its transportation infrastructure while

reducing emissions, as the nation seeks

to modernise its public transport system.

Export Potential

Given its strategic location and abundant

renewable energy resources, the UAE

envisions becoming a hub for hydrogen

export to international markets. This

strategic positioning could potentially

place the country as a key player in the

global hydrogen economy, fostering

economic growth and diversification. The

government is exploring partnerships with

countries in Europe and Asia, aiming to

create a robust hydrogen supply chain.

Such partnerships will facilitate the

exchange of technology and expertise,

allowing the UAE to leverage its resources

while contributing to the global shift

towards sustainable energy.

Economic and Environmental Benefits

Reduced Carbon Emissions: Hydrogen’s

clean-burning properties can

significantly mitigate carbon emissions,

contributing to the UAE’s commitment

to combat climate change and meet its

greenhouse gas reduction targets. The

UAE has established ambitious goals

to reduce carbon intensity by 70% by

2030 and achieve net-zero emissions by

2050. These targets highlight the UAE’s

proactive approach in addressing climate

change and its dedication to fostering a

sustainable environment.

Energy Diversification

By incorporating hydrogen into its energy

mix, the UAE diminishes its dependence

on fossil fuels, thereby enhancing energy

Hydrogen represents

a critical pathway

towards achieving our

sustainability goals.”

Fatima Al Jaber,

COO of Al Jaber Group

security and resilience. This diversification

is crucial for ensuring a stable energy

supply as the global energy landscape

evolves. It also reduces vulnerability to

fluctuations in fossil fuel markets, positioning

the UAE as a forward-thinking

player in the evolving energy sector.

Economic Growth

The hydrogen sector presents opportunities

for job creation, technological

innovation, and attracting investment,

thereby bolstering the UAE’s economic

diversification efforts. The development

of hydrogen infrastructure and technologies

is expected to generate thousands

of jobs in the renewable energy sector,

further contributing to the UAE’s economy.

Strengthening International Cooperation

As the UAE positions itself as a hydrogen

hub, it is fostering international partnerships

and collaborations. This not only

enhances the country’s technological

capabilities but also opens avenues for

knowledge exchange and innovation.

Challenges and Considerations

Production Costs: Producing green

hydrogen can be prohibitively expensive,

primarily due to the high costs associated

with renewable energy infrastructure.

However, as technology advances and

economies of scale are achieved, costs

are expected to decline. Investment in

research and development will be essential

to drive down production costs and

enhance efficiency.

Infrastructure Development: Establishing

the necessary infrastructure

for hydrogen production, storage, and

distribution requires substantial investment

and meticulous planning. The UAE must

develop a comprehensive framework to

support the hydrogen economy, including

pipelines, storage facilities, and refuelling

stations.

The UAE’s commitment to hydrogen

as an alternative fuel source reflects its

determination to lead in the transition

towards a sustainable future. By investing

in green hydrogen production, exploring

hydrogen-powered transport, and leveraging

its strategic location, the UAE is

positioning itself as a global player in

the burgeoning hydrogen economy. As

the world grapples with the challenges

of climate change, the UAE’s embrace

of hydrogen offers a beacon of hope

and a blueprint for a cleaner, greener

future, ultimately paving the way for a

more sustainable and resilient energy

landscape.


Sports News

AI takes Centre Stage at World Congress of Sports Medicine in Dubai

The 38th International Federation

of Sports Medicine (FIMS) World

Congress of Sports Medicine

concluded on Sunday after four days of

engaging activities at the Dubai World

Trade Centre. This prestigious event

attracted over 1,000 participants from

diverse medical fields globally, featuring

130 speakers across 13 sessions

who presented a total of 304 research

papers. The Congress culminated in

13 key recommendations aimed at

fostering a global alliance for physical

activity and exercise. Among these, a

significant emphasis was placed on

addressing physical inactivity through

a worldwide coalition of stakeholders.

Additionally, the recommendations

highlighted the critical role of artificial

intelligence and technological innovation

in enhancing athlete well-being,

including discussions on AI and machine

learning algorithms for effective injury

prediction and management.

Topuria Retains

Featherweight Title at

UFC 308 in Abu Dhabi

Topuria vs Holloway delivered an

electrifying night of action at Abu

Dhabi’s Etihad Arena, culminating

in Ilia Topuria successfully defending

his featherweight title with a knockout

victory over No. 2-ranked Max Holloway.

With this win, Topuria maintained his

flawless record, improving to 16-0-0,

and made history by becoming the first

fighter to knock out Holloway in his

UFC career. The main event of UFC 308

saw Topuria land a devastating right

hand that visibly staggered Holloway

in the third round. Capitalising on

this opportunity, Topuria followed up

with a powerful left hook that sent the

32-year-old American to the canvas. He

then unleashed relentless ground-andpound

until the referee halted the fight

at 1:34 in the third round, securing a

stunning victory.

UAE National Team to Compete in IBSF World

Snooker Championships

The UAE national team is set

to compete in the IBSF World

Snooker Championships, which

began today in Doha, Qatar, and will

run until 9th November. Organised by

the International Billiards and Snooker

Federation, the tournament features a

robust field of participants. The UAE

team consists of three players: Ahmad

Shehab and Mohammed Al Joaker, who

will compete in the qualifying stage

against 64 contenders from around

the globe. Additionally, Mohammed

Shehab has secured a direct entry

into the finals starting 1st November,

joining 48 players who qualified automatically.

From the qualifying rounds,

only 16 players will progress to join

the 32 competitors pre-selected by

the International Federation, making

this a highly competitive event with

significant stakes for all involved.

UAE Tennis Federation Partners with Emarat

Petroleum

The UAE Tennis Federation and

Emirates General Petroleum Corporation,

Emarat, have signed a

Memorandum of Understanding (MoU)

to collaborate on various tennis programmes

and tournaments throughout

the UAE. This partnership aims to enhance

the experience for tennis players

and enthusiasts by providing access to

the “Emcan” loyalty programme, which

includes a variety of perks, promotional

offers, and opportunities to participate

in regular raffles. The signing ceremony

was attended by Khalifa BinHendi, Board

Member of the UAE Tennis Federation

and Chairman of the Partnerships and

Outreach Committee, alongside Ali Bin

Zayed Al Falasi, Senior Vice President

of Marketing at Emarat. This initiative

is part of the UAE Tennis Federation’s

commitment to advancing sports

development in alignment with the

nation’s strategic goals and fostering

public-private partnerships.


UAE Team Wins Seven Medals on Jiu-Jitsu World Championship Day 2

The UAE Jiu-Jitsu National Team,

backed by Mubadala Investment

Company, excelled on day two

of the Jiu-Jitsu World Championship in

Heraklion, Greece, amassing two gold,

three silver, and two bronze medals.

Omar Al Suwaidi (56 kg) and Khaled

Al Shehhi (62 kg) secured gold, while

Balqees Abdul Karim (45 kg), Zayed

Alkatheeri (56 kg), and Mohammed

Al Suwaidi (69 kg) took silver. Bronze

medals went to Aysha Al Shamsi (45

kg) and Maitha Shraim (48 kg). UAE

Jiu-Jitsu Federation’s Secretary-General,

Fahad Ali Al Shamsi, credited

the nation’s wise leadership for the

team’s readiness and global standing.

Al Shamsi commended both male and

female athletes, noting that their success

bolsters the UAE’s chances of retaining

the championship and showcases the

Federation’s dedication to cultivating

top-tier talent.

Dubai Fitness Challenge

Launches Dynamic 30-day

Schedule

The eighth Dubai Fitness Challenge

(DFC) kicks off on 26th

October 2024, offering an

extensive lineup of fitness activities

across the city aimed at fostering a

more active community. Established

in 2017 under the patronage of H.H.

Sheikh Hamdan bin Mohammed bin

Rashid Al Maktoum, Crown Prince

of Dubai, this initiative has become

instrumental in Dubai’s mission to earn

the title of the world’s most active city.

DFC encourages residents and visitors

alike to commit to 30 minutes of

daily exercise for 30 days, promoting

incremental fitness goals. From 26th

October, Dubai will be transformed into

a citywide fitness hub, packed with

events and activities that encourage

participants to engage in this unique

30x30 challenge towards a healthier,

more active lifestyle.

Baseball United Teams With GO Sport for UAE

Merchandise Launch

Baseball United, a professional

baseball league focussed on

the Middle East and South Asia,

has partnered with GO Sport to launch

an exclusive merchandise line. The

collaboration will offer a comprehensive

range of baseball apparel, from

caps to jerseys, featuring the league’s

inaugural teams—the Mumbai Cobras,

Karachi Monarchs, Mid East Falcons,

and Arabia Wolves—alongside Baseball

United branded items. Available in

selected malls across Dubai and Abu

Dhabi, the merchandise combines lifestyle

and on-field collections. Arrieta,

the league’s official apparel partner,

will manufacture the products, which

will hit stores on November 3. Kash

Shaikh, Baseball United’s Chairman

and CEO, called it a “landmark moment,”

while Tom Foley, GO Sport

CEO, noted its importance for the

growth of baseball in the region.

Dubai Hosts UAE Open Muay Thai Championship

The UAE Open Muay Thai Championship

for Men and Women

commenced on Friday at Dubai’s

Festival Arena, drawing 235 participants

from 44 clubs globally and locally.

Organised by the UAE Muay Thai and

Kickboxing Federation, the event runs

through Sunday, 27th October, underscoring

the UAE’s growing reputation as

a regional and international Muay Thai

centre. Athletes from Bahrain, Kuwait,

Egypt, Jordan, Oman, Libya, Iraq, Tunisia,

Uzbekistan, and China are competing

across diverse age groups and weight

classes. Friday’s schedule included 58

preliminary bouts, while the semi-finals

are slated for Saturday, with the finals and

awards ceremony concluding the competition.

The championship highlights the

UAE’s commitment to fostering martial

arts excellence and promoting cultural

exchange through sport.


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